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7NR Retail Ltd.

BSE: 540615 Sector: Others
NSE: N.A. ISIN Code: INE413X01027
BSE 00:00 | 24 Jun 1.30 -0.06
(-4.41%)
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NSE 05:30 | 01 Jan 7NR Retail Ltd
OPEN 1.30
PREVIOUS CLOSE 1.36
VOLUME 167522
52-Week high 2.93
52-Week low 0.65
P/E 18.57
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.30
CLOSE 1.36
VOLUME 167522
52-Week high 2.93
52-Week low 0.65
P/E 18.57
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

7NR Retail Ltd. (7NRRETAILLTD) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting the 9thAnnual Report togetherwith Statement of accounts of your Company for the Year ended on March 31 2021.

1. FINANCIAL RESULTS:

The Company's financial performance for the year under review along with previous yearfigures is given hereunder:

(Amount in Lakh)

Particulars 2020-2021 2019-2020
Revenue from Operations 275.65 1184.20
Other Income 22.07 13.41
Total Revenue 297.72 1197.61
Profit before Finance Cost -38.60 33.96
Depreciation and Taxation
Depreciation 14.48 14.36
Finance Cost 0.28 0.61
Profit before Tax -53.36 18.99
Provision for Taxation :
(i) Current Income Tax - 8.25
(ii) Deferred Tax - -0.29
Profit after Income Tax -53.36 11.03

2. FINANCIAL REVIEW:

Your Company's total income for the year 2020-2021is Rs.297.72/- Lakh compared to lastyear's income of Rs. 1197.61/-Lakh. The profit before tax (after Finance cost anddepreciation) during the year under review was Rs.-38.60 Lakh as compared to previousyear's figure of Rs.14.36 Lakh. Your Company has loss of Rs.11.03 Lakh against the netprofit of Rs.11.03Lakh during the previous year. Your Company expects to achieve betterperformance during the currentyear.

3. DIVIDEND AND RESERVES:

Your Directors do not recommend the payment of dividend for the year ended 31stMarch 2021.

Further the Company has not transferred any amount to reserves during the year.

4. CHANGE IN THE NATURE OF BUSINESS

During the year the Company has not changed its business.

5. SHARE CAPITAL:

Authorized Share Capital:

During the year under review the Authorised Share Capital of the Company isRs.110000000 (Rupees Eleven Crores only) divided into 11000000 ( One Crore and TenLakh Only) equity shares of Rs. 10/-each.

Paid-up Share Capital:

The Paid up share capital of the Company as on 31st March 2021 wasRs.104745000/- (Rupees Ten Crore Forty Seven Lakh Forty Five Thousand) Equity Shares ofRs. 10/- (Ten) each.

No bonus shares were issued during the year under review. The Company did not make anyallotment through ESOPs during the year.

6. NUMBER OF BOARD MEETINGS:

During the year under review the Board of Directors duly met 10(Ten) times.

Details of Board meetings for the year under review are tabulated hereunder:

Date of Board Meetings Pinal Shah VinayRav al SudhirB araiya* Rachan aben Jain Amit Choudh ary* Gaurav Kimtani
1. 25.05.2020 ? ? ? ? ? ?
2. 30.06.2020 ? ? ? ? ? ?
3. 22.08.2020 ? ? ? ? ? ?
4. 02.09.2020 ? ? ? ? ? ?
5. 04.09.2020 ? ? ? ? ? ?
6. 15.09.2020 ? ? ? ? ? ?
7. 11.11.2020 ? ? ? ? ? ?
8. 29.01.2021 ? ? ? ? ? ?
9. 12.02.2021 ? ? ? ? ? ?
10. 19.03.2021 ? ? -- ? ? ?
Total 10/10 10/10 09/10 10/10 10/10 10/10

*Mr. Sudhir Baraiya and Mr. Amit Choudhary have resigned from the Board with effectfrom 15th March 2021 and 3rd July 2021 respectively.

7. DEPOSITS:

During the year under review your Company has not invited nor accepted any publicdeposits within the meaning of section 73 of the Companies Act 2013 read with Companies(Acceptance of Deposit) Rules 2014 hence the requirement for furnishing of details ofdeposits which are not in Compliance with the Chapter V of the Companies Act 2013 is notapplicable.

8. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OFTHE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TOWHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There are no material Changes and commitments if any affecting the financial positionof the Company which have occurred between the end of the Financial Year of the Company towhich the Financial Statements Relate and the Date of the Report.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENT AND RESIGNATION:

CHANGES IN DIRECTORS:

Mr. Sudhir Baraiya (DIN: 08477351) has resigned from the directorship of the Companyw.e.f. 15th March 2021 due to some personal reasons.

