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Shalimar Agencies Ltd.

BSE: 539895 Sector: Financials
NSE: N.A. ISIN Code: INE631E01016
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OPEN 38.35
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VOLUME 4
52-Week high 38.35
52-Week low 24.90
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Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
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Shalimar Agencies Ltd. (SHALIMARAGENCIE) - Director Report

Company director report

The Directors present their 41st Annual Report along with Audited Statementsof Accounts for the Financial Year ended 31st March 2022.

FINANCIAL RESULTS

The performance of the Company is as follows:

(Amount in Rs.000's)

Particulars 2021-2022 2020-2021
Income -- --
Expenditure 1072.10 924.40
Profit before Tax (1072.10) (924.40)
Current Year Tax (3.02) (2.88)
Profit after Tax (1069.08) (921.51)

COMPANY PERFORMANCE

Your Company posted financial results during the year under review. There were noOperations during the Financial Year 2021-2022 and incurred Loss Rs. 1069.08/- Thousandsas compared to Previous Years Loss of Rs. 921.51/- Thousands.

DIVIDEND

The Company does not have adequate profits for the year under review hence decided notto declare any dividend.

TRANSFER TO RESERVES

In view of the losses incurred by the Company during the year the Board of Directorsdid not propose to transfer any amount to reserves for the period under review.

FIXED / PUBLIC DEPOSITS

The Company has not accepted any deposits falling within the meaning of Sec. 73 74& 76 of the Companies Act 2013 read with the Rule 8(v) of Companies (Accounts) Rules2014 during the Financial Year under review.

CAPITAL STRUCTURE

During the financial year under review The Company increased the Authorized ShareCapital of Company from Rs.32500000/-(3250000 Equity Shares of Rs.10/-each) to Rs.700000000/- (70000000 Equity Shares of Rs.10/- each) and the Paid Up capital ofCompany is Rs. 30010000/- (3001000 Equity Shares of Rs. 10/-each) is remaineduncharged.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes affecting the financial position of the Companysubsequent to the close of the financial year 2021 till the date of this report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORY AUTHORITIES/COURTS

No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and Company's operations in future.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-7 isavailable on the Company Website (www.shalimaragencieslimited.com).

AUDIT

STATUTORY AUDIT:

The provisions of Section 139(2) of the Companies Act 2013 and the Rules madethere-under mandated the Company to rotate its Statutory Auditors and Board of Directorsof the Company (on recommendation of Audit Committee) in its meeting 05-09-2020 (which wasratified by the shareholders in the 39th Annual General meeting to held on 30th September2020) approved the appointment of M/s. P C N & Associates. (FRN: 016016S) CharteredAccountants as the Statutory Auditors of the Company for a period of Five Years.

However pursuant to the amendments made to Section 139 Act by the Companies(Amendment) Act 2017 effective from May 7 2018 the requirement of seeking ratificationof the members for appointment of Statutory Auditors has been withdrawn. In view of thesame the ratification of members for continuance of appointed M/s. P C N &Associates Chartered Accountants as the Statutory Auditors of the Company is not beingsought

In this Regard M/s. PCN &Associates has provided a declaration stating that theyare not disqualified to continue to act as the Statutory Auditors of the Company.

COST AUDIT

Cost Audit is not applicable to your Company.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Sarada Putcha Practicing Company Secretary to conduct the Secretarial Audit ofthe Company for the year ended 31st March 2022.

The Secretarial Audit Report in Form MR 3 is annexed herewith as "AnnexureII" to this report and contains no qualification reservation or adverse remarks.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System commensurate with the size scale andnature of its operations. The scope and authority of the Internal Audit function isdefined by the Audit Committee. To maintain its objectivity and independence the InternalAudit function reports to the Chairman of the Audit Committee of the Board.

