Simplex Papers Ltd Directors Report

To

The Members,

Your Directors present the Annual Report, together with the Audited Accounts for the year ended 31st March, 2024.

FINANCIAL RESULTS

(Rs in 000)

Particulars	2023-2024	2022-2023
(Loss) before Depreciation, Finance Costs, Exceptional Item and Taxation	(2,074.05)	(2,216.87)
Less: Depreciation	-	-
Less: Finance Cost	-	-
(Loss) before Exceptional Item and Tax	(2,074.05)	(2,216.87)
Add/(Less): Exceptional Item	3,218.00	-
Profit/ (Loss) before Tax	1,143.95	(2,216.87)
Profit/ (Loss) after Tax for the year	1,143.95	(2,216.87)

DIVIDEND

Your Directors do not recommend any dividend for the financial year under review.

OPERATIONS

Your Company has reported total income of 164.55 thousands as compared to total income of Nil in the previous period. Net profit is 1,143.95 thousands during the year ended 31st March, 2024 as compared to net loss of 2,216.87 thousands in the previous financial year. The profit has arised due to reversal of expected credit loss of 3,218.00 thousands provided in previous period.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year, there was no change in nature of business.

MATERIAL CHANGES AFFECTING THE COMPANY

There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company and the date of this report.

SHARE CAPITAL

The paid up equity share capital as on 31st March, 2024 was 30,014 thousands. During the year under review, the Company has not issued any equity shares.

TRANSFER TO RESERVES

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

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

During the year under review, your Company does not have any subsidiary or associate or joint venture company. Accordingly, the disclosure as required in terms of Section 129 (3) of the Companies Act, 2013 (the Act) and Rule 5 of the Companies (Accounts) Rules is not required.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the balance sheet date.

LOANS, GUARANTEES AND INVESTMENTS

The details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in the notes to the Financial Statements.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Director Retirement by rotation

Smt. Fatima Fernandes (DIN: 00506058), Director of the Company, is liable to retire by rotation at the Thirtieth Annual General Meeting (AGM) and being eligible, offers herself for re-appointment. The Board recommends her re-appointment. A brief profile of Smt. Fatima Fernandes together with other related information required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the SEBI Listing Regulations) and Secretarial Standard-2 has been furnished in the Notice convening the AGM.

Key Managerial Personnel

The following persons are the Key Managerial Personnel(KMP) of the Company pursuant to Sections 2 (51) and 203 of the Act read with the Rules framed thereunder:

i. Shri Dinesh Chandra Shrimali -Chief Executive Officer and Chief Financial Officer

ii. Shri Bikash Singh -Company Secretary

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the Act and the SEBI Listing Regulations and complied with the Code for Independent Directors prescribed in Schedule IV to the Act and that they are not disqualified to become directors under the Act. There has been no change in the circumstances affecting their status as Independent Directors of the Company. All the Independent Directors have registered themselves in the Independent Directors Database as maintained by the Indian Institute of Corporate Affairs. The Board of Directors is of the opinion that all the Independent Directors of the Company hold highest standards of integrity and possess requisite expertise and experience required to fulfill their duties as Independent Directors.

BOARD EVALUATION

Pursuant to the provisions of the Act and the SEBI Listing Regulations, a structured questionnaire was prepared after taking into consideration of the various aspects of the Boards functioning, composition of the Board and its committees, culture, execution and performance of specific duties, obligations and governance.

The performance evaluation of the Independent Directors was completed. The performance evaluation of the Chairman and the Non-Independent Directors were carried out by the Independent Directors. The Directors expressed their satisfaction with evaluation process.

BOARD AND COMMITTEE MEETINGS

During the year under review, five Board meetings were held. The details of the composition of the Board and its Committees and number of meetings held and attendance of Directors at such meetings are provided in the Corporate Governance Report which forms part of this Report.

INDEPENDENT DIRECTORS MEETING

In terms of Schedule IV of the Act and Regulation 25 of the SEBI Listing Regulations, Independent Directors of the Company are required to hold at least one meeting in a financial year without the attendance of Non- Independent Directors and Members of management.

During the year under review, Independent Directors met separately on 23rd January, 2024, inter-alia, for

• Evalution performance of Non-Independent Directors and the Board of Directors of the Company as a whole.

• Evaluation performance of the Chairman of the Company, taking into views of Executive and Non- Executive Directors.

Evalution of the quality, content and time line of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform its duties.

NOMINATION AND REMUNERATION POLICY

The Board has framed a policy for selection and appointment for Directors, Senior Management and their remuneration. The Nomination and Remuneration Policy is available on the website of the Company on https://simplex-group.com/admin/report/uploads/Nomination%20and%20Remuneration%20Policy%20 ameded%20as%20on%2007.04.2021.pdf

FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS

The Company has practice of conducting familiarization programme for Independent Directors of the Company. The details of the programme are given in the Corporate Governance Report which forms part of this Report.

