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MPDL Ltd.

BSE: 532723 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE493H01014
BSE 00:00 | 14 Aug 10.59 0.50
(4.96%)
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10.59

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10.59

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NSE 05:30 | 01 Jan MPDL Ltd
OPEN 10.59
PREVIOUS CLOSE 10.09
VOLUME 3280
52-Week high 10.59
52-Week low 2.18
P/E
Mkt Cap.(Rs cr) 8
Buy Price 10.59
Buy Qty 25.00
Sell Price 10.58
Sell Qty 19.00
OPEN 10.59
CLOSE 10.09
VOLUME 3280
52-Week high 10.59
52-Week low 2.18
P/E
Mkt Cap.(Rs cr) 8
Buy Price 10.59
Buy Qty 25.00
Sell Price 10.58
Sell Qty 19.00

MPDL Ltd. (MPDLLTD) - Director Report

Company director report

To The Members

Your Directors are pleased to present the 17th (Seventeenth) Annual Report on thebusiness and operations of Monnet Project Developers Limited ("the Company")together with the Audited Financial Statements for the year ended March 31 2019.

1. FINANCIAL SUMMARY

A summary of the Company's Financial Results for the Financial Year 2018-19 is asunder:

Particulars (Rs in lakhs)

Standalone

Consolidated

March 31 2019 March 31 2018 March 31 2019 March 31 2018
Gross Revenue 2.08 274.53 19.78 305.94
Profit before tax (after Exceptional Item) (217.97) 25.77 (200.27) 57.18
Tax Expenses (Including Deferred Tax) (0.09) 4.84 (0.09) 10.84
Minority Interest and Share in Profit of Associates
Profit after Tax (217.88) 20.94 (200.18) 46.35

The Company has adopted Indian Accounting Standard (referred to as 'IND AS') witheffect from April 1 2017 and accordingly these financial results along with thecomparatives have been prepared in accordance with the recognition and measurementprincipals stated therein prescribed under Section 133 of the Companies Act("Act") read with the relevant Rules framed thereunder and the other accountingprinciples generally accepted in India.

2. STATEMENT OF COMPANY'S AFFAIR FUTURE OUTLOOK MATERIAL CHANGES AND COMMITMENTS IFANY AFFECTING FINANCIAL POSITION OF THE COMPANY

Standalone Financials

During the year under review your company's gross revenue stood at Rs. 2.08 Lakhs ascompared to Rs. 274.53 Lakhs in the previous year. The profit/ (loss) before tax (PBT)stands at Rs. (217.97) Lakhs as against Rs. 25.77 Lakhs in the previous year and profit/(loss) after tax (PAT) was Rs. (217.88) Lakhs as against Rs. 20.94 Lakhs in the previousfinancial year.

Consolidated Financials

During the year under review your company's consolidated gross revenue stood at Rs.19.78 Lakhs as compared to Previous Year Rs. 305.94 Lakhs. Further for the financial yearended March 31 2019 the consolidated profit/(loss) before tax (PBT) stands at Rs.(200.27) Lakhs as against Rs. 57.18 Lakhs in the previous year and profit/ (loss) aftertax (PAT) was Rs. (200.18) Lakhs as against Rs. 46.35 Lakhs in the previous financialyear.

The performance and the financial position of the associate company is included in theConsolidated financial statement of the Company.

3. 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 RELATES AND THE DATE OF THE REPORT

In terms of Section 134(3) (I) of the Companies Act 2013 except as disclosedelsewhere in this Report no material changes or commitments affecting the financialposition of the Company which have occurred between the end of the financial year to whichthe financial statement relates and the date of this Report.

4. DIVIDEND AND RESERVES

In view of the financial performance and losses during the year under review the Boardof Directors has not recommended any dividend for the financial year under review. As theCompany has incurred losses during the year no amount has been transferred to Reserves.

