The Directors of Shree Precoated Steels Limited ("the
Company") are pleased to present the 17th Annual Report along with the
Audited Financial Statements for the financial year ended 31 st March, 2025.

1. FINANCIAL HIGHLIGHTS:

  

    
Particulars
    
2024-2025
    
2023-2024
  
  

    
Revenue from Operations
    
-
    
-
  
  

    
Other Income
    
-
    
-
  
  

    
Total Income
    
-
    
-
  
  

    
Less: Total Expenditure
    
60.00
    
57.85
  
  

    
Profit / (loss) before Tax(PBT) (60.00) (57.85)
    

    

  
  

    
Less: Tax Expenses
    
-
    
-
  
  

    
Profit / (loss) After Tax (PAT) for the year
    
(60.00)
    
(57.85)
  
  

    
Other Comprehensive Income/ (loss)
    
(0.49)
    
(0.59)
  
  

    
Total Comprehensive Income / (loss)
    
(60.49)
    
(58.44)
  


2. COMPANY?S PERFORMANCE:
During the financial year under review, the
Company incurred a total comprehensive loss of 
` 60.49 lakh, as compared to ` 58.44 lakh in the previous financial
year. The Board of Directors remains committed to exploring viable business opportunities
and implementing strategic initiatives aimed at minimizing losses and improving the
Company?s financial performance in the coming years.

3. NATURE OF BUSINESS:
The Company is engaged in the activities of real estate and trading.
During the year under review, there was no change in the nature of business of the
Company.

4. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION
BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT:
There were no material changes and commitments affecting the financial
position of the Company between the end of the financial year to which the financial
statements relate and the date of this report.

5. SHARE CAPITAL OF THE COMPANY:
During the year under review, the Company has not issued any shares
with differential voting rights, nor has it granted any stock options or sweat equity
shares.
The paid-up Equity Share Capital of the
Company as on 31st March, 2025, stood at 
` 4,13,99,020/- (Rupees Four Crore Thirteen Lakh Ninety-Nine Thousand
and Twenty only), divided into 41,39,902 (Forty-One Lakh Thirty-
Nine Thousand Nine Hundred and Two) equity shares of ` 10/- (Rupees
Ten) each, fully paid-up.

6. DIVIDEND:
The Board of Directors of your company regret their inability to
declare any Dividend for the current Financial Year due to loss incurred by the Company.

7. RESERVES:
Your Company has not transferred any amount to the Reserves during the
Year.

8. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
During the year under review, your Company does not have any
Subsidiary, Associate or Joint Venture Company.

9. RISK MANAGEMENT:
Your Company has an elaborate risk management procedure and adopted a
systematic approach to mitigate risk associated with accomplishment of objectives,
operations, revenues and regulations. Your Company believes that this would ensure
mitigating steps proactively and help to achieve stated objectives.

10. ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)
(a) of the Act, the Annual Return as on 31st March, 2025 is
available on the Company?s website at http://www.spsl.com/annual-report.php

11. DIRECTORS AND KEY MANAGERIAL 

PERSONNEL (KMP):
a) Composition
Ason31stMarch,2025,theCompany?sBoard comprises of four
Directors, which includes one Woman Independent Director. The Board has an appropriate mix
of Executive, Non-Executive, and Independent Directors, in compliance with the
requirements of the Companies Act, 2013 ("Act") and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"). This composition is also aligned with the best practices of Corporate
Governance. 

b) Retirement by rotation
In accordance with the provisions of Section 152(6) of the Act, read
with the Companies (Management and Administration) Rules, 2014 and the Articles of
Association of the Company, Mr. Nilesh H. Sarvaiya (DIN: 00799636), Director, is liable to
retire by rotation at the ensuing Annual General Meeting and, being eligible, has offered
himself for re-appointment. Based on the recommendation of the Nomination and Remuneration
Committee, the Board of Directors recommends his re-appointment to the members of the
Company. 

