quasar india ltd share price share price Directors report


To,The Members,

Quasar India Limited

Your Directors are pleased to present the 44th Annual Report on the business and operations of the Company along with the Audited Financial Statement for the Financial Year ended on 31st March, 2023.

1. FINANCIAL RESULTS:

The financial performance of the Company for the Financial Year ended on 31st March, 2023 and for the previous financial year ended on 31st March, 2022 is given below:

(Rs. In Thousand)

Particulars Financial Year 2022-23 Financial Year 2021-22
Revenue from Operations 38224.79 46552.61
Other Income 5234.71 4064.12
Total Revenue 43459.49 50616.73
Total Expenses 31305.02 52632.26
Profit / Loss before Depreciation, Exceptional and Extra Ordinary Items and Tax Expenses 12154.48 (2015.54)
Less: Exceptional and Extra Ordinary Items 0 0
Profit / Loss before Tax Expenses 12154.48 (2015.54)
Less: Current Tax 2028.58 0
Deferred Tax 0 (193.61)
Profit / Loss for the Period 10125.90 (1821.93)
Earnings Per Share (EPS)
Basis 1.89 (0.34)
Diluted 1.89 (0-34)

2. Total revenue from operations for Financial Year 2022-23 is Rs. 43459.49 Thousand as compared to OPERATIONS: has incurred Profit before tax for the Financial Year 2022-23 of Rs. 12154.48 Thousand as comparedtotal revenue from operations of Rs. 50616.73 Thousand for previous Financial Year. The Company to Profit before tax of Rs. (2015.54) Thousand for previous Financial Year. The Net Profit after tax forthe Financial Year 2022-23 is Rs. 10125.90 Thousand as compared to Net Profit after tax of Rs. (1821.93) Thousand for previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2022-23, the segment of business of the Company changed from ‘Trading in Fabrics and Trading in Metal to ‘Agriculture Trading.

4. Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31,WEBLINK OF ANNUAL RETURN: 2023 is available on the Companys website at www.quasarindia.in.

5. SHARE CAPITAL:

A. AUTHORISED SHARE CAPITAL :

CroresThe authorized share capital of the Company as on 31 Forty-Seven Lakhs Only) divided into 54,70,000st March, 2023 is Rs. 5,47,00,000/- (Rupees Five(Fifty-Four Lakhs Seventy Thousand Only) Equity Shares of Rs. 10/- (Rupees Ten Only) each.

B. PAID-UP SHARE CAPITAL :

Crores Thirty-Five Lakhs Twenty-Five Thousand Only) divided into 53,52,500 (Fifty-Three Lakhs FiftyThe paid-up share capital of the Company as on 31st March, 2023 is Rs. 5,35,25,000/- (Rupees Five -Two Thousand Five Hundred) equity shares of Rs. 10/- (Rupees Ten Only).

6. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, the Board of Directors do not recommend any dividend for the Financial Year 2022-23 (Previous year – NIL).

7. TRANSFER Pursuant to OF SectionUNCLAIMED DIVIDEND 124 of the CompaniesTO INVESTOR EDUCATION Act, 2013, the amount ofAND dividendPROTECTION remainingFUND: unpaid or Fundunclaimed for a period of seven years shall be transferred to the Investor Education and Protection("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the dividend to the said account. Therefore, there were no funds which were required to be transferred to"Unpaid Dividend Account" lying for a period of seven years from the date of transfer of such unpaid Investor Education and Protection Fund.

8. TRANSFER TO RESERVES: and loss account of the Company under Reserves and Surplus.The Profit of the Company for the Financial Year ending on 31st March, 2023 is transferred to profit

9. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT

The Company does not have any Holding / Subsidiary / Associate Company and Joint Venture. VENTURES:

10. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF

THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT: ThereCompany which have occurred between the end of the financial year to which the financial statementshave been no material changes and commitments, which affect the financial position of the relate and the date of this Report. 11. SIGNIFICANT & No significant material orders has been passed by the Regulators or Courts or Tribunals impacting the MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS: going concern status and Companys operations in future.

12. BOARD MEETINGS: twoThe Directors of the Company met at regular intervals at least once in a quarter with the gap betweenmeetings not exceeding 120 days to take a view of the Companys policies and strategies apart from the Board Matters. During the year under the review, the Board of Directors met 9 (Nine) times viz. 26th May, 2022, 8th August, 2022, 3rd September, 2022, 21st October, 2022, 14th November, 2022, 15th December, 2022, 27th December, 2022, 31st December, 2022 and 8th February, 2023.