5. PUBLIC DEPOSITS

Your Company has neither accepted nor renewed any deposits falling within the purviewof Section 73 of the Act read with the Companies (Acceptance of Deposits) Rule 2014 duringthe year and any amendment thereto.

There is no unclaimed or unpaid deposit lying with the Company.

6. SHARECAPITAL

The Company's Authorized Share Capital during the financial year ended March 31 2019remained at Rs. 225000000/- (Rupees Twenty Two Crores Fifty Lakhs Only) consisting of22500000 (Two Crore Twenty Five Lakh) equity shares of Rs. 10/- (Rupees Ten Only) each.

The Company's Issued Subscribed and Paid-up share capital remained at Rs. 74125240/-(Rupees Seven Crores Forty One Lakhs Twenty Five Thousand Two Hundred and Forty Only)divided into 7412524 (Seventy Four Lakhs Twelve Thousand Five Hundred and Twenty Four)equity shares of Rs. 10/- (Rupees Ten Only) each.

For further information please refer Note No. 11 to the Standalone FinancialStatements of the Company for the FY 2018-19.

7. SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES

The Consolidated Financial Statements of the Company including the financialinformation of its Associate Company are prepared in accordance with the relevant IndianAccounting Standards and forms an integral part of this Report.

Pursuant to Section 129(3) of the Companies Act 2013 read with Rule 5 of the Companies(Accounts) Rule 2014 a statement containing salient features of the financial statementsof Associate Company is given in Form AOC-1 and forms an integral part of this report as Annexure-1.

For further information please refer Note No. 11 to the Standalone FinancialStatements of the Company for the FY 2018-19.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Directors

In accordance with the provisions of Section 152 of the Companies Act 2013 and theCompany's Articles of Association Mr. Braham Dutt Bhardwaj (DIN: 01779434) Whole TimeDirector retires by rotation at the forthcoming Annual General Meeting and beingeligible offers himself for re-appointment. The Board recommends his re-appointment forthe consideration of the Members of the Company at the ensuing Annual General Meeting.Brief profile of Mr. Braham Dutt Bhardwaj has been given in the Notice convening the 17thAnnual General meeting.

During the period under review Mr. Jagdamba Prasad Lath (DIN: 00380076) resigned fromthe Directorship w.e.f. March 30 2019. Further Mr. Bishwa Nath Chatterjee was appointedas Non- Executive Non Independent Director of the company w.e.f. May 30 2019. Further Mr.Vinod Shankar was appointed as Independent Director w.e.f. August 13 2019.

Mr. Braham Dutt Bhardwaj (DIN: 01779434) was appointed as the Whole-time Director bythe Members of the Company on September 30 2015 (13th Annual General Meeting)for the period of 5 years. The Board of Directors in the same resolution were authorizedby the members to alter and vary the terms and conditions of his appointment/ orre-appointment subject to the same not exceeding the limit specified under Section 197 ofthe Companies Act 2013. Due to the resignation of nonexecutive rotational directors ofthe company the Board of Directors in their meeting held on 13th August 2018decided to vary the terms of appointment of Mr. Braham Dutt Bhardwaj Executive Directorby changing it to rotational director which was further approved by the shareholders inthe 16th AGM held on 28th September 2018.

Key Managerial Personnel

During the year under review pursuant to the provisions of Section 2(51) & 203 ofthe Companies Act 2013 the following changes took place in the Key Managerial Personnel(KMP) of the Company:-

a) There is no change in the position of Whole Time Director Mr. Braham Dutt Bhardwajcontinues to hold the position of Whole Time Director.

b) Mr. Mohd Arshad relinquish his position as Chief Financial Officer of the Companyw.e.f. May 28 2018. Further Mr. Subhash Kumar Singh was appointed as Chief FinancialOfficer of the Company w.e.f. May 28 2018.

c) Ms. Tanya relinquish her position as Company Secretary and Compliance Officer ofthe Company w.e.f. February 19 2019. Further Mr. Rohit Babbar was appointed as CompanySecretary and Compliance Officer of the Company w.e.f. April 22 2019.

9. STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS

The Company has received the necessary declarations from all Independent Directors whoare the part of the Board confirming that they meet the eligible criteria of independenceas laid down in Section 149(6) of the Companies Act 2013 and Regulation 16(b) of the SEBI(Listing Obligations and Disclosures Requirements) Regulations 2015. Thereafter betweenthe end of the financial year and date of approval of Directors Report for the financialyear ended March 31 2019 Mr. Rajiv Poddar has resigned from the company w.e.f.29.07.2019 and Mr. Vinod Shankar has been appointed as Independent Director for complyingthe provisions w.e.f. 13.08.2019.

10. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the financial year 4 (four) Board Meetings were convened and held the detailsof the number of meetings of the Board held during the Financial Year 2018-19 forms partof the Corporate Governance Report. The Company has complied with Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and theapplicable Secretarial Standards issued by the Institute of Company Secretaries of India.

11. COMMITTEES OF THE BOARD

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Executive Committee

The details of the Committees along with their composition number of meetings termsof reference and attendance of members at the meetings are provided in the CorporateGovernance Report which forms part of this Annual Report.

12. PERFORMANCE EVALUATION OF THE BOARD ITS COMMITTEES AND INDIVIDUAL DIRECTORS

Pursuant to applicable provisions of the Companies Act 2013 and the SEBI (ListingObligations and Disclosures Requirements) Regulations 2015 a structured questionnaire wasprepared after taking into consideration of the various aspects of the Board'sfunctioning composition of the Board and its Committee culture execution andperformance of specific duties obligations and governance.

The performance evaluation of Independent Directors by the entire Board of Directorsexcluding the Directors being evaluated. The performance evaluation of the Chairman andthe Non-Independent Directors was carried out by the Independent Directors andNon-Executive Directors. The Board of Directors expressed their satisfaction with theevaluation process.

The manner in which the evaluation of the Board its Committees and IndividualDirectors has been carried out is explained in the Corporate Governance Report which formspart of this Annual Report.

13. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year endedMarch 31 2019 were on an arm's length basis. Further there have been no materiallysignificant related party transactions between the Company and the Directors themanagement the subsidiaries or the relatives. All related party transactions arementioned in the notes to the accounts.

The Board of Directors in their meeting held on August 13 2018 pursuant to theprovisions of section 188 and 177 of the Companies Act 2013 & the rules made thereunder and the Articles of Association of the Company read with Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations 2015appointed Mr. Braham Dutt Bhardwaj Whole Time Director as a Consultant in the Companyw.e.f. November 01 2018 for a period of one year upto October 31 2019. In this regarddisclosure in Form AOC-2 in terms of Section 134(3) (h) read with Section 188(2) of theCompanies Act 2013 forms a part of the report as Annexure-2.

The "Policy on Materiality of Related Party Transactions and also on dealing withRelated Party transactions" as approved and amended by the Board of Directors hasbeen uploaded on the website of the Company viz:http://www.monnetgroup.com/MPDL-code-policy.php

None of the Directors except Mr. Braham Dutt Bhardwaj has any pecuniary relationship ortransactions vis-a-vis the Company except remuneration and sitting fees.

14. AUDITORS

i) Statutory Auditor

Pursuant to the provisions of Section 139 of the Act and Rules framed thereunder atthe Annual General Meeting ("AGM") held on September 28 2017 M/s APAS &Co. Chartered Accountants (Registration No.000340C) were appointed as the StatutoryAuditors of the Company to hold such office from conclusion of 15th Annual General Meetinguntil conclusion of 20th Annual General Meeting subject to ratification of theappointment by the members at every AGM held after this AGM to conduct audit.

