tarrif cine finance ltd share price Directors report

To,

The Members,

Your Directors are pleased to present the Thirty Eighth Boards Report of SPV Global Trading Limited both on Standalone and Consolidated basis together with the Audited Financial Statements for the Financial Year ended 31% March, 2023.

FINANCIAL RESULTS:

The Companys financial performance for the year under review along with previous years figure is given hereunder: (Amount in lakhs)

Particulars	2022-23	2021-22	2022-23	2021-22
	Standalone		Consolidated
Revenue from Operations	2,719.25	376.98	59,775.98	53,274.68
Other Income	46.90	47.40	164.61	587.69
Total Revenue	2,766.14	424.38	59,940.59	53,862.37
Profit/(Loss) before Tax	67.37	7.02	1,003.84	4,452.05
Add/ (Less): Current Tax	20.48	4.88	201.76	787.28
Add/ (Less): Deferred Tax	3.13	(2.02)	130.12	377.26
Liability/ Assets
Add/ (Less): Taxation of earlier	-	0.02	0.85	(9.19)
years
Profit/(Loss) After Tax	43.76	4.15	671.12	3,296.71
Add: Other Comprehensive	(0.27)	0.54	(18.48)	(5.28)
Income
Total Comprehensive Income for	43.49	4.69	652.64	3,291.43
the Year
Profit Attributable to Owner of	-	-	338.08	1,665.17
The Company
Profit Attributable to Non-	-	-	333.04	1,631.54
Controlling Interests

The Consolidated Statements provide the results of SPV Global Trading Limited together with its subsidiary.

TRANSFERRED TO RESERVES:

The Board of the Company does not propose to transfer any amount to the reserves for the Financial Year 2022-23.

FINANCIAL HIGHLIGHTS AND COMPANY AFFAIRS: i. Standalone Performance:

Your Company has earned total revenue of Rs. 2,766.14/- lakh in Financial Year 2022-23 as compared to Rs. 424.38/- lakh in Financial Year 2021-22. The Company earned a Net profit of Rs. 43.49/- lakh in the current Financial Year as compared to the Net profit of Rs. 4.69/- lakh of the previous Financial Year.

iil. Consolidated Performance:

Your Company has earned total revenue of Rs. 59,940.59/- lakh in Financial Year 2022-23 as compared to Rs. 53,862.37/- lakh in Financial Year 2021-22. The Company Net Profit is Rs. 652.64/- lakh in the current Financial Year as compared to the Net Profit of Rs. 3,291.43/- lakh of the previous Financial Year.

iii. Subsidiary Company: a) Rashtriya Metal Industries Limited

As compared to the Previous Financial Year, 2022-23 turned out to be a good year for the capital market. The revenue from operations increased from Rs. 53,274/- Lakh to Rs. 59,775.98/- Lakh during the Financial Year 2022-23. The Company earned a Net profit of Rs. 671.81/- Lakh in the current Financial Year as compared to the Net Profit of Rs. 3,340.08/- Lakh of the previous Financial Year.

DEPOSITS:

The details of deposits as covered under Chapter V of the Companies Act, 2013 are as under:

(a) Deposits accepted during the year	Nil
(b) Remained unpaid or unclaimed as at the end of the year	Nil
(c)Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the amount involved	Nil
(d)The details of deposits which are not in compliance with the requirements of Chapter	Nil

5. EXTRACT OF ANNUAL RETURN:

Pursuant to Section 134(3){(a) and Section 92(3) of the Act read with Companies {Management and Administration) Rules, 2014, the Annual Return of the Company in Form MGT-7 has been placed on the Companys website http://www.spvglobal.in

STATE OF COMPANYS AFFAIRS:

During the year the Company carried on the business of trading in non-ferrous metals. The Company endeavors to combine market experience with hard work and dedication to provide clients the ability to make informed decisions. During the year under review there has been no change in the business of the Company.

DIVIDEND:

In order to preserve funds for future activities, the board does not recommend any dividend for the Financial Year 2022-23.