c) Appointment and Re-appointment of Directors: Details of the
appointments and reappointments made during the year under review are as follows:
Upon the recommendation of the Nomination and Remuneration Committee
and the approval of the Board of Directors of the Company and in terms of the provisions
of the Act, the following appointments and re-appointments were made during the financial
year: 
i) Mr. Harsh L. Mehta (DIN: 00012496), Director, who retired by
rotation at the 16th Annual General Meeting of the Company held on 30th
September, 2024, was re-appointed by the members as a Director of the Company in
accordance with the provisions of Section 152(6) of the Companies Act, 2013;
ii) Mrs. Hemanti P. Sutaria (DIN: 00090757) was appointed as an
Additional Director (Non-Executive Women Independent Director) of the Company with effect
from 11th May, 2024. In accordance with the provisions of Section 149 of the
Act read with Schedule IV thereto and the applicable Listing Regulations, Mrs. Hemanti P.
Sutaria was appointed as Non-Executive, Independent Director of the Company, not liable to
retire by rotation, for a term of five consecutive years commencing from 11th
May, 2024 to 10th May, 2029. A Special Resolution seeking Member?s approval for her
appointment was sought through Postal Ballot Process and resolution was considered to be
passed on 4th July, 2024, being last date of remote e-voting. In the opinion of the Board,
Mrs. Hemanti P. Sutaria is a person of integrity and fulfils requisite conditions as per
applicable laws and is independent of the management of the Company;
iii) Mr. Jayesh J. Mehta (DIN: 00030636) was appointed as an Additional
Director (Non-Executive Independent Director) of the Company with effect from 11th
August, 2024. In accordance with the provisions of Section 149 of the Act read with
Schedule IV thereto and the applicable Listing Regulations, Mr. Jayesh J. Mehta was
appointed as Non-Executive, Independent Director of the Company, not liable to retire by
rotation, for a term of five consecutive years commencing from 11th August,
2024 to 10th August, 2029. A Special Resolution seeking Member?s approval for his
appointment was sought at the Annual General Meeting held on 30th September,
2024. In the opinion of the Board, Mr. Jayesh J. Mehta is a person of integrity and
fulfils requisite conditions as per applicable laws and is independent of the management
of the Company; 

d) Cessation: 
i) Mr. Ambalal C. Patel ceased to be an Independent Director of the
Company w.e.f. 12th May, 2024, upon completion of his tenure as an Independent
Director;
ii) Mrs. Aarti M. Ramani ceased to be an Independent Director of the
Company w.e.f. 11th August, 2024, upon completion of her tenure as an
Independent Director; 

e) Declaration from Independent Directors:
In accordance with the provisions of Section 149(6) of the Act and
Regulation 16(1)(b) of the Listing Regulations, the Company has received declarations from
all Independent Directors confirming that they meet the criteria of independence as laid
down under the applicable laws. Further, in compliance with Regulation 25 of the Listing
Regulations, each Independent Director has also affirmed that they are not aware of any
circumstance or situation which exists or may reasonably be anticipated that could impair
or impact their ability to discharge their duties as Independent Directors of the Company
with an objective, independent judgment and without any external influence.
All Independent Directors have additionally confirmed their compliance
with the provisions of Schedule IV of the Companies Act, 2013 (Code for Independent
Directors) and the Company?s Code of Conduct. 
In accordance with Rule 6(3) of the Companies (Appointment and
Qualification of Directors) Rules, 2014, the Independent
Directors have also submitted declarations confirming the inclusion of
their names in the data bank maintained by the Indian Institute of Corporate Affairs
(IICA), which is to be maintained throughout their tenure.
The Company further confirms that none of its Directors are
disqualified from being appointed or continuing as Directors in terms of Section 164 of
the Companies Act, 2013. All necessary disclosures, as required under various provisions
of the Act and the Listing Regulations, have been duly made by the Directors.
In the opinion of the Board, all Independent Directors are persons of
integrity, possess expertise, the requisite qualifications, and experience, and continue
to remain independent of the management.
f) Board Evaluation:
In accordance with the provisions of the Act and the Listing
Regulations, the Board of Directors has formulated a policy for performance evaluation of
the Chairman, the Board as a whole, individual Directors (including Independent
Directors), and various Committees of the Board. The policy also includes specific
criteria for evaluating the performance of both Executive and Non-Executive Directors.
The Nomination and Remuneration Committee has laid down the methodology
for conducting an effective evaluation of the performance of the Board, its committees,
and individual Directors. The Committee has further authorized the Board to carry out the
said evaluation.
Based on the framework provided by the Committee, the Board devised
structured questionnaires tailored to the business operations of the Company and the
expectations placed on each Director. 
These questionnaires serve as the basis for assessing the overall
effectiveness of the Board, its committees, and individual members.
The performance of each Committee was carried out by the Board based on
the reports submitted by the respective Committees. Similarly, the performance of
individual Directors was assessed, and the findings of these evaluations were reviewed by
the Chairman of the Board.
The Company has also put in place a structured familiarization
programme for its Independent Directors. The programme is designed to provide insights
into the Company?s operations, industry outlook, business model, regulatory
environment, and the roles, responsibilities, and rights of Independent Directors. The
familiarization programmes are available on the 
Company?s website at the following link:
http://www.spsl.com/policies.php g) KEY MANAGERIAL PERSONNEL (KMP):
The details of Key Managerial Personnel of the Company are as follows:

  

    
Name
    
Designation
  
  

    
Mr. Harsh L. Mehta
    
Managing Director
  
  

    
Mr. Suresh Pitale
    
Chief Financial Officer
  
  

    
Ms. Krishna
    
Company Secretary &
  
  

    
Agrawal
    
Compliance Officer
  


12. MANAGERIAL REMUNERATION AND OTHER DETAILS:
Disclosure pertaining to remuneration and other details as required
under Section 197 of the Companies Act, 2013, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in this
Report as Annexure A, which forms an integral part of this Annual Report.
The statement containing particulars of employees as required under
Section 197(12) of the Act read with Rules 5(2) and 5(3) of the said Rules is provided in
a separate annexure forming part of this Report. In accordance with the provisions of
Section 136 of the Companies Act, 2013, the Annual Report, including the financial
statements, is being sent to the members excluding the aforementioned annexure. The said
annexure is available for inspection by members at the registered office of the Company
during business hours. Any member interested in obtaining a copy of the same may write to
the Company Secretary and 
Compliance Officer, and it will be provided upon request.

13. REMUNERATION POLICY:
Pursuant to the provisions of Section 178 of the Act and Regulation 19
of the Listing Regulations and based on the recommendation of the Nomination and
Remuneration Committee, the Board of Directors has adopted a comprehensive policy for the
selection and appointment of Directors, Key Managerial Personnel (KMP), Senior Management
Personnel (SMP), and other employees. The policy also outlines the framework for
determining their remuneration. The policy lays down the criteria for qualifications,
positive attributes, independence of directors, and other relevant matters pertaining to
their appointment and remuneration.
The Nomination and Remuneration Policy is available on the
Company?s website at http:// www.spsl.com/policies.php

14. MEETINGS OF THE BOARD:
Four (4) meetings of the Board were held during the year under review.
For details of meetings of the Board, please refer to the Corporate Governance Report,
which forms part of this report. The intervening gap between the two consecutive meetings
was within the period prescribed under the Act and Listing Regulations.

15. COMMITTEES OF THE BOARD:
Details of the Committees constituted by the Board in accordance with
the provisions the 
Act and Listing Regulations, including their composition, any changes
therein during the year, as well as the number and dates of meetings held during the year
under review, are provided in the Corporate Governance Report, which forms part of this
Annual Report.

16. AUDIT COMMITTEE AND ITS COMPOSITION:
The composition and details of the Audit Committee are provided in the
Corporate Governance Report, which forms part of this Annual Report.

17. DIRECTORS? RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(3)(c) read with
Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and
ability, confirm that: i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation relating to material
departures; ii. The directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the loss of the Company for that period; iii. The directors have
taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; iv. The directors have
prepared the annual accounts on a going concern basis; v. The directors have laid down
internal financial controls to be followed by the Company and such internal financial
controls are adequate and operating effectively; vi. 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.

18. PUBLIC DEPOSITS:
The Company has not accepted any deposits from public within the
meaning of Sections 73 and 76 of the Act read with Companies (Acceptance of Deposits)
Rules, 2014 and as such, no amount on account of principal or interest on deposits from
public was outstanding as on the date of the balance sheet.

