You are here » Home » Companies » Company Overview » Aadi Industries Ltd

Aadi Industries Ltd.

BSE: 530027 Sector: Industrials
NSE: N.A. ISIN Code: INE563D01013
BSE 00:00 | 03 Mar Aadi Industries Ltd
NSE 05:30 | 01 Jan Aadi Industries Ltd
OPEN 4.46
PREVIOUS CLOSE 4.45
VOLUME 557
52-Week high 4.46
52-Week low 0.00
P/E 3.62
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.46
CLOSE 4.45
VOLUME 557
52-Week high 4.46
52-Week low 0.00
P/E 3.62
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aadi Industries Ltd. (AADIINDUSTRIES) - Director Report

Company director report

Dear Shareholders

The Board of Directors of your Company take pleasure in presenting the Twenty-fifthAnnual Report together with Audited Financial Statements of the Company for the financialyear ended March 31 2019.

1. Financial Performance

(Amount in Rs.)
Particulars As on 31stMarch 2019 As on 31stMarch 2018
2553296 -
Total Income
Total Expenses 4911508 688656
(2358212) (688656)
Profit/(loss) before Tax
Provision for Income Tax (including for earlier years) - -
Net Profit/(Loss) After Tax (2358212) (688656)

Your Company has earned income of Rs. 2553296 during the current Financial Year. Thetotal expenses increased from Rs. 688656 to Rs. 4911508. Accordingly the net loss hasincreased from Rs. 688656 in the preceding financial year to Rs. 2358212 in thecurrent financial year.

2. Operations:

The Company was in the business of manufacturing but due to losses the Company hasstarted trading of plastic products and plastic granules.

There was no change in nature of the business of the Company during the year underreview.

3. Dividend

With a view to loss incurred by the company the Board of Directors of your Company hasnot recommended any dividend for the year under review.

4. Transfer to Reserve

The Company has not transferred any amount to the General Reserves during the year.

5. Revision of Financial Statement

There was no revision of the financial statements for the year under review.

6. Disclosures under section 134(3)(1) of the Companies Act2013

Except as disclosed elsewhere in this report no material changes and commitments whichcould affect the Company's financial position have occurred between the end of thefinancial year of the Company and date of this report.

7. Change in nature of business if any

There were no changes in the nature of business during financial year ending 31stMarch 2019.

8. Significant and material orders passed by the regulators or courts or tribunals:

During the year under review the trading in equity shares of the company was suspendedw.e.f. 5thSeptember 2017 due to noncompliance with Regulation 34 of SEBI (ListingObligations and Disclosures Requirements) Regulations 2015 for two consecutive years i.e.March 2015 & March 2016.

The Company has already made application to the Stock Exchange for revocation ofsuspension.

9. Share Capital

During the year under review there was no increase in the Authorised and Paid up ShareCapital of the Company.

As on March 31 2019 the Authorised share capital stands at Rs. 250000000 dividedinto 25000000 equity shares of Rs.10/- each whereas issued subscribed & paid-upshare capital of your Company stand at Rs.100000000 divided into 10000000 EquityShares of Rs.10 each.

a) Disclosure under Section 43(a)(ii) of the Companies Act2013

The Company has not issued any shares with differential rights and hence no informationas per provisions of Section 43(a) (ii) of the Act read with Rule 4(4) of the Companies(Share Capital and Debenture) Rules 2014 isfurnished.

b) Disclosure under Section 54(1)(d) of the Companies Act2013

The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Section 54(1) (d) of the Act read with Rule8(13) of the Companies (Share Capital and Debenture) Rules 2014 is furnished.

c) Disclosure under Section 62(1)(b) of the Companies Act2013

The Company has not issued any equity shares under Employees Stock Option Scheme duringthe year under review and hence no information as per provisions of Section 62(1) (b) ofthe Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014 isfurnished.

d) Disclosure under Section 67(3) of the Companies Act2013

During the year under review there were no instances of non-exercising of votingrights in respect of shares purchased directly by employees under a scheme pursuant toSection 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)Rules 2014 is furnished.

e) Information about Subsidiary/ JV/ Associate Company

Company does not have any Subsidiary Joint Venture or Associate Company.

