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Shrenik Ltd.

BSE: 538441 Sector: Others
NSE: SHRENIK ISIN Code: INE632X01030
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Shrenik Ltd. (SHRENIK) - Director Report

Company director report

To

The Members

SHRENIK LIMITED

Ahmedabad.

Dear Members

Your Directors are pleased to present the Seventh Annual Report on the Business andOperations of the Company along with the Audited Statement of Accounts for the FinancialYear ended on 31 March 2019.

1. FINANCIAL RESULT

The financial performance of the Company for the Financial Year ended on 31st March2019 and for the previous financial year ended on 31st March 2018 is given below:

(Amount in R)

Particulars 2018-2019 2017-2018
Revenue from Operations
a.Sale of Products 8349611739 5912482632
b.Other Operating Revenues 18270860 19831763
Total 8367882599 5932314395
Other Income:
Interest Income 5732138 4901570
Foreign Exchange Fluctuation 10030566 3886206
Rate Difference - -
Other Miscellaneous Income 42146 -
Total other Income 15804850 8787776
Total Revenue 8383687449 5941102171
Total Expenses (8210464098) (5819521738)
Profit Before Exceptional and Extra Ordinary Items and Tax 173223351 121580433
Exceptional Items (161853) -
Profit before Extra -Ordinary Items and Tax/ Profit Before Tax 173061498 121580433
Tax Expense: Current Tax 61727668 42161560
Deferred Tax 52160 296696
Prior period Adjustment 93412 13692
Total Tax expense (61873240) (42471948)
Profit for the Period 111188258 79108484
Provision for Proposed Dividend including tax 23964288 23930016
Provision for Corporate Social Responsibility (CSR) 2402000 867731
Profit for the year carried to Reserves & Surplus 84821970 54310737
Earning Per Share (EPS)
Basic 1.09 0.84
Diluted 1.09 0.84

2. OPERATIONS

The Company continues to see fair growth in its overall performance in the financialyear 2018-19 driven by the performance of the segment (Paper Trade) in which the Companyoperates. The total income of the Company increased to Rs. 8383687449/-from Rs.5941102171/-in the previous year i.e. an increase of 41.11%. The profit before taxamounted to Rs. 173223351/- as against 121580433/-in the previous year. The netprofit after tax was increased to Rs. 111188258/- as against Rs.79108484/- in theprevious year.

3. CHANGE IN NATURE OF BUSINESS IF ANY

There were no changes in the nature of business of the Company during the year underreview.

4. ANNUAL RETURN

The extract of the Annual Return pursuant to the provisions of Section 92 of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administration)Rules 2014 in Form No. MGT – 9 is enclosed herewith as Annexure 1 and thesame has been placed at the Company's website under Section Investors – AnnualReport.

5. BOARD MEETINGS AND ATTENDANCE

The Directors of the Company met at regular intervals with the gap between two meetingsnot exceeding 120 days to take a view of the Company's policies and strategies apart fromthe Board Matters. The Notices of the Board Meetings are given well in advance to all theDirectors of the Company. Additional meetings were held depending upon the requirements ofthe Company.

During the year under the review the Board of Directors met 8 (Eight) times and theBoard Meetings were held as on the following dates:

Sr. No. Date of the Board Meeting
1. 24thApril 2018
2. 12th May 2018
3. 13th July 2018
4. 1st October 2018
5. 23th October 2018
6. 24th December 2018
7. 31th January 2019
8. 28th March 2019

Attendance of the Directors:

Name of the Director

No. of Board Meeting

Held Attended
1. Mr. Shrenik Vimawala 8 8
2. Mr. Rishit Vimawala 8 8
3. Mr. Kaivan Vimawala 8 8
4. Mrs. Himaben Vimawala 8 8
5. Mr. Ashish Modi 8 8
6. Mr. Devarsh Shah 8 8

6. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of theCompanies Act 2013 to the best of their knowledge and belief the Board of Directorshereby submit that: a. In the preparation of the Annual Accounts for the year ended onMarch 31 2019 the applicable accounting standards have been followed and there are nomaterial departure from the same b. The directors had selected such accounting policiesand applied them consistently and made judgments and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the company at theend of financial year and of the profit of the company for the financial year ended onMarch 31 2019 c. The directors had taken proper and sufficient care for the maintenanceof adequate accounting records in accordance with the provisions of Companies Act 2013for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities

d. The directors had prepared the Annual Accounts on a going concern basis

CIN No.: L51396GJ2012PLC073061

9 e. The directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively and f. The Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

7. COMMENT ON AUDITORS' REPORT

There were no qualifications reservations adverse remarks or disclaimer made by theAuditors in their report on financial statement of the Company for the financial yearended on March 31 2019 Furthermore there were no frauds reported by the Auditors of theCompany pursuant to Companies Act 2013 and the rules made there-under Maintenance of costrecords as specified under Companies Act 2013 is not applicable to the Company.

8. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

The details of loans investment guarantees and securities covered under theprovisions of section 186 of

Companies Act 2013 are provided in the financial statement.

9. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

During the year under review contracts or arrangements entered into with the relatedparty as defined under section 2(76) of the Companies Act 2013 were in ordinary courseof Business and on arms' length basis. Details of transactions pursuant to compliance ofSection 134(3) (h) of the Companies Act 2013 and Rule 8 (2) of Companies (Accounts)Rules 2014 are annexed herewith as per Annexure – 2

During the year the Company has not entered into any materially significant relatedparty transactions which may have potential conflict with the interest of the Company atlarge. Suitable disclosures as required are provided in AS-which is forming the part ofthe notes to financial statement.

10. THE STATE OF COMPANY'S AFFAIRS

During the year under review the Company has put all its efforts in serving requiredproducts to all its customers time. The turnover of the Company during the reportingperiod amounted to Rs. 8383687449/- The Directors are thankful to all itssuppliers for on time delivery of the products. The effort of our suppliers is thebackbone of our Company.

The Company has tried and will keep the efforts on to associate as many customers aspossible. The Directors wish inform the stakeholders that during the reporting period thatis financial year 2018-2019 Company has gained distributorship of yet other renownedCompanies like APRIL International Enterprises Pte. Ltd. for the state of Gujarat andRajasthan region and from Naini Group for the state of Gujarat region and the Companycontinues to serve Ballarpur Industries Limited Tamilnadu Newsprint and Papers LimitedAsia Pulp and Paper (Indonesia and China)and NR Agarwal Industries Limited.

With this information the Directors assure the stakeholders of the Company to continuetheir efforts and enhance overall performance of the Company in the coming financialyears. The Directors express their gratitude towards stakeholders for all the support theCompany has received from them and hope that the Company continues to receive the samesupport in the coming future.

11. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has its Internal Financial Control systems commensurate with operations ofthe Company. The management regularly monitors the safeguarding of its assets preventionand detection of frauds and errors and accuracy and completeness of the accountingrecords including timely preparation of reliable financial information.

The Head of Internal Audit together with External Audit consults and reviews theeffectiveness and efficiency of these systems and procedures to ensure that all assets areprotected against loss and that the financial and operational information is accurate andcomplete in all respects.

12. RESERVES

The Company has a Closing Balance of Rs. 431760602/- (Rupees Forty Three CroreSeventeen Lakhs Sixty Thousand Six Hundred and Two Only) as Reserve and Surplus as on31.03.2019.

The Closing Balance of Reserves and Surplus is bifurcated as follows:

Particulars Amount (in R)
1. Balance at the beginning of the year 148938632
2. Current Year's Profit 84821970
3. Amount of Securities Premium 198000000
Total 431760602

13. DIVIDEND

Your Directors have recommended a dividend of Rs. 0.20/- per Equity Share (10%) of theface value of Rs. 2/- each for the financial year ended March 31 2019subject to theapproval of the Shareholders at the ensuing 7 Annual General Meeting of the Company.

14. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIALSTATEMENTS RELATES AND THE DATE OF THE REPORT

Apart from the change as mentioned below no material changes and commitmentsaffecting the financial position of the Company occurred between the end of the FinancialYear to which this financial statement relates and up till the date of Report.

a) The Company is in the process of Migrating its Equity Shares from Emerge Platform ofNSE to Main Board of NSE subject to necessary approvals.

15. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to Section 124 of the Companies Act 2013 the amount of dividend remainingunpaidor unclaimedfor a period of seven years shall be transferred to the InvestorEducation and Protection Fund ("IEPF"). During the year under review there wasno unpaid or unclaimed dividend in the "Unpaid Dividend Account" lying for aperiod of seven years from the date of transfer of such unpaid dividend to the saidaccount. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund.

16. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The Information pertaining to Conservation of Energy Technology Absorption ForeignExchange Earnings and outgo as required under Section 134(3) (m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 are as stated below:

A. Conservation of Energy-

1. The steps taken or impact on conservation of energy:-

The Company applied strict control system to monitor day to day powerconsumption. TheCompany ensures optimal use of energy with minimum extent of wastageas far as possible.The day to day consumption ismonitored in an effort to save energy.

2. The steps taken by the company for utilizing alternate sources of energy.

Company has not taken any step for utilizing alternate sources of energy.

3. The capital investment on energy conservation equipment.

Company has not made any capital investment on energy conservation equipment.

B. Technology absorption-

The Company has no activities relating to technology absorption. Hence nothing is to bereported here.

C. Foreign Exchange Earnings and outgo-

2018-2019 2017-2018
Particulars (Amount in Rs.) (Amount in Rs.)
Foreign exchange earnings in terms of actual inflows 1326906/- -
Foreign exchange outgo in terms of actual outflows 979350246/- 563188616/-

17. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY

OF THE COMPANY

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks towards the key business objectives of the Company. Major risks identified by thebusiness and functions are systematically addressed through mitigating actions on acontinuing basis.

18. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL

RESPONSIBILITY INITIATIVES

The Corporate Social Responsibility Policy of the Company is to mobilize theCSR Fundsof the Company to such Organizations that are engaged in providing Medical aid to thedeprived section of the Society to Education and/or vocational skill impartingorganizations and to Hunger eradicating organizationsin order to support their working andtowards any other activity falling within the scope of Schedule VII to the Companies Act2013.

We believe that health is the primary asset which supports all other activities.Therefore assisting the lesser privileged people towards solving their medical problemsshall always be the first social responsibility of the Company.

We also believe that Education and vocational trainings play a major role in making ahuman self-sufficient and hence supporting the organizations that impartEducation/Vocational Skills remain another preference for mobilization of the CSR Funds.

The Company may undertake its social responsibilities through its own Trust i.e."Shrenik Foundation" or through such other trusts foundations etc. which canbe supported by the Company for overall advantage of the needed section of the society.

The Corporate Social Responsibility Committee (CSR Committee) had formulated andrecommended to the Board a Corporate Social Responsibility Policy (CSR Policy) indicatingthe activities to be undertaken by the Company. The CSR Policy duly approved by the Boardof Directors may be accessed on the Company's website at www.shrenik.co.in under the head "CorporateSocial Responsibility"

During the year under review the Company had spent Rs. 1565000/- (being 2% of theaverage net profits of last three financial years) on Corporate Social Responsibility(CSR) activities. The Annual Report on CSR activities is annexed herewith marked as Annexure3to the Board's Report.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Directors and Key Managerial Personnel of the Company are summarized below:

Name Designation DIN
1. Mr. Shrenik Sudhir Vimawala Chairman and Managing Director 03474255
2. Mrs. Himaben Shrenik Vimawala* Non-Executive Non Independent Director 05132544
3. Mr. Rishit Shrenik Vimawala Whole-time Director 03474249
4. Mr. Kaivan Shrenik Vimawala Whole-time Director 06514171
5. Mr. Ashish Harishkumar Modi Independent Director 02506019
6. Mr. Devarsh Muktesh Shah Independent Director 06954437
7. Ms. Manali Parth Shah** Additional Director 08472757
8. Mr. Virendra Vasantlal Surti Chief Financial Officer -
9. Ms. Madhulika Mishra Company Secretary -

There was no change in the composition of the Board of Directors of the Company duringthe financial year 2018-19 however below changes have occurred after the close of theFinancial year 2018-19: *Mrs. Himaben Shrenik Vimawala (DIN: 05132544) resignedfrom her post of Non-Independent Non-Executive Director due to personal reasons witheffect from closing hours of 18.06.2019.