19. PARTICULARS OF CONTRACTS OR 

ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188(1) OF THE

ACT:
All contracts, arrangements, and transactions entered into by the
Company with related parties during the year under review were in the ordinary course of
business and on an arm?s length basis.
During the year under review, the Company did not enter into any
material related party transactions falling within the scope of Section 188(1) of the
Companies Act, 2013. Accordingly, the disclosure of particulars of such transactions in
Form AOC-2, as required under Section 134(3)(h) of the Act, is not applicable.
In accordance with the provisions of Regulation 23 of Listing
Regulations, the Company has adopted a policy on related party transactions. The policy is
available on the Company?s website at http://www.spsl.com/policies.php

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER
SECTION 186 OF THE COMPANIES ACT, 2013:
The Company has not given any loans or provided guarantees or made
investments as required under Section 186 of the Act. Details of other loan are disclosed
in the financial statements, which form part of this Annual Report.

21. CORPORATE SOCIAL RESPONSIBILITY:
The Company is currently not subject to the provisions of Section 135
of the Companies Act, 2013 relating to Corporate Social Responsibility (CSR), as the
applicable thresholds for mandatory compliance are not met.

22. WHISTLE BLOWER / VIGIL MECHANISM POLICY:
The Company has adopted a Whistle Blower
Policy and established a vigil mechanism in accordance with the
provisions of Section 177(9) of the Companies Act, 2013 and Regulation 22 of the Listing
Regulations. This mechanism enables employees, Directors, and stakeholders to report
concerns about unethical behaviour, actual or suspected fraud, or violation of the
Company?s Code of Conduct in a confidential and secure manner.
The Vigil Mechanism (Whistle Blower) Policy is available on the
Company?s website at http:// www.spsl.com/policies.php

23. CONSERVATION OF ENERGY, TECHNOLOGY 

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 134(3)(m) of the Act, read
with Rule 8 of the Companies (Accounts) Rules, 2014, the requisite information relating to
Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo is
provided in Annexure B, which forms a part of this Report.

24. STATUTORY AUDITORS:
In accordance with the provisions of Section 139 of the Act read with
the Companies (Audit and Auditors) Rules, 2014, the shareholders of the Company, at their
16th Annual General Meeting held on 30th September, 2024, appointed
M/s. V. Parekh & Associates, Chartered Accountants, Mumbai (Firm Registration No.
107488W) as the Statutory Auditors of the Company, to hold office for a term of five
consecutive years, i.e., from the conclusion of the 16th Annual General Meeting
until the conclusion of the 21st Annual General Meeting.
M/s. V. Parekh & Assocaites have furnished a written confirmation
that they continue to satisfy the eligibility criteria prescribed under Sections 139 and
141 of the Act and the Companies (Audit and Auditors) Rules, 2014, and are not
disqualified Auditors of the Company.

25. SECRETARIAL AUDITORS:
In accordance with the provisions of Regulation 24A of the Listing
Regulations and Section 204 of the Act, the Board of Directors, at their meeting held on
14th May, 2025, based on the recommendation of the Audit Committee, approved
the appointment of Mrs. Shreya Shah, Practicing Company Secretary, a peer-reviewed firm
(COP 15859 / Peer review certificate 1696/2022), as Secretarial Auditors of the Company
for a term of five consecutive years, commencing from FY 2025 26 to FY 2029 30, subject to
the approval of the members at the ensuing Annual General Meeting.
The Secretarial Audit Report is annexed to this Report as Annexure C
and forms a part of this Report.

26. INTERNAL AUDITORS:
Pursuant to Section 138(1) of Companies Act, 2013 read with the Company
(Accounts) Rules, 2014, Ms. Riddhi Kataria, a Qualified Chartered Accountant is appointed
as the Internal Auditor of the Company w.e.f. 4th February, 2025 under
whole-time employment. 
The Internal Auditor conducts the internal audit of the functions and
operations of the Company and reports to the Audit Committee and Board quarterly.
#Mr. Vinay Parekh has resigned as a Internal Auditor w.e.f 4th
February, 2025.

27. COST RECORDS AND COST AUDITORS:
During the year under review, maintenance of Cost Records as per Rule
8(5) (ix) of The Companies (Accounts) Rules, 2014 and Section
148(1) of Companies Act, 2013 is not applicable to the Company.

