Directors Report of Sanmit Infra Ltd.

Mar 31, 2024

Your directors have great pleasure in presenting the 24^th Annual Report along with Audited Statement of Accounts and the Auditor''s Report of the company for the financial year ended 31st March 2024. The Company sustained a good performance during the FY 2023-24.

COMPANY''S FINANCIAL HIGHLIGHTS AND PERFORMANCE

The key highlights of the financial performance/losses, as stated in the audited financial statements, along with the corresponding performance for the previous year are as under:

(Amount in Lakhs)
Particulars	Year Ended	Year Ended
	31.03.2024	31.03.2023
Revenue from Operations	9659.51	14239.64
Other Income	5.33	111.05
Total Income	9664.84	14350.69
Total Expenditure	9058.89	13683.46
Profit/(loss) before tax	605.95	667.24
Current Tax	159.26	150.45
Deferred Tax	-	-
Net Profit/Loss	446.69	516.79
Earnings Per Share ( in Rs)
Basic	0.28	0.33
Diluted	0.28	0.33

The Financial Statements of the company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of Companies Act, 2013, (the ''Act'') and other relevant provisions of the Act. There are no material departures from the prescribed norms stipulated by the accounting standards in preparation of the annual accounts.

The company discloses its financial results on a quarterly basis, which are subject to limited review, and publishes audited financial statements on an annual basis. The management of the company reviews and evaluates all its recently issued or revised accounting standards on an ongoing basis.

A key focus of the business is promoting and maintaining the operational quality of the products, a people-centric culture, and an effective technology system that enable us to optimize the performance of the company and thus offer and contribute to the company''s growth. The company possesses the following competitive strengths:

• Well experienced and professional management team

• Strong customer proposition

• Operational quality

• People centric operational culture

• Effective technology system

PERFORMANCE OF THE COMPANY:

The total income for the financial year under review was Rs. 9664.84 Lakhs as compared to Rs. 14350.69 Lakhs in the previous financial year. The Profit before exceptional items and tax was Rs. 9058.89 Lakhs for the financial year under review as against Rs. 13683.46 Lakhs in the previous financial year. Profit after Tax for the year at Rs.446.69 lakhs as against Rs. 516.79 Lakhs in the previous financial year.

TRANSFER TO RESERVES

No amount is transferred to the ''Reserves'' in the financial year 2023-24.

DIVIDEND:

The Company has a good track record of rewarding its Shareholders with a generous dividend pay-out. In view of the strong operational and financial performance during the year under review, the Board of Directors is pleased to recommend a final dividend of Rs. 0.035/- per Equity Share of Rs. 1/- each for the Financial Year ended on March 31, 2024 subject to the approval of Members in the ensuing Annual General Meeting of the Company.

The Company continues with its task to build businesses with long-term goals based on its intrinsic strengths in terms of its powerful brands, quality manufacturing prowess, distribution strengths and customer relationships.

CHANGE OF MANAGEMENT OF THE COMPANY:

There is no Change in the Management of the Company.

CHANGE OF REGISTERED OFFICE:

There is no shifting of registered office during the financial year.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There was no change in the nature of business of the Company during the year. The company is mainly into the following businesses:

1. Bio-medical and other waste management

2. Infra and Real Estate Development

3. Trading in Petroleum Products

DEPOSITS:

During the year under review, the Company has not accepted any deposits falling within the ambit of section 73 of the Companies Act, 2013 and the rules framed thereunder. The requisite return for FY 2023-24 with respect to amount(s) not considered as deposits has been filed. The Company does not have any unclaimed depositsas of date.

SUBSIDIARY / ASSOCIATE / JOINT VENTURECOMPANIES:

The Company has no subsidiary / associate / joint venture companies.

PARTICULARS OF LOANS TAKEN BY THE COMPANY:

Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in the Annual Report.

SHARE CAPITAL:

During the year there was no change in Paid up Capital of the Company and Authorized Capital of the company. The paid-up Equity Share Capital of the Company on 31st March, 2024 is Rs. 15,80,07,500/- and Authorized Capital is Rs. 16,00,00,000/-

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):Composition

Pursuant to the provisions of Section 149 of the Act and Regulation 17 of the SEBI Listing Regulations, the Board of Directors of the Company is duly constituted with optimum composition of the executive and non-executive Directors including independent woman director. The complete list of Directors of the Company has been provided as part of the Corporate Governance Report. As on March 31, 2024, the board comprises of Eight (8) Directors out of which four (4) are Executive Directors and four (4) are Non Executive Independent Directors (including one Independent Woman Director).

As on the date of this Report, following are the Key Managerial Personnel of your Company in accordance with the provisions of Section 2(51) read with Section 203 of the Act :

SR.NO.	NAME OF DIRECTOR	CATEGORY	DESIGNATION
1	Mr. Sanjay Kanayalal Makhija	Promoter, Executive, Managing Director	Managing Director
2	Mr. Haresh Kanayalal Makhija	Promoter,Executive Director	Whole-time Director
3	Mr. Kamal Kanayalal Makhija	Promoter, Executive Director	Whole-time Director

4	Mr. Dinesh Kanayalal Makhija	Promoter,Executive Director,Chief Financial Officer(CFO)	Whole-time Director & CFO
5	Mr. Sanjay Vishindas Nasta	Non Executive, Independent Director	Independent Director
6	Mr. Mohan Mallu Rathod	Non Executive, Independent Director	Independent Director
7	Mr. Ajay Nanik Chandwani	Non Executive, Independent Director	Independent Director
8	Mrs. Priyanka Hirendra Moorjani*	Non Executive, Independent Director	Independent Director
9	Mrs. Shazia Fatima Mohammed Karimuddin Shaikh**	Company Secretary and Compliance Officer	Company Secretary and Compliance Officer
10	Mrs. Sushama Anuj Yadav***	Company Secretary and Compliance Officer	Company Secretary and Compliance Officer
* Mrs. Priyanka Hirendra Moorjani was appointed as Director w.e.f. 21-04-2023. ** Mrs. Shazia Fatima Mohammed Karimuddin Shaikh resigned as Compa Secretary and Compliance Officer w.e.f. 31.07.2023. **** Mrs. Sushama Anuj Yadav was appointed as Company Secretary and Compliar Officer w.e.f. 14.08.2023.

Appointment/ Re-appointment

During the Financial Year 2023-2024, Mrs. Priyanka Hirendra Moorjani was appointed as an Additional Director by the Board with effect from 21^st April, 2024 and appointed as a Non Executive Independent Director by members in 23^rd Annual General Meeting dated 20^th July, 2024 for a period of Five years.

Present Term of Mr. Dinesh Kanayalal Makhija (DIN: 00586498) Whole Time Director of the Company shall expire on August 26, 2024 your Directors in its meeting held on August 13, 2024, on the recommendation of Nomination and Remuneration Committee have considered his reappointment for the period of Three (3) years with effect from August 27, 2024. Your Directors recommend for your approval by way of Special Resolution at ensuing Annual General Meeting (AGM).

Directors retiring by rotation

Pursuant to the provisions of Section 152 of the Act read with the relevant rules made thereunder,Mr. Kamal Kanayalal Makhija (DIN : 00586617) Whole Time Director being longest in the office are liable to retire by rotation at the ensuing Annual General Meeting ("AGM”) and being eligible, has sought re-appointment.

Based on recommendation of the Nomination and Remuneration Committee, the Board of Directors has recommended their re-appointment and the matter is being placed for seeking approval of members at the ensuing Annual General Meeting of the Company.

Pursuant to Regulation 36 of the SEBI Listing Regulations read with Secretarial Standard-2 on General Meetings, necessary details of Mr. Kamal Kanayalal Makhija, are provided as an Annexure to the Notice of the Annual General Meeting.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014

Key Managerial Personnel

During the year under review, Mrs. Shazia Fatima Mohammed Karimuddin Shaikh resigned from Post of Company Secretary and Compliance Officer of the Company with effect from 31^st July, 2023.

Mrs. Sushama Anuj Yadav appointed as Company Secretary and Compliance Officer with effect from 14^th August, 2023.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Board met Seven (7) times during the financial year, the details of which are as given below: The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

Sr. No	Date
1	21/04/2023
2	29/05/2023
3	08/06/2023
4	13/06/2023
5	14/08/2023
6	11/11/2023
7	13/02/2024

CORPORATE GOVERNANCE :

Company is committed to maintain high standards of Corporate Governance to achieve business excellence and strengthen the confidence of all stakeholders. The Company constantly endeavours to create and sustain long-term value for all its stakeholders including, but not

limited to, shareholders, employees, customers, vendors, suppliers, investors and the wider communities that we serve.

Your Company has complied with the mandatory Corporate Governance requirements stipulated under the Listing Regulations. A separate Report on Corporate Governance is annexed as Annexure-I hereto forming part of this report together with the requisite certificate from Ramesh Chandra Mishra & Associates, Practicing Company Secretary as stipulated under the Listing Regulations.