Pursuant to Section 40 of the Companies (Amendment) Act 2017 notified by the Ministryof Corporate Affairs on May 7 2018 the requirement for ratification of the appointmentof Statutory Auditors by the members at every Annual General Meeting has been done awaywith. Accordingly the Notice convening the ensuing AGM does not carry any resolution onratification of appointment of Statutory Auditors. However M/s APAS & Co. CharteredAccountants has confirmed that they are eligible to continue as Statutory Auditors of theCompany to audit the books of accounts of the Company for the Financial Year ending March31 2020 and accordingly M/s APAS & Co. Chartered Accountants will continue to be theStatutory Auditors of the Company for Financial Year ending March 31 2020.

The Notes on the financial statements referred to in the Auditor's Report areself-explanatory and do not call for any further comments. The Auditors' Report does notcontain any qualifications reservation adverse remark or disclaimer.

ii) Secretarial Auditor

Pursuant to Section 204 of the Companies Act 2013 and The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company had appointed M/s SanjayGrover & Associates Practicing Company Secretaries as its Secretarial Auditor of theCompany to undertake the Secretarial Audit of the Company for Financial Year 2018-19. TheReport of Secretarial Auditor (Form MR-3) carried out for the Financial Year 2018-2019 isannexed herewith to the report as Annexure-3.

The Secretarial Audit Report for the financial year ended March 31 2019 does containobservations or qualifications requiring explanation or comments from the Board underSection 134(3) of the Companies Act 2013 as follows:

Qualifications:

• The Constitution of Nomination & Remuneration Committee (NRC) of the Companywas not in accordance with Section 178 of the Companies Act 2013 and Regulation 19 ofSEBILODR since quarter ended March 2018 to November 13 2018 as an executive director wasthe member of the Committee.

• Neither the Chairman of NRC nor any other member authorized by Chairman of NRCattended the Annual General Meeting of the Company held on September 28 2018 as per therequirement of Section 178 of the Act.

Management Response:

• The committee consisted of 3 members viz. Babika Goel Chairman Mr. Braham DuttBhardwaj and Mr. Rajiv Poddar as Members of NRC.9. In order to comply with the provisionof SEBI (LODR) Regulations 2015 and Companies Act 2013 the committee was reconstitutedwith appointment of Mr. J.P. Lath NonExecutive Director as member of the committee.

• The Chairman of the committee authorise Mr. J.P. Lath Director to attend 16thAGM of the company and Mr. J.P. Lath had attended the same.

iii) Internal Auditor

Pursuant to section 138 of Companies Act 2013 the Company had appointed M/s O P Bagla& Co. (Firm registration No 000018N) as Internal Auditors of the Company in its BoardMeeting held on 13th August 2018 for the financial year 2018-19. The report ofthe same has been placed before the Board of Directors.

15. DIRECTOR'S RESPONSIBILITY STATEMENT

The Company has taken utmost care in its operations compliance transparencyfinancial disclosures and financial statements have been made to give a true and fair viewof Company. As required under Section 134(5) and Section 134(3) (c) and based upon thedetailed representation due diligence and inquiry thereof and your Board of Directorsassures and confirm as under:

a. In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation 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 as at the end of the Financial Year2018-19 and of the profit and 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;

d. The annual accounts have been prepared on a going concern basis;

e. The Directors have laid down internal financial controls to be followed by theCompany and such internal Financial control are adequate and were operating effectively;and

f. The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and such systems are adequate and operating effectively.

16. INTERNAL CONTROL SYSTEMS AND ITS ADEQUACY

Your Company has an effective internal control and risk- mitigation system which areconstantly assessed and strengthened with new/revised standard operating procedures. TheCompany's internal control system is commensurate with its size scale and complexities ofits operations. The internal and operational audit is entrusted to M/s O P Bagla &Co. Chartered Accountants. The main thrust of internal audit is to test and reviewcontrols appraisal of risks and business processes besides bench marking controls withbest practices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy andeffectiveness of the internal control systems and suggests improvements to strengthen thesame. The Company has a robust Management Information System ('MIS') which is an integralpart of the control mechanism.

