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Raunaq EPC International Ltd.

BSE: 537840 Sector: Engineering
NSE: N.A. ISIN Code: INE523K01012
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VOLUME 55
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P/E
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Buy Price 41.75
Buy Qty 1.00
Sell Price 39.95
Sell Qty 50.00
OPEN 39.95
CLOSE 39.95
VOLUME 55
52-Week high 86.80
52-Week low 17.15
P/E
Mkt Cap.(Rs cr) 13
Buy Price 41.75
Buy Qty 1.00
Sell Price 39.95
Sell Qty 50.00

Raunaq EPC International Ltd. (RAUNAQEPCINTL) - Director Report

Company director report

(SECTION 134 OF THE COMPANIES ACT 2013)

To The Members

Raunaq EPC International Limited

Your Directors have pleasure in presenting the 54th Annual Report of your Companytogether with the Audited Standalone and Consolidated Financial Statements and theAuditors' Report thereon for the Year ended 31 March 2019.

FINANCIAL RESULTS

The highlights of Consolidated Financial Results of your Company and itssubsidiary are as follows:

(`/Lacs)
Consolidated
Particulars Year ended 31 March 2019 Year ended 31 March 2018
Revenue from Operations and Other Income 9883.05 7903.17
Profit before Finance Cost and Depreciation 72.97 292.64
Finance Cost 462.45 331.06
Depreciation 154.59 161.36
Profit Before Tax (544.07) (199.78)
Less: Tax Expense (82.58) (51.46)
Profit for the year (461.49) (148.32)
Other Comprehensive Income
Items that will not be reclassified to Profit and Loss (net of tax) 16.34 21.05
Total Comprehensive Income for the year (445.15) (127.27)
The highlights of financial results of your Company on Standalone basis are as follows: (`/Lacs)
Standalone
Particulars Year ended 31 March 2019 Year ended 31 March 2018
Revenue from Operations and other income 5204.59 4557.37
Profit before Finance Cost and Depreciation (154.23) 184.35
Finance Cost 391.96 255.38
Depreciation 80.37 87.35
Profit Before Tax (626.56) (158.38)
Less: Tax Expense (98.94) (59.49)
Profit for the year (527.62) (98.89)
Other Comprehensive Income
Items that will not be reclassified to Profit and Loss (net of tax) 19.52 21.28
Total Comprehensive Income for the year (508.10) (77.61)
Surplus in Statement of Profit and Loss
Opening balance 2747.64 2825.25
Add: Profit for the year (508.10) (77.61)
Less:
Dividend paid- Equity - -
Tax on distributed profits - -
Transferred to General Reserve - -
Closing Balance 2239.54 2747.64

Dividend

In view of loss for the year your directors have not recommended any dividend onequity shares of the Company for the year ended 31 March 2019.

Business Operations

During the year under review the revenue from operations and other income of theCompany on Standalone basis was ` 5204.59 Lacs against ` 4557.37 Lacs in the previousyear. The Profit after tax (PAT) is ` (527.62) Lacs against of ` (98.89) Lacs in the lastyear.

The revenue from operations and other income of the Company on Consolidated basis inthe year 2018-19 was ` 9883.05 Lacs against ` 7903.17 Lacs in the previous year and theprofit after tax (PAT) is ` (461.49) Lacs against ` (148.32) Lacs in the last year.

The decline in profits was primarily on account of adverse market conditions prevailingin the power sector in the past five years.

Future Outlook

Even with a limited scope in the existing market the Company is trying to quote withcautious aggression and expect to receive few orders in the first quarter itself. An orderfor fabrication and erection of CW piping valued at

` 13.50 crores has been received on 01 May 2019 from

M/s HTG. The order is for Adani's 2 x 800 MW Godda

Power Project. The Company has also quoted few tenders in the Water System field alsobut unfortunately because of General Elections the same were either cancelled orpostponed. The Company shall be tracking this important field JV partners so as to achievea healthy outlook.

Quality and timely execution of projects shall remain our prime focus areas to enhanceour brand image. The Company intends to select clients and projects cautiously to reduceexposure to laggard projects that can be a drag on its balance sheet.

