Sungold Media Director Discussions


To,

The Members,

The Directors present the 27th Annual Report on the business and operations of the Company along with the audited statements of accounts for the Financial Year ended March 31, 2022.

1. FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY (STANDALONE):

The Board’s Report shall be prepared based on the standalone financial statements of the company.

(Rs. In Lakhs)

Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
Revenue from operation 57.69 65.20
Other Income 0.03 0.14
Total Revenue 57.72 65.34
Total Expense 56.41 64.09
Gross Profit before depreciation and tax 4.71 4.69
Depreciation 3.41 3.44
Net Profit before tax 1.31 1.25
Tax Expense 0.33 0.33
Net Profit After Tax 0.98 0.93
Balance of Profit brought forward 26.36 25.43
Balance available for appropriation 0.98 0.93
Proposed Dividend on Equity Shares Nil Nil
Tax on proposed Dividend Nil Nil
Transfer to General Reserve Nil Nil
Surplus carried to Balance Sheet 27.33 26.36
Earning Per Shares (EPS)
Basic 0.02 0.02
Diluted 0.02 0.02

2. OPERATING PERFORMANCE

During the year under review the Company has generated total revenue of Rs 57.72 as compared to Rs. 65.34 Lakhs of the previous financial year. The Company achieved net profit of Rs 0.98 as compared to Rs 0.93 Lakhs in previous financial year. The directors are continuously looking for new avenues for future growth of the Company.

3. ANNUAL RETURN:

As required pursuant to section 92(3) read with Section 134 (3) (a) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the annual return as on March 31,2022 is available on the Company’s website on:www.sungoldmediaent.com

4. DIVIDEND:

In order to conserve the resources and for further growth, the Company does not propose to pay any dividend.

5. DEPOSITS:

During the year under the review, your company has not accepted any deposits from the public within the meaning of section 76 of the Companies Act 2013 and the rules there under. There are no public deposits, which are pending for repayment.

6. AMOUNT TRANSFER TO RESERVE:

Your company does not propose to carry any amount to reserves.

7. SHARE CAPITAL:

Subsequent to the aforesaid the Authorized share capital of your company stands at Rs 5,00,00,000/- divided into 50,00,000 Equity Shares of Rs 10/- each. At present the Issued, Subscribed and Paid up Share Capital of your Company is Rs. 5,00,00,000/- divided into 50,00,000 Equity Shares of Rs. 10/-each, fully paid-up.

8. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has in place adequate internal controls commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Auditors report to the Chairman of the Audit Committee of the Board. Internal Auditors monitor and evaluate the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company.

Based on the report of Internal Auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT

There have been no material changes and commitments, affecting the financial position of the company which has occurred during the end of the financial year and date of report.

10. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS

There were no significant material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations in future.

11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Details of loan and investment are disclosed in the notes to accounts.

12. RELATED PARTY TRANSACTIONS:

All contracts/arrangements/transactions entered by the Company during the FY 2021-2022 with related parties were in the ordinary course of business and on an arm’s length basis. During the year under review, the Company has entered into any contract/arrangement/transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Since all related party transactions entered into by the Company were in the ordinary course of business and were on an arm’s length basis, Form AOC-2 forms the part of this Board report in ANNEXURE I.

Your Directors draw attention of the members to the Financial Statement which sets out related party disclosures.

13. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:

There was no Subsidiary/Joint Ventures/Associate Companies during the FY 2021-2022.

14. PARTICULARS OF EMPLOYEES:

There was no employee drawing remuneration in excess of limits prescribed under section 197 of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

15. DIRECTORS & KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Keyur Gandhi, retires by rotation at the ensuing Annual General Meeting and offers himself for re- appointment.

There is no change in the Directors of the Company during the Financial Year 2021-2022. None of the other Directors of the Company are disqualified under Section 164 of Companies Act, 2013.