The Internal Audit Department monitors and evaluates the efficacy and adequacy ofinternal control system in the Company its compliance with operating systems accountingprocedures and policies of the Company. Based on the suggestions of internal auditfunction Management undertakes corrective action in their respective areas and therebystrengthens the controls.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Current policy is to have an appropriate mix of Executive and Independent Directorsto maintain the Independence of the Board and separate its functions of Governance andManagement. As on date of this report your Board consists of 7 Directors including 4Executive Director and 3 are Independent Non- Executive Directors (including a WomenDirector).

The Policy of the Company on Appointment and Remuneration including criteria fordetermining qualifications positive attributes independence of directors and othermatters as required under Section 178 (3) of the Companies Act 2013 has been framed bythe Company. We affirm that the Remuneration paid to the Directors is as per terms laidout in the Nomination and Remuneration Policy.

DECLARATION BY INDEPENDENT DIRECTORS

All the Independent Directors have given a declaration that they meet the criteria ofindependence as laid down under Section 149 (6) of the Companies Act 2013 read with therules made thereunder and Regulation 16of SEBI (LODR) Regulations 2015.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The Particulars of Loans Guarantees and Investments covered under the provisions ofSection186 of the Companies Act 2013 are given in the notes to the FinancialStatements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the Company during the FinancialYear with related parties were on an arm's length basis in the ordinary course ofbusiness and were in compliance with the applicable provisions of the Companies Act andSEBI (LODR) Regulations. The prior approval of the Audit committee was sought for allrelated party transactions.

During the financial year ended 31st March 2022 there have been no related partytransactions made by the Company with Promoters Directors Key Managerial Personnel orother designated persons which may have a potential conflict with the interest of theCompany at large. The policy on Related Party Transactions as approved by the Board isuploaded on the Company's website.

Detailed information about the Related Party Transactions is enclosed in Form AOC 2 as"Annexure III" to this report.

NON - APPLICABILITY OF CORPORATE GOVERNANCE

As per the SEBI Circular CIR/CFD/POLICYCELL/7/2014 dated 15th September 2014 thePaid-Up Capital of the Company is less than Rs. 10 Crores and Net worth being less thanRs. 25 Crores Corporate Governance and its report is Not Applicable to the Company.

SUBSIDIARIES / JOINT VENTURE / ASSOCIATES

During the Year under review there were no Subsidiaries / Associates / Joint Venturesof our Company.

Quebec Tech Solutions LLP (formerly known as Quebec Tech Solutions Private Limited) washolding 60.57% of shareholding in the Company. By virtue of takeover of the Company fromM/s Quebec Tech Solutions Private Limited by M/s IT Trailblazers Resources PrivateLimited. The holding Company of the Company is now M/s IT Trailblazers Resources PrivateLimited. The Reclassification of Promoters is yet to be approved by the exchanges.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

Conservation of Energy:

The Company is monitoring the consumption of energy and is identifying measures forconservation of energy.

(i) The steps taken by the company for 17 utilizing the alternate sources of energy-Nil

(ii) The capital investment on energy conservation equipments - Nil

Technology Absorption adaptation and innovation:-

Indigenous Technology is involved for the manufacturing the products of the Company.

Research and Development (R & D): No research and Development has been carriedout.

Foreign exchange earnings: Rs. Nil

Foreign exchange out go: Rs. Nil

RISK MANAGEMENT

The Company has adopted a Risk Management Plan for implementation of Enterprise RiskManagement (ERM) framework. As per the Companies Act 2013 and SEBI (Listing Obligationand Disclosure Requirements) Regulations 2015 the Board shall establish a Risk ManagementPlan/ Policy and the Risk Management Committee shall evaluate the Risk Management systemsperiodically.

In line with this requirement the Board is responsible for initiating and institutingthe ERM framework and setting the requisite tone at the top for implementation of the ERMframework. Further the Board shall be responsible for overseeing measures for managingrisk. The Plan also envisages a key role for the Risk Management Committee which shallperiodically (at least annually) review the adequacy of Risk Management Systems recommendimprovements if needed discuss with external consultants Internal Auditors to test theadequacy and effectiveness of the Risk Management System.

Business risk inter-alia further includes financial risk political risk fidelityrisk legal risk. As a matter of policy these risks are assessed and steps as appropriateare taken to mitigate the same.

