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Multibase India Ltd.

BSE: 526169 Sector: Industrials
NSE: N.A. ISIN Code: INE678F01014
BSE 00:00 | 05 Dec 212.85 4.80
(2.31%)
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NSE 05:30 | 01 Jan Multibase India Ltd
OPEN 208.00
PREVIOUS CLOSE 208.05
VOLUME 12476
52-Week high 319.95
52-Week low 175.00
P/E 41.17
Mkt Cap.(Rs cr) 269
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 208.00
CLOSE 208.05
VOLUME 12476
52-Week high 319.95
52-Week low 175.00
P/E 41.17
Mkt Cap.(Rs cr) 269
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Multibase India Ltd. (MULTIBASEINDIA) - Director Report

Company director report

FOR THE FINANCIAL YEAR ENDED MARCH 31 2022

To

The Members

Your Directors are pleased to present their 31st Annual Report together with AuditedFinancial Statements of your Company for the Financial Year ended March 31 2022.

 

(Rs In lacs)
FINANCIAL RESULTS Year ended 31st March 2022 Year ended 31st March 2021
Revenue from Operations 6248.39 5345.29
Other Income 290.70 409.46
Total Income 6539.09 5754.75
Less: Expenses other than 5581.67 4671.92
Depreciation
Profit before Depreciation 957.42 1082.83
Depreciation 94.64 99.34
Profit before Tax 862.78 983.49
Provision for tax 228.85 311.88
Profit after Tax 633.93 671.61
Other comprehensive income net of taxes 1.95 (1.35)
Total comprehensive income for the year 631.98 672.96
Balance brought forward from previous year 10101.97 9429.01
Balance carried forward to Balance Sheet 10481.55 10101.97

OPERATIONS

During the year under review the Company reported gross revenue from operations of Rs6248.39 Lacs as against

Rs 5345.29 Lacs during the FY 2020-21. The Company reported Profit before Tax of Rs862.78 Lacs and Profit after Tax of

Rs 633.93 Lacs as against Rs 983.49 Lac and Rs 671.61 Lacs respectively for theprevious Financial year on account of the inflationary-cum-forex impact-cum logisticschallenges. However revenue during the current financial year increased by 17% as againstlast year and is mainly on account of recovery from COVID-19 pandemic. The Company's grossmargins shrunk by 3.77% from 32.66% to 28.89% in the current year which is mainly onaccount of increase in raw material prices reduction in traded products margin foreximpacts. The Company has earned interest income on fixed deposits of Rs 228.90 lakhs inthe current year.

During the year under review there was no change in the nature of business of theCompany. However the Company would like to highlight on one of the material change fromlast financial year to the report date and may have a likely potential impact on theearnings is the rupee depreciation in current year where rupee is down by more than 5%from last financial year. As the Company procures majority of the raw material fromoutside India during the first quarter results posted for FY 2022-23 there was asignificant exchange loss recorded.

DIVIDEND

Based on the performance of the Company for the year the Board of Directors is pleasedto recommend a final dividend of  Rs 1/- per equity share subject to approval of theShareholders at the Annual General Meeting (‘AGM').

In view of the changes made under the Income-tax Act 1961 by the Finance Act 2020dividends paid or distributed by the Company shall be taxable in the hands of theshareholders. The Company shall accordingly make the payment of Dividend after deductionof tax at source to those Shareholders whose names appear in the Register of Members as onthe Book Closure Date. The Company has not paid any Interim Dividend during the financialyear under review. In terms of Regulation 43A of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended(“SEBI Listing Regulations”) the Company has formulated a Dividend DistributionPolicy which details out various factors consideration based on which the Board considersthe proposal for recommendation or declaration of Dividend. The Dividend DistributionPolicy of the Company is available on Company's website at www.multibaseindia.com

TRANSFER TO RESERVES

The Board of Directors have not recommended transfer of any amount of Profit toreserves during the year under review.

REPORT ON PERFORMANCE OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company does not have any Subsidiaries Associates or Joint venture companies.