Ms Janvi Shirawala, (Mem No : A65093) Company Secretary and Compliance officer of the Company resigned on 17.05.2022. And Ms Shubhangi Chourasia (Mem No : A67818) is appointed as Company Secretary and Compliance officer of the Company w.e.f 17.05.2022.

16. MEETINGS OF THE BOARD OF DIRECTORS:

The following Meetings of the Board of Directors were held during the Financial Year 2021-2022:

Sr. no. Date of Meeting of Board Board Strength No. of Directors Present
1 04.05.2021 4 4
2 01.06.2021 4 4
3 16.07.2021 4 4
4 28.10.2021 4 4
5 25.02.2022 4 4

During the Financial Year 2021-2022, No Extra Ordinary General Meetings of the Company was held.

The compositions of the Board, attendance at the Board meetings held during the FY 2021-2022 under review and at the last Annual General Meeting, number of directorships in other companies, Memberships/Chairmanships of the Committees and their shareholding as on March 31, 2022 in the Company are as follows: -

Name of Director DIN Categor y No. of Boar d Meet ings held duri ng the tenu re No. of Board Meetings attended during the tenure Attenda nce in last AGM dated 24.08.20 21 *No. of Director ships in other listed Companies **Committee Position Shareholdi ng (Equity shares of FV of Rs. 10/-each)
Chair person Member
Mr. Raj Kotia 06360 347 P, MD & ED 05 05 ? NIL - 2 19,41,480
Mr. Keyur Gandhi 03494 183 NED 05 05 ? 1 1 1 -
Mrs. Amruta Giradkar 08698 062 NED-ID 05 05 ? NIL 1 1 -
Ms. Aasthi Singh 08709 814 NED-ID 05 05 ? NIL 1 2 -

(P- Promoter; NED - Non - Executive Director; ID - Independent Director; MD- Managing Director; ED - Executive Director)

*Excludes Directorship in private limited companies, foreign companies and companies under Section 8 of the Companies Act, 2013.

**Audit Committee, Nomination & Remuneration Committee & Stakeholders Relationship Committee in all Indian Public Limited Companies (including this listed entity) have been considered for the Committee positions.

Note;

There is no inter- se relationship between the directors.

17. MEETING OF INDEPENDENT DIRECTORS

During the year under review, the Independent Directors met once on January, 27, 2022 inter alia, to:

1. Evaluate the performance of non-independent directors and the Board as a whole;

2. Evaluate the performance of chairperson of the Company taking into account the views of the Executive and Non- Executive Directors of the Company; and

3. Evaluate the quality, quantity and timelines of flow of information between the management and the Board.

All Independent Directors were present at the meeting.

18. COMMITTEES OF THE BOARD

The company has constituted different Board level committees in accordance with the requirements of Companies Act, 2013 and securities And Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Currently, the Board has three Committees: Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. All three committees are appropriately constituted.

I.AUDIT COMMITTEE

Composition:

Audit committee of the Board of Directors ["the Audit Committee is entrusted with the responsibility to supervise the Companys internal controls and financial reporting process. The composition, quorum, powers, role and scope are in accordance with Section 177 of the Companies Act, 2013 and the provisions of Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. All members of the Audit Committee are financially literate and bring in expertise in the fields of Finance, Taxation, Accounts, etc. It functions in accordance with its terms of reference that defines its authority, responsibility and reporting function.

Meetings and Attendance, Composition, Chairperson and name of members as on March 31, 2022.

During the Financial Year 2021-2022, the Audit Committee met Four times i.e. on June 01, 2021; September 23, 2021; October 28, 2021 and Feburary 25, 2022. The maximum gap between two meetings was not more than 120 days. Accordingly, only four meetings were held during the Financial Year 2021-2022. (Reference circular to be attached for gap more than 120 days allowed)

Name of the Members Category of Directorship Designation Audit Meeting Committee
Held Attended
Ms. Amruta Giradkar Non- Executive Independent Director Chairman 04 04
Ms.Aasthi Singh Non- Executive Independent Director Member 04 04
Mr. Raj Kotia Executive Director Member 04 04

Note:

The Company Secretary acts as Secretary to the Committee.