CORPORATE SOCIAL RESPONSIBILITY

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions under section 135 of the Companies Act 2013 are notapplicable to the company.

ADEQUACY OF INTERNAL FINANCIAL CONTROL SYSTEM

The Company has in place adequate internal financial controls commensurate with thesize and needs of the business. These controls ensures the orderly and efficient conductof its Business including adherence to the Company's policies identification of areas ofimprovement safeguarding of its assets from unauthorized use the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand timely preparation of reliable financial statements and / or disclosures.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a Whistle Blower Policy framed to deal with instance of Fraud andMis-Management if any in the Group pursuant to the provisions of section 177(9) &(10) of the Companies Act 2013 and Regulation 22 & 34 (3) of SEBI (LODR) Regulations2015. The details of the Policy are posted on the website:www.shalimaragencieslimited.com. Employees can report to the Management concernedunethical behaviour act or suspected fraud or violation of the Company's Code of ConductPolicy no employee has been denied access to the Audit Committee.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSALACT 2013

The Company has in place an anti-sexual harassment policy in line with the requirementsof the Sexual Harassment of Women at the workplace (Prevention Prohibition and Redressal)Act2013. All Employees (Permanent Contractual temporary Trainees) are covered underthis policy. There was no case of sexual harassment reported during the year under review.

BOARD MEETINGS

The Board of Directors duly met 14 (Fourteen) times in the FY 2021-2022 and in respectof which meetings proper notices were given and the proceedings were properly recordedand signed in the Minutes Book maintained for the purpose.

Board Meetings during the FY 2021-2022:

1 12-04-2021 6 04.09.2021 11 06.01.2022
2 29-06-2021 7 30.092021 12 05.03.2022
3 30.07.2021 8 12112021 13 10.03.2022
4 12.082021 9 24.12.2021 14 22.03.2022
5 02.092021 10 29012022

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year under review the following changes occurred in the Board ofDirectors Appointment:

1. Mr. Jata Venkata Rama Raja Sekhar (DIN: 06542019) was appointed as an AdditionalDirector (Non-Executive Independent Director) of the Company with effect from 12-04-2021.

2. Mr. Siva Prasad Gorthy (DIN: 09137211) was appointed as an Additional Director(Non-Executive Independent Director) of the Company with effect from 12-04-2021.

3. Mr. Kotti Narendra (DIN: 07178324) was appointed as an Additional Director of theCompany with effect from 30-07-2021.

4. Mr. Vemuri Venkata Rajani Kumar (DIN: 07363756) was appointed as an AdditionalDirector of the Company with effect from 30-07-2021.

5. Mr. Ravulapally Arjun Kumar (DIN: 08820683) was appointed as an Additional Directorof the Company with effect from 30-07-2021.

6. Mrs. Gamini Aruna (DIN: 09136437) was appointed as an Additional Director(Non-Executive Independent Director Women Director) of the Company with effect from30-07-2021.

7. Mr. Mayank Puran Chandra Joshi (DIN: 07830843) was appointed as an AdditionalDirector (Non- Executive Independent Director) of the Company with effect from 30-09-2021.

Change in Designation:

1. Mr. Jata Venkata Rama Raja Sekhar (DIN: 06542019) was regularized as Director(Non-Executive Independent Director) on the Board with effective from 30-09-2021.

2. Mr. Siva Prasad Gorthy (DIN: 09137211) was regularized as Director (Non-ExecutiveIndependent Director) on the Board with effective from 30-09-2021.

3. Mr. Kotti Narendra (DIN: 07178324) was regularized as Director on the Board witheffective from 30-09-2021.

4. Mr. Vemuri Venkata Rajani Kumar (DIN: 07363756) was regularized as Director on theBoard with effective from 30-09-2021.

5. Mr. Ravulapally Arjun Kumar (DIN: 08820683) was regularized as Director on the Boardwith effective from 30-09-2021.

6. Mrs. Gamini Aruna (DIN: 09136437) was regularized as Director (Non-ExecutiveIndependent Director Women Director) on the Board with effective from 30-09-2021.