Mr. Pranav Manoj Vajani(DIN: 09213749) is appointed as Additional Independent Directorof the Company with effect from 3rd July 2020 subject to approval by themembers of the Company at the ensuing Annual General Meeting of the Company to held on 30thSeptember 2021.

Mr. Gaurav Dilipkumar Kimtani (DIN:08065665) was appointed as Additional IndependentDirector of the Company with effect from 2nd September 2020 approved by themembers of the Company vide 8th Annual General Meeting held on 30thSeptember 2020.

Mr. Amitkumar Kodarlal Choudhary (DIN:08857986) was appointed as Additional IndependentDirector of the Company with effect from 2nd September 2020 approved by themembers of the Company vide 8th Annual General Meeting held on 30thSeptember 2020. He has resigned from the Directorship of the Company with effect from 3rdJuly 2021.

CHANGES IN KEY MAANGERIAL PERSONNEL:

Mr. Jaimin Kailash Gupta is appointed as an Additional Director and Whole time Directorwith effect from 12th February 2021 subject to approval by the members of theCompany at the ensuing Annual General Meeting of the Company to held on 30thSeptember 2021.

Mr. Mittal Shah Chief Financial Officer of the Company has resigned from the post witheffect from 18th June 2021.

Mr. Pradeepsingh Ajitsingh Shekhawat is appointed as Chief Financial Officer of theCompany with effect from 18th June 2021.

RE-APPOINTEMNT OF DIRECTOR:

In accordance of the provision of section 152 of the Companies Act 2013 Mr. PinalKanchanlal Shah (DIN:05197449) retires by rotation at the ensuing Annual GeneralMeetingand being eligible in terms of section 164 of the Act and offer herself forre-appointment.

10. REMUNERATION POLICY:

The Company has in place a policy for remuneration of Directors Key ManagerialPersonnel and Employees of senior leadership Position as well as well-defined criteria forthe selection of candidates for appointment of the said positions which has been approvedby the Board follows a policy on remuneration of Directors and senior managementemployees details of the same are given in the website of the Companywww.7nrretailltd.in.

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

The Company had no Subsidiary or Joint Ventures or Associate Companies as on 31stMarch2021.

12. PARTICULARS OF LOANS GURANTEES OR INVESTMENT BY THE COMPANY:

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provision isnotapplicable.

13. EXTRACTS OF ANNUAL RETURN:

In accordance with section 134(3)(a) of the Companies Act 2013 an extract of AnnualReturn in the prescribed format is appended to this Report as Annexure I.

14. CRITERIA FOR APPOINTMENT OF MANAGING DIRECTOR/WHOLE-TIME DIRECTOR:

The appointment is made pursuant an established procedure which includes assessment ofmanagerial skills professional behavior technical skills and other requirements as maybe required and shall take into consideration recommendation if any received from anymember of the Board.

15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Company has adopted the policy on Materiality of Related Party Transaction for thepurpose of identification and monitoring Related Party transactions between the Companyand its related parties. All transactions if any with Related Parties are placed beforethe Audit Committee and Board for prior approval. The Policy on Materiality of RelatedParty Transaction has been available on the website of the Company at www.7nrretailltd.in.

During the year the Company had not entered into any transaction with related partieswhich could be considered material in accordance with the policy of the Company onmateriality of related party transactions. Accordingly the disclosure of Related PartyTransactions as required under Section 134(3)(h) of the Companies Act 2013 in Form AOC 2is not applicable.

16. VIGIL MECHANISM/WHISTLE BLOWER MECHANISM:

The Company has established a Whistle Blower Policy for its Directors and Employees todeal with instances of actual or suspected fraud or violation of the Company's Code ofConduct & Ethics fraud and mismanagement if any. The Vigil Mechanism has beenavailable on the website of the Company www.7nrretailltd.in.

17. INTERNAL FINANCIAL CONTROL SYSTEM:

The Company has an Internal Control System in place commensurate with the size scaleand complexity of its operations. The scope and authority of the Internal FinancialControl function is well defined.

18. RISK MANAGEMENT:

In line with the regulatory requirements the Company has framed a Risk Managementmechanism to identify and assess the key business risk areas and to put in place amechanism for mitigation of risk. A detailed exercise is being carried out at regularintervals to identify evaluate manage and monitor all business risks. The Boardperiodically reviews the risks and suggests steps to be taken to control and mitigate thesame through a properly defined framework.

In the opinion of the Board no risk has been identified that may threaten theexistence of the Company.

