To

The Members of,

Euro Panel Products Limited

(Formerly known as "Euro Panel Products Private Limited")

Dear Members,

The Board of Directors are pleased to present the 11^th (Eleventh) Annual Report on the business operations of the company along with the Audited Financial Statements for the Financial Year ended March 31, 2024.

1. FINANCIAL RESULTS:

The Company?s financial performance for the year ended March 31, 2024 is summarized below:

2. COMPANY?S PERFORMANCE REVIEW:

Your Company earned a Total Income of Rs. 39,522.54 lakhs in the Financial Year ended March 31, 2024 as compared to the Total Income of Rs. 32,953.93 lakhs for the corresponding Financial Year ended March 31, 2023. There was 19.93% hike in the Total Income of the Company.

Your Company?s Net Profit for the Financial Year 2023-24 was Rs. 1,461.12 Lakhs as compared to the Net Profit of Rs. 1007.85 Lakhs for the Previous Year i.e. 2022-23.

The Company in the next financial year is planning for Capacity Expansion as well as will initiate the production through Colour Coating Plant for Aluminum Coils.

The financial and operational performance overview and outlook is provided in detail in the Management Discussion and Analysis Statement forming part of this Annual Report.

3. DIVIDEND:

Your Company has not declared dividend for the Financial Year 2023-2024. Looking at the year ahead, the Company is optimistic that with robust revenues and profitability, the Company will augment Shareholder growth in the long term. In terms of Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has developed a suitable Dividend Distribution Policy which is available on the Website of the Company at the web link at https://www.eurobondacp.com/investor-relation

Pursuant to the provisions of Section 124 of the Companies Act, 2013 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, all the Shares of the Company on which dividend has not been claimed for seven or more consecutive years need to be transferred to the IEPF Authority. Since the Company has not declared any Dividend in past seven years, there is no amount lying as "Unclaimed Dividend Amount" and therefore, no transfer has been made to the IEPF Authority.

4 . TRANSFER TO RESERVES:

No amount has been proposed to be transferred to the General Reserves during the Financial Year 2023-24.

5 . CREDIT RATING:

During the year, "CRISIL Ratings Limited" CRISIL Ratings has upgraded its ratings on the bank facilities of the Company to CRISIL BBB/Stable from CRISIL BBB-/Positive for Long Term Ratings and CRISIL A3+ from CRISIL A3 for Short Term Rating.

The upgrade in rating reflects sustained improvement in the business risk profile while maintaining its financial risk profile. The company has reported a year-on-year jump of 20% in revenue on the back of healthy demand resulting in higher volume sales. The company achieved scale of Rs 395 crores for fiscal 2024 compared to Rs 329 crores for fiscal 2023. The company is expected to maintain its volume growth over the medium term on back of capacity addition to meet healthy demand. While operating margins were improved in fiscal 2024, they are expected to improve further as capex for backward integration is completed. It will remain monitorable over the medium term.

The Company continues to benefit from its established brand "Eurobond" and Promoters? extensive experience in manufacturing of the Aluminum Composite Panels (ACP).

6. SHARE CAPITAL:

During the year under review, there has been no change in the share capital of your Company. As on March 31, 2024 the Authorized share capital of the company stood at Rs. 26,00,00,000/- (Rupees Twenty-Six Crores only) and paid-up share capital of your Company stood at Rs. 24,50,00,000/- (Rupees Twenty-Four Crores and Fifty Lakhs only) consisting of 2,45,00,000 (Two Crores Forty-Five Lakhs only) equity shares of Rs. 10/- (Rupees Ten only) each.

Your Company has, during the year under review, neither issued any Equity shares with differential voting rights nor issued any shares (including sweat equity shares) to its employees under any scheme.

7. DIRECTOR RETIRING BY ROTATION:

In accordance with the provisions of Sub-Section (6) of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Rajesh Nanalal Shah (DIN: 02038392), is liable to retire by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment.

Your directors recommend re-appointment of Mr. Rajesh Nanalal Shah (DIN: 02038392), as a Managing Director of the Company, liable to retire by rotation.

8 . DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the year under review, Ms. Deepika Mistry, Company Secretary and Compliance Officer has resigned from the post w.e.f. May 12, 2023. Ms. Heeral Ajit Socha was appointed as Company Secretary and Compliance Officer w.e.f. August 11, 2023, further she also resigned w.e.f. March 22, 2024. Further Ms. Sonal Dharmin Desai was appointed as Company Secretary and Compliance Officer of the Company w.e.f. April 3, 2024.