Consolidated Financial Statements

As required under the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 ("the Regulations") Consolidated Financial Statements havebeen prepared in accordance with IND AS-110 of the Indian Accounting Standards issued bythe "Institute of Chartered Accountants of India" and have been provided in theAnnual Report. These Consolidated Financial

Statements provide financial information of your Company and its subsidiary as a singleeconomic entity.

Indian Accounting Standards ("Ind AS")

The financial statements for the year ended 31 March

2019 have been prepared in accordance with the Indian Accounting Standards ("IndAS") as required under section 133 of the Companies Act 2013 read with rules madethere under as amended.

Management Discussion and Analysis

A detailed analysis of the Company's operations in terms of performance in marketsbusiness outlook risk and concerns forms part of the Management Discussion and Analysisa separate section of this report.

Directors' Responsibility Statement

Pursuant to Section 134(3)(c) of the Companies Act

2013 your Directors confirm that:-

(a) in the preparation of the annual accounts the applicable accounting standards hadbeen 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 as at 31 March 2019 and of the profit and loss ofthe Company for the period ended on that date;

(c) the directors had 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 had prepared the annual accounts on a going concernbasis;

(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 withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.

Related Party Contracts and Arrangements

The contracts or arrangements of the Company with related parties during the periodunder review referred to in Section 188(1) of the Companies Act 2013 were in ordinarycourse of business and on arm's length basis. During the year the Company had not enteredinto any contract/arrangement/transaction with related parties which could be consideredmaterial in accordance with the related party transaction policy of the Company. The saidpolicy as approved by the Board in terms of provisions of Regulation 23 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 ("theRegulations") is available on the website of the Company i.e.www.raunaqinternational.com under the link http://www.raunaqinternational.com/pdf/related_party_transactions_policy.pdf.

The prescribed form AOC-2 of the Companies (Accounts) Rules 2014 is enclosed as Annexure-"A"to this report.

Particulars of Loans Guarantees or Investment

Details of Loans or guarantee given or security provided in terms of provisions ofSection 186 of the Companies Act 2013 read with the Companies (Meetings of Board and itsPowers) Rules 2014 has been adequately disclosed in the financial statements.

Directors

During the period under review the members of the Company at their Annual GeneralMeeting held on 02 August 2018 approved:

Re-appointment of Mr. N.V. Srinivasan as

Non-Executive Director liable to retire by rotation in terms of Section 152 of theCompanies Act 2013.

Mr. Gautam Mukherjee ceased to be a Director of the Company pursuant to his resignationw.e.f. 24 August 2018.

Mr. V.K. Pargal and Mr. N.V. Srinivasan ceased to be

Directors of the Company pursuant to their resignation w.e.f. 19 April 2019.

The Board of Directors of the Company vide its resolution passed through circulation on22 April 2019 approved:

appointment of Mr. Rajiv Chandra Rastogi as an

Additional Director in capacity of Independent Director till the conclusion of ensuingAnnual General Meeting (AGM) of the Company.

continuation of Ms. Seethalakshmi Venkataraman as a Non-Executive Independent Directorof the Company w.e.f. 01 April 2019 till the end of her current tenure upto theconclusion of the 55th Annual General Meeting (AGM) of the Company in the Calendar Year2020 in terms of the provisions of Section 149 of the Companies Act 2013 subject to theapproval of the Shareholders at the ensuing Annual General Meeting in terms of Regulation17 of the Regulations as amended the age of the said

Director being more than seventy five years as on 01 April 2019.

Therefore in terms of Section 149 of the Companies Act 2013 it has been proposed to:

appoint Mr. Rajiv Chandra Rastogi as a Non

Executive Independent Director for a period of

5 (Five) Years upto the conclusion of the 59th Annual General Meeting (AGM) of theCompany in the Calendar year 2024 at the ensuing AGM of the Company.

continue Ms. Seethalakshmi Venkataraman as a

Non-Executive Independent Director of the Company w.e.f. 01 April 2019 till the end ofher current tenure upto the conclusion of the 55th Annual General Meeting (AGM) of theCompany in the Calendar Year 2020 in terms of Regulation 17 of the Regulations as amendedthe age of the said Director being more than seventy five years as on 01 April 2019.

