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DRA Consultants Ltd.

BSE: 540144 Sector: Others
NSE: N.A. ISIN Code: INE746V01016
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NSE 05:30 | 01 Jan DRA Consultants Ltd
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P/E 5.43
Mkt Cap.(Rs cr) 9
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Sell Price 9.55
Sell Qty 2500.00
OPEN 8.20
CLOSE 8.20
VOLUME 2500
52-Week high 12.75
52-Week low 5.33
P/E 5.43
Mkt Cap.(Rs cr) 9
Buy Price 6.75
Buy Qty 5000.00
Sell Price 9.55
Sell Qty 2500.00

DRA Consultants Ltd. (DRACONSULTANTS) - Director Report

Company director report

To

The Members

Your Directors are pleased to present the 10th AnnualReport on the business and operations of the Company and the financial results for theyear ended 31st March 2019.

1. FINANCIAL PERFORMANCE

(Amount in )

PARTICULARS 2018-19 2017-18
Revenue from operations 225875719.45 186374460.36
Other Income 4238906.00 311966.00
Total Expenditure 183521163.73 14385592.51
Finance Charges 1263745.89 1839832.95
Depreciation 6230744.73 4838460.88
Profit before taxation 39100971.10 38999740.02
Tax Expenses 10452041.14 10247525.00
Net Profit 28648929.96 28752333.75

Your Company has seen an overall growth in business. During the F.Y.2018-19 the Company has achieved a turnover of Rs. 22.58 Crs as against the turnover ofRs. 18.63 Crs in the previous year. Net profit for the F.Y. 2018-19 stood at Rs. 2.86 Crsas against Rs. 2.87 Crs. in F.Y. 2017-18.

KEY PROJECTS:

? Project Management consultancy For Implementation of Continuous (24x7) Pressurized Water Supply system in 60% Area of Pimpri-Chinchwad Municipal Corporation.
? Project Management Services for Sourcing of Water from Andra Dam and Bhama Askhed Dam for Pimpri-Chinchwad City
? Project Management Consultancy Services for ABD Area Water Supply and Sewerage Network System Improvement Work Indore Smart City.
? Project Management Consultancy Services for Water Supply and Sewerage Improvement Works including SCADA for Indore Municipal Corporation under AMRUT Yojana Indore PMC.
? Survey on Project for Pollution Abatement of Nag River at Nagpur- The Japan International Corporation Agency (JICA) funded.
? Implementation of 24X7 Water Supply Project for un-interrupted Water Supply and Reduction of Non-Revenue Water / Unaccounted-for Water with Improvement in Level of Services to the Consumers for Nagpur City through PPP.
? Project Management & Construction Supervision for Augmentation to Nagpur City Water Supply Pench-IV Scheme for Nagpur Municipal Corporation A Project Sanctioned under Jawaharlal Nehru National Urban Renewal Mission.
? Improvement and Revamping the existing Water Supply System including Water Audit Consumers Survey GIS Mapping Measures to Reduce Non Revenue Water / Unaccounted-for Water Achievement of Service Level Benchmark and Upgrading the System for Continuous (24X7) Water Supply to the command area of Ahmedabad Municipal Corporation
? Preparation of Detailed Project Report (Pre-Feasibility Report and Transactional Advisory Services) for Funding and O&M of TEJASWANI Electric Buses for Nagpur City through PPP for Urban Transport System of Nagpur Municipal Corporation Traffic Department.
? Project Management Design and Supervision Consulting Services (PMDSC) for Rajasthan Urban Infrastructure Development Project (RUIDP)
? Transaction Advisory Services for Appointment of Private Operator on Performance Based Management Contract basis for Water & Energy Audit for Bulk Water Pumping Station Installation of Smart Water Meter Water Kiosk Instrumentation & SCADA Continuous (24X7) Water Supply in Uthalsar Ward (Pilot Zone) for Water Supply System of Thane Municipal Corporation.
? Implementation services for Selection of Consulting Firm for AMRUT Mission Management Unit (AMMU) for Atal Mission for Rejuvenation and Urban Transformation (AMRUT) in Chhattisgarh for (AMRUT) State Urban Development Agency Naya Raipur.

2. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS

There are no significant material changes and commitments affectingfinancial position of the company between 31st March 2019 and the date ofBoard's Report.

3. CHANGE IN THE NATURE OF BUSINESS IF ANY

The company has not changed the nature of business during the financialyear under review.

4. DIVIDEND

With a view to conserve the resources of the Company Your Directors donot propose to recommend any dividend. These retained earnings can be utilized in futurefor financing expansion programmes and for meeting the fixed or working capital needs ofthe Company.

5. TRANSFER TO RESERVES

Your Company proposes to transfer Rs. 28648929.96/-to the GeneralReserve.

6. MEETINGS:

A. BOARD MEETINGS

During the year Six Board Meetings were held the details are asmentioned below:

DATE OF MEETING TOTAL NO OF DIRECTORS AS ON MEETING ATTENDANCE
1. 26.04.2018 6 5
2. 30.05.2018 6 6
3. 16.08.2018 6 6
4. 14.10.2018 7 6
5. 14.11.2018 6 6
6. 15.02.2019 6 6

B. COMMITTEE MEETINGS:

? AUDIT COMMITTEE MEETINGS

During the year Two Audit Committee Meetings were held the details aregiven as under:

Date of meeting Total no of directors as on meeting Attendance
1 30.05.2018 3 3
2 14.11.2018 3 3

7. COMPOSITION OF COMMITTEES

During the year your directors have constituted following committeesof the Board in accordance with the requirements of the Companies Act 2013. Thecomposition terms of reference and other details of all Board level committees have beenelaborated below:

A. AUDIT COMMITTEE

BRIEF DESCRIPTION AND TERMS OF REFERENCE

The role and terms of reference of the Audit Committee have beenupdated to be in line with Section 177 of the Companies Act 2013 besides other terms asmay be referred by the Board of Directors. The said Committee reviews reports of theStatutory Auditors and Internal Auditors periodically to discuss their findings andsuggestions internal control system scope of audit observations of the auditors andother related matters and reviews major Accounting policies followed by the Company.

COMPOSITION AND MEETING:

Composition of Audit Committee as on 31stMarch 2019:

Name of the Director Status in Committee Nature of Directorship

Number of Meetings held during the Financial Year 2018-19

Held Attended
Mr. Jeetendra Nayak Chairman Independent Director 2 2
Mr. Dinesh Rathi Member Chairman and Managing Director 2 2
Mr. Mahendra Jaypal Member Independent Director 2 2

*Mr. Mahendra Jaypal Independent Director was appointed as the memberof the committee w.e.f 14.10.2018.

Mr. Pravin Chipde ceased to be the member of committee w.e.f14.10.2018

B. NOMINATION AND REMUNERATION COMMITTEE

BRIEF DESCRIPTION AND TERMS OF REFERENCE

The objective of Nomination and Remuneration Committee is to assess theremuneration payable to the Managing Director/Whole Time Directors; sitting fee payable tothe Non-Executive Directors; remuneration policy covering policies on remuneration payableto the senior executives.

COMPOSITION:

Composition of Nomination and Remuneration Committee as on31stMarch2019

Name of the Director Status in Committee Nature of Directorship
Mr. Jeetendra Nayak Chairman Independent Director
Mr. Mahendra Jaypal* Member Independent Director
Mr. Aditya Rathi** Member Non- Executive Director

*Mr. Mahendra Jaypal Independent Director was appointed as the memberof the committee w.e.f 14.10.2018.

**Mr. Aditya Rathi Non- Executive Director was appointed as the memberof the committee w.e.f 14.10.2018.

Mr. Pravin Chipde ceased to be the member of committee w.e.f14.10.2018

During the year on 16th August 2018 NominationandRemuneration Committee Meeting was held.

C. NOMINATION AND REMUNERATION POLICY

The Board of Directors has framed a policy which lays down a frameworkin relation to remuneration of Directors Key Managerial Personnel and Senior Managementof the Company. The policy also lays down criteria for selection and appointment of BoardMembers. The details of this policy are given below:-

Criteria and Qualification for Nomination & Appointment

The Committee shall identify and ascertain the integrityqualification expertise and experience of the person for appointment as Director KMP orat Senior Management level and recommend to the Board his/her appointment.

