Directors Report of Aadi Industries Ltd.

Mar 31, 2024

The Board of Directors of your Company take pleasure in presenting the Thirtieth Annual
Report together with Audited Financial Statements of the Company for the financial year
ended March 31, 2024.

1. Financial Performance:

(Amount in Rs.)

Particulars	As on March 31, 2024	As on March 31, 2023
Total Income	11,84,000	5,98,000
Total Expenses	21,02,000	23,67,000
Profit/(loss) before Tax	(9,18,000)	(17,69,000)
Provision for Income Tax (including for earlier years)	-	-
Net Profit/(Loss) After Tax	(9,18,000)	(17,69,000)

Your Company has earned an Income of Rs. 11,84,000 during the current financial
year. The total expenses decreased from Rs. 23,67,000 to Rs. 21,02,000. Accordingly,
the Company has incurred a net loss of Rs. 9,18,000 in the current financial year as
compared to a net loss of Rs. 17,69,000 in the preceding financial year.

2. Operations:

Company''s financial position have occurred between the end of the financial year of
the Company and date of this report.

3. Dividend:

The Board of Directors of your Company has not recommended any dividend for the
year under review.

4. Transfer to Reserve:

The Company has not transferred any amount to the General Reserves during the
year.

5. Revision of Financial Statement:

There was no revision of the financial statements for the year under review.

6. Disclosures under section 134(3)(1) of the Companies Act, 2013:

Except as disclosed elsewhere in this report, no material changes and commitments
which could affect the Company''s financial position have occurred between the end of
the financial year of the Company and date of this report.

7. Change in nature of business, if any:

There were no changes in the nature of business during the financial year ending
March 31, 2024.

8. 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 the Company''s operations in future.

9. Share Capital:

During the year under review, there was no change in the Authorised and Paid-up
Share Capital of the Company.

As on March 31, 2024, the Authorised share capital stands at Rs. 25,00,00,000 divided
into 2,50,00,000 equity shares of Rs.10/- each whereas issued, subscribed & paid-up
share capital of your Company stands at Rs.10,00,00,000 divided into 1,00,00,000
Equity Shares of Rs.10 each.

a) Disclosure under Section 43(a)(ii) of the Companies Act, 2013:

The Company has not issued any shares with differential rights and hence no
information as per provisions of Section 43(a) (ii) of the Act read with Rule 4(4) of the
Companies (Share Capital and Debenture) Rules, 2014 is furnished.

b) Disclosure under Section 54(1)(d) of the Companies Act, 2013:

The Company has not issued any sweat equity shares during the year under review
and hence no information as per provisions of Section 54(1) (d) of the Act read with
Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

c) Disclosure under Section 62(1)(b) of the Companies Act, 2013:

The Company has not issued any equity shares under Employees Stock Option Scheme
during the year under review and hence no information as per provisions of Section
62(1) (b) of the Act read with Rule 12(9) of the Companies (Share Capital and
Debenture) Rules, 2014 is furnished.

d) Disclosure under Section 67(3) of the Companies Act, 2013:

During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme pursuant
to Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and
Debentures) Rules, 2014 is furnished.

e) Information about Subsidiary/ JV/ Associate Company:

Company does not have any Subsidiary, Joint Venture or Associate Company.

10. Means of Communication:

The quarterly and annual results are generally published in English and Marathi
Newspaper named Financial Express and Mumbai Pratahkal respectively and
simultaneously posted on the Company''s website (www.aadiindustries.co) and are
also sent to the BSE Limited.

As per SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018 and
further amendment vide Notification No. SEBI/LAD-NRO/GN/2018/49 dated
November 30, 2018, transfer and transmission of securities held in physical mode has
been discontinued with effect from April 1, 2019 and hence, members were requested
to convert their physical holdings into dematerialized form.

11. Internal Financial Controls:

The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no
material or serious observation has been received from the Auditors of the Company
for inefficiency or inadequacy of such controls.

12. Board of Directors:

a) Composition & Constitution of Board of Directors & KMP:

During the year under review, the following changes were made in the composition
of directors and KMPs.

• Pursuant to the recommendation of Nomination & Remuneration Committee
(NRC), the Board at its meeting held on May 26, 2023, appointed Ms. Saachi
Madnani (DIN: 10045589) as an Additional & Non-Executive Independent
Director of the Company for a period of five (5) years with effect from July 01,
2023 and subsequently, the members had approved the same in their meeting
held on September 26, 2023.

• Pursuant to the recommendation of the Nomination & Remuneration Committee
(NRC), the Board at its meeting held on September 01, 2023, approved the
appointments of Ms. Khushboo Agarwal (DIN:10298514) and Mr. Neelabh
Kaushik (DIN:01755431), as an Additional and Non-Executive Independent
Directors of the Company respectively, for a period of five (5) years with effect
from September 01, 2023, and subsequently, the members had approved the
same in their meeting held on September 26, 2023.

• Ms. Sayli Munj gave her resignation from the post of Company Secretary and
Compliance Officer w.e.f. January 16, 2024, due to other opportunities prevailing
in the industry.

• Ms. Sonam Gandhi (DIN:09593620) gave her resignation from the post of Non¬
Executive, Independent Director w.e.f. closure of business hours of April 11,
2023 due to some personal and unavoidable circumstances. Also, Ms. Gandhi
has confirmed that there are no other material reasons other than those

mentioned above, for her resignation as the Independent Director of the
Company.

As on date, your Board comprises 7 (seven) directors -

• Mr. Rushabh Shah (DIN: 01944390) (Executive-Chairman & Managing
Director);

• Ms. Gayathri Nagaraj (DIN:06742638) (Non-Executive Independent Director);

• Mr. Sharanabasaweshwar Hiremath (DIN:08912844) (Non-Executive
Independent Director);

• Ms. Saachi Madnani (DIN:10045589) (Non-Executive Independent Director);

• Ms. Khushboo Agarwal (DIN:10298514) (Non-Executive Independent
Director);

• Mr. Neelabh Kaushik (DIN:01755431) (Non-Executive Independent Director)

Key Managerial Personnel - Mr. Sushil Surve resigned as CFO from the Company
w.e.f June 27, 2023 & in his place Mr. Sanjay Jadhav is appointed as the Chief
Financial Officer Company with effect from June 27, 2023.

Ms. Hiral Doshi was appointed as the Company Secretary & Compliance Officer of the
Company w.e.f. April 15, 2024.

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Rushabh Shah
retires by rotation at the ensuing Annual General Meeting and being eligible, offer
himself for re-appointment.