INDEPENDENT DIRECTORS DECLARATION:

The Company has received Declaration of Independence as stipulated under section 149(7) of the Companies Act, 2013 and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from Independent Directors confirming that he/she is not disqualified from being appointed/re-appointed/ continue as an Independent Director as per the criteria laid down in section 149(6) of the Companies Act, 2013and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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 themselves with the data bank maintained by Indian Institute of Corporate Affairs (IICA).

The Independent Directors under section 149(6) of the Companies Act, 2013 declared that:

1. They are not promoters of the Company or its holding, subsidiary or associate company;

2. They are not related to promoters or directors in the company, its holding, subsidiary or associate company.

3. The independent Directors have /had no pecuniary relationship with company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

4. None of the relatives of the Independent Director has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

5. Independent Director, neither himself nor any of his relatives--

(i) holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

(ii) is or has been an employee or proprietor or a partner, in any of the three financial

years immediately preceding the financial year in which he is proposed to be appointed, of--

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten percent or more of the gross turnover of such firm;

(iii) Holds together with his relatives two percent. or more of the total voting power of the company; or

(iv) is a Chief Executive or Director, by whatever name called, of any nonprofit organization that receives twenty-five percent. or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two percent or more of the total voting power of the company;

6. Independent Director possesses such qualifications as may be directed by the Board.

7. The Company & the Independent Directors shall abide by the provisions specified in Schedule IV of the Companies Act, 2013.

8. The Companies Act, 2013, provides for the appointment of independent directors. Sub-section (10) of Section 149 of the Companies Act, 2013 read with applicable rules, provides that independent directors shall hold office for a term up to five consecutive years on the board of a company; and shall be eligible for reappointment on passing a special resolution by the shareholders of the Company.

9. Further, according to Sub-section (11) of Section 149, no independent director shall be eligible for appointment for more than two consecutive terms of five years. Subsection (13) states that the provisions of retirement by rotation as defined in Subsections (6) and (7) of Section 152 of the Act shall not apply to such independent directors.

ANNUAL RETURN:

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at www.sanmitinfraltd.com.

MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT:

Management''s Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 (3) read with Schedule Part V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 with Stock Exchange in India, is presented in a separate Annexure -II forming part of the Annual Report.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

During the year under review, there were no material changes and commitments'' affecting the financial position of the Company.

BOARD EVALUATION:

The SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors.

The Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors should be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The Board approved the evaluation results as collated by the Nomination and Remuneration Committee.

PERFORMANCE OF THE BOARD AND COMMITTEES:

During the year under review, the performance of the Board & Committees and Individual Director(s) based on the below parameters was satisfactory:

(i) All Directors had attended the Board meetings;

(ii) The remunerations paid to Executive Directors are strictly as per the Company and industry policy.

(iii) The Independent Directors only received sitting fees.

(iv) The Independent Directors contributed significantly in the Board and committee deliberation and business and operations of the Company and subsidiaries based on their experience and knowledge and Independent views.

(v) The Credit Policy, Loan Policy and compliances were reviewed periodically;

(vi) Risk Management Policy was implemented at all critical levels and monitored by the Internal Audit team who places report with the Board and Audit committee.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As on 31^st March, 2024, the Board consists of 8 members. Out of which Four Non-executive Independent Directors and Four Executive Director.

The policy of the Company on director''s appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Sub section (3) of Section 178 of the Companies Act, 2013, adopted by the Board and are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

COMMITTEES OF THE BOARD:

Currently, the Board has Six Committees: 1) Audit Committee, 2) Nomination and Remuneration Committee, 3) Stakeholders Relationship Committee, 4)CSR Committee

5)Risk management Committee and 6) Business Responsibility and Sustainability Committee which the Board constituted for better corporate governance.

DISCLOSURE ON AUDIT COMMITTEE

The Company has a qualified and independent Audit Committee which has been formed in pursuance of Regulation 18 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 and Section 177 of the Companies Act, 2013.

The Primary objective of the committee is to monitor and provide effective supervision of the management''s financial reporting process to ensure accurate and timely disclosures, with the highest level of transparency, integrity and quality of Financial reporting.

COMPOSITION OF AUDIT COMMITTEE:

The Company has constituted an Audit Committee in terms of the requirements of the Companies Act, 2013.

During the Financial Year 2023-24, Five Audit Committee Meetings of the Board of Directors of Company held i.e. on 29^th May 2023, 8^th June 2023, 14^th August 2023, 11^th November 2023 and , 13^th February 2024.

The table below provides the attendance of the Audit Committee Members:
S N	NAME OF DIRECTOR	POSITION	NO. OF MEETINGS
1	Mr. Sanjay Vishindas Nasta	Chairman	5 of 5
2	Mrs. Priyanka Hirendra Moorjani*	Member	5 of 5
3	Mr. Mohan Mallu Rathod	Member	5 of 5
4	Mr. Ajay Nanik Chandwani	Member	5 of 5
* Mrs. Priyanka Hirendra Moorjani appointed w.e.f. 21/04/2023

DISCLOSURE ON NOMINATION AND REMUNERATION COMMITTEE:

Pursuant to the Section 178 of the Companies Act, 2013, the Company has set up a Nomination and Remuneration Committee.

The purpose of this Committee of the Board of Directors (''The Board'') shall be to discharge the Board''s responsibilities related to nomination and remuneration of the Company''s Executive/ Non-Executive Directors. The Committee has the overall responsibility of approving and evaluating the nomination and remuneration plans, policies and programs for executive /non-executive directors.

Composition of nomination and remuneration committee under section 178 of the Companies Act, 2013 is as follows:

During the Financial Year 2023-24, Four Nomination and Remuneration Committee Meeting

of the Board of Directors of Company held i.e. on 29^th May 2023, 14^th August 2023, 11^th November 2023 and , 13^th February 2024.

The table below highlights the composition and attendance of the Members of the Committee. The requisite quorum was present at all the Meetings.

S N	NAME OF DIRECTOR	POSITION	NO. OF MEETINGS
1	Mrs. Priyanka Hirendra Moorjani*	Chairman	4 of 4
2	Mr. Sanjay Vishindas Nasta	Member	4 of 4
3	Mr. Mohan Mallu Rathod	Member	4 of 4
4	Mr. Ajay Nanik Chandwani	Member	4 of 4
* Mrs. Priyanka Hirendra Moorjani appointed w.e.f. 21/04/2023

The Key Features of the Policy of the said committee are as follows:

For Appointment of Independent Director (ID):

a. Any person who is between the age of 21 years and below 75 years eligible to become Independent Director (ID);

b. He has to fulfill the requirements as per section 149 of the Companies Act, 2013 read with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

c. Adhere to the code of conduct as per Schedule IV to the Companies Act, 2013;

d. Strictly adhere to the Insider Trading Regulation of the SEBI and Insider Trading policy of the Company;

e. Independent Director should have adequate knowledge and reasonably able to contribute to the growth of the Company and stakeholders;

f. Independent Director should be able to devote time for the Board and other meetings of the company;

g. Entitled for sitting fees and reasonable conveyance to attend the meetings; and

h. Able to review the policy, participate in the meeting with all the stakeholders of the company at the Annual General Meeting.

DISCLOSURE ON STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Committee has the mandate to review and redress shareholder grievances including complaints related to non-receipt of Securities/ Share certificates, non-receipt of balance sheet, non-receipt of declared dividends etc.

The committee reviews shareholders complaints and resolution thereof. The Committee expresses satisfaction with the Company''s performance in dealing with investor grievances and its share transfer system.

Composition of stakeholders relationship committee under section 178 of the Companies Act, 2013 is as follows

During the Financial Year 2023-24, One Stakeholders Relationship Committee Meeting of the Board of Directors of Company held i.e. on 08^th June, 2023.

The table below highlights the composition and attendance of the Members of the Committee. The requisite quorum was present at all the Meetings.

S N	NAME OF DIRECTOR	POSITION	NO. OF MEETINGS
1	Mr. Sanjay Vishindas Nasta	Chairman	1 of 1
2	Mrs. Priyanka Hirendra Moorjani*	Member	1 of 1
3	Mr. Mohan Mallu Rathod	Member	1 of 1
4	Mr. Ajay Nanik Chandwani	Member	1 of 1
* Mrs. Priyanka Hirendra Moorjani appointed w.e.f. 21/04/2023

STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY:

The Company have Risk Management Policy as the elements of risk threatening the Company''s existence are very minimal.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has a proper and adequate system of internal financial controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition, and that transactions are authorized, recorded, and reported correctly. The internal control system is supplemented by extensive programme of audit, review by management, and documented policies, guidelines and procedures.The establishment of an effective corporate governance and internal control system is essential for sustainable growth and long-term improvements in corporate value, and accordingly, Sanmit Infra Limited works to strengthen such structures. We believe that a strong internal control framework is an important pillar of Corporate Governance.

The internal and operational audit is entrusted to M/s. Manas Dash & Co for the Financial Year 2023-2024. The main focus of internal audit is to review business risks, test and review controls, assess business processes besides benchmarking controls with best practices in the industry. Significant audit observations and follow-up actions thereon are reported to the Audit Committee. For ensuring independence of audits, internal auditors report directly to the Audit Committee.

