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JSG Leasing Ltd.

BSE: 542866 Sector: Financials
NSE: N.A. ISIN Code: INE317W01014
BSE 00:00 | 13 May 42.85 0
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NSE 05:30 | 01 Jan JSG Leasing Ltd
OPEN 42.50
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VOLUME 1000
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52-Week low 36.90
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
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Sell Price 0.00
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OPEN 42.50
CLOSE 42.85
VOLUME 1000
52-Week high 42.85
52-Week low 36.90
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

JSG Leasing Ltd. (JSGLEASING) - Director Report

Company director report

 

Dear Shareholders

Your Directors here by present the 32nd Annual Reporttogether with the Audited statements of Accounts for the financial year ended on 31stMarch 2021.

FINANCIAL RESULTS / STATE OF COMPANY'S AFFAIRS:

Amount in Rs.
Particulars 2020-21 2019-20
Revenue from Operations and Other Income 841969 3494402
Expenses 1971325 5149700
Profit (Loss) before Exceptional and Extra Ordinary Items and Tax (1029356) (1654798)
Less: Exceptional Items - -
Less: Extra Ordinary Items - -
Profit before Tax (1029356) (1654798)
Less: Current Tax
Less: Deferred Tax Liability -
Profit after Taxation (1029356) (1654798)

DIVIDEND:

Looking to the future development and requirement of funds yourDirectors do not recommend any divided for the year under review.

TRANSFER TO RESERVES:

The Company has not transferred any amount to Reserves for the periodunder review.

SHARE CAPITAL:

The issued subscribed and paid up capital of the Company is Rs.31500000/- divided into 3000000 equity shares of Rs 10/- each and 150000Redeemable Preference Shares of Rs. 10/- each.

SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES:

The Company does not have any subsidiary associate companies &joint ventures.

FIXED DEPOSIT:

Your Company has not accepted any deposits within the meaning ofSection 73 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The Company has not given any loans or guarantees covered under theprovisions of section 186 of the Companies Act 2013.

RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during thefinancial year were on arm's length basis and were in the ordinary course of the business.There are no materially significant related party transactions made by the company withPromoters Key Managerial Personnel or other designated persons which may have potentialconflict with interest of the company at large.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIALPOSITION OF THE COMPANY:

No material changes and commitments affecting the financial position ofthe company have occurred between the end of financial year to which the financialstatements relate and the date of the Directors' Report.

SIGNIFICANT ORDERS PASSED BY THE REGULATORS COURTS OR TRIBUNALSIMPACTING GOING CONCERN AND COMPANY'S OPERATIONS:

To the best of our knowledge the company has not received any suchorders passed by the regulators courts or tribunals during the year which may impact thegoing concern status or company's operations in future.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each IndependentDirector under Section 149 (7) of the Companies Act 2013 that they meet the criteria ofindependence laid down in Section 149(6) of the Companies Act 2013.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

MR. UDAYBHAI ARVINDBHAI PATEL was appointed on 29.01.2021 as anAdditional Director of the Company and is hereby appointed as an Independent Director ofthe Company to hold office for five consecutive years up to the conclusion of the AnnualGeneral Meeting to be held in the calendar year 2026.

During the year Mr. AKSHAY MAKADIYA was resigned as director of thecompany w.e.f 29.01.2021.

Mr. MANEKLAL SHIVABHAI PATEL was resigned as Company Secretary on09.11.2020 and Mr. CHETAN DILIPKUMAR JAIN was appointed as Company Secretary as on09.11.2020 as per the provisions of Section 203 of the Companies Act 2013 andsubsequently Mr. Chetan Jain also resigned as on 15.05.2021.

COMPOSITION OF THE BOARD:

All the members of the Board are competent and are persons of reputewith strength of character professional eminence having the expertise in theirrespective disciplines to deal with the management functions of the company.

The composition of the Board of Directors as at 31st March 2021:

Sr. No. Name of Director Executive/ Non-Executive/ Independent No. of Directorships Held in Public Limited Companies (Including the Company) #Committee(s) position (Including the Company)
Member Chairman
1 Akshay Makadiya Resigned on 29.01.2021 Whole-time Director & Chief Financial Officer 2 4 0
2 Motibhai Rabari Whole-time Director & Chief Financial Officer 1 2 1
3 Chandani Solanki Non-Executive Independent 4 6 3
4 UDAYBHAI PATEL Appointed as on 29.01.2021 Non-Executive Independent 2 2 0

