Shrenik Ltd Directors Report.

To,

The Members,

SHRENIK LIMITED

Ahmedabad.

Dear Members,

Your Directors are pleased to present the Seventh Annual Report on the Business and Operations of the Company along with the Audited Statement of Accounts for the Financial Year ended on 31 March, 2019.

1. FINANCIAL RESULT

The financial performance of the Company for the Financial Year ended on 31st March, 2019 and for the previous financial year ended on 31st March, 2018 is given below:

(Amount in R)

Particulars 2018-2019 2017-2018
Revenue from Operations
a.Sale of Products 834,96,11,739 591,24,82,632
b.Other Operating Revenues 1,82,70,860 1,98,31,763
Total 836,78,82,599 593,23,14,395
Other Income:
Interest Income 57,32,138 49,01,570
Foreign Exchange Fluctuation 1,00,30,566 3886206
Rate Difference - -
Other Miscellaneous Income 42,146 -
Total other Income 1,58,04,850 87,87,776
Total Revenue 838,36,87,449 594,11,02,171
Total Expenses (821,04,64,098) (581,95,21,738)
Profit Before Exceptional and Extra Ordinary Items and Tax 17,32,23,351 12,15,80,433
Exceptional Items (1,61,853) -
Profit before Extra -Ordinary Items and Tax/ Profit Before Tax 17,30,61,498 12,15,80,433
Tax Expense: Current Tax 6,17,27,668 4,21,61,560
Deferred Tax 52,160 2,96,696
Prior period Adjustment 93,412 13,692
Total Tax expense (6,18,73,240) (424,71,948)
Profit for the Period 11,11,88,258 7,91,08,484
Provision for Proposed Dividend including tax 2,39,64,288 2,39,30,016
Provision for Corporate Social Responsibility (CSR) 24,02,000 8,67,731
Profit for the year carried to Reserves & Surplus 8,48,21,970 5,43,10,737
Earning Per Share (EPS)
Basic 1.09 0.84
Diluted 1.09 0.84

2. OPERATIONS

The Company continues to see fair growth in its overall performance in the financial year 2018-19 driven by the performance of the segment (Paper Trade) in which the Company operates. The total income of the Company increased to Rs. 838,36,87,449/-from Rs. 594,11,02,171/-in the previous year i.e. an increase of 41.11%. The profit before tax amounted to Rs. 17,32,23,351/- as against 12,15,80,433/-in the previous year. The net profit after tax was increased to Rs. 11,11,88,258/- as against Rs.7,91,08,484/- in the previous year.

3. CHANGE IN NATURE OF BUSINESS, IF ANY

There were no changes in the nature of business of the Company during the year under review.

4. ANNUAL RETURN

The extract of the Annual Return pursuant to the provisions of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 in Form No. MGT – 9 is enclosed herewith as Annexure 1 and the same has been placed at the Companys website under Section Investors – Annual Report.

5. BOARD MEETINGS AND ATTENDANCE

The Directors of the Company met at regular intervals with the gap between two meetings not exceeding 120 days to take a view of the Companys policies and strategies apart from the Board Matters. The Notices of the Board Meetings are given well in advance to all the Directors of the Company. Additional meetings were held depending upon the requirements of the Company.

During the year under the review, the Board of Directors met 8 (Eight) times and the Board Meetings were held as on the following dates:

Sr. No. Date of the Board Meeting
1. 24thApril, 2018
2. 12th May, 2018
3. 13th July, 2018
4. 1st October, 2018
5. 23th October, 2018
6. 24th December, 2018
7. 31th January, 2019
8. 28th March, 2019

Attendance of the Directors:

Name of the Director

No. of Board Meeting

Held Attended
1. Mr. Shrenik Vimawala 8 8
2. Mr. Rishit Vimawala 8 8
3. Mr. Kaivan Vimawala 8 8
4. Mrs. Himaben Vimawala 8 8
5. Mr. Ashish Modi 8 8
6. Mr. Devarsh Shah 8 8

6. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions 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. In the preparation of the Annual Accounts, for the year ended on March 31, 2019 the applicable accounting standards have been followed and there are no material departure from the same, b. The directors had 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 financial year and of the profit of the company for the financial year ended on March 31, 2019, c. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities,

d. The directors had prepared the Annual Accounts on a going concern basis,

CIN No.: L51396GJ2012PLC073061

9 e. The directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and f. 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.