The Audit Committee of the Board of Directors and Statutory Auditors are periodicallyapprised of the internal audit findings and corrective actions taken. Significant auditobservations and corrective actions taken by the management are presented to the AuditCommittee of the Board. To maintain its objectivity and independence the Internal Auditfunction reports to the Chairman of the Audit Committee.

17. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company at present does not fall in any of the criteria(s) as provided undersection 135 of the Companies Act 2013 and Rules made there under. Hence the provisions ofCorporate Social Responsibility are not applicable on the Company.

18. LISTING OF SHARES

The Company's Equity Shares are presently listed at BSE Ltd Mumbai. The Listing Feesfor the financial year 2019-20 has been paid to BSE Limited.

Further the details in relation to listing of shares are given in the CorporateGovernance Report attached with the Board Report.

19. MANAGEMENT DISCUSSION & ANALYSIS REPORT

A detailed analysis of your Company's performance is discussed in the ManagementDiscussion and Analysis Report as stipulated under Regulation 34 read with Schedule V ofthe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended which forms part of this Annual Report as Annexure-4.

20. RISK MANAGEMENT POLICY

Your Company's Risk Management Policy is backed by strong internal control systems. Therisk management framework consists of policies and procedures framed at management leveland strictly adhered to and monitored at all levels. The framework also defines the riskmanagement approach across the enterprise at various levels. Risk management is embeddedin our critical business activities functions and processes. The risks are reviewed forchange in the nature and extent of the major risks identified since the last assessment.It also provides control measures for risk and future action plans.

The internal audit team periodically visits the divisions and carries out audit. Thefindings are periodically reviewed by the Board and Audit Committee with emphasis onmaintaining its effectiveness in dynamic business environment.

21. DISCLOSURES-

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

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

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLETO THE CENTRAL GOVERNMENT

The Statutory Auditors Secretarial Auditors or Internal Auditors of the Company havenot reported any frauds to the Audit Committee or to the Board of Directors under Section143(12) of the Companies Act 2013 including rules made thereunder.

STOCK OPTIONS SCHEME

The Company does not have any Scheme of Stock Option for its employees Directors etc.

DISCLOSURE UNDER SECTION 43(A)(IM) AND SECTION 54(1)(D) OF THE COMPANIES ACT 2013

During the year under review the Company has not issued any shares with differentialvoting rights and sweat equity shares and hence no information as required under Section43(a)(iii) & Section 54(1)(d) of the Companies Act 2013 read with applicable rules isrequired to be disclosed.

EXTRACT OF ANNUAL RETURN

In accordance with the provisions of Section 134(3)(a) of the Companies Act 2013 readwith Section 36 of Companies (Amendment) Act 2017 which was notified on July 31 2018the extract of the annual return in Form No. MGT - 9 is annexed as Annexure 5 anddisplayed on the website of the Company and the link for the same ishttp://www.monneteroup.com/pdfs/aue19/mpdl/Extract -of-Annual-Return.pdf

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

In accordance with the provisions of Section 134(3)(g) of the Companies Act 2013details of Loans Guarantees and Investments covered under the provisions of Section 186of the Companies Act 2013 for the year are given in the Note No. 4 and 5 to theStandalone Financial Statements of the Company for the FY 2018-19.

NOMINATION AND REMUNERATION POLICY

The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for selection and appointment of Directors Key Managerial personnel andtheir remuneration as well as policy on other employees remuneration. The Brief terms ofpolicy is stated on the website link: http://www.monnetgroup.com/MPDL-code- policy.php

AUDIT COMMITTEE

The details pertaining to composition of audit committee are included in the CorporateGovernance Report which forms part of this report.