10. Means of Communication

The quarterly and annual results are generally published in English and MarathiNewspaper and simultaneously posted on the Company's website (www.aadiindustries.com) andare also sent to the BSE Limited.

Letters and Reminders to Shareholders

Updation of PAN and Bank Account Details:

Pursuant to circular issued by SEBI on 20th April 2018 the Company had sent lettersand reminders to shareholders holding shares in physical form for updation of PAN and Bankaccount details with the Company/ its RTA.

Dematerialisation of shares:

The Securities and Exchange Board of India also issued Circulars during the yearthereby mandating transfer of securities only in electronic form effective 1st April2019.

Pursuant thereto the Company sent letters and reminders to those shareholders holdingshares in physical form advising them to dematerialise their holding.

11. Internal Financial Controls:

The Internal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. During the year under review no material orserious observation has been received from the Auditors of the Company for inefficiency orinadequacy of such controls.

12. Board of Directors

a) Composition & Constitution of Board of Directors:

During the year under review there was no change in the Directorship of the Company.Your Board comprises of three Directors Mr. Rushabh Shah Mr. Sadanand Purushottam Kotnisand Ms. Kavita Suresh Jamsutkar.

As per the provisions of Section 152 of the Companies Act 2013 Mr. Rushabh Shahretires by rotation at the ensuing Annual General Meeting and being eligible offerhimself for re-appointment.

The Company has also received declarations from Mr. Sadanand Purushottam Kotnis and Ms.Kavita Suresh Jamsutkar Independent Directors of the Company confirming that they meetthe criteria of independence as prescribed under section 149(6) of the Companies Act2013.

b) Board Meeting &Attendance:

During the year under review the Board of your company met five (5) times. The detailsof Board Meeting held and participation of Directors thereat is enumerated as below:

Sr. No. Date of meeting Total No. of Directors on the Date of Meeting No. of Directors attended % of Attendance
1 30.05.2018 3 3 100.00
2 21.06.2018 3 3 100.00
3 13.08.2018 3 3 100.00
4 12.11.2018 3 3 100.00
5 04.02.2019 3 3 100.00

c) Nomination and remuneration committee:

The Nomination and Remuneration Committee of Directors as constituted by the Board theBoard of Directors of the Company in accordance with the requirements of Section 178 ofthe Companies Act 2013.

The composition of the committee is as under:

1. Mr. Sadanand Purushottam Kotnis Chairman

2. Ms. Kavita Suresh Jamsutkar Independent Director and

3. Mr. Rushabh Shah Director

The Board has in accordance with the provisions of sub-section (3) of Section 178 ofthe Companies Act 2013 formulated the policy setting out the criteria for determiningqualifications positive attributes independence of a Director and policy relating toremuneration for Directors Key Managerial Personnel and other employees.

Major criteria defined in the policy framed for appointment of and payment ofremuneration to the Directors of the Company are as under

The details of Meeting held and participation of Members of the Committee there at isas below

Sr. No. Date of meeting Total No. of Directors on the Date of Meeting No. of Directors attended % of Attendance
1 12.12.2018 3 3 100%

I Selection of Directors And Key Managerial Personnel

In case of Executive Directors and Key Managerial Personnel the selection can be madein either of the ways given below:

a) by way of recruitment from outside;

b) from within the Company hierarchy; or

c) Upon recommendation by the Chairman or other Directors.

The appointment may be made either to fill up a vacancy caused by retirementresignation death or removal of an existing Executive Director or it may be a freshappointment.

In case of Non-Executive Directors the selection can be made in either of the waysgiven below:

a) By way of selection from the data bank of Independent Directors maintained by theGovernment.

b) Upon recommendation by Chairman or other Directors

II Qualifications Experience And Positive Attributes Of Directors

While appointing a Director it shall always be ensured that the candidate possessesappropriate skills experience and knowledge in one or more fields of finance lawmanagement sales marketing administration research corporate governance technicaloperations or other disciplines related to the Company's business.

a) In case of appointment as an Executive Director the candidate must have therelevant technical or professional qualifications and experience as are considerednecessary based on the job description of the position. In case no specific qualificationor experience is prescribed or thought necessary for the position then while recommendingthe appointment the job description to the Committee shall be provided and along withjustifications that the qualifications experience and expertise of the recommendedcandidate are satisfactory for the relevant appointment.

b) The Board while making the appointment of a Director shall also try to assess fromthe information available and from the interaction with the candidate that he is a fairachiever in his chosen field and that he is a person with integrity diligence and openmind.

