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Sri Lakshmi Saraswathi Textiles (Arni) Ltd.

BSE: 521161 Sector: Industrials
NSE: N.A. ISIN Code: INE456D01010
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OPEN 51.00
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VOLUME 283
52-Week high 79.50
52-Week low 22.30
P/E 10.54
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sri Lakshmi Saraswathi Textiles (Arni) Ltd. (SRILAKSARARNI) - Director Report

Company director report

Ladies and Gentlemen

Your Directors present the Fifty Eighth Annual Report of the Company alongwith theaudited statement of accounts for the year ended 31st March 2022.

1. FINANCIAL RESULTS

S.NO. Description For the year ending 31.03.2022 For the year ending 31.03.2021
(Rs.in Lakhs) (Rs.in Lakhs)
1. Total Income 15025.72 8611.03
2. Total Expenses 14589.65 8744.72
3. Profit / (Loss) before exceptional items and tax (III - IV ) 436.07 -133.69
4. Exceptional Items
5. Profit / (Loss) before tax 436.07 -133.69
6. Tax expense
7. Profit / (Loss) for the period 436.07 -133.69
8. Earning per equity share
(i) Basic Rs. 13.08 -4.01
(ii) Diluted Rs. 13.08 -4.01

Details of Loss Carried Forward for the year ending 31.03.2022

Details Rs. in lakhs Rs. in lakhs
Profit from business operation before Financial Expenses and Depreciation 861.41
Less:
1) Financial Expenses 275.96
2) Depreciation 149.38 425.34
Current year Profit 436.07
Loss carried forward from previous years 3549.18
Loss carried forward 3113.11

2. PRODUCTION AND INCOME FROM OPERATIONS:

The production and income from operation of the current year and previous year are asunder:

Details 2021-22 2020-21
Production in Kgs in Lakhs 60.99 42.72
Sales in Kgs in Lakhs 61.26 43.45
Revenue from operation Rs.in Lakhs 15013.70 8601.65

3. DIVIDEND

Due to accumulated loss your Directors do not recommend Dividend.

4. SCHEME OF ARRANGEMENT

The Board of Directors of Sri Lakshmi Saraswathi Textiles (Arni) Limited at theirmeeting held on 29th April 2022 approved the Scheme of Arrangement between SriLakshmi Saraswathi Textiles (Arni) Limited (Demerged Company) and SLST Industries Limited(Resulting Company) and their Respective members pursuant to the provisions of Section 232read with Section 230 and all other applicable provisions of the Companies Act 2013.

Pursuant to the approval of the Scheme of arrangement by the Board Directors theCompany the has submitted In-Principle approval to BSE on 13th May 2022. TheCompany is awaiting In-principle approval from BSE. The company will submit necessaryapplication for approval of Scheme of Arrangement with the NCLT Chennai upon the receiptof principle approval from BSE.

This Scheme of Arrangement (Demerger) is presented pursuant to the provisions ofSection 232 read with Section 230 and all other applicable provisions of the CompaniesAct 2013 and the relevant rules there under between Sri Lakshmi Saraswathi Textiles(Arni) Limited (Demerged Company) and SLST Industries Limited (Resulting Company) andtheir Respective members.

1. The proposed Scheme provides for demerger of B Mill a Spinning Mill with installedcapacity of 35088 Ring Spindles manufacturing yarn for weaving and knitting situated atRaghunathapuram Sevoor Village PIN: 632316 Arni Taluk Tiruvannamali District TamilNadu (Demerged Undertaking) of the Company (Demerged Company) and inter-alia transfer andvest in the Resulting Company pursuant to Sections 230 to 232 and other applicableprovisions of the Companies Act 2013 and rules and regulations made thereunder includingany statutory modifications re-enactments or amendments made thereto from time to time(the "Scheme") in accordance with SEBI circular No. SEBI/HO/CFD/DIL1/CIR/P/2021/0000000665 dated November 23 2021 as amended from time to time ("SEBICircular"). The Scheme further provides that A Mill a Spinning Mill with installedcapacity of 33360 Ring Spindles manufacturing yarn for weaving and knitting situated atRaghunathapuram Sevoor Village PIN: 632316 Arni Taluk Tiruvannamali District TamilNadu (Remaining Undertaking) of the Company will remain with the Company (DemergedCompany).