The Company has received notice under Section 160 of the Companies Act 2013 frommember of the Company proposing the candidature of Mr. Rajiv Chandra Rastogi for theoffice of the Non Executive Independent Director.

The brief resume of the Directors proposed to be appointed/continued is given in thenotice calling the

Annual General Meeting.

Number of Meetings of the Board

During the financial year 2018-19 4 (Four) Board

Meetings were held on the following dates:

25 May 2018;

02 August 2018;

31 October 2018; and

23 January 2019

The gap between any two meetings was not more than one hundred twenty days as mandatedunder the provisions of Section 173 of the Companies Act 2013 and Regulation 17(2) of theRegulations.

Independent Directors

In terms of provisions of Section 149(7) of the Companies Act 2013 read withRegulation 25(8) of the Regulations all the Independent Directors of the Company havefurnished a declaration to the Company at the meeting of the Board of Directors held on 22May 2019 stating that they fulfill the criteria of Independent Director as prescribedunder Section 149(6) of the Companies Act 2013 read with Regulation 16(1)(b) of theRegulations and are not being disqualified to act as an Independent

Director. Further they have declared that they are not aware of any circumstance orsituation which exist or may be reasonably anticipated that could impair or impact theirability to discharge their duties with an objective independent judgment and without anyexternal influence.

In terms of the Regulation 25(7) of the Regulations the Company has adopted afamiliarization programme for the Independent Directors to familiarize them with workingof the Company nature of the industry in which the Company operates business model ofthe Company their roles rights responsibilities and other relevant details. Thedetails of familiarization programme during the Financial

Year 2018-19 are available on the official website of the

Company i.e. www.raunaqinternational.com under the link i.e.http://www.raunaqinternational.com/pdf/details-of-familiarization-programme-for-independent-directors.pdf

Policy on Directors' Appointment and Remuneration

In terms of provisions of Section 178 of the Companies Act 2013 read with Regulation19 of the Regulations a policy relating to remuneration for the Directors Key ManagerialPersonnel and other employees has been adopted by the Board of Directors of the Company inpursuance of its formulation and recommendation by the Nomination and RemunerationCommittee thereby analyzing the criteria for determining qualifications positiveattributes and independence of a Director. The said policy is available on the website ofthe Company i.e. www.raunaqinternational. com under the linkhttp://www.raunaqinternational.com/ pdf/nomination--and-remuneration-policy.pdf

Evaluation Process

The Nomination and Remuneration Committee has established a framework for theevaluation process of performance of the Board its Committees and Individual Directorsand the same was adopted by the Board. During the year under review the Board ofDirectors at its meeting held on 23 January 2019 have carried out the evaluation of theperformance of Independent Directors and their independence criteria and the IndependentDirectors in their meeting held on even date have evaluated the performance of theChairman and Non-Independent Directors and the Board as a whole and also assessed thequality quantity and timeliness of flow of information between the Board and Companymanagement.

The evaluation results reflect that the Company is well equipped as far as themanagement as well as governance aspects are concerned.

Key Managerial Personnel

The following Directors/Officials of the Company have been designated as Key ManagerialPersonnel (KMP) of the Company by the Board of Directors in terms of provisions of Section203 of the Companies Act 2013 and the Regulations:

1. Mr. Surinder Paul Kanwar Chairman & Managing Director
2. Mr. Sachit Kanwar Joint Managing Director
3. Mr. Rajan Malhotra Chief Executive Officer
4. Mr. Sachin Kumar Mittal Chief Financial Officer
5. Mr. Sukhvir Company Secretary

During the period under review Ms. Chanchal Gupta has resigned from the post ofCompany Secretary of the Company w.e.f. 24 April 2018 and Ms. Sukriti Manna had beenappointed as Company Secretary of the Company w.e.f. 25 May 2018.

Pursuant to resignation of Ms. Sukriti Manna w.e.f.

11 March 2019 Mr. Sukhvir has been appointed as the Company Secretary and ComplianceOfficer of the

Company w.e.f. 22 May 2019.