III Board Diversity and Independence of Directors

While making appointment of directors following principles shall be observed by theBoard as far as practicable:

• There shall be a proper mix of Executive and Non-Executive Directors andIndependent and non-independent directors on the Board. The Company shall always be incompliance of the provisions of Section 149 of the Companies Act 2013 in this regard.

• There shall be a workable mix of directors drawn from various disciplines liketechnical finance commercial legal etc.

• While appointing a director to fill in a casual vacancy caused by deathresignation etc. of a director an effort shall be made as far as possible to appointsuch a person in his place who has the relevant experience in the fields or disciplines inwhich the outgoing director had with relevant expertise as requisite to Business of theCompany.

• No preference on the basis of gender religion or cast shall be given whileconsidering the appointment of directors.

• While appointing independent directors the criteria for the independentdirectors as laid down in Section 149 (6) of the Companies Act 2013 shall be followed.

d) Audit Committee:

The Audit Committee of Directors was constituted pursuant to the provisions of Section177 of the Companies Act 2013. The composition of the Audit Committee is in conformitywith the provisions of the said section. The Audit Committee comprises of:

1. Mr. Rushabh Shah Chairman

2. Mr. Sadanand Purushottam Kotnis Independent Director and

3. Ms. Kavita Suresh Jamsutkar Independent Director.

The scope and terms of reference of the Audit Committee have been amended in accordancewith the Act and the Listing Agreement entered into with the Stock Exchanges. During theyear under review the Board of Directors of the Company had accepted all therecommendations of the Committee.

The details of Meeting held and participation of Members of the Committee there at isas below

Sr. No. Date of meeting Total No. of Directors on the Date of Meeting No. of Directors attended % of Attendance
1 30.05.2018 3 3 100%
2 13.08.2018 3 3 100%
3 12.11.2018 3 3 100%
4 04.02.2019 3 3 100%

e) Stakeholders Relationship Committee:

During the year under review pursuant to Section 178 of the Companies Act 2013 theBoard of Directors of the Company has constituted the Stakeholder's RelationshipCommittee comprising of Mr. Sadanand Purushottam Kotnis as its Chairman and Mr. RushabhShah and Ms. Kavita Suresh Jamsutkar as the Committee Members Respectively.

The details of Meeting held and participation of Members of the Committee there at isas below

Sr. No. Date of meeting Total No. of Directors on the Date of Meeting No. of Directors attended % of Attendance
1 15.01.2018 3 3 100%

f) Vigil Mechanism Policy For The Directors And Employees:

The Board of Directors of the Company has pursuant to the provisions of Section 178(9)of the Companies Act 2013 read with Rule 7 of the Companies (Meetings of Board and itsPowers) Rules 2014 framed “Vigil Mechanism Policy” for Directors and employeesof the Company to provide a mechanism which ensures adequate safeguards to employees andDirectors from any victimization on raising of concerns of any violations of legal orregulatory requirements incorrect or misrepresentation of any financial statements andreportsetc.

The employees of the Company have the right / option to report their concern /grievance to the Chairman of the Audit Committee.

The Company is committed to adhere to the highest standards of ethical moral and legalconduct of business operations. The Whistle Blower Policy is hosted on the Company'swebsite at: www.aadiindustries.co.

g) Annual evaluation of Directors Committee and Board:

Nomination and Remuneration Committee of the Board had prepared and sent through itsChairman feedback forms for evaluation of the Board Independent Directors and theChairman. The Independent Directors at their meeting considered and evaluated the Board'sperformance performance of the Chairman. The Board subsequently evaluated performance ofthe Board the Committees and Independent Directors; without participation of theconcerned Director.

As stipulated by the Code of Independent Directors under the Companies Act 2013 andthe Listing Agreement a separate meeting of the Independent Directors of the Company washeld on 26th March 2019 to review the performance of Non- independentDirectors (including the Chairman) and the Board as whole.