REVISION OF FINANCIAL STATEMENT

There was no revision to the financial statements for any of the preceding financialyears.

BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

Board of Directors:

The Board of Directors comprises of 6 (Six) Directors out of which 3 (three) of theBoard Members are Independent Directors. The composition of the Board complies with therequirements prescribed in the SEBI Listing Regulations and the Companies Act 2013(‘the Act'). Mr. Mark Stephen Metaxas (DIN: 09607494) was appointed as an AdditionalDirector (Non-Executive & Non-Independent) of the Company with effect from May 262022 to hold office upto the date of 31st AGM of the Company. Based on therecommendation of the Nomination and Remuneration Committee it is proposed to recommendthe appointment of Mr. Mark Stephen Metaxas as a Director to the shareholders at the 31stAGM of the Company.

Mr. RT Paullin (DIN: 08759596) Director (Non-Executive & Non-Independent) hasresigned from the Company's Board with effect from May 26 2022 due to his pre-occupancywith other assignments. The Board places on record its appreciation for the valuableservices rendered by him during his tenure as a Director of the Company.

Pursuant to the provisions of Section 152 of the Act Mr. Krishan KumarPhophalia (DIN: 08395171) Director (Non-Executive & Non-Independent) of the Companyis liable to retire by rotation at the ensuing AGM of the Company and being eligible hasoffered himself for re-appointment. A resolution seeking shareholders' approval for hisre-appointment forms part of the Notice of the 31st AGM of the Company.

There was no other change in the composition of the Board of Directors during theperiod under review.

Key Managerial Personnel:

During the year under review Ms. Sunaina Goraksh [ACS: 27934] resigned as a CompanySecretary & Compliance Officer of the Company with effect from September 30 2021 onaccount of personal reason. Further the Board on considering the recommendation of theNomination and Remuneration Committee approved the appointment of Ms. Parmy Kamani [ACS:27788] as the Company Secretary & Compliance Officer of the Company with effect fromNovember 11 2021. Apart from the above there was no other change in the composition ofthe Key Managerial Personnel during the period under review.

All Directors have given a certificate to the Compliance Officer confirming theadherence to the Code of Conduct & Ethics Policy of the Company for the financial year2021-22.

COMMITTEES OF BOARD OF DIRECTORS

The Company has four (4) primary Board-level Committees which have been established incompliance with the provisions of the Act and Listing Regulations:

- Audit Committee;

- Nomination and Remuneration Committee;

- Stakeholder's Relationship Committee;

- Corporate Social Responsibility Committee

AUDIT COMMITTEE

Your Directors have in compliance with the provisions of Section 177 of the Act andRegulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 constituted the Audit Committee of the Board. As on date the members of the AuditCommittee are Mr. Harish Narendra Motiwalla (Chairman) Mr. Ashok Faqirchand Chhabra(Member) and Mr. Krishan Kumar Phophalia (Member). The scope and terms of reference of theAudit Committee is in accordance with the Act and it reviews the information as requiredunder SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. During theyear under review there were no instances of recommendation by the Audit Committee notbeing accepted by the Board of Directors of the Company. The Company Secretary acts asSecretary of the Committee.

NOMINATION AND REMUNERATION COMMITTEE

Your Directors have in compliance with the provisions of Section 178 of the Act andRegulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 constituted the Nomination and Remuneration Committee of the Board. As on date themembers of the Nomination and Remuneration Committee are Mr. Ashok Faqirchand Chhabra(Chairman) Mr. Harish Narendra Motiwalla (Member) Mr. Krishan Kumar Phophalia(Member) and Ms. Bharti Pradeep Dhar (Member).

The scope and terms of reference of the Nomination and Remuneration Committee is inaccordance with the Act and it reviews the information as required under SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. During the year under reviewthere were no instances of the recommendation by the NRC Committee not being accepted bythe Board of Directors of the Company. The Company Secretary acts as Secretary of theCommittee.

