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Aananda Lakshmi Spinning Mills Ltd.

BSE: 539096 Sector: Industrials
NSE: N.A. ISIN Code: INE197R01010
BSE 00:00 | 27 May 9.76 0.03
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NSE 05:30 | 01 Jan Aananda Lakshmi Spinning Mills Ltd
OPEN 9.55
PREVIOUS CLOSE 9.73
VOLUME 1362
52-Week high 15.39
52-Week low 2.83
P/E 2.71
Mkt Cap.(Rs cr) 3
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Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.55
CLOSE 9.73
VOLUME 1362
52-Week high 15.39
52-Week low 2.83
P/E 2.71
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aananda Lakshmi Spinning Mills Ltd. (AANANDALAKSHMI) - Director Report

Company director report

To

The Members

aananda lakshmi spinning mills limited

We have pleasure in presenting the 7th Director Report on the business and operationsof Company and Financial Results for the year ended 31st March 2020.

I. state of affairs & financial performance

Rs. In lakhs

2019-2020 2018-2019
Turnover Revenue 997.50 323.50
Gross Profit before financial charges & depreciation (239.90) (47.71)
Less: Depreciation 123.57 I27.34
Financial charges 241.36 65.24
Exceptional items 540.27 -
Profit / (Loss) before taxation (604.83) (240.29)
Tax expenses - -
Profit / (Loss) after taxation (64.56) (240.29)

2. operations

During the year under review the company achieved total turnover of Rs.997.50 Lakhswhich is higher than that of the previous year. The operations in the year have ended in aloss of Rs.64.56 Lakhs as against loss of Rs. 240.29 Lakhs in previous year.

The Company's operations were good during the year therefore higher turnover isrecorded in the current year then compared to last year and the same is expected toimprove in future.

3. IMPACT OF COVID-19 ON BUSINESS

In March 2020 i.e. the last month of FY 2020 the COVID-I9 pandemic developed rapidlyinto a global crisis forcing governments to enforce lock-downs of all economic activity.For the Company the focus immediately shifted to ensuring the health and wellbeing of allemployees and ensuing business continuity. Implementation of adequate policies andprocedures to enable ‘work from home' for employees to work remotely and securely andensure Business Continuity Plan. Given that employee safety and government directivesoperations at all the plants of the company. The operations have since been resumed at allthe plants in the month of May/June 2020 following guidelines of the governmentauthorities though capacity utilizations remain low. Your Company has taken measures tomaintain adequate financial liquidity and to ensure availability of raw materials andneeded resources for sustained operations.

4. CHANGE IN the NATURE OF BUSINESS IF ANY:

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

5. CHANGE IN SHARE CAPITAL

There is no change in Share Capital of the company during the year under review.

6. revision of annual financial statements

There was no case of revision in financial statement during the year.

7. RESERVES

Your Directors do not propose to carry any amount to General Reserve Account as theCompany has incurred losses during the financial year.

8. DIVIDEND

in view of losses incurred by the Company during the year under review the Board isunable to recommend dividend.

9. future outlook

The Company future outlook is challenging in future in view of change in operations andshortage of working capital funds.

10. material changes and commitments after the end of financial year

Company has decided to the temporary closure of its Spinning divisions at its unitssituated at Bhongir Nalgonda District Telangana w.e.f 22nd September 2020 due tofinancial crisis facing by the Company.

11. corporate governance

The report on Corporate Governance is not being enclosed to this report in view of therelaxation under regulation 15(2) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

12. management discussion and analysis report

Management's Discussion and Analysis Report for the year under review as stipulatedunder Regulation 34 read with Schedule V of SEBI (Listing Obligations and DisclosureRequirements) 2015 is presented in a separate section forming part of the Annual Reportas Annexure - IV.

13. environment and pollution control

The manufacturing facility has obtained environmental clearance from the PollutionControl Board concerned and is in compliance with all current environmental legislation.As an integral part of its environment protection drive the Company ensures the veryminimum quantity of generation of waste low emission levels and low noise pollutionlevels during operations of its manufacturing facility.