T erms of Reference

The terms of reference of Audit Committee are wide enough, covering the matters specified in SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as in Section 177 of the Companies Act, 2013, which inter alia includes the following:

a. oversee the Company’s financial reporting process and disclosure of its financial information;

b. recommend appointment, remuneration and terms of appointment of auditors of the Company;

c. approve payment to statutory auditors for any other services rendered by them;

d. review with the management, the annual financial statements before submission to the Board for approval, focusing particularly on:

1) matters to be included in Directors Responsibility Statements to be included in Board’s report;

2) any changes in accounting policies and practices;

3) major accounting entries involving estimates based on the exercise of judgement by management;

4) significant adjustments resulting from the audit findings;

5) compliance with listing and other legal requirements relating to financial statement;

6) disclosure of related party transactions;

7) Qualification in draft audit report.

e. review with the management, the half yearly financial statement before submission to the board for their approval;

f. recommend appointment, remuneration and terms of appointment of internal auditors, tax auditors, secretarial auditor and any matters of resignation or dismissal;

g. discuss with the statutory auditors before the audit commences, the nature and scope of the audit as well as post audit discussion to ascertain areas of concern;

h. review the internal audit program, ensuring co-ordination between the internal and statutory auditors, ensuring that the internal audit function is adequately resourced and has appropriate standing within the Company, and to request internal auditor to undertake specific audit projects, having informed the management of their intentions;

i. consider the major findings of internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or failure of internal control systems of a material nature and reporting the matter to the Board;

j. consider any material breaches or exposure; breaches of regulatory requirements or of ethical codes of practice to which the Company subscribes, or of any related codes, policies and procedures, which could have a material effect on the financial position or contingent liabilities of the Company;

k. discuss significant findings with internal auditors and initiate follow-up action thereon;

l. look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

m. review performance of statutory and internal auditors and adequacy of internal control systems;

n. approve transaction with related parties and subsequent modification to terms of contract/transaction;

o. scrutinize inter-corporate loans and investments;

p. valuation of any of the undertakings or assets as and when necessary;

q. evaluate adequacy of internal financial control and risk management system;

r. review with management , the statement of uses /application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/ prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue , and making recommendation to the Board for taking steps in relation thereto;

s. approve appointment of CFO (i.e. the Whole time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualification, experience and background of the candidate;

t. review functioning of the Whistle Blower Policy;

u. Carry out any other functions as may be falling within the terms of reference of the Audit Committee or as may be delegated to the Committee from time to time.

I. NOMINATION & REMUNERATION COMMITTEE:

COMPOSITION

The Nomination and Remuneration Committee is constituted in compliance with the requirements of Regulation 19 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014.

Meetings and Attendance, Composition, Chairperson and name of members as on March 31, 2022.

During the Financial Year 2021-2022, the Nomination and Remuneration Committee met twice i.e. on May 04, 2021 and on June 01, 2021.

Name of the Members Category of Directorship Designation Nomination and Remuneration Committee Meeting (S)
Held Attended
Ms. Aasthi Singh Non- Executive Independent Director Chairman 02 02
Ms. Amruta Giradkar Non- Executive Independent Director Member 02 02
Mr. Keyur Gandhi Non-Executive Director Member 02 02

Note:

The Board terms of reference and functions of the Nomination and Remuneration Committee are as follows:

i. Review & recommend to the Board on the structure and composition of the Board of Directors of the Company;

ii. Formulation of the criteria for determining qualification, positive attributes and independence of a director and recommend to the Board of directors a policy relating to, remuneration of directors, key managerial personnel and other employees of the Company;

iii. Formulation of the criteria for evaluation of performance of independent directors and the board of directors;

iv. Devising a policy on diversity of Board of directors;

v. Formulate appropriate policies, institute processes which enable the identification of individuals who are qualified to become Directors and who may be appointed in Senior Management and recommend the same to the Board;

vi. Review and implement succession and development plans for Managing Director, Executive Directors and Senior Management.

vii. To supervise and monitor the process of issuance/ grant/vesting/ cancellation of ESOPs and such other instruments as may be decided to be granted to the employees of the Company/ Subsidiary Company, from time to time, as per the provisions of the applicable laws, more particularly in terms of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.

