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Kuber Udyog Ltd.

BSE: 539408 Sector: Financials
NSE: N.A. ISIN Code: INE594R01018
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VOLUME 11792
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52-Week low 0.56
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Kuber Udyog Ltd. (KUBERUDYOG) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 38th Annual Report together with theAudited Accounts of the Company for the Financial Year ended 31st March 2020.

FINANCIAL HIGHLIGHTS:

The Standalone Financial Highlights for the year ended 31st March 2020:

(Amount in Rs.)

Particulars 31st March 2020 31st March 2019
Revenue from Operations 4406000 6962384
Other Income 4069422 4045087
Total Revenue 8475422 11007471
Total Expenses 10981196 11654717
Profit before tax (2505774) (647246)
Profit after tax (2505774) (631872)
Total Comprehensive Income for the period (2505774) (631872)

REVIEW OF OPERATIONS:

During the financial year ended 31st March 2020 the Company has recorded total revenueof Rs. 8475422/- and incurred net loss of Rs. 2505774/-.

DIVIDEND:

During the year under review to conserve the resources of the Company for futuregrowth and development the Board of Directors do not recommend any dividend.

EXTRACT OF ANNUAL RETURN:

The Extract of Annual Return in form MGT-9 pursuant to the provisions of Section 92read with rule 12 of the Companies (Management and Administration) Rules2014 is annexedas Annexure-A to Annual Report and placed on the website of the Company and can beaccessed at: www.kuberudyog.com.

DEPOSITS:

During the year under review Your Company has neither accepted/ invited any depositsfrom public falling within the ambit of Section 73 of the Companies Act 2013 and theCompanies (Acceptance of Deposits) Rules 2014 nor did any deposits remain unpaid orunclaimed during the year under review.

MAINTENANCE OF COST RECORDS:

The Maintenance of Cost Records pursuant to Section 148(1) of the Companies Act 2013is not required by the Company and accordingly such accounts and records are not made andmaintained by the Company.

CHANGE IN THE NATURE OF BUSINESS:

During the financial year 2019-2020 there is no change in nature of business of thecompany.

SHARE CAPITAL:

During the financial year there is no change in the share capital of the company.

REGISTERED OFFICE:

During the financial year the registered office of the Company was shifted within thelocal limits of city.

INTERNAL CONTROL SYSTEM:

The Company has in place well defined and adequate internal controls commensurate withthe size of the Company and same were operating throughout the year. Pursuant to theprovisions of Section 138 of the Companies Act 2013 the Board of Directors of theCompany at its Meeting held on 27/05/2019 have appointed Mr. Ashvin Thumar CharteredAccountants as Internal Auditor of the Company for the financial year 2019-2020. The auditcommittee of the Board of Directors in consultation with the Internal Auditor formulatesthe scope functioning periodicity and methodology for conducting the internal audit.

DIRECTOR ‘S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134 3 (c)of the Companies Act 2013 withrespect to Directors Responsibilities Statement it is hereby confirmed:

a. That in the preparation of the annual accounts for the financial year ended 31stMarch 2020 the applicable accounting standards had been followed along with properexplanation relating to material departures.

b. That the Directors has selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit or loss of the Company for the year review.

c. That the Directors had taken proper and enough 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 and

d. The Directors had prepared the accounts for the financial year ended 31st March 2020on 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.

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.

SUBSIDIARIES ASSOCIATES AND JOINT VENTURES:

The Company does not have any subsidiaries associate and Joint venture companiespursuant to which the provisions of Section 129 (3) of the Companies Act 2013 is notapplicable to the company.

LOANS GUARANTEES OR INVESTMENTS:

Particulars of loans given investments made guarantees given and securities providedunder Section 186 of the Companies Act 2013 form part of the Notes to the FinancialStatements.

FOREIGN EXCHANGE:

During the year under review there were no foreign exchanges Earnings or outgo.

COMPLIANCE OF SECRETARIAL STANDARDS:

The Company has in compliance with applicable Secretarial Standards issued by theInstitute of Company Secretaries of India during the financial year.

RELATED PARTY TRANSACTIONS:

All the Related Party Transactions (RPT) entered into by the Company during the yearunder Review were at arms' length in the Ordinary course of business. All the RelatedParty Transactions (RPT) are placed before the Audit Committee for its approval. As suchno particulars of such contracts or arrangements are furnished. The same has beenenumerated in Note 23 of the Financial Statements.