The Company has received declarations of Independence as stipulated under Section
149(7) of the Companies Act, 2013 from Independent Directors i.e Ms. Gayathri
Muttur Nagaraj, Mr. Sharanabasaweshwar Hiremath, Ms. Sacchi Madnani, Ms.
Khushboo Agarwal & Mr. Neelabh Kaushik confirming that he/she is not disqualified
from appointing/continuing as Independent Director as laid down in section 149(6)
of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI LODR Regulations. The
same is also displayed on the website of the Company i.e
https://www.aadiindustries.co/. The Independent Directors have complied with the
Code for Independent Directors prescribed in Schedule IV to the Companies Act,
2013. The Independent Directors of the Company have registered / in the process of
registering themselves with the data bank maintained by Indian Institute of
Corporate Affairs (IICA). In terms of Section 150 of the Act read with Rule 6(4) of the
Companies (Appointment & Qualification of Directors) Rules, 2014, the Independent
Directors are required to undertake an online proficiency self-assessment test
conducted by the IICA within a period of two (2) years from the date of inclusion of
their names in the data bank. The said online proficiency self-assessment test will be
undertaken by the Independent Directors of the Company, as applicable, within the
prescribed timelines.

b) Board Meeting & Attendance:

During the year under review, the Board of your company met seven
(7) times. The details of the Board Meeting held and the participation of Directors
thereat is enumerated as below:

Sr. No.	Date of meeting	Total No. of Directors on the Date of Meeting	No. of Directors attended	% of Attendance
1.	07-04-2023	4	4	100.00
2.	26-05-2023	3	3	100.00
3.	27-06-2023	3	3	100.00
4.	11-08-2023	4	4	100.00
5.	01-09-2023	6	6	100.00
6.	10-11-2023	6	6	100.00
7.	13-02-2024	6	6	100.00

The details of Board Meetings held from April 01, 2023 to March 31, 2024 and
attendance of each Director thereat is as follows:

Sr. No.	Name of the Board Member	No. of Meetings entitled to attend	No. of Meetings attended	% of Attendance
1.	Mr. Rushabh Shah	6	6	100
2.	Ms. Gayathri Nagaraj	6	6	100
3.	Mr. Sharanabasaweshwar Hiremath	6	6	100
4.	Ms. Sonam Gandhi*	6	6	100
5.	Ms. Saachi Madnani**	4	4	100
6.	Ms. Khushboo Agarwal***	3	3	100
7.	Mr. Neelabh Kaushik***	3	3	100

*Ms. Sonam Gandhi resigned as an Independent Director of the Company effective
from April 11, 2023

** Ms. Saachi Madnani appointed as an Independent Director of the Company
effective from July 01, 2024

*** Ms. Khushboo Agarwal & Mr. Neelabh Kaushik were appointed as an
Independent Directors of the Company respectively effective from September 01,
2024

c) Board-skills/expertise/competencies:

The Board of Directors based on the recommendations of the Nomination and
Remuneration Committee, identified the following core skills/ expertise/
competencies of Directors as required in the context of business of the Company
for its effective functioning:

Sr. No	Skills/Expertise/Competencies
1	Leadership qualities
2	Industry knowledge and experience
3	Understanding of relevant laws, rules and regulations

4	Financial Expertise
5	Risk Management

Following are the details of the skills and competence possessed by the Board of
Directors:

S N	Name of Directors	Leadership qualities	Industry knowledge and experience	Understanding of relevant laws, rules and regulations	Financial Expertise	Risk Managemen t
1	Mr. Rushabh Shah	Expert	Expert	Expert	Expert	Expert
2	Ms. Gayathri Nagaraj	Expert	Proficient	Expert	Expert	Expert
3	Mr. Sharanabas aweshwar Hiremath	Expert	Proficient	Expert	Expert	Expert
4	Ms. Sonam Kinjal Gandhi*	Proficient	Proficient	Expert	Proficient	Proficient
5	Ms. Saachi Madnani**	Expert	Proficient	Expert	Expert	Expert
6	Ms. Khushboo Agarwal***	Expert	Proficient	Expert	Expert	Expert
7	Mr. Neelabh Kaushik***	Expert	Proficient	Expert	Expert	Expert

*Ms. Sonam Gandhi resigned as an Independent Director of the Company effective
from April 11, 2023

** Ms. Saachi Madnani appointed as an Independent Director of the Company
effective from July 01, 2023

*** Ms. Khushboo Agarwal & Mr. Neelabh Kaushik were appointed as Independent
Directors of the Company respectively effective from September 01, 2023

The identified skills/competencies are broad-based and marking of ‘Proficient''
against a particular member does not necessarily mean the member does not
possess the corresponding skills/competences.

d) Nomination and Remuneration Committee:

The Nomination and Remuneration Committee of Directors as constituted by the
Board of Directors of the Company in accordance with the requirements of Section
178 of the Companies Act, 2013.

The composition of the committee as on date is as under:

1. Mr. Neelabh Kaushik, Independent Director, Chairman.

2. Ms. Khushboo Agarwal, Independent Director, Independent Director, and

3. Mr. Rushabh Shah, Executive Director

The Board has in accordance with the provisions of sub-section (3) of Section 178
of the Companies Act, 2013, formulated the policy setting out the criteria for
determining qualifications, positive attributes, independence of a Director and
policy relating to remuneration for Directors, Key Managerial Personnel and other
employees.

Major criteria defined in the policy framed for appointment of and payment of
remuneration to the Directors of the Company, are as under

The details of the Meeting held and the participation of Members of the Committee
there at is as below:

Sr. No.	Date of meeting	Total No. of Directors on the Date of Meeting	No. of Directors attended	% of Attendance
1	07.04.2023	3	3	100%
2	26.05.2023	3	3	100%
3	27.06.2023	3	3	100%
4	01.09.2023	3	3	100%
5	13.02.2024	3	3	100%

The details of the Nomination and Remuneration Committee Meetings held from
April 01, 2023 to March 31, 2024, and attendance of each Director thereat is as
follows:

Sr. No.	Name of the Board Member	No. of Meetings entitled to attend	No. of Meetings attended	% of Attendance
1.	Mr. Rushabh Shah	5	5	100%
2.	Ms. Gayathri Nagaraj	5	5	100%
3.	Mr. Sharanbasaweshwar Hiremath	5	5	100%

The terms of reference of the Committee inter alia, include the following:

1. Formulation of the criteria for determining qualifications, positive attributes
and independence of a director and recommend to our Board a policy relating to
the remuneration of the Directors, key managerial personnel and other
employees;

2. The Committee shall evaluate the balance of skills, knowledge and experience on
the Board and on the basis of such evaluation, prepare a description of the role and
capabilities required of an independent director. For the purpose of identifying
suitable candidates, the Committee may:

a. Use the services of an external agencies, if required;

b. Consider candidates from a wide range of backgrounds, having due regard
to diversity; and

c. Consider the time commitments of the candidates.

3. Formulation of criteria for evaluation of independent directors and the board of

directors;

4. Devising a policy on diversity of board of directors;

5. Identifying persons who are qualified to become directors and who may be
appointed in senior management in accordance with the criteria laid down, and
recommend to our Board their appointment and removal;

6. Whether to extend or continue the term of appointment of the independent
director, on the basis of the report of performance evaluation of independent
directors.

7. Recommend to the board, all remuneration, in whatever form, payable to senior
management.

I Selection of Directors and Key Managerial Personnel

In case of Executive Directors and Key Managerial Personnel, the selection can
be made in either of the ways given below:

a) by way of recruitment from outside;

b) from within the Company hierarchy; or

c) Upon recommendation by the Chairman or other Directors.

The appointment may be made either to fill up a vacancy caused by retirement,
resignation, death or removal of an existing Executive Director or it may be a
fresh appointment.

In case of Non-Executive directors the selection can be made in either of the ways
given below:

a) By way of selection from the data bank of Independent Directors maintained by
the Government.

b) Upon recommendation by Chairman or other Directors.

II Qualifications, Experience and Positive Attributes of Directors

While appointing a Director, it shall always be ensured that the candidate
possesses appropriate skills, experience and knowledge in one or more fields of
finance, law, management, sales, marketing, administration, research, corporate
governance, technical operations or other disciplines related to the Company''s
business.

a) In case of appointment as an Executive Director, the candidate must have the
relevant technical or professional qualifications and experience as are
considered necessary based on the job description of the position. In case no
specific qualification or experience is prescribed or thought necessary for the
position then, while recommending the appointment, the job description to the
Committee shall be provided and along with justifications that the
qualifications, experience and expertise of the recommended candidate are
satisfactory for the relevant appointment.

b) The Board, while making the appointment of a Director, shall also try to assess
from the information available and from the interaction with the candidate that
he is a fair achiever in his chosen field and that he is a person with integrity,
diligence and open mind.