STAKEHOLDERS' RELATIONSHIP COMMITTEE

Your Directors have in compliance with the provisions of Section 178 of the Act andRegulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 constituted the Stakeholder's Relationship Committee of the Board. As on date themembers of the Stakeholder's Relationship Committee are Mr. Ashok Faqirchand Chhabra(Chairman) Mr. Harish Narendra Motiwalla (Member) Mr. Deepak Arun Dhanak(Member).

The scope and terms of reference of the Stakeholder's Relationship Committee is inaccordance with the Act and it reviews the information as required under SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. A Share Transfer Committeecomprising of Mr. Deepak Arun Dhanak (Chairman) and Mr. Krishan Kumar Phophalia (Member)has been constituted for the purpose of Dematerlisation of shares Transfer of SharesIssue of Duplication shares Loss of Share Certificate and any other purpose deems to befit for Transfer/Transmission of Shares of the Shareholders of the Company.

During the year under review there were no instances of the recommendation by the SRCCommittee not being accepted by the Board of Directors of the Company. The CompanySecretary acts as Secretary of the Committee.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:

Your Board of Directors has formulated the Corporate Social Responsibility (CSR) Policypursuant to the provisions of Section 135 of the Act read with the Companies (CorporateSocial Responsibility Policy) Rules 2014 based on the recommendations of the CSRCommittee. The CSR Policy is available on the website of the Company https://www.multibaseindia.com/pdf/Multibase%20CSR%20Policy%20. pdf As on date the members of the CSRCommittee are Mr. Harish Narendra Motiwalla (Chairman) Mr. Ashok Faqirchand Chhabra(Member) Mr. Deepak Arun Dhanak (Member) and Ms. Bharti Pradeep Dhar (Member). A briefoutline of the CSR Policy of the Company and the Annual Report on CSR activities asrequired by the Companies (Corporate Social Responsibility Policy) Rules 2014 are setout in ‘Annexure II' to this Report.

DECLARATION FROM DIRECTORS:

During the financial year under review declarations were received from all theIndependent Directors of the Company that they satisfy the “criteria ofIndependence” as defined under Regulation 16(b) of SEBI Listing Regulations andSection 149(6) of the Act read with the Schedules and Rules made there under. Further allthe Independent Directors of the Company have complied with the Code for IndependentDirectors as prescribed in Schedule IV of the Act. There has been no change in thecircumstances or situation that could impair or impact their ability to discharge theirduties. None of the Directors of the Company are disqualified for being appointed asDirectors as specified under Section 164(2) of the Act read with Rule 14(1) of theCompanies (Appointment and Qualification of Directors) Rules 2014.

CHANGE IN SHARE CAPITAL:

During the year under review there is no change in the Share Capital of the Company.

DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview ofprovisions of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules2014 during the year under review. Hence the requirement for furnishing of details ofdeposits which are not in compliance with the Chapter V of the Act is not applicable.

As on March 31 2022 there were no deposits which were unclaimed and due forrepayment.

STATUTORY AUDITORS:

M/s. Price Waterhouse LLP Chartered Accountants (ICAI Firm Registration No.301112E/E300264) were appointed as the Statutory Auditors of the Company at the AGM of theCompany held on September 21 2021 for a term of five years i.e. till the conclusion ofensuing 35th AGM (to be held during calendar year 2026).

The reports of the Statutory Auditors on Standalone and Consolidated Ind AS FinancialStatements forms part of this Annual Report.

The Auditors' Report does not contain any qualification reservation adverse remarkdisclaimer or emphasis of matter.

SECRETARIAL AUDITORS:

Pursuant to Section 204 of the Act read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 your Company appointed M/s Dhrumil MShah & Co Practicing Company Secretary to conduct the Secretarial Audit of yourCompany for the financial year 2021-22. The Secretarial Audit Report is enclosed as‘Annexure I' to this report. The Secretarial Audit Report does not contain anyqualification reservation or adverse remark.