The Salient features of the Scheme:

The Scheme of arrangement inter- alia provides the following:

i. The Demerged Company has the following Undertakings:

• B Mill: A Spinning Mill with installed capacity of 35088 Ring Spindlesmanufacturing yarn for weaving and knitting situated at Raghunathapuram Sevoor VillagePIN: 632316 Arni Taluk Tiruvannamali District Tamil Nadu (DEMERGED UNDERTAKING) and

• A Mill: A Spinning Mill with installed capacity of 33360 Ring Spindlesmanufacturing yarn for weaving and knitting situated at Raghunathapuram Sevoor VillagePIN: 632316 Arni Taluk Tiruvannamali District Tamil Nadu(REMAINING UNDERTAKING).

ii. The Scheme inter-alia provides for the transfer of B Mill of the Demerged Companyand vesting of the same in the Resulting Company.

iii. The Appointed Date of the Scheme is 1st April 2021 and Effective dateis the later of the dates on which the certified copies of the Order(s) of the Court orTribunal sanctioning this Scheme of Arrangement (Demerger) are filed with the Registrar ofCompanies Tamil Nadu Chennai by the Demerged Company and the Resulting Company.

iv. Subscribed and Paid-up Equity Share Capital of the Demerged Company:

The Issued Subscribed and Paid-up Equity Share Capital of the Demerged Company is Rs.33327500/- (Rupees Three Crore Thirty Three Lakhs Twenty Seven Thousand and FiveHundred Only) divided into 3332750 (Thirty Three Lakh Thirty Two Thousand Seven Hundredand Fifty Only) Equity Shares of the Face Value of Rs. 10/- (Rupees Ten Only) each fullypaid up. It is proposed to Split the Share Capital of the Company between the DemergedCompany and the Resulting Company as follows:

• Demerged Company: Rs. 3332750/- (Rupees Thirty Three Lakhs Thirty Two ThousandSeven Hundred and Fifty Only) consisting of 3332750 Equity Shares of the Face Value ofRe. 1/-(Rupees One Only) each fully paid up.

• Resulting Company: Rs. 29994750/- (Rupees Two Crores Ninety-Nine LakhsNinety-Four Thousand Seven Hundred and Fifty Only) consisting of 3332750 Equity Sharesof the Face Value of Rs. 9/- (Rupees Nine Only) each fully paid up.

5. TRADE PROSPECT AND OUTLOOK

The performance of the company during the year under review was reasonably good. Thoughthere were increase both in the sale value of yarn and cost of raw material the increasein sale value of yarn was not proportionate to the increase in cost of raw material. Thepower availability from State Grid continues to be low. To maintain capacity utilizationwe were compelled to buy power from third parties at high cost.

A very productive and a robust year inspite of working limitations in 2021 due to covidrestrictions We had lost almost of 25 days in production sometime during middle of 2021.

The company worked systematically despite challenges on the Raw Material which had seen150 % increase in Raw cotton cost —which had gone up from Rs.122 / kg to currentlyRs.310 per kg with a similar increase on the PSF which went by almost 50 % and we stillmanaged to run the company efficiently with no stoppages

6. IMPACT OF COVID-19

Due to lock down imposed to control the spread of COVID-19 the Mill could not functionfor 25 days which does not have any significant impact in the company's overallperformance during the period under the review.

7. CURRENT YEAR

The demand for the yarn and price realization at the beginning of the current year aregood. Your Directors are doing their best to improve the performance to a reasonablelevel.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Ms.J Sivarani Director on the Board retires by rotation and is eligible forreappointment.

DIRECTORS APPOINTED AND RESIGNED DURING THE FINANCIAL YEAR 2021-2022

Mr. R.Sambasivan Independent Director (Resigned w.e.f 02nd November 2021)and Mr.S.Sridhara Rao was appointed as an Independent Director of the Company with effectfrom 01st February 2022.