A person should possess adequate qualification expertise andexperience for the position he/she is considered for appointment. The Committee hasdiscretion to decide whether qualification expertise and experience possessed by a personis sufficient/ satisfactory for the concerned position.

The Company shall not appoint or continue the employment of any personas Whole time Director who has attained the age of seventy years. Provided that the termof the person holding this position may be extended beyond the age of seventy years withthe approval of shareholders by passing a special resolution based on the explanatorystatement annexed to the notice for such motion indicating the justification for extensionof appointment beyond seventy years.

Policy on Remuneration

The Company's Remuneration policy considers human resources as itsinvaluable assets The Remuneration policy for all the employees are designed in a way toattract talented executives and remunerate them fairly and responsibly this being acontinuous ongoing exercise at each level in the organization.

The Remuneration of Directors should be in accordance with theprovisions of the Companies Act 2013 read with Schedule-V of the companies Act 2013 asamended from time to time.

To ensure that the level and components of remuneration is reasonable and sufficient to attract retain and motivate Directors KMP and other employees of the quality required to run the Company successfully.
No director/KMP/other employee are involved in deciding his or her own remuneration.
The trend prevalent in the similar industry nature and size of business are kept in view and given due weight age to arrive at a competitive quantum of remuneration.
It is to be ensured that relationship of remuneration to the performance is clear & meets appropriate performance bench marks which are unambiguously laid down and communicated.
Improved performance should be rewarded by increase in remuneration and suitable authority for value addition in future.
Provisions of all applicable laws with regard to making payment of remuneration to the Board of Directors KMP and Senior Management as maybe applicable from time to time shall be complied.
Whenever there is any deviation from the Policy the justification/reasons should also be indicated/ disclosed adequately.

Managing Director and Executive Directors

The Company remunerates its Managing Director and ExecutiveDirector's by way of salary perquisites and allowances. Remuneration is paid withinthe limits recommended by the Nomination & Remuneration Committee and the Board and asapproved by the shareholders within the stipulated limits of the Companies Act 2013 andthe Rules made thereunder. The remuneration paid to the Managing Director and theExecutive Director's is determined keeping in view the industry benchmark and therelative performance of the Company to the industry performance.

Non-executive Directors

Non-executive Directors are presently not paid any remuneration. YourCompany has not paid any sitting fees for attending the meeting of the Board and itsCommittees as per the provisions of the Companies Act 2013 and the rules made thereunder.The Company however reimburses the expenses incurred by the Non Executive Directors toattend the meetings.

Key Managerial Personnel and other senior employees

The remuneration of KMP and other employees largely consists of basicsalary perquisites and allowances. Perquisites and retirement benefits are paidaccording to the Company policy. The components of the total remuneration vary fordifferent grades and are governed by the industry pattern qualification &experience/merits performance of each employee. The Company while deciding theremuneration package takes into consideration current employment scenario and remunerationpackage of the industry and its peer group.

D. STAKEHOLDER'S RELATIONSHIPCOMMITTEE

BRIEF DESCRIPTION AND TERMS OF REFERENCE

The Board has delegated the powers to a committee to approvetransfer/transmission of shares considering and resolving the grievances to oversee theperformance of the Registrar & Share Transfer Agent Oversee the implementation andcompliance of the Code of Conduct adopted by the Company for prevention of Insider Tradingand to attend all other matters related thereto:

COMPOSITION:

Composition of Stakeholder's Relationship Committee as on 31stMarch 2019:

Name of the Director Status in Committee Nature of Directorship
Mr. Jeetendra Nayak Chairman Independent Director
Mr. Mahendra Jaypal* Member Independent Director
Ms. Aditya Rathi** Member Non- Executive Director

*Mr. Mahendra Jaypal Independent Director was appointed as the memberof the committee w.e.f 14.10.2018. **Mr. Aditya Rathi Non- Executive Director wasappointed as the member of the committee w.e.f 14.10.2018. Mr. Pravin Chipde ceased to bethe member of committee w.e.f 14.10.2018

E. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

The company has not crossed the threshold limit as prescribed undersection 135 of the Companies Act 2013 hence has not been constituted the CorporateSocial Responsibility Committee for the year.