7. COMMENT ON AUDITORS REPORT

There were no qualifications, reservations, adverse remarks or disclaimer made by the Auditors in their report on financial statement of the Company for the financial year ended on March 31, 2019 Furthermore, there were no frauds reported by the Auditors of the Company pursuant to Companies Act, 2013 and the rules made there-under Maintenance of cost records as specified under Companies Act, 2013 is not applicable to the Company.

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The details of loans, investment, guarantees and securities covered under the provisions of section 186 of

Companies Act, 2013 are provided in the financial statement.

9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

During the year under review, contracts or arrangements entered into with the related party, as defined under section 2(76) of the Companies Act, 2013 were in ordinary course of Business and on arms length basis. Details of transactions pursuant to compliance of Section 134(3) (h) of the Companies Act, 2013 and Rule 8 (2) of Companies (Accounts) Rules, 2014 are annexed herewith as per Annexure – 2

During the year the Company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company at large. Suitable disclosures as required are provided in AS-which is forming the part of the notes to financial statement.

10. THE STATE OF COMPANYS AFFAIRS

During the year under review the Company has put all its efforts in serving required products to all its customers time. The turnover of the Company during the reporting period amounted to Rs. 838,36,87,449/- The Directors are thankful to all its suppliers for on time delivery of the products. The effort of our suppliers is the backbone of our Company.

The Company has tried and will keep the efforts on to associate as many customers as possible. The Directors wish inform the stakeholders that during the reporting period that is financial year 2018-2019, Company has gained distributorship of yet other renowned Companies like APRIL International Enterprises Pte. Ltd., for the state of Gujarat and Rajasthan region and from Naini Group for the state of Gujarat region and the Company continues to serve Ballarpur Industries Limited, Tamilnadu Newsprint and Papers Limited, Asia Pulp and Paper, (Indonesia and China)and NR Agarwal Industries Limited.

With this information, the Directors assure the stakeholders of the Company to continue their efforts and enhance overall performance of the Company in the coming financial years. The Directors express their gratitude towards stakeholders for all the support the Company has received from them and hope that the Company continues to receive the same support in the coming future.

11. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has its Internal Financial Control systems commensurate with operations of the Company. The management regularly monitors the safeguarding of its assets, prevention and detection of frauds and errors, and accuracy and completeness of the accounting records including timely preparation of reliable financial information.

The Head of Internal Audit together with External Audit consults and reviews the effectiveness and efficiency of these systems and procedures to ensure that all assets are protected against loss and that the financial and operational information is accurate and complete in all respects.

12. RESERVES

The Company has a Closing Balance of Rs. 43,17,60,602/- (Rupees Forty Three Crore Seventeen Lakhs Sixty Thousand Six Hundred and Two Only) as Reserve and Surplus as on 31.03.2019.

The Closing Balance of Reserves and Surplus is bifurcated as follows:

Particulars Amount (in R)
1. Balance at the beginning of the year 14,89,38,632
2. Current Years Profit 8,48,21,970
3. Amount of Securities Premium 19,80,00,000
Total 43,17,60,602

13. DIVIDEND

Your Directors have recommended a dividend of Rs. 0.20/- per Equity Share (10%) of the face value of Rs. 2/- each for the financial year ended March 31, 2019subject to the approval of the Shareholders at the ensuing 7 Annual General Meeting of the Company.

14. 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

Apart from the change as mentioned below, no material changes and commitments, affecting the financial position of the Company occurred between the end of the Financial Year to which this financial statement relates and up till the date of Report.

a) The Company is in the process of Migrating its Equity Shares from Emerge Platform of NSE to Main Board of NSE, subject to necessary approvals.

15. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaidor unclaimedfor a period of seven years shall be transferred to the Investor Education and Protection Fund ("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the "Unpaid Dividend Account" lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.

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

The Information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and outgo as required under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are as stated below:

A. Conservation of Energy-

1. The steps taken or impact on conservation of energy:-

The Company applied strict control system to monitor day to day powerconsumption. The Company ensures optimal use of energy with minimum extent of wastageas far as possible. The day to day consumption ismonitored in an effort to save energy.