Performance evaluation of Independent Directors was conducted by the Board ofDirectors excluding the Director being evaluated. The criteria for performance evaluationof Independent Directors laid down by the Nomination Remuneration and CompensationCommittee is as below:

• Ethics and values

• knowledge and

• proficiency diligence

• Behavioral traits and

• Efforts for personal development

Similarly performance evaluation of the Chairman was carried out by the IndependentDirectors.

h) Separate Meeting of Independent Directors

As stipulated by the Code for Independent Directors in Schedule IV of the Act andRegulation 25 of the Listing Regulations a separate meeting of the Independent Directorsof the Company was held on 26th March 2019 to review the performance of allNon-Independent Directors the Board as a whole and the performance of the Chairman of theCompany taking into account the views of other executive and non-executive directors. Theindependent directors also reviewed the quality content and timeliness of the flow ofinformation between the Management and the Board and its Committees towards effective andreasonable performance and discharge of their duties.

i) Declaration by Independent Director(s)

All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013.

j) Internal Control System &Risk Management

Periodic assessments to identify the risk areas are carried out and management isbriefed on the risks in advance to enable the company to control risk through a properlydefined plan. The risks are classified as financial risks operational risks and marketrisks. The risks are taken into account while preparing the annual business plan for theyear. The Board is also periodically informed of the business risks and the actions takento manage them.

k) Transfer to Investor Education and Protection Fund

Pursuant to Section 125 of the Act to the extent notified dividends that areunclaimed for a period of seven years are to be transferred to the Investor Education andProtection Fund (IEPF) administered by the Central Government and no claim shall lieagainst IEPF. As the Company has not declared any dividend before there are no dividendsdue for transfer.

13. Prevention of Insider Trading

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Compliance Officer is responsiblefor implementation of the Code.

The code of prevention of Insider Trading and fair disclosures is there on the websiteof the Company.

All Board Directors and the designated employees have confirmed compliance with theCode.

14. Auditors

a) Statutory Auditors

Pursuant to provisions of Section 139 and other applicable provisions if any of theCompanies Act 2013 (‘the Act') and the Companies (Audit and Auditors) Rules 2014as amended from time to time the Company has appointed N.H.Vyas & Co.(FirmRegistration No. 132204W) having Membership No: 014433 as Statutory Auditors of theCompany for a period of five years from the conclusion of this AGM till the conclusion of30th Annual General Meeting of the Company to be held in 2023-2024 in place of retiringauditors M/s. K.S. Subramanyam & Co. Chartered Accountants having Membership No:018630

Comment on Auditors' Report

The report of the Auditors along with notes to Schedules forms part of this AnnualReport. The observations made by the Auditors in the Auditors' Report are self-explanatory and therefore do not call for any further comments.

b) Secretarial Audit Report for the year ended 31stMarch 2019:

The Board appointed S. A. & Associates Practising Company Secretary to conductSecretarial Audit for the FY 18-19. The Secretarial Audit report for the financial yearended March 31 2019 is annexed herewith marked as Annexure 3 to this report.

Comments:

1.The Company is in process of constituting proper Board structure and propercomposition of Nomination and remuneration committee.

2. The Company appointed Chief Financial Officer with effect from 14th June2019

3. The Company is in process of updating its website as required under regulation 46 ofLODR regulations.

c) Cost Audit:

The provisions of Section 148 under Companies Act 2013 are not applicable to theCompany.

15. Related party transactions

The transactions falling under Section 188 are annexed hereto as Annexure 2. Howevefrrelated party transactions as per AS 18 forms part of the financials.

16. Particulars of loans guarantees or investments under section186:

The particulars of Loans guarantees or investments covered under Section 186 of theCompanies Act 2013 form part of the notes to the financial statements provided in thisAnnual Report.

17. Extract of Annual Return

Pursuant to provisions of Section 92(3) of the Companies Act 2013 (‘the Act') andrule 12(1) of the Companies (Management and Administration) Rules 2014 extract of annualreturn is displayed on the website of the Company.

18. Fixed Deposits

As per notification dated 22nd January 2019 issued by MCA on form DPT-3 ithas been classified that all companies according to Rule 16 and Rule 16A of the Companies(Acceptance of Deposits) Rules 2014 had to inform ROC about the outstanding loans of theCompany by filing form DPT-3. Your Company has not accepted any deposits from public interms of Section 73 74 75 76 of the Companies Act 2013 and accordingly your companyhas filed form DPT-3.