PARTICULARS OF EMPLOYEES:

Disclosure pertaining to the remuneration and other details as required under Section197(12) of The Companies Act 2013 read with rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is annexed and form part of theDirectors report and annexed as Annexure-B.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The provisions of Section 135 of the Companies Act relating to Corporate SocialResponsibility are not applicable as the Company is having Net worth less than rupees FiveHundred Crore Turnover less than rupees One Thousand Crore and Net Profit less thanrupees Five Crore.

NUMBER OF MEETINGS OF THE BOARD:

4 meetings of the Board of Directors of the Company were held during the year. TheDirectors actively participated in the meetings and contributed valuable inputs on thematters brought before the Board from time to time. The intervening gap between theMeetings was within the period prescribed under the Companies Act 2013.

COMMITTEES OF THE BOARD & COMMITTEE : BOARD OF DIRECTORS:

As on 31st March 2020 the Board of the Company consisted of 4 Directors 1 Chieffinancial officers & 1 Company secretary. Accordingly the composition of the Board isin conformity with Regulation 17 of the Listing Regulations.

During the financial year 2019-2020 the Board of Directors met 4 times on thefollowing dates 27 May 2019 14 Aug 2019 13 Nov 2019 & 13 Feb 2020.

The gap is not more than one hundred and twenty days between two consecutive meetingsof the Board.

The composition of the Board of Directors and Inter-se Relationships amongst Directorsis as on 31st March 2020 is summarized below: -

Sr. No. Name of Director DIN / PAN Designation Relationships between directors inter-se
1 Chetan Shinde 06996605 Managing Director No Relation
2 Brijesh Shah 07352957 Independent Director No Relation
3 Sejal Soni 07751759 Executive Director No Relation
4 Richa Dani 08299159 Independent Director No Relation
5 Sejal Soni AWAPS4621H Chief Financial Officer No Relation
6 Nikunj Chheda AQHPC5598G Company Secretary No Relation

During the year none of the Directors of the Company:

Has held or holds office as a director including any alternate directorship in morethan twenty companies at the same time and maximum number of directorships in publiccompanies does not exceed ten as per the provision of Section 165 of Company Act 2013.

Has held or holds office of directorships including any alternate directorships inmore than eight listed entities as per the provision of 17A of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015.

Has not serve as an independent director in more than seven listed entities andwhole-time director has not serve as an independent director in not more than three listedentities.

Is a Member of more than 10 (ten) Committees and Chairman / Chairperson of more than 5(five) Committees across all the Indian public limited companies in which he / she is aDirector - As per

AUDIT COMMITTEE:

Audit Committee of the Board of Directors is entrusted with the responsibility tosupervise the Company's internal controls and financial reporting process. The quorumpower role and scope are in accordance with Section 177 of the Companies Act 2013 andthe provisions of Regulation 18 of the SEBI (Listing Obligation and DisclosureRequirement) Regulations 2015.

The terms of reference of the committee inter alia include overseeing the Company'sfinancial reporting process and disclosures of financial information. The responsibilityof the committee inter alia is to review with the management the consolidated andstandalone quarterly/annual financial statements prior to recommending the same to theBoard for its approval.

The committee reviews the reports of the internal and statutory auditors and ensuresthat adequate follow-up action is taken by respective auditors. The management onobservations and recommendations made by the respective auditors.

The Audit Committee also assures the Board about the adequate internal controlprocedures and financial disclosures commensurate with the size of the Company and inconformity with requirements of the new Listing Regulations. The Board has been reviewingthe working of the Committee from time to time to bring about greater effectiveness inorder to comply with the various requirements under the Companies Act 2013 and the SEBI(Listing Obligation and Disclosure Requirement) Regulations 2015.

The committee recommends to the board the appointment or re-appointment of thestatutory auditors and internal auditors of the Corporation and their remuneration. Thecommittee and auditors discuss the nature and scope of audit approves payment of fees forother services rendered by the statutory auditors. The committee also annually reviewswith the management the performance of statutory and internal auditors of the Corporationto ensure that an objective professional and cost-effective relationship is beingmaintained.

During the financial year 2019-2020 the Audit Committee of the Company met four timeson 27th May 2019 14th August 2019 13th November 2019& 13th February 2020. The gap is not more than one hundred and twenty daysbetween two Audit Committee meetings.

The Composition of the Audit Committee as on 31st March 2020 is given herein below:

Sr. No. Member's Name Category Designation
1 Mr. Brijesh Shah Independent Director Chairman
2 Ms. Richa Dani Independent Director Member
3 Ms. Sejal Soni Executive Director Member

The details of the Attendance of members at Audit Committee Meeting are as under:

Sr. No. Member's Name No. of Meetings attended
1 Mr. Brijesh Shah 4
2 Ms. Richa Dani 4
3 Ms. Sejal Soni 4

NOMINATION AND REMUNERATION COMMITTEE:

The terms of reference of Nomination and Remuneration Committee include the mattersspecified in Regulation 19 read with Part D of Schedule II of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 and section 178 of the Companies Act 2013.