2. The steps taken by the company for utilizing alternate sources of energy.

Company has not taken any step for utilizing alternate sources of energy.

3. The capital investment on energy conservation equipment.

Company has not made any capital investment on energy conservation equipment.

B. Technology absorption-

The Company has no activities relating to technology absorption. Hence nothing is to be reported here.

C. Foreign Exchange Earnings and outgo-

2018-2019 2017-2018
Particulars (Amount in Rs.) (Amount in Rs.)
Foreign exchange earnings in terms of actual inflows 13,26,906/- -
Foreign exchange outgo in terms of actual outflows 97,93,50,246/- 56,31,88,616/-

17. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY

OF THE COMPANY

The Company has in place, a mechanism to identify, assess, monitor and mitigate various risks towards the key business objectives of the Company. Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuing basis.

18. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL

RESPONSIBILITY INITIATIVES

The Corporate Social Responsibility Policy of the Company is to mobilize theCSR Funds of the Company, to such Organizations that are engaged in providing Medical aid to the deprived section of the Society, to Education and/or vocational skill imparting organizations and to Hunger eradicating organizationsin order to support their working and towards any other activity falling within the scope of Schedule VII to the Companies Act, 2013.

We believe that health is the primary asset which supports all other activities. Therefore, assisting the lesser privileged people towards solving their medical problems shall always be the first social responsibility of the Company.

We also believe that Education and vocational trainings play a major role in making a human self-sufficient and hence supporting the organizations that impart Education/Vocational Skills remain another preference for mobilization of the CSR Funds.

The Company may undertake its social responsibilities through its own Trust i.e. "Shrenik Foundation" or through such other trusts, foundations, etc. which can be supported by the Company for overall advantage of the needed section of the society.

The Corporate Social Responsibility Committee (CSR Committee) had formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company. The CSR Policy, duly approved by the Board of Directors may be accessed on the Companys website at www.shrenik.co.in under the head "Corporate Social Responsibility"

During the year under review, the Company had spent Rs. 15,65,000/- (being 2% of the average net profits of last three financial years) on Corporate Social Responsibility (CSR) activities. The Annual Report on CSR activities is annexed herewith marked as Annexure 3to the Boards Report.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL

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

Name Designation DIN
1. Mr. Shrenik Sudhir Vimawala Chairman and Managing Director 03474255
2. Mrs. Himaben Shrenik Vimawala* Non-Executive Non Independent Director 05132544
3. Mr. Rishit Shrenik Vimawala Whole-time Director 03474249
4. Mr. Kaivan Shrenik Vimawala Whole-time Director 06514171
5. Mr. Ashish Harishkumar Modi Independent Director 02506019
6. Mr. Devarsh Muktesh Shah Independent Director 06954437
7. Ms. Manali Parth Shah** Additional Director 08472757
8. Mr. Virendra Vasantlal Surti Chief Financial Officer -
9. Ms. Madhulika Mishra Company Secretary -

There was no change in the composition of the Board of Directors of the Company during the financial year 2018-19, however below changes have occurred after the close of the Financial year 2018-19: *Mrs. Himaben Shrenik Vimawala (DIN: 05132544), resigned from her post of Non-Independent Non-Executive Director, due to personal reasons, with effect from closing hours of 18.06.2019.

**The Board of Directors, in their meeting held on 30 May, 2019, has appointed Ms. Manali Parth Shah (DIN: 08472757), as an Additional Director designated as Independent Director to hold office for 5 (five) consecutive years, subject to the approval of Shareholders to be obtained in the Seventh Annual General Meeting of the Company. As per Companies Act, 2013 the Independent Directors are not liable to retire by rotation.

20. DECLARATION BY INDEPENDENT DIRECTORS

Mr. Ashish Modi, Independent Director, Mr. Devarsh Shah, Independent Director and Ms. Manali Parth Shah (Additional Director, designated as Independent Director) have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Directors. They have 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 by the Board.

