Your) Directors have the pleasure in presenting the 12th
Board's Report on the business and operations ofyour
Company together with the Audited Financial Statements for the
financial year ended March 31, 2023.
1. Performance of the Company:
Your company's performance during 2022-2023 is summarized below:

  

    
Particulars
    
2022-23
    
2021-22
  
  

    

    
Amt in Rs.
    
Amt in Rs.
  
  

    
Revenue from Operations
    
5,06,65,35,118
    
125,17,98,456
  
  

    
Other Income
    
12,94,65,899
    
2,18,00,219
  
  

    
Total Revenue
    
5,19,60,01,017
    
127,35,98,675
  
  

    
Total Expenditure
    
4,85,61,60,773
    
1,11,98,20,980
  
  

    
Depreciation
    
4,55,66,447
    
4,25,95,452
  
  

    
Finance Cost
    
5,91,65,687
    
555,95,214
  
  

    
Net Profit before Income Tax
    
23,51,08,110
    
5,55,87,029
  
  

    
Current Tax
    
5,44,05,290
    
1,75,45,283
  
  

    
Differed Tax
    
(72,79,053)
    
(20,90,571)
  
  

    
Written Off Tax on Income Tax of earlier year
    
(77,80,884)
    
—
  
  

    
Net Profit
    
19,57,62,757
    
4,01,32,317
  

2. State of Company's affairs:
Your directors wish to inform you that the Company has achieved sales
of Rs.5,06,65,35,118this year as against sales of Rs. 125,17,98,456 in the previous year.
Your Company has earned net profit ofRs.23,51,08,109as against net profit of
Rs.5,55,87,029 for the previous year. The Company is in the process of exploring new
growth opportunities.
3. Finance:
During the year under review, the company has obtained loan from bank,
financial institutions,
shareholder and directors of the Company and repayment of the said
loans is as per the schedule.
4. Dividend:
In order to strengthen the financial position of the Company, your
directors do not recommend any dividend for the year ended 31stMarch, 2023.
5. Share Capital
There is no change in the Share Capital of the Company.
6. Transfer to Reserves:
I The Company has not transferred any amount to the reserves.
7. Directors:
There was no Director who was appointed/ceased/reelected/reappointed
during the year. Company is not mandatorily required to appoint any whole time Key
Management Personnel (KMP) as per the provisions of the Act.
8. Number of Meetings of the Board of Directors:
During the year, the Board of Directors held 7 (Seven) meetings as
given in the table below.

  

    
Sr. No.
    
Date of Board Meeting
    
No. of Directors present at the meeting
  
  

    
1.
    
20/04/2022
    
2
  
  

    
2.
    
15/06/2022
    
2
  
  

    
3.
    
01/08/2022
    
2
  
  

    
4.
    
26/09/2022
    
2
  
  

    
5.
    
13/10/2022
    
2
  
  

    
6.
    
05/01/2023
    
2
  
  

    
7.
    
25/03/2023
    
2
  

9. Particulars of Loans, Guarantees and or Investments:
During the year under review, the Company has given loans and made
investments as per the provisions of Section 186 of the Companies Act, 2013.
10. Related Party Transactions:
The contracts or arrangements entered into by the Company with related
parties as required by section 188(1) of the Companies Act, 2013 is in the ordinary course
of business and at arms length basis.
11. Deposits:
The company has accepted Loan from one of the shareholders of the
company as per the provisions of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014.
12. Insurance
All the assets of the Company are adequately insured.
13. Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
The company has no activities relating to conservation of energy or
technology absorption. During the year the company had no foreign exchange earnings and/or
foreign exchange outgo during the year under review.
14. Subsidiaries and Joint Venture:
The Company is neither a subsidiary nor a holding Company nor have any
joint venture.
15. Particulars of Employees:
During the year, there were no employees of the company drawing
remuneration of the amount exceeding Rs. 60,00,000 per year if employed for whole of the
year or Rs. 5,00,000 per month if employed for a part of the year.
16. Changes in the nature of Business:
There is no change in the nature of business of the Company.
17. Corporate Social Responsibility:
As per the relevant provisions of Section 135 of the Companies Act,
2013, and rules thereof, your company falls under the criteria of minimum net profits of
Rs,5 crore earned during previous financial year ended 31-03-2022, and is required to
undertake CSR projects and spend 2% of the average net profits of last 3 years by way of
fulfillment of its corporate social responsibility in view of minimum profits earned
during the financial year ended 31-03-2022.
In this regard the Board of Directors has formulated a separate CSR
policy with regard to determining nature of CSR projects, its modus operandi, and total
amount to be set aside for its execution based on average of 2% of net profits earned du
ring previous 3 financial years.
Annual Report on CSR Activities for the financial year 2022-23 is
annexed as Annexure A.
18. Material Changes and commitments if any, affecting the financial
position of the Company:
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which the financial
statements relate, i.e. 31st March, 2023 j and the date of this Report
19. Responsibility Statement:
The Directors confirm that:
(a)in the preparation of the annua! accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
{b)we had 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 ended on 31stMarch, 2022 and of the profit and loss of the
company for that period;
(c) proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
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; and
(e)the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
20. Statutory Auditors:
M/s. Kantilal Patel & Co., Chartered Accountants, Ahmedabad, {Firm
Registration No. 104744W) the Auditors of the company are eligible for reappointment and
has received consent and certificate from
the said Auditors to the effect that their re-appointment, if made,
would be within the specified limits under the Companies Act, 2013. The Board recommends
ratification of their reappointment.
Auditors had not made any qualification or did not make any adverse
remark in their report regarding financial statements. Therefore, there is no need for any
clarification or any comment on Auditors report.
21. Orders by Regulators, Courts or Tribunals:
No significant and/or material orders were passed by any Regulator,
Court or Tribunal impacting the going concern status and the Company's operations in
future.
22. Sexual harassment of women at work place:
There were no incidences of sexual harassment reported during the year
under review, in terms of the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
23. Risk Management Policy:
The Management regularly reviewed the risk and take appropriate steps
to mitigate the risk. The company has in place the Risk Management policy. The Company has
a robust Business Risk Management (BRM) framework to identify, evaluate business risks and
opportunities. This framework seeks to create transparency, minimize adverse impact on the
business objectives and enhance the Company's competitive advantage.
24. Internal Financial Controls:
The Company has a proper and adequate internal control system to ensure
that all assets are safeguarded and protected against loss from unauthorized use or
disposition and those transactions are authorized, recorded and reported correctly.
25. Cost Records:
The Company does not fall under the criteria of maintaining cost
records for the year under review.
26. Secretarial Standards:
Secretarial Standards for the Board and General Meetings (SS-1 &
SS-2) are applicable to the Company. The Company has complied with the provisions of both
these Secretarial Standards.
27. Appreciation:
Your directors wish to place on record their appreciation for the
support received from all the shareholders, staff, suppliers, Bankers, professionals and
all other people who were associated with the company for the continued support extended
by them while working with the company.