14. listing at stock exchange

The Equity shares of the Company are listed on Bombay Stock Exchange Limited Mumbaiand the Listing Fee for the year 2019-20 has been duly paid.

is. environment and pollution control

The manufacturing facilities have obtained environmental clearance from the PollutionControl Board concerned and are in compliance with all current environmental legislation.As an integral part of its environment protection drive the Company ensures the veryminimum quantity of generation of waste low emission levels and low noise pollutionlevels during operations of all manufacturing facilities.

16. depository system

Your Company's shares are tradable compulsorily in electronic form and your Company hasconnectivity with both the Depositories i.e. National Securities Depository Limited (NSDL)and Central Depository Service (India) Limited (CDSL). As per the SEBI (ListingObligations & Disclosure Requirements) (Fourth Amendment) Regulations 2018 videGazette notification dated June 8 2018 & 30th November 2018 mandated that Sharetransfer shall be mandatorily carried out in dematerialized form only w.e.f. from April I2019. in view of the numerous advantages offered by the Depository System members arerequested to avail the facility of Dematerialization of the Company's shares on either ofthe Depositories mentioned as aforesaid.

17. directors and key managerial personnel

a. retirement by rotation

Pursuant provision of Section I52 of the Companies Act 2013 Sri Jetender KumarAgarwal (DIN 0004I946.) Director will retire at the ensuing Annual General Meeting andbeing eligible offers himself for re-appointment. The Board recommends hisre-appointment.

b. appointment

> Mr. Devender Kumar Agarwal was re-appointed as the Managing Director of theCompany for further period of three years at the Board meeting held on 31st July 2020subject to the approval of members at the ensuing

Annual General Meeting. Board of Directors recommends the above re-appointment andbrief profile of Mr. Devender Kumar Agarwal is given in the report.

> The necessary Resolution for obtaining the approval of Members for there-appointment of Mrs. Sushma Gupta as independent Director for a second term of 5consecutive years commencing from 29.09.2020 to 28.09.2025 have also been included in thenotice for the ensuing Annual General Meeting. The Board recommends her re-appointment forthe consideration of the Members of the Company at the ensuing Annual General Meeting.

> Mr. Manish Gupta was appointed as an Additional Director w.e.f 30.09.2019 underIndependent Director Category who shall hold office till the date of this Annual GeneralMeeting. Approval of the shareholders is being requested by the Board for the appointmentof Mr. Manish Gupta as Independent Non-Executive Director in the Board at the ensuingAnnual General Meeting. In terms of the Companies Act 2013 Mr. Manish Gupta is proposedto be appointed as independent Director for a term of 5 years not liable for retirementby rotation.

> After Closure of Financial Year on the recommendation of the Nomination andRemuneration Committee the Board of Directors in their meeting held on 28 September 2020appointed Mr. Uttam Gupta (DIN:088834II) as an Additional Director w.e.f 28.09.2020 underIndependent Director Category who shall hold office till the date of this Annual GeneralMeeting. Approval of the shareholders is being requested by the Board for the appointmentof Mr. Uttam Gupta as Independent Non-Executive Director in the Board at the ensuingAnnual General Meeting. In terms of the Companies Act 20I3 Mr. Uttam Gupta is proposed tobe appointed as independent Director for a term of 5 years not liable for retirement byrotation.

c. resignation

Mr. Surender Kumar Agarwal was appointed as an Additional Director w.e.f 30.09.20I9under category of Independent Director who shall hold office till the date of this AnnualGeneral Meeting. But due to personal and unavoidable circumstances Mr. Surender KumarAgarwal file his Resignation from the post of Additional Director under category ofIndependent Director of the Company w.e.f 28th July 2020 and Board of Directors acceptsthe same..

d. evaluation of the board's performance

In compliance with the Companies Act 2013 and as per the Listing Regulations theperformance evaluation of the Board and of its Committee was carried out during the yearunder review.