SHARE CAPITAL:

During the year under review, the Company has not issued any shares with differential voting rights nor granted any stocks options or sweat equity. As on 31% March, 2023 none of the Directors of the Company holds instrument convertible into equity shares of the Company. The details of Share capital of the Company are as under:

Particulars	As at 31? Number of Shares	March, 2023 Amount (In Rs.)	As at 31? Number of Shares	March, 2022 Amount (In Rs.)
* Authorised Capital:
	20,00,000	2,00,00,000	2,50,000	25,00,000
Equity Shares of Rs. 10/- each
**Issued Subscribed and Paid-
Up Equity Share Capital Fully
	19,60,000	1,96,00,000	2,45,000	24,50,000
Paid-Up:
Equity Shares of Rs. 10/- each

The Authorized Share Capital of the Company as on 31% March, 2023 stood at Rs. 2,00,00,000 (Rupees Two Crores only) divided into 20,00,000 {Twenty Lakh) equity shares of the face value of Rs. 10/- (Rupees Ten Only) each.

MEETINGS OF THE BOARD:

During the Financial Year 2022-23 there were 07 (Seven) Board Meetings held by the Company on 22" April 2022, 30" May 2022, 08 August 2022, 30" August 2022, 14%" November 2022, 13" February 2023 and 30" March, 2023. The intervening gap between the meetings was as prescribed under the Companies Act, 2013. Attendance of Directors at Board Meetings held during the Financial Year 2022-23:

Name of the Directors	Attendance at Board Meetings held during Financial Year 2022-23
1. : Mr. Balkrishna Binani	7
2. : Mr. Navratan Damani	7
3. : Mrs. Sarladevi Damani	7
4. : Mr. Sanjay Mundra	7
5. : Ms. Bhumika Sidhpura	7

10. MANAGEMENT DISCUSSIONS & ANALYSIS (MDAR):

A detailed review of operations, performance and future outlook of your Company is given separately under the head Management Discussion and Analysis Report as “Annexure A”.

11. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to provisions contained in Section 134(3){(c) & 134(5) of the Companies Act, 2013, your Directors confirm that:

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 31% March, 2023 and of the Profit and Loss of the company for the year ended on that date;

?. 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 proper internal financial controls were in place and that the financial controls were adequate and were operating effectively. f. That systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

12. DECLARATION BY AN INDEPENDENT DIRECTOR(S):

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015.

FORMAL ANNUAL BOARD EVALUATION

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provision of the Act and the SEBI Listing Regulations. The Board evaluated its performance after seeking inputs from all the directors on the basis of criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are as provided in the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India. The evaluation was done in accordance with the framework and criteria laid down by the NRC. Further, at a separate meeting, the Independent Directors evaluated performance of Non-Independent Directors, Board as a whole and of the Chairman of the Board.

13. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

At the 38" Annual General Meeting (“AGM”) of the Company and in accordance with the applicable provisions of Section 152 of the Act and the Articles of Association of the Company, Mr. Navratan Damani (DIN: 00057401) and Mrs. Sarladevi Damani (DIN: 00909888), Director are liable to retire by rotation and being eligible, offers themself for re- appointment as Director of the Company. Necessary resolution- for their re-appointment is included in the Notice of 38" AGM for seeking approval of the members of the Company.

14. CORPORATE GOVERNANCE:

The Company has paid up share capital of Rs. 196 Lakh being less than Rs. 10 Crore and the net worth of the Company at the end of the previous year 31% March, 2023 is Rs. 390.53 Lakh which is less than Rs. 25 Crores and therefore, the quarterly report on Corporate Governance pursuant to regulation 27 (2) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 is not applicable to the Company however the Company has been observing best governance practices and is committed to adhere to the corporate governance requirements on an ongoing basis.

15. AUDITORS & AUDITORS REPORT:

a. STATUTORY AUDITORS & STATUTORY AUDITORS REPORT:

At the Annual General Meeting of the Company held on 30" September, 2019, M/s. SSR C A & Co. (Formerly known as M/s. S. S. Rathi & Co.), Chartered Accountant (FRN 108726W), were appointed as Statutory Auditors of the Company, for a term of 5 (five) consecutive years till the conclusion of AGM to be held in the FY 2024-25. The requirement to place the matter relating to appointment of auditors for ratification by members at every AGM has been done away by the Companies (Amendment) Act, 2017 with effect from 07" May, 2018.

Accordingly, no resolution is being proposed for ratification of appointment of Statutory auditors at the ensuing AGM.