7. Mr. Kotti Narendra (DIN: 07178324) was appointed as Managing Director on the Boardwith effective from 30-09-2021.

8. Mr. Vemuri Venkata Rajani Kumar (DIN: 07363756) was appointed as Whole-time Directoron the Board with effective from 30-09-2021.

9. Mr. Ravulapally Arjun Kumar (DIN: 08820683) was appointed as Whole-time Director onthe Board with effective from 30-09-2021.

Resignation:

1. Mr. Natwarlal Ramgopal Modani (DIN: 07480150) had resigned as Independent &Non-Executive Director with effect from 12-04-2021.

2. Mr. Rahul Manoj Rawlyani (DIN: 07485600) had resigned as Independent &Non-Executive Director with effect from 12-04-2021.

3. Mr. Aditya Sreeramji Magapu (DIN: 03424739) had resigned as Whole-time - Executive& CFO with effect from 30-07-2021.

4. Mr. Mallu Reddy Subramanyam (DIN: 03569955) had resigned as Executive Director witheffect from 30-07-2021.

5. Ms. Sarapu Sowjanya (DIN: 07471908) had resigned as Independent & Non-ExecutiveDirector with effect from 30-07-2021.

6. Mr. Jata Venkata Rama Raja Sekhar (DIN: 06542019) had resigned as Independent &Non-Executive Director with effect from 30-09-2021.

7. Mr. Siva Prasad Gorthy (DIN: 09137211) had resigned as Independent &Non-Executive Director with effect from 30-09-2021.

8. Mr. Ravulapally Arjun Kumar (DIN: 08820683) had resigned as Whole-time Director witheffect from 22-02-2022.

Proposed Regularization:

1. Mr. Mayank Puran Chandra Joshi (DIN: 07830843) was appointed as Additional Director(Non-Executive Independent Director) of the Company pursuant to the provision of Section161(1) of the Companies Act 2013 and the Articles of Association of the Company witheffect from 30th September 2021. His term of office expires with theconclusion of ensuing Annual General Meeting. It is proposed to regularize his appointmentas Director (Non-Executive Independent Director) in the ensuing annual general meeting

2. Ms. Janaki Yarlagadda (DIN: 02129823) was appointed as Whole Time Director of theCompany pursuant to the provision of Section 161(1) of the Companies Act 2013 and theArticles of Association of the Company with effect from 23rd July 2022. Histerm of office expires with the conclusion of ensuing Annual General Meeting. It isproposed to regularize his appointment as Whole Time Director in the ensuing annualgeneral meeting.

3. Mr. Manoj Sandilya Telakapalli (DIN: 09630299) was appointed as Whole Time Directorof the Company pursuant to the provision of Section 161(1) of the Companies Act 2013 andthe Articles of Association of the Company with effect from 23rd July 2022.His term of office expires with the conclusion of ensuing Annual General Meeting. It isproposed to regularize his appointment as Whole Time Director in the ensuing annualgeneral meeting.

4. Mr. Nomula Srinivas (DIN: 07496152) was appointed as Whole Time Director of theCompany pursuant to the provision of Section 161(1) of the Companies Act 2013 and theArticles of Association of the Company with effect from 23rd July 2022. Histerm of office expires with the conclusion of ensuing Annual General Meeting. It isproposed to regularize his appointment as Whole Time Director in the ensuing annualgeneral meeting.

DIRECTORS' RESPONSIBILITY STATEMENT:

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the Internal Statutory andSecretarial Auditors and the reviews performed by Management and the relevant BoardCommittees including the Audit Committee the Board is of the opinion that the Company'sinternal financial controls were adequate and effective during the Financial Year2021-2022

Accordingly pursuant to Section 134 (5) of the Companies Act 2013 the Board ofDirectors to the best of their knowledge and ability confirm that:

(I) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

(II) They have selected such accounting policies as mentioned in the notes to thefinancial statements and applied consistently and made judgments and estimates that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany at the end of the financial year 2021-2022 and of the loss of the Company for thatperiod;

(iii) They 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;

(iv) The annual accounts for the year 2021-2022 have been prepared on a going concernbasis.