There has been no change in composition of the Directors during the Financial Year 2023-24.

All the Independent Directors of the Company have complied with the requirement of inclusion of their names in the Databank of Independent Directors maintained by Indian Institute of Corporate Affairs. In addition to the same, in the opinion of the Board of Directors, the Independent Directors of the Company are persons of integrity and possess relevant expertise and experience. Terms and conditions of appointment of Independent Directors is placed on the website of the Company at https://www.eurobondacp.com/investor-relation .

During the year under review, pursuant to Section 134(3)(d) of the Companies Act, 2013, declarations were received from all Independent Directors of the Company confirming that they fulfil the "criteria of independence" specified in Section 149(6) of the Companies Act 2013 and Regulation 16(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than the sitting fees.

9 . CERTIFICATE FROM PRACTICING COMPANY SECRETARY ON NON-DISQUALIFICATION OF DIRECTORS:

None of the Directors of your Company is disqualified under the provisions of Section 164(2)(a) & (b) of the Companies Act, 2013. The Certificate as required under Part-C of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, received from Ms. Kala Agarwal, Practicing Company Secretary (C.P. No.: 5356), certifying that, none of the Directors on the Board of the Company, have been debarred or disqualified from being appointed or continuing as Director of the Company by SEBI/ Ministry of Corporate Affairs or any other Statutory Authority, is enclosed with this Report as "Annexure A".

10. MEETING OF THE BOARD OF DIRECTORS AND ITS COMMITTEES:

During the Financial Year 2023-2024, 4 (Four) meetings of the Board of Directors were held. The details of the meetings of the Board of Directors of the Company convened during the Financial Year 2023-24 are summarized below:

The maximum interval between any two meetings did not exceed 120 days, as prescribed under Section 173 of the Companies Act, 2013.

NUMBER OF MEETINGS ATTENDED BY DIRECTORS

COMMITTEES OF THE BOARD

As on March 31, 2024, the Board has 4 (Four) Committees: Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee. During the year, all recommendations made by the committees were approved by the Board. The composition and terms of reference of all the Committee(s) of the Board of Directors of the Company is in line with the provisions of the Act and Listing Regulations.

a) AUDIT COMMITTEE

i) Terms of Reference:

Apart from all matters prescribed in Part C of Schedule II of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Committee, inter-alia has been entrusted with the functions of review of monitoring of financial reporting processes, accounting policies, recommendations for appointment of Auditors, remuneration and terms of Auditors, review of Financial Statements before submission to the Board for approval.

ii) Composition of the Committee:

During the financial year 2023-24, the Committee met four time i.e. on May 26, 2023, August 11, 2023, November 08, 2023 and February 28, 2024 the time gap between two consecutive Meetings did not exceed one hundred and twenty days. The composition and attendance record of the Members at the Meeting was as follows:

b) NOMINATION AND REMUNERATION COMMITTEE (NRC)

i) Terms of Reference:

Apart from the matters specified in Part D of Schedule II of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Committee, inter-alia has been entrusted with the functions of formulating criteria for determining qualifications, positive attributes and independence of Directors, formulating criteria for evaluation of performance of Independent Directors.

ii) Constitution:

During the Financial Year 2023-24, the committee met two times on May 26, 2023 and August 11, 2023. The Composition and attendance record of the members at the meeting was as follows:

The Nomination and Remuneration Committee has adopted a Policy which inter-alia includes the manner of selection of the Board of Directors and Key Managerial Personnel along with criteria for providing remuneration. This Policy is available on the Website of the Company at https://www. eurobondacp.com/investor-relation. c) STAKEHOLDER?S RELATIONSHIP COMMITTEE

During the year 2023-24, the Stakeholder Relationship Committee held its meeting on February 28, 2024. The Composition and attendance record of the members at the meeting was as follows:

Contact details of the Compliance Officer / Company Secretary

The Committee has been entrusted with the functions as stipulated under Part D of Schedule II of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which includes inter-alia, resolving grievance of security holders, if any and measures for effective voting rights of Shareholders.

11. BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and applicable provision of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a performance evaluation of the individual Directors as well as evaluation of the Board as a whole and its committees has been carried out.