COST AUDITORS:

As per the provisions of Section 148 of the Act the Company is required to appointCost Accountant to carry out the cost audit of cost records that has been maintained forthe Company's manufacturing unit(s). The Company has appointed M/s B F Modi &Associates Cost Accountants as Cost Auditors of the Company for the financial year 2022-23.The remuneration as fixed by the Board of Directors is required to be ratified by membersat the forthcoming 31st AGM of the Company.

The Cost Audit Report for the financial year 2021-22 does not contain anyqualification reservation or adverse remarks.

INTERNAL AUDITORS:

M/s. Mukand & Rohit Chartered Accountants have been appointed as Internal Auditorsof the Company for the financial year 2022-23.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Act in relation to the audited financial statementsof the Company for the year ended March 31 2022 the Board of Directors hereby confirmsthat: a. in the preparation of the annual accounts the applicable accounting standardshad been followed along with proper explanation relating to material departures; b. thedirectors had selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitand loss of the company for that period; c. the directors had taken proper and sufficientcare for the maintenance of adequate accounting records in accordance with the provisionsof this Act for safeguarding the assets of the company and for preventing and detectingfraud and other irregularities; d. the directors had prepared the annual accounts on agoing concern basis; e. the directors had laid down internal financial controls to befollowed by the company and that such internal financial controls are adequate and wereoperating effectively; and f. the directors had devised proper systems to ensurecompliance with the provisions of all applicable laws and that such systems were adequateand operating effectively.

MANAGEMENT DISCUSSION & ANALYSIS

A separate report on Management Discussion & Analysis is appended to this AnnualReport and forms part of this Directors' Report.

CORPORATE GOVERNANCE

In compliance with Regulation 34(3) read with Schedule V of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 a detailed Report on CorporateGovernance is enclosed as a part of this Annual Report. A certificate from a PracticingCompany Secretary regarding compliance of the conditions of Corporate Governance asstipulated under Schedule V (E) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is appended to this Annual Report and forms part of thisDirectors' Report.

RISK MANAGEMENT

The Company recognizes risk management as an integral component of good corporategovernance and fundamental in achieving its strategic and operational objectives. Itimproves decision-making defines opportunities and mitigates material events that mayimpact shareholder value. The Board has also adopted a Risk Management Policy. The Companyhas adopted an enterprise wide framework that incorporates a system of risk oversightrisk management and internal control designed to identify assess monitor and managerisks consistent with the size of the business. Multibase applies risk management in awell-defined integrated framework that promotes awareness of risks and understanding ofthe company's risk tolerances. The Risk Management Framework enables a systematic approachto risk identification leverage of any opportunities and provides treatment strategies tomanage transfer and avoid risks.

INTERNAL FINANCIAL CONTROL AND INTERNAL AUDIT

The Company has an adequate Internal Financial Control System commensurate with thesize and nature of its business. The Company continues to engage M/s. Mukund

& Rohit Chartered Accountants as its Internal Auditor. During the year theCompany continued to implement their suggestions and recommendations to improve thecontrol environment. Their scope of work includes review of processes for safeguarding theassets of the Company review of operational efficiency effectiveness of systems andprocesses and assessing the internal control strengths in all areas. Internal Auditorsfindings are discussed with the process owners and suitable corrective actions taken asper the directions of Audit Committee on an ongoing basis to improve efficiency inoperations.

CRITERIA FOR APPOINTMENT OF DIRECTORS AND RELATED MATTERS

The criteria for appointment of Directors and Senior Management related matters andthe remuneration policy is provided in ‘Annexure III' to this Report. Theremuneration policy of the Company is designed to attract motivate and retain employeesin a competitive market. The Nomination and Remuneration Policy can be accessed on thewebsite of the Company at http://www.multibaseindia.com/.

ANNUAL EVALUATION OF THE DIRECTORS AND THE BOARD

Pursuant to the provisions of the Act and Regulation 17 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board has carried out anannual performance evaluation of its own performance and the Directors individually. Theevaluation of the Chairman Non-independent Directors and the Board was conducted at theIndependent Directors meeting February 9 2022.