# Only Audit Committee and Stakeholders' Relationship Committeehas been considered as per Regulation 26 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 ("Listing Regulations")

Name of other listed entities where Directors of the company areDirectors and the category of Directorship:

Sr. No. Name of Director Name of listed entities in which the concerned Director is a Director Category of directorship
1 AKSHAY MAKADIYA INTERFACE FINANCIAL SERVICES LTD Independent Director
SUN TECHNO OVERSEAS LIMITED Whole time Director
2 MOTIBHAI RABARI - -
3 CHANDANI SOLANKI PARICHAY INVESTMENTS LTD Independent Director
SHREE GANESH BIO-TECH (INDIA) LIMITED Independent Director
SYLPH EDUCATION SOLUTIONS LIMITED Independent Director
4 UDAYBHAI PATEL SUN TECHNO OVERSEAS LIMITED Non-Executive Director

MEETINGS:

Minimum four pre-scheduled Board meetings are held annually. In case ofbusiness exigencies or urgency of matters resolutions are passed by circulation. Duringthe year 4 (Four) Board meetings were held. The dates of the Board Meetings were09.06.2020 02.09.2020 09.11.2020 and 29.01.2021.

ATTENDANCE RECORD OF DIRECTORS ATTENDING THE BOARD MEETINGS AND ANNUALGENERAL MEETINGS:

Name of the Director Category No. of Board Meetings Attended Last AGM Attendance
AKSHAY MAKADIYA Resigned as on 29.01.2021 Whole-time Director & Chief Financial Officer 3 Yes
MOTIBHAI RABARI Whole-time Director & Chief Financial Officer 4 Yes
CHANDANI SOLANKI Non-Executive Independent Director 4 Yes
UDAYBHAI PATEL Appointed as on 29.01.2021 Non-Executive Independent Director 1 NA

MEETING OF INDEPENDENT DIRECTORS:

The Company's Independent Directors met on 29th January2021 without the presence of the Executive Director and the Senior Management team. Themeeting was attended by majority of Independent Directors and was conducted to enable theIndependent Director to discuss matters prescribed under Schedule IV to the Act andRegulation 25(3) of the SEBI (LODR) Regulation 2015.

AUDIT COMMITTEE:

The Audit Committee of the Company re constituted on 29.01.2021 andpresently comprises of three Directors being Ms. Chandani Solanki Mr. Motibhai Rabari andMr. Udaybhai Patel.

Terms of Reference:

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements)(Amendment) Regulations 2018 the Company has revised the terms of reference of theCommittee. The revised terms of reference are:

(1) oversight of the company's financial reporting process and the disclosure ofits financial information to ensure that the financial statement is correct sufficientand credible;

(2) recommendation for appointment remuneration and terms of appointment of auditorsof the company;

(3) approval of payment to statutory auditors for any other services rendered by thestatutory auditors;

(4) reviewing with the management the annual financial statements and auditor'sreport thereon before submission to the board for approval with particular reference to:

(a) matters required to be included in the director's responsibility statement tobe included in the Board's report in terms of clause (c) of sub-section (3) ofSection 134 of the Companies Act 2013; 41

(b) changes if any in accounting policies and practices and reasons for the same;

(c) major accounting entries involving estimates based on the exercise of judgment bymanagement;

(d) significant adjustments made in the financial statements arising out of auditfindings;

(e) compliance with listing and other legal requirements relating to financialstatements;

(f) disclosure of any related party transactions;

(g) modified opinion / Qualification in the draft audit report;

(5) reviewing with the management the quarterly financial statements beforesubmission to the board for approval;

(6) reviewing with the management the statement of uses / application of funds raisedthrough an issue (public issue rights issue preferential issue etc.) the statement offunds utilized for purposes other than those stated in the offer document / prospectus /notice and the report submitted by the monitoring agency monitoring the utilisation ofproceeds of a public or rights issue and making appropriate recommendations to the boardto take up steps in this matter;

(7) reviewing and monitoring the auditor's independence; performance andeffectiveness of audit process;

(8) Formulating a policy on related party transactions which shall include materialityof related party transactions;

(9) approval or any subsequent modification of transactions of the listed entity withrelated parties;

(10) scrutiny of inter-corporate loans and investments;

(11) valuation of undertakings or assets of the company wherever it is necessary;

(12) evaluation of internal financial controls and risk management systems;

(13) reviewing with the management performance of statutory and internal auditorsadequacy of the internal control systems;

(14) reviewing the adequacy of internal audit function if any including the structureof the internal audit department staffing and seniority of the official heading thedepartment reporting structure coverage and frequency of internal audit;

