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Real Growth Commercial Enterprises Ltd.

BSE: 539691 Sector: Others
NSE: N.A. ISIN Code: INE836D01013
BSE 05:30 | 01 Jan Real Growth Commercial Enterprises Ltd
NSE 05:30 | 01 Jan Real Growth Commercial Enterprises Ltd

Real Growth Commercial Enterprises Ltd. (REALGROWTH) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the 24th Annual Report togetherwith Audited Accounts of the Company for the financial year ended on March 31st2019.

FINANCIAL RESULTS

The financial performance of the Company for the financial year ended on March 31st2018 is summarized as below:

Particulars Figures for Current Reporting Period ended March 31 2019 Figures for Current Reporting Period ended March 31 2018
(Figures are in Rs. Lacs) (Figures are in Rs. Lacs)
Total Revenue 21173.63 20033.92
Total Expenses 21100.83 19917.47
Profit before tax 72.80 116.45
Tax expense:
Current tax 16.07 24.09
Previous Year Tax - 44.24
Deferred Tax Liability (Assets) (0.63) (49.33)
Profit/(Loss) for the period 57.36 97.45
Transfer to reserve 57.36 97.45

The Company has already adopted Indian Accounting Standard (referred to as ‘IndAS') with effect from 1 April 2017 and accordingly these financial results along with thecomparatives have been prepared in accordance with the recognition and measurementprinciples stated therein prescribed under Section 133 of the Companies Act 2013("Act") read with the relevant Rules framed thereunder and the other accountingprinciples generally accepted in India.

OPERATION

Your Company witnessed an overall 5.82% growth in Sales during the Financial Year2018-19 with total sales of Rs. 21053.70 lacs as against Rs. 19895.47 lacs during theprevious financial year. The revenue from operation showed growth in revenue by Rs.1158.23 Lacs.

During the year net profit decreased by 57.10% with total Net profit of Rs. 57.36 lacsas against Rs. 97.45 lacs during the previous financial year. The Company is hopeful toachieve the desired results during coming financial years so that the cost of Finance canbe met and profit margin is increased.

Your company however looks forward to further strengthen its operations byconsistently focusing on embarking its profit for the coming years.

TRANSFER TO RESERVES

The Company has transferred Rs. 57.36 lacs from Profit and Loss Account to reservesduring the year under review.

CHANGE IN THE NATURE OF THE BUSINESS

There was no change in the nature of the business of the Company during the year underreview. There were no material changes and commitments affecting the financial position ofthe Company occurring between March 31 2019 and the date of this report.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return as on 31stMarch 2019 in Form MGT -9 in accordance with Section 92(3) of the Companies Act2013 read with Companies (Management and Administration) Rules 2014 are set out in Annexure-1 to this report.

SUBSIDIARY/ASSOCIATE/JOINT - VENTURE COMPANY

The Company does not have any subsidiary associate or joint - Venture Company. Furtherthere is no company which became or ceased to be its subsidiaries joint ventures orassociate companies during the year.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the financial year 2018-19 the Company entered into transactions with relatedparties as defined under Section 2(76) of the Companies Act 2013 read with Companies(Specification of Definitions Details) Rules 2014 all of which were in the ordinarycourse of business and on arm's length basis and in accordance with the provisions ofCompanies Act 2013 read with the Rules issued thereunder and Listing Regulations.

All transactions with related party were reviewed and approved by the Audit Committeeand are in accordance with the Policy on Related Party Transactions formulated inaccordance with the provisions of Companies Act 2013 read with Rules issued thereunderand the Listing Regulations.

Prior omnibus approvals are granted by the Audit Committee for related partytransactions which are of repetitive nature entered in the ordinary course of businessand are on arm's length basis in accordance with the provisions of Companies Act 2013read with Rules issued thereunder and the Listing Regulations.

The details of the related party transactions as per Indian Accounting Standards (INDAS) - 24 are set out in Note 32 to Financial Statement of the Company.

The Form AOC -2 pursuant to Section 134 (3) (h) of the Companies Act 2013 readwith Rule 8(2) of the Companies (Accounts) Rules 2014 is set out in the Annexure -2 tothis report.