STATUTORY AUDITORS & THEIR AUDIT REPORT:

At the 23^rd Annual General Meeting (AGM) of the Company held on July 20, 2023 Members had approved the re-appointment of M/S. PAMS & ASSOCIATES Chartered Accountants (Firm Registration No. (FRN: 316079E) as statutory Auditors of the Company for the second term from the conclusion of 23^rd Annual General Meeting to the Conclusion of 28^th Annual General Meeting to be held in the year 2028. The Auditor''s report on the Financial Statements for the year ended March 31, 2024, is unmodified and does not contain any qualification, adverse remark, disclaimer, reservation and notes thereto are self-explanatory and do not require any clarifications or explanations. The Auditors have not reported any fraud under section 143(12) of the Act and therefore no details are required to be disclosed under section 134 (3) (ca) of the act.

SECRETARIAL AUDITORS AND THEIR REPORT:

The provision of section 204 read with section 134(3) of the companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Company has appointed M/s. Ramesh Chandra Mishra & Associates, Company Secretary in practice (Membership No.: 5477 Certificate of Practice No. 3987) as the Secretarial Auditor of the Company for the year 2023-2024. The Secretarial Audit Report does not contain any qualification, reservation or disclaimer or adverse remark.The Secretarial Audit report is annexed herewith as Annexure-III to this Board''s Report.

COST AUDITOR AND THEIR REPORT:

In terms of Section 148 of the Act, the Company is required to maintain cost records and have the audit of its cost records conducted by a Cost Accountant. Cost records are prepared and maintained by the Company as required under Section 148(1) of the Act.

The Board of Directors of the Company has, on the recommendation of the Audit Committee, approved the appointment of M/s C. SAHOO & COMPANY, Cost Accountant (Membership No.: 18011)as the cost auditors of the Company (Firm Registration No. 100665) for the year ending March 31, 2024. Mr. Chandramani Sahoo have vast experience in the field of cost audit and have been conducting the audit of the cost records of the Company for the past several years.

In accordance with the provisions of Section 148(3) of the Act read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, as amended, the remuneration plus applicable taxes and reimbursement of out-of-pocket expenses payable to the Cost Auditors for conducting cost audit of the Company for FY2024-25 as recommended by the Audit Committee and approved by the Board .

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS:

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company''s operations in future.

RELATED PARTY TRANSACTIONS/CONTRACTS:

The particulars of every contract or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto shall be disclosed in the Form AOC - 2 Annexed herewith as “Annexure IV” to this Report.

HUMAN RESOURCES MANAGEMENT:

The Directors wish to place on record their appreciation and acknowledgment of the efforts and dedication and contributions made by employees at all levels during the year under review. The Company continues to focus on attracting new talent & help them to acquire new skills, explore new roles and realize their potential. Your director acknowledges and thanks employees for their continued contribution.

CORPORATE SOCIAL RESPONSIBILITY:

In compliance with the requirements of section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, the Board of Directors of the Company has duly constituted a Corporate Social Responsibility (CSR) Committee. The company''s CSR initiatives and activities are aligned to the requirements of Section 135 of the Act. The brief outline of the CSR activities undertaken by the company during the year and the CSR policy of the company is specified in Annexure-VI of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The contents of the CSR Policy as approved by the board are available on the website of the company and can be accessed through the web link at www.sanmitinfraltd.com. The details of the Corporate Social Responsibility Committee are given in the Corporate Governance Report which forms part of the Annual Report of the company

As per Section 135 of the Companies Act, 2013 all companies having net worth of ''500 crore or more'' or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more during previous financial year are required to constitute an appropriate Corporate Social Responsibility (CSR) Committee of the Board of Directors comprising three or more directors, at least one of whom must be an independent director and such company shall spend at least 2 % of the average net profits of the Company''s three immediately preceding financial year.

The company has a CSR committee consisting of:

SR. NO.	NAME OF MEMBERS	DESIGNATION
1	Mrs. Priyanka Hirendra Moorjani*	Chairman
2	Mr. Sanjay Vishindas Nasta	Member
3	Mr. Mohan Mallu Rathod	Member

	4	Mr. Sanjay Kanayalal Makhija	Member
*	Mrs. Priyanka Hirendra Moorjani appointed w.e.f. 21/04/2023

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of Energy, Technology Absorption are not applicable in the case of the company. However, the company took adequate steps to conserve the Energy and used the latest technology.

FOREIGN EXCHANGE (inflow/outflow):

During the year under review there were no foreign Exchange Earnings. The Foreign Exchange out go is Nil.

BANK AND FINANCIAL INSTITUTIONS:

Directors are thankful to their bankers for their continuous support to the company.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS:

The Company has complied with Secretarial Standards on Board Meetings and General Meetings issued by theInstitute of Company Secretaries of India.

PARTICULARS OF EMPLOYEES:

The Disclosure required under Section 197(12) of the Act read with the Rule 5(1) of the Companies (Appointment and Remuneration of Key Managerial Personnel) Rules, 2014, is annexed as Annexure-V and forms an integral part of this Report.

In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees'' particulars which is available for inspection by the members at the Registered office of the company during business hours on working days of the company up to the date of ensuing Annual General Meeting. If any member is interested in inspecting the same, such member may write to the company in advance.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

There is no amount due to be transferred to the IEPF account.

ENVIRONMENT, HEALTH AND SAFETY

Your company ensures strict adherence to all legal standards, with a continued focus on conserving energy and water, increasing the share of green energy in total energy consumption, and reducing

waste production. The management team is actively promoting a culture of safety throughout the organization and maintaining discipline through regular communication and training. The company conducts regular fire safety training and health check-ups for both permanent and contractual employees and workers. Plans are in place to further improve the well-being of the workforce, recognizing that safety culture is an ongoing journey. Additionally, we pledge to provide a secure and healthy work environment across all our offices and production facilities.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

Your Company has adopted vigil mechanism in the form of Whistle Blower Policy for its Directors and employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. During the financial year under review, no complaints were received under the Whistle Blower Policy / Vigil mechanism.

LISTING WITH STOCK EXCHANGE:

The Company confirms that it has paid the Annual Listing Fees for the year 2023-24 to BSE where the Company''s shares are listed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the Section 134(3)(c) and Section 134 (5) of the Companies Act, 2013, the Board of Directors of the Company hereby confirm:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review;

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

(iv) That the Directors have prepared the accounts for the financial year ended 31^st March 2024 on a ''going concern'' basis.

(v) The internal financial controls are laid and have been followed by the company and that such controls are adequate and are operating effectively. Such controls means controls and policies and procedures adopted and adhered by the company for orderly and efficient conduct of the business for safeguarding assets, prevention and detection of frauds and errors and maintenance of accounting records and timely preparation of financial statements and review its efficiency.

(vi) 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.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION& REDRESSAL) ACT 2013

The Company has zero tolerance for sexual harassment at workplace and is in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH) and the rules made thereunder. An Internal Complaint Committee (ICC) has been set up in compliance with the said Act.

The Company has revisited the Internal Complaints Committee members and emphasised on the roles and responsibilities expected from the members. The Company continuously invests in enhancing the awareness and will make the Policy in future.

During the year under review, there was no complaint of discrimination and harassment including sexual harassment received by the committee.

MANAGING DIRECTOR & CHIEF FINANCIAL OFFICER CERTIFICATE

In terms of the SEBI LODR Regulations, the certificate, as prescribed in Part B of Schedule II of the Listing Regulations, has been obtained from Mr. Sanjay Kanayalal Makhija, Managing Director and Mr. Dinesh Kanayalal Makhija Chief Financial Officer, for the Financial Year 2023-24 with regard to the Financial Statements and other matters. The said Certificate forms part of this Report.

GREEN INITIATIVES

In commitment to keep in line with the Green Initiatives and going beyond it, electronic copy of the Notice of 24^th Annual General Meeting of the Company including the Annual Report for Financial Year 2023-24 are being sent to all Members whose e-mail addresses are registered with the Company / Depository Participant(s).

CAUTIONARY STATEMENT

Statements in this Directors'' Report and Management Discussion and Analysis Report describing the Company''s objectives, projections, estimates, expectations or predictions may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.

ACKNOWLEDGMENTS:

Your Directors convey their sincere thanks to the Government, Banks, Shareholders and customers for their continued support extended to the company at all times. The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year.

---

Mar 31, 2018

Dear Members,

The Directors are pleased to present the 18th Annual Report of the Company together with the Audited Financial Statements for the year ended 31st March, 2018.

SUMMARY OF FINANCIAL RESULTS OF THE COMPANY:

(Rs. in Lacs)

Particulars	Year Ended 31.03.2018	Year Ended 31.03.2017
Total Income	559,984,365	955,692,463
Total Expenditure	554,788,925	953,707,547
Profit/loss before tax	5195440	1,984,916
Current Tax	-	-
Deferred Tax	5889	1,483
Profit/(loss) for the year from continuing operations	5189551	1,983,433

OPERATIONS PERFORMANCE:

Income of the company from operations is of Rs. 559,984,365/-.Profit before tax is Rs. 5195440/- as compared to Rs. 1,984,916/- in previous year.