III Board Diversity and Independence of Directors

While making appointment of directors, following principles shall be observed
by the Board, as far as practicable:

a) There shall be a proper mix of Executive and Non-Executive Directors and
Independent and Non-independent directors on the Board. The Company shall
always be in compliance of the provisions of Section 149 of the Companies Act,
2013 in this regard.

b) There shall be a workable mix of directors drawn from various disciplines like
technical, finance, commercial, legal, etc.

c) While appointing a director to fill in a casual vacancy caused by death,
resignation etc. of a director, an effort shall be made, as far as possible, to
appoint such a person in his place who has the relevant experience in the fields
or disciplines in which the outgoing director had with relevant expertise as
requisite to Business of the Company.

d) No preference on the basis of gender, religion or cast shall be given while
considering the appointment of directors.

e) While appointing independent directors, the criteria for the independent
directors, as laid down in Section 149 (6) of the Companies Act, 2013 shall be
followed.

IV Remuneration of Directors

a) Remuneration to Directors is based on various factors like Company''s size,
economic and financial position, Directors'' participation in Board and
Committee Meetings and after benchmarking with peer companies. Based on
the same and performance evaluation of the concerned director, NRC
recommends to the Board, remuneration payable to the Directors.

b) The remuneration paid to Managing Director and Executive Director(s) includes
base salary and variable compensation while remuneration to Independent
Directors is based on the various factors like committee position, chairmanship,
attendance, participation and performance evaluation. The Independent
Directors are entitled to receive remuneration by way of sitting fees,
reimbursement of expenses for participation in the Board/Committee meetings
and commission.

In terms of Regulation 46 of the SEBI Listing Regulations, the criteria for
payment to Non-Executive Directors is made available on the website of the
Company - https: //www.aadiindustries.co /

For details of remuneration paid/payable to Directors for the year ended March
31, 2024. The same is available on https: //www.aadiindustries.co /

e) Audit Committee:

The Audit Committee of Directors was constituted pursuant to the provisions of

Section 177 of the Companies Act, 2013. The composition of the Audit
Committee is in conformity with the provisions of the said section. The Audit
Committee as on date comprises of:

1. Mr. Neelabh Kaushik, Chairperson,

2. Ms. Khushboo Agarwal, Independent Director and

3. Mr. Rushabh Shah, Executive Director

The scope and terms of reference of the Audit Committee have been amended in
accordance with the Act and the Listing Agreement entered into with the Stock
Exchanges. During the year under review, the Board of Directors of the
Company had accepted all the recommendations of the Committee.

The details of Audit Committee Meeting held and participation of Members of
the Committee there at is as below:

Sr. No.	Date of meeting	Total No. of Directors on the Date of Meeting	No. of Directors attended	% of Attendance
1	26-05-2023	3	3	100%
2	27-06-2023	3	3	100%
3	11-08-2023	3	3	100%
4	01-09-2023	3	3	100%
5	10-11-2023	3	3	100%
6	13-02-2024	3	3	100%

The details of Audit Committee Meetings held from April 01, 2023 to March 31,
2024 and attendance of each Member thereat is as follows:

Sr. No.	Name of the Board Member	No. of Meetings entitled to attend	No. of Meetings attended	% ol Attendance
1.	Mr. Rushabh Shah	6	6	100%
2.	Ms. Gayathri Nagaraj	6	6	100%
3.	Mr. Sharanabasaweshwar Hiremat	6	6	100%

The Committee is governed by a term of reference, which is in line with the
regulatory requirements mandated by the Companies Act, 2013. Some of the
important functions performed by the Committee are:

1. Oversight of the Company''s financial reporting process and the disclosure of
its financial information to ensure that the financial statements are correct,
sufficient and credible;

2. Recommendation for appointment, remuneration and terms of appointment
of auditors of our Company;

3. Approval of payment to statutory auditors for any other services rendered by
the statutory auditors;

4. Reviewing, with the management, the annual financial statements and
auditor''s report thereon before submission to our Board for approval, with
particular reference to:

(a) Matters required to be included in the Director''s Responsibility Statement, to
be included in our Board''s report in terms of clause (c) of sub-section 3 of
section 134 of the Companies Act;

(b) Changes, if any, in accounting policies and practices and reasons for the
same;

(c) Major accounting entries involving estimates based on the exercise of
judgment by management;

(d) Significant adjustments made in the financial statements arising out of audit
findings;

(e) Compliance with listing and other legal requirements relating to financial
statements;

(f) Disclosure of any related party transactions; and

(g) Modified opinion(s) in the draft audit report.

5. Reviewing, with the management, the quarterly financial statements before
submission to our Board for approval;

6. Reviewing, with the management, the statement of uses / application of
funds raised through an issue (public issue, rights issue, preferential issue,
etc.), the statement of funds utilized for purposes other than those stated in
the offer document / prospectus / notice and the report submitted by the
monitoring agency monitoring the utilization of proceeds of a public or
rights issue, and making appropriate recommendations to our Board to take
up steps in this matter;

7. Reviewing and monitoring the auditor''s independence and performance,
and effectiveness of audit process;

8. Approval of any subsequent modification of transactions of our Company
with related parties;

9. Scrutiny of inter-corporate loans and investments;

10. Valuation of undertakings or assets of our Company, wherever it is
necessary;

11. Evaluation of internal financial controls and risk management systems;

12. Reviewing, with the management, performance of statutory and internal
auditors, adequacy of the internal control systems

13. Reviewing the adequacy of internal audit function, if any, including the
structure of the internal audit department, staffing and seniority of the
official heading the department, reporting structure coverage and frequency
of internal audit;

14. Discussion with internal auditors of any significant findings and follow up
thereon;

15. Reviewing the findings of any internal investigations by the internal
auditors into matters where there is suspected fraud or irregularity or a
failure of internal control systems of a material nature and reporting the
matter to our Board;

16. Discussion with statutory auditors before the audit commences, about the
nature and scope of audit as well as post- audit discussion to ascertain any
area of concern;

17. Looking into the reasons for substantial defaults in the payment to
depositors, debenture holders, shareholders (in case of non-payment of
declared dividends) and creditors;

18. Reviewing the functioning of the whistle blower mechanism;

19. Approval of appointment of CFO (i.e., the whole-time finance Director or any
other person heading the finance function or discharging that function) after
assessing the qualifications, experience and background, etc. of the
candidate;

20. Carrying out any other function as is mentioned in the terms of reference of
the Audit Committee.

21. Reviewing the utilization of loans and/ or advances from/investment by the
holding company in the subsidiary exceeding rupees 100 crore or 10% of
the asset size of the subsidiary, whichever is lower including existing loans /
advances / investments existing as on the date of coming into force of this
provision.]

22. Consider and comment on rationale, cost-benefits and impact of schemes
involving merger, demerger, amalgamation etc., on the listed entity and its
shareholders.

23. Carrying out any other function as may be mentioned in the terms of
reference of the Audit Committee.

All the Members on the Audit Committee have the requisite qualification for

appointment on the Committee and possess sound knowledge of finance,

accounting practices and internal controls.

The Company Secretary acts as the Secretary to the Committee

f) Stakeholders Relationship Committee:

The Stakeholders Relationship Committee of Directors was constituted pursuant
to the provisions of Section 178 of the Companies Act, 2013. The composition of
the Stakeholders Relationship Committee is in conformity with the provisions of
the said section.

