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Kalpa Commercial Ltd.

BSE: 539014 Sector: Others
NSE: N.A. ISIN Code: INE059Q01014
BSE 00:00 | 13 Aug Kalpa Commercial Ltd
NSE 05:30 | 01 Jan Kalpa Commercial Ltd
OPEN 1.80
PREVIOUS CLOSE 1.71
VOLUME 229
52-Week high 1.80
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.83
Buy Qty 784.00
Sell Price 1.71
Sell Qty 4622.00
OPEN 1.80
CLOSE 1.71
VOLUME 229
52-Week high 1.80
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.83
Buy Qty 784.00
Sell Price 1.71
Sell Qty 4622.00

Kalpa Commercial Ltd. (KALPACOMMER) - Director Report

Company director report

Dear Members

Kalpa Commercial Limited

Your Directors are pleased to present the Board Report on the business and operation ofthe Company along with the Audited Accounts for the Financial Year ended 31stMarch 2021.

1. FINANCIAL HIGHLIGHTS

(Amount in Rs.)

Details Year ended 31.03.2021 Year ended 31.03.2020
Total Revenue 1142558 2859578
Expenditure 830220 2046157
Depreciation - -
Exceptional Items - -
Profit/(Loss) before Tax 312338 813421
Tax Expense 83808 214090
Profit/(Loss) after Tax 228530 599331

2. FINANCIAL PERFORMANCE

During the year under review your company has reported no revenue from operations ascompared to financial year 2019-2020 .In the Year 2020-2021 the performance of theCompany is not upto the desire level as compared to previous year board of Directorsindividually and collectively committed to work for growth in the profits of company innear future.

3. THE STATE OF COMPANIES' AFFAIRS

Due to no job work orders and accumulating losses the Company has been shut down andhas discontinued its operations during the FY 2020-2021. The other income of Rs.1142558/- and expenses of 830220/- relating to the discontinued period have been shownunder the head "Profit/(Loss) for the year from discontinued operations" as perIndian Accounting Standards. The other income of the Company during the financial year2020-2021 is Rs. 1142558/- in comparison to 2259217/- for the previous year.

In view of outbreak of Corona virus disease (COVID-19) which has been declared as apandemic by World Health Organization and subsequent lockdown imposed by the Central andState Government(s) in India the Company is closely monitoring the impact of thispandemic and believes that there has been no significant adverse impact on its financialposition for the financial year ended 31st March 2021. Ramping up of operations is inprogress. It is expected to have some impact on the financial results of the Company forFY 2020-2021.

WAY FORWARD

People are our biggest assets and their health and safety becomes more important thananything else in such times. All guidelines in this regard are strictly followed.Empowered by strong fundamentals and the reputation as the supplier of high qualityproducts and on time delivery the Company hopes to continue its stride once the operationsand economy are normalized post COVID issue. Our Company entered retail segment andincreased Garment capacity are likely to strengthen our operations.

EXPANSION AND MORDERNISATION

Because of financial constraint company did not go for modernization.

4. SHARE CAPITAL

The issued subscribed and paid up capital of the Company is Rs 102500000 (Rupees TenCrore Twenty Five Lakhs) divided into 10250000 (One Crore Two Lacs Fifty Thousands)Equity Shares of Rs 10/- each. There has been no change in the share capital of theCompany during the year.

5. CHANGE IN THE BUSINESS OPERATIONS

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

6. DIVIDEND

In view of the inadequate profits and requirement of the funds for expansion and growthplans the Board of Directors does not recommend any Dividend.

7. TRANSFER TO RESERVES

The profits transferred and other additions to reserves are as follows:

(Amount in Rs.)

Particulars 31/03/2021 31/03/2020
Securities Premium Account
Opening Balance 417500000 417500000
Addition during the Year - -
Closing Balance 417500000 417500000
Surplus in Statement of Profit and Loss
Opening Balance 8676742 8077412
(+) Net Profit for the year 228530 599331
Excess/(Short) of previous years - -
Closing Balance 8905272 8676742
Grand Total 426405272 426176742

8. A MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANYOCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATEAND THE DATE OF REPORT

There were no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the financial year of the Company to whichthe financial statements relate and the date of this report.

9. DEPOSIT

The Company has neither accepted nor renewed any deposits during the year from publicfalling within the meaning of Section 73 of the Companies Act 2013 read with Companies(Acceptance of Deposit) Rules 2014 during the Financial Year under review.