The Major Evaluation Criteria amongst other criteria applied are:

(a) For Independent Directors:
Knowledge and Skills
Professional conduct
Duties roles and functions
(b) For Executive Directors
Performance as Team Leader/ Member;
Evaluating Business Opportunity and analysis of
Risk Reward Scenarios;
Professional Conduct Integrity;
Sharing of Information with the Board.

The Directors were satisfied with the evaluation process undertaken during the year.Further in the opinion of the Board all the Independent Directors possess utmostintegrity professional expertise and requisite experience including proficiency.

The criteria for evaluation are provided in ‘Annexure III' of this report.

DETAILS WITH RESPECT TO THE PROGRAMME FOR FAMILIARISATION OF INDEPENDENT DIRECTORS:

The Independent Directors of the Company are informed about their roles rightsresponsibilities in the company nature of the industry in which the company operates andrelated matters. Periodic presentations are made at the

Board and Committees meetings relating to the Company performance.

The details of the familiarization programme are uploaded on the website of the Companyhttp://www.multibaseindia.com/. In the Opinion of the Board of the Directors of theCompany the Independent Directors of the Company fulfill the conditions specified inListing Regulations and are independent of the management of the Company.

RELATED PARTY TRANSACTIONS

All Related Party Transactions entered by the Company during the financial year were inthe ordinary course of business and at arm's length basis. Form AOC-2 pursuant to Section134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules 2014 is setout in Annexure IV to this Report. All transactions with related parties were placedbefore the Audit Committee for its approval. An omnibus approval of the Audit Committee isobtained for the Related Party Transactions which are repetitive in nature. As per therequirement of Regulation 23 of the SEBI Listing Regulations approval of the AuditCommittee was received for all the Related Party Transactions. The Company has adopted apolicy to deal with related party transactions and for determining material subsidiary.The policy is on the website of the Company.

PARTICULARS OF LOANS GUARANTEES INVESTMENTS AND SECURITIES

There were no loans taken and nor any guarantees provided and also there is noinvestments under the provisions of Section 186 of the Act read with the Companies(Meetings of Board and its Powers) Rules 2014 as on 31st March 2022.

VIGIL MECHANISM POLICY:

In compliance with the provisions of Section 177(9) of the Act read with Rule 7 of theCompanies (Meetings of Board and its Powers) Rules 2014 the Company has an establishedVigil Mechanism Policy-Whistle Blower Policy for Directors and employees to reportconcerns about unethical behavior actual or suspected fraud or violation of the Company'sCode of Conduct or ethics policy.

The employees of the Company have the right to report their concern or grievance to theChairman of the Audit Committee. The Whistle Blower Policy is available on the website ofthe Company https://www.multibaseindia.com/pdf/mil-whistle-blower-policy.pdf.

No instances under the Whistle Blower Policy was reported during the financial year2021-22.

MEETINGS OF THE BOARD

A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe year 5 (Five) Board Meetings and 5 (Five) Audit Committee Meetings were convened andheld. All the recommendations made by the Audit Committee during the year were accepted bythe Board.

The details of meeting and attendance of Board/Committee Members have been provided inthe Corporate Governance Report. The intervening gap between the Meetings was within theperiod prescribed under SEBI Listing Regulations and the Companies Act 2013.

SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Directors' and ‘General Meetings' respectivelyhave been duly followed by the Company.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

There were no significant orders passed by the regulators or courts or tribunalsimpacting the going concern status of your Company and its operations in future.

DISCLOSURES UNDER SECTION 134(3)(L) OF THE COMPANIES ACT 2013:

No material changes and commitments have occurred which could affect the Company'sfinancial position between the end of the financial year of the Company. However theCompany would like to highlight on one of the material change from last financial year tothe report date and may have a likely potential impact on the earnings is the rupeedepreciation in current year where rupee is down by more than 5% from last financial year.As the Company procures majority of the raw material from outside India during the firstquarter results posted for FY 2022-23 there was a significant exchange loss recorded.