Details of Remuneration to all Directors

The details of remuneration paid to the Directors for the year ended March 31, 2022 are as under:

Name Designation Salary Perquisites Sitting Fees Total
Mr. Raj Kotia Chairman & Managing Director 9,60,000 - - 9,60,000
Mr. Keyur Gandhi Non-Executive Director - - 8,000 8,000
Mrs. Amruta Giradkar Independent Director - - 12,000 12,000
Ms. Aasthi Singh Independent Director - - 13,000 13,000

Disclosure pursuant to Part-II, Section-II, 3rd Provision, Point No-IV of Schedule-V under Section 196 and 197 of all the Directors

• All elements of remuneration package such as salary, benefits, bonuses, stock options, pension etc of all the Directors- As stated above

• Details of fixed component and performance linked incentives along with performance criteria- Nil

• Service Contracts, notice period, severance fees- Not Applicable

• Stock options details, if any and whether the same has been issued at a discount as well as the period over which accrued and over which exercisable- Not Applicable

Performance Evaluation of Board, its Committees and Directors

Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has carried out an annual evaluation of its own performance and that of its Committees ad Individual Directors.

The performance of the Board and Individual Directors was evaluated by the Board seeking inputs from all the Directors. The performance of the Committees was evaluated by the Board seeking inputs from the Committee members. The Nomination and Remuneration Committee reviewed the performance of the Individual Directors.

A separate meeting of Independent Directors was also held to review the performance of the Board, Non- Independent Directors and Chairman of the Company taking into account the views of Executive Directors and Non-Executive Directors.

The criteria for performance evaluation of the Board include aspects like Board composition and structure, effectiveness of Board processes, information and functioning, etc. The criteria for performance evaluation of committees of the Board include aspects like composition of committees, effectiveness of committee meetings, etc. The criteria for performance evaluation of the Individual Directors include aspects like contribution to the Board and Committee Meetings, professional conduct, roles and functions, etc. In addition, the performance of Chairman is also evaluated on the key aspects of his roles and responsibilities.

II. STAKEHOLDERS RELATIONSHIP (‘SRC) COMMITTEE:

COMPOSITION:

The composition of the Stakeholders Relationship Committee is in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of Securities And Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Meetings and Attendance, Composition, Chairperson and name of members as on March 31, 2022.

During the Financial Year 2021-2022, the Stakeholders Relationship Committee met once i.e. on June 01, 2021.

Name of the Members Category of Directorship Designation Stakeholders Relationship Committee Meeting (S)
Held Attended
Mr. Keyur Gandhi Non- Executive Director Chairman 01 01
Ms. Aasthi Singh Non-Executive Independent Director Member 01 01
Mr. Raj Kotia Executive Director Member 01 01

Note:

Stakeholders Relationship Committee ensures quick redressal of security holder and investor’s complaints/grievances pertaining to transfers, no receipt of annual reports, dividend payments, issue of duplicate certificates, transmission of securities and other miscellaneous complaints;

In addition, the Committee also monitors other issues including status of Dematerialization/ Rematerialisation of shares issued by the Company. Oversee the performance and service standards of the Registrar and Share Transfer Agent, and recommends measures to improve level of investor services. The Company is in compliance with the SCORES, which has initiated by SEBI for processing the investor complaints in a centralized web-based redress system and online redressed of all the shareholders complaints.

Name and designation of Compliance Officer:

Ms. Shubhangi Chourasia, the Company Secretary & Compliance Officer is complying with the requirements of Securities Laws and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the year under review no complaint was received. There were no instruments for transfer pending as on March 31, 2022.