(15) discussion with internal auditors of any significant findings and follow up thereon;

(16) reviewing the findings of any internal investigations by the internal auditorsinto matters where there is suspected fraud or irregularity or a failure of internalcontrol systems of a material nature and reporting the matter to the board;

(17) discussion with statutory auditors before the audit commences about the natureand scope of audit as well as post-audit discussion to ascertain any area of concern;

(18) to look into the reasons for substantial defaults in the payment to thedepositors debenture holders shareholders (in case of non-payment of declared dividends)and creditors;

(19) to review the functioning of the whistle blower mechanism;

(20) approval of appointment of Chief Financial Officer (i.e. the whole time FinanceDirector or any other person heading the finance function or discharging that function)after assessing the qualifications experience and background etc. of the candidate;

(21) reviewing the utilization of loans and/or advances from/investment by the holdingcompany in the subsidiary exceeding rupees 100 crore or 10% of the asset size of thesubsidiary whichever is lower including existing loans / advances / investments existingas on the date of coming into force of this provision;

(22) to review the compliance with the provisions of Regulation 9A of Securities andExchange Board of India (Prohibition of Insider Trading) Regulations 2015 at least oncein a financial year and to verify that the systems for internal control are adequate andare operating effectively;

(23) to carry out any other function as is mentioned in the terms of reference of theAudit Committee.

Audit Committee shall mandatorily review the following information:

(1) management discussion and analysis of financial condition and results ofoperations;

(2) statement of significant related party transactions (as defined by the auditcommittee) submitted by management;

(3) management letters / letters of internal control weaknesses issued by the statutoryauditors;

(4) internal audit reports relating to internal control weaknesses; and

(5) the appointment removal and terms of remuneration of the Chief Internal Auditorshall be subject to review by the audit committee;

(6) statement of deviations:

(a) quarterly statement of deviation(s) including report of monitoring agency ifapplicable submitted to stock exchange(s) in terms of Regulation 32(1) of the Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015;

(b) annual statement of funds utilized for purposes other than those stated in theoffer document/prospectus/notice in terms of Regulation 32(7) of the Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015.

Attendance at the Audit Committee Meetings:-

During the year the Audit Committee met 4 times with attendance of themembers as under:

09th June 2020 2nd September 2020 9th November 2020 29th January 2021
Name No. of Meeting Held During the tenor Attended
AKSHAY MAKADIYA 3 3
KAIVANT SHAH 4 4
MOTIBHAI RABARI 4 4
UDAYBHAI PATEL 1 1

NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Committee has been re-constituted as perthe provisions of Section 178(1) of the Companies Act 2013 as on 29th January2021 to review and to recommend the remuneration payable to the Executive Directors andSenior Management of the Company based on their performance and defined assessmentcriteria.

Nomination and Remuneration Committee of the Company presentlycomprises of three Directors being Ms. CHANDANI SOLANKI Mr. MOTIBHAI RABARI and Mr.UDAYBHAI PATEL.

The terms of reference of the Committee:

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements)(Amendment) Regulations 2018 the Company has revised the terms of reference of theCommittee. The revised terms of reference are:

(1) formulation of the criteria for determining qualifications positive attributes andindependence of a director and recommend to the board of directors a policy relating tothe remuneration of the directors key managerial personnel and other employees;

(2) formulation of criteria for evaluation of performance of independent directors andthe board of directors;

(3) devising a policy on diversity of board of directors;

(4) identifying persons who are qualified to become directors and who may be appointedin senior management in accordance with the criteria laid down and recommend to the boardof directors their appointment and removal;

(5) Specify the manner for effective evaluation of performance of Board its committeesand individual directors to be carried out either by the Board by the Nomination andRemuneration Committee or by an independent external agency and review its implementationand compliance;

(6) whether to extend or continue the term of appointment of the independent directoron the basis of the report of performance evaluation of independent directors;

(7) recommend to the board all remuneration in whatever form payable to seniormanagement;

(8) to administer and supervise Employee Stock Options Schemes (ESOS) including framingof policies related to ESOS and reviewing grant of ESOS;

(9) Carrying out any other function as is mentioned in the terms of reference of theNomination and Remuneration Committee.

Nomination and Remuneration Policy:-

The Committee is in process of formulating Nomination and RemunerationPolicy which determines criteria inter-alia qualification positive attributes andindependence of Directors for their appointment on the Board of the Company and payment ofremuneration to Directors Key Managerial Personnel and other Employees. The Committeeshall consider the following attributes / criteria whilst recommending to the Board thecandidature for appointment as Director.