TRANSFER TO RESERVES:

Due to unabsorbed losses no amount has been proposed to be transferred to Reserves.

DIVIDEND:

In view of accumulated losses, your Directors did not recommend any dividend for the year.

DEPOSITS:

The Company has not accepted/renewed any deposit within the meaning of Section 73 of the companies Act, 2013 and rules made there under from public or from the shareholders during the period under review.

MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT:

Management’s Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 (3) read with Schedule Part V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 with Stock Exchange in India, is presented in a separate Annexure -I forming part of the Annual Report.

CHANGE OF REGISTERED OFFICE:

The company had applied for the change in the registered office of the company from Chennai to Mumbai and has received the approval for the same from Registrar of Companies.

The registered office of the company has been changed from Chennai to Mumbai.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year the board proposed to carry on the business of disposable of Medical Bio Waste(s) including as per guidelines issued Central , State Government of India and other statutory and private bodies for all Government and Private Hospitals, Health Clinics, Poly Clinics and Medical camps which generate bio medical - Hospital waste and which are to be disinfected and treated at source before disposal and Business Development, National Marketing, Sales, and Distribution of Microwave based disinfection Systems and the same was approved by the Board of Directors at their meeting held on 26th March, 2018 and approached to the shareholders through postal ballot.

There was no change in the nature of business of the Company or any of its subsidiaries during the year. The company had applied for reduction of capital to the National Company Law Tribunal and the same was approved by the hon’ble National Company Law Tribunal on 30th June, 2017.

The Company already reduced the capital as per the scheme of reduction to Section 100 of Companies Act 1956 and/or Section 66 other applicable provisions, if any, of the Companies Act, 2013, Articles of Association of the Company and subject to confirmation/approval by the High Court* having appropriate Jurisdiction, the Subscribed and Fully Paid-up Share Capital of the Company shall stand reduced from Rs. 98,984,000/- (Rupees Nine crore eighty nine lacs Eighty four Thousand Only)divided into 9,898,400 (Ninety Eight Lacs ninety-eight Thousand four hundred) fully paid up Equity Shares of Rs. 10/- (Rupees Ten Only), to Rs. 14,847,600/- (One Crore Forty Eight Lacs Fourty Seven Thousand Six Hundred only) divided into 1,484,760 (Fourteen Lacs Eighty-four Seven Hundred Sixty ) Equity Shares of Rs. 10/- (Ten only) each.

The application for listing of new shares on account of reduction of capital pending for disposal before Stock Exchange. Hence, the trading of shares temporarily under hold by the stock exchange for procedural reason.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

During the year under review, there were no material changes and commitments affecting the financial position of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Companies Act, 2013, provides for the appointment of independent directors. Sub-section (10) of Section 149 of the Companies Act, 2013 read with applicable rules, provides that independent directors shall hold office for a term up to five consecutive years on the board of a company; and shall be eligible for reappointment on passing a special resolution by the shareholders of the Company.

Further, according to Sub-section (11) of Section 149, no independent director shall be eligible for appointment for more than two consecutive terms of five years. Sub-section (13) states that the provisions of retirement by rotation as defined in Sub-sections (6) and (7) of Section 152 of the Act shall not apply to such independent directors.

NUMBER OF MEETINGS OF THE BOARD:

The Board met 8 times during the financial year, the details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

INDEPENDENT DIRECTORS DECLARATION:

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The Independent Directors under section 149(6) of the Companies Act, 2013 declared that:

1. They are not promoters of the Company or its holding, subsidiary or associate company;

2. They are not related to promoters or directors in the company, its holding, subsidiary or associate company.

3. The independent Directors have /had no pecuniary relationship with company, its holding, subsidiary or associate company , or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

4. None of the relatives of the Independent Director has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

5. Independent Director, neither himself nor any of his relatives-

(i) holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

(ii) is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of-

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten percent or more of the gross turnover of such firm;

(iii) Holds together with his relatives two percent. or more of the total voting power of the company; or

(iv) is a Chief Executive or Director, by whatever name called, of any nonprofit organization that receives twenty-five percent. or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two percent or more of the total voting power of the company;

6. Independent Director possesses such qualifications as may be directed by the Board.

7. The Company & the Independent Directors shall abide by the provisions specified in Schedule IV of the Companies Act, 2013.

BOARD EVALUATION:

SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. The Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors should be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board.

The Board approved the evaluation results as collated by the Nomination and Remuneration Committee.

PERFORMANCE OF THE BOARD AND COMMITTEES:

During the year under review, the performance of the Board & Committees and Individual Director(s) based on the below parameters was satisfactory:

(i) All Directors had attended the Board meetings;

(ii) The remunerations paid to Executive Directors are strictly as per the Company and industry policy.

(iii) The Independent Directors only received sitting fees.

(iv) The Independent Directors contributed significantly in the Board and committee deliberation and business and operations of the Company and subsidiaries based on their experience and knowledge and Independent views.

(v) The Credit Policy, Loan Policy and compliances were reviewed periodically;

(vi) Risk Management Policy was implemented at all critical levels and monitored by the Internal Audit team who places report with the Board and Audit committee.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As on 31st March, 2018, the Board consists of 6 members. Out of which one is the Managing Director, two non executive directors three are Independent Director. The Women Director is also one of the Independent director.

The policy of the Company on directors appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Sub section (3) of Section 178 of the Companies Act, 2013, adopted by the Board and are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

COMMITTEES OF THE BOARD:

Currently, the Board has Four Committees: 1) Audit Committee, 2) Nomination and Remuneration Committee, 3) Stakeholders Relationship Committee, 4) Shares Transfer Committee.

A detailed note on the Board and its Committees is provided under the Corporate Governance Report that forms part of this Annual Report.

NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE:

Pursuant to the Section 178 of the Companies Act, 2013, the Company has set up a Nomination and Remuneration and Stakeholders Relationship Committee. A detailed note on the composition of the Committees is provided in the corporate governance report section of this Annual Report.

The Key Features of the Policy of the said committee are as follows:

For Appointment of Independent Director (ID):

a. Any person who is between the age of 25 years and below 75 years eligible to become Independent Director(ID);

b. He has to fulfill the requirements as per section 149 of the Companies Act, 2013 read with Clause 49 of the Listing Agreement;

c. Adhere to the code of conduct as per Schedule IV to the Companies Act, 2013;

d. Strictly adhere to the Insider Trading Regulation of the SEBI and Insider Trading policy of the Company;

e. Independent Director should have adequate knowledge and reasonably able to contribute to the growth of the Company and stakeholders;

f. Independent Director should be able to devote time for the Board and other meetings of the company;

g. Entitled for sitting fees and reasonable conveyance to attend the meetings; and

h. Able to review the policy, participate in the meeting with all the stakeholders of the company at the Annual General Meeting.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the Section 134(3)(c) and Section 134 (5) of the Companies Act, 2013, the Board of Directors of the Company hereby confirm:

(i) That in the preparation of the accounts for the financial year ended 31stMarch, 2017, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review;

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

(iv) That the Directors have prepared the accounts for the financial year ended 31stMarch 2017 on a ‘going concern’ basis.

(v) The internal financial controls are laid and have been followed by the company and that such controls are adequate and are operating effectively. Such controls means controls and policies and procedures adopted and adhered by the company for orderly and efficient conduct of the business for safeguarding assets, prevention and detection of frauds and errors and maintenance of accounting records and timely preparation of financial statements and review its efficiency.

(vi) 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.

RISK MANAGEMENT POLICY:

Sanmit Infra Limited is exposed to risks such as liquidity risk, Interest rate risk, Credit risk and Operational risk that are inherent in the construction cum infrastructure businesses and has extended the scope in the petroleum business.

The infrastructure and realty segment presently witnessing down trend. The Company decides to follow the infrastructure and government sponsored projects in future as well as petroleum business.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company.

Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to Board.

STATUTORY AUDITORS:

The Auditor, M/s. K.M. Tapuriah & Co. - Chartered Accountants, retire at the ensuing Annual General Meeting and are not eligible to be re-appointed due to expiry of the maximum permissible tenure as the Auditors of the Company. In place of the retiring auditors , M/s. Pams & Associates Chartered Accountants (Firm Registration No. 316079E) are appointed as the auditors of the Company for a period of 5 years ,subject to ratification at every AGM till the conclusion of the 23rd Annual General Meeting.

In terms of the first proviso to Section 139(2) (b)of the Companies Act, 2013, No Listed company or company belonging to such class or classes of company as prescribed shall appoint or re-appoint an audit firm as auditor for more than Two Term of five consecutive year.

In this regard, the Company has receive class or d a certificate from the auditors to the effect that if they are re-appointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

AUDITORS REPORT:

The Auditors have not made any qualification to the financial statement. Their reports on relevant notes on accounts are self-explanatory and do not call for any comments under section 134 of the companies Act, 2013.