21. FORMAL ANNUAL EVALUATION PROCESS BY BOARD

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried the evaluation of its own performance, performance of Individual Directors, Board Committees, including the Chairman of the Board on the basis of attendance, contribution towards development of the Business and various other criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors the performances of Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The Executive Directors enhanced the geographical expansion of the Company by establishing two more Branch Offices i.e. at Surat, Gujarat and Mumbai, Maharashtra. The efforts of the Executive Directors in terms of gaining further distributorships of APRIL International Enterprise Pte Ltd., for the state of Gujarat and Rajasthan region and of Naini Group for the state of Gujarat region were too appraised by the Nomination and Remuneration Committee and by the Independent Directors in their separate meetings held for the said purpose. The achievements of the targeted goals and the achievements of the Expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.

22. CORPORATE GOVERNANCE

Since the Company securities are listed on Emerge SME Platform of NSE, by virtue of Regulation 15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V are not applicable to the Company. Hence Corporate Governance does not form part of this Boards Report.

23. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate company.

24. 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 or payment of interest during the financial year.

25. STATUTORY AUDITOR

M/s Singhi & Co., Chartered Accountants, (Firms Registration No. 302049E), were appointed as the Statutory Auditor of the Company for a period of 5 (five) years at the 6 Annual General Meeting of the Company to hold office till the conclusion of 11 Annual General Meeting of the Company.The Auditors report for the financial year ended March 31, 2019 has been issued with an unmodified opinion, by the Statutory Auditors.

26. SECRETARIAL AUDITOR

The Board appointed M/s Premal Shah & Co., Practicing Company Secretaries, Ahmedabad to conduct Secretarial Audit for the Financial Year 2018-19. The Secretarial Audit Report for the financial year ended 31st March, 2019 is annexed herewith marked as Annexure-4 to this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

27. DISCLOSURES

A. Composition of Corporate Social Responsibility Committee (CSR):

During the year under review, the Corporate Social Responsibility (CSR) Committee of the Company comprised of four members as tabulated below, pursuant to Section135 of the Companies Act, 2013.The Report on CSR activities as required under the Companies (Corporate Social Responsibility) Rules2014 is annexed as per Annexure - 3.

During the year under review, the members of CSR Committee met four times on 13 July, 2018, 23 October, 2018, 31 January, 2019 and 28 March, 2019 and the attendance records of the members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Shrenik Vimawala, Chairman and Managing Director Chairman 4 4
Mr. Rishit Vimawala, Whole Time Director Member 4 4
Mr. Kaivan Vimawala, Whole Time Director Member 4 4
Mr. Ashish Modi, Independent Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Year i.e. 31 March, 2019.)

B. Composition of Audit Committee:

During the year under review, meeting of members of the Audit committee as tabulated below,was held on 24 April, 2018, 23 October, 2018, 31 January, 2019 and 28 March, 2019 and the attendance records of the

members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Ashish Modi, Independent Director Chairman 4 4
Mr. Devarsh Shah, Independent Director Member 4 4
Mr. RishitVimawala, Whole Time Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Year i.e. 31 March, 2019.)

During the year all the recommendations made by the Audit Committee were accepted by the Board.

C. Vigil Mechanism

Through vigil mechanism Company seeks to provide a mechanism for the directors and employees to disclose their concerns and grievances on unethical behavior and improper/illegal practices and wrongful conduct taking place in the Company for appropriate action. Through this mechanisms, the Company provides necessary safeguards to all such persons for making sheltered disclosures in good faith.

The Vigil mechanism team comprises of the following:

Name of the Member Status
1. Mr. Rishit Vimawala Vigilant Officer
2. Mr. Ashish Modi Member
3. Mr. Devarsh Shah Member

(The details of the members are as on the date of closure of the Financial Year i.e. 31st March, 2019.)

During the year under review, no protected disclosure concerning any reportable matter in accordance with the Vigil Mechanism was received by the Company.

The Vigil Mechanism may be accessed on the Companys website at the link: www.shrenik.co.in under the Section – Investors – Policies and Board Committees.

D. Composition of Nomination and Remuneration Committee:

During the year under review, meeting of the members of the Nomination and Remuneration committee, as tabulated below, was held on 23rd October, 2018 and 28th March, 2019 and the attendance records of the members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Ashish Modi, Independent Director Chairman 2 2
Mr. Devarsh Shah, Independent Director Member 2 2
Mrs. Himaben Vimawala, Non-executive Director Member 2 2

(The details of Committee members are as on the date of closure of the Financial Year i.e. 31 March, 2019.)