- Qualification expertise and experience of the Directors in their respective fields;

- Personal Professional or business standing;

- Diversity of the Board

In case of re-appointment of Non-Executive Directors the Board shalltake into consideration the performance evaluation of the Director and his engagementlevel.

Attendance at the Nomination and Remuneration Committee Meetings:-

During the year the Committee met 2 times 09.11.2020 and 29.01.2021 andall respective committee member present in respective meeting.

STAKEHOLDERS' RELATIONSHIP COMMITTEE:

The Board of Directors of the Company has set up 'StakeholdersRelationship Committee' in order to align it with the provisions of Section 178 of theCompanies Act 2013. The Committee has been constituted to strengthen the investorrelations and to inter-alia look into issues relating to shareholders grievancespertaining to transfer of shares non- receipt of declared dividends non-receipt ofAnnual Report issues concerning de-materialization etc.

This committee presently consists of three directors namely Ms.CHANDANI SOLANKI Mr. MOTIBHAI RABARI and Mr. UDAYBHAI PATEL. One committee meeting heldon 29.01.2021 and present all respective member of committee.

Terms of reference of the Committee:

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements)(Amendment) Regulations 2018 the Company has revised the terms of reference of theCommittee. The revised terms of reference are:

(1) resolving the grievances of the security holders of the company includingcomplaints related to transfer/transmission of shares nonreceipt of annual reportnon-receipt of declared dividends issue of new/duplicate certificates dematerialization/ rematerialization of Shares and debentures general meetings etc;

(2) review of measures taken for effective exercise of voting rights by shareholders;

(3) review of adherence to the service standards adopted by the company in respect ofvarious services being rendered by the Registrar and Share Transfer Agent;

(4) review of the various measures and initiatives taken by the company for reducingthe quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annualreports/statutory notices by the shareholders of the company;

(5) to look into the reasons for any defaults in the payment to the DepositorsDebenture holders Shareholders (in case of non-payment of declared dividends) andCreditors;

(6) carrying out any other function as is mentioned in the terms of reference of theStakeholder's Relationship committee.

Details of Complaints / Queries received and redressed during 1st April 2020 to 31stMarch 2021:

Number of shareholders' complaints pending at the beginning of the year Number of shareholders' complaints received during the year Number of shareholders' complaints redressed during the year Number of shareholders' complaints pending at the end of the year
Nil Nil NA Nil

BOARD EVALUATION:

Pursuant to the provisions of the Schedule IV clause VIII of theCompanies Act 2013 the Board has carried out an evaluation of its own performance thedirectors individually as well as the evaluation of the working of its Audit Appointment& Remuneration Committees. The performance evaluations of Independent Directors werealso carried out and the same was noted. Independent Directors in their meeting decided tobring more transparency in their performance and bring more responsibility while takingany policy decisions for the benefit of the shareholders in general.

REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/EMPLOYEES:

No Directors/ Key Managerial Personnel are drawing any remuneration.Hence the information required pursuant to Section 197 read with Rule 5 (1) (i) of TheCompanies (Appointment and Remuneration) Rules 2014 in respect of ratio of remunerationof each director to the median remuneration of the employees of the Company for theFinancial year is not given.

AUDITORS AND AUDITORS' REPORT:

In accordance with the provisions of Section 139 and other applicableprovisions if any of the Companies Act 2013 and the rules made thereunder it isproposed to re-appoint M/s. K. Singh & Associates Chartered Accountants Chandigrahas statutory Auditors for further period of 5 consecutive years to hold office till theconclusion of the 35th Annual general Meeting to be held in the calendar year 2024.

The observations made by the Auditors' in their Auditors'Report and the Notes on Accounts referred to in the Auditors' Report areself-explanatory and do not call for any further comments.

COST AUDITOR AND COST AUDIT REPORT:

Cost Audit is not applicable to your Company.

INTERNAL CONTROL SYSTEMS:

As there is no significant business activities hence there was nosystems set up for Internal Controls.

EXTRACT OF ANNUAL RETURN:

An extract of Annual Return as prescribed under Section 92(3) of theCompanies Act 2013 (‘the Act') and rule 12(1) of the Companies (Management andAdministration) Rules 2014 in the prescribed Form No. MGT 9 forming part of this reportis annexed herewith.