(v) They have laid down proper internal financial control to be followed by the Companyand that the internal financial controls were adequate and are operating effectively.

(vi) They have devised proper systems to ensure compliance with the provisions of allapplicable laws was and such systems are adequate and operating effectively.

COMPLIANCE DEPARTMENT:

Details of complaints/ requests received resolved and pending during the FinancialYear 2021-2022:

During the year Received Resolved Pending
2021-2022 Nil Nil Nil

The compliance department of the company is responsible for independently ensuring thatthe operating and business units comply with regulatory and internal guidelines. Newinstructions/guidelines issued by the regulatory authorities were disseminated across thecompany to ensure that the business and business units operate within the boundaries setby the regulators and that compliance risks are suitably monitored and mitigated in courseof their activities & processes.

COMMITTEES

Audit Committee (As on 31-03-2022)

The purpose of the Audit Committee is to assist the Board of Directors in reviewing thefinancial information which will be provided to the Members and others reviewing thesystems of internal controls established in the Company appointing retaining andreviewing the performance of internal accountants/internal auditors and overseeing theCompany's accounting and financial reporting process and the audit of the Company'sfinancial statements.

The power and terms of reference of the Audit Committee are as mentioned in Regulation18 and Part C of Schedule II of SEBI (LODR) Regulations 2015 read with Section 177 ofthe Companies Act 2013.

During the FY2021-2022 Audit committee met on 4 (Four) times in the FY 2021-2022 on

1 29.06.2021 3 12.11.2021
2 12.08221 4 29.012022

The Composition is as follows:

Name Designation Category
Mr. Siva Prasad Gorthy Chairman Independent Non Executive
Ms. Aruna Gamini Yanamandra Member Independent Non Executive
Mr. Mayank Puran Chandra Joshi Member Independent Non Executive
Mr. Vemuri Venkata Rajani Kumar Member Whole Time Director & CFO

Nomination & Remuneration Committee (As on 31-03-2022)

The power and terms of reference of the Nomination and Remuneration Committee areasmentioned in Regulation19 and part D of Schedule II of SEBI(LODR)Regulations 2015 readwith Section178 of the Companies Act2013

Terms of reference:

The main term of reference of the Committee is to approve the fixation/revision ofremuneration of the Managing Director/Whole Time Director of the Company and whileapproving:

To take into account the financial position of the Company trend in the industryappointee's qualification experience past performance past remuneration etc.

To bring out objectivity in determining the remuneration package while striking abalance between the interest of the Company and the Shareholders.

Remuneration Policy:

The objectives of the remuneration policy are to motivate Directors to excel in theirperformance recognize their contribution and retain talent in the organization and rewardmerit. The remuneration levels are governed by industry pattern qualifications andexperience of the Directors responsibilities shouldered individual performance etc.

Remuneration to the Managerial Personnel for the financial year 2021-22 - Stated in "AnnexureIII" During the FY 2021-2022 the Nomination and Remuneration Committee Meetingwas held on

1 12.04.2021 4 30.09.2021
2 30.07.2021 5 10.032022
3 04.092021

The Composition is as follows:

Name Designation Category
Mr. Siva Prasad Gorthy Chairman Independent Non Executive
Ms. Aruna Gamini Yanamandra Member Independent Non Executive
Mr. Mayank Puran Chandra Joshi Member Independent Non Executive

Stakeholders Relationship Committee (As on 31-03-2022)

The Powers of the Committee are as follows:

The power and terms of reference of the Stakeholders Relationship Committee are asmentioned in Regulation 20 and part D of Schedule II of SEBI (LODR) Regulations 2015.

The Committee has been delegated with the following powers:

To redress shareholder and investor complaints relating to transfer of SharesDematerialization of Shares non-receipt of Annual Reports non-receipt of declareddividend and other allied complaints etc.