PARTICULARS OF EMPLOYEES

During the year, there was no employee in the Company in receipt of remuneration as prescribed in the Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The prescribed particulars of Employees as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure I and forms part of this Report.

AUDITORS

i. Statutory Auditors

Khandelwal and Mehta LLP, Chartered Accountants, Mumbai (ICAI Firms Registration No. W100084), were appointed as the Statutory Auditors of the Company in the 28th Annual

General Meeting held on 2nd August, 2022 for the first term of five consecutive years i.e., from financial year 2022-23 to 2026-27. The Statutory Auditors of the Company have submitted their Independent Auditors Report on the Financial Statements of the Company for the year ended 31st March, 2024 and they have given an unmodified opinion(s) report on the Financial Statements for the year under review.

ii. Cost Auditors

As there was no production during the year 2023- 2024, no cost audit required to be carried out.

iii. Secretarial Auditors

A Secretarial Audit was conducted during the year in accordance with provisions of Section 204 of the Act. The Secretarial Auditors Report is attached as Annexure II and forms part of this Report. The Report does not contain any qualification, reservation, adverse remark or disclaimer.

iv. Internal Auditors

Messers V. K. Goyal & Associates, Chartered Accountants, Mumbai are the Internal Auditors of the Company. The Internal Audit was completed and report was submitted as per the scope defined by the Audit Committee, from time to time.

FRAUD REPORTING

During the year under review, the Statutory Auditors, the Secretarial Auditors and the Internal Auditors, have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under Section 143(12) of the Act read with Rule 13(1) of the Companies (Audit and Auditors) Rules, 2014, details of which needs to be mentioned in this Report.

SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and General Meeting.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the year under review as stipulated under Regulation 34 of the Listing Regulations is attached and forms part of this Report.

CORPORATE GOVERNANCE

The Company has complied with the provisions of Corporate Governance as stipulated in the SEBI Listing

Regulations on voluntary basis. A separate report on Corporate Governance along with the requisite Auditors Certificate is annexed and forms part of this Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) read with Section 134(5) of the Act and the Listing Regulations, on the basis of information placed before them, the Directors state that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. appropriate accounting policies have been selected and applied consistently, and the judgements and estimates that have been made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2024 and of the profit of the Company for the said period;

iii. proper and sufficient care has been taken 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;

iv. the annual accounts have been prepared on a going concern basis;

v. the internal financial controls are followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. there is a proper system to ensure compliance with the provisions of all applicable laws and that such system is adequate and operating effectively.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were on an arms length basis and that the provisions of Section 188 of the Act are not attracted. Thus, disclosure in form AOC-2 is not required. Further, there are no materially significant related party transactions made by the Company with Promoters and Directors or other designated persons which may have a potential conflict with the interest of the Company at large.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has a Vigil Mechanism/Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. The details of the Policy are available on the Companys website on http://www.simplex-group.com/upload_pdf/25045 Whistle -Blower-Policy.pdf

EXTRACT OF ANNUAL RETURN

In terms of Section 92(3) of the Act, copy of the Annual Return of the Company is placed on the website of the Company. The web link of the same is http://www.simplex-group.com/ upload_pdf /308 Form _ MGT-7%20(SPL).pdf

STOCKEXCHANGE

The Companys equity shares are listed at BSE Limited and the Annual Listing Fees for the year 2024-2025 has been paid.

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

During the year under review, the Company has not carried out any manufacturing activity and hence the Directors have nothing to report under Section 134(3) (m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with reference to Conservation of Energy and Technology Absorption. There was no foreign exchange earnings and outgo during the year under review.

CORPORATE SOCIAL RESPONSIBILITY

In line with the provisions of the Act and the rules framed there under with respect to the Corporate Social Responsibility (CSR), your Company is not governed by the provisions of Section 135 of the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014. Accordingly, the Company is not required to formulate a policy on CSR and was not required to constitute a CSR Committee.

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

During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in future.

INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY

The details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis, which is part of this report.

RISK ASSESSMENT AND MANAGEMENT

The Company in its Board Meeting identifies various risk involved in the working of the Company and suitable mitigation measures are thereafter adopted by the management after discussion with the Board.

DISCLOSURE UNDER THE PREVENTION OF SEXUAL HARASSMENTACT

As at 31st March, 2024, there were only two employees on the pay roll on the Company and thus, the Company was not required to constitute an Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.

APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (THE CODE)

During the year under review, the Company has not made or received any application under the Insolvency and Bankruptcy Code and there is no proceeding pending under the said Code.

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

During the year under review, the Company has not undergone any one-time settlement and therefore, the disclosure in this regard in not applicable.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation for the assistance and support extended by all government authorities, financial institutions, banks, consultants, solicitors and shareholders of the Company. The Directors express their appreciation for the dedicated and sincere services rendered by the employees of the Company.

Fo r and on beha lf of the B o a rd of Directors
Sita Sunil	Shekhar R Singh
Director	Director
DIN:00041722	DIN: 03357281
Mumbai, 17th May, 2024