13. DIRECTORS In accordanceRESPONSIBILITY with the provisionsSTATEMENT: of Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a. Inapplicable accounting standards have been followed and there are no material departure fromthe preparation of the Annual Accounts, for the year ended on 31st March, 2023 the the same;

b. judgments and estimates that are reasonable and prudent so as to give a true and fair view ofthe state of affairs of the company at the end of financial year and of the profit of the companyThe Directors had selected such accounting policies and applied them consistently and made for the financial year ended on 31st March, 2023;

c. The Directors had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of Companies Act, 2013 for safeguarding the assetsof 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. that such internal financial controls are adequate and are operating effectively and;The Directors had laid down internal financial controls to be followed by the Company and f. applicable laws and that such systems were adequate and operating effectively.The Directors had devised proper systems to ensure compliance with the provisions of all

14. CORPORATE The provisions of Section 135 of the Companies Act, 2013 is not applicable to your Company as theSOCIAL RESPONSIBILITY (CSR): Company does not fall under the criteria limits mentioned in the said section of the Act. Social Responsibility.Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate

15. COMMENT There were noON AUDITORS qualifications,REPORT: reservations, adverse remarks or disclaimer made by the Auditors in their2023. reportMaintenanceon the offinancial statementcost records as specifiedof the Company forunder Companiesthe financialAct, 2013yearis endednot applicableon 31st March,to the Company.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES The Company has not given any loans, guarantees, securities covered or investments made under theACT,2013: provisions of section 186 of the Companies Act, 2013. 17. PARTICULARS All transactions to OF CONTRACTS be entered by the Company with related parties will be in the ordinary -Course of OR ARRANGEMENTS MADE WITH RELATED PARTIES: transaction,business and on an arms length basis. However, the Company has not entered into any related partyas provided in Section 188 of the Companies Act, 2013, with the related party. Hence, Company.Disclosure as required under Section 188 of the Companies Act, 2013 is not applicable to the 18. MANAGEMENT The Management Discussion and Analysis Report as required under Regulation 34 and Schedule V ofDISCUSSION AND ANALYSIS REPORT: the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the Companys current working and future outlook as per Annexure - 1.

19. INTERNAL The Company has in place adequate internal financial controls with reference to financial statement FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY: effectiveness.across the organization. TheDuring the financialsame is subjectyear, suchto reviewcontrolsperiodicallywere testedby theand internal auditno reportablecellmaterialfor its testweaknesses in the design or operations were observed. The Statutory Auditors of the Company alsothe effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditors report.Internal Financial Controls are an integrated part of the risk management process, addressing financialdigitized and embedded in the business processes. and financial reporting risks. The internal financial controls have been documented, Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts. We believe that theseare operating as intended. systems provide reasonable assurance that our internal financial controls are designed effectively and During the year, no reportable material weakness was observed.

20. RESERVES & SURPLUS:

Sr. No. Particulars Amount (In Lakhs)
1. Balance at the beginning of the year (174.97)
2. Current Years Profit 10125.90
Total 9950.93

21. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT

POLICY The CompanyOF THE COMPANY:has framed formal Risk Management framework for risk assessment and risk minimization for Indian operation which is periodically reviewed by the Board of Directors to ensuresmooth operations and effective management control. The Audit Committee also reviews the adequacybusiness and measures and steps in place to minimize the same.of the risk management frame work of the Company, the key risks associated with the

22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND

OUTGO: The details of conservation of energy, technology absorption etc. as required to be given under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, is not given as the Company has not taken any major step to conserve the energy etc. Further, there was noforeign exchange earnings and outgo during the financial year 2022-23.

Foreign exchange earnings and outgo

F.Y. 2022-23 F.Y. 2021-22

a. Foreign exchange earnings

Nil Nil

b. CIF value of imports

Nil Nil

c. Expenditure in foreign currency

Nil Nil

d. Value of Imported and indigenous Raw Materials, Spare-parts and Components Consumption

Nil Nil

23. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION: achievementsThe Remunerationon a periodicalpolicy is basis.directedThe towardsremunerationrewardingpolicy performanceis in consonancebasedwithon thereviewexistingof industry practice and is designed to create a high-performance culture. It enables the Company to attract,disclosures to the members on the remuneration paid to Directors from time to time. The Companysretain and motivate employees to achieve results. The Company has made adequate positive attributes, independence of a director and other matters provided under Section 178 (3) ofPolicy on directors appointment and remuneration including criteria for determining qualifications, the Act is available on the website of the Company at www.quasarindia.in .