The terms of reference of the committee inter alia include formulation of the criteriafor determining qualifications positive attributes and independence of a director andrecommend to the board a policy relating to the remuneration of the directors keymanagerial personnel senior management and other employees of the Company. The committeeformulates the criteria for evaluation of the Chairman independent directorsnon-executive directors the Board as a whole and Board committee.

The committee's function includes identifying persons who are qualified to becomedirectors of the Company recommending their appointment or re-appointment of the existingdirectors to the Board ensuring that such persons meet the relevant criteria prescribedunder applicable laws including qualification area of expertise and experience trackrecord and integrity and reviewing and approving the remuneration payable to the executivedirectors of the Company within the overall limits as approved by the shareholders.

During the year under review the committee met only 1 time. The meetings were held on13th February 2020.

The Composition of the Nomination and Remuneration Committee on 31st March 2020 isgiven herein below:

Sr. No. Member's Name Category Designation
1 Mr. Brijesh Shah Independent Director Chairman
2 Ms. Richa Dani Independent Director Member
3 Ms. Sejal Soni Executive Director Member

The details of the Attendance of members at Nomination and Remuneration CommitteeMeeting are as under:

Sr. No. Member's Name No. of Meetings attended
1 Mr. Brijesh Shah 1
2 Ms. Richa Dani 1
3 Ms. Sejal Soni 1

Performance Evaluation criteria for Independent Directors:

Based on the recommendation of the Nomination and Remuneration Committee and asapproved by the Board the performance of the individual Non-Independent Directors areevaluated annually on basis of criteria such as qualifications experience knowledge andcompetency fulfillment of functions ability to function as a team initiativeavailability and attendance commitment (as a Director) contribution and integrity.

Each individual Independent Director is reviewed based on the additional criteria ofindependence and independent views and judgment. Similarly the performance of theChairman is evaluated based on the additional criteria such as effectiveness of leadershipand ability to steer the meetings impartiality commitment (as Chairperson) and abilityto keep shareholders' interests in mind.

The following were the criteria for evaluating performance of the IndependentDirectors: Adequate qualifications & skills to understand Corporate Culture Business& its complexities.

Adequate preparation for Board Committee & General Meetings and updating knowledgeof area of expertise.

Attendance & active participation in above meetings.

Objective & constructive participation in informed & balanced decision-making.

No abuse of position detrimental to Company's/ shareholder's interest and/or personaladvantage direct or indirect.

Ability to monitor Management Performance and integrity of financial controls &systems. Active and timely execution of any tasks assigned by the Board. Communication inopen and fair manner. Credibility directions & guidance on Key issues in the bestinterest of Company. Criteria of Independence.

On the basis of feedback/ratings the Committee evaluated the performance of theIndependent Directors of the Company.

REMUNERATION OF DIRECTORS:

REMUNERATION POLICY:

The remuneration of directors is recommended by the Nomination and RemunerationCommittee of the Board in line with the Remuneration Policy of the Company and approved byBoard and if required are also approved by the Shareholders and/or the Central Governmentas the case may be.

The remuneration paid to the Executive Directors is recommended by the Nomination and

Remuneration Committee and approved by the Board of Directors subject to shareholders'approval in the subsequent General Meeting.

None of the Independent Directors have any pecuniary relationship with the Companyother than the sitting fees received by them for attending the meeting of the Board and/orCommittee thereof.

STAKEHOLDERS' GRIEVANCE COMMITTEE:

The Company has constituted a Stakeholders Relationship Committee it comprises mostindependent directors. The mechanisms adopted by the terms of reference of the committeeinter alia include reviewing Corporation to redress shareholder depositor and debentureholder grievances the status of litigations filed by/against stakeholders of theCorporation and initiatives taken to reduce the quantum of unclaimed dividends. Thecommittee oversees adherence to service standards and standard operating procedurespertaining to investor services. The committee reviews the status of compliances withapplicable corporate and securities laws.