Further, in terms of Para VII of Schedule IV of the Companies Act, 2013 and applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Independent Directors of the Company held on February 28, 2024, to evaluate the performance of:

• The Chairman of the Company and performance of non- independent Directors and the Board as a whole.

• Assess the quality, quantity, and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Further, the Nomination and Remuneration Committee also evaluated the performance of the Board of Directors of the Company.

The following metrics were considered for evaluation: a) Generic parameters b) Roles and responsibilities to be fulfilled c) Participation in Board Processes d) Governance e) Strategy f) Effective Communication g) Stakeholder focus h) Risk Awareness

The results of evaluation of performance of the Board, it?s Committees and of individual Directors was found to be satisfactory.

12. MANAGERIAL REMUNERATION:

In terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company is required to disclose the following information in the Board?s Report:

a) Ratio of the remuneration of each Director to the median remuneration of the Employees of the Company for the Financial Year 2023-24:

b) Percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the Financial Year 2023-2024 compared to 2022-2023:

* Ms. Deepika Mistry was the company Secretary of the Company till May 12, 2023.

** Ms. Heeral Ajit Socha was Company Secretary for the Company from August 11, 2023 to March 22, 2024.

c) The median remuneration of the employees has reduced to (0.92)% in 2023-2024 as compared to 2022-2023.

d) Number of permanent Employees on the rolls of Company:

e) Ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year- Not Applicable.

f) Key parameter for any variable component of remuneration availed by the director – Not Applicable as no variable remuneration is paid.

We hereby affirm that remuneration paid to Executive Directors is as per the Nomination and Remuneration Policy of the Company approved by the Board of Directors. The said policy is available on the Website of the Company at https://www.eurobondacp.com/investor-relation.

13. AUDITORS:

As per the provisions of sections 139, 141 of the Companies Act, 2013 and rules made thereunder (hereinafter referred to as "The Act"), the Company at its Annual General Meeting ("AGM") held on September 9, 2022 ("09^th AGM") approved the appointment of M/s. Jogin Raval and Associates, Chartered Accountants (Firm Regn. No. 128586W) as statutory auditors for a period of 5 years commencing from the conclusion of 09th AGM till the conclusion of the 14th AGM i.e, March 31, 2027.

The Notes on Financial Statements referred to in the Auditors? Report are self-explanatory and therefore do not call for further clarification. The Statutory Auditor?s Report for Financial Year ended March 31, 2024 does not have any qualification and adverse remark.

14. COST AUDITORS:

As per the provisions of Section 148 of the Act and Rule 3 of the Companies (Cost Records and Audit) Rules, 2014 ("the Rules"), the Company is required to maintain Cost Records and get the same audited.

Pursuant to provisions of the Companies Act, 2013 and Rules therein, M/s. Ritesh Jayswal & Associates, Cost and Management Accountants, (Firm Registration No. 101681) were appointed by the Board of Directors on May 26, 2023 as the Cost Auditors of the Company to conduct audit of Cost Records for the Financial Year ended March 31, 2024.

15. INTERNAL AUDITORS:

In terms of Section 138 of the Companies Act, 2013 and the Rules made there under, M/s. Vipul M. Shah & Associates, Chartered Accountants (Firm Regn. No. 117853W)) are the Internal Auditors of the Company. The Audit committee discussed and reviewed the adequacy of internal audit functions, including the structure of the internal audit and frequency of internal audit.

16. SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company has appointed Ms. Kala Agarwal, Practicing Company Secretary (Membership No. FCS 5976/COP No.5356), Mumbai, to conduct Secretarial Audit for the Financial Year 2023-2024.

The Secretarial Audit Report of Ms. Kala Agarwal Practicing Company Secretary in Form MR-3, for the Financial Year ended March 31, 2024, is annexed to this Annual Report as "Annexure B". The Secretarial Auditor?s Report does not contain any qualifications, reservations or adverse remarks or disclaimer.

17. SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES:

The Company does not have any Subsidiary/Joint Ventures/Associate Companies. Further, there was no Company which became or ceased as a subsidiary Company or a Joint Venture Company or Associated Company during the year under review. Therefore, the requirement of furnishing details of Subsidiary Company, Joint Venture Company or Associated Company in AOC -1 has been dispensed with.