19. AUDITORS OF THECOMPANY:

SECRETARIAL AUDITORS AND THEIR REPORT:

Pursuant to provisions of section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 for providingSecretarial Audit Report under Companies Act 2013 and under Regulation 24A of SEBI (LODR)Regulation 2015 the Company had appointed M/s. Gaurav Bachani & AssociatesPracticing Company Secretary Ahmedabad as Secretarial Auditor of the Company to undertakethe Secretarial Audit for the financial year 2020-2021. The Secretarial Audit report forthe financial year 2020-2021 issued by M/s. Gaurva Bachani & Associates PracticingCompany Secretary has been annexed as Annexure II to this report. There were noqualifications or adverse mark in this report.

INTERNAL AUDITOR:

In accordance with the provisions of section 138 of the act and rules made thereunderM/s. Niranjan Jain & Co. Chartered Accountants Ahmedabad is appointed as an internalauditor to conduct the internal audit of the Company for the F.Y. 2021-2022 as on 3rdJune 2021. M/s. Niranjan Jain & Co. Chartered Accountants has resigned from the postof Internal Auditor of the Company w.e.f. 31.08.2021. Ms. Poorva Jain has appointed as anInternal Auditor of the Company w.e.f. 31.08.2021.

STATUTORY AUDITORS AND THEIR OBSERVATIONS:

The Board of Directors of the Company have on the recommendation of the Audit Committeeproposed that pursuant to the provisions of Sections 139 to 142 and other applicableprovisions if any of the Companies Act 2013 read with the underlying rules M/s.Niranjan Jain & Co. Chartered Accountant (Firm Registration number: 113913W) be andis hereby appointed as the statutory auditor of the Company in place of retiring auditorsM/s. Loonia & Associates Chartered Accountant (Firm Registration number: 130883W) tohold office from the conclusion of this 9thAGM until the conclusion of the 14thAGMon a remuneration that may be determined by the Board of Directors in consultation withthe auditor."

M/s. Niranjan Jain & Co. Chartered Accountants Ahmedabad have forwarded theircertificates to the Company stating that their appointment if made will be within thelimit specified in that behalf in section 141 of the Companies Act 2013.

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments.

20. COST AUDITORS:

The provisions of Cost Audit as prescribed under Section 148 of the Act and the rulesframed thereunder are not applicable to the Company.

21. MANAGEMENT DISCUSSION ANDANALYSIS REPORT:

As required under Regulation 34 of the Securities Exchange Board of India (Listing

Obligations and Disclosure Requirement) Regulations 2015 ("ListingRegulations") the

Management Discussion and Analysis of the Company for the year under review ispresented in a separate section forming the part of the Annual Report is attached herewith as Annexure-III.

22. PARTICULARS REGARDING EMPLOYEESREMUNERATION:

During the year under review there are no employees drawing remuneration which is inexcess of the limit as prescribed under the Rule with rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014. The information asrequired under the provisions of Section 197 read with Rule 5(1)of the Companies(Appointment and Remuneration of Managerial Personnel) 2014 is annexed herewith as

Annexure-IV.

23. CORPORATE GOVERNANCEREPORT:

As required in the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 a detailed report on Corporate Governance along with certificate from Auditors ofthe Company confirming compliance with conditions of Corporate Governance requirements bythe Company forms part of the Annual report and is attached herewith as ANNEXURE- V.

24. DIRECTORS' QUALIFICATION CERTIFICATE:

In terms of SEBI (LODR) Regulation 2015 a Certificate from M/s. Gaurav Bachani &Associates Practicing Company Secretary stating that none of the directors on the boardof the Company have been debarred or disqualified from being appointed or continuing asdirector of Companies by the Board/Ministry of Corporate Affairs or any such statutoryauthority appear as Annexure VI to this report.

25. PREVENTION OF INSIDER TRADING:

During the year the Company amended the Insider Trading Policy in line with theSEBI(Prohibition of Insider Trading) (Amendment) Regulations 2018. The Corporate Policyon Investor Relations was amended. The amended policy is available on our websitewww.7nrretailltd.in

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

The erstwhile Promoters of the Company had entered into Share Purchase Agreement withMr. Trivedi UmangVijaykumar (hereinafter referred to as ‘Acquirer 1') and Mr.Agrawal Nikunj Maheshlal (hereinafter referred to as ‘Acquirer 2') (Acquirer 1and Acquirer 2 are hereinafter collectively referred to as ‘Acquirers')inaccordance with the provisions of the Securities and Exchange Board of India (SubstantialAcquisition of Shares and Takeovers) Regulations 2011 (hereinafter referred to as the‘SEBI(SAST) Regulations')on 3RD August 2021 to acquire 29.86% of the totalEquity share Capital and 29.86% of the Total Voting Power. The acquirers have made anapplication to SEBI for an Open Offer to acquire up to 3127686 Equity Shares of Rs. 4/-each representing 26% of the equity and Voting share Capital of 7NR Retail Limited(‘7NR' or Target Company) from the public Shareholders of 7NR Retail Limited at anoffer price of Rs. 8.78/-(Eight Rupees and Seventy Eight Paisa only) (Open offer).