8. DIRECTORS AND KEY MANAGERIAL PERSONS:

A. COMPOSITION OF THE BOARD:

Name of the Director> Designation Appointment Resignation
1. Mr. Dinesh Chhaganlal Rathi Managing Director 05.05.2009
2. Mrs. Uma Dinesh Rathi Executive Director 05.05.2009
3. Ms. Siddhi Dinesh Rathi Executive Director 25.08.2016
4. Mr. Jeetendra Chandrakant Nayak Independent Director 25.06.2016
5. Mr. Mahendra Jaypal Independent Director 16.08.2018
6. Mr. Aditya Dinesh Rathi Non Executive Director 12.12.2017
7. Mr. Pravin Dattatraya Chipde Independent Director 25.08.2016 15.10.2018

-Retirement by Rotation

Pursuant to provisions of the Companies Act 2013 Ms. Siddhi DineshRathi (DIN:07041816) Director will retire at the ensuing Annual General Meeting and beingeligible offers herself for re-appointment. The Board recommends her re-appointment.

B. COMPOSITION OF KEY MANAGERIAL PERSONNEL

The details of the Key Managerial personnel of the Company are astabled below:

Key Managerial personnel Designation Appointment Resignation
1 Ms. Ankita N Daga Company Secretary 04.07.2016
2 Ms. Satya Iyer Chief Financial Office 16.10.2018
3 Mr. Abhijeet Sharma Chief Financial Office 02.05.2018 10.10.2018

9. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Company has received declarations from all the IndependentDirectors of the Company as per the provisions of Section 149 subsection (7) of theCompanies Act 2013 confirming that they meet the criteria of independence as prescribedboth under Section 149 sub-section (6) of the Companies Act 2013 read with the Rule 4 ofCompanies (Appointment and Qualification of Directors) Rule 2014 and the SEBI (ListingObligations and Disclosures Requirement) Regulations 2015.

10. RELATED PARTY TRANSACTIONS

All transactions entered into with related parties as defined under theCompanies Act 2013 during the financial year were in the ordinary course of business andon an arm's length pricing basis and do not attract the provisions of Section 188 ofthe Companies Act 2013. There were no materially significant transactions with therelated parties during the financial year which were in conflict with the interest of theCompany and hence enclosing of Form AOC-2 is not required. Suitable disclosure asrequired by the Accounting Standard (AS 18) has been made in the notes to the FinancialStatements.

11. CHANGES IN SHARE CAPITAL

There was no Change in the Share Capital structure of the Company. TheShare Capital structure at March 31 2019 stood as mentioned below:

PARTICULARS NO. OF SHARES SHARE CAPITAL (IN RS.)
Authorised Share Capital 12000000 Rs. 120000000.00/-
Paid up Share Capital 10970000 Rs. 109700000.00/-

12. VIGIL MECHANISM

In order to ensure that the activities of the Company and its employeesare conducted in a fair and transparent manner by adoption of highest standards ofprofessionalism honesty integrity and ethical behavior the Company has adopted a Vigilmechanism/Whistle Blower Policy.

The Vigil (Whistle Blower) Mechanism aims to provide a channel to theDirectors and employees to report genuine concerns about unethical behavior actual orsuspected fraud or violation of the Code of Conduct policy.

The Company is committed to adhere to the highest standards of ethicalmoral and legal conduct of business operations and in order to maintain these standardsthe Company encourages its employees who have genuine concerns about suspected misconductto come forward and express these concerns without fear of punishment or unfair treatment.

The mechanism provides for adequate safe-guards against victimizationof Directors and employees to avail of the mechanism and also provide for direct access tothe Chairman of the Audit Committee in exceptional cases. This neither releases employeesfrom their duty of confidentiality in the course of their work nor can it be used as aroute for raising malicious or unfounded allegations about a personal situation.

13. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (5) of the Companies Act 2013 the Directorsconfirm that: a) in the preparation of the annual accounts for the year ended 31st March2019 the applicable accounting standards had been followed along with proper explanationrelating to material departures;

b) the Directors have selected such accounting policies and appliedthem consistently and made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the company at the end of thefinancial year 31st March 2019 and of the loss of the company for that period.

c) the Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

d) the Directors have prepared the annual accounts for the period ended31st March 2019 on a going concern basis.

e) the Directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.

14. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

Your Company has no subsidiaries joint ventures and associatecompanies during the year.

15. EXTRACT OF ANNUAL RETURN

As required pursuant to section 92(3) of the Companies Act 2013 andrule 12(1) of the Companies (Management and Administration) Rules 2014 an extract ofannual return in Form MGT-9 as a part of this Annual Report is in "ANNEXUREI".

16. PARTICULARS OF EMPLOYEES

The details pursuant to Section 197 (12) of the Companies Act 2013read with Rule 5 (1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is enclosed as ANNEXURE II.

Further during the year under review none of the employees wereentitled to receive remuneration exceeding the prescribed limit set under Rule 5 (2) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

17. REGISTRAR AND TRANSFER AGENT

The Board had appointed M/s. Bigshare Services Private Limited asRegistrar and Transfer Agent (RTA) at their meeting held on 25th August 2016.The Company's Registrar & Share Transfer Agents M/s. Big Share Services PrivateLimited is fully equipped to carry out the transfers of shares and redress Investorcomplaints.

18. AUDITORS

A. STATUTORY AUDITORS:

M/s Amit Gharlute & Co. Chartered Accountants Nagpur wereappointed as Statutory Auditors of your Company in the Annual General Meeting (AGM) heldon 02nd July 2016 for a term of 5 (Five) consecutive years to hold office tillthe conclusion of the 12th Annual General Meeting of the Company to be held inthe Calendar year 2021 subject to the ratification of their appointment at every AGM. Asper the provisions of Section 139 of the Companies Act 2013 the appointment of Auditorsis required to be ratified by Members at every AGM.

AUDITOR'S REPORT:

The Report given by the Auditors on the financial statements of theCompany is part of the Annual Report. There is no qualification reservation adverseremark or disclaimer given by the Auditors in their Report. However the Report isself-explanatory and does not require any comments or clarification.

B. SECRETARIAL AUDITOR

The Board has appointed M/s. Kunal Dutt & Associates PracticingCompany Secretaries to conduct Secretarial Audit of the Company for the financial yearended 31st March 2019 in compliance with the provisions of Section 204 of theCompanies Act 2013.

The report of the Secretarial Audit Report in Form MR-3 is enclosed as"ANNEXURE III" to this Report.

C. INTERNAL AUDITOR

In accordance with the provisions of Section 138 of the Act and rulesmade thereunder the Board of Directors of the Company has appointed M/s K N D &Associates Chartered Accountant as an Internal Auditor to conduct the Internal Audit ofthe Company.

The Board has re-appointed M/s K N D & Associates CharteredAccountant (FRN: 112180W) as Internal Auditor to conduct the Internal audit of yourCompany for the financial year 2019-20.

19. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNING AND OUTGO

Particulars of Energy Conservation Technology Absorption and ForeignExchange Earnings and Outgo required under the Rule 8 of the Companies (Accounts) Rules2014 is annexed and marked "ANNEXURE IV" and forms part of this Report.

20. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS:

The Company has effective ‘internal financial controls' thatensure an orderly and efficient conduct of its business including adherence toCompany's policies safeguarding of its assets prevention and detection of fraudsand errors accuracy and completeness of the accounting records and timely preparation ofreliable financial information.

21. THE DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORSOR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS INFUTURE

No significant or material orders were passed by the regulators orcourts or tribunals impacting the going concern status and company's operations in futureduring the year under review.

22. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIALPOSITION OF THE COMPANY

There were no material changes and commitments in the businessoperations of the Company from the Financial Year ended 31st March 2019 to thedate of signing of the Director's Report.

23. PARTICULARS OF LOANS GIVEN INVESTMENT MADE GUARANTEES GIVEN ANDSECURITIES PROVIDED:

Your Company has not given any loan or guarantee to any person or bodycorporate nor invested in anybody corporate during the Financial Year under reviewpursuant to Section 186 of Companies Act 2013.