Ms. Janvi Shirawala was the Company Secretary and Compliance officer of the Company upto May 17, 2022. However, Ms. Shubhangi Chourasia was appointed as Company Secretary and Compliance Officer w.e.f. May 17, 2022, for complying with the requirements of Securities Law and SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015 for current year.

19. POLICY ON DIRECTOR’S APPOINTMENT AND REMUNERATION:

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As on 31st March, 2022, the Board consists of 4 Members, 1 of whom is an Executive Director and 1 of whom is a Non-Executive Director and 2 of whom are Independent Directors. The Board periodically evaluates the need for change in its composition and size.

The Policy of the Company on Director’s appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of director and other matters provided under Section 178(3) of the Companies Act, 2013, adopted by the Board can be viewed on our website viz www.sungoldmediaent.com.We affirm that the remuneration paid to the director is as per the terms laid out in the said policy.

20. WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Board has adopted a Whistle Blower Policy to maintain highest standards of professionalism, honesty, integrity, ethical behaviour and to provide a vigil mechanism for Directors/Employees to voice concern in a responsible and effective manner regarding unethical matters involving serious malpractice, abuse or wrongdoing within the organization. The Company affirms that during the year no personnel have been denied access to the Audit Committee.

The Whistle Blower Policy is available on the website of the Company viz www.sungoldmediaent.com.

21. PREVENTION. PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company as an organization is committed to provide a healthy environment to all employees and thus does not tolerate any discrimination and/or harassment in any form. The Company has in place Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at work place (Prevention, Prohibition and Redressal) Act, 2013. This Policy is available on the website of the Company viz www.sungoldmediaent.com.

No complaints were received during the financial year 2021-2022.

22. DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANEGERIAL PERSONNEL AND EMPLOYEES:

A statement containing the details of the Remuneration of Directors, Key Managerial personnel (KMPJ and Employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as [Annexure- II]to this Report.

The Company have no employee working throughout the Financial year drawing a remuneration more than as per terms of the provisions of Section 197(12) of the Companies ActRs.2013 read with Rules 5(2) and 5[3] of the Companies [Appointment and Remuneration of Managerial Personnel) Rules, 2014.

23. CORPORATE GOVERNANCE

The Company being listed on the Small and Medium Enterprise platform is exempted from provisions of corporate governance as per Regulation 15 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements] Regulations, 2015 Hence no corporate governance report is disclosed in this Annual Report. It is pertinent to mention that the Company follows majority of the provisions of the Corporate Governance voluntarily.

24. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on the operations of the Company as required under Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements} Regulation’s, 2015 is annexed herewith as a separate part to this Report.

25. BOARD EVALUATION:

The Company has devised a policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors. The Nomination and Remuneration Committee of the Board is entrusted with the responsibility in respect of the same. The Committee studies the practices prevalent in the industry and advises the Board with respect to evaluation of Board members. On the basis of the recommendations of the Committee, the Board carries an evaluation of its own performance and that of its Committees and individual Directors.

26. RISK AND MITIGATING STEPS

The Company has identified various risks faced by the Company from different areas Appropriate Structures are present so that risks are inherently monitored and controlled inter alia through strict quality assurance measures.

The Company has adequate internal control system and procedures to combat risks. The risk management procedure is reviewed by the Audit Committee and Board of Directors on regular basis as and when required.