Disclosure under Companies (Appointment & Remuneration of Managerial Personnel)Rules 2014

Disclosures pertaining to remuneration as required under Section 197(12) of theCompanies Act 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are enclosed as Annexure -"B" to thisreport.

Particulars of Employees

Information regarding employees in accordance with the provisions of Rule 5(2) and Rule5(3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014is given in Annexure- "C" to this Report.

Risk Management

A robust and integrated enterprise risk management framework is in existence underwhich the common prevailing risks in theCompanyareidentifiedthe risks so identified arereviewed on periodic basis by the Audit

Committee and the management's actions to mitigate the risk exposure in a timely mannerare assessed. A risk management policy under the above said enterprise risk managementframework as approved by the Board has been adopted by the Company and being reviewed onyearly basis.

Corporate Social Responsibility

In terms of provisions of Section 135 of the Companies Act 2013 the Corporate SocialResponsibility Committee

("CSR Committee") is in existence to monitor the Corporate SocialResponsibility Policy of the Company as approved by the Board and the said policy isavailable on website of the Company i.e. www.raunaqinternational.com.

The CSR Committee comprises of Mr. Surinder Paul Kanwar Mr. Sachit Kanwar and Mr. P.K.Mittal. As per the provisions of the said section an amount of

` 6.07 Lacs was required to be spent on CSR activities by the Company during thefinancial year 2018-19.

The management explained that due to the tough financial conditions resulted out oflong customers outstanding and adverse market conditions the Company has not spent on CSRactivities during the year 2018-19.

The report on CSR activities in terms of provisions of Rule 8 of the Companies(Corporate Social Responsibility) Rules 2014 is enclosed as Annexure - "D"to this report.

Audit Committee

The Audit Committee comprises of Dr. Sanjeev Kumar Mr. P.K. Mittal and Mr. RajivChandra Rastogi.

Internal Complaints Committee for Prevention of Sexual Harassment

PursuanttoSection21oftheSexualHarassmentofWomen at Workplace (Prevention Prohibitionand Redressal) Act 2013 read with Rule 14 of Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Rules 2013 as the Company doesn't have any womenemployee the women employees of the Bharat Gears Limited a Company within the group havebeen nominated as members of the Internal Complaints Committee (ICC) of the Company todeal with the complaints related to the sexual harassment where any grievances of sexualharassment at workplace can be reported.

Your Company has always believed in providing a safe and harassment free workplace forevery individual working in the Company through various interventions and practices. TheCompany always endeavors to create and provide an environment that is free fromdiscrimination and harassment including sexual harassment.

During the year ended 31 March 2019 no complaints pertaining to sexual harassment wasreceived by ICC.

Subsidiaries/Joint Ventures/Associate Companies

Your Company has a 100% wholly owned subsidiary Xlerate Driveline India Limited(XDIL).

Xlerate Driveline India Limited (XDIL) is engaged in the manufacturing of automotivecomponents having its Industrial Unit at Faridabad Haryana.

As on date the Company holds 14877038 (One Crore Forty Eight Lakhs Seventy SevenThousand Thirty Eight) Equity Shares of ` 10/- (Rupees Ten) each of XDIL amounting to `148770380/- (Rupees Fourteen

Crores Eighty Seven Lakhs Seventy Thousand Three

Hundred Eighty Only) as an investment directly/through its nominees which is equivalentto 100% paid up equity capital of XDIL.

Deposits

During the year under review the Company did not accept any deposits.

Investor Education and Protection Fund (IEPF)

In terms of provisions of Section 124(5) of the Companies Act 2013 read with thelnvestor Education and Protection Fund (IEPF) Authority (Accounting Audit Transfer andRefund) Rules 2016 as amended the Unclaimed Final Dividend pertaining to the FinancialYear 2010-11 amount aggregating to ` 150452/- (Rupees One Lakh

Fifty Thousand Four Hundred Fifty Two Only) had been transferred to the "InvestorEducation and Protection Fund" established by the Central Government.