The Stakeholders Relationship Committee as on date, comprises of:

1. Ms. Khushboo Agarwal, Chairperson,

2. Mr. Neelabh Kaushik, Independent Director and

3. Mr. Rushabh Shah, Executive Director

The details of Meeting held and the participation of Members of the Committee
there at is as below:

Sr. No.	Date of meeting	Total No. of Directors on the Date of Meeting	No. of Directors attended	% of Attendance
1	13.02.2024	3	3	100%

The details of Stakeholders Relationship Committee Meetings held from April
01, 2023 to March 31, 2024 and attendance of each Director thereat is as
follows:

Sr. No.	Name of the Board Member	No. of Meetings entitled to attend	No. of Meetings attended	% of Attendance
1.	Mr. Rushabh Shah	1	1	100
2.	Ms. Gayathri Nagaraj	1	1	100
3.	Mr. Sharanbasaweshwar Hiremat	1	1	100

Ms. Sayli Munj - ceased to be the Company Secretary & Compliance Officer of the
Company w.e.f. January 16, 2024 and in her place, Ms. Hiral Doshi appointed as the
Company Secretary & Compliance Officer of the Company w.e.f. April 15, 2024

During the financial year under review there were no complaints received
during the year, no complaints were unresolved and no complaints are
pending.

The role of the Committee shall inter-alia include the following:

1. Resolving the grievances of the security holders of the listed entity including
complaints related to transfer/transmission of shares, non-receipt of annual
report, non-receipt of declared dividends, issue of new/duplicate certificates,
general meetings etc.

2. Review of measures taken for effective exercise of voting rights by
shareholders.

3. Review of adherence to the service standards adopted by the listed entity in
respect of various services being rendered by the Registrar & Share Transfer
Agent.

4. Review of the various measures and initiatives taken by the listed entity for
reducing the quantum of unclaimed dividends and ensuring timely receipt of
dividend warrants/annual reports/statutory notices by the shareholders of the
company.

g) Vigil Mechanism Policy for the Directors and Employees:

The Board of Directors of the Company has, pursuant to the provisions of
Section 178 (9) of the Companies Act, 2013 read with Rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014, framed “Vigil Mechanism
Policy” for Directors and employees of the Company to provide a mechanism
which ensures adequate safeguards to employees and Directors from any

victimization on raising of concerns of any violations of legal or regulatory
requirements, incorrect or misrepresentation of any, financial statements and
reports, etc.

The employees of the Company have the right / option to report their concern
/ grievance to the Chairman of the Audit Committee.

The Company is committed to adhere to the highest standards of ethical, moral
and legal conduct of business operations. The Whistle Blower Policy is hosted
on the Company''s website at: www.aadiindustries.co.

h) Annual evaluation of Directors. Committee and Board:

Nomination and Remuneration Committee of the Board had prepared and sent,
through its Chairman, feedback forms for evaluation of the Board, Independent
Directors and the Chairman. The Independent Directors at their meeting
considered and evaluated the Board''s performance, the performance of the
Chairman. The Board subsequently evaluated performance of the Board, the
Committees and Independent Directors; without the participation of the
concerned Director.

As stipulated by the Code of Independent Directors under the Companies Act,
2013 and the Listing Agreement, a separate meeting of the Independent
Directors of the Company was held on March 30, 2024, to review the
performance of Non-Independent Directors (including the Chairman) and the
Board as whole.

Performance evaluation of Independent Directors was conducted by the Board
of Directors, excluding the Director being evaluated. The criteria for
performance evaluation of Independent Directors laid down by the
Nomination, Remuneration and Compensation Committee is as below:

[ Ethics and values,

[ knowledge and

[ proficiency, diligence,

[ Behavioral traits and
[ Efforts for personal development

Similarly, performance evaluation of the Chairman was carried out by the
Independent Directors.

Familiarization Program:

The Company has familiarized the Independent Directors with the Company,
their roles, responsibilities in the Company, nature of industry in which the
Company operates. The details relating to the familiarization program are
available on the website of the Company at: https://www.aadiindustries.co/

i) Separate Meeting of Independent Directors:

As stipulated by the Code for Independent Directors in Schedule IV of the Act
and Regulation 25 of the Listing Regulations, a separate meeting of the
Independent Directors of the Company was held on March 30, 2024 to review
the performance of all Non-Independent Directors, the Board as a whole and
the performance of the Chairman of the Company taking into account the views
of other executive and non-executive directors. The independent directors also
reviewed the quality, content and timeliness of the flow of information
between the Management and the Board and its Committees towards effective
and reasonable performance and discharge of their duties.

j) Declaration by Independent Director(s):

All Independent Directors have given declarations that they meet the criteria
of independence as laid down under Section 149(6) of the Companies Act,
2013.

k) Internal Control System & Risk Management:

Periodic assessments to identify the risk areas are carried out and
management is briefed on the risks in advance to enable the company to
control risk through a properly defined plan. The risks are classified as
financial risks, operational risks and market risks. The risks are taken into
account while preparing the annual business plan for the year. The Board is
also periodically informed of the business risks and the actions taken to
manage them.

l) Transfer to Investor Education and Protection Fund:

Pursuant to Section 125 of the Act, to the extent notified, dividends that are
unclaimed for a period of seven years are to be transferred to the Investor
Education and Protection Fund (IEPF) administered by the Central
Government and no claim shall lie against IEPF. As the Company has not
declared any dividend before, there are no dividends due for transfer.

13. Prevention of Insider Trading

The Company has adopted a Code of Conduct for the Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and
designated employees of the Company. The Code requires pre-clearance for
dealing in the Company''s shares and prohibits the purchase or sale of Com pany
shares by the Directors and the designated employees while in possession of
unpublished price sensitive information in relation to the Company and during
the period when the Trading Window is closed. The Compliance Officer is
responsible for implementation of the Code.

The code of prevention of Insider Trading and fair disclosures is there on the
website of the Company - https://www.aadiindustries.co/ .

All Board Directors and the designated employees have confirmed compliance
with the Code.

14. Auditors

a) Statutory Auditors

Pursuant to provisions of Section 139 and other applicable provisions, if any, of
the Companies Act, 2013 (‘the Act'') and the Companies (Audit and Auditors)

Rules, 2014, as amended from time to time, Mr. Ramanatha Shetty, Partner
having Membership No: 218600 from M/s. Rak Champs & Co. LLP, Chartered
Accountants (Firm Registration No. 131094W) were appointed as Statutory
Auditor of the Company for a period of five years from the conclusion of 27^th
Annual General Meeting (AGM) till the conclusion of the 32^nd Annual General
Meeting (AGM) of the Company to be held in 2025-26.

Comment on Auditors'' Report

The Auditor''s Report to the members of the Company on the financial statements
for the financial year ended March 31, 2024, forming part of this report contains a
Qualified opinion as the Company has measured the financial liability i.e. borrowings
at Rs. 4,608 based on the statement of accounts received from the bank. However, the
payable to bank is subject to confirmation and adjustment, if any, required upon such
confirmation. Pending such confirmation, the effect thereof on interest and penal
interest on the financial statement is not ascertainable.

Reply: Your directors state that- The Company is in the process of getting the desired
details/bank certificates from the bank.

b) Details of non-compliance by the listed entity and penalties thereof:

The Company had inadvertently made a submission of audited financial
statements for the year ended March 31, 2024, without the filing of Statement on
Impact of Audit Qualifications (for audit report with modified opinion) as
mentioned above, with BSE on May 26, 2023, and later the correct resubmission
was done on June 16, 2023. Hence, in lieu of this, the BSE has charged a fine of Rs.
1,00,300 pursuant to SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated
January 22, 2020, and the same fine was paid by the Company on July 25, 2023.

c) Secretarial Audit Report for the year ended March 31, 2024:

The Board appointed Ms. Shipra Agarawal from M/s. S.A. & Associates, Company
Secretaries (COP No. 3173), Practising Company Secretary, to conduct Secretarial
Audit for the FY: 2023-24. The Secretarial Audit report for the financial year
ended March 31, 2024, is annexed herewith marked as Annexure 3 to this
report.

d) Cost Audit:

The provisions of Section 148 under Companies Act, 2013 are not applicable to
the Company.