DETAILS OF DEPOSIT AS PROVIDED UNDER CHAPTER V OF THE COMPANIES ACT 2013

Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.

ORDERS PASSED BY THE REGISTRARS OR COURTS OR TRIBUNALS

Company is in receipt of Order vide letter no L/SURV/OFL/AB/2017-18/SHELL/COMP/539691/1 dated August 10th 2017 Issued by Bombay Stock Exchange(BSE) directing Forensic Audit of the affairs of the Company.

There is no other significant and material order passed by the registrars or courts ortribunals impacting the going concern status and company's operation in future.

However the Securities and Exchange Board of India (SEBI) vide it letter no. SEBI/HO/ISD/OW/P/2017/18183 dated August 7th 2017 to Bombay Stock Exchange (BSE)have categorized the Company as ‘Deemed Shell Company' and has placed the listedsecurities in Stage VI of the Graded Surveillance Measures (GSM) with immediate effect.

Further the Company had received a letter from Bombay Stock Exchange wherein thesecurities of the Company are listed vide letter no L/SURV/OFL/KM/COMP/539691 dated August10th 2017 seeking clarification regarding the status of the Company w.r.tDeemed Shell Company and asking for certain documents along with auditor's certificate onthe same.

BSE has appointed M/s PVRN & Co. Chartered Accountants appointed as ForensicAuditors of the Company.

Your Company is cooperating with Auditor and shall be able to get itself removed fromthe List of Deemed Shell Companies as documents along has already provided to ForensicAuditor for smooth Conduct of the Forensic Audit of the Company.

PENDING LITIGATIONS

There is no pending litigation with the company except:

(a) Case No FA 584/2013 Dr. Neeraj Kumar Vs. Real Growth Commercial EnterprisesLimited & Others regarding wrongfully charging maintenance charges of Rs. 40000/- fora shop booked in June 2007 and whereas possession was delivered in February 2010. Matteris dismissed by the Delhi State Consumer Disputes Redressal Commission.

(b) Case No IB 1080(ND)/2019 Shree Paras Steelfab Private Limited Vs. Real GrowthCommercial Enterprises Limited & Others regarding Non-payment of balance due of Rs.704335/- (along with interest @ 24% p.a.) now matter is fixed for Arguments under NCLT.Next date - 16.09.2019.

(c) Case No IB 969(ND)/2019 Green Edge Buildtech Limited Liability Partnership Vs.Real Growth Commercial Enterprises Limited & Others regarding Non-payment of balancedue of Rs. 590578/- (along with interest amounted Rs. 255481/-) now matter is fixedfor Arguments under NCLT. Next date - 16.09.2019.

However the company is trying to settle the matter with the complainant and till dateno adverse order has been passed by the Court which effects the company.

LOANS GUARANTEES OR INVESTMENTS

The company has given loan guarantee or made investment as prescribed under theprovisions of Section 186 of the Companies Act 2013 read with the Companies (Meeting ofBoard and its Powers) Rules 2014 during the period under review.

INTERNAL FINANCIAL CONTROLS

The Company has put in place adequate internal financial controls over financialreporting. These are reviewed periodically and made part of work instructions or processesin the Company. The Company continuously tries to automate these controls to increase itsreliability.

The Company has identified inherent reporting risks for each major element in financialstatements and put in place controls to mitigate the same. These risks and the mitigationcontrols are revisited periodically in the light of changes in business IT Systemsregulations and internal policies. Corporate Accounts function is involved in designinglarge process changes as well as validating changes to IT systems that have a bearing onthe books of account.

The Company periodically conducts physical verification of inventory fixed assets andcash on hand and matches them with the books of accounts. Explanations are sought for anyvariance noticed from the respective functional heads.

The Company in preparing its financial statements makes judgment and estimates based onsound policies. The basis of such judgments and estimates are also approved by the AuditCommittee of the Company in consultation with the Statutory Auditors of the Company. Themanagement periodically compares the actual spends against the estimates and makesnecessary adjustments to the same based on changes noticed.