SECRETARIAL AUDITORS AND THEIR REPORT:

M/s. Ramesh Chandra Mishra & Associates, Company Secretary in Practice was appointed to conduct the secretarial audit of the Company for the financial year 2017-18, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report for F.Y 2017-18 is Annexure-II to this Board’s Report.

The Board has re-appointed M/s. Ramesh Chandra Mishra & Associates, Company Secretary in Practice, as secretarial auditor of the Company for the financial year 2018-19.

SIGNIFICANTAND MATERIALORDERS PASSED BY THE COURTS/REGULATORS:

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

RELATED PARTY TRANSACTIONS/CONTRACTS:

The Company has implemented a Related Party Transactions policy for the purposes of identification and monitoring of such transactions. The policy on related party transactions is uploaded on the Company’s website.

All related party transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained on an annual basis which is reviewed and updated on quarterly basis.

Pursuant to the Section 134(3) (h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014, there were no contract where in the related parties are interested.

In accordance with the provisions of the Companies Act, 2013, the details of related party transactions are available in the Notes to the Standalone financial statements section of the Annual Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.

HUMAN RESOURCES MANAGEMENT:

We take this opportunity to thank employees at all levels for their dedicated service and contribution made towards the growth of the company. The relationship with the workers of the Company’s manufacturing units and other staff has continued to be cordial.

To ensure good human resources management at the company, we focus on all aspects of the employee lifecycle. During their tenure at the Company, employees are motivated through various skill-development, engagement and volunteering programs.

In terms of Section 197(12) of the Companies Act, 2013, read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, no employee(s) drawing remuneration in excess of limits set out in said rules forms part of the annual report.

Considering the first proviso to Section 136(1) of the Companies Act, 2013, the Annual Report is being sent to the members of the Company and others entitled thereto. The said information is available for inspection at the registered office of the Company during business hours from 11 a.m. to 2 p.m. on working days of the Company up to the date of the ensuing Annual General Meeting. Any shareholder interested in obtaining a copy thereof, may write to the Company Secretary in this regard.

PREFERENTIAL ISSUE AND ALLOTMENT OF 85,15,240 EQUITY SHARES OF FACE VALUE OF RS 10/- EACH THE COMPANY TO PROMOTER AND NON-PROMOTER(S):

Pursuant to the provisions of Section 42 & 62 and other applicable provisions, if any, of the Companies Act, 2013,as amended (“Companies Act”) read Companies (Share Capital and Debentures) Rules, 2014 and all other applicable provisions, as amended from time to time, and various rules, regulations, circulars, press notes, clarification issued by the Securities and Exchange Board of India, including but not restricted to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“SEBI ICDR Regulations”), and subsequent amendments thereto, the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI Takeover Regulations”) and amendments thereto, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and all other applicable rules, regulations and guidelines of the Securities and Exchange Board of India (“SEBI”) (“SEBI Regulations”), the Reserve Bank of India (“RBI”) and the stock exchanges where the shares of the Company are listed (“Stock Exchanges”) and enabling provisions of the Memorandum and Articles of Association of the Company and the listing agreements entered into between the Company and the Stock Exchanges and subject to requisite approvals, consents, permissions and/or sanctions of the appropriate statutory authorities ,if any, and subject to such conditions as may be prescribed by any of them while granting any such approvals, consents, permissions, and/or sanctions and which may be agreed to by the Board of Directors of the Company (hereinafter referred to as the ‘Board’ which term shall be deemed to include any committee which the Board may have constituted or hereinafter constitute to exercise one or more of its power including the powers conferred hereunder), the Board be and is hereby authorized to create, offer, issue and allot up to 85,15,240 equity shares of face value of Re. 10/- each (“Equity Shares”) fully paid up, for cash, at such price (including premium) being not less than Rs.10/- each or the price determined in accordance with Chapter VII of SEBI ICDr Regulations, on a preferential basis to the promoter(s) whichever is higher in one or multiple trances and on such terms and conditions and in such manner, as the Board may think fit and proper and in its absolute discretion.

In accordance with the provisions of Chapter VII of the SEBI ICDR Regulations, the “Relevant Date” for the purpose of calculating the floor price for the issue of 85,15,240 equity shares is 30th august,2018 which would be the date falling 30 days prior to the date of this Annual General Meeting and the floor price as calculated as per ICDR Regulation 2009 is of Rs. 10/- (Rupees Ten only) i.e Preferential allotment of equity shares to Promoter group 56,80,733 at a face value of Rs. 10/- each and Non-Promoter group 28,34,507 at a face value of Rs. 10/- each, aggregating to 85,15,240 equity shares at a face value of Rs.10/-.

CORPORATE SOCIAL RESPONSIBILITY:

As per the Companies Act, 2013 all companies having net worth of ‘500 crore or more’ or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more during any financial year are required to constitute a appropriate corporate social responsibility CSR Committee of the Board of Directors comprising there or more directors, atleast one of whom an independent director and such company shall spend atleast 2 % of the average net profits of the Compnay’s three immediately preceding financial year,

The Company presently does not with any of the criteria stated herein above

EXTRACT OF ANNUAL RETURNS:

Pursuant to the Section 134(3)(a) of the Companies Act, 2013, the details forming part of the extract of the Annual Return is Form MGT-9 is Annexure-III.

CORPORATE GOVERNANCE:

A Report on Corporate Governance along with a Certificate from M/s. Ramesh Chandra Mishra & Associates, regarding compliance with the conditions of Corporate Governance as stipulated under regulation 27 of the Listing Agreement with Stock Exchange read with the relevant provisions of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 forms part of this Report and Annexure-IV to this Board’s Report.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of Energy, Technology Absorption are not applicable in the case of the company. However the company took adequate steps to conserve the Energy and used the latest technology.

During the year under review there were no foreign Exchange Earnings. The Foreign Exchange out go is Nil.

INSURANCE OF ASSETS:

All the fixed assets, finished goods, semi-finished goods, raw material, packing material and goods of the company lying at different locations have been insured against fire and allied risks.

BANK AND FINANCIAL INSTITUTIONS:

Directors are thankful to their bankers for their continued support to the company.

ACKNOWLEDGMENTS:

Your Directors convey their sincere thanks to the Government, Banks, Shareholders and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year.

By Order of Board

For Sanmit Infra Limited

Sd/-

Sanjay Makhija

Place: Mumbai (Managing Director)

Date : 29th May, 2018 DIN: 00586770

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Mar 31, 2015

To

The Members,

M/s. Sanmit Infra Limited

The Directors are pleased to present the 15th Annual Report together with Audited Statement of Accounts for the year ended 31st March 2015.

1. FINANCIAL RESULTS

Particulars Year Ended Year Ended 31.03.2015 31.03.2014

Total Income 87,010 2,50,175

Total Expenditure 52,938,296 845,701

Deferred Tax (20,067) 3,781

OPERATIONS PERFORMANCE:

The Company had sold its HR Software to M/s. Pentagon Global Solution Limited. The Sale consideration was not received by the company despite follow ups and Legal Notices. The Company at its meeting held on 30.5.2015 written off the outstanding of Rs. 52,308,500/-for the year ended 31.3.2015 and for the said reason the company made an accumulated losses of Rs. (86,224,068).

The Company though changed its object but since there were no definitive promoter, the businesses of the company has not carried/started during the periods. Under clause 24 (f) of the Listing Agreement, BSE has not accorded its in-principle approval.

Mr. Sanjay Makhija along with Mr. Haresh Makhija, Mr. Dinesh Makhija, Mr. Kamal Makhija, Mr. Kanayalal Makhija and Ms. Rhea Makhija pursuant to Regulation 3(1) and Regulation (4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 gave an open offer to acquire the Management control of the Company..

TRANSFER TO RESERVES

Due to unabsorbed losses no amount has been proposed to be transferred to Reserves.

DIVIDEND

In view of accumulated losses, your Directors did not recommend any dividend for the year

FIXED DEPOSIT:

The Company has not accepted / renewed any deposit within the meaning of Section 73 of the Companies Act, 2013 and rules made there under from the public or from the shareholders during the period under review.

CORPORATE GOVERNANCE:

As per the directions of SEBI and the Bombay Stock Exchange Ltd., the code of corporate governance become applicable to the company we.f.2002-03 and accordingly the company has been adhering to the directions and guidelines as required. The report on the Code of Corporate Governance is annexed separately in this Annual Report.

CHANGE OF REGISTERED OFFICE:

The company made an application for Change of Registered Office from the State of Tamil Nadu to State of Maharashtra and the said application is pending before the appropriate authority.

DIRECTORS:

The Companies Act, 2013, provides for the appointment of independent directors. Sub-section (10) of Section 149 of the Companies Act, 2013 read with applicable rules, provides that independent directors shall hold office for a term up to five consecutive years on the board of a company; and shall be eligible for re- appointment on passing a special resolution by the shareholders of the Company.

Further, according to Sub-section (11) of Section 149, no independent director shall be eligible for appointment for more than two consecutive terms of five years. Sub-section (13) states that the provisions of retirement by rotation as defined in Sub-sections (6) and (7) of Section 152 of the Act shall not apply to such independent directors.