15. Related party transactions

The transactions falling under Section 188 are annexed hereto as Annexure 2.
However, related party transactions as per IND AS 24 forms part of the financials.

16. Particulars of loans, guarantees or investments under section186:

The particulars of loans, guarantees or investments covered under Section 186 of
the Companies Act, 2013 form part of the notes to the financial statements
provided in this Annual Report.

17. Annual Return

Pursuant to provisions of Section 92(3) of the Companies Act, 2013 (‘the Act'')
and Rule 12(1) of the Companies (Management and Administration) Rules, 2014,
extract of annual return is displayed on the website of the Company -
https://www.aadiindustries.co/

18. Public Deposits

As per notification dated 22^nd January, 2019 issued by MCA on form DPT-3, it has
been classified that all companies according to Rule 16 and Rule 16A of the
Companies (Acceptance of Deposits) Rules, 2014 had to inform ROC about the
outstanding loans of the Company by filing form DPT-3. Your Company has not
accepted any deposits from public in terms of Section 73, 74, 75, 76 of the
Companies Act, 2013 and accordingly your company has filed form DPT-3.

19. Corporate Social Responsibility

Social Welfare Activities has been an integral part of the Company since inception.
The Company is committed to fulfill its social responsibility as a good corporate
citizen. However, the Company is not covered by the provisions of Section 135 of
the Companies Act, 2013, as it does not satisfy the conditions of Net Worth and
Net Profit as laid therein.

20. Particulars of Employees

The Company does not have any employee whose particulars are required to be
given in terms of the provisions of Section 197(12) of the Companies Act, 2013
read along with Rule 5(2) of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

Your directors stated that during the year under review, there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 related to the Company.

21. Conservation of energy, technology absorption and foreign exchange
earnings and outgo

The particulars relating to conservation of energy and technology absorption
stipulated in the Companies (Accounts) Rules, is attached as Annexure 1. There
are no foreign exchange earnings or outgo during the year under review.

22. Directors'' Responsibility Statement

To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in
terms of Section 134(3)(c) of the Companies Act,2013:

a) in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material
departures, if any;

b) they 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 and of the profit and loss of the company for that period;

c) they had taken 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) they had prepared the annual accounts on a going concern basis; and

e) they had laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and operating
effectively.

they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

23. Corporate Governance

The Company does not fall under purview of Regulations of Corporate
Governance.

Pursuant to the SEBI (Listing Obligation and Disclosures Requirements)
Regulations, 2015, the provisions of reporting of Corporate Governance as
specified in Regulation 27 (2) is not applicable to the Company, as it does not
meet the threshold of paid-up capital of Rs. 10 crores and net worth of Rs. 25
crores as on March 31, 2024.

Accordingly, the Company is fully compliant with the applicable provision and the
Company is committed to ensure compliance with all modifications within
prescribed norms under the Companies Act, 2013. The company is committed to
maintaining the highest standards of corporate practices as set out by SEBI as
good Corporate Governance, which forms part of the Directors Report.

24. Reporting of Fraud by Auditors

During the year under review, the Statutory Auditors, Cost Auditors and
Secretarial Auditors have not reported any instances of frauds committed in the
Company by its officers or employees, to the Audit Committee under Section
143(12) of the Companies Act, 2013, details of which needs to be mentioned in
the Report.

25. Secretarial Standards of ICSI

Secretarial Standards issued by the Institute of Company Secretaries of India with
respect to board and general meetings are compiled by the Company.

26 Designated person for furnishing information and extending cooperation to
ROC in respect of beneficial interest in shares of the Company:

The Company had appointed via. circular resolution vide. March 30, 2024, Ms.
Hiral Doshi, Company Secretary & Compliance Officer of the Company and in her
absence Mr. Rushabh Shah, Managing Director as a designated person, to ensure
compliance with MCA notification on this matter.

27. General Shareholder Information
a) 30^th Annual General Meeting

Date	Time	Venue
September 30, 2024	12:00 Noon	AGM will be held at 421, 4th Floor, Kailash Plaza Building, Vallabh Baug Lane, Ghatkopar (East) Mumbai- 400 075.

b) Financial Calendar for the year 2022-23

Financial year	April 1, 2023 to March 31, 2024
Book Closure Dates	September 23, 2024 to September 30, 2024 (both days inclusive)

c) Listing of Equity Shares on Stock Exchange and Stock Codes

Listing on Stock Exchange:

BSE Limited (“BSE”)

Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai- 400 023
SCRIP CODE: 530027
ISIN No. INE563D01013

d) Location and time, where Annual General Meeting (AGM) for the last 3
years were held is given below:

F.Y	AGM	Date	Time	Location	Details of special resolutions passed
2022-23	29 th	Tuesday, September 26, 2023	12:00 noon	421, 4th Floor, Kailash Plaza Building, Vallabh Baug Lane, Ghatkopar (East) Mumbai- 400075	1. Appointment of Ms. Saachi Madnani (Din: 10045589) as an Independent Director. 2. Appointment of Ms. Khushboo Agarwal (DIN: 10298514) as an Independent Director. 3. Appointment of Mr. Neelabh Kaushik (DIN: 01755431) as an Independent Director.
2021-22	28th	Thursday, June 30, 2022	11:00 a.m.	421, 4th Floor, Kailash Plaza Building, Vallabh Baug Lane, Ghatkopar (East) Mumbai- 400075	1. Appointment of Dr. Sharanabasaweshwa r G Hiremath (DIN: 08912844) as an Independent Director. 2. Appointment of Ms. Sonam Kinjal Gandhi (DIN: 09593620 As An Independent Director.
2020-21	27th	Wednesday , December	11:00 a.m.	Via electronic mode [video conference or	1. To increase borrowing powers of

29, 2021

other audiovisual means (“OAVM”)] Deemed Location: 421, 4th Floor, Kailash Plaza Building, Vallabh Baug Lane, Ghatkopar (East) Mumbai- 400075

the board and authorization limit to secure the borrowings under Section 180(1)(c) and 180(1)(a) of the Companies, Act, 2013. 2. To make investments, give loans, guarantees and security in excess of limits specified u/s 186 of Companies Act, 2013. 3. Re-appointment of Mr. Rushabh Shah (DIN:01944390) as Managing Director.

No Extra - Ordinary General Meeting (EGM) held during the year. No special resolution
was required to be carried out through postal ballot during the last year. No resolution is
proposed by postal ballot at the ensuing Annual general meeting.

e) Stock Market Date and their Performance v/s S&P BSE Sensex

The high/low of the market price of the shares of the Company is as follows:

Month	BSE (Rs.)
	High	Low
April 2023	04.05	3.35
May 2023	3.99	3.40
June 2023	3.85	3.45
July 2023	4.35	3.40
August 2023	3.85	3.01
September 2023	3.89	3.11
October 2023	3.48	3.02
November 2023	3.94	3.02
December 2023	5.50	3.15
January 2024	8.90	4.80
February 2024	7.33	4.94
March 2024	7.65	6.29

f) Registrar and Share Transfer Agent (RTA)

The Registrar and Share Transfer Agent (RTA) of the Company is Link Intime India
Private Limited. The registered office address and contact details of RTA are as
follows:

Link Intime (India) Pvt. Ltd.