24. SECRETARIAL During the year under review, the Company has complied with the applicable Secretarial StandardsSTANDARDS: systems to ensure compliance with its provisions and is in compliance with the same.issued by the Institute of Company Secretaries of India (ICSI). The Company has devised proper 25. During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the REPORTING OF FRAUDS BY THE AUDITORS: against the Company by its officers or employees, the details of which would need to be mentioned inAudit Committee under Section 143(12) of the Companies Act, 2013 any instances of fraud committed the Boards Report. 26. STATE ManagementOF COMPANYS DiscussionAFFAIRS: and Analysis Report for the year under review, as stipulated in Regulation detailed write up and explanation about the performance of the Company.34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a 27. STATEMENT The Board evaluatedON ANNUAL EVALUATION the effectiveness ofOF itsBOARDS functioning,PERFORMANCE: that of the Committees and of individual feedback of Directors on various parameters including: Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the responsibilities

• Degreecorporate governance practices, participation in the long-term strategic planning, etc.); of fulfillment of key towards stakeholders (by way of monitoring

• Structure, composition, and role clarity of the Board and Committees;

• Extent of co-ordination and cohesiveness between the Board and its Committees;

• Effectiveness of the deliberations and process management;

• Board / Committee culture and dynamics; and Quality of relationship between Board Members and the Management.

The ?above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017. Chairman of Nomination and Remuneration Committee had one-on-one meetings with each ExecutiveThe Chairman of the Board had one-on-one meetings with each Independent Director and the inputs on effectiveness of the Board / Committee processes. and Non-Executive, Non-Independent Directors. These meetings were intended to obtain Directors In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Executive Directors and Non-Executive Directors.Board as a whole, and the Chairman of the Company was evaluated, taking into account the views of The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole. InNominationthe BoardandmeetingRemunerationthat followedCommittee,the meetingthe performanceof the independentof the directorsBoard, itsandcommittees,the meetingandof individual directors was discussed.

Company,The evaluationthe resilienceprocess endorsedof the Boardthe Boardand theMembersManagementconfidencein navigatingin the ethicalthe Companystandards duringof the Board and the Management, and the openness of the Management in sharing strategic information tochallenging times, cohesiveness amongst the Board Members, constructive relationship between the enable Board Members to discharge their responsibilities and fiduciary duties. committees and individual directors as per the formal mechanism for such evaluation adopted by theThe Board carried out an annual performance evaluation of its own performance and that of its Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee. The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a carried out through a structured evaluation process covering various aspects of the Board functioningwhole was carried out by the Independent Directors. The exercise of performance evaluation was duties & obligations, contribution at the meetings and otherwise, independent judgment, governancesuch as composition of the Board & committees, experience & competencies, performance of specific issues etc. Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of thePursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure from directors. Directors individually as well as evaluation of the working of the Board by way of individual feedback The evaluation frameworks were the following key areas: a) For Non-Executive & Independent Directors:

• Knowledge

• Professional Conduct

• Comply Secretarial Standard issued by ICSI DutiesRole and functions ??b) For Executive Directors:

• Performance as leader

• Evaluating Business Opportunity and analysis of Risk Reward Scenarios

• Key set investment goal

• Professional conduct and integrity

• Sharing of information with Board. Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process. ?

28. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:

A. The VIGIL CompanyMECHANISM has established/ WHISTLE BLOWER vigil mechanismPOLICY: and framed whistle blower policy for Directors and employeesCompanys Code of Conduct or Ethics Policy. to report concerns about unethical behaviour, actual or suspected fraud or violation of B. The Company has framed "Business Conduct Policy". Every employee is required to review and sign BUSINESS CONDUCT POLICY: objective of the policy is to conduct the business in an honest, transparent and in an ethical manner.the policy at the time of joining and an undertaking shall be given for adherence to the policy. The the Company.The policy provides for anti-bribery and avoidance of other corruption practices by the employees of

29. LOANS FROM DIRECTOR / RELATIVE OF DIRECTOR: During the year under review, the Company has not entered into any materially significant related partySuitabletransactionsdisclosureswhichas requiredmay haveare potentialprovided conflictin AS-18withwhichtheisinterestformingofthethepartCompanyof the atnoteslarge.to financial statement.

30. PARTICULARS OF EMPLOYEES:

ThePersonnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Companyprovisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the Financial Year 2022- 23.

31. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND

BANKRUPTCY During the year under review, there were no applications made or proceedings pending in the name CODE 2016: of the Company under the Insolvency and Bankruptcy Code 2016.

32. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND

VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

Financial Institutions.During the year under review, there has been no one time settlement of Loans taken from Banks and

33. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Directors and Key Managerial Personnel of the Company are summarized below:

Sr. No. Name Designation DIN / PAN
1. Mr. Vijaybhai Patni1 Non-Executive Director 09675100
2. Ms. Hansaben Parmar1 Non-Executive Director 09684012
3. Mr. Harish Kumar4 Non-Executive Director 02591868
4. Ms. Anju Sharma2 Non-Executive Director 02591877
5. Ms. Ish Sad ana3 Independent Director 07141836
6. Ms. Achal Kapoor3 Independent Director 09150394
7. Mr. Vijaybhai Patni2 Managing Director 09675100
8. Ms. Hetal Pathak4 Independent Director 09683121
9. Mr. Nishit Bharatbhai Popat4 Independent Director 09279612
10. Mr. Tej Bharatkumar Hanj5 Company Secretary AGMPH8323B
11. Mr. Alok Nath Singh6 Company Secretary DKXPS8806N
12. Mr. Vijaybhai Patni2 Chief Financial Officer DJVPP9467H
13. Mr. Harish Kumar4 Chief Executive Officer APJPS7656E
14. Mr. Harish Kumar4 Chief Financial Officer APJPS7656E

2. hasMs. Anju Sharma had given resignation as a Non-Executive Director w.e.f. 31 been change in designation from Non-Executive Director to Managingst December, 2022; Mr. Vijaybhai PatniDirector and appointed as a Chief Financial Officer w.e.f. 31st December, 2022.

3. Ms. Ish Sadana and Ms. Achal Kapoor had given resignation as an Independent Director w.e.f. 27th January, 2023.

4. Officer w.e.f. 27 Mr. Harish Kumar had given resignation as a Non-Executive Director, Chief Executive Officer and Chief Financialth December, 2022; Ms. Hetal Pathak and Mr. Nishit Bharatbhai Popat has been appointed as an Additional Independent Director w.e.f. 27th December, 2022.

5. Mr. Tej Bharatkumar Hanj has been appointed as a Company Secretary w.e.f. 31st December, 2022 and had given resignation from the post of Company Secretary w.e.f. 28th February, 2023.

6. Mr. Alok Nath Singh had given resignation from the post of Company Secretary w.e.f. 15th December, 2022.

Apart from the above changes, there were no other changes in the composition of the Board of Directors of the Company during the Financial Year 2022-23 and till the date of Boards Report. As perCompanies Act, 2013, the Independent Directors are not liable to retire by rotation. 34. DECLARATION Ms. Hetal PathakBY andINDEPENDENT Mr. Nishit BharatbhaiDIRECTORS: Popat are Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6)of the Companies Act, 2013 and are qualified to be Independent Director. They also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16(1)(b) of SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted bythe Board.

35. CORPORATE GOVERNANCE: quarterly compliance report on requirement Corporate Governance is not applicable to the Company.As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Hence, Corporate Governance does not form part of this Boards Report.

36. DEPOSITS:

As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any deposits during the financial year. Hence, the Company has not defaulted in repayment of deposits orpayment of interest during the financial year. 37. FORMAL Pursuant ANNUAL to the provisionsEVALUATION of thePROCESS CompaniesBYAct,BOARD: 2013 and Rules made thereunder, the Board has carriedCommittees,the includingevaluationtheofChairmanits own ofperformance,the Board on performancethe basis of attendance,of IndividualcontributionDirectors,towardsBoard developmentRemuneration Committee of the Company. The evaluation of the working of the Board, its committees,of the Business and various other criteria as recommended by the Nomination and experienceDirectors expressed their satisfaction with the evaluation process and outcome.and expertise, performance of specific duties and obligations etc. were carried out. The In a separate meeting of Independent Directors, the performances of Executive and Non - ExecutiveCompany. The achievements of the targeted goals and the achievements of the expansion plans wereDirectors were evaluated in terms of their contribution towards the growth and development of the tooCompany.observed and evaluated, the outcome of which was satisfactory for all the Directors of the

38. AUDITORS:

A. Statutory Auditor:

M/s V S S B & Associates, Chartered Accountants, Ahmedabad (Firm Registration No. 121356W), were appointed as the Statutory Auditors of the Company from the conclusion of 43rd Annual General Meeting held in the year 2022 till the conclusion of 44 held in the year 2023. th Annual General Meeting of the Company to be The Auditors report for the financial year ended on 31st March, 2023 has been issued with an unmodified opinion by the Statutory Auditors and the report is part of the Annual Report.