**The Board of Directors in their meeting held on 30 May 2019 has appointed Ms.Manali Parth Shah (DIN: 08472757) as an Additional Director designated as IndependentDirector to hold office for 5 (five) consecutive years subject to the approval ofShareholders to be obtained in the Seventh Annual General Meeting of the Company. As perCompanies Act 2013 the Independent Directors are not liable to retire by rotation.

20. DECLARATION BY INDEPENDENT DIRECTORS

Mr. Ashish Modi Independent Director Mr. Devarsh Shah Independent Director and Ms.Manali Parth Shah (Additional Director designated as Independent Director) have confirmedto the Board that they meet the criteria of Independence as specified under Section 149(6) of the Companies Act 2013 and they qualify to be Independent Directors. They havealso confirmed that they meet the requirements of Independent Director as mentioned underRegulation 16 (1) (b) of SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015. The confirmations were noted by the Board.

21. FORMAL ANNUAL EVALUATION PROCESS BY BOARD

Pursuant to the provisions of the Companies Act 2013 and Rules made thereunder theBoard has carried the evaluation of its own performance performance of IndividualDirectors Board Committees including the Chairman of the Board on the basis ofattendance contribution towards development of the Business and various other criteria asrecommended by the Nomination and Remuneration Committee of the Company. The evaluation ofthe working of the Board its committees experience and expertise performance ofspecific duties and obligations etc. were carried out. The Directors expressed theirsatisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors the performances of Executive Directorswere evaluated in terms of their contribution towards the growth and development of theCompany. The Executive Directors enhanced the geographical expansion of the Company byestablishing two more Branch Offices i.e. at Surat Gujarat and Mumbai Maharashtra. Theefforts of the Executive Directors in terms of gaining further distributorships of APRILInternational Enterprise Pte Ltd. for the state of Gujarat and Rajasthan region and ofNaini Group for the state of Gujarat region were too appraised by the Nomination andRemuneration Committee and by the Independent Directors in their separate meetings heldfor the said purpose. The achievements of the targeted goals and the achievements of theExpansion plans were too observed and evaluated the outcome of which was satisfactory forall the Directors of the Company.

22. CORPORATE GOVERNANCE

Since the Company' securities are listed on Emerge SME Platform of NSE by virtue ofRegulation 15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations2015 the compliance with the corporate governance provisions as specified in regulations17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C D and Eof Schedule V are not applicable to the Company. Hence Corporate Governance does not formpart of this Board's Report.

23. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary Joint venture or Associate company.

24. DEPOSITS

As per Section 73 of the Companies Act 2013 the Company has neither accepted norrenewed any deposits during the financial year. Hence the Company has not defaulted inrepayment of deposits or payment of interest during the financial year.

25. STATUTORY AUDITOR

M/s Singhi & Co. Chartered Accountants (Firm's Registration No. 302049E) wereappointed as the Statutory Auditor of the Company for a period of 5 (five) years at the 6Annual General Meeting of the Company to hold office till the conclusion of 11 AnnualGeneral Meeting of the Company.The Auditor's report for the financial year ended March 312019 has been issued with an unmodified opinion by the Statutory Auditors.

26. SECRETARIAL AUDITOR

The Board appointed M/s Premal Shah & Co. Practicing Company SecretariesAhmedabad to conduct Secretarial Audit for the Financial Year 2018-19. The SecretarialAudit Report for the financial year ended 31st March 2019 is annexed herewith marked as Annexure-4to this Report. The Secretarial Audit Report does not contain any qualificationreservation adverse remark or disclaimer.