During the year under review the committee met 4 times on 27th May 2019 14thAugust 2019 13th November 2019 & 13th February 2020. TheComposition of the Stakeholders Relationship Committee as on 31st March 2020 is givenherein below:

Sr. No. Member's Name Category Designation
1 Mr. Brijesh Shah Independent Director Chairman
2 Ms. Sejal Soni Executive Director Member
3 Mr. Chetan Shinde Managing Director Member

The details of the Attendance of members at Stakeholders Relationship Committee Meetingare as under:

Sr. No. Member's Name No. of Meetings attended
1 Mr. Brijesh Shah 4
2 Ms. Sejal Soni 4
3 Mr. Chetan Shinde 4

MEETING OF INDEPENDENT DIRECTORS:

A separate meeting of the independent directors ("Annual ID Meeting") wasconvened which reviewed the performance of the Board (as a whole) the Non-IndependentDirectors and the Chairman. Post the Annual ID Meeting the collective feedback of each ofthe Independent Directors was discussed by the Chairperson with the Board coveringperformance of the Board as a whole performance of the Non-

Independent Directors and performance of the Board Chairman.

All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013 and Regulation16(1) (b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015and there is no change in their status of Independence. As required under Section 149(7)of the Companies Act 2013.

LISTING:

The shares of the Company are listed at the BSE Ltd. The Company has paid the annuallisting fees for the financial year 2019-2020 to the said Stock Exchange.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNEDDURING THE YEAR:

During the year there is no change in Directors Or Key Managerial Personnel of theCompany.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 the Board based on therecommendation of the Nomination and Remuneration Committee has carried out an annualperformance evaluation of Board of Directors Statutory Committees and IndividualDirectors. The Nomination and Remuneration Committee has defined the evaluation criteriafor the Performance Evaluation of the Board its Statutory Committees and individualDirectors.

CORPORATE GOVERNANCE:

Your Company always places a major thrust on managing its affairs with diligencetransparency responsibility and accountability thereby upholding the important dictumthat an Organization's corporate governance philosophy is directly linked to highperformance. The Company understands and respects its fiduciary role and responsibilitytowards its stakeholders and society at large and strives to serve their interestsresulting in creation of value for all its stakeholders. In terms of Regulation 34 of SEBI(LODR) Regulations furnishing of Corporate Governance Report is not applicable to thecompany.

MANAGEMENT DISCUSSION ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review giving detailedanalysis of Company's operations as stipulated under Regulation 34 of SEBI (LODR)Regulations is presented in a separate section forming part of the Annual Report asAnnexure-C.

AUDITORS:

• Secretarial Audit Report:

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsof the Company have appointed M/s Priya Shah & Associates Practicing CompanySecretaries Mumbai to conduct the Secretarial Audit for the financial year 2019-2020. TheSecretarial Audit Report for the year 2019-2020 issued by him in the prescribed form MR-3is attached as Annexure-D to this Report. The said Secretarial Audit Report does notcontain any qualification reservation adverse remark or disclaimer made by theSecretarial Auditor.

• Statutory Auditors:

At the 34th Annual General Meeting held on 30/09/2016 M/s. Koshal & AssociatesChartered Accountants were appointed as Statutory Auditors of the Company to hold officefrom the conclusion of that Annual General Meeting (AGM) till the conclusion of 39th AGMi.e. for a period of five (05) consecutive years. As per the provisions of Section 139 ofthe Companies Act 2013 the appointment of Auditors is required to be ratified by Membersat every Annual General Meeting. However the Ministry of Corporate Affairs videnotification dated 07/05/2018 notified several Sections of the Companies (Amendment) Act2017. In view of the said notification the requirement of ratification of appointment ofauditors under Section 139 of the Companies Act 2013 at each AGM is no longer required.The Report given by the Auditors on the financial statements of the Company is part of theAnnual Report. There has been no qualification reservation adverse remark or disclaimergiven by the Auditors in their Report.

• Cost Auditor:

The provisions relating to maintenance of Cost Records and Audit thereof are notapplicable to your Company.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board has on the recommendation of the Nomination & Remuneration Committeeadopted a policy for selection and appointment of Directors Key Managerial PersonnelSenior Management and their remuneration.

• The Nomination & Remuneration Committee identifies and ascertains theintegrity qualification expertise and experience of the person for appointment asDirector and ensures that the candidate identified possesses adequate qualificationexpertise and experience for the appointment as a Director.

• The Nomination & Remuneration Committee ensures that the candidate proposedfor appointment as Director is compliant with the provisions of the Companies Act 2013.

• The candidate's appointment as recommended by the Nomination and RemunerationCommittee requires the approval of the Board.

• In case of appointment of Independent Directors the Nomination and RemunerationCommittee satisfies itself with regard to the independent nature of the Directors vis--vis the Company so as to enable the Board to discharge its function and dutieseffectively.

• The Nomination and Remuneration Committee ensures that the candidate identifiedfor appointment as a Director is not disqualified for appointment under Section 164 of theCompanies Act 2013.