CORPORATE GOVERNANCE REPORT:

Pursuant Regulation 15 (2) of the SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 submission of Corporate Governance report isnot applicable to the listed companies which have:

a. paid up equity share capital not exceeding rupees ten crore and net worth notexceeding rupees twenty five crore as on the last day of the previous financial year; or

b. have listed its specified securities on the SME Exchange.

Accordingly the paid up capital and net worth is below the prescribedlimit for mandatory applicability of Corporate Governance. The Company has decided not toopt for compliance of Regulation 27 (2) of SEBI (LODR) Regulation 2015 for the timebeing.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report tothe shareholders and it includes discussion on matters as required under the provisions ofClause 49 of the listing agreement forming part of this report is annexed herewith.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The Company has not developed and implemented any Corporate SocialResponsibility initiative under the provisions of Section 135 of the Companies Act 2013read with Rule 9 of Companies (Corporate Social Responsibility Policy) Rules 2014 as thesaid provisions are not applicable.

SECRETARIAL AUDIT AND SECRETARIAL AUDITORS' REPORT:

Pursuant to provisions of section 204 of the Companies Act 2013 andThe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theCompany has appointed M/s. K H & Associates Company Secretaries in practice toundertake the Secretarial Audit of the Company. The Secretarial Audit report in theprescribed Form No MR-3 is annexed herewith.

QUALIFICATION IN SECRETARIAL AUDIT REPORT AND EXPLANATIONS BY THEBOARD:

Sr. No. Qualifications made by Secretarial Auditor Explanations by the Board
a) The Company has decided not to opt for Corporate Governance Report in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 for the time being. The paid up capital and net worth is below the prescribed limit for mandatory applicability of Corporate Governance Report so the Company has decided not to opt for the time being.
b) Acknowledgement for sending the notices of the Meeting of the Board and Committees are not maintained by the company. The notice and agenda for the Board and committee meeting are sent by the email or hand delivery. The company will ensure to maintain to the acknowledgements for sending the notice of the meeting of the board and the committee.
c) As per section 138 of the Companies Act 2013 the Company is required to appoint Internal Auditor. The Company has not appointed Internal Auditor. The size of operation of the Company is very small it is not viable to appoint Internal Auditor but the Company has established the internal control system.
d) The company has not maintained the attendance register for Board and committee meeting The company will take necessary steps to maintain the attendance register for board and committee meetings.
e) Statutory Registrar as per companies Act 2013 is yet to be updated. The company will take necessary steps to update Statutory Register as per companies Act 2013.
f) Certain event based E Forms have not been filed by the company in time which were required to be filed with ROC during the audit period. The company will ensure to file all relevant documents in time with ROC and other authorities as when required.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) ofthe Companies Act 1956 read with the companies (Particulars of Employees) Rules 1975as amended is not required to be given as there were no employees coming within thepurview of this section.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO:

The details of conservation of energy technology absorption etc. asrequired to be given under Section 217(1)(e) of the Companies Act 1956 are not applicableto our Company as our Company has not carried out in the manufacturing activities. Theforeign exchange earning on account of the operation of the Company during the year wasRs. Nil.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION

AND REDRESSAL) ACT 2013: The Company has zero tolerance for sexualharassment at workplace and has adopted a policy against sexual harassment in line withthe provisions of Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 and the rules framed thereunder. The Company has not received anysexual harassment related complaints during the year 2020-21.

BUSINESS RISK MANAGEMENT:

Since the Company does not have any significant business activitieshence the Business Risk is at the Minimal Level. Hence no major risk factors areenvisaged except for:

a. Government Policies

b. Human Resource Risk

DIRECTORS' RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement referred to in clause (c)of sub-section (3) of Section 134 of the Companies Act 2013 shall state that:

a) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation by way of notes to accounts relating tomaterial departures;

b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were 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 or loss of the Company for that period;

c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

e) Directors have prepared the accounts on a "going concern basis".

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

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 AND OTHERDISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES 2014:

Pursuant to Section 197(12) of the Companies Act 2013 and Rule 5 ofCompanies (Appointment & Remuneration) Rules 2014 every Listed Company mandates todisclose in the Board's Report the ratio of the remuneration of each director to thepermanent employee's remuneration. However since there is no permanent employee inthe Company no disclosure under the said provision has been furnished.

VIGIL MECHANISM:

As the Company does not have any significant business activity therewas no need to have a Vigil Mechanism Policy.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for theassistance and co-operation received from the Banks Government Authorities Customersand Shareholders during the year. Your directors also wish to take on record their deepsense of appreciation for the committed services of the employees at all levels which hasmade our Company successful in the business.

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