C-101, 247 Park L.B.S Marg,

Vikhroli West,

Mumbai - 400083

Tel: [phone]/ 6338.

Fax: [phone]

website: www.linkintime.co.in

g) Share transfer system:

The Board has the authority for approving transfer, transmission of the
Company''s securities. The Company ensures that the half yearly Compliance
Certificate pursuant to regulations 40(9) and 40 (10) of the SEBI Listing
Regulations are filed with the Stock Exchanges.

As per SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018 and
further amendment vide Notification No. SEBI/LAD-NRO/GN/2018/49 dated
November 30, 2018, requests for effecting transfer of securities (except in case of
transmission or transposition of securities) cannot be processed from April 1,
2019 unless the securities are held in the dematerialized form with the
depositories. Therefore, Members holding shares in physical form are requested
to take necessary action to dematerialize the holdings.

h) Distribution of shareholding as on March 31, 2024:

Nominal Value of Shares: Rs. 10

Category (Shares)	Shareholders		Shares
	Number	%	Number	%
1-500	4007	77.2657	466459	4.6646
501 TO 1000	464	8.9472	388642	3.8864
1001 TO 2000	269	5.187	417138	4.1714
2001TO 3000	100	1.9283	254210	2.5421
3001 TO 4000	54	1.0413	194299	1.9430
4001 TO 5000	68	1.3112	326062	3.2606
5001 TO 10000	103	1.9861	787702	7.8770
10001 TO	121	2.3332	7165488	71.6549
Total	4710	100.00	10000000	100.00

i) Dematerialization of Shares:

The Company''s shares are required to be compulsorily traded on Stock Exchanges in
dematerialized form. As per SEBI Notification No. SEBI/LAD-NRO/GN/2018/24 dated
June 8, 2018 and further amendment vide Notification No. SEBI/LAD-

NRO/GN/2018/49 dated November 30, 2018, transfer and transmission of securities
held in physical mode has been discontinued with effect from April 1, 2019 and hence,
members were requested to convert their physical holdings into dematerialized form.

The number of shares as on 31^st March, 2024 held in dematerialized and physical
form are as under:

Particulars

No. of Shares

%

NSDL	2965861	29.66
CDSL	6253982	62.54
Physical	780157	7.80
Total	1,00,00,000	100

j) Compliance with mandatory and non-mandatory requirements of the
Listing Regulations:

The Company has complied with all mandatory requirements of Listing
Regulations and has not adopted any non-mandatory requirements that are not
applicable to the Company.

k) Shareholding of Directors and Key Managerial Personnel:

SN	Shareholding of each director and each Key Managerial Personnel	Shareholding at the beginning of the year		Cumulative Shareholding during the Year
		No. of shares	% of total shares of the company	No. of Shares	% of total shares of the company
	At the beginning of the year	24,86,429	24.86	24,86,429	24.86
	Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):	No change
	At the end of the year	24,86,429	24.86	24,86,429	24.86

l) INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due
for payment

		Unsecured Loans	Deposits	Total Indebtedness
Indebtedness at i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not due	35,00,000	6,60,29,788	Nil	6,60,29,788

Total (i ii iii)	35,00,000	6,60,29,788	Nil	6,60,29,788
Change in indebtedness during the financial year • Addition • Reduction	34,95,391.34	3,10,000 2,617,914	Nil	3,10,000 2,617,914
Net Change	-34,95,391.34	23,07,914	Nil	23,07,914
Indebtedness at the end of the financial year i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not due	46,08,66,000	6,83,37,702	Nil	6,83,42,310.66
Total (i ii iii)	46,08,66,000	6,83,37,702	Nil	6,83,42,310.66

m) DETAILS OF REMUNERATION TO ALL THE DIRECTORS AND KEY
MANAGERIAL PERSONNEL:

Name of the Directors	Salary, Allowance, perquisite s and other benefits	Performance- linked Income/Bonus/ Commission Paid/Payable	Stock Option	Pension	Sitting Fees Paid
Executive Directors
Mr. Rushabh Shah	3,00,000	-	-	-	-
Non-Executive Directors
Ms. Gayathri Muttur Nagaraj	-	-	-	-	1,20,000
Mr. Sharanabasawe shwar Hiremath					80,000
Ms. Sonam Gandhi*					60,000
Ms. Saachi Madnani**					46,000
Mr. Neelabh Kaushik***					46,000

Ms. Khushboo Agarwal***

-

-

-

-

46,000

*Ms. Sonam Gandhi resigned as an Independent Director of the Company effective from
April 11, 2023

** Ms. Saachi Madnani appointed as an Independent Director of the Company effective from
July 01, 2024

*** Ms. Khushboo Agarwal & Mr. Neelabh Kaushik were appointed as an Independent
Directors of the Company respectively effective from September 01, 2024

n) REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD /
MANAGER/WTD

Sl. No.	Particulars	Remuneration in (Rs.)
		Company Secretary*	CFO**	Total
1	Gross salary (a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 (b) Value of perquisites u/s 17(2) Income- tax Act, 1961 (c) Profits in lieu of salary undersection 17(3) Income-tax Act, 1961	2,00,000		2,00,000
2	Stock Option	-	-	-
3	Sweat Equity	-	-	-
4	Commission - as % of profit - others, specify...
5	Others, please specify	-	-	-
	Total	2,00,000	-	2,00,000

* Resigned from the post of the Chief Financial Officer w.e.f. June 27, 2023

** Ms. Sayli Munj - ceased to be the Company Secretary & Compliance Officer of the

Company w.e.f. January 16, 2024

PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type	Section of the Companies Act	Brief Descripti on	Details of Penalty / Punishment/ Compounding fees imposed	Authority [RD / NCLT/ COURT]	Appeal made, if any (give Details)
A. COMPANY
Penalty Punishment Compounding	NONE
B. DIRECTORS

Penalty	NONE
Punishment
Compounding
C. OTHER OF]	FICERS IN DEFAULT
Penalty	NONE
Punishment
Compounding

Disclosure of Managerial Remuneration

A. Ratio of remuneration of each Director to the median remuneration of the
employees of the Company for FY 2023-24 as well as the percentage increase in
remuneration of each Director, Chief Financial Officer and Company Secretary is as
under:

Name of Director/ Key Managerial Personnel	The ratio of remuneration to the median remuneration	% increase in remuneration over the previous year
Non-Executive Directors
Ms. Gayathri Muttur Nagaraj	This is not applicable as the Company did not pay any remuneration to its directors.
Mr. Sharanabasaweshwar Hiremath
Ms. Sonam Gandhi1
Ms. Saachi Madnani2
Ms. Khushboo Agarwal3
Mr. Neelabh Kaushik3
Executive Directors
Mr. Rushabh Shah	NA @	NA
Key Managerial Personnel
Ms. Hiral Doshi#	-	NA
Mr. Sanjay Jadhav ##	-

@Median remuneration calculation does not apply to the Company, as there is a single
employee who is paid salary in a/c of the company as on March 31, 2024.

B. Percentage decrease in the median remuneration of employees in FY 2023-24: Not
Applicable, as there is a single employee who is paid salary in a/c of the company as on
March 31, 2024.

C. Number of permanent employees on the rolls of the Company as on March 31, 2024:

1

D. Comparison of average percentile increase in salary of employees other than the
managerial personnel and the percentile increase in the managerial remuneration:

Particulars	% change in remuneration
Average increases in salary of employees (other than managerial personnel)	Not Applicable, as there is a single employee who is paid salary in a/c of the company as of March 31, 2024.
Average increase in remuneration of managerial personnel

Affirmation: It is affirmed that the remuneration paid to the Directors, Key Managerial
Personnel and other employees is as per the Remuneration Policy of the Company.