KEY MANAGERIAL PERSONNEL (KMP) APPOINTED AND RESIGNED DURING THE FINANCIAL YEAR 2021-22

During the financial year Mrs. Geetha Sundaraghavan Company Secretary and ComplianceOfficer retired from the services of the Company w.e.f 30th September 2021 andMr. Jitendra Kumar Pal has been appointed as Company Secretary cum Compliance Officerw.e.f. 29th April 2022.

9. ANNUAL RETURN

The Annual Return of the Company as on March 31 2022 is available on the Company'swebsite and can be accessed at https://slstindia.com/annualreturnason31-03-2022.pdf

10. DETAILS OF MEETINGS OF BOARD AND COMMITTEES OF BOARD HELD DURING 2021-22.

a) There were Six Board meetings held during the year 2021-22. The details andattendance record of Directors at the Board Meetings are as under.

Date of Meeting Board's Strength (on the date of meeting) No.of Directors Present
19.08.2021 5 5
09.10.2021 5 5
11.10.2021 5 5
10.11.2021 4 4
16.12.2021 4 4
01.02.2022 4 4

b) There were five Audit Committee meetings held during the year 2021-22. The detailsand attendance record of Directors at the Audit Committee Meetings are as under.

Date of Meeting Committee's Strength (on the date of meeting) No.of Directors Present
06.08.2021 3 2
08.10.2021 3 3
09.10.2021 3 3
09.11.2021 2 2
31.01.2022 2 2

c) There was one Independent Directors' meetings held during the year 2021-22. Thedetails and attendance record of Directors at the Independent meetings are as under.

Date of Meeting Independent Directors meetings Strength (on the date of meeting) No.of Directors Present
08.10.2021 2 2

d) There was one Nomination and Remuneration Committee Meeting held during the year2021-22. The details and attendance record of Directors at the Nomination and RemunerationCommittee meeting are as under.

Date of Meeting Committee's strength (on the date of meeting) No.of Directors Present
31.01.2022 2 2

e) There was one Stakeholders Relationship Committee Meeting held during the year2021-22. The details and attendance record of Directors at the Stakeholders RelationshipCommittee Meeting are as under.

Date of Meeting Committee's Strength (on the date of meeting) No.of Directors Present
08.10.2021 4 4

f) There was no meeting of Corporate Social Responsibility Committee during the year2021-22

g) Details of Board and Committee Meetings' Attendance Record of Individual Directors:

Details Annual General Meeting Board Meetings Audit Committee Meetings Nomination and Remuneration Committee Meetings Stakeholders Relationship Committee Meeting Corporate Social Responsibility Committee Meeting Independent Directors Meetings
Total No.of Meetings held during 2021-22 1 6 5 1 1 - 1
S. No Name of the Director Whether attended Number of Meetings Attended
1. Sri Balakrishna S Yes 6 N.A. N.A. 1 -- N.A.
2. Sri R.Padmanaban Yes 6 N.A. N.A. 1 -- N.A.
3. Sri J M Grover Ye s 6 4 1 1 -- 1
4. Sri R Sambasivan No 3 3 - 1 N.A. 1
5. Ms.Sivarani J Yes 6 5 1 N.A. N.A. N.A

11. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act 2013 the Directors state that -

a. In the preparation of Annual Accounts for the year ended 31st March 2022 theapplicable accounting standards had been followed along with proper explanation relatingto material departures.

b. The Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year ended31st March 2022 and of the profit/ loss of the company for that period.

c. The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities.

d. The Directors had prepared the annual accounts on a going concern basis.

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.

f. The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

12. INDEPENDENT DIRECTORS

a) The Company has received necessary declaration from each independent director underSection 149(7) of the Companies Act 2013 that he/ she meets the criteria of independencelaid down in Section 149(6) of the Companies Act 2013 and Regulation 25 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015.

b) Terms and conditions of appointment of Independent Directors can be viewed at thecompany Website: https://slstindia.com.