Further in terms of provisions of Section 124(6) of the Companies Act 2013 read withthe Investor Education

& Protection Fund (IEPF) Authority (Accounting Audit Transfer and Refund) Rules2016 ("the Rules") and the Investor Education & Protection Fund (IEPF)Authority (Accounting Audit Transfer and Refund) Amendment Rules 2017 ("theAmended Rules") the Company is required to transfer the equity shares in respect ofwhich dividends have remained unclaimed for a period of seven consecutive years to theIEPF Account established by the Central Government and a statement containing such detailsare required to be filed with the Ministry of

Corporate Affairs (MCA).

In pursuance of the above pursuant to the transfer of the unclaimed dividend for theyear 2010-11 to the IEPF on 23 August 2018 i.e. upon completion of seven years fromtransfer of dividend into unclaimed dividend account 2382 (Two Thousand Three HundredEighty Two) Equity Shares relating to such dividend on which the dividend has not beenclaimed for the consecutive seven years since 2010-11 have been transferred into demataccount of IEPF Authority. Pursuant to the transfer of aforesaid Equity Shares 43941(Forty Three Thousand Nine Hundred Forty One) Equity Shares of the Company in aggregateare being held in demat account of IEPF Authority.

The unclaimed dividend for the year 2011-12 is proposed to be transferred to theInvestor Education and Protection Fund (IEPF) on 23 August 2019 i.e. upon completion ofseven years from the transfer of said dividend into unclaimed dividend account.Subsequently the equity shares relating to such dividend on which the dividend has notbeen claimed for the consecutive seven years since 2011-12 (net of the shares alreadytransferred) shall also be transferred into IEPF.

In terms of the Rules dated 05 September 2016 and the Amended Rules dated 28 February2017 the necessary communications have been made to the respective shareholders whoseshares are required to be transferred to the IEPF during the Financial Year 2019-20 so asto enable them to claim their dividend attached to such shares before such dividend andshares are transferred to IEPF and further the necessary information in this regard isavailable on the website of the Company i.e. www.raunaqinternational.com for theconvenience of the shareholders.

The Equity shares once transferred into IEPF can only be claimed by the concernedshareholder from IEPF Authority after complying with the procedure prescribed under theRules and the Amended Rules.

Auditors

The Statutory Auditors M/s. B.R. Maheswari & Co. LLP

Chartered Accountants (ICAI Regn No. 001035N) had been appointed as Statutory Auditorsof the Company in the 52nd Annual General Meeting held on 08 August 2017 for a period of5 (Five) years in terms of provisions of Section 139 of the Companies Act 2013 to holdoffice from the 52nd AGM to the 57th AGM in the calendar year 2022.

Report on Financial Statements

The report of M/s B.R. Maheswari & Co. LLP Chartered

Accountants (ICAI Regn. No. 001035N) the Statutory

Auditors of the Company on the financial statements of the

Company for the year ended 31 March 2019 is annexed to the financial statements interms of provisions of Section

134(2) of the Companies Act 2013. The observations of the Auditors in their report areself-explanatory and/or explained suitably in the Notes forming part of the

Financial Statements. The report of the Statutory Auditors does not contain anyqualification reservation or adverse remark which needs any explanation or comment of theBoard.

Secretarial Audit

The Board has appointed M/s A.K. Jha & Associates

Practicing Company Secretaries New Delhi as Secretarial Auditor for the Financial Year2018-19 in terms of provisions of Section 204 of the Companies Act 2013. The SecretarialAudit Report of the Company for the Financial Year ended 31 March 2019 in the prescribedForm MR-3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is enclosed as Annexure - "E" to this report. The Secretarial Audit

Report does not contain any qualification reservation or adverse remark which needsany explanation or comment of the Board.

Internal Financial Controls and their Adequacy

The Company has a proper and adequate system of internal financial controls whichincludes the policies and procedures for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information. Duringthe year such controls were tested and no material weakness in the design or operationswere observed.

Maintenance of Cost Records

During the year under review the Company had not been mandatorily required to maintainCost Records in terms of provisions of Section 148 of the Companies Act 2013 read withthe Companies (Cost Records and Audit) Rules 2014.

Corporate Governance

The Company is committed to maintain the highest standards of Corporate Governance. TheReport on Corporate Governance as stipulated under Schedule

V(C) of the Regulations forms part of this Report. Compliance from M/s A.K. Jha Therequisite certificate & Associates Practicing Company Secretaries New Delhiconfirming compliance with the conditions of Corporate

Governance is attached to this Report.

