undefined share price Directors report


To the Members,

Your Directors are pleased to present the Forty Ninth Annual Report of Western Ministil Limited (hereinafter referred to as "the Company") along with the Standalone Audited Financial Statements for the Financial Year ended March 31, 2023 (hereinafter referred to as "year under review" or "year" or "FY 2022-23").

In compliance with the applicable provisions of Companies Act, 2013, (including any statutory modification(s) or re-enactment(s) thereof, for time being in force) (hereinafter referred to as "Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “SEBI Listing Regulations”), this Report covers the financial performance and other developments in respect of the Company during the financial year ended March 31,

2023 and upto the date of the Board Meeting held on May 29, 2023 to approve this Report.

1. FINANCIAL PERFORMANCE

The financial performance of the Company for the Financial Year ended March

31,2023 is summarised below:

(Rs. in Lakhs)

Sr. No. Particulars

2022-23 2021-22

1 Revenue from operations

- -

2 Other Income

- -

3 Total

- -
(Loss) Before Exceptional items,

4 Depreciation & Tax (PBDT)

(17.58) (13.21)

5 Less: Depreciation

- -
Less: Exceptional items - -

6 (Loss)for the year before taxation

(17.58) (13.21)

7 Less: Provision for tax

- -
Tax paid for earlier year - -

8 Loss for the year after tax

(17.58) (13.21)

9 Other Comprehensive Income

- -

Total Comprehensive Income for the

10 year

(17.58) (13.21)

2. REVIEW OF OPERATIONS

During the year under review, the Company did not undertake any activity / operation, which continues to remain at a standstill since 1995.

3. DIVIDEND AND RESERVES

Considering the years financial performance and carried forward losses of previous years, the Board had decided not to recommend any dividend.

Due to accumulated losses, your Company has not transferred any amount to the reserves.

4. CHANGE IN NATURE OF BUSINESS, IF ANY

Your Company has not deviated its line of business activity nor has expanded the area of activities; therefore, there is no change in the nature of business for the year under review.

5. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the Financial Year under review, the Company did not have any Subsidiary, Joint Venture or Associate Companies.

6. MATERIAL CHANGES AND COMMITMENTS IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the

Company have occurred in the Company since the end of Financial Year ended March 31, 2023 till the date of this report.

7. SHARE CAPITAL

The paid up Equity Share Capital of the Company was Rs. 215.72 Lakhs (Rs.2,15,71,860/-) divided into divided into 21.57 Lakhs (2,15,71,860/-) shares of Rs. 10/- each as on March 31, 2023.

The Companys Equity Share Capital is listed on the BSE Limited ("BSE") and are infrequently traded shares. The shares of the Company have not been suspended from trading. The annual listing fee had been paid to the stock exchange before due date.

During the year under review, the Company has not issued any shares or other convertible securities, bonus shares or made a rights issue of shares or shares with differential voting rights or granted any stock options or any sweat equity shares. Further, the Company did not buy back any of its shares.

8. DEPOSITS

The Company has not accepted any deposits from public within the meaning of Section 73 and 74 of the Act and Rules framed thereunder (including any amendments thereof) during the Financial Year ended March 31, 2023 and, as such, no amount on account of principal or interest on deposit from public was outstanding as on the date of this report.

9. HEALTH, SAFETY AND ENVIRONMENT PROTECTION

Since the Company has not been engaged in any manufacturing activity after the closure of the plant since 1995, health, safety and environment protection measures are not applicable to the Company for the time being.

10. PRESENTATION OF FINANCIAL STATEMENTS

The financial statements of the Company for the Financial Year, on a standalone basis has been prepared in compliance with the Act, applicable Accounting Standards and SEBI Listing Regulations and are disclosed in accordance with Schedule III of the Act.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL (“KMP”) a) Retirement by rotation

In terms of the provisions of Section 152(6) of the Act, Mr. P. K. R. K. Menon, Director (DIN: 00106279), retires by rotation at the forthcoming Annual General Meeting ("AGM") and being eligible offers himself for re-appointment. The Board recommends his re- appointment for your approval.

A resolution seeking shareholders approval for his re-appointment forms part of the Notice of the AGM. b) Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Act read with the applicable rules made thereunder, the following employees are appointed as the Whole-Time Key Managerial Personnel of the Company:

1. Mr. Ajit K. Honyalkar Chief Executive Officer and Chief Financial Officer

2. Mr. Gyaneshwar K. Singh Company Secretary and Compliance Officer

Apart from above, no other Director or Key Managerial Personnel were appointed or had retired or resigned during the Financial Year ended March 31, 2023.