27. DIRECTORS RESPONSIBILITY STATEMENT:

To the best of knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statements in terms of Section 134(5) of the Act.

a) That in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) That such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgments have been made that 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, 2022 and of the profit or loss of the Company for the FY ended on that date;

c) That proper and sufficient care has been taken 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;

d) That the annual Financial Statements have been prepared on a going concern basis;

e) That system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

28. AUDITORS AND AUDIT REPORT:

At the 23rd AGM, the Members approved appointment of M/s Bhatter & Company, Chartered Accountants (FRN: 131092W), as Statutory Auditor of the Company to hold office for a period of four years from the conclusion of that AGM till the conclusion of the Twenty Seventh AGM. Tenure of existing Statutory Auditors i.e. M/s Bhatter & Company, Chartered Accountants, is going to complete at ensuing Annual General Meeting and as per the provisions of Section 139 of the Companies Act, 2013, they are not eligible for further re-appointment as their tenure of 5 years will be completed. Accordingly, the Company is required to appoint a new auditor in place of outgoing auditor.

Board of Director of the Company, upon recommendation of the Audit Committee, has recommended to appoint M/s. Bharat & Co, Chartered Accountants (Firm registration No. 131010W), as the Statutory Auditors in place of the retiring Auditors of the Company for five Years commencing from the conclusion of the ensuing 27th Annual General Meeting scheduled to be held on 01st August, 2022 upto the conclusion of 32nd Annual General Meeting of the Company to be held in the year 2027 subject to approval by shareholders in ensuing Annual General meeting. The Company has received Certificate from M/s. Bharat & Co, Chartered Accountants stating that the appointment if made will be in accordance with conditions prescribed in rules and the auditor satisfies criteria provided under Section 141 of the Companies Act, 2013.

The Statutory AuditorsRs.Report for FY 2021-22, does not contain any qualification, reservation or adverse remark or disclaimer, the same forms part of this Annual Report. The Statutory Auditors of the Company have not reported any matter under Section 143(12) of the Companies Act, 2013

29. SECRETARIAL AUDITOR:

In terms of section 204 of Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Company had appointed Mrs. Pooja Gandhi, Practicing Company Secretary, (Membership No. 22838, Certificate of Practice No. 20135) is appointed as the Secretarial Auditor of the Company.

The Secretarial Audit Report for the Financial Year ended March 31, 2022 is annexed herewith as Annexure-III to this report.

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

(A) Conservation of energy and technology absorption.

The Provisions of Section 134(m) of the Act relating to conservation of energy and technology absorption do not apply to this company as the Company has not carried out any manufacturing activities

(B) Foreign Exchange Earnings And Outgo:

There was no foreign exchange outgoing for the year ended as on March 31, 2022.

31. STATEMENT ON MATERIAL SUBSIDIARY:

The Company currently does not have any Material Subsidiary. The Policy on Identification of Material Subsidiaries can be viewed on our website: www.sungoldmediaent.com

32 SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards with regard to Meeting of Board of Directors (SS-1) and General Meetings (SS-2)as well as the Report on Board of Directors (SS-4) issued by The Institute of Company Secretaries of India, have been duly followed by the Company.

33. DISCLOSURE ABOUT COST AUDIT:

Maintenance of Cost Records and requirement of Cost audit as prescribed under provisions of Section 148(1) of the Act, are not applicable for business activities carried out by the Company.

34. INSIDER TRADING:

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, your Company has constituted a comprehensive Code titled as "Code of Conduct for Internal Procedures and to Regulate, Monitor and Report Trading by Insiders" which lays down guidelines and advises the Directors and Employees of the Company on procedures to be followed and disclosures to be made while dealing insecurities of the Company. The said policy can be viewed on our website: www.sungoldmediaent.com

35. CHANGE IN SITUATION OF THE REGISTERED OFFICE OF THE COMPANY:

During the year under review there was no change in the registered office of the Company.

36. ACKNOWLEDGEMENTS:

The Board of Directors wish to place on record their appreciation for the support extended by the bankers, business associates, clients, consultants, advisors, shareholders, investors and the employees of the Company for their continued co-operation and support.

The Board of Directors would also like to place on record their sincere appreciation for the co-operation received from the statutory and/or regulatory bodies.

For and on behalf of
The Board of Directors of the Company
Sd/-
Raj Kotia
Chairman & Managing Director
Date: 05.07.2022 Place: Rajpipla DIN:06360347