The Nomination and remuneration committee at their meeting held on 12th February, 2015 has recommended the appointment of Mr. Sanjay Nasta as the Independent Director of the company with effect from 12.2.2015 and for period of 5-years and his appointment is subject to the approval by the members at the Annual General Meeting to be held on 18th September 2015 as required under Section 149(10). He is not liable to retire by rotation.

The Nomination and Remuneration committee at its meeting held on 23rd March, 2015 has recommended the appointment of Ms. Meena Bhate as an Independent Woman Director of the company with effect from 23.3.2015 and for period of 5-years and her appointment s subject to the approval by the members at the Annual general meeting to be held on 18th September 2015 as required under Section 149(10). She is not liable to be retired by rotation.

Mr. Sanjay Makhija and Mr. Kanyalal Makhija, Directors of the company resigned from the Board on 3rd November 2014 on account of difficulties to run the company. However, pursuance of the Promoter Dr. Palanjappan, withdrew his letter of resignation and came out with an open offer to takeover the management of the Company. Mr. Satyajit Mishra - Independent Director due to personal reason resigned as a director of the company w.e.f. 05.11.2014 and Mr. Ramakrishan Muralidhran- Director of the company resigned due to some personal reasons w.e.f. 05.11.2014. However due to the pendency of the Open Offer Board and the Merchant Banker requested them to continue in the Board which they have accepted.

1. Hence for all purpose of the open offer the Board was constituted by the following Director's :

a. Mr. Sanjay Makhija

b. Mr. Kanyalal Makhija

c. Mr. Ramakrishnan Muralidharan

d. Mr. Satyajit Mishra

e. Mr. Miten Shroff

f. Mr. Mitesh Pujara

2. The Board also appointed Mr. Sanjay V. Nasta on 12th February 2015 and Ms. Meena Bhate on 23/3/2015. Mr. Sanjay V. Nasta, Ms. Meena Bhate, Mr. Sanjay Makhija and Mr. Kanayalal Makhija have been advised to not to participate the Board till the completion of the open offer.

3. The Board at their meeting held on 14/8/2015 accepted the resignation of the following persons:

a. Mr. Ramakrishnan Muralidharan

b. Mr. Satyajit Mishra - Independent Director

c. Mr. Miten Shroff - Independent Director

d. Mr. Mitesh Pujara

4. The Board has appointed Mr. Sanjay Makhija as Managing Director of the Company.

BOARD EVALUATION:

Clause 49 of the Listing Agreement mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation process has been explained in the corporate governance report section in this Annual Report. The Board approved the evaluation results as collated by the nomination and remuneration committee.

NUMBER OF MEETINGS OF THE BOARD:

The Board met 5 times during the financial year, the details of which are given in the corporate governance report that forms part of this Annual Report The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As on March 31, 2015, the Board consists of 6 members. Out of which one is the Managing Director, two non executive directors, two Independent Directors. The Woman Director is also one of Independent Director.

The policy of the Company on directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Subsection (3) of Section 178 of the Companies Act, 2013, adopted by the Board, are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

TRAINING OF INDEPENDENT DIRECTORS:

Every new independent director of the Board attended an orientation program. To familiarize the new inductees with the strategy, operations and functions of our Company, the executive directors / senior managerial personnel make presentations to the inductees about the Company's strategy, operations, product and service offerings, markets, software delivery, organization structure, finance, human resources, technology, quality, facilities and risk management.

The Company has organized the following workshops for the benefit of Directors and Independent Directors:

(a) a program on how to review, verify and study the financial reports;

b a program on Corporate Governance;

c provisions under the Companies Act, 2013; and (d) SEBI Insider Trading Regulations, 2015.

Further, at the time of appointment of an independent director, the Company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities as a director.

COMMITTEES OF THE BOARD:

Currently, the Board has four committees: 1. Audit Committee, 2. Nomination and Remuneration Committee, 3. Stake Holders Relationship Committee and 4. Risk Management Committee.

A detailed note on the Board and its committees is provided under the corporate governance report section in this Annual Report.

INDEPENDENT DIRECTORS DECLARATIONS:

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

In the opinion of the Board, the independent directors are, individually, person of integrity and possess relevant expertise and experience.

The Independent Directors under section 149(6) of the Companies Act, 2013 declared that:

1. They are not a promoter of the Company or its holding, subsidiary or associate company;

2. They are not directors in the company, its holding, subsidiary or associate company.

3. The independent Directors have/had no pecuniary relationship with company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

4. None of the relatives of the Independent Directors have or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent. or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

5. Independent Director, neither himself nor any of his relatives-

(i) holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

(ii) is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of-

(A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten per cent. or more of the gross turnover of such firm;

(iii) holds together with his relatives two per cent or more of the total voting power of the company; or iv is a Chief Executive or director, by whatever name called, of any non profit organization that receives twenty-five per cent. or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; or

6. Independent director possesses such qualifications as may required by the Board.

7. The Company & Independent Directors shall abide by the provisions specified in schedule IV of the Companies Act, 2013.

NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE:

Pursuant to section 178 of the Companies Act, 2013, the Company has set up a Nomination and Remuneration and stakeholders Relationship Committee consisting of three members, i.e. Mr. Miten Shroff, Mr. Mitesh Pujara and Mr. Sanjay Makhija.

The Gist of the Policy of the said committee:

1. For Appointment of Independent Director (ID):

a. Any person who is between the age of 25 years and below 75 years eligible to become Independent Director;

b. He has to fulfill the requirements as per section 149 of the Companies Act, 2013 read with clause 49 of the Listing Agreement;

c. Adhere the code of conduct as per Schedule IV to the Companies Act, 2013;

d. Strictly adhere the Insider Trading Regulation of the SEBI and Insider Trading policy of the Company;

e. The Independent Director has adequate knowledge and reasonably able to contribute to the growth of the Company and stakeholders;

f. Independent Director are able to devote time for the Board and other meetings of the company;

g. Entitled for sitting fees and Reasonable conveyance to attend the meetings; and Able to review the policy, participate in the meeting with all the stake holders of the company, Annual Meeting.

PERFORMANCE OF THE BOARD AND COMMITTEE:

During the year under review, the performance of the Board & Committee and Individual Director(s) based on the below parameters satisfactory:

1. Most of the Directors attended the Board meeting ;

2. The remunerations paid to executive Directors strictly as per the company and industry policy. The Independent Directors only received sitting fees.

3. The Independent Directors contributed a lot based on their experience and knowledge and Independent views.

4. The Credit Policy, Loan Policy and compliances were reviewed;

5. Development of Risk Management Policy

RISK MANAGEMENT POLICY:

Sanmit Infra Limited is exposed to risks such as liquidity risk, Interest rate risk, Credit risk and Operational risk that are inherent in the construction cum infrastructure businesses.

The infrastructure and realty segment presently witnessing down trend. The Company decides to follow the infrastructure and government sponsored projects in future

By strictly following the regulatory norms and RBI financial Guidelines, the company effectively manages the risks and has a focused Risk Management monitoring in place.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(3) (c) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed:

i. That in the preparation of the accounts for the financial year ended 31st March, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as 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 the year under review.

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

iv. That the Directors have prepared the accounts for the financial year ended 31st March, 2015 on a 'going concern basis".

v. That the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and operating effectively;

vi. That 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.

STATUTORY AUDITORS:

At the Annual General Meeting held on 30th September, 2014, M/s. K.M. Tapuriah & Co., Chartered Accountants, were appointed as statutory auditors of the Company to hold office till the conclusion of the Annual General Meeting to be held in the calendar year 2017.

In terms of the first proviso to Section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every Annual General Meeting. Accordingly, the appointment of M/s. K.M. Tapuriah & Co, Chartered Accountants, as statutory auditors of the Company, is placed for ratification by the shareholders.

In this regard, the Company has received a certificate from the auditors to the effect that if they are reappointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

AUDITORS REPORT:

The Auditors have not made any qualification to the financial statement. Their reports on relevant notes on accounts are self explanatory and do not call for any comments under section 134 of the Companies Act, 2013.

SECRETARIAL AUDITOR:

M/s. Ramesh Chandra Mishra & Associates - Practicing Company Secretaries, was appointed to conduct the secretarial audit of the Company for the financial year 2014-115, as required under Section 204 of the Companies Act, 2013 and Rules thereunder.

The Secretarial Audit Report for F.Y. 2014-15 forms part of the Annual Report and part of the Board's report as Annexure-1.

The Board has re-appointed M/s. Ramesh Chandra Mishra & Associates - Practicing Company Secretaries, as secretarial auditor of the Company for the financial year 2015-16.

EXTRACT OF ANNUAL RETURNS:

In accordance with Section 134(3)(a) of the Companies Act, 2013, an extract of the annual return is annexed as Annexure-2

CORPORATE SOCIAL RESPONSIBILITY:

As per the Companies Act, 2013, all companies having net worth of Rs. 500 crore or more, or turnover of Rs.1,000 crore or more or a net profit of Rs.5 crore or more during any financial year are required to constitute a corporate social responsibility (CSR) committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director and such Company shall spend at least 2% of the average net profits of the three immediately preceding financial years.