To approve transfer transmission and issue of duplicate / fresh share certificate(s)Consolidate and sub-division of share certificates etc.

To redress approve and dispose off any other complaints transactions and requestsetc. received from any shareholder of the company and investor in general.

The Board has delegated the power to process the transfer and transmission of Shares tothe Registrar and Share Transfer Agents of the Company; Aarthi Consultants Pvt. Ltd.1-2-285Domalguda Hyderabad - 500 029.Ph : 040 - 27642217 27638111 Fax : 040 - 27632184

The Company has designated an exclusive E-mail ID shalimaragenciesltd@gmail.com forComplaints / Grievances.

During the FY 2021-2022 1 meeting(s) of the Stakeholders Relationship CommitteeMeeting on 29- 01-2022.

The Composition is as follows Designation Category
Mr. Siva Prasad Gorthy Chairman Independent Non Executive
Ms. Aruna Gamini Yanamandra Member Independent Non Executive
Mr. Manoj Sandilya Telakapalli Member Whole Time Director

Declaration from Independent Directors on Annual Basis:

FY 2021-2022-The Company has received a declaration from Mr. Siva Prasad GorthyMs. Aruna Gamini Yanamandra- Independent Non-Executive Directors of the Company to theeffect that they are meeting the criteria of independence as provided in Sub-section (6)of Section 149 of the Companies Act 2013.

The Composition is as follows:

Name Designation Category
Mr. Siva Prasad Gorthy Chairman Independent Non Executive
Ms. Aruna Gamini Yanamandra Member Independent Non Executive
Mr. Mayank Puran Chandra Joshi Member Independent Non Executive

DECLARATION BY DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR MANAGEMENT PERSONNEL OFCOMPLIANCE WITH THE CODE OF CONDUCT

The Company do hereby declare that the directors and senior management of the Companyhave exercised their authority and powers and discharged their duties and functions inaccordance with the requirements of the code of conduct as prescribed by the company andhave adhered to the provisions of the same.

UPDATE ON SCHEME OF MERGER

Scheme for merger of ADV Health Technologies Limited ("ADV")(TransferorCompany) which was incorporated on December 02 2021 under the laws of the State of NewJersey with Shalimar Agencies Limited (Transferee Company) is proposed and in lieu ofwhich shareholders of ADV will get the shares of Shalimar Agencies Limited in thefollowing ratio:

"1 (One) fully paid-up equity shares of the face value of Re. 10/- (Rupee Tenonly) each in Transferee Company for every 1 (One) fully paid-up shares held in TransferorCompany."

ADV Health Technologies Ltd is the holding entity of Computing ConceptsInc.("CCI") holding 100% shares of CCI.

Computing Concepts Inc is the Operating Company with a Revenue of USD 20 Million andNet Income of USD 3.4 Million.

The Application made to the exchanges is yet to be approved.

Details of application made or any proceeding pending under the Insolvency andBankruptcy Code 2016 (31 of 2016) during the year along with their status as at the endof the financial year.

There are no applications made or any proceeding pending to report under the Insolvencyand Bankruptcy Code 2016 (31 of 2016) during the year.

The details of difference between amount of the valuation done at the time of one timesettlement and the valuation done while taking loan from the Banks or FinancialInstitutions along with the reasons thereof.

During the year there is no one time settlements done with the Banks to report. ACKNOWLEDGMENT

Your Directors place on record their appreciation for the valuable support extended byvarious departments viz. Central and State Governments Stock Exchanges SEBI NSDLCDSL RTA Banks Auditors and other Regulatory Bodies etc for their continued support tothe Company's growth.

The Directors record their special appreciation to all employees for their efforts andcontribution towards the growth and achieving this performance.

Your Directors also wish to express their thanks to the Shareholders for the confidencewhich they reposed in them.

For and on Behalf of the Board
SHALIMAR AGENCIES LIMITED
Sd/-
Manoj Sandilya Telakapalli
Place: Hyderabad Whole Time Director
Date: 03-09-2022 (DIN: 09630299)

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