19. Corporate Social Responsibility

Social Welfare Activities has been an integral part of the Company since inception. TheCompany is committed to fulfill its social responsibility as a good corporate citizen.However the Company is not covered by the provisions of Section 135 of the Companies Act2013 as it does not satisfy the conditions of Net Worth and Net Profit as laid therein.

20. Particulars of Employees

The Company does not have any employee whose particulars are required to be given interms of the provisions of Section 197(12) of the Companies Act 2013 read along with Rule5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

Your Directors stated that during the year under review there were no cases filedpursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 related to the Company.

21. Conservation of energy technology absorption and Foreign exchange earnings andOutgo

The particulars relating to conservation of energy and technology absorption stipulatedin the Companies (Accounts) Rules is attached as Annexure 1. There are no foreignexchange earnings or outgo during the year under review.

22. Directors' Responsibility Statement

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:

a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures if any;

b) the directors had 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 and loss of the company for thatperiod;

c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;and

e) the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

23. Corporate Governance

The Company does not fall under purview of Regulations of Corporate Governance Pursuantto the SEBI (Listing Obligation and Disclosures Requirements) Regulations 2015 theprovisions of reporting of Corporate governance as specified in Regulation 27 (2) is notapplicable to the Company as it does not meet the threshold of Paid up capital of Rs. 10crores and networth of Rs. 25 crores as on March 2018. Accordingly the Company is fullycompliant with the applicable provision and the Company is committed to ensure compliancewith all modification within prescribed norms under Companies Act 2013. Company iscommitted to maintain the highest standards of corporate practices as set out by SEBI asgood Corporate Governance which forms part of the Directors Report as an "Annexure3”.

24 . Reporting of Fraud by Auditors

During the year under review the Statutory Auditors Cost Auditors and SecretarialAuditors have not reported any instances of frauds committed in the Company by itsOfficers or Employees to the Audit Committee under Section 143(12) of the Companies Act2013 details of which needs to be mentioned in the Report.

25. Secretarial Standards of ICSI

Secretarial Standards issued by The Institute of Company Secretaries of India withrespect to Board and general meetings are generally complied by the Company.

26. General Shareholder Information

a) 25th Annual General Meeting

Date Time Venue
September 27 2019 11.00 a.m 421 4th Floor Kailas Plaza Building Vallabh Baug Lane Ghatkopar (East) Mumbai- 400 075.

b) Financial Calendar for the year 2018-2019

Financial year 1st April 2018 to 31st March 2019
Book Closure Dates 20th September 2019 to 27th September 2019 (both days inclusive)

c) Listing of Equity Shares on Stock Exchange and Stock Codes

Listing on Stock Exchange:

BSE Limited (“BSE”)

Phiroze Jeejeebhoy Towers

Dalal Street Mumbai 400 023

SCRIP CODE: 530027

d) Location and time where Annual General Meeting (AGM) for the last 3 years were heldis given below:

Financial Year AGM Date Time Location
2017-18 24th Thursday27 September 2018 12.00 p.m 320/7 Siddhivinayak CHS Hingwala Lane Pant Nagar Ghatkopar (East) Mumbai- 400 075
2016-17 23rd Saturday 23 September 2017 11.00 a.m 320/7 Siddhivinayak CHS Hingwala Lane Pant Nagar Ghatkopar (East) Mumbai- 400 075
2015-16 22nd Thursday29 September 2016 09.30 a.m 320/7 Siddhivinayak CHS Hingwala Lane Pant Nagar Ghatkopar (East) Mumbai- 400 075

e) Shareholding of Directors and Key Managerial Personnel:

For Mr. Rushabh Shah

SN Shareholding of each Directors and each Key Managerial Personnel Shareholding at the beginning of the year Cumulative Shareholding during the Year
No. of shares % of total shares of the company No. of Shares % of total shares of the company
At the beginning of the year 2486429 24.86 2486429 24.86
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): No change
At the end of the year 2486429 24.86 2486429 24.86

f) INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due forpayment

Secured Loans excluding deposits Unsecured Loans Depos its Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 3500000 Nil Nil 3500000
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but notdue Nil Nil Nil Nil
Total (i+ii+iii) 3500000 Nil Nil 3500000
Change in Indebtedness during the financial year
Addition Nil Nil Nil Nil
Reduction Nil Nil Nil
Net Change 3500000 Nil Nil 3500000
Indebtedness at the end of the financial year
i) Principal Amount 3500000 Nil Nil 3500000
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but notdue Nil Nil Nil Nil
Total (i+ii+iii) 3500000 Nil Nil 3500000

I. REMUNERATION OF DIRECTORS AND KEY MANAGERIALPERSONNEL

A. Remuneration to Managing Director Whole-time Directors and/orManager:

S N Particulars of Remuneration Rushabh Shah Total Amount
1 Gross salary Nil Nil
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act 1961 Nil Nil
(b) Value of perquisites u/s 17(2) Income-tax Act 1961 Nil Nil
(c) Profits in lieu of salary under section 17(3) Income- tax Act 1961 Nil Nil
2 Stock Option Nil Nil
3 Sweat Equity Nil Nil
4 Commission Nil Nil
- as % ofprofit
- othersspecify
5 Others please specify Nil Nil
Total (A) Nil Nil
Ceiling as per the Act NA NA

B. Remuneration to other directors:

SN. Particulars of Remuneration Name of Directors Total
Amount
1 Independent Directors
Fee for attendingboard /committee meetings Nil Nil Nil
Commission Nil Nil Nil
Others pleasespecify Nil Nil Nil
Total (1) Nil Nil Nil
2 Other Non-Executive Directors
Fee for attending board committee meetings Nil Nil Nil
Commission Nil Nil Nil
Others pleasespecify Nil Nil Nil
Total (2) Nil Nil Nil
Total (B)=(1+2) Nil Nil Nil
Total Managerial Nil Nil Nil
Remuneration
Overall Ceiling as per the Act NA NA NA

REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD / MANAGER/WTD

Sl. No. Particulars of Remuneration Key Managerial Personnel
Company Secretary CFO Total
1 Gross salary Nil
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act 1961
(b) Value of perquisites u/s 17(2) Income- tax Act 1961
(c) Profits in lieu of salary undersection 17(3) Income-tax Act 1961
2 Stock Option
3 Sweat Equity
4 Commission
- as % of profit
- others specify…
5 Others please specify
Total

PENALTIES / PUNISHMENT/ COMPOUNDING OFOFFENCES:

Type Section of the Companies Act Brief Description Details of Penalty / Punishment/ Compounding fees imposed Authority [RD / NCLT/ COURT] Appeal made if any (give Details)
A. COMPANY
Penalty NONE
Punishment
Compounding
B. DIRECTORS
Penalty NONE
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty NONE
Punishment
Compounding

24. Appreciation

Your Directors would like to express their appreciation for co-operation and assistancereceived from Government authorities financial institutions banks vendors customersshareholders and other business associates during the year under review. The Directorsalso wish to place on record their deep sense of appreciation for the committed servicesby all the employees of the Company

For and on behalf of the Board of Directors of

Aadi Industries Limited

Sd/-

Mr. Rushabh Shah

Managing Director

(DIN: 01944390)

Place: Mumbai

Date: 13th August 2019

Annexure 1

Particulars regarding conservation of energy technology absorption foreign exchangeearnings and outgo

A. Conservation of Energy:-

(i) the steps taken or impact on conservation of energy Saving consumption possible electricity wherever
(ii) the steps taken by the company for utilising alternate sources of energy Nil
(iii) the capital investment on energy conservation equipment Nil
B. Technology absorption:-
(i) the efforts made towards technology absorption; Strive to implement new technologies in the operations of business
(ii) the benefits derived like product improvement cost reduction product development or import substitution; Nil
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- Nil
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed areas whereabsorption has not taken place and the reasons thereof; and
(iv) the expenditure incurred on Research and Development. Nil
C. Foreign exchange earnings and Outgo-
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actualoutflows. Nil

For and on behalf of the Board of Directors of

Aadi Industries Limited

Sd/-

Mr. Rushabh Shah

The Chairman

(DIN: 01944390)

Place: Mumbai

Date: 13th August 2019

.