The Open Offer to the Public Shareholders of our Company as per SAST Regulations willopen on 28th September 2021 and end on 11th October 2021.

For Open offer the Acquirers of the Company have appointed "Capital SquareAdvisors Private Limited" Merchant Banker Manager to the Offer.

27. CORPORATE SOCIAL RESPONSIBILITY:

The provisions relating to Corporate Social Responsibility are not applicable to theCompany.

28. CRITERIA FOR APPOINTMENT OF INDEPENDENTDIRECTORS:

An Independent Director shall be a person of personal and professional ethicsintegrity and values having appropriate balance of skills experience and knowledge in oneor more fields of finance law management sales marketing and technical operations orany other discipline related to the Company's business. The Company did not have anypeculiar relationship or transactions with non-executive Directors during the year ended31stMarch2021.

29. CRITERIA FOR APPOINTMENT OF MANAGING DIRECTOR/WHOLE-TIME DIRECTOR:

The appointment is made pursuant an established procedure which includes assessment ofmanagerial skills professional behavior technical skills and other requirements as maybe required and shall take into consideration recommendation if any received from anymember of the Board.

30. FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS:

The Company has in place a process for familiarization of newly appointed directorswith respect to their respective duties and departments. The highlights of theFamiliarization Programme are explained in the Corporate Governance Report forming part ofthis Annual Report and are also available on the Company's website

31. DECLARATION FROM INDEPENDENTDIRECTORS:

All the Independent Directors on the Board have given a declaration of theirindependence to the Company as required under section 149(6) of the Companies Act 2013.

32. MEETING OF INDEPENDENT DIRECTORS:

During the year under review the Independent Directors met on 19thMarch2021 inter alia to discuss:

Review of the performance of the Non- Independent Directors and the Board of Directorsas a whole. Review of the Chairman of the Company taking into the account of the views ofthe Executive and Non- Executive Directors. Assess the quality content and timeliness offlow of information between the management and the Board that is necessary for the Boardto effectively and reasonably perform its duties.

All the Independent Directors were present in the meeting.

33. COMMITTEES OF THEBOARD:

During the year your Directors have constituted or reconstituted wherever requiredthe following committees of the Board is in accordance with the requirements of theCompanies Act 2013. The Composition terms of reference and other details of all Boardlevel committees have been elaborated in detail:

AUDIT COMMITTEE:

The Audit Committee comprises of non executive Independent Director and ManagingDirector as its Member. The Chairman of the committee is Independent Director.

During the Financial year 2020-2021 5 meetings of Audit Committee were held on25.05.2020 30.06.2020 15.09.2020 11.11.2020 and 29.01.2021.

The Composition of Audit Committee and the details of meetings attended by the membersduring the year are given below:

Name of the Director Status Nature of Directorship No. of Meetings Meeting attended
1. Mr. Sudhirbhai Baraiya* Chairman Non-Executive & Independent Director 4 4
2. Mr. Gaurav Kimtani Chairman Non-Executive & Independent Director 1 1
3. Mr. VinayRaval Member Non-Executive & Independent Director 5 5
4. Mr. Pinal Shah Member Managing Director 5 5

*Ms. Sudhir Baraiya has resigned from the chairmanship of the Company with effect from29thJanuary 2021.

**Mr. Gaurav Kimtani is appointed as a Chairman of the Audit Committee w.e.f. 29thJanuary 2021.

NOMINATION AND REMUNERATION COMMITTEE:

The Committee comprises of three non-executive Directors as its members. The Chairmanof the Committee is an Independent Director.

During the Financial year 2020-2021 4 meeting of Nomination and Remuneration Committeewere held on 22.08.2020 02.09.2020 04.09.2020 and 12.02.2021.