The Company gets its account audited every quarter by its Statutory Auditors as perrequirement of the SEBI (LODR) Regulations 2015 as amended from time to time.

DIRECTORS AND KEY MANAGERIAL PERSONNEL DIRECTORS

I. RETIREMENT BY ROTATION

Mr. Deepak Gupta Director (DIN -01890274) is liable to retire by rotation at theensuing AGM pursuant to Section 152 and other applicable provisions if any of theCompanies Act 2013 read with the Companies (Appointment and Qualification of Directors)Rules 2014 (including any statutory modification(s) thereof for the time being in force)the Articles of Association of the Company and being eligible have offered himself forre-appointment. Appropriate matter for his re - appointment is being placed for theapproval of the shareholders of the Company at the ensuing AGM. The brief resume of theDirector and other related information has been detailed in the Notice convening the 24thAGM of the Company. The Directors recommend his re - appointment as Director of theCompany.

II. APPOINTMENT

(A) During the year under review Mr. Deepak Gupta (DIN: 01890274) was appointed aswhole time director of the company.

The Shareholders of the Company have confirmed the Appointment of Mr. Deepak Gupta(DIN:01890274) as Whole Time Director of the Company in their Extra Ordinary GeneralMeeting held on 14.08.2018 at Hotel Noormahal Noormahal X-ing Sector -32 Karnal 132001.

(B) The Board of Directors on the recommendation of the Nomination and RemunerationCommittee appointed Mrs. Suchita Goyal (DIN : 00014102) as an Additional Director of theCompany with effect from September 5 2019 in the category of a Non-Executive andNon-Independent Director liable to retire by rotation. In accordance with Section 161(1)of the Companies Act 2013 Mrs. Suchita Goyal (DIN : 00014102) holds office up to thedate of the ensuing Annual General Meeting and is eligible for appointment as a Directorof the Company. The Company has received a notice under Section 160 of the Companies Act2013 from the appointee signifying her intention to propose the candidature of herself asa Director of the Company liable to retire by rotation.

Relevant details relating to appointment of Mrs. Suchita Goyal (DIN : 00014102) asrequired by the Companies Act 2013 SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and Secretarial Standard-2 on General Meetings areprovided as an "Annexure 1" to the Notice of convening Annual General Meeting.

None of the Directors or Key Managerial Personnel of the Company and their relativesexcept Mr. Rajesh Goyal are in any way concerned or interested financially or otherwisein the Resolution. Mrs. Suchita Goyal is the wife of Mr. Rajesh Goyal a Director(DIN:01339614) of the Company

None of the Directors of the Company is disqualified under Section 164 of the CompaniesAct 2013.

III. RESIGNATION

During the year under review following directors/KMP were resigned details of which isgiven hereunder:

Sr No. Name of Director/KMP Designation DIN/PAN Effective Date of Resignation
1 Shruti Gupta Independent Director 01890263 01.01.2019
2 Prashant Gupta Director and CFO 02113547 15.02.2019
3 Ashok Kumar Aggarwal Independent Director 00243528 19.02.2019
4 Shivani Gautam Company Secretary AQHPG6703B 31.03.2019

AUDITORS AND AUDITOR'S REPORT Statutory Auditor and Report

There are no adverse qualifications in the report of the Auditor under review. Theobservation made in the Auditors' Report read with relevant notes thereon areself-explanatory and hence do not call for any further comments under Section 134 of theCompanies Act 2013 except in respect of the following points.

In respect of Point No. (7)(a) to the Annexure A to the Auditors report your boardexplained to the statutory auditors that the company's cash crunch therefore payment ofTDS VAT Service Tax and Dividend Distribution Tax is pending as on 31st March2019 and will be paid shortly and the auditors satisfied.

In respect of Point No. (7)(b) to the Annexure A to the Auditors report your boardexplained to the statutory auditors that the company's cash crunch therefore payment ofIncome Tax is pending as on 31st March 2019 and will be paid shortly and theauditors satisfied.

In respect of the Point No. 8 the board explained to the auditors regarding relevantdocuments/information in respect of the repayment of loan dues to the Banks/FinancialInstitutions and the auditors satisfied. The board is committed to give the information atthe earliest.