The Directors evaluation was broadly based on the parameters such as understanding ofthe Company's vision and objective skills knowledge and experience participation andattendance in Board/ Committee meetings; governance and contribution to strategy;interpersonal skills etc.

The Board has carried out the annual performance evaluation of its own performance theDirectors individually as well as evaluation of the working of its Board Committees. Astructured questionnaire was prepared covering various aspects of the Board's functioningsuch as adequacy of the composition of the Board and its Committees Board Cultureexecution and performance of specific duties obligations and governance.

A meeting of the Independent Directors was also held which reviewed performance ofnon-independent directors performance of the board as a whole and performance of thechairman after taking in to account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent directors at which the performance of the board its committees andindividual directors was also discussed. Performance evaluation of independent directorswas done by the entire board excluding the independent director being evaluated.

e. declaration by independent directors

All Independent Directors of your Company have given a declaration pursuant to Section149(7) of the Companies Act 2013 and Regulation 25(8) SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 affirming compliance to the criteria ofIndependence as laid down under Section 149(6) of the Companies Act 2013 and Regulation16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Based on the declaration(s) of Independent Directors the Board of Directors recordedits opinion that all

Independent Directors are independent of the Management and have fulfilled theconditions as specified in the Companies Act 2013 and the Rules made there under.

Independent Directors not liable to retire by rotation in terms of Section 149( 13) ofthe Act.

f. familiarization programme for independent directors

The Company has formulated a familiarization program for independent Directors toprovide insights into the Company's manufacturing marketing finance and other importantaspects to enable the Independent Directors to understand its business in depth andcontribute significantly to the Company. The details of such program are available on theCompany's website (www.aanandalakshmi.com)

G. key managerial personnel:

Pursuant to the Section 203 of the Companies Act 2013 read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014. The Key ManagerialPersonnel of the Company as on March 312020 are:

• Mr. Devender Kumar Agarwal Managing Director & Chief Financial Officer

• Ms. Rozie Mukharjee Company Secretary & Compliance Officer

h. disqualifications of directors

During the year declarations received from the Directors of the Company pursuant toSection 164 of the Companies Act 2013. The Board appraised the same and found that noneof the director is disqualified for holding office as director.

Further the Certificate from Practicing Company Secretary has been obtained whocertified that none of the directors of the company disqualified for holding office asdirector of the Company is enclosed with this Board Report.

18. board and their committees

i. board of directors

a) Composition and Number of Board Meetings:

As on 31 stMarch 2020 the Company's Board of Directors comprises 5 (Five) Directors.Of these 2 (two) are Promoter Directors and 3 (three) are independent Directors. TheChairman is Executive Director.

The Board of Directors of the Company met Eleven (I I) times during the year i.e on30.05.2019

14.08.2019 30.09.2019 21.10.2019 28.10.2019 06.I 1.2019 14.I 1.2019 07.01.202010.02.2020

14.02.2020 20.03.2020 The intervening gap between any two meetings was not more thanI20 days as prescribed under the Act.

(* Resignation of Sri Surender Kumar Agarwal from independent Director post w.e.f28.07.2020 and Appointment of Sri Uttam Gupta as an Additional independent Director in theCompany's Board of Directors w.e.f28.09.2020)

b) Disclosure of relationships between directors inter-se:

Except for Sri Devender Kumar Agarwal and Sir Jeetender Kumar Agarwal being brothersthere is no inter-se relationship between other Board Members.

2. audit committee

The Audit Committee comprises of Sri Surender Kumar Agarwal (Chairman) upto 28.07.2020Sri Manish Gupta Sri Devender Kumar Agarwal and Sri Uttam Gupta w.e.f 28.09.2020 as othermembers. All the recommendations made by the Audit Committee were accepted by the Board.

During the financial year ended March 31 2020 - Five (5) times Audit CommitteeMeetings were held on 30.05.20I9 I4.08.20I9 I4.II.20I9 I0.02.2020 and I4.02.2020.