Vigil Mechanism

In terms of provisions of Section 177 of the Companies Act 2013 the Company hasestablished an effective mechanism called Vigil Mechanism (Whistle Blower

Mechanism). The mechanism under the Policy has been appropriately communicated withinthe organisation. The purpose of this policy is to provide a framework to promoteresponsible whistle blowing by employees or by any other person who avails such mechanism.It protects employees or any other person who avails such mechanism wishing to raise aconcern about serious irregularities unethical behaviour actual or suspected fraudwithin the Company by reporting the same to the Audit Committee.

Protected Disclosure can be made by the whistle blower in a closed and secured envelopeor sent through e-mail to the Compliance Officer.

During the year under review no employee was denied access to the Audit Committee.

The policy on vigil mechanism is available on the website of the Company i.e.www.rauanqinternational.com under the link http://www.raunaqinternational.com/pdf/policy_on_vigil_mechanism.pdf.

Reconciliation of Share Capital Audit

As per the directive of the Securities and Exchange Board of India (SEBI) theReconciliation of Share Capital Audit is undertaken by a firm of Practicing CompanySecretaries on quarterly basis. The Audit is aimed at reconciliation of total shares heldin CDSL NSDL and in physical form with the admitted issued and listed capital of theCompany. The Reconciliation of Share Capital Audit Reports as submitted by the Auditor onquarterly basis were filed with the BSE Limited (BSE) through BSE Listing Centre wherethe original shares of the Company are listed.

Listing of Shares

The Equity shares of the Company are listed on the BSE Limited (BSE) Mumbai.

Disclosures under Section 134 of the Companies Act 2013

Except as disclosed elsewhere in the Annual Report there have been no material changesand commitments which can affect the financial position of the Company between the end offinancial year and the date of this report.

Conservation of Energy Technology Absorption Foreign Exchange Earnings & Outgo

The information in accordance with the provisions of Section 134(3)(m) of the CompaniesAct 2013 read with the Rule 8 of the Companies (Accounts) Rules 2014:

The Company organizes the workshops/lectures on regular basis for its employees topromote motivate and encourage them how to conserve the energy. The Company is in processto adopt the latest technologies for conservation of energy. The particulars with respectto foreign earning and outgo during the year and review are as follows:

(##Rs. ##Lacs)
Particulars 2018-19 2017-18
Foreign Exchange Earned - -
Foreign Exchange Used - 2.07

Statement containing salient features of Financial Statements of Xlerate DrivelineIndia Limited (XDIL) Subsidiary Company

A statement containing the salient features of Financial Statements of XlerateDriveline India Limited (XDIL) Wholly Owned Subsidiary Company in prescribed Form AOC-1in terms of provisions of Section 129 of the Companies Act 2013 read with Rule 5 of theCompanies (Accounts) Rules 2014 forms part of the Financial Statements.

Annual Return

In terms of provisions of Section 92(3) of the Companies Act 2013 read with theCompanies (Amendment) Act 2017 and the relevant rules made thereunder a copy of theAnnual return as prescribed under Section 92 of the Companies Act 2013 as amended shallbe made available on the website of the Company www.raunaqinternational. com under thelink https://www.raunaqinternational.com/ pdf/annual-returns-2018-2019.pdf

Compliance of Secretarial Standards

During the period under review the Company has duly complied with the applicableSecretarial Standards issued by the Institute of Company Secretaries of India.

Court/Tribunal Orders

There were no instances of any significant and material orders passed by the regulatorsor courts or tribunals impacting the going concern status and Company's operations infuture.

Acknowledgements

The Board of Directors gratefully acknowledge the continued co-operation trust andsupport of the shareholders and would like to place on record its appreciation for thededicated services rendered by the Employees at all levels. The Directors further expresstheir gratitude to the Bankers Customers and Sub-vendors and other associates forco-operation and confidence reposed by them in the Company.

For and on behalf of the Board of Directors

Surinder Paul Kanwar
Place: New Delhi Chairman and Managing Director
Dated: 22 May 2019 DIN: 00033524