10. CHANGE IN DIRECTORS AND KMP

The Board of the Company is duly constituted as per the requirements of the CompaniesAct 2013. Appointments

During the Financial Year 2020-2021 Mr. Daman Deep Singh (DIN: 09105688) as AdditionalDirector in capacity of Independent Director w.e.f 10th March 2021 were appointed on theBoard of the Company who shall hold office upto the date of ensuing Annual General Meetingof the Company.

Resignations during the year

During the Financial Year 2020-2021 none of the director were resigned.

Statement on declaration given by Independent Directors

The members are informed that Independent Directors have given a declaration undersection 149(7) of the Companies Act 2013 confirming that he/ she meets the criteria ofindependence as laid down in Section 149(6) of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.

The Board of the Company also confirms that the Independent Directors fulfill thecriteria of being Independent Director as specified under the provisions of the CompaniesAct 2013 SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 andIndependent Directors are persons of integrity and possesses relevant expertise andexperience.

11. AUDITORS

In the 33th Annual General Meeting of the Company held on 29th September 2017 M/s.Amit Manoj & Co. Chartered Accountants (ICAI Firm Registration No. with ICAI -009905C) were appointed as Statutory Auditors of the Company for a period of 5 Years fromthe Financial Year 2017 - 18 till the conclusion 37th Annual General Meeting (AGM) to beheld in 2022 of the Company.

12. AUDITORS' REPORT

The Auditors' report on the financial statement for the financial year 2020-2021 isself-explanatory. Auditors report is attached herewith Annual Report.

13. SECRETARIAL AUDITOR

The Board of Directors has appointed Neha Arora & Associates Practicing CompanySecretaries pursuant to the provisions of Section 204 of the Companies Act 2013 and theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 based on therecommendation of the Audit Committee to undertake the Secretarial Audit of the Companyfor the financial year 2020-2021. The Secretarial Audit Report is attached and forms partof this report.

14. EXPLANATION OR COMMENTS BY THE BOARD ON QUALIFICATIONS RESERVATIONS ADVERSEREMARKS OR DISCLAIMERS MADE BY STATUTORY AUDITOR AND SECRETARIAL AUDITOR IN THEIRRESPECTIVE REPORTS

(A) IN STATUTORY AUDITORS' REPORT -

The Auditors' Report does not contain any qualifications reservations or adverse remarkexcept disclaimer clause as stated at Note 3 5 and 7 of the Balance Sheet forming part ofIndependent Auditors' Report viz.

"Trade Receivables:

'Outstanding balances include balance of several parties which are continuing fromearlier years. These all balances are unconfirmed and un-reconciled and subject toconfirmation and consequential adjustments if any".

"Short Term Loans and Advances:

* Advance Recoverable in Cash or Kind or Value to be Received- include balance ofseveral parties which are continuing from earlier years. These all balances areunconfirmed and un-reconciled and subject to confirmation and consequential adjustmentsif any".

"Long Term Loans and Advances:

* This balance represents the amount recoverable towards realization/ disposal ofamount invested under head 'Non-Current Investments' which the Company is pursuing withthe respective parties. These all balances are unconfirmed and un-reconciled and subjectto confirmation and consequential adjustments if any".

Management Reply:

We agree with the auditors' comments and the following action will be taken to improvethe situation.

As the Company has not made any investments and given loans nor created any receivablesin preceding three financial years i.e. 2020-2021 2019-2020 and 2018-2019.

(i) The Management is taking due course to verify the outstanding balances with respectto Auditors' observation for ‘Trade Receivables'.

(ii) The Company is taking due course to verify the outstanding balances with respectto Auditors' observation for Advances recoverable (Short Term Loans and Advances).

(iii) Now the Company has realized/ disposed-off its investment during the financialyear 2020-2021 and the balance (under head Loans and Advances others*) represents theamount recoverable towards the abovementioned disposal.

The Board of Directors are taking best efforts to turn-around the Company's operationsand devised proper systems to complete its verification and valuation and to obtain othernecessary information. With Respect to the observation made by the Auditors in respect ofconfirmation the management is of the opinion that the same will be complied in duecourse of time.

(B) IN SECRETARIAL AUDITORS' REPORT -

The Secretarial Audit Report does not contain any adverse qualification reservation orremark.

Necessary explanations to each of the observations made in the Secretarial Audit Reportare as given below:

a) As per Second Proviso of Section 149 (1) of the Companies Act 2013 read with Rule 3of the Companies (Appointment and Qualification of Directors) Rules 2014 the Company hasnot appointed woman director till date after resignation of Ms. Rupali Rampal Singh (DIN:08065905) w.e.f 04.06.2021.

During the year under review the Statutory Auditors and Secretarial Auditor have notreported any instances of frauds committed in the Company by its Officers or Employees tothe Audit Committee under section 143(12) of the Companies Act 2013 details of whichneeds to be mentioned in this Report.