Secretarial Auditor

In terms of Section 204 of the Companies Act 2013 the Board of Directors at theirmeeting held on 5th September 2019 has appointed M/s Y.J. Basrar &Associates Company Secretaries (Certificate of Practice No - 3528) as the SecretarialAuditor of the Company to conduct an audit of the secretarial records for the financialyear 2019-20.

The Company has received consent from M7s Y.J. Basrar & Associates CompanySecretaries to act as auditor for conducting audit of the Secretarial records for thefinancial year ending 31st March 2019.

The Company has also undertaken an audit for the FY 2018-19 pursuant to SEBI CircularNo. CIR/CFD/CMO/I/27/2019 dated 08th February 2019 for all applicable compliances as perthe

Securities and Exchange Board of India Regulations and Circular/Guidelines issuedthereunder. The Report (Annual Secretarial Compliance Report) has been submitted to theStock Exchanges within 60 days of the end of the financial year ended 31 March 2019.

As per the provisions of Regulation 24A of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015 M/s. Y.J. Basrar& Associates Practicing Company Secretaries had undertaken secretarial audit of theCompany for the FY 2018-19. The Audit Report confirms that the company has complied withthe provisions of the Act Rules Regulations and Guidelines and that there were nodeviations or non-compliances.

The Secretarial Audit Report for the financial year ended 31st March2019 is set out in Annexure 3 to this report. The Secretarial Audit Reportcontained qualification reservation or adverse remark which is as under:

Sr. No. Secretarial Auditors adverse remarks Board comments on Secretarial Auditors Report
1 The company does not have the woman director as on date as Mrs. Shruti Gupta has resigned on 01.01.2019. The company is under process to appoint the same at the earliest.
2 The company does not have independent directors as Mrs. Shruti Gupta as resigned on 01.01.2019 and Mr. Ashok Kumar Aggarwal has resigned on 19.02.2019. The company is under process to appoint the same at the earliest.
3 The company does not have CFO as Mr. Prashant Gupta has resigned on 15.02.2019. The company is under process to appoint the same at the earliest.
4 The company does not have Company Secretary as Mrs. Shivani Gautam has resigned on 31.03.2019. The company is under process to appoint the same at the earliest.
5 Due to the above stated reasons the composition of board of directors is not as per SEBI (LODR) and Companies Act 2013. After appointing the above the composition will be as per Companies Act 2013 and SEBI LODR.
6 Further the annual listing fees not paid for the current year and financial results for the quarter and year ended 31.03.2019 and quarter ended 30.06.2019filed with the BSE with delay for which penalties imposed by the SEBI but as per record of the company the penalty still unpaid Due to financial position of the company and worldwide recession the company was not able to discharge its liability. But the management is confident that the same will be paid soon. Moreover due to resignations of CFO the financial statements got delayed and in future we will regularize.
7 Also the company is having in-house facility for physical shares while Alankit Assignemnts Ltd (RTA) is responsible for electronic shares only which is violation of SEBI Regulations and in this regard the company has also received notice from BSE. The company is under process to streamline the same as record is old and concerned person has resigned. We will streamline after appointment of Company Secretary.

None of the Auditors of the Company have reported any fraud as specified under thesecond proviso of Section 143 (12) of the Companies Act 2013 (including any statutorymodification(s) or re-enactment(s) thereof for the time being in force).

DECLARATION GIVEN BY INDEPENDENT DIRECTORS

The Company does not have the Independent Directors due to casual vacancy arises in thelast quarter of the financial year so declaration as per provisions of the Companies Act2013 read with the Schedules and Rules issued thereunder as well as Regulation 16 ofListing Regulations (including any statutory modification(s) or re-enactment(s) thereoffor the time being in force) do not apply.

NOMINATION AND REMUNERATION POLICY

The Company has formulated and adopted the Nomination and Remuneration Policy inaccordance with the provisions of Companies Act 2013 read with Rules issued thereunderand the Listing Regulations. The details of the Nomination and Remuneration Policy are setout in the Corporate Governance Report which forms part of this Report.