28. COMMENTS ON QUALIFICATION BY 

STATUTORY AUDITORS AND SECRETARIAL AUDITORS:
The Statutory Auditors? Report does not contain any
qualifications, observations, or adverse remarks.
Further, the Secretarial Audit Report issued by Ms. Shreya Shah,
Secretarial Auditors, does not contain any qualifications, reservations, adverse remarks,
or disclaimers. However, the report includes certain observations, to which the continuing
as Statutory Board has provided appropriate explanations, as detailed below: i. Delay in
filing e-Form MGT-15 filed for Report on 16th Annual General Meeting of the
Company, e-Form MGT-7 filed for registering Annual Return of the Company for the FY
2023-24, e-Form ADT-1 filed for registering appointment of M/s. V. Parekh
& Associates as Statutory Auditors of the Company at the 16th
Annual General Meeting of the Company; and e-Form DIR-12 for registering appointment of
Mr. Jayesh MehtaNo.: as Independent Director and cessation of Ms. Aarti Ramani as
Independent Director of the Company was due to an inadvertent oversight. ii. The Stock
Exchange has issued SOP Notice for alleged violation of Regulation 44(3) of SEBI (LODR)
Regulations, 2015 for late filing of voting results on 5th July 2024 pertaining to
intimation of appointment of Director, who was appointed at the Board Meeting held on 9th
May 2024 and regularized by Postal Pallot event ended on 4th July 2024. The Company has
filed application to waive off the penalty and the status of the said application is
"under process" as on the date of this report which is self explanatory.
Further, none of the Auditors of the Company have reported any fraud as
specified under the second proviso of Section 143(12) of the Act.

29. MANAGEMENT DISCUSSION AND ANALYSIS 

AND CORPORATE GOVERNANCE REPORT:
Management Discussion and Analysis Report during the year under review
is appended below: The objective of this report is to convey the 
Management?s perspective on the external environment and steel
industry, as well as strategy, operating and financial performance, material developments
in human resources and industrial relations, risks and opportunities and internal control
systems and their adequacy in the Company during the financial year 2024- 
25. This report should be read in conjunction with the Company?s
financial statements, the schedules and notes thereto and other information included
elsewhere in the Integrated 
Report. The Company?s financial statements have been prepared in
accordance with Indian Accounting Standards (‘Ind AS?) complying with the
requirements of the Companies Act, 2013, (‘Act?) and regulations issued by the
Securities and Exchange Board of India (‘SEBI?), each as amended from time to
time.

A. BUSINESS
The Company is presently engaged in the business of real estate and
trading. Arrangements are in hand to diversify its line of business for the future growth
and prosperity.

B. REVIEW OF OPERATIONS & FUTURE PROSPECTS
During the last year the operations of the Company were stable. The
Board of your 
Company is exploring alternatives for improving its operations for long
term growth.

C. OPPORTUNITIES AND THREATS, RISKS AND CONCERNS
Your Company?s objective is to effect improvement in its
operations. However, the 
Company is exposed to threats and risks, as faced by other
organizations in general and those engaged in similar business, like adverse changes in
the general economic and market conditions, changes in Government policies and regulations
etc.

D. INTERNAL CONTROL SYSTEM
The Company has Internal control procedures commensurate with the
nature of its business and size of its operations. The objectives of these procedures are
to ensure efficient use and protection of Company?s resources, accuracy in financial
reports and due compliance of applicable statutes and Company?s norms, policies and
procedures.

E. HUMAN RESOURCES
There was no loss of work or any human resource related problem during
the year.

Internal Controls systems and their adequacy
The Company has proactive approach to manage and mitigate the risks.
The Company commitment towards effective risk management
isforthesustainablegrowthandcreatingvaluefor stakeholders. The well drafted risk
management framework, consistently enhances our ability to anticipate risks, take
pre-emptive measures and respond with agility and confidence in managing them.
The Company believes that proactive risk management is a vital element
for good corporate governance. Thus, helps in identifying the risk, exposure, potential
impact, mitigation process, nonbusiness risk among others. These risks are timely reviewed
by the board and mitigations strategies are suggested to reduce the impact. All this will
help the Company to achieve favourable results.
The Company has all the main processes laid out to assure timely
feedback on completion of operational and strategic goals, compliance with policies,
procedures, laws and regulations, safeguarding of asset and efficient use of resource.
The Company?s Internal Auditor reviews the effectiveness of
internal control on a regular basis to avoid fraud or any other issue arising in the daily
operational activities. The Company has formally created a Risk Management Policy in tune
with the new regulatory requirements. The policies help in identifying and assessing the
key risk areas. Based on the detailed review the following key risk have been identified:
Personnel Risk
Regulatory risks
Borrowing Risk
IT and System Risk
Liquidity risk
Input Costs Risk
Sales Market Risk
Project Implementation Risk
Legal Risk

Financial and Operations Review
The financials has affecting changes in the following ratio:

  

    
Particulars
    
FY 2024- 25
    
FY 2023- 24
    
Change (25% or more as compared to FY
    2022-23)
    
Detailed explanations of Change, if any.
  