(* Mr. Surender Kumar Agarwal resigned & ceased to be member of the committeew.e.f28.07.2020 and Mr. Uttam Gupta appointed as an Additional independent Director andmember of the Audit Committee w.e.f28.09.2020.)

3. nomination & remuneration committee

The Nomination & Remuneration Committee comprises of Sri Surender Kumar Agarwal(Chairman) upto 28.07.2020 Sri Manish Gupta Smt. Sushma Gupta and Sri Uttam Gupta w.e.f28.09.2020 as other members. All the recommendations made by the Nomination &Remuneration Committee were accepted by the Board.

During the financial year ended March 31 2020 - Three (3) times Nomination &Remuneration Committee Meetings were held on 30.05.2019 30.09.2019 and 14.02.2020.

(* Mr. Surender Kumar Agarwal resigned & ceased to be member of the committeew.e.f28.07.2020 and Mr. Uttam Gupta appointed as an Additional Independent Director andmember of the Nomination & Remuneration Committee w.e.f28.09.2020.)

4. stakeholders' relationship committee

Your company has constituted a Stakeholders' Relationship Committee to specificallylook into the mechanism of redressal of grievances of shareholders and other securityholders.

The Stakeholders Relationship Committee comprises of Sri Manish Gupta Sri SurenderKumar Agarwal upto 28.07.2020 Sri Devender Kumar Agarwal and Sri Uttam Gupta w.e.f28.09.2020.

Sri Manish Gupta (Chairman) is the Non-Executive Director heading the Committee.

Details of the complaint received and redressed during the year under review are asfollows:

l No. of Complaints received for the 4th Quarter NIL
2 No. of Complaints received for the Year ended 3lst March 2020 NIL
3 Number not solved to the satisfaction of shareholders NIL
4 Number of pending complaints NIL

(* Mr. Surender Kumar Agarwal resigned & ceased to be member of the committeew.e.f28.07.2020 and Mr. Uttam Gupta appointed as an Additional Independent Director andmember of the Stakeholders' Relationship Committee w.e.f28.09.2020.)

5. separate meeting of independent director:

During the year under review a separate meeting of Independent Directors was held on05.02.2019 &

14.02.2020.

19. nomination and remuneration policy

The Board on the recommendation of the Nomination & Remuneration Committee framed apolicy for selection and appointment of Directors Senior Management and theirremuneration as required under Sec 178 of the Companies Act 2013 and Regulation 19(4)read with Schedule II of the SEBI (Listing Obligations and Disclosures Requirements)Regulations 2015.

20. other management polices

The following policies are placed in company's website athttp://www.aanandalakshmi.com/

• Policy for determination of materiality

• Policy on code of conduct

• Policy on Code of Fair disclosure

• RPT Policy

21. auditors & auditors' report a. statutory auditors

M/s K.S.Rao & Co. Chartered Accountants Hyderabad (ICAI Firm Regn. No.003l09S)were appointed as Statutory Auditors in the AGM held on 29th September 2017 for a periodof 5 years until the conclusion of 9th AGM.

The Company has received a certificate from the auditors confirming that theirappointment is in accordance with Section 139 read with Section 141 of the Act.

Ministry of Corporate Affairs vide its notification dated May 7 2018 has done awaywith the requirement of seeking ratification of appointment of statutory auditors bymembers at each AGM. Accordingly no such item has been considered in notice of the07thAGM.

Explanation to Auditor's Remark

Following are the replies / clarifications in respect of the observations made by thestatutory auditor in their audit report.

• The management is of the considered opinion that the interest provided towardsdues payable to Andhra Bank toward One time settlement scheme or compromise proposal whichthe company has entered with Andhra Bank due to Covid-19 the company could not make 100%payment on or before 31.03.2020. The Company has already made a representation to the bankfor extending the period of One time settlement upto

31.03.2021. The company has provided interest of Rs.141.47 Lakhs upto 31.03.2020. TheCompany has not provided interest of Rs.522.46 Lakhs towards interest on outstanding loanssince the account become NPA. The management is confident it will complete the compromiseproposal / one time Settlement entered with Andhra Bank would be amicably completed. Incase the One time settlement is not completed then the bank has the liberty to recover theinterest on the original sanction / disbursed loans.