13. REMUNERATION POLICY

The Remuneration Policy was recommended by Nomination and Remuneration Committee at itsmeeting held on February 11 2015 and adopted by the Board of Directors at its meetingheld on the same day and the policy can be viewed at the company websitehttps://slstindia.com/SLSTNominationAndRemunerationPolicy.pdf

14. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186

The Company has not given any Loans guarantees or Investments covered under Sec 186 ofCompanies Act 2013.

15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SEC

188(1) COMPANIES ACT 2013

(a) i) Disclosure of details of Related Parties under employment of the company. (Rs.inLakhs)

Related Parties Name of Director to whom related Nature of relationship with Key Management persons Salary Allowance and Bonus PF Medical Benefit Total
Mr.R.Thirumalai R.Padmanaban Brother 15.23 1.03 0 16.26
Mr.R.Rajagopal R.Padmanaban Brother 6.23 0.82 0 7.05
Mr.Srish Jayender Balakrishna Balakrishna S Son 6.20 0.52 0 6.72

ii) Borrowing from Director

A. S.No. Name of the Director Year Amount Borrowed Rs.in Lakhs
1. Sri R.Padmanaban Joint Managing Director 2021-22 822.20
B. Amount outstanding as on 31st March 2022 Rs. 792.20 Lakhs
C. Interest Rs. 86.45 Lakhs

(b) Disclosure of particulars of contracts/arrangements entered into by the companywith related parties referred to in sub-section (1) of section 188 of the Companies Act2013 in Form No. AOC 2 is provided in ANNEXURE - 2.

16. MATERIAL CHANGES

There are no material changes affecting the financial position of the company whichoccurred between the end of the financial year of the company to which the financialstatements relate and the date of this report.

17. DETAILS TO BE DISCLOSED UNDER RULE 8(3) OF COMPANIES (ACCOUNTS) RULES 2014.

The information to be disclosed under RULE 8(3) OF COMPANIES (ACCOUNTS) RULES 2014 isgiven in ANNEXURE - 3.

18. RISK MANAGEMENT POLICY

The Board of Directors framed and adopted a Risk Management Policy at its meeting heldon March 31 2017 and the Risk Management Policy can be viewed at the Company websitehttps://slstindia.com/Policv/risk-management-policv%20SD.pdf

19. CORPORATE SOCIAL RESPONSIBILITY

In terms of Section 135 and Schedule VII of the Companies Act 2013 the Board ofDirectors have constituted a Corporate Social Responsibility (CSR) Committee on March 232017. The Board of Directors adopted a CSR Policy as recommended by the CSR Committeewhich is in line with Section 135 of the Companies Act 2013 which can be viewed at theCompany Website:https://slstindia.com/Corporate%20Social%20Responsibilitv%20Committee%20Policv.pdf

As the company has incurred loss in the last 2 years the company is not required tospend any amount on CSR.

The Annual Report on CSR activities as prescribed under Companies (Corporate SocialResponsibility Policy) Rules 2014 is attached as ANNEXURE - 4.

20. EVALUATION OF BOARD

BOARD EVALUATION Pursuant to the provisions of the Companies Act 2013 and Regulation17 of the SEBI( LODR) Regulations 2015 the Board has carried out an annual performanceevaluation of its own performance the directors individually as well as the evaluation ofthe working of its Audit Nomination & Remuneration and other Committees. The board'sperformance for the current year was assessed on the basis of participation of directorsquality of information provided quality of discussion and contribution etc. The overallperformance of the Board and Committee's of the Board was found satisfactory. The overallperformance of Chairman Executive Directors and the Nonexecutive Directors of the Companyis satisfactory. The review of performance was based on the criteria of performanceknowledge analysis quality of decision making etc.

21. DETAILS TO BE DISCLOSED UNDER RULE 8(5) OF COMPANIES (ACCOUNTS) RULES 2014.

The information to be disclosed under RULE 8(5) OF COMPANIES (ACCOUNTS) RULES 2014 isgiven in ANNEXURE - 5.

22. DISCLOSURE ON AUDIT COMMITTEE

The composition of the Audit Committee is as below:

Member & Chairman Sri J M Grover
Member Sri S.Sridhara Rao
Member Ms.Sivarani J

All the members have wide exposure in the relevant areas.