GREEN INITIATIVE:

Electronic copy of the Annual Report 2019-2020 and the Notice of the 38th AnnualGeneral Meeting are sent to all members whose email addresses are registered with theCompany / depository participant(s). For members who have not registered their emailaddresses physical copies are sent in the permitted mode.

Your Directors would like to draw your attention to Section 20 of the Companies Act2013 read with the Companies (Management and Administration) Rules 2014 as may beamended from time to time which permits paperless compliances and also service of notice /documents (including annual report) through electronic mode to its members.

To support this green initiative we hereby once again appeal to all those members whohave not registered their e-mail addresses so far are requested to register their e-mailaddress in respect of electronic holding with their concerned Depository Participantsand/or with the Company.

IMPLEMENTATION OF RISK MANAGEMENT POLICY:

The Company has formulated a policy and process for risk Management. The Company hasset up a core group of leadership team which identifies assesses the risks and thetrends exposure and potential impact analysis at different level and lays down theprocedure for minimization of risks. Risk Management forms an integral part of Managementpolicy and is an ongoing process integrated with the operations.

Company has identified various strategic operational and financial risks which mayimpact Company adversely. However management believes that the mitigation plans foridentified risks are in place and may not threaten the existence of the Company.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

The Company has formulated a policy in respect of Sexual Harassment of women atworkplace as per the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013. There was no complaint received bythe Company during the financial year 2019-2020 under the aforesaid Act.

CODE OF CONDUCT FOR BOARD MEMBERS AND SENIOR MANAGEMENT OF THE COMPANY:

The Board of Directors has adopted the code of conduct for the directors. All boardmembers have affirmed compliance with the code of conduct for the period under review. Adeclaration to that effect signed by the Director is attached and forms part of the AnnualReport of the Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Section 177 of the Companies Act 2013 requires every listed company to establish avigil mechanism for the directors and employees to report genuine concerns in such manneras may be prescribed. The Company has adopted the policy for implementing Vigil Mechanism.Vigil (whistle blower) mechanism provides a channel to the employees and directors toreport to the management concerns about unethical behavior actual or suspected fraud orviolation of the code of conduct or policy. The mechanism provides for adequate safeguardsagainst victimization of directors and employees to those who avail of the mechanism andalso provide for direct access to the Chairman of the Audit Committee in exceptionalcases.

This policy applies to all directors and employees of the Company. All directors andemployees of the Company are eligible to make disclosures under this Policy in relation tomatters concerning the Company.

MATERIAL CHANGES AND COMMITMENTS IF ANY 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 THE REPORT:

There are no Material changes and commitments affecting financial position between endof the financial year and the date of the report is given as hereunder.

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

TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There is no significant and material order passed by the Regulators or Courts orTribunals impacting the going concern status and Company's operations.

DISCLOSURE RELATING TO EQUITY SHARES WITH DIFFERENTIAL RIGHTS:

The Company has not issued any equity shares with differential rights during the yearunder review and hence no information as per provisions of Rule 4(4) of the Companies(Share Capital and Debenture) Rules 2014 is furnished.

DISCLOSURE RELATING TO SWEAT EQUITY SHARES:

The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Rule 8(13) of the Companies (Share Capital andDebenture) Rules 2014 is furnished.

DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME:

The Company has during the year under review not issued nor provided any employee stockoption scheme and hence no information is furnished as per provisions of Rule 12 (9) ofthe Companies (Share Capital and Debenture) Rules 2014.

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

The Additional information required under the provisions of Section 134(3)(m) of theCompanies Act 2013 read with the Companies (Accounts) Rules 2014 and forming part of theReport is reproduced herewith:

(a) Conservation of energy and technology absorption:

As the Company holds investments in the other Companies there are no particularsregarding conservation of energy and technology absorption as required under provisionsof the Act and rules made thereunder.

(b) Foreign Exchange earnings and outgo:

Total foreign exchange inflow: Nil Total foreign exchange outflow: Nil

DISCLOSURES IN RESPECT OF VOTING RIGHTS NOT DIRECTLY EXERCISED BY EMPLOYEES:

There are no shares held by trustees for the benefit of employees and hence nodisclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules 2014has been furnished.

FRAUD REPORTING:

During the year under review no instances of fraud were reported by the StatutoryAuditors of the Company.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation of the support which theCompany has received from its promoters shareholders lenders business associatesvendors customers media and the employees of the Company.

By order of the Board
For Kuber Udyog Limited
Sd/-
Mr. Chetan Shinde
Date: 28th November 2020 Chairman & Managing Director
Place: Ahmedabad DIN: 06996605

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