• The Company has always done any transaction with related parties at arm's lengthbasis. The Company has undertaken similar job work with third parties where the companyhas no relation in whatsoever it may be. While doing similar transactions with relatedparties or associate companies of the group the company has taken similar prices which thecompany has been doing with any third parties whenever such rates could not be arrived at.The management has taken quotations from 3rd parties before taking up any such transactionwith related or associate companies.

With reference to the observation made under the head "Evaluation of uncertain taxpositions the note no. 40 disclosing the contingent liabilities is self explanatory.

With reference to auditors' observations on note No. 40(d)4344& 46 to thefinancial statements the Board considers the note itself is self-explanatory.

Reporting of fraud by Statutory Auditors

There was no fraud in the Company which was required to be reported by statutoryauditors of the Company under sub-section (12) of section 143 of Companies Act 2013.

b. secretarial auditor

During the year the Company has appointed M/s Yellapragada and Associates PracticingCompany Secretaries as Secretarial Auditor in compliance with the provision of Section 204of the Companies Act 2013 and Rule 9 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 20l4.The Secretarial Audit report in form MR-3 for thefinancial year ended 31st March 2020 is annexed herewith as Annexure I to this Report.

Qualifications/Remarks Replies
The Company was Suspend by the BSE for non-payment of Fee for period as per the CircularLIST/COMP/OPS/ 16 /2019-2020 The Company has paid BSE Annual Listing Fees for FY 2019-20

c. internal auditor

In compliance with the provisions of Section 138 of the Act read with Rule l3(l)(a) ofCompanies (Accounts) Rules 2014. The Board of Directors of the Company has appointed M/s.SLR & Associates Chartered Accountant as Internal Auditors to conduct Internal Auditof the Company for the Financial Year ended 3lst March 2020.

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 I34(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;

(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 that period;

(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;

(e) 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

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

23. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of business. There are no materiallysignificant related party transactions made by the Company with Promoters Directors KeyManagerial Personnel or other designated persons which may have a potential conflict withthe interest of the Company at large. Thus disclosure in Form AOC-2 is not required.

All Related Party transaction are presented to the Audit Committee and the board.Omnibus approval is obtained for the transactions which are foreseeable and repetitive innature. A Statement of all related party transactions is presented before the AuditCommittee and the Board on a quarterly basis specifying the nature value and terms andconditions of the transactions. The Policy on materiality of related party transactions asapproved by the Board may be accessed on the Company's website athttp://www.aanandalakshmi.com/policy-policy.html

Your Directors draw attention of the members to Note 37 to the financial statementwhich sets out related party disclosures.

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

The particulars relating to conservation of energy technology absorption foreignexchange earnings and outgo required to be given pursuant to the provision of Section 134of the Companies Act 2013 read with the Companies (Account) Rules 2014 is annexed heretoand marked Annexure II and forms part of this Report.

25. INTERNAL FINANCIAL CONTROLS

The Company has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial information.

The Company has in place adequate internal financial controls with reference tofinancial statements. The Company's internal control systems including internal financialcontrols are commensurate with the nature of its business and the size and complexity ofits operations and the same are adequate and operating effectively. These systems areperiodically tested and no reportable material weakness in the design or operation wasobserved. The Audit Committee reviews adequacy and effectiveness of the Company's internalcontrol system including internal financial controls.

26. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The information required pursuant to Section 197(12) of Companies Act 2013 read withRule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of the employees of the Company will be provided uponrequest. In terms of Section 136 of the Act the Report and Accounts are being sent to themembers and others entitled thereto excluding the information on employees' particularswhich is available for inspection by the members at the Registered Office of the Companyduring business hours on working days of the Company upto the date of the ensuing AnnualGeneral Meeting. If any member is interested in obtaining a copy thereof such member maywrite to the Company Secretary in this regard.