INSURANCE

During the year the properties assets and inventories of your Company are safeguardedproperly.

INDUSTRIAL RELATION

The Company considers human resources as its most critical asset and is putting inplace various practices to ensure healthy work environment. Industrial relations continuedto be cordial and harmonious throughout the year.

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 AND OTHER DISCLOSURES ASPER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES 2014

Details of employee's remuneration as required under the provisions of Section 197 ofthe Act and Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are available at the Registered Office of the Companyduring working hours and shall be made available to any shareholder on request. Theinformation required pursuant to Section 197 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 are furnished inAnnexure V which form parts of this Report.

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

The particulars as required under the provisions of Section 134(3)(m) of the Act readwith Rule 8 of the Companies (Accounts) Rules 2014 in respect of conservation of energytechnology absorption foreign exchange earnings and outgo etc. are furnished in‘Annexure VI' which form parts of this Report.

ANNUAL RETURN

The Annual Return of the Company as on 31st March 2022 in Form MGT-7 in accordancewith Section 92(3) of the Act read with the Companies (Management and Administration)Rules 2014 is available on the website of the Company at http://www.multibaseindia.com/.

FRAUD REPORTING

During the year under review there were no material or serious instances of fraudfalling within the purview of Section 143(12) of the Act and rules made there under byofficers or employees of the Company during the course of the audit conducted.

POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company has formulated a Policy on Prevention of Sexual Harassment in accordancewith the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the Rules made there under which is aimed atproviding every woman at the workplace a safe secure and dignified work environment. TheCompany has complied with the applicable provisions of the Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013 and the Rules made thereunder including constitution of the Prevention of Sexual Harassment Committee (InternalComplaints Committee).

No. of complaints filed during Financial Year 2021-22 NIL
No. of complaints disposed off during Financial Year 2021-22 NIL
No. of complaints pending as on 31st March 2022 NIL

GENERAL:

Your Directors state that no disclosures or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:a) Issue of equity shares with differential rights as to dividend voting or otherwise andunder Employees Stock Option Scheme as per provisions of Section 62(1) (b) of the Act readwith Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014. b) Issue ofshares (including sweat equity shares) to employees of the Company under any scheme.

c) Exercising of voting rights in respect of shares purchased directly by employeesunder a scheme pursuant to Section 67(3) of the Act. d) There was no Unpaid/UnclaimedDividend transferred to Investor Education and Protection Fund (“IEPF”) in termsof applicable provisions of the Act read with the Investor Education and Protection FundAuthority (Accounting Audit Transfer and Refund) Rules 2016. e) No application has beenmade under the Insolvency and Bankruptcy Code; hence the requirement to disclose thedetails of application made or any proceeding pending under the Insolvency and BankruptcyCode 2016 (31 of 2016) during the year along with their status as at the end of thefinancial year is not applicable; f) The requirement to disclose the details of differencebetween amount of the valuation done at the time of onetime settlement and the valuationdone while taking loan from the Banks or Financial Institutions along with the reasonsthereof is not applicable.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation for the contributions made by theemployees at all levels enabling the Company to achieve the performance during the yearunder review.

Your Directors thank the Central Government Government of Diu & Daman UnionTerritory as also the Government agencies bankers local bodies Registrar of Companiesstock exchanges depositories shareholders customers vendors associates of the Companyand other related organizations for their continuous co-operation and support in progressof the Company and also look forward to their continued confidence and trust in theCompany.

For and on Behalf of the Board

H.N. Motiwalla Deepak Dhanak
Chairman Managing Director
DIN: 00029835 DIN: 03157491
Registered Office:
74/5-6 Daman Industrial Estate
Kadaiya Village Nani Daman
Daman and Diu Union Territory
PIN – 396210.
Tel.: +91 260 6614400
Fax: +91 260 2221578
Email: compliance.officer@multibaseindia.com
Website: www.multibaseindia.com
CIN: L01122DD1991PLC002959
Date: August 12 2022
Place: Mumbai

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