The Company has devised the following Policies viz: a) Policy for selection of Directors and determining Directors independence; and b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.

The Policy for selection of Directors and determining Directors independence sets out the guiding principles for the Nomination and Remuneration

Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, in case of their appointment as Independent Directors of the Company. The Policy also provides for the factors in evaluating the suitability of individual Board members with diverse background and experience that are relevant for the Companys operations.

The Remuneration Policy for Directors, Key Managerial Personnel and other Employees sets out the guiding principles for the Nomination and Remuneration Committee for recommending to the Board, the remuneration of the Directors, Key Managerial Personnel and other Employees of the Company.

The aforesaid Policies are available on the Companys website at http://westernministil.in/.

12. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declaration from all the Independent Directors confirming that they meet the criteria of independence as laid down under Section

149(6) of the Act and Regulation 25(8) of SEBI Listing Regulations, and abide by the Code for Independent Directors as prescribed under Schedule IV of the Act.

Further, they have confirmed that there has been no change in the circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact the ability of Independent Directors to discharge their duties with an objective independent judgment and without any external influence.

13. BOARD MEETINGS AND AGM

The Board meets at regular intervals as and when required to discuss the business polices and strategies apart from other routine business matters.

During the Financial Year ended March 31, 2023, the Board met 5 (Five) times i.e. on May 27, 2022,August 12, 2022, September 03, 2022, November 14, 2022 and February 13, 2023.

Apart from as aforesaid, the gap between two meetings did not exceed one hundred and twenty days and the necessary quorum was present for all the meetings held during the year.

The attendance of the Directors at the Board Meetings and the AGM held during the Financial Year ended March 31, 2023 is as under:

Name of the Directors

Category

Number of Board Meetings

Last AGM
Entitled to attend Attended attended

Mr.Prithviraj S. Parikh

Chairman & Non-Executive Director

4 4 Yes

Mr. P. K. R. K. Menon

Non-Executive Director

4 3 Yes

Mr. Hitesh V. Raja

Independent, Non-Executive Director

4 4 No.

Ms. Sharmila S. Chitale

Independent, Non-Executive Director

4 4 Yes

During the year under review, the Independent Directors met without the presence of non-independent Directors on February13, 2023 in order to evaluate: i. The performance of Non-Independent Directors and Board, as a whole. ii. The performance of Chairman of the Company taking into account the views of all the Directors on Board. iii. The quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

All the Independent Director attended the meeting.

14. COMMITTEES OF THE BOARD

Pursuant to Regulation 15(2) of the SEBI Listing Regulations, provisions of Corporate Governance including Composition of Board are not applicable to the Company.

The composition of the Board of Directors is in conformity with the requirements of the Act read with the Rules framed thereunder. a) AUDIT COMMITTEE

Constitution of the Audit Committee

A qualified and independent Audit Committee has been set up by the Board in compliance with the requirements of Section 177 of the Act read with rules framed thereunder.

The composition, quorum, powers, role and scope are in accordance with Section 177of the Act. All the members of the Audit Committee are financially literate and have experience in financial management.

The Board has accepted all the recommendations of the Audit Committee during the Financial Year ended March 31, 2023.

Meeting and Attendance

The Committee met 4 (Four) times during the Financial Year ended March 31, 2023, i.e. on May 27, 2022, August 12, 2022, November 14, 2022 and February 13, 2023.

The necessary quorum was present for all the meetings held during the year. The composition of the Audit Committee and the details of meetings attended by members of the committee are given below:

Name of the Members

Category

Number of committee meetings

Entitled to attend Attended

Mr. Hitesh V. Raja Chairman

Independent, Non-Executive Director

4 4

Mr. Prithviraj S. Parikh Member

Non-Executive Director

4 4

Mr. P. K. R. K. Menon Member

Non-Executive Director

4 3

The previous AGM of the Company was held on September 29, 2022 and Mr. P. K. R. K. Menon, member, duly authorized by the Chairman of the Committee, was present at the last AGM to answer the shareholders ‘queries.

b) NOMINATION AND REMUNERATION COMMITTEE Constitution of the Nomination and Remuneration Committee

The Nomination and Remuneration Committee of the Company is constituted in compliance with Section 178 of the Act read with rules framed thereunder. The composition, quorum, powers, role and scope are in accordance with Section 178 of the Act.