The policy of Nomination and Remuneration Committee has been placed on the Website of the Company www.shrenik.co.inunder the head Investors – "Polices and Board Committees"and the salient features of the same has been disclosed under Annexure 5.

E. Composition of Stakeholders Relationship Committee:

During the year under review, meeting of members of Stakeholders Relationship committee as tabulated below ,was held on 24 April, 2018, 13 July, 2018, 23 October, 2018 and 31 January, 2019 and the attendance records

of the members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mrs. Himaben Vimawala, Non -Executive Director Chairperson 4 4
Mr. Shrenik Vimawala, Managing Director Member 4 4
Mr. Rishit Vimawala, Whole Time Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Year i.e. 31st March, 2019.)

28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There were no significant and material orders issued against the Company by any regulating authority or court or tribunal that could affect the going concern status and Companys operation in future.

However, the Company was authorised through a Board Resolution dated 14 July, 2017 to file a suo motto petition under Section 441 of the Companies Act, 2013 with ROC/RD/NCLTfor Compounding of Offence under Section 383A of the Companies Act, 1956 and Section 203 of the Companies Act, 2013for non-appointment of Company Secretary for a period from 20.12.2012 to 28.02.2016.

During the year under review the Company received Final Order from the Honble National Company Law Tribunal, Ahmedabad Bench dated 26/10/2018 vide Order no. C.P. No. 34/441/NCLT/AHM/2018 against Petition or application number C.P. No. 34/441/NCLT/AHM/2018 for Compounding of Offence pursuant to Section 441 of the Companies Act, 2013 for not complying the provisions of Section 383A of the Companies Act, 1956 and Section 203 of the Companies Act, 2013. The Company and its Directors have paid compounding fees for the Compliance of the Order and have filed the said Order with ROC, Gujarat within the time period. The details of the necessary fine/ penalty paid has been annexed to the Boards Report under Form No. MGT-9.

29. SHARE CAPITAL

A. Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees.

The Company has not made any provision of money for purchase of its own shares by employees or by trustees for the

benefit of employees as per Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014.

B. Issue of Sweat Equity Shares.

The Company has not issued any sweat equity share during the financial year in accordance with the provisions of Section 54 of Companies Act, 2013 read with Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014.

C. Issue of Equity Shares with Differential Rights.

The Company has not issued any equity shares with differential voting rights during the financial year as per Rule 4(4) of Companies (Share Capital and Debentures) Rules, 2014.

D. Issue of Employee Stock Options.

The Company has not issued any employee stock option during the financial year as per Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014.

E. Sub-Division of Equity Shares

In order to enhance the participation of retail investors and to increase the investor base, the Board of Directors in their meeting held on12 May, 2018 approved the sub-division of each Equity Share of the Company from Face value of Rs. 10/- (Rupees Ten Only) into 5 (Five) Equity Shares of Face value of Rs. 2/- (Rupees Two Only) each fully paid-up and further approved the consequent alteration in the Capital Clause of Memorandum of Association subject to approval of Shareholders of the Company.

The Shareholders approval was obtained in the Sixth Annual General Meeting held on 7 June, 2018 and necessary approval from National Stock Exchange of India Limited was received vide its circular number 0636/2018 dated 13 June, 2018 which was made effective from 09 July, 2018.

30. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

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

31. PARTICULARS OF EMPLOYEES

The Company has no employee, who is in receipt of remuneration of Rs. 8,50,000/- per month or Rs. 1,02,00,000/- per annum and hence the Company is not required to give information under Sub Rule 2 and 3 of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Further, the following details form part of Annexure 6and Annexure 7to the Boards Report:

• Pursuant to Rule 5 (2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 a statement containing the names and other particulars of top ten employees in terms of remuneration drawn by them.

- Annexure 6

• Disclosure under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

-Annexure 7 32. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of 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 -8.

33. ACKNOWLEDGEMENTS

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers, Customers 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 look forward for the continued support of every stakeholder in the future.

FOR AND ON BEHALF OF THE BOARD SHRENIK LIMITED

Sd/-

Shrenik Vimawala

Chairman and Managing Director DIN 03474255

Place: Ahmedabad Date:25.07.2019