27. POLICY ON SEXUAL HARASSMENT:

The Company has in place a policy on Prevention of Sexual Harassment of Employees atworkplace in accordance with The Sexual harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. Internal Compliant Committee has been set to redresscomplaints received regarding sexual harassment.

During the year under review the Company has not received any complaints pertaining tosexual harassment.

28. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:

The Company has not made any loan given guarantee or provided security pursuant to theprovisions of Section 186 of Companies Act 2013.

29. DISCLOSURES:

A. EXTRACT OF ANNUAL RETURN

The extract of the Annual Return of the Company as on 31st March 2020 in Form MGT-9 inaccordance with Section 92(3) Section I34(3)(a) of the Companies Act 2013 read withCompanies (Management and Administration) Rules 20I4 is annexed herewith as Annexure IIIto this Report which can be from accessed http://www.aanandalakshmi.com/financials

B. Vigil Mechanism

The Company has a ‘Whistle Blower Policy'/Vigil Mechanism' in place. The objectiveof the Vigil Mechanism is to provide the employees Directors customers contractors andother stakeholders of the Company an impartial and fair avenue to raise concerns and seektheir redressal in line with the Company's commitment to the highest possible standardsof ethical moral and legal business conduct and fair dealings with all its stakeholdersand constituents and its commitment to open communication channels. The Company is alsocommitted to provide requisite safeguards for the protection of the persons who raise suchconcerns from reprisals or victimization for whistle blowing in good faith. The Board ofDirectors affirms and confirms that no personnel have been denied access to the AuditCommittee. The Policy contains the provision for direct access to the Chairman of theAudit Committee in appropriate or exceptional cases..

The Policy on vigil mechanism cum Whistle Blower may be accessed on the Company'swebsite at the link: http://www.aanandalakshmi.com there were no complaints receivedduring the year 20I9-20.

C. Risk Management

The Company recognizes that risk is an integral and unavoidable component of businessand is committed to managing the risk in a proactive and efficient manner. The Company aspart of business strategy has in place a mechanism to identify assess monitor risks andmitigate various risks with timely action.

30. compliance of secretarial standard

The Company has complied with all the applicable Secretarial Standards issued by TheInstitute of Company Secretaries of India and notified by the Central Government.

31. GENERAL

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

a. Details relating to deposits covered under Chapter V of the Act.

b. The Company has no subsidiaries joint ventures or associate companies.

c. The Company is not required to maintain cost records under Section 148(1) of theCompanies Act 2013.

d. During the year under review the Company has not given loan to any employee forpurchase of its own shares as per section 67(3) (c) of Companies Act 2013.

e. The Company has not issued shares under employee's stock options scheme pursuant toprovisions of Section 62 read with Rule 12 of Companies (Share Capital and Debenture)Rules 2014.

f. The Company has not issued sweat equity shares pursuant to provisions of Section 54read with Rule 8 of Companies (Share Capital and Debenture) Rules 2014 & SEBI (issueof sweat equity) Regulations 2002 during the Financial Year.

g. The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI(Listing Obligations & Disclosure Requirements) Regulations 2015 is not applicableto your Company for the financial year ending March 312020.

h. No significant or material orders were passed by the Regulators or Courts orTribunals which impact the going concern status and Company's operations in future.

i. Details in respect of frauds reported by the Auditors under section 143(12) otherthan those which are reportable to the Central Government as there were no such fraudsreported by the Auditors.

32. ACKNOWLEDGEMENTS:

The Board of Directors are pleased to place on record their appreciation of theco-operation and support extended by All Financial Institutions Banks and various Stateand Central Government Agencies.

The Board would also like to thank the Company's shareholders customers suppliers forthe support and the confidence which they have reposed in the management. The Board placeon record its appreciation of the contribution made by the employees at all levels fortheir hard work solidarity co-operation and support.

By order of the Board
For Aananda Lakshmi Spinning Mills Limited
D.K.Agarwal
Managing Director
DIN: 00042156
Place: Secunderabad Manish Gupta
Date: 28.09.2020 Director
DIN: 00526638

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