24. Appreciation

Your Directors would like to express their appreciation for co-operation and
assistance received from Government authorities, financial institutions, banks,
vendors, customers, shareholders and other business associates during the year
under review. The Directors also wish to place on record their deep sense of
appreciation for the committed services by all the employees of the Company

For and on behalf of the Board of Directors of

Aadi Industries Limited

Sd/-

Mr. Rushabh Shah
Managing Director
(DIN:01944390)

Place: Mumbai

Date: September 06, 2024

1

Ms. Sonam Gandhi resigned as an Independent Director of the Company effective from
April 11, 2023

2

Ms. Saachi Madnani appointed as an Independent Director of the Company effective from
July 01, 2024

3

Ms. Khushboo Agarwal & Mr. Neelabh Kaushik were appointed as Independent
Directors of the Company respectively effective from September 01, 2024
#Appointed as the Company Secretary & Compliance Officer w.e.f. April 15, 2024
## Appointed as the Chief Financial Officer of the Company w.e.f. June 27, 2023

---

Mar 31, 2014

Dear Members,

The Directors present the Twentieth Annual Report on the operations of the Company together with the audited accounts for the year ended 31st March, 2014.

Financial Results:

Financial Results for the year ended 31st March, 2014 are as under:

(Amount in Rs.)

Current Previous Financial Year Financial Year 2013-14 2012-13

Other Income 83,224,938 6,962

Loss before Depreciation, Interest and Tax (PBDIT) (129,315,089) -

Less: Interest 790,685 805,190

Depreciation 4,749,130 5,572,682

Loss before Taxation (134,854,903) (12,985,880)

Less: Provision for Taxes

- Deferred Tax Asset - 773,286

Loss after Taxation (134,854,903) (13,759,166)

Performance:

During the year under review, your Company has not carried out any operation. The Company has incurred a loss of Rs. 13.48 crores compared to Rs. 1.38 for the previous financial year.

Dividend:

Your Directors do not recommend final dividend for the Financial Year 2013-14.

Directors:

In accordance with the provisions of Companies Act, 2013, and Articles of Association of the Company, Mr. Rushabh Shah, Managing Director of the Company, shall retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re- appointment. The Board of Directors recommends his re-appointment.

It is proposed to appoint Mr. Sadanand Kotnis and Ms. Kavita Jamsutkar as Independent Directors under the provisions of revised clause 49 of Listing Agreement and they also meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013. It is proposed to appoint them, in the ensuing Annual General Meeting, as Independent Director in terms of Section 150(2) of the Companies Act, 2013 for a term of five consecutive years as stated in Section 149(10) of the Companies Act, 2013 and respective resolutions for the appointment of independent director to this effect are incorporated in the Notice of the ensuing Annual General Meeting.

Pursuant to the provisions of Section 160 of the Companies Act, 2013, the Company has received a Notice in writing from one of the members of the Company, signifying his intention to propose the candidatures of the said two Directors for the offices of Independent Directors of the Company, respectively. In terms of Section 149 (13) of the Companies Act, 2013, the provisions of Section 152(6) and (7) of the said Act in respect of retirement of director by rotation shall not be applicable to appointment of Independent Directors.

Directors'' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

* in the preparation of the annual accounts, the applicable Accounting Standards have been followed and no material departures were found;

* 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 as at 31st March, 2014 and of the loss of the Company for the year;

* the Directors have taken 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;

* the annual accounts for the year ended 31st March, 2014 have been prepared on going concern basis.

Public Deposits:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956.

Auditors:

M/s. K. S. Subramanyam & Co., Chartered Accountants, the Statutory Auditors of the Company, retires at the ensuing Annual General Meeting and eligible for re- appointment. The retiring Auditors have furnished a certificate of their eligibility for re- appointment under Section 139(1) of the Companies Act, 2013 and have indicated their willingness to continue in the said office.

Auditors'' Report:

As regards observations of the Auditors for nonpayment of certain Statutory Dues and default in payment of dues to financial institutions / banks, the Board of Directors would like to state that the Company has not carried out any operations during the year under review. Hence, due to non availability of liquidity the said dues have been remained unpaid. Necessary steps have been taken to revive the Company in current financial year.

Corporate Governance:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto and form part of this report.

Particulars of Conservation of Energy, Technology Absorption, Adaptation and Innovation and Foreign Exchange Earnings and outgo:

During the year under the review, your Company has neither undertaken any manufacturing activity nor any Research & Development activities nor imported any technology. Hence, particulars regarding conservation of energy & technology are not furnished.

The Company has neither earned nor expended any amount in foreign exchange during the year under review.

Particulars of Employees:

During the year under review, none of the employees of the Company, whether employed for the whole year or part thereof, was in receipt of remuneration aggregating to or in excess of the limits specified under Section 217(2A) of the Companies Act, 1956 read with Companies [Disclosure of particulars in the Report of Board of Directors] Rules, 1968 and hence, no Particulars of Employees are required to furnish in connection with the said Rules.

Acknowledgements:

The Board wishes to place on record its sincere appreciation for the continuous support received from Shareholders, Customers, Suppliers, Bankers, Statutory Authorities and all other business associates. The Board also takes this opportunity to thank the employees at all levels for their hard work, commitment and invaluable contribution to the Company''s operations.

For and on behalf of the Board

Sd/- Rushabh Shah Chairman & Managing Director Date: 1st September, 2014 Place: Mumbai

REGISTERED OFFICE 320/7, Siddhivinayak Society, Hingwala Lane, Pant Nagar, Ghatkopar (East), Mumbai-400075 Phone: [phone] E-mail: [e-mail]

---

Mar 31, 2013

The Directors present the Nineteenth Annual) Report on the operations of the Company together with the audited accounts for the year ended 31st March, 2013.

Financial Results:

Financial Results for the year ended 31st March, 2013 are as under:

(Rs. in lacs)

Current Previous Financial Financial Year Year 2011-12 2012-13

Net Sales and other Income 0.07 5285.05

Profit before Depredation, Interest and Tax (PBDIT) (74.13) (31.79)

Less: Interest 0.00 128.07

Depredation 55.73 55.66

Profit before Taxation (129.86) (215.52)

Less: Provision for Taxes

Income Tax 0 0

Deferred Tax Asset 7.73 (52.99)

Prior Period Item 0 14.47

Profit after Tax (137.59) (177)

Please confirm the figures with signed financials

Performance:

During the year under review, the Company has not carried out any business due to internal and external factors. Your directors are putting their best efforts to recommence the activities.

Dividend:

In view of losses, your Directors do not recommend final dividend for the Financial Year 2012-13.

Directors:

Since the date of last Annual General Meeting, there were changes in the Board of Directors of the Company, the details of which are as under:

Mr. Sadanand Kotnis) Independent Director appointed as the Additional Director of the Company w.e.i. 28th January, 2013 to hold office up to the date of ensuing Annual General Meeting and being eligible offer himself for reappointment. The Company has received a notice under Section 257 of the Companies Act, 1956 proposing their candidature as Director of the Company.

Mr. Shrikant Naidu resigned from the office of director of the Company with effect from 28* January, 2013. The Directors place on record the benefit of his experience received by the Company during his tenure.

Directors'' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

- in the preparation of the annual accounts, the applicable Accounting Standards have been followed and no material departures were found;

- 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 as at 31st March, 2013 and of the loss of the Company for the year;

- the Directors have taken 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;

- the annual accounts for the year ended 31st March, 2013 have been prepared on going concern basis.

Public Deposits:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975.