The Composition of Nomination and Remuneration Committee and the details of meetingsattended by the members during the year are given below:

Name of the Director Status Nature of Directorship No. of Meetings Meeting attended
1. Mr. VinayRaval Chairman Non-Executive 4 4
2. Mr. Sudhirbhai Baraiya* Member Non-Executive &Independent Director 4 4
3. Mrs. Rachanaben Jain** Member Non-Executive& Non-Independent Director 3 3
4. Mr. Gaurav Kimtani** Member Non-Executive& Independent Director 1 1

*Mr. Sudhirbhai Baraiya has resigned from the Directorship of the Company with effectfrom 15th March 2021.

**Mrs. Rachanaben Jain has resigned from the committee and Mr. Gaurav Kimtani isappointed as Member of the Committee w.e.f. 11.11.2020.

STAKEHOLDER RELATIONSHIP COMMITTEE

The Committee comprises of two non-executive Directors and Managing Director as itsmembers. The Chairman of the Committee is an Independent Director.

During the Financial year 2020-20213 meetings of Stakeholder Relationship Committeewere held on 30.06.2020 22.08.2020 and 10.09.2020.

The Composition of Stakeholder and Relationship Committee and the details of meetingsattended by the members during the year are given below:

Name of the Director Status Nature of Directorship No. of Meetings Meeting attended
1. Mr. Vinay Raval Chairman Non-Executive & Independent Director 3 3
2. Mr. Pinal Shah Member Managing Director 3 3
3. Mr. Sudhirbhai Baraiya* Member Non-Executive & Independent Director 3 3

*Mr. Sudhir Baraiyahas resigned from the board as Independent Director with effect from15thMarch 2021.

34. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER

DETAILS:

The Company's policy on appointment of directors is available on the website of theCompany i.e. www.7nrretailltd.in . The policy on remuneration and other matters providedin Section 178(3) of the Act has been disclosed in the Corporate Governance Report whichis a part of this report and is also available on the Website of the Company.

35. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and SEBIListing Regulations. The performance of the Board was evaluated by the Board after seekinginputs from all the directors on the basis of criteria such as the board composition andstructure effectiveness of board processes information and functioning etc. Theperformance of the committees was evaluated by the board after seeking inputs from thecommittee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc. In a separate meeting of independent directorsperformance of non-independent directors the Board as a whole and the Chairman of theCompany was evaluated taking into account the views of executive directors andnon-executive directors.

36. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING ANDOUTGO:

Particulars relating to Conservation of Energy Technology Absorption and ForeignExchange Earnings and Outgo as per provisions of Section 134(m) of the Companies Act 2013do not apply to our Company hence the same is not disclosed in the Annual report.

37. REPORTING OF FRAUD:

During the year under review the Auditors of the Company have not reported any fraudas specified under Section 143(12) of the Companies Act 2013.

38. DIRECTORS' RESPONSIBILITYSTATEMENT:

It is hereby stated that:

(i) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

(ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit of the Company for that period;

(iii) the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of Companies Act 2013 andRules made thereunder for;

(iv) safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

(v) the directors had prepared the annual accounts on a going concern basis;

(vi) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively and

(vii) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

39. POLICY ON PREVENTION PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN ATWORKPLACE:

Your Company has framed a Policy of Sexual Harassment of women at workplace forprevention prohibition and redressal of Complaints relating to sexual harassment of womenat work place. All women employees of the Company are covered under this Policy. TheSexual Harassment policy has been available on the website of the Companywww.7nrretailltd.in.

The Company has not received any complaints on sexual harassment and hence no compliantremains pending as on 31st March 202.

40. POLICY OF CODE OF CONDUCT FOR DIRECTOR AND SENIOR MANAGEMENT:

Your Company has adopted the policy of code of Conduct to maintain standard of businessconduct and ensure compliance with legal requirements. The Policy on Code of Conduct forDirector and Senior Management has been available on the website of theCompanywww.7nrretailltd.in.

41. DEMATERIALISATION OFSHARES:

As on 31st March 2021 a total of 10474500 equity shares aggregating to100% of the total issued subscribed and paid-up equity share capital of the Company. Outof 10474421 Equity Share in dematerialized form and 79 Equity Shares in Physical form.The Company ISIN No. is INE413X01019.

One Remat request received for 79 shares on 30th July 2020 and the same hasbeen processed.

42. OBSERVANCE OF THE SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANYSECRETARIES OF INDIA:

The Company complies with all applicable Secretarial Standards issued by the Instituteof Company Secretaries of India.

43. STATEMENT PURSUANT TO LISTING AGREEMENT:

The Company Equity Shares is listed at Bombay Stock Exchange Limited. The AnnualListing fees for the year 2021-2022 have been paid.

ACKNOWLEDGEMENT:

Your Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Companies activities during the year under review. Your Directors also acknowledgesgratefully the shareholders for their support and confidence reposed on your Company.

.