The Committee met 1 (One) time during the Financial Year ended March 31, 2023. i.e on September 02, 2022.The necessary quorum was present for the meeting held during the year.

The composition of the Nomination and Remuneration Committee and the details of meetings attended by members of the Committee are given below:

Name of the Members

Category

Number of committee meetings

Entitled to attend Attended

Mr. P. K. R. K. Menon Chairman

Non-Executive Director 1 1

Mr. Prithviraj S. Parikh Member

Non-Executive Director 1 1

Mr. Sharmila S. Chitale Member

Independent & Non-Executive Director 1 1

The previous AGM of the Company was held on September 29, 2022 and Mr. P. K. R. K. Menon, Chairman of the Committee, was present at the last AGM to answer the shareholders queries. c) STAKEHOLDERS RELATIONSHIP COMMITTEE

Constitution of the Stakeholders Relationship Committee

The Board has constituted the Stakeholders Relationship Committee comprising of three members. The composition of the Stakeholders Relationship Committee is in compliance with the provisions of Section 178 of the Act read with rules framed thereunder.

The Committee met 4 (Four) times during the Financial Year ended March 31, 2023 i.e., May 27, 2022, August 12, 2022, November 14, 2022 and February 13, 2023. The necessary quorum was present for the meeting held during the year. The composition of the Committee and the attendance of the members of the Stakeholders Relationship Committee during the Financial Year ended March 31, 2023 are as given below:

Name of the Members

Category

Number of committee meetings

Entitled to attend Attended

Ms. Sharmila S. Chitale Chairman

Independent & Non-Executive Director

4 4

Mr. P.K.R.K. Menon Member

Non-Executive Director

4 3

Mr. Prithviraj S. Parikh Member

Non-Executive Director

4 4

The Company obtains yearly certificate from a Company Secretary in Practice confirming the issue of certificates for transfer, sub-division, consolidation etc. and submits a copy thereof to the Stock Exchange where the shares of the Company are Listed in terms of Regulation 40(9) of the SEBI Listing Regulations.

Further, the Compliance Certificate under Regulation 7(3) of the SEBI Listing Regulations, confirming that all activities in relation to share transfer facility are maintained by Registrar and Share Transfer Agents is also submitted to the Stock Exchange where the shares of the Company are Listed on a yearly basis. The previous AGM of the Company was held on September 29, 2022 and Ms. Sharmila S. Chitale, Chairman of the Committee, was present at the last AGM to answer the shareholders queries.

15. CORPORATE GOVERNANCE

Pursuant to Chapter IV of the SEBI Listing Regulations, the provision with regard to Corporate Governance is not applicable to the Company as the paid up equity share capital of the Company does not exceed Rs.10 crores and net worth does not exceed Rs. 25 crores as on the last day of the previous Financial Year.

16. ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL

DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance, Board Committees and individual directors pursuant to the provisions 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. Additionally, the Chairman of the Board was also evaluated on key aspects of his role, taking into account the views of non-executive directors in the aforesaid meeting.

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 by the Guidance Note on Board Evaluation issued by SEBI.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into account the views of non-executive directors. Performance evaluation of Independent Directors was done by the entire board, excluding the Independent Director being evaluated.

17. TRAINING IMPARTED TO THE INDEPENDENT DIRECTORS

Every Independent Director, Executive Director / Senior Managerial Personnel is familiarized about the Companys strategy, operations, organisation structure, human resources, quality, finance and risk management.

Further, at the time of appointment of an Independent Director, the Company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities as a Director. The terms and conditions of letter of appointment is available on the Companys website at http://westernministil.in/

18. CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES

AND INDEPENDENCE OF A DIRECTOR

The company has adopted a policy on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of

Director and also remuneration for key managerial personnel and other employees. The policy is available on the website of the Company at http://westernministil.in/.

19. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as required under regulation 34 of the SEBI (LODR) Regulations, 2015 is annexed "Annexure- A" to this report.

20. DETAILS OF LOANS AVAILED FROM DIRECTORS OR THEIR RELATIVES

The Company has availed loan from Mr. Prithviraj S. Parikh, Director of the Company, during the year under review:

(Amount in Lakhs)

Name

Opening Balance beginning of the year Amount Borrowed Amount Repaid Closing Balance at the end of the year
Mr. Prithviraj. S. Parikh 60.82 18.68 - 79.50

21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

There were no Loans, guarantee given or investment made or security provided pursuant to Section 186 of the Act during the Financial Year under review.