The Notes on financial statement referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer.

b. SECRETARIAL AUDITORS AND AUDIT REPORT:

The Secretarial Auditor, M/s. Jajodia & Associates, Practicing Company Secretary, Mumbai (Certificate of Practice No. 19900) has issued Secretarial Audit Report for the Financial Year 2022-23 pursuant to provisions of Section 204 of the Companies Act, 2013, read with Companies {Appointment and Remuneration of Managerial Personnel) Rules, 2014, which is annexed as “Annexure B” and forms part of this Report.

c. INTERNAL AUDITORS:

During the Financial Year the Company has appointed M/s. C A S & Co., Chartered Accountant as Internal Auditors of the Company as per the provisions of Section 138 of Companies Act, 2013. The Report of Internal Auditor was yearly reviewed by Audit Committee.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY UNDER

SECTION 186:

The details of Loan, Guarantees and Investments made by the Company under the provisions of Section 186 of the Companies Act, 2013 are provided in the notes to the Financial Statements.

17. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES:

The Company has one subsidiary i.e. Rashtriya Metal Industries Limited. During the year, the Board of Directors (‘the Board) reviewed the affairs of the subsidiary. In accordance with Section 129(3) of the Companies Act, 2013, the Company has prepared consolidated financial statements of the Company and its subsidiary, which form part of the Annual Report.

Further, a statement containing the salient features of the financial statement of our subsidiary in Form AOC-1 as “Annexure C” forms part of the financial statement attached to this report. The statement also provides the details of performance, financial positions of each of the subsidiary.

In accordance with Section 136 of the Act as amended by the Companies Amendment Act, 2017, the audited the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiary are available on the website of www.spvglobal.in.

These documents will also be available for inspection during the business hours at the registered office of the Company. The Companys policy on material subsidiary as approved by the Board is uploaded on the Companys website i.e. www.spvglobal.in.

18. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Board of Directors affirm that the Company has complied with the applicable Secretarial Standards (“SS”) issued by the Institute of Company Secretaries of India relating to the meetings of the Board and its committees as well as the general meetings (SS-1 and SS-2) respectively, which have mandatory application during the year under review.

19. RELATED PARTY TRANSACTION:

All contracts / arrangements / transactions entered by the Company during the Financial Year with related parties were in the ordinary course of business and on arms length basis. As provided under section 134(3)(h) of the Act and Rules made thereunder disclosure of particulars of material transactions with related parties entered into by the Company with related parties in the prescribed format annexed to this report as “Annexure D”.

The details of the transaction with related parties are provided in the accompanying financial statements. The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at the link: www.spvglobal.in.

20. COMMITTEES OF THE BOARD:

Pursuant to the provision of Companies Act, 2013 and Listing Regulations the company has constituted the following committee of the board:

1. Audit Committee;

Nomination & Remuneration Committee; and own Stakeholders Relationship Committee. Risk Management Committee.

Details of all the Committees along with their composition and meetings held during the year, are provided in the Directors Report.

21. AUDIT COMMITTEE & ITS COMPOSITION:

Pursuant to Provisions of Section 177 of the Companies Act, 2013 and on the recommendation of the audit committee the Board has adopted policy for selection and appointment of Directors, Senior Management and their remuneration.

The Terms of Reference, Composition and Meetings and Attendance is as below:

Terms of Reference/ Policy:

Apart from all the matters provided under Section 177 of the Companies Act, 2013, the Audit Committee reviews reports of the internal auditor, meets statutory auditors as and when required and discusses their findings, suggestions, observations and other related matters. It also reviews major accounting policies followed by the Company.

Composition:

The composition of the Audit Committee is as follows:

Sr. No.	: Name of the Member	Category	Designation
1.	Mr. Sanjay Mundra	Independent Director	Chairman
2.	Mr. Balkrishna Binani	Managing Director	Member
EY	Ms. Bhumika Sidhpura	Independent Director	Member

Meetings and Attendance:

During the Financial Year 2022-23, 5 (Five) Meetings were held on 30" May, 2022, 08"

August, 2022, 30" August, 2022, 14" November 2022 and 13% February, 2023.