18. VIGIL MECHANISM:

In pursuance to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ‘Whistle Blower Policy? to establish vigil mechanism for Directors and Employees to report genuine concerns had been framed and implemented. This policy provides a process to disclose information, confidentially and without fear of victimization, where there is reason to believe that there has been serious malpractice, fraud, impropriety, abuse or wrong doing within the Company. The Policy on the same is posted on the website of the Company https://www.eurobondacp.com/ investor-relation

19. EXTRACT OF ANNUAL RETURN:

As required under Section 92(3) and 134(3) (a) of the Act and Rule 12(1) of the Companies (Management and Administration) Rules, 2014 (as amended), Annual Return in Form MGT-7 is available on Company?s website at https://www.eurobondacp.com/investor-relation.

20. CEO/CFO CERTIFICATION:

In terms of Regulation 17(8) of the Listing Regulations, Mr. Rajesh Nanalal Shah, Chairman and Managing Director and Mr. Bharat Jain, Chief Financial Officer (CFO) of the Company have submitted a Certificate to the Board of Directors in the prescribed format in respect of financial year ended March 31, 2024 and said Certificate is annexed to this report.

21. PROHIBITION OF INSIDER TRADING:

In accordance with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the Company believes in adhering to the highest standards of transparency and fairness in dealing with all stakeholders and aims to institutionalize strong governance processes to ensure that no insider uses his or her position, with or without the knowledge of the Company, for personal benefit, or to provide benefits to any third party. Towards this end, the Company has adopted a Code of Conduct for prevention of Insider Trading which is available on the Website of the Company at https://www.eurobondacp.com/investor-relation.

22. RISK ASSESSMENT POLICY:

The Company has a Risk Management System for managing the risks involved in all activities to maximize opportunities and minimize adversity. A policy to assist in decision making processes that will minimize potential losses, improve the management of uncertainty and the approach to new opportunities, thereby helping the Company to achieve its objectives has been developed and placed on the Company?s Website at https://www. eurobondacp.com/investor-relation.

23. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments affecting the financial position of the Company since the close of the Financial Year of the Company i.e., March 31, 2024 till the date of this Report.

24. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company?s operations in future.

25. INTERNAL FINANCIAL CONTROLS:

The Company has designed and implemented the comprehensive Internal Financial Controls System over financial reporting to ensure that all transactions are authorised, recorded, and reported correctly in a timely manner, The Company?s Internal Financial Controls over financial reporting provides reasonable assurance over the integrity and reliability of financial statements of the company. The Company has effective internal control and risk-mitigation system, which are constantly assessed and strengthened. The Company?s internal control system is commensurate with its size, scale, and complexities of its operations.

In terms of Section 134 of the Companies Act, 2013, adequate policies and procedures have been adopted by the Company for ensuring:

a. Orderly and efficient conduct of business b. Including adherence to Company?s policies c. Safeguarding of its Assets d. Prevention and detection of frauds and errors e. Accuracy and completeness of the accounting records f. Timely preparation of reliable financial information.

Further according to Section 143 of the Companies Act, 2013, the Statutory Auditors of the Company have affirmed that the Company has adequate Internal Financial Controls in place and are effective and efficient. The Certificate from the Managing Director and Chief Financial Officer, in terms of Regulation 17(8) of the SEBI Listing Regulations, provided in the Annual Report, also certifies the adequacy of our Internal Control systems and procedures.

26. INSURANCE:

The Company?s assets including Plant and Machinery, Furniture and Fixtures and Current Assets are adequately insured against risks.

27. PARTICULARS OF LOANS GIVEN; GUARANTEES GIVEN & INVESTMENTS MADE BY THE COMPANY:

In terms of Section 186 of the Companies Act, 2013 read with the Companies (Meeting of Board and its powers) Rules 2014, details of Loans, Guarantees or Investments are given in Notes to the Financial Statements, which forms a part of this Annual Report.

28. PUBLIC DEPOSITS:

During the Financial Year 2023-2024, the Company did not invite or accept any deposits from the public under the provisions of Section 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

29. LISTING FEES:

The Equity Shares of the Company are listed on National Stock Exchange of India Limited (NSE Emerge) with scrip symbol EUROBOND. The Company confirms that the annual listing fees to the Stock Exchanges for the Financial Year 2023-24 has been duly paid.