15. CEO/ CFO CERTIFICATION

In accordance with Regulation 17(8) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a certificate on the Financial Statements and Cash FlowStatement of the Company for the year ended March 31 2021 duly signed by CEO and CFO wassubmitted to the Board of Directors and the same is attached as Annexure -IV.

16. CORPORATE GOVERNANCE REPORT

The directors of the company are committed to adopt best practices for corporategovernance disclosure standard and enhanced shareholder value while protecting theinterest of all other stakeholders including clients its employee. This has enabled yourCompany to earn the trust and goodwill of its investors business partners employees andthe communities in which it operates.

The report on ‘Corporate Governance' as well as the certificate from Company'sStatutory Auditors confirming compliance with the requirements of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 (Listing Regulations) formspart of the Annual Report in Annexure VI to this Report.

17. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis forming part of this report as required underregulation 34(2) (e) SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 is attached in Annexure V to this Report.

18. BOARD'S EVALUATION OF THE PERFORMANCE

Pursuant to Section 134(3)(p) read with Rule 8(4) of the Companies (Accounts) Rules2014and Regulation 4(2) (f) (ii) (9) read with Regulation 17(10) of the Listing Regulationsmandates that the Board shall monitor and review the Board evaluation framework and shallcarry out performance evaluation of the Independent Directors. The Companies Act 2013states that a formal annual evaluation needs to be made by the Board of its ownperformance and that of its committees and individual directors. Schedule IV of theCompanies Act 2013 states that the performance evaluation of independent directors shallbe done by the entire Board of Directors excluding the director being evaluated.

The Board has carried out an annual evaluation of its own performance and that of itsCommittees and individual Directors to increase transparency and efficiency of the boardof directors. The performance of the Board was evaluated by the Board on the basis of thecriteria such as the Board composition and structure effectiveness of Board processinformation and functioning etc. The Board and Nomination and Remuneration Committeereviewed the performance of the individual directors on the basis of the criteria such asthe contribution of individual director to the Board and committee meetings likepreparedness on the issue to be discuss meaningful and constructive contribution andinputs in meetings etc. In a separate meeting of independent directors performance ofnon-independent director performance of the Board as a whole and performance of Chairmanwas evaluated. After evaluation the performances of the Board its committees andIndividual Directors were found upto the mark and were satisfactory.

19. RISK MANAGEMENT

Your Company has a well-defined risk management framework in place. The risk managementframework works at various levels across the enterprise. These levels form the strategicdefence cover of the Company's risk management. The Company has a robust organizationalstructure for managing and reporting on risks.

The risk management procedure is reviewed by the Audit Committee from time to time toensure that the executive management controls the risks and uncertainties through aproperly defined framework and major risks are properly and systematically addressedthrough mitigation actions on a continuing basis.

20. DIRECTOR'S RESPONSIBILITY STATEMENT

The Board of Directors acknowledges the responsibility for ensuring compliance with theprovisions of Section 134(3)(c) read with Section 134(5) of the Companies Act 2013 in thepreparation of the annual accounts for the year ended 31st March 2018 and state that:

a. In the preparation of the annual accounts for the financial year ended on 31stMarch 2021 the applicable accounting standards have been followed along with properexplanation relating to material departures;

b. The directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit and loss of the company for the period under review;

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;

d. The directors have arranged preparation of the annual accounts for the financialyear ended 31st March 2021 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 provisions ofall applicable laws and that such systems were adequate and operating effectively.

21. PARTICULARS OF EMPLOYEES

During the year under review no employee is covered as per rules 5(2) & (3) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 therefore nostatement is required be given showing the names and other particulars of the employeesdrawing remuneration in excess of the limits set out in the said rules are not applicable.

22. INTERNAL FINANCIAL CONTROL

The Company has in place internal financial control systems commensurate with the sizenature and complexity of its operations ensuring the proper recording of financials andmonitoring of operational effectiveness and efficient conduct of its business includingadherence to the Company's policies safeguarding of its assets prevention and detectionof frauds and errors accuracy and completeness of accounting records and compliance ofvarious applicable regulatory and statutory requirements.

The Corporate Governance Policies guide the conduct of affairs of your Company andclearly delineates the roles responsibilities and authorities at each level of itsgovernance structure and key functionaries involved in governance.

The Internal Auditor monitors and evaluates the efficiency and adequacy of InternalControl System. Based on their report corrective actions are undertaken by the concerneddepartments and thereby strengthen the Controls. Significant audit observations correctivemeasures and actions thereon are presented to the Audit Committee of the Board.