23. ESTABLISHMENT OF WHISTLE BLOWER POLICY AND VIGIL MECHANISM

A Whistle Blower Policy and Vigil Mechanism was adopted by the Board of Directors atits meeting held on March 9 2015. The policy can be viewed at the company websitehttps://slstindia.com/VigilMechanism.pdf

24. SECRETARIAL AUDIT REPORT

The Secretarial Audit Report for the year 2021-22 is provided in ANNEXURE - 6.

S.No. QUALIFICATION MANAGEMENT'S EXPLANATION
1. The Board of Directors of the Company is not comprised of requisite number of Independent Directors for the period 02.11.2021 to 31.01.2022 The Company has taken adequate steps to ensure due compliance
2. The composition of the Audit Committee is not comprised of requisite number of Directors for the period 02.11.2021 to 31.01.2022 as prescribed under Section 177 of the Companies Act 2013. The Company has taken adequate steps to ensure due compliance.
3. The composition of the Nomination and Remuneration Committee is not comprised of requisite number of Directors for the period 02.11.2021 to 31.01.2022 as prescribed under Section 178 of the Companies Act 2013. The Company has taken adequate steps to ensure due compliance.
4. The Company has belatedly submitted the Financial Results for the quarter/year ended 31.03.2021 and for the first quarter ended 30.06.2021 with the Stock Exchange as prescribed under Regulation 33 of the Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) 2015 Due to COVID-19 restriction the company could not able to file the financial results within stipulated time period as mentioned in SEBI (LODR 2015) for the 31st March 2021 and first quarter ended 30th June 2021. The Company has taken adequate steps to ensure due compliance.
5. The Company did not have a Company Secretary cum Compliance Officer as required u/s 203 of the Companies Act 2013 and as per Regulation 6 of SEBI (LODR) Regulations 2015 for the period 01.10.2021 to 31.03.2022. The earlier Company Secretary Mrs.Geetha Sundraraghavan retired from service of the Company w.e.f 30th September 2021. The Company was in the process of appointing a new Company Secretary however the company could not able to appoint a suitable candidate for the post of Company Secretary. The Company as appointed a new Company Secretary w.e.f 29th April 2022.

25. DETAILS TO BE DISCLOSED UNDE RULE 5(1) OF THE COMPANIES (APPOINTMENT ANDREMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014

The required disclosures are provided in ANNEXURE - 7.

26. DETAILS TO BE DISCLOSED UNDER RULE 5(2) OF THE COMPANIES (APPOINTMENT ANDREMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014.

None of the employees was in receipt of remuneration in excess of the prescribedlimits under Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014. Hence there is no report under this category.

27. INFORMATION REQUIRED UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE(PREVENTION PROHIBITION & REDRESSAL) ACT 2014.

The company has complied with provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013.

The company has in place a system to redress complaints received regarding sexualharassment in line with the requirements of the Sexual Harassment of women at theworkplace (Prevention Prohibition & Redressal) Act 2013

All employees (permanent contractual temporary apprentices and trainees) are coveredunder this policy.

The following is a summary of sexual harassment complaints received and disposed offduring the year 2021-22.

- No of complaints received - Nil
- No of complaints disposed off. - NA

28. FINANCE

The Board of Directors thanks Indian Overseas Bank and State Bank of India for theircontinued assistance and co-operation.

29. LABOUR

The relationship with labour continues to be cordial. Your Directors place on recordtheir appreciation of the devoted services of the Officers Members of the Staff andWorkers during the year.

30. COST AUDIT

Your Company is required to maintain cost records as specified by the CentralGovernment under subsection (1) of section 148 of the Companies Act 2013 and accordinglysuch accounts and records are made and maintained

Due to COVID restriction the Company was not able to file Cost Audit Report for the2020-21. The Company is taking necessary steps to file Cost Audit report for the year2020-21 and 2021-22 as soon as possible.

The Company has appointed M/s.S V M & Associates Cost Accountants as Cost Auditorof the Company for the financial year 2020-21 2021-22 & 2022-23.