22. PARTICULARS OF CONTRACTS OR ARRANGEMENT MADE WITH RELATED

PARTIES

All the related party transactions entered into by the Company during the Financial Year were on an arms length basis and were carried out in the ordinary course of business. There are no materially significant related party transactions made by the Company during the year under consideration with the Promoters, Directors or Key Managerial Personnel which may have a potential conflict with the interest of the Company at large. All the related party transactions as required under Ind-AS 24 ‘Related Party Disclosures are reported in other explanatory information, forming part of the financial statements.

Details of related party transactions are regularly placed before the Audit Committee and also before the Board for its approval. Wherever required prior approval of the Audit Committee is obtained.

The Company has not entered into any related party transaction during the Financial Year pursuant to the provisions of Section 188 of the Actread with Companies (Meetings of Board and its Powers) Rules, 2014, as amended from time to time. Hence, disclosure in Form AOC-2 has not been given.

23. PARTICULARS OF EMPLOYEES

The Company has no employees except CEO., C.F.O and Company Secretary and therefore no information required pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is furnished. Directors were also not paid remuneration or sitting fees during period under review

24. VIGIL MECHANISM / WHISTLE BLOWER POLICY

Pursuant to Section 177(9) and (10) of the Act read with the rules framed thereunder, the Company has formulated a Whistle Blower Policy for Directors and Employees to report to the management about the unethical behavior, fraud or violation of Companys Code of Conduct. The mechanism provides for adequate safeguards against victimisation of Employees and Directors who use such mechanism and makes provision for direct access to the Chairman of the Audit Committee and no personnel of the Company have been denied access to the Audit Committee. The policy is available on the website of the Company at www.westernministil.in

25. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE(PREVENTION, PROHIBITION AND REDRESSAL) ACT

The Company has, during the year, rolled out a policy for prevention of Sexual Harassment of women in the organization, although it has no woman employed in the origination during the period under review.

26. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE

REGULATORS/ COURTS/ TRIBUNAL IMPACTING THE GOING CONCERN

STATUS AND COMPANYS OPERATION IN FUTURE

There are no significant material orders passed by the Regulators/ Courts/ Tribunal which would impact the going concern status of the Company and its future operations. Hence, disclosure pursuant to Rule 8(5)(vii) of Companies (Accounts) Rules, 2014 is not applicable.

27. RISK MANAGEMENT POLICY

The Company in order to comply with the provisions of the Act and to provide an effective mechanism for implementing risk management system had adopted the policy on risk management for evaluating and monitoring various risks that could threaten the existence of the Company. The Company had not faced any major risks and no major deviations from the actuals as attained by the Company. The Audit Committee has reviewed the policy periodically. The Board takes overall responsibility for the overall process of risk management in the organisation.

The Board shall take note of any future threats and shall report to the Company for formulating an effective mechanism and strategy.The risk management policy is available on the website of the Company at http://westernministil.in/

28. SECRETARIAL AUDITORS Appointment

Pursuant to the provisions of Section 204 of the Act and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Shri P. S. Ramnath,

Practicing Company Secretaries, (CP: 4159; F.C.S. 819), have been appointed as the Secretarial Auditors to conduct the Secretarial Audit of the Company for the Financial Year ended March 31, 2023.

Secretarial Audit Report

The Report of the Secretarial Audit in Form MR-3 for the Financial Year ended March 31, 2023, is annexed herewith as "Annexure- B" and forms part of this report.

The Secretarial Audit Report does not contain any adverse remark, reservation, qualification or disclaimer remark.

29. STATUTORY AUDITORS

M/s. Chaturvedi & Agrawal Associates (Firm Reg. No. 101717W) were appointed as Auditors of the Company, for a first term of 5 (Five) year at the Annual General Meeting (AGM) held on 29th September, 2022, to hold office until the conclusion of the 53rd (Fifty Third) AGM.