30. RELATED PARTY TRANSACTIONS:

There have been no materially significant related party transactions undertaken by the Company which may have potential conflict with the interest of the Company. Related party transactions that were entered into during the year under review were on arm?s length basis and were in ordinary course of business. Particulars of material related party transaction are provided in Form AOC-2 as required under section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 and annexed as part of this Annual Report as "Annexure C". Further, suitable disclosure has been made in the notes to the Financial Statements. The Board has approved a policy for related party transactions which has been uploaded on the Company?s website which is available at https://www.eurobondacp.com/investor-relation.

31. CORPORATE GOVERNANCE REQUIREMENTS:

Your Company has been listed on the SME Platform of National Stock Exchange of India Limited. Pursuant to Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company does not come under the purview of Corporate Governance Requirements. However, Eurobond is committed to observe good Corporate Governance practices and procedures for its future growth and success.

32. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Report on Management Discussion and Analysis Report in terms of Regulation 34, read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report.

Statements in the Management Discussion and Analysis Report describing the Company?s objectives, projections, estimates and expectations may be "forward looking statements" within the meaning of applicable Laws and Regulations and futuristic in nature. Actual performance may differ materially from those either expressed or implied. Such statements represent intentions of the Management and the efforts put into to realize certain goals. The success in realizing these depends on various factors both internal and external. Investors, therefore, are requested to make their own independent judgments.

33. POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

The Company is firmly committed to creating a healthy working environment that enables employees to work without fear of prejudice, gender bias and in a harassment free workplace to all employees without regard to race, caste, religion, colour, ancestry, marital status, gender, age, nationality, ethnic origin or disability.

A policy has been framed in accordance with the provisions of "The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013" and Rules framed thereunder. This Policy extends to all employees of the Company and the group Companies. It is deemed to be incorporated in the service conditions of all Employees of the Company in India.

During the year under review, no complaints of sexual harassment were received under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

34. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars related to the conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed to this Annual Report annexed as "Annexure D".

35. CORPORATE SOCIAL RESPONSIBILITY:

The provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility) Rules, 2014 and Schedule VII to the Act; the provisions of the Corporate Social Responsibility became applicable to the Company for the F.Y. 2023-2024 as the Net Profit of the Company as at March 31, 2024 exceed Rs. 5 crores. Accordingly, the Company has constituted a Corporate Social Responsibility Committee on August 2, 2022 and has also formulated a CSR policy. This Policy is available on the Company?s website on www.eurobondacp.com.

The brief outline of the corporate social responsibility (CSR) policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure ‘E? of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

The Company?s average CSR obligation of three immediately preceding financial years is below ten crore rupees hence impact assessment is not applicable.

36. DIRECTORS RESPONSIBILITY STATEMENT:

In terms of provisions of Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, your directors state that:

a) In the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards had been followed and there are no material departures from the same;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the Profit of the Company for the year ended on that date;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a ‘going concern? basis;

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

37. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT PERSONNEL:

In terms of Regulation 26 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Board of Directors and Senior Management Personnel have affirmed compliance with the Code of Conduct with reference to the year ended March 31, 2024. Declarations given by the Managing Director and CFO have been attached with the Annual Report as "Annexure E."

The Code of Conduct has also been hosted on the Website of the Company.

38. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:

The company has complied with all the mandatorily applicable Secretarial Standards issued by the Institute of Company Secretaries of India under Section 118(10) of the Companies Act, 2013.

39. FRAUD REPORTING:

There was no fraud reported by the Auditors of the Company under Section 143 (12) of the Companies Act, 2013, to the Audit Committee or the Board of Directors during the year under review.

40. LEGAL PROCEEDINGS INITIATED BY OR AGAINST THE COMPANY UNDER INSOLVENCY AND BANKRUPTCY CODE AND/OR OTHER ACTSx:

During the year there was no application made or any proceeding pending, under the Insolvency and Bankruptcy Code, 2016, by or against the Company.

41. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT:

The relevant details in this regard are provided as hereunder:

42. ACKNOWLEDGEMENT:

Your Director?s wish to place on record their sincere thanks to all the Employees of the Company for their continuing commitment and dedication. Further, the Directors would also like to express their gratitude for the continued support of all the stakeholders such as Banks, Financial Institutions, various State and Central Government Authorities, Customers, Vendors, Stock Exchanges and last but not the least our valued Shareholders, for all their support and trust reposed in the Company.