Sr. No.	Name of the Members	Designation	No. of Meetings attended
1.	[Mr. Sanjay Mundra	Chairman	5
2.	:Mr. Balkrishna Binani	Member	5
3.	[Ms. Bhumika Sidhpura	Member	5

22. NOMINATION AND REMUNERATION POLICY & ITS COMPOSITION:

Pursuant to Provisions of Section 178 of the Companies Act, 2013. The Terms of Reference, Composition and Meetings and Attendance is as below:

i. Terms of Reference/Policy:

On recommendation of the Nomination and Remuneration Committee the Company has framed a policy as per Section 178 of the Companies Act, 2013 for selection and appointment of Directors, Senior Management and their remuneration.

ii. Composition:

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

Sr. No.	: Name of the Member	Category	Designation
1.	: Mr. Navratan Damani	Non-Executive Director	Chairman
2.	: Mr. Sanjay Mundra	Independent Director	Member
3.	: Ms. Bhumika Sidhpura	Independent Director	Member

iii. Meetings and Attendance:

During the Financial Year 2022-23, 1 (One) Meeting was held on 30" August, 2022.

Sr. No.	Name of the Members	Designation	: No. of Meetings attended
1.	:Mr. Sanjay Mundra	Member	1
2.	:Mr. Navratan Damani	Member	1
3.	:Ms. Bhumika Sidhpura	Member	1

23. STAKEHOLDER RELATIONSHIP COMMITTEE & ITS COMPOSITION:

Pursuant to Provisions of Section 178 of the Companies Act, 2013, The Terms of Reference, Composition and Meetings and Attendance is as below:

i. Terms of Reference/Policy:

Apart from all the matters provided under Section 178 of the Companies Act, 2013, the Stakeholder Relationship Committee reviews the complaints received from the stakeholders of the Company as and when required and discusses their findings, suggestions, observations and other related matters.

ii. Composition:

The composition of the Stakeholder Relationship Committee is as follows:

Sr. No.	Name of the Member	Category	Designation
1.	: Mr. Sanjay Mundra	Independent Director	Chairman
2.	: Mr. Balkrishna Binani	Managing Director	Member
3.	: Ms. Bhumika Sidhpura	Independent Director	Member

iii. Meetings and Attendance:

During the Financial Year 2022-23, 4 (Four) Meeting were held on 30" May 2022, 08" August, 2022 , 30" August, 2022, 14" November, 2022 and 13% February, 2023.

Sr. No.	Name of the Members	Designation	No. of Meetings attended
1.	:Mr. Sanjay Mundra	Chairman	5
2.	:Mr. Balkrishna Binani	Member	5
3.	:[Ms. Bhumika Sidhpura	Member	5

24. RISK MANAGEMENT COMMITTEES & ITS COMPOSITION (POLICY):

As per the provisions of the Companies Act, 2013 and as part of good corporate governance the Company has constituted the Risk Management Committee. The Committee has laid down the procedures to inform the Board about the risk assessment and minimization procedures and Board shall be responsible for framing, implementing and monitoring the risk management plan and policy for the Company.

The main objective of this policy is to ensure sustainable business growth with stability and promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues. The Committee reviewed the risk trend, exposure and potential impact analysis carried out by the management. During the Financial Year 2022-23 no committee meeting were held.

The Composition of Risk Management Committee is as below: i. Composition: The composition of the Risk Management Committee is as follows:

Sr. No.	Name of the Member	Category	Designation
1.	Mr. Sanjay Mundra	Director	Chairman
2.	Mr. Balkrishna Binani	Managing Director	Member
3.	Ms. Bhumika Sidhpura	Director	Member

iii. Meetings and Attendance:

During the year under review, one meeting of the Committee was held on 30" August, 2022.

Sr. No.	Name of the Members	Designation	No. of Meetings attended
1.	:Mr. Sanjay Mundra	Chairman	1
2.	:Mr. Balkrishna Binani	Member	1
3.	:[Ms. Bhumika Sidhpura	Member	1

25. DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

The Company has received and taken on record the declarations received from the Independent Directors of the Company in accordance with the Section 149(6) of the Companies Act, 2013 confirming their independence and pursuant to Regulation 25 of the Listing Regulations.

26. SEPARATE MEETING OF INDEPENDENT DIRECTORS:

Pursuant to Schedule IV of the Companies Act, 2013 and the Rules made thereunder and Regulation 25 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate meeting of Independent Directors was held on 15 March, 2023 during the financial year 2022-23, without the attendance of Non-Independent Directors and Members of the Management.