The Nomination and Remuneration Policy of the Company provides that the Nomination andRemuneration Committee shall formulate the criteria for appointment of Executive Non -Executive and Independent Directors on the Board of Directors of the Company and Personsin Senior Management of the Company their remuneration including determination ofqualifications positive attributes independence of Directors and other matters asprovided under Section 178 (3) of the Companies Act 2013 (including any statutorymodification(s) or re-enactment(s) thereof for the time being in force).

RISK MANAGEMENT POLICY

The Company has a well-defined process to ensure risks are identified and steps totreat them are put in right place at the right level in the management. The operatingmanagers are responsible for identifying and putting in place mitigation plan foroperational and process risks. Key Strategic and business risks are identified and managedby the senior leadership team in the organization.

The risks identified are updated along with the mitigation plans as part of the annualplanning cycle. The mitigation plans are then woven into the plans/ initiatives for eachfunction and are monitored accordingly. The senior leadership reviews the status of theinitiatives as part of business review meetings.

VIGIL MECHANISM

The Board of Directors has formulated a Whistle Blower Policy which is in thecompliance with the provisions of Section 177 (10) of the Companies Act 2013 andRegulation 22 of the Listing Regulations.

In line with the commitment of the Company to open communications the Policy providesprotection to the employees and business associates reporting unethical practices andirregularities and also encourages employees and business associates to report incidenceof fraud.

Any incidents that are reported are investigated and suitable actions is taken in linewith the whistle blower policy.

CONSERVATION OF ENERGY RESEARCH & DEVELOPMENT TECHNOLOGY ABSORPTIONS AND FOREIGNEXCHANGE EARNINGS AND OUTGO

Since the Company is engaged in the trading of steel and real estate business theCompany does not consume substantial energy. It is the policy of the management to keepabreast of technological developments in the field in which the Company is operating andto ensure that the Company uses the most suitable technology.

The information pertaining to conservation of energy research & developmenttechnology absorption and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act 2013 read with Rule 8(3) of Companies (Accounts) Rules 2014 isgiven hereunder and forms part of the Board's Report.

(A) Conservation of Energy: Nil

(B) Technology Absorption Adoption and Innovation: Nil

(C) Foreign Exchange Earnings and Outgo: Nil

BOARD OF DIRECTORS PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act 2013 read with Rules issued underthereunder Regulation 17 (10) of the Listing Regulations and the circular issued by SEBIdated 05th January 2017 with respect to Guidance Note on Board Evaluation theevaluation of the Directors/ Board/ Committees was carried out for the financial year2018-19.

The details of the evaluation process are set out in the Corporate Governance Reportwhich forms part of this report.

HEALTH SAFETY AND ENVIRONMENTAL PROTECTION

Your Company has complied with all the applicable laws to the extent applicable.

SHARE CAPITAL

Your Company had not issued shares with differential voting rights nor granted/issuedany employee stock option or sweat equity during the year under review.

DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013

The Company has in place Sexual Harassment Policy in line with the requirement of theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

The following is the summary of the complaints received and disposed - off during thefinancial year: 2018-19:

No. of complaints received : NIL
No. of complaints disposed off : NIL

EMPLOYEES REMUNERATION

In accordance with the Companies Act 2013 read and Rules made there under none of theemployee fall under the purview of the said provisions who is drawing remuneration inexcess of the limits as specified under the Act 2013.

LISTING AND CONFIRMATION OF FEE

The securities of your Company are listed on Bombay Stock Exchange. The Company haspaid the annual custody fee for the year 2018-19 to both the depositories namely NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL).

M/s Alankit Assignment Ltd having its office at 1E/13 Alankit House JhandewalanExtension New Delhi-110055 has worked as Registrar and Share Transfer Agent during theF.Y 2018-19 and the annual fees for the year 2018-19 has been duly paid to M/s AlankitAssignment Limited.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Companies Act 2013 the Directors confirm that:

(a) In the preparation of the Annual Accounts for the financial year ended 31st March2019 the applicable accounting standards have been followed along with proper explanationrelating to material departures;

(b) Appropriate accounting policies have been selected and applied them consistentlyand made judgment and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of your Company at the end of the financial year and ofthe profit of the Company for that financial year;

(c) Proper and sufficient care for the maintenance of adequate accounting records forsafeguarding the assets of your Company and for preventing and detecting fraud and otherirregularities;

(d) The Annual Accounts on a 'going concern' basis; and

(e) Internal financial controls to be followed by the Company and that such internalfinance controls are adequate and were operating effectively.