During the year such controls were tested and no reportable material weaknesses wereobserved.

23. CORPORATE SOCIAL RESPONSIBILITY

Your Company does not come within the purview of Section 135 of the Companies Act2013 read with the Companies (Corporate Social Responsibilities Policy) Rules 2014.Thus Corporate Social Responsibility initiatives as required under the said act are notapplicable to the Company.

24. LISTING ON THE STOCK EXCHANGE

The Company's shares are listed with Bombay Stock Exchange Limited and the Company istaking steps to pay the necessary listing fees for the Financial Year 2020-2021.

25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There were no contracts or arrangements entered into by the Company in accordance withthe Section 188 of the Companies Act 2013. There were no related party transactions.

Pursuant to the provisions of the Companies Act 2013 and Regulation 23 of the ListingRegulations the policy on materiality of related party transactions and dealing withrelated party transactions as approved by the Board can be accessed on the Company'swebsite at the link: www.kalpacommercial.in

None of the Directors has any pecuniary relationships or transactions vis-a-vis theCompany.

Pursuant to Section 188(1) of the Companies Act 2013 particulars of contracts orarrangements with related parties are given in form AOC- 2 which is attached as AnnexureIII to this report.

26. COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisionsin line with the delegated authority. As required by the provisions of the Companies Act2013 and Listing Regulations the following substantive Committees constituted by theBoard function according to their respective roles and defined scope the details of whichare disclosed in the Report on Corporate Governance forming part of this Annual Report.

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholder Relationship Committee

27. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FORDETERMINING QUALIFICATIONS POSITIVE ATTRIBUTES INDEPENDENCE OF DIRECTORS ETC.

Pursuant to Section 178(1) of the Companies Act 2013 and Clause 19 of Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 (hereinafter referred to as the "Listing Regulations") the Board ofDirectors has constituted a Nomination and Remuneration Committee. A Nomination andRemuneration Policy of the Company has also been laid down and approved by the Nominationand Remuneration Committee and the Board. The said policy lays down the criteria for theappointment of Directors Key Managerial Personnel and Senior Management Personnel. Thesaid policy also specifies the remuneration criteria for Director Senior ManagementPersonnel and other employees including criteria for determining qualificationterm/tenure positive attributes independence of Directors criteria for performanceevaluation of Executive and Nonexecutive Directors (including Independent Directors)removal policy on Board diversity Directors' and Officers' Insurance and other mattersas prescribed under the provisions of the Companies Act 2013 and the Listing Regulations.The Nomination & Remuneration Policy of the Company is annexed herewith and marked asAnnexure VII to this Report.

28. DISCLOSURES:

A) MEETINGS OF THE BOARD

During the financial year ended March 31 2021 Nine (9) meetings of the Board ofdirectors were held as per provision of section 173 of Companies Act 2013. None of thetwo Board Meetings have a gap of more than 120 days between them.

During the financial year 2020-2021 Nine (9) meetings of the Board of Directors wereheld on 08th April 2020 28th May 2020 13th July 202006th August 2020 03rd September 2020 12th November2020 22nd December 2020 11th February 2021 10th March2021. But the Company has not intimated to its Stock Exchange about any of these meetingsmentioned below.

The dates of Board Meeting are mentioned below:

S. No. Date

1. 08th April 2020

2. 28th May 2020

3. 13th July 2020

4. 06th August 2020

5. 3rd September 2020

6. 12th November 2020

7. 22nd December 2020

8. 11th February 2020

9. 10th March 2021

B) VIGIL MACHANISM/ WHISTLE BLOWER POLICY

Pursuant to Section 177 of the Companies Act 2013 and the Rules prescribed thereunderand the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 the Boardof Directors has adopted a vigil mechanism/ whistle blower policy of the Company. Thepolicy provides a framework for directors and employees to report genuine concerns aboutunethical behavior actual or suspected fraud or Violation of the Company's code ofconduct or ethics policy. Protected disclosures can be made by a whistle blower through anemail or to the Chairman of the Audit Committee. The vigil mechanism/whistle blower policycan be accessed on the Company's website at the link: www.kalpacommercial.in.

C) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company strictly adopted zero tolerance policy towards sexual harassment atworkplace and during the year under review your Board has constituted an InternalComplaints Committee to consider and redress complaints of sexual harassment & alsoadopted a policy on prevention prohibition and redressal of sexual harassment atworkplace in line with the provisions of Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and the rules framed thereunder.

During the financial year 2020-2021 the Company has received no complaints on sexualharassment.

D) PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIESACT 2013

Particulars of loans given investments made guarantees given and securities providedare provided in the financial statements of the company; please refer financial statementfor the same.