27. DISCLOSURES

A. Composition of Corporate Social Responsibility Committee (CSR):

During the year under review the Corporate Social Responsibility (CSR) Committee ofthe Company comprised of four members as tabulated below pursuant to Section135 of theCompanies Act 2013.The Report on CSR activities as required under the Companies(Corporate Social Responsibility) Rules2014 is annexed as per Annexure - 3.

During the year under review the members of CSR Committee met four times on 13 July2018 23 October 2018 31 January 2019 and 28 March 2019 and the attendance records ofthe members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Shrenik Vimawala Chairman and Managing Director Chairman 4 4
Mr. Rishit Vimawala Whole Time Director Member 4 4
Mr. Kaivan Vimawala Whole Time Director Member 4 4
Mr. Ashish Modi Independent Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Yeari.e. 31 March 2019.)

B. Composition of Audit Committee:

During the year under review meeting of members of the Audit committee as tabulatedbelowwas held on 24 April 2018 23 October 2018 31 January 2019 and 28 March 2019and the attendance records of the

members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Ashish Modi Independent Director Chairman 4 4
Mr. Devarsh Shah Independent Director Member 4 4
Mr. RishitVimawala Whole Time Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Yeari.e. 31 March 2019.)

During the year all the recommendations made by the Audit Committee were accepted bythe Board.

C. Vigil Mechanism

Through vigil mechanism Company seeks to provide a mechanism for the directors andemployees to disclose their concerns and grievances on unethical behavior andimproper/illegal practices and wrongful conduct taking place in the Company forappropriate action. Through this mechanisms the Company provides necessary safeguards toall such persons for making sheltered disclosures in good faith.

The Vigil mechanism team comprises of the following:

Name of the Member Status
1. Mr. Rishit Vimawala Vigilant Officer
2. Mr. Ashish Modi Member
3. Mr. Devarsh Shah Member

(The details of the members are as on the date of closure of the Financial Year i.e.31st March 2019.)

During the year under review no protected disclosure concerning any reportable matterin accordance with the Vigil Mechanism was received by the Company.

The Vigil Mechanism may be accessed on the Company's website at the link:www.shrenik.co.in under the Section – Investors – Policies and Board Committees.

D. Composition of Nomination and Remuneration Committee:

During the year under review meeting of the members of the Nomination and Remunerationcommittee as tabulated below was held on 23rd October 2018 and 28th March 2019 and theattendance records of the members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mr. Ashish Modi Independent Director Chairman 2 2
Mr. Devarsh Shah Independent Director Member 2 2
Mrs. Himaben Vimawala Non-executive Director Member 2 2

(The details of Committee members are as on the date of closure of the Financial Yeari.e. 31 March 2019.)

The policy of Nomination and Remuneration Committee has been placed on the Website ofthe Company www.shrenik.co.inunder the head Investors – "Polices and BoardCommittees"and the salient features of the same has been disclosed under Annexure 5.

E. Composition of Stakeholders' Relationship Committee:

During the year under review meeting of members of Stakeholders' Relationshipcommittee as tabulated below was held on 24 April 2018 13 July 2018 23 October 2018and 31 January 2019 and the attendance records

of the members of the Committee are as follows:

Name Status No. of the Committee Meeting entitiled No. of the Committee Meeting attended
Mrs. Himaben Vimawala Non -Executive Director Chairperson 4 4
Mr. Shrenik Vimawala Managing Director Member 4 4
Mr. Rishit Vimawala Whole Time Director Member 4 4

(The details of Committee members are as on the date of closure of the Financial Yeari.e. 31st March 2019.)

28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS

There were no significant and material orders issued against the Company by anyregulating authority or court or tribunal that could affect the going concern status andCompany's operation in future.

However the Company was authorised through a Board Resolution dated 14 July 2017 tofile a suo motto petition under Section 441 of the Companies Act 2013 with ROC/RD/NCLTforCompounding of Offence under Section 383A of the Companies Act 1956 and Section 203 ofthe Companies Act 2013for non-appointment of Company Secretary for a period from20.12.2012 to 28.02.2016.