"Internal financial controls" means the policies and procedures adopted bythe Company for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information;

(f) Proper systems to ensure compliance with the provisions of all applicable laws andthat such system was adequate and operating effectively.

REPORTING OF FRAUDS BY AUDITORS

During the Year under review the Statutory Auditors have not reported under section143(12) of the Companies Act 2013 any instances of fraud committed against the Companyby its officers or employees the details of which need to be reported in the Board'sReport.

NUMBER OF MEETINGS OF THE BOARD

The details of the meetings of the Board of Directors and its Committees convenedduring the financial year 2018-19 are given in Corporate Governance report which forms apart of this report.

DISCLOSURES RELATED TO REMUNERATION OF DIRECTORS AND KMPs

The Company has paid remuneration to its whole time director i.e. Mr. Deepak Guptaduring the year and also remuneration of Company Secretary and Chief Financial Officer(KMP) is as per policy of the Company.

HUMAN RESOURCE DEVELOPMENT

Your Company's Human Resource Management focus continues to be in making available atalent pool for meeting challenges in the competitive market place which is increasinglybecoming tougher. Development plans have been drawn up for key managers to shoulder higherresponsibilities as well as to increase their job effectiveness. Your Company alwaysencourages young personnel with their ideas and views. Management is easily accessible tothe employees and their problems are attended to promptly. The employer - employeerelations remained cordial at all the plants of the Company and peaceful throughout theyear.

CORPORATE SOCIAL RESPONSIBILITY

The Provisions of Section 135 read with Schedule VII of the Companies Act 2013 w.r.tCorporate Social Responsibility is not applicable to the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis forms an integral part of this report in Annexure- 4 and gives details of the overall industry structure economic developmentsperformance and state of affairs of the Company's various businesses viz. the real estateand Steel trading internal controls and other material developments during the financialyear 2018-19.

CORPORATE GOVERNANCE REPORT

In compliance with Regulation 34 of the Listing Regulations a separate Report onCorporate Governance along with a certificate from the Secretarial Auditors on itscompliance forms an integral part of this report Annexure -5.

However as part of corporate governance your company informed you that the followingevents occurred after the end the financial year till the date of this report:

1. Mr. Ashok Kumar Aggarwal resigned from the director (Non-Executive IndependentDirector) of the company w.e.f. 19.02.2019.

2. Mrs. Shruti Gupta resigned from the director (Non-Executive Independent Director andwoman director) of the company w.e.f. 01.01.2019.

3. Mr. Prashant Gupta resigned from the Director (Non-Executive Non-IndependentDirector) as well as CFO from the company w.e.f. 15.02.2019.

4. Mrs. Shivani Gautam resigned from the post of Company Secretary and ComplianceOfficer of the Company w.e.f. 31.03.2019.

Due to above resignations composition of the Board and its committee is not as perCompanies Act 2013 as well as SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 as amended till date.

However the company is doing its best efforts to appoint the persons in place of thesaid persons who have resigned and the company is confident that the said positions willbe filled up at the earliest.

REGISTERED OFFICE

Shareholders are requested to make all the correspondences at the following addressonly:

1601 RG Trade Tower Plot No. B7

Netaji Subhash Place Pitampura

New Delhi-110034

ACKNOWLEDGEMENTS

Your Directors wish to place on record their sincere thanks to investors clientsvendors regulatory authorities government authorities bankers and all other businessassociates for their continued co-operation and patronage and all the employees of theCompany for their excellent performance and teamwork.

By Order of the Board
For Real Growth Commercial Enterprises Limited
Sd/- Sd/-
Rajesh Goyal Deepak Gupta
Director Whole Time Director
DIN - 01339614 DIN - 01890274
Date - 05.09.2019
Place - New Delhi

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