COST RECORDS

The Company is not required to maintain cost records as specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013 read withCompanies (Accounts) Amendment Rules 2018 which was notified on 31st July2018.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has a vigil mechanism named Vigil Mechanism/Whistle Blower Policy to dealwith instances of fraud and mismanagement if any. Details of the same are given in theCorporate Governance Report. The same has also been displayed on the website of theCompany and the link for the same is http://www.monnetgroup.com/MPDL-code- policy.php

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

Your Company has laid down Anti Sexual Harassment policy on Gender Equality GenderProtection Prevention of Sexual Harassment and Redressal System in line with therequirements of the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013. An Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (permanent contractualtemporary apprenticeship) are covered under this policy. The following is a summary ofsexual harassment complaints received and disposed off during the year under review-

• No. of complaints received : Nil

• No. of complaints disposed off : NA

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Act read with Rule 5(1)/(2)/(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are annexed to this report as Annexure-6.

CORPORATE GOVERNANCE REPORT

Your Company has complied with requirements of Regulation 34 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. A report on the CorporateGovernance practices followed by the Company together with a certificate from thePracticing Company Secretary confirming compliance forms part of this report and adeclaration by the Executive Director of the company regarding compliance by Board Membersand Senior Personnel with the company's Code of Conduct. As per the new clause inserted inSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 the certificatefrom Company Secretary in practice is also forms part of Corporate Governance Reportregarding none of the directors on the board of the company have been debarred ordisqualified from being appointed or continuing as directors of companies by theBoard/Ministry of Corporate Affairs or any such statutory authority. The same is annexedto this report as Annexure 7.

22. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUT GO

Information under Section 134(3)(m) of the Companies Act 2013 read with rule 8(3) ofthe Companies (Accounts) Rules 2014 is given below:

A. Conservation of Energy-

The Company has been among other fields engaged in development & construction ofreal estate mainly comprising residential commercial & institutional buildings. Ithas always been the endeavour of the Company to look for ways and means to achieve energyconservation in every possible way. In line with the Company's commitment to give itsclients and customers quality products and services it has been constantly seeking toadopt latest in technology which are relevant and strive to integrate the same into theoverall scheme of things resulting in sustainable cost savings energy conservation andmore reliability.

B. Technology Absorption-

i. Efforts in brief made towards technology absorption As technologies change rapidlyyour Company recognizes the need to invest in new emerging technologies to leverage themfor improving productivity quality and reach to new customers. It is essential to have atechnology infrastructure that is at par with the best in the world. Your Company thusfollows a practice of upgrading computing equipment on an ongoing basis.

ii. Benefits derived like product improvement cost reduction product development orimport substitution: NIL

iii. In case of imported technology (imported during the last three financial yearreckoned from the beginning of the financial year)

(a) Technology Imported: NIL

(b) Year of Import: NIL

(c) Whether the technology has fully been absorbed: NIL

(d) If not fully absorbed area where absorption has not taken place and reasonthereof: NIL

iv. Expenditure incurred on Research and Development: NIL

C. Foreign Exchange Earnings And Outgo- Not Applicable

23. CAUTIONARY NOTE

Certain Statements in the 'Management Discussion and Analysis' section may beforward-looking and are stated as required by applicable laws and regulations. Manyfactors may affect the actual results which would be different from what the Directorsenvisage in terms of the future performance and outlook. Investors are cautioned that thisdiscussion contains forward looking Statement that involve risks and uncertaintiesincluding but not limited to risks inherent in the Company's growth strategy dependenceon certain businesses dependence on availability of qualified and trained manpower andother factors discussed. The discussion and analysis should be read in conjunction withthe Company's Financial Statements and notes on accounts.

24. ACKNOWLEDGMENT

Your Directors thank various Central and State Government Departments Organizationsand Agencies for the continued help and co-operation extended by them. The Directors alsogratefully acknowledge all stakeholders of the Company viz. customers members dealersvendors banks and other business partners for the excellent support received from themduring the year. The Directors place on record their sincere appreciation to all employeesof the Company for their unstinted commitment and continued contribution to the Company.

For and on behalf of the Board
Monnet Project Developers Limited
(Bishwa Nath Chatterjee) (Braham Dutt Bhardwaj)
Director Whole-Time Director
DIN:08359823 D IN:01779434
Date: 13.08.2019
Place: New Delhi