B. The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of theSecretarial Auditor: Jitendra Parmar, Proprietor of M/s. Jitendra Parmar & Associates, Company Secretaries, AhmedabadCompanies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. as a Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2022-23. FormThe Secretarial Audit Report for the Financial Year 2022-23 is annexed herewith as Annexure – 2 inMR-3. There are no adverse observations in the Secretarial Audit Report which call for explanation.

39. DISCLOSURES:

A. Audit Committee:

During the year under review, meetings of members of the Audit Committee as tabulated below,was held on 26th May, 2022 and 8th August, 2022, 3rd September, 2022, 14th November, 2022, 31st December, 2022, 27th January, 2023 and 8th February, 2023 the attendance records of the members of the Committee are as follows:The constitution of the Audit Committee is as follows:

Name

Status No. of the Committee Meetings entitled No. of the Committee Meetings attended

Mr. Achal Kapoor1

Chairman 5 5

Mrs. Anju Sharma2

Member 4 4

Mr. Ish Sadana1

Member 5 5

Mr. Nishit Bharatbhai Popat1

Chairman 1 1

Ms. Hetal Neel Pathak1

Member 1 1

Ms. Hansaben Parmar2

Member 2 2

appointed of the Audit Committee w.e.f. 27 Nishit Bharatbhai Popat as a Chairman th and January, 2023.Ms. Hetal Neel Pathak as a Member had been

2 Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben Parmar hadbeen appointed as a Member of the Audit Committee w.e.f. 31st December, 2022. B. Nomination and Remuneration Committee:

DuringCommitteethe asyeartabulatedunder review,below, meetingswas held ofonmembers21st October,of the2022,Nomination27th December,and Remuneration2022, 31st December, 2022 and 27 are as follows: th January, 2023 the attendance records of the members of the Committee

The constitution of the Nomination and Remuneration Committee is as follows:

Name

Status No. of the Committee Meetings entitled No. of the Committee Meetings attended

Mr. Achal Kapoor1

Chairman 3 3

Mrs. Anju Sharma2

Member 2 2

Mr. Ish Sadana1

Member 3 3

Mr. Nishit Bharatbhai Popat1

Chairman 0 0

Ms. Hetal Neel Pathak1

Member 0 0

Ms. Hansaben Parmar2

Member 1 1

2 appointed of the Audit Committee w.e.f. 27th January, 2023.

Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben Parmar hadbeen appointed as a Member of the Audit Committee w.e.f. 31st December, 2022. C. Stakeholders Relationship Committee:During the year under review, meetings of members of the Stakeholders Relationship Committee asrecords of the members of the Committee are as follows:tabulated below, was held on 3rd September, 2022 and 8th February, 2023, the attendance The constitution of the Stakeholders Relationship Committee is as follows:

Name Status No. of the Committee Meetings entitled No. of the Committee Meetings attended
Mr. Achal Kapoor1 Chairman 1 1
Mrs. Anju Sharma2 Member 1 1
Mr. Ish Sadanai Member 1 1
Ms. Hetal Neel Pathak Chairman 1 1
Mr. Nishit Bharatbhai Popat Member 1 1
Ms. Hansaben Parmar Member 1 1

2 appointed of the Audit Committee w.e.f. 27th January, 2023.

Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben Parmar hadbeen appointed as a Member of the Audit Committee w.e.f. 31st December, 2022.

40. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,

PROHIBITION The Company has always been committed & REDRESSAL) ACT, 2013: to provide a safe and conducive work environment to its pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)employees. Your Directors further state that during the year under review there were no cases filed Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

41. INDUSTRIAL The DirectorsRELATIONS:are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review.

42. MAINTENANCE OF COST RECORDS:

The provisions relating to maintenance of cost records as specified by the Central Government undersub-section (1) of section 148 of the Companies Act, 2013, are not applicable to the Company and accordingly such accounts and records are not required to be maintained.

43. ACKNOWLEDGEMENTS: Your Directors would like to express their sincere appreciation for the co-operation and assistance Customersreceived from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers,and other business associates who have extended their valuable sustained support and encouragement during the year under review. Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We lookforward for the continued support of every stakeholder in the future.