Auditors:

M/s. K. S. Subramanyam & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The retiring Auditors have furnished a certificate of their eligibility under Section 224(1 B) of the Companies Act, 1956 and have indicated their willingness to be appointed as the statutory auditors in the said office. The Board recommends the appointment of M/s. K. S. Subrahmanyam & Co., Chartered Accountants as the Statutory Auditors for the financial year 2013-14. Members are requested to appoint auditors for the current year and to to fix their remuneration.

Auditors'' Report:

As regards observations of the Auditors for nonpayment of certain Statutory Dues, the Board of Directors would like to state that the Company has been passing through liquidity crunch and hence the said dues have been remained unpaid. Necessary steps have been taken to make the payment of the said outstanding statutory liabilities at the earliest.

Corporate Governance:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Cause 49 of the Listing Agreement are annexed hereto and form part of this report.

Particulars of Conservation of Energy, Technology Absorption, Adaptation and Innovation and Foreign Exchange Earnings and outgo:

During the year under the review, your Company has neither undertaken any manufacturing activity nor any Research & Development activities nor imported any technology. Hence, particulars regarding conservation of energy & technology are not furnished.

The Company has neither earned nor expended any amount in foreign exchange during the year under review. Particulars of Employees:

During the year under review, none of the employees of the Company, whether employed for the whole year or part thereof, was in receipt of remuneration aggregating to or in excess of the limits specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, and hence, no Particulars of Employees are required to furnish in connection with the said Rules.

Acknowledgements:

The Board wishes to place on record its sincere appreciation for the continuous support received from Shareholders, Customers, Suppliers, Bankers, Statutory Authorities and all other business associates. The Board also takes this opportunity to thank the employees at all levels for their hard work, commitment and invaluable contribution to the Company''s operations.

For and on behalf of the Board

Sd/-

Rushabh Shah

Chairman & Managing Director

Dated: 30th May, 2013

Place: Mumbai

REGISTERED OFFICE

320/7, Siddhivinayak Society,

Hingwala Lane, Pant Nagar,

Ghatkopar (East), Mumbai- 400075.

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Mar 31, 2010

The Directors have pleasure in presenting the Sixteenth Annual Report on the operations of the Company together with the audited accounts for the year ended 31sMarch, 2010.

Financial Results:

Financial Results for the year ended 31s March, 2010 are as under:

(Rs. in Lacs

Current Financial Previous Financial

Year 2009-10 Year 2008-09

Net Sales and other Income 7664.30 1011.97

Profit before Depreciation, Interest and Tax (PBDIT) 535.61 59.40

Less: Interest 230.54 22.07

Depreciation 41.03 2.16

Profit before Taxation 264.04 31.57

Less: Provision for Taxes

- Income Tax 67.94 4.71

- Deferred Tax Asset 16.62 13.33

Profit after Taxation 179.48 17.13

Balance brought from previous year 5.58 (11.55)

Balance available for appropriation 185.06 5.58

APPROPRIATION

Current Previous

Financial Year Financial Year

2009-10 2008-09

Proposed Dividend 50.00 0

Dividend Tax 8.50 0

Profit carried to Balance Sheet 126.56 5.58

Performance:

During the year under review, the Company commenced its manufacturing operations at Silvassa. The Company achieved sales of Rs. 7648.03 lacs and earned net profit after tax of Rs. 179.48 lacs compared to Rs. 1011.92 lacs and Rs. 17.13 lacs respectively for the previous financial year.

Project:

The Companys Project of manufacturing 4800 MT Shopping / Plastic Bags and 7200 MT of Tarpaulins / Wagon Cover at Silvassa was completed and after the successful trial run in March 2009, commissioned during the current financial year on stand by power connection. The power connection was made available to the Company by the Gujarat Electricity Board in the month of March 2010 and accordingly the entire manufacturing operations were commenced on full fledged basis thereafter. After detailed study on the current market prospects and considering the demand for Plastic / Shopping bags, the manufacturing of white plastic / shopping bags was undertaken. During the current financial year, the Company manufactured 3837.825 MT of plastic bags / shopping bags and 1644.782 of Tarpaulins. Barring some initial teething problems, the plant has been running at satisfactory level.

Current year outlook:

The Indian Plastic Industry is expected to maintain its growth rate in the current financial year considering investments by international companies in the automotive, electronics, food processing, healthcare, packaging and telecommunications industries.

The Company is well placed to compete in the market. The Company has plans not only to cater to the domestic demand but also international demand of white bags. Further it is proposed to also tap the market for the printed bags for the leading retail outlets of India. The Company has already initiated efforts towards these objectives by supplying its products in the international market through a company registered as Merchant Exporter. A team of marketing personnel has been appointed to tap the domestic market for the printed bags.

Presently, the ratio of trading and manufacturing sales is 40:60, which is expected to reduce gradually in the current financial year. With the power connection disbursed by the Company, the manufacturing facilities which is now being operated at 60% of the installed capacity, due to receipt of uninterrupted power supply, expected to achieve optimum level in couple of years. The Companys Printing Unit is also expected to commence its operations during the current financial year.

Barring unforeseen circumstances, your Directors are optimistic that the Company achieving better performance during the current year.

Dividend:

Your Directors are pleased to recommend maiden dividend @ Re. 0.50/- per share for the Financial Year 2009-10 subject to approval of the shareholders at the ensuing Annual General Meeting, which if approved, would absorb Rs. 58.50 lacs on account of dividend and tax thereon.

Directors:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. C. R. Mehta Director of the Company, retires by rotation and being eligible, offers himself for re-appointment at the ensuing Annual General Meeting.

Mr. Shardul Shah and Mr. Pravin Doshi resigned from the directorship of the Company during the year under review. The Board places on record its deep appreciation of the invaluable services rendered by Mr. Shardul Shah and Mr. Pravin Doshi during their respective tenure as Director of the Company.

Directors Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

- in the preparation of the annual accounts, the applicable Accounting Standards have been followed and no material departures were found;

- 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 as at 31sl March, 2010 and of the profit of the Company for the year;

- the Directors have taken 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;

- the annual accounts for the year ended 31sl March, 2010 have been prepared on going concern basis.

Public Deposits:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975.

Auditors:

M/s Sunderji Gosar & Co., Chartered Accountants, the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting and are eligible for re-appointment. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 224(1 B) of the Companies Act, 1956 and have indicated their willingness to continue in the said office. Members are requested to appoint auditors for the current year and to authorize the Board to fix their remuneration.

Auditors Report:

The observations made by the Auditors in their Report read with the relevant notes as given in the Notes to Accounts, are self explanatory and therefore do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Corporate Governance:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto and form part of this report.

Particulars of Conservation of Energy, Technology Absorption, Adaptation and Innovation and Foreign Exchange Earnings and outgo:

Information relating to the Conservation of Energy, Technology Absorption, Adaptation and Innovation and Foreign Exchange Earnings and Outgo pursuant to Section 217( 1 )(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto and forms part of this report.

Particulars of Employees:

During the year under review, none of the employees of the Company, whether employed for the whole year or part thereof, was in receipt of remuneration aggregating to or in excess of the limits specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, and hence, no particulars of employees are required to be furnished in connection with the said Rules.

Acknowledgements:

The Board wishes to place on record its sincere appreciation for the continuous support received from Shareholders, Customers, Suppliers, Bankers, Statutory Authorities and all other business associates. The Board also takes this opportunity to thank the employees at all levels for their hard work, commitment and invaluable contribution to the Companys operations.

For and on behalf of the Board

Rushabh Shah

Chairman and Managing Director

Place: Mumbai

Dated: 28,h May 2010