The enabling resolution for appointment of M/s.S V M & Associates CostAccountants as Cost Auditor of the Company has been placed in the AGM Notice.

31. AUDITORS AND AUDITORS REPORT.

M/s.S B S B and Associates Chartered Accountants were appointed as Statutory Auditorsof the Company to hold office for a term of five years from the conclusion of this 56thAnnual General Meeting till the conclusion of the 61st Annual General Meeting.

The Notes on financial statements referred to in the Auditors' Report areself-explanatory and do not call for any further comments. The Auditors' Report doescontain some qualification reservation remark or disclaimer for which reply has beengiven in the Directors Report.

Auditors' Report:

The Report of Auditors and Notes forming part of the Accounts are attached along withthe Annual Report. Comments on Statutory Auditor's Report:

Reply to the qualifications made in Auditor's report

S.No. QUALIFICATION REPLY
1 In the absence of external confirmation of balance in a few cases of advances to suppliers we are unable to comment on the quality of the specified assets. The management assures that all the money should be collected partially by First quarter of June 2022. The remaining balance before Second quarter.
2 A sum of Rs 785000 incurred under staff welfare expenses. The management have found an alternate way to record expenses for workers welfare to the agent directly.
3 Rs 150000 incurred under selling expenses have not been supported by proper documents. Direct expenses incurred for quality complaints.

STATEMENT OF IMPACT OF QUALIFIED OPINION OF STATUTORY AUDITOR.:

The Auditors qualified opinion Management's explanations thereon and Statement ofImpact of Audit Qualifications are given in ANNEXURE - 1.

33. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report is part of Directors Report. ANNEXURE-8

34. DISCLOSURE REGARDING ACCOUNTING TREATMENT.

In preparation of financial statement the treatment prescribed in all the applicableAccounting Standards are followed and no alternative treatment has been adopted.

35. CORPORATE GOVERNANCE REPORT

Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 does not apply to your company as your company's equity share capital and net worthis below the threshold limit prescribed under the said Regulation and hence the Report onCorporate Governance is not provided.

36. DECLARATION BY CEO AFFIRMING COMPLIANCE WITH CODE OF CONDUCT

Declaration from CEO has been given ANNEXURE - 9

37. COMPLIANCE CERTIFICATE REGARDING CORPORATE GOVERNANCE.

The certificate is not applicable as the provisions of Corporate Governance does notapply to your company.

38. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNTThere are no shares in demat suspense account or unclaimed suspense account.

39. STATEMENT OF DEVIATION/ VARIATION OF USE OF FUNDS RAISED THROUGH ANY PUBLIC ISSUE.

The company has not raised any fund through public right or preferential issue of anysecurity in recent time. Hence there is no Report on any deviation/ variation of the useof such funds.

40. DISCLOSURE OF COMPLIANCE WITH SECRETARIAL STANDARDS.

The Directors have devised proper systems to ensure compliance with the provisions ofall applicable Secretarial Standards and that such systems are adequate and operatingeffectively.

41. RELATED PARTY TRANSACTION POLICY.

The Board of Directors framed and adopted a Related Party Transaction Policy at itsmeeting held on October 9 2021 and the Related Party Transaction Policy can be viewed atthe Company website www.slstindia.com

42. DIRECTORS' REPORT PLACED IN WEBSITE.

This Directors' report is placed in company's website and the same can be viewed atwww.slstindia.com

43. ACKNOWLEDGEMENT AND APPRECIATION

Your Directors would like to express their gratitude for the co-operation andassistance extended to the Company by its Bankers Customers Suppliers ContractorsGovernment and Local Authorities etc. The Directors also wish to thank all itsShareholders for their unstinted support. The Directors would like to sincerely thank andplace on record their appreciation of the consistent and dedicated services of theemployees at all levels who have immensely contributed to the performance of the Companyduring the period under review.

By Order of the Board
for SRI LAKSHMI SARASWATHI TEXTILES (ARNI) LIMITED
Place : Chennai (BALAKRISHNA S)
Date : May 30 2022 Chairman & Managing Director

.