24. RISK MANAGEMENT

The Board has formally adopted steps for framing implementing andmonitoring the risk management plan for the Company by way of Risk Management Policy. TheBoard is very vigilant in working and also have proper internal control systems tominimize the operational and business risk. Company also encourages Whistle Blower systemin the company.

25. FORMAL ANNUAL EVALUATION

Your Company has devised a Policy for selection of Directorsdetermining independence of Directors and for performance evaluation of IndependentDirectors Board Committees and other individual Directors which include criteria forperformance evaluation of the non-executive directors and executive directors.

26. DECLARATION WITH THE COMPLIANCE WITH THE CODE OF CONDUCT BY MEMBERSOF THE BOARD AND SENIOR MANAGEMENT PERSONNEL

The Company has complied with the requirements about code of conductfor Board members and Sr. Management Personnel.

27. MECHANISM FOR BOARD EVALUATION

SEBI (LODR) Regulations 2015 states that the board shall monitor andreview the board evaluation framework. The Companies Act 2013 states that a formal annualevaluation needs to be made by the Board of its own performance and that of its committeesand individual directors. The Schedule IV of the Companies act 2013 states that theperformance evaluation of the independent directors shall be done by the entire Board ofDirectors excluding the Director being evaluated.

The Directors evaluation was broadly based on the parameters such asunderstanding of the Company's vision and objective skills knowledge andexperience participation and attendance in Board/ Committee meetings; governance andcontribution to strategy; interpersonal skills etc. The Board has carried out the annualperformance evaluation of its own performance the Directors individually as well asevaluation of the working of its Board Committees. A meeting of the Independent Directorswas also held which reviewed the performance of Non Independent Directors Chairman andthe quality quantity and time lines of flow of information between the Company managementand Board.

28. CORPORATE GOVERNANCE

Since the Company has listed its securities on SME platform of BSELimited during the year under review the provisions of Corporate Governance as specifiedin regulations of SEBI (LODR) Regulation 2015 are not applicable to the Company for thefinancial year ended 31st March 2019.

29. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013 (SHWWA):

Your Company is committed to providing a work environment that isprofessional and mature free from animosity and one that reinforces the value ofintegrity that includes respect for the individual. The Company has always believed inproviding a safe and harassment free workplace for every individual working in theCompany's premises through various interventions and practices. The Company alwaysendeavors to create and provide an environment that is free from discrimination andharassment including sexual harassment. All employees are treated with dignity with a viewto maintain a work environment free of sexual harassment whether physical verbal orpsychological. The Policy aims to develop a harmonious and productive working environmentfree from sexual harassment. The Company also ensures all allegations of sexual harassmentare investigated and dealt with effectively and appropriately.

30. SECRETARIAL STANDARDS

Your company has complied with the Secretarial Standards issued by theInstitute of Company Secretaries of India.

GENERAL

Your Directors state that no disclosure or reporting is required inrespect of the following items as there were no transactions on these items during theyear under review:

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

2. Issue of equity shares with differential rights as to dividendvoting or otherwise.

3. Issue of shares (including sweat equity shares) to employees of theCompany under any scheme save and except ESOS referred to in this Report

4. Neither the Managing Director nor the Whole-time Directors of theCompany receive any remuneration or commission from any of its subsidiaries as the companyhas no subsidiaries.

5. No significant or material orders were passed by the Regulators orCourts or Tribunals which impact the going concern status and Company's operations infuture.

ACKNOWLEDGMENT

The Board of Directors are pleased to place on record theirappreciation of the co-operation and support extended by ICICI Bank Limited various Stateand Central Government agencies Stock Exchange and other Agencies. The Board would liketo thank the Company's shareholders Customers Service providers for the support andthe confidence which they have reposed in its management. The Board also wishes to placeon record its highest appreciation of the valuable services rendered by all the employeesof the Company.

For and on behalf of the Board of Directors
For DRA Consultants Limited
Sd/- Sd/-
Dinesh Rathi Uma Rathi
Place : Nagpur (Managing Director) (Executive Director)
Date : 19th August 2019 (DIN : 01516715) (DIN : 02578611)