29. SUBSIDIARY COMPANY JOINT VENTURE AND ASSOCIATES

Kalpa Commercial Limited does not have any Subsidiary Joint Venture and AssociateCompany/ies.

30. PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUT GO.

Information required to be given pursuant to section 134(3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 and forming part of theDirector's report for the year ended 31st March 2021 are given below :

A. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION

(i) THE STEPS TAKEN OR IMPACT ON CONSERVATION OF ENERGY;

The Company as well as Board of Directors are conscious about its responsibility toconserve energy power and other energy sources wherever possible. Various key performanceindicators like specific energy costs and renewable energy contributions were continuouslytracked to monitor alignment with the Company's overall sustainability approach Weemphasis towards a safe and clean environment and continue to adhere to all regulatoryrequirements and guidelines.

(ii) THE STEPS TAKEN BY THE COMPANY FOR UTILIZING ALTERNATE SOURCES OF ENERGY;

The Company has been taking energy saving measures viz. Use of energy saver electricalequipment LED fittings are provided inside the building for common area lighting in theprojects of the Company Installation of Capacitors to maintain power factor for efficientuse of power Efficient ventilation system in offices and the projects of the Company. Andthe Company is exploring potential of using alternate source of energy which may beconsidered implementation in future.

(iii) THE CAPITAL INVESTMENT ON ENERGY CONSERVATION EQUIPMENTS;

The Company has nil capital investment on energy conservation equipment.

B. TECHNOLOGY ABSORPTION-

(i) The efforts made towards technology absorption; N.A.

(ii) The benefits derived like product improvement cost reduction product developmentor import substitution; N.A.

(iii) In case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year) - N.A.

(a) The details of technology imported: N.A.

(b) The year of import: N.A.

(c) Whether the technology been fully absorbed: N.A.

(d) If not fully absorbed areas where absorption has not taken place and the reasonsthereof; N.A.

(iv) The expenditure incurred on Research and Development. N.A.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO.

There is no Foreign Exchange earnings and Outgo of the Company during the year.

31. FINANCIAL STATEMENT

The Consolidated Audited Financial Statements are not required in accordance with therequirements under Accounting Standard AS-21 on "Consolidated FinancialStatements" read with AS-23 on the "Accounting for Investment inAssociates" read with the provisions of Companies Act 2013 and the SEBI (LODR)Regulations 2015.

32. CASH FLOW STATEMENT

In compliance with the requirement of Section 34 of the SEBI (LODR) Regulations 2015the Cash Flow Statement for the year ended 31st March 2021 prepared following theapplicable Accounting Standard is annexed to the financial statement which forms part ofthe Annual Report.

33. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNAL

No significant and material orders have been passed by any Regulators or Courts orTribunals impacting the going concern status and Company's operations in future.

34. COST RECORDS

The provisions of the Section 148 of the Companies Act 2013 read with Companies (CostRecords and Audit) Rules 2014 are not applicable on the Company for the period underreview.

35. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate in securities by the Directors and designated employees of the Company. TheCode prohibits the purchase or sale of Company shares by the Directors and the designatedemployees while in possession of unpublished price sensitive information in relation tothe Company and during the period when the Trading Window is closed. The Code of Conductto regulate monitor and report Insider trading is uploaded on the Company's insidertrading.

36. COMPLIANCE OF SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY SECRETARIESOF INDIA

The Institute of Company Secretaries of India has issued Secretarial Standards on BoardMeeting (SS-1) and General Meeting (SS-2) which were made compulsory for all companies bythe Ministry of Corporate Affairs. The Company adhered with these standards during theyear under review.

37. CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discussion & Analysisdescribing the Company's objectives expectations or forecasts may be forward-lookingwithin the meaning of applicable securities laws and regulations. Many factors may affectthe actual results which could be different from what the Directors' envisage in terms offuture performance and outlook.

38. ACKNOWLEDGEMENT

The Directors thanks all the valued Customers Suppliers Shareholders BusinessAssociates Financial Institutions Bankers Government Agencies and other Stakeholdersfor their patronage and support and look forward to their continued support in future. Wealso thank the dedicated and committed team of employees of the Company for theircontribution to the Company.

The Board also takes this opportunity to express its sincere appreciation for theefforts put in by the officers and employees at all levels in achieving the results andhopes that they would continue their sincere and dedicated endeavour towards attainment ofbetter working results during the current year.

By order of the Board
For Kalpa Commercial Limited
Sd/- Sd/-
Mukul Jindal Daman Deep Singh
Whole Time Director Director
DIN : 07229720 DIN : 09105688
Place: New Delhi
Date : 27th August 2021

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