The Independent Directors reviewed performance of Non-Independent Directors, Chairman of the Company and the performance of the Board as a whole. The Independent Directors also discussed the quality, quantity and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The feedback of the Meeting was shared with the Chairman of the Company.

27. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility.

28. PREVENTION OF INSIDER TRADING:

The Company has adopted a code of conduct for prevention of insider trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for the implementation of the Code.

All Directors and the designated employees have confirmed compliance with the Code.

29. PREVENTION SEXUAL HARASSMENT OF WOMEN FRAMEWORK:

The Company has in place Prevention of Sexual Harassment Policy in line with the requirements of The Prevention Sexual Harassment of Women at the Workplace

(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees {permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed of during the year 2022-23: a) No of complaints received: Nil b) No of complaints disposed of: N.A.

30. PERFORMANCE EVALUATION:

Pursuant to the Section 178 of the Companies Act, 2013 and Regulation of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, a separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. The board also carried out annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as stakeholder relationship committee. The Directors expressed their satisfaction with the evaluation

process.

31. DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL

AND PARTICULARS OF EMPLOYEES:

The percentage increase in remuneration, ratio of remuneration of each director and key managerial personnel (KMP) {as required under the Companies Act, 2013) to the median of employees remuneration, and the list of employees in terms of remuneration drawn, 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 provided as “Annexure E” to this Report.

32. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

During the year under review there are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

33. MATERIAL CHANGES:

There are no other material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company i.e. 31? March, 2023 to which these financial statements relate and date of this report.

34. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Act introduced regulations with focus on control and compliance requirements, in light of which, the Company has laid down internal financial controls across various processes prevalent in the organization. These controls have been established at the entity as well as process level and are designed to ensure compliance to internal control requirements, regulatory compliance and enable appropriate recording of financial and operational information. The Company has reviewed the effectiveness of its internal financial controls by adopting a systematic approach to assess the design and its operating effectiveness.

During the financial year 2022-2023, such controls were tested and no reportable material weakness in the design or operation was observed. The Company follows all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial

statements.

35. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior of the company has adopted a vigil mechanism policy. This Policy can be viewed on the Companys website. i.e. Www.spvglobal.in.

36. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO:

The particulars as required under the provisions of Section 134(3) {m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo etc. are as mentioned below:

Conservation of Energy:

Steps taken or impact on conservation of energy Steps taken by the company for utilizing alternate sources of energy Capital investment on energy conservation equipments

The Company lays great emphasis on saving consumption of energy. Achieving reductions in energy consumption is an ongoing exercise in the Company. Effective measures have been taken to minimize the loss of energy, wherever possible.

Technology Absorption:

Efforts made towards technology absorption Benefits derived like product improvement, cost reduction, product development or import substitution	Considering the nature of activities of the Company, there is no requirement with regard to technology absorption.
In case of imported technology (imported beginning of the Financial Year):	during the last three years reckoned from the
Details of technology imported	Nil
Year of import	Not Applicable
Whether the technology has been fully absorbed	Not Applicable
If not fully absorbed, areas where absorption has not taken place, and the reasons thereof	Not Applicable
Expenditure incurred on Research and Development	Nil

Foreign Exchange Earnings and Outgo:

Particulars	FY 2022-23	FY 2021-22
	Amount (in Rs.	Amount (in Rs.
	Lakhs)	Lakhs)
Actual Foreign Exchange earnings
Actual Foreign Exchange outgo

37. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE

ACCOUNT:

The Company does not have any equity shares lying in the Demat suspense account/unclaimed suspense account of the Company as on 31% March 2023. Hence disclosures required under Part F of Schedule V of the Listing Regulations is not applicable.

38. MD/ CFO CERTIFICATION:

The MD/CFO have issued certificate pursuant to the provisions of Regulation 17(8) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 certifying that the financial statements do not contain any materially untrue statement and these statements represents true and fair view of the Companys affairs. The said certificate is annexed and forms part of the Annual Report as “Annexure-F”.

39. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016):

During the period under review there are no such application made or no such proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

40. ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their grateful appreciation for the excellent assistance and co-operation received from all our Clients, Financial Institutions, Bankers, Business Associates and the Government and other regulatory authorities and thanks all stakeholders for their valuable sustained support and encouragement towards the conduct of the proficient operation of the Company. Your Directors would like to place on record their gratitude to all the employees who have continued their support during the year.