The Company presently does not meet with any of the criteria stated herein above.

PARTICULARS OF LOANS, GURANTEE OR INVESTMENTS:

There were no Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large.

SUBSIDIARY COMPANIES:

The Company does not have any subsidiary.

CODE OF CONDUCT:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The Company believes in "Zero Tolerance" against bribery, corruption and unethical dealings / behaviors of any form and the Board has laid down the directives to counter such acts. The Code has been posted on the Company's website http://www.sanmitinfra.in/

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behavior from an employee in a given situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code.

All Management Staff were given appropriate training in this regard.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a vigil mechanism named Fraud and Risk Management Policy to deal with instance of fraud and mismanagement, if any, in staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility.

The Company has a Fraud Risk and Management Policy (FRM) to deal with instances of fraud and mismanagement, if any. The FRM Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern.

A high level Committee has been constituted which looks into the complaints raised. The Committee reports to the Audit Committee and the Board.

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for 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 Company 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 Board is responsible for implementation of the Code.

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

SIGNIFICANT AND MATERIAL ORDERS:

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

MATERIAL CHANGES:

There was no any material changes & commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the annexed balance sheet relates & the date of the director's report.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of Energy, Technology Absorption are not applicable in the case of the company. However the company took adequate steps to conserve the Energy and used the latest technology.

During the year under review there were no foreign Exchange Earnings. The Foreign Exchange out go is Nil.

CERTIFCATE ON CORPORATE GOVERNANCE:

Certificate on corporate governance as required by Clause 49 of the Listing Agreement, M/s. Ramesh Chandra Mishra & Associates-Company Secretary in Practice has issued the certificate on corporate governance is appended as Annexure-3 to the Board's report.

STATEMENT PURSUANT TO LISTING AGREEMENTS:

The company's shares are listed with The Bombay Stock Exchange. The Company has paid the respective Annual Listing Fees up to date.

BANK AND FINANCIAL INSTITUTIONS:

Directors are thankful to their bankers for their continued support to the company.

ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the contributions made by the employees at all the levels, whose continued commitment and dedication helped the Company to achieve better results. The Directors also wish to thank customers, bankers, etc. for their continuous support. Finally your Directors would like to express their sincere & whole-hearted gratitude to all of you for your faith in us, in your Co- operation & never failing support.

BY ORDER OF BOARD

For Sanmit Infra Limited

Place: Mumbai

Date : 14.08.2015 Sd/-

Sanjay Makhija

Chairman (DIN : 00586770)

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Mar 31, 2014

Dear Members,

The Directors are pleased to present the 14th Annual Report together with Audited Statement of Accounts for the year ended 31st March 2014.

FINANCIAL RESULTS:

Particulars Year Ended Year Ended 31.03.2014 31.03.2013

Total Income 2,50,175 9,78,685

Total Expenditure 7,77,416 9,64,114

Profit (Loss) before Depreciation (5,27,241) 14,571

Less: Depreciation (68,285) (24,012)

Profit (Loss) before Tax (5,95,526) (9,441)

Less: Current Tax - -

Deferred Tax 3,781 (62,96,222)

Profit (Loss) after Tax (5,99,307) (63,05,663)

OPERATIONS PERFORMANCE:

Income of the company is Rs. 2, 50,175/- compared to Rs. 9, 78,685/- in previous year. Profit/Loss before Tax is Rs. (5, 95,526)/- as compared Rs. (9,441)/- to in previous year.

TRANSFER TO RESERVES

Due to unabsorbed losses no amount has been proposed to be transferred to Reserves.

DIVIDEND:

In view of accumulated losses, your Directors do not recommend any dividend for the year.

FIXED DEPOSIT:

The Company has not accepted / renewed any deposit within the meaning of Section 73 of the Companies Act, 2013 and rules made there under from the public or from the shareholders during the period under review.

AUDITORS:

M/s.K.M.Tapuriah & Co., Chartered Accountants, Mumbai retire as Auditors of the company at the conclusion of the ensuing Annual General Meeting. They have signified their willingness to get re-appointed and have given declaration to the effect that if re-appointed their appointment will be within the limits fixed under section 224(1) (B) of the Companies Act, 1956. The Audit committee recommends the re-appointment of M/s. K.M.Tapuriah & Co. as Auditor of the company for the financial year 2014-2015.

AUDITORS REPORT:

Observations made in the Auditors Report are self-explanatory and therefore do not call for any further comments under section 217(3) of the Companies Act, 1956.

DIRECTORS:

Mr.Sanjay Makhija, Director, will retire by rotation at the ensuing AGM and being eligible, offer himself for re-appointment as a Director at the said meeting.

In compliance with the provision of Section 149 read with Schedule IV of the Companies Act, 2013, the appointment of Mr. Satyajit Mishra and Miten Shroff as Independent Director for a period of 5 years from the end of the 14th Annual General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134 of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed:

i. That in the preparation of the accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as 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 the year under review.

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

iv. That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a ''going concern basis".

v. That the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and operating effectively;

vi. That 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.

INDEPENDENT DIRECTORS'' DECLARATIONS

In the opinion of the Board, the independent director(s) are, individually, person of integrity and possess relevant expertise and experience.

The Independent Director(s) under section 149(6) of the Companies Act, 2013 declared that:

i. They are not a promoter of the Company or its holding, subsidiary or associate company;

ii. They are not related to promoters or directors in the company, its holding, subsidiary or associate company.

iii. The independent Directors have /had no pecuniary relationship with company, its holding, subsidiary or associate company , or their promoters, or directors, during the two immediately preceding financial years or during the current financial year;

iv. None of the relatives of the Independent Director has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

v. Independent Director, neither himself nor any of his relatives—

(i) holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed;

(ii) is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of—

a) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or

b) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten per cent. or more of the gross turnover of such firm;

(iii) Holds together with his relatives two per cent or more of the total voting power of the company; or

(iv) is a Chief Executive or director, by whatever name called, of any non-profit organization that receives twenty-five per cent or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; or

vi. Independent director possesses such qualifications as may be directed by the Board.

vii. The Company & the Independent Directors shall abide by the provisions specified in schedule IV of the Companies Act, 2013.

NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE:

Pursuant to section 178 of the Companies Act, 2013, the Company has set up a Nomination and Remuneration and Stakeholders Relationship Committee consisting of Three (3) Directors i.e. Mr. Sanjay Makhija, Mr. Satyjit Mishra and Mr. Miten Shroff. Mr. Sanjay Makhija is the Chairman of the Committee.

The Gist of the Policy of the said committee:

1) For Appointment of Independent Director (ID):

a) Any person who is between the age of 25 years and below 75 years eligible to become ID;

b) He has to fulfill the requirements as per section 149 of the Companies Act, 2013 read with cl. 49 of the Listing Agreement;

c) Adhere to the code of conduct as per Schedule IV to the Companies Act, 2013;

d) Strictly adhere to the Insider Trading Regulation of the SEBI and Insider Trading policy of the Company;

e) ID should have adequate knowledge and reasonably able to contribute to the growth of the Company and stakeholders;

f) ID should be able to devote time for the Board and other meetings of the company;

g) Entitled for sitting fees and Reasonable conveyance to attend the meetings; and

h) Able to review the policy, participate in the meeting with all the stakeholders of the company at the Annual Meeting.

EXTRACT OF ANNUAL RETURNS

1. The Paid up capital of the Company: Rs. 9,89,84,000/- consisting of 98,98,400equity shares of face value of Rs.10/- each.

2. The Board of Directors of the company consists of 6 Directors i.e. 1Executive Director, 2 Independent Directors and 3 Non Executive Directors.

3. The secured debt of the company is Nil.

4. There was no un-paid dividend during the year.

DETAILS RELATING TO LOANS AND INVESTMENTS

Details relating to section 186 of the Companies Act, 2013 with regards to loans & investment made by the company are given in detail in the Auditor''s Report and the annexure thereto.

DETAILS RELATED PARTY TRANSACTIONS

Details of related party transactions as per section 188 of the Companies Act, 2013 are given in the Auditor''s report and annexure thereto.

RISK MANAGEMENT POLICY

The company has developed Risk Management Policy mainly covering the following areas of concerns:

1. License and policy of respective government all over the world in connection with shares and securities.

2. The Company''s risk and control policy is designed to provide reasonable assurance that objectives are meet by integrating management control into daily operation, by ensuring all the Compliance.

CHANGE OF REGISTERED OFFICE

The company made an application for Change of Registered Office from the State of Tamilnadu to State of Maharashtra and the said application is pending before the appropriate authority.

MATERIAL CHANGES:

There was no any material changes & commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the annexed balance sheet relates & the date of the director''s report.

PERFORMANCE OF THE BOARD AND COMMITTEE:

During the year under review, the performance of the Board & Committee and Individual Director(s) based on the below parameters satisfactory:

a. Most of the Directors attended the Board meeting;

b. The remunerations paid to executive Directors strictly as per the company and industry policy.

c. The Independent Directors only received sitting fees.

d. The Independent Directors contributed a lot based on their experience and knowledge and Independent views.

e. The Credit Policy, Loan Policy and compliances were review.

f. Implementation of Risk Management Policy

PARTICULARS OF EMPLOYEES:

There was no employee who was in receipt of remuneration aggregating to the limit specified u/s 217(2A) employed throughout the financial year, therefore the names and other particulars of the employees of the company does not arise.