During the year under review the Company received Final Order from the Hon'ble NationalCompany Law Tribunal Ahmedabad Bench dated 26/10/2018 vide Order no. C.P. No.34/441/NCLT/AHM/2018 against Petition or application number C.P. No. 34/441/NCLT/AHM/2018for Compounding of Offence pursuant to Section 441 of the Companies Act 2013 for notcomplying the provisions of Section 383A of the Companies Act 1956 and Section 203 of theCompanies Act 2013. The Company and its Directors have paid compounding fees for theCompliance of the Order and have filed the said Order with ROC Gujarat within the timeperiod. The details of the necessary fine/ penalty paid has been annexed to the Board'sReport under Form No. MGT-9.

29. SHARE CAPITAL

A. Provision of money by company for purchase of its own shares by employees or bytrustees for the benefit of employees.

The Company has not made any provision of money for purchase of its own shares byemployees or by trustees for the

benefit of employees as per Rule 16(4) of Companies (Share Capital and Debentures)Rules 2014.

B. Issue of Sweat Equity Shares.

The Company has not issued any sweat equity share during the financial year inaccordance with the provisions of Section 54 of Companies Act 2013 read with Rule 8(13)of the Companies (Share Capital and Debentures) Rules 2014.

C. Issue of Equity Shares with Differential Rights.

The Company has not issued any equity shares with differential voting rights during thefinancial year as per Rule 4(4) of Companies (Share Capital and Debentures) Rules 2014.

D. Issue of Employee Stock Options.

The Company has not issued any employee stock option during the financial year as perRule 12(9) of Companies (Share Capital and Debentures) Rules 2014.

E. Sub-Division of Equity Shares

In order to enhance the participation of retail investors and to increase the investorbase the Board of Directors in their meeting held on12 May 2018 approved thesub-division of each Equity Share of the Company from Face value of Rs. 10/- (Rupees TenOnly) into 5 (Five) Equity Shares of Face value of Rs. 2/- (Rupees Two Only) each fullypaid-up and further approved the consequent alteration in the Capital Clause of Memorandumof Association subject to approval of Shareholders of the Company.

The Shareholders approval was obtained in the Sixth Annual General Meeting held on 7June 2018 and necessary approval from National Stock Exchange of India Limited wasreceived vide its circular number 0636/2018 dated 13 June 2018 which was made effectivefrom 09 July 2018.

30. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION& REDRESSAL) ACT 2013

The Company has always been committed to provide a safe and conducive work environmentto its employees. Your Directors further state that during the year under review therewere no cases filed pursuant to the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 as confirmed by the Internal Complaints Committee asconstituted by the Company.

31. PARTICULARS OF EMPLOYEES

The Company has no employee who is in receipt of remuneration of Rs. 850000/- permonth or Rs. 10200000/- per annum and hence the Company is not required to giveinformation under Sub Rule 2 and 3 of Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. Further the following details formpart of Annexure 6and Annexure 7to the Board's Report:

• Pursuant to Rule 5 (2) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 a statement containing the names and other particulars of top tenemployees in terms of remuneration drawn by them.

- Annexure 6

• Disclosure under Rule 5 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014.

-Annexure 7 32. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report as required under Regulation 34 and ScheduleV of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 forms anintegral part of this Report and provides the Company's current working and futureoutlook as per Annexure -8.

33. ACKNOWLEDGEMENTS

Your Directors would like to express their sincere appreciation for the co-operationand assistance received from the Bankers Regulatory Bodies Stakeholders includingFinancial Institutions Suppliers Customers and other business associates who haveextended their valuable sustained support and encouragement during the year under review.Your Directors take this opportunity to recognize and place on record their gratitude andappreciation for the commitment displayed by all executives officers and staff at alllevels of the Company. We look forward for the continued support of every stakeholder inthe future.

FOR AND ON BEHALF OF THE BOARD SHRENIK LIMITED

Sd/-

Shrenik Vimawala

Chairman and Managing Director DIN 03474255

Place: Ahmedabad Date:25.07.2019