Further, based on the recommendation of Audit Committee, the Board has proposed to the Shareholders for the appointment of M/s. Chaturvedi & Agrawal Associates, Chartered Accountants (ICAI Firm Registration No.101717W) as the

Statutory Auditors of the Company for a period of five consecutive years, from the conclusion of the 48th AGM until the conclusion of the 53rd AGM to be held in the year 2027 in place of retiring auditors M/s. D. B. Shah & Associates, Chartered Accountants (ICAI Firm Registration No.109530W)

They have confirmed that they are not disqualified from being appointment as the Statutory Auditors of the Company. Disclosure under Section 143(12) of Act

The Statutory Auditors of the Company have not reported any fraud or irregularities, as specified under the Second provision of Section 143(12) of the Act (including any Statutory modification(s) or re-enactment(s) for the time being in force), read with Rule 13 of the Companies (Audit and Auditors) Rules, 2014, during the Financial Year under review.

Statutory Auditors Report:-

The managements response to the Auditors remark is appearing in the statement on impact of Audit Qualifications appended elsewhere to the Annual Report. (Page No. 71)

30. EXTRACT OF THE ANNUAL RETURN

Pursuant to Section 134(3)(a) read with Section 92(3) of the Act, Annual Return of the Company is available on the website and can be accessed at http://westernministil.in/

31. COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, i.e., SS-1 and SS-2, relating to "Meetings of the Board of Directors" and "General Meetings", respectively.

32. COST AUDIT

The Company is not required to maintain cost record as prescribed by the Central Government under the provisions of Section 148 of the Act in view of the closure of the plant in 1995 and cessation of manufacturing activities. No manufacturing activities or related services have been undertaken by the Company since then.

33. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has in place a robust internal financial control system, commensurate with the size of its operations and nature of its business activities. The Company has a standard operating procedure for various activities and operations and follows this standard operating procedure for its internal control procedures. The

Internal Auditor monitors and evaluates the efficacy and adequacy of internal financial control system in the Company, its compliance with operating systems, accounting procedures, application of the instructions and policies fixed by the senior management at all locations of the Company. The Audit Committee reviews the report on Internal Control submitted by the Internal Auditors on a quarterly basis.

Based on the assessment carried out by the Audit Committee, the internal financial controls were adequate and effective and no reportable material weakness or significant deficiencies in the design or operation of internal financial controls were observed during the Financial Year ended March 31, 2023.

34. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER

THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE PERIOD UNDER REVIEW ALONGWITH THEIR STATUS AS AT THE END OF THE PERIOD

No applications were made or any proceedings are pending by or against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the period under review or as at the end of the period.

35. DISCLOSURE REGARDING EXERCISE OF VOTING RIGHTS BY EMPLOYEES

UNDER SECTION 67(3)(c) OF ACT

Disclosure under Section 67(3)(c) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014, with respect to voting rights not exercised directly by the employees of the Company is not required to be given.

36. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, your Directors, based on the representations received from the Operating Management and after due enquiry, hereby confirm that:

a) In the preparation of annual accounts for the Financial Year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) They had in consultation with Statutory Auditors, selected 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 as at March 31, 2023 and Loss of the Company for the year ended on that date;

c) They have taken proper and sufficient care 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; d) They have prepared the annual accounts for the Financial Year ended March

31, 2023 on a “going concern” basis; e) They have laid down internal financial controls, which are adequate and operating effectively; f) They have devised proper system to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

37. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

Provisions of Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, are not applicable to your Company as the Company does not fall under any of the criteria specified therein.

38. CODE FOR PREVENTION OF INSIDER TRADING

Your Company has adopted a Code of Conduct to regulate, monitor and report trading by designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. This Code of Conduct also includes code for practices and procedures for fair disclosure of unpublished price sensitive information which has been made available on the Companys website and can be accessed at www.westernministil.in.

39. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO

No information with regard to conservation of energy and technology absorption is required to be furnished as the Company did not undertake any activity / operation. Further, there were no foreign exchange earnings and outgo during the year under review.

40. CAUTIONARY STATEMENT

Statements in these reports describing companys projections statements, expectations and hopes are forward looking. Though, these expectations are based on reasonable assumptions, the actual results might differ.

41. ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the assistance and guidance extended by Stock Exchanges, Depositories, other statutory bodies and Companys Bankers for the assistance, cooperation and encouragement to the Company.

For and on behalf of the Board of Directors For Western Ministil Limited

Sd/- Sd/-

Prithviraj S. Parikh

P. K. R. K. Menon

Place: Mumbai

Director Director

Date: May 29, 2023

DIN : 00106727 DIN : 00106279