  

    
Current Ratio
    
0.14
    
0.15
    
(0.08)
    
-
  
  

    
Debt Ratio
    
-
    
-
    
-
    
-
  
  

    
Debtors turnover Ratio
    
-
    
-
    
-
    
-
  
  

    
Inventory
    
-
    
-
    
-
    
-
  
  

    
Turnover Ratio
    

    

    

    

  
  

    
Interest Coverage Ratio
    
-
    
-
    
-
    
-
  
  

    
Operating Profit Margin
    
-
    
-
    
-
    
-
  
  

    
Net Profit Margin
    
-
    
-
    
-
    
-
  
  

    
Return on Net worth*
    
-
    
-
    
-
    
-
  

* Due to negative net-worth the Return on Net-worth cannot be
calculated.
In accordance with the provisions of Regulations 34(2) and 34(3) read
with Schedule V of the Listing Regulations, the following reports and declarations form an
integral part of this Annual 
Report and are annexed accordingly:
• Corporate Governance Report
• Declaration regarding compliance with the Code of Conduct by the
Directors and Senior Management. MD & CFO certification under Regulation 17 (8) of the
Listing Regulations Certificate from Secretary confirming that none of the Directors on
the Board of the Company have been debarred or disqualified from being appointed or
continuing as Directors of companies. Certificate from regarding compliance with the
conditions of Corporate Governance

30. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY?S
OPERATIONS IN FUTURE:
During the year under review, no significant material orders were
passed by any regulator, court, or tribunal which would impact the going concern status of
the Company or have any bearing on its future operations.

31. INTERNAL FINANCIAL CONTROL:
Internal Financial Controls are an integrated part of the risk
management process, addressing financial and reporting risks. The internal financial
controls have been documented, digitized and embedded in the business processes.
Assurance on the effectiveness of the internal financial controls is
obtained through management reviews, control self-assessment, continuous monitoring by
functional expert as well as testing of the internal financial control system by the
internal auditors during the course of their audit. We believe that these systems provide
reasonable assurance that our internal financial controls are designed effectively and are
operating as intended.

32. CREDIT RATINGS:
During the year under review, the Company has not undertaken any
borrowings from financial institutions or through debt instruments. Accordingly, the
Company has not obtained any credit ratings during the financial year.

33. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has devised appropriate systems and procedures to ensure
compliance with all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India. The a CompanyPracticing isCompany committed to adhering to these
standards in both letter and spirit going forward.
34. INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013: theDuringStatutorythe
yearAuditors under review, the provisions of Section 4 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013, pertaining to the
constitution of an Internal Committee, were not applicable to the Company.

35. DETAILS OF PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016:
During the year under review, no application was made, nor was any
proceeding initiated against the Company under the Insolvency and Bankruptcy Code, 2016.
Further, no such proceeding was pending at the end of the financial year.

36. VALUATION:
During the year under review, the Company did not undertake any
one-time settlement of loans or financial assistance from Banks Financial Institutions.
Consequently, there was no requirement to carry out any asset valuation for this purpose.

37. GREEN INITIATIVE:
Your Company has adopted green initiative to minimize the impact on the
environment. The Company has been circulating the copy of the Annual Report in electronic
format to all those members whose email addresses are available with the Company. Your
Company appeals other Members also to register themselves for receiving Report in
electronic form.

38. APPRECIATION:
The Board of Directors wishes to express its gratitude and record its
sincere appreciation for the commitment and dedicated efforts put in by all the employees.
Your Directors take this opportunity to express their grateful appreciation for the
encouragement, cooperation and support received by the Company from the Central and State
Government, local authorities, bankers, customers, suppliers and business associates. 
The directors are thankful to the shareholders for their continued
support and the confidence reposed in the Company and its Management.