CONSERVATION OF ENERGY:

The company doesn''t have any plant & machinery of its own therefore the measures of energy conservation doesn''t arise.

TECHNOLOGY ABSORPTION:

Since the company does not have any plant & machinery, the company has not carried out any Research & Development in any specific area. Therefore the question of Technology Absorption doesn''t arise.

FOREIGN EXCHANGE EARNING & OUTGO:

The total foreign Exchange Expenditure during the year is NIL. The total exchange earned during the year is NIL.

CORPORATE GOVERNANCE:

A Report on Corporate Governance together with a Management Discussion and Analysis report along with a Certificate from Mr. Ramesh Chandra Mishra, Company Secretary in practice, regarding compliance of requirements of Corporate Governance pursuant to clause 49 of the Listing Agreement with the Stock Exchange are annexed hereto.

STATEMENT PURSUANT TO LISTING AGREEMENTS

The company''s shares are listed with The Bombay Stock Exchange. The Company has paid the respective Annual Listing Fees up to date.

BANK AND FINANCIAL INSTITUTIONS

Directors are thankful to their bankers for their continued support to the company.

HUMAN RESOURCES

We take this opportunity to thank employees at all levels for their dedicated service and contribution made towards the growth of the company.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation for the contributions made by the employees at all the levels, whose continued commitment and dedication helped the Company to achieve better results. The Directors also wish to thank customers, bankers, etc. for their continuous support. Finally your Directors would like to express their sincere & whole-hearted gratitude to all of you for your faith in us, in your Co-operation & never failing support.

BY ORDER OF BOARD For Sanmit Infra Limited

Place: Mumbai Date: 14.08.2014 Sd/- Sanjay Makhija Chairman

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Mar 31, 2013

Dear Members,

The Directors are presenting the 13th Annual Report of the company with audited accounts for the year ended 31st March 2013.

1. FINANCIAL RESULTS

The Financial Results are stated as under: (In Rupee)

FINANCIAL RESULTS Year ended Year ended 31.03.2013 31.03.2012

Sales and other Income 978,685 568,645

Profit (Loss) before Depreciation & Tax 14571 (20,971,520)

Less: Depreciation 24,012 19,988

Profit (Loss) before Tax (9,441) (20,991,509)

Provisions for Tax-

Current Tax 0 0

Deferred Tax (6,296,222) 0

Fringe Benefit Tax 0 0

Profit (Loss) after Tax 6286781 (20,991,509)

OPERATIONAL PERFORMANCE AND FUTURE OUTLOOK

Income of the company is Rs. 97868£ as compared to Rs. 568645 in previous year. Profit before Tax is Rs. 6286781 as compared to (20991509) in previous year.

2. DIVIDEND

In view of the losses, your directors do not recommend any dividend during the year.

3. DIRECTORS

Mr. Satyajit Mishra director liable to retire by rotation and being eligible offer himself for re- appointment.

Mr. Miten Shroff appointed as an additional director on 11th February, 2013 and his terms comes to an end at the forthcoming Annual General Meeting. The company received a notice from a shareholder proposing him as director of the company.

Mr. Mitesh Pujara is appointed as Managing director of the Company and Mr. Sanjay Makhija is the Chairman of the Company.

4. DEPOSITS

The Company has not invited or accepted any deposits from the public.

5. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2013; the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of 3ffairs of the Company at the end of the financial year and of the ! profit and loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv)That the Directors have prepared the accounts for the financial year ended 31st March, 2013 on a ''going concern'' basis.

6. CORPORATE GOVERNANCE

Pursuant to the provisions contained in the listing agreement, a management discussion and analysis report, a report on corporate governance together with the auditor''s certificate on the compliance of conditions of corporate governance are furnished -as annexure forming part of this Directors'' Report.

7. AUDITORS

The retiring Auditors M/S Tushar Parekh & Associates - Chartered Accountants, due to pre- occupation has not offered for re-appointment. The Board has recommended M/s. K.M. Tapuriah & Co. Chartered Accountants to hold office as statutory auditor of the Company, till the conclusion of the next Annual General Meeting. They have furnished a certificate to the effect that the proposed appointment is in accordance with the limits specified U/s. 224(16) of the Companies Act, 1956.

8. LISTING

The Company''s shares are listed in Chennai and Mumbai Stock Exchanges. The members have passed a resolution to delist the shares of the Company from Madras Stock Exchange.

ACKNOWLEDGEMENTS

Your directors acknowledge the continued support and cooperation of the customers and employees of the Company. Further your Directors thank the shareholders for their continued confidence in the Company.

By order of the Board

For SANMIT INFRA LIMITED

(Formerly known as Asia HR Technologies Limited)

Place: Mumbai sd/-

Date: 14/08/2013 Sanjay Makhija

Chairman

---

Mar 31, 2010

The Directors are presenting the Tenth Annual Report of the company with audited accounts for the year ended 31st March 2010.

1. FINANCIAL RESULTS Year ended Year ended

31.03.2010 31.03.2009 Rupees in lakhs

Sales and other Income 40.38 108.28

Profit (Loss) before Depreciation & Tax 9.65 13.53

Depreciation 1.55 2.08

Profit (Loss) before Tax 8.10 11.45

Provisions for Tax- Current & Deferred 0.37 0.65

Fringe Benefit Tax 0 0.67

Profit(Loss) after Tax 7.73 10.13



2. DIVIDEND

As the company has made only meagre profits and considering the past accumulated losses, your directors do not recommend any dividend.

3. DIRECTORS

During the year Dr. Kalaimani and Mr. R.Muralidharan retire by rotation and being eligible offer themselves for appointment.

4. DEPOSITS

The Company has not invited or accepted any deposits from the public.

5. DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217 of the Companies Act, the Directors hereby confirm that

1. that in the preparation of the annual accounts, the applicable accounting Standards had been followed:

2. that the Directors 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 as at 31st March 2010 and of the profit of the Company for that year;

3. that the Directors 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;

4. that the Directors had prepared the annual accounts on a going concern basis.

6. CORPORATE GOVERNANCE

Pursuant to the provisions contained in the listing agreement, a management discussion and analysis report, a report on corporate governance together with the auditors certificate on the compliance of conditions of corporate governance are furnished as annexure forming part of this Directors Report.

7. AUDITORS

Mr. C.N.Srinivasan, Chartered Accountant, Chennai retires at the forthcoming Annual General Meeting and is eligible for reappointment.

8. LISTING

The Companys shares are listed in Chennai and Mumbai Stock Exchanges.

9. PARTICULARS OF EMPLOYEES

There are no employees during the year under review whose particulars are required to be given as per the provision of Section 217 (2A) of the Companies Act, 1956.

10. STATUTORY DISCLOSURE

Information required under Section 217(1)(e) of the Companies Act, 1956, read with the companies (Disclosure of particulars in the report of the Board of Directors) Rules 1988.

i. Conservation of Energy, Technology Absorption & Research and Development

The Company has no activity relating to Conservation of energy but efforts are being made in technology absorption.The requirements of disclosure of R&D costs are as under.

A) SPECIFIC AREAS IN WHICH R&D ACTIVITIES ARE CARRIED OUT

Your company is primarily carrying out R&D on "Microsoft Technologies" under "Microsoft.net Platform". The companys core product will be e-HRD Campus. The company will build an array of products around e-HRD Campus to make it a compelling proposition for potential buyers.

The revolutionary Microsoft.net platform allows us to connect everything residing as Soft copy through XML Web services. It will provide greater user control over Personal Information and preferences, new user interface technologies, a new breed of smart internet devices, and the ability to harness multiple devices and services towards a common goal promoting our products and services.

B) BENEFITS TO BE DERIVED AND FUTURE PLANS

There is a huge potential for e-learning products as corporations are unable to Release their people for classroom training and the need is urgent. Information is needed immediately and people cannot wait for a course. We believe the following emerging trends will have significant impact on the e-learning market.

In this context, the company has decided to amortize R&D related expenditure after commercialisation of the re-developed products. Until such time R&D related expenditure would not be charged to profit and loss account.

C) EXPENDITURE ON R&D:

The expenditure attributable to the product is directly charged to the Profit and Loss Account to the extent of the benefit derived and expenses that were incurred for the development of new products that are unfinished are treated as deferred R&D expenditure amounting to Rs .1,46,92,201-43.

11. Foreign Exchange Earnings and Outgo.

a. Foreign exchange earnings : Rs. 49,75,597-99

b. Foreign exchange outgo : Nil

11. ACKNOWLEDGEMENTS

Your directors acknowledge the continued support and cooperation of the customers and employees of the company. Further your directors thank the shareholders for their continued confidence in the Company.





For and on behalf of the Board

Place : Chennai R.Muralidharan

Date : 31.05.2010 Chairman