TO MEMBERS
Dear Members,
Your Directors are pleased to present the 39th Annual Report
of Bharat Agri Fert & Realty Limited (the Company or BAFRL) along with the Audited
Financial Statements for the Financial Year ended March 31, 2024.

FINANCIAL HIGHLIGHTS:
The Audited Financial Statements of your Company as on March 31, 2024,
are prepared in accordance with the relevant applicable Indian Accounting Standards
("Ind AS") and Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing
Regulations") and the provisions of the Companies Act, 2013 ("Act").
The summarized financial highlights are depicted below:

(Amount in Lakhs)

  

    
Particulars
    
Financial Year 2023-24
    
Financial Year 2022-23
  
  

    
Total Revenue
    
3,126.28
    
3,084.97
  
  

    
Less: Total Expenses
    
3,246.43
    
3,915.71
  
  

    
Profit before Tax
    
(324.50)
    
(830.75)
  
  

    
Tax Expenses
    
(4.29)
    
(6.11)
  
  

    
Net Profit / ( Loss ) for the Period
    
(320.21)
    
(824.64)
  
  

    
Other Comprehensive Income/(Loss)
    
(17.75)
    
(5.29)
  
  

    
Total Comprehensive Income/(Loss)
    
(337.96)
    
(829.93)
  


OPERATIONAL REVIEW & STATE OF COMPANY'S AFFAIRS:
a) Fertilizer Division: -
During the year under review, company has not received any positive
support from existing bankers for availing additional working capital limits for import of
rock phosphate from Middle East countries, which has resulted in lower production
capacity. In addition, it was difficult to buy imported rock phosphate during ongoing war
situation. Company tried to liquidate available fertilizer stock during the period and
kept plant's condition Up-to-date for an opportunity either on additional working capital
from any other bankers or offering entire fixed assets of fertilizer units under
"lease cum conversion basis" and few discussions are going on which will be
finalized during September 2024. Company has obtained No Dues Certificate from bankers and
filed Satisfaction charge to offer assets to any new lessee company. Meanwhile company
will liquidate all their existing stock of finished goods and generate cash flow to
sustain in present situation until additional working capital has sanctioned or lease cum
conversion is decided.

b) Anchaviyo Resort: -
Resort has been a prime business focus during 2023-24 and encouraged by
honorable PM policy of "Wed in India" company started converting theme based
resort into destination wedding with 250 rooms' facility with banquet hall and Mandap.
Anchaviyo is now popular as brand resort in Mumbai and well connected to Gujarat and
Mumbai city thereby a lot of opportunity is available to generate business from
hospitality sector by developing company's own free hold land of 100 acre on the bank of
Vaitarna River with all type of activities for better services to guest from time to time.
Company expects to complete entire destination wedding project by 31.12.2026.

c) Real Estate Division:-
During the year under review, preliminary construction work started
with site development and excavation based on receipt of commencement certificate up to 35th
floor. Company has already received various sanctions and permissions from Chief Fire
Officer, MOEF, SWD, RWH etc. required to start construction activity to build tallest high
rise iconic tower of ground+ stilt/stack+ 60th floor 2/3 BHK residential tower at
Majiwada, Thane West a prime property location of Thane.
Company expects plinth completion by September 2024 to avail 45%
receipt of booking funds as per RERA act to ease cash flow of the construction project in
addition to balance-sanctioned loan from Saraswat Co-op Bank for Rs. 23 Crore as
construction loan. Company will complete the project by 31.12.2028 and generate revenue of
approximately Rs. 800 Crore in next 3-4 years based on present market prevailing price.
During the year under review, the Company sought expert guidance
regarding revenue recognition for its Real Estate Division, specifically the Wembley
Project. We are pleased to report that these consultations have confirmed that the Income
Computation and Disclosure Standards (ICDS) do not apply to this division. Accordingly,
the Company will adopt revenue recognition for the Wembley Project effective from the date
of receipt of the Occupation Certificate from the Thane Municipal Corporation (TMC).

DIVIDEND:
Your Directors have recommended a dividend of Rs. 0.05/- (5%) per
equity share of Rs. l/- each for FY24. The dividend is subject to approval of shareholders
at the ensuing Annual General Meeting (AGM). The dividend, if approved by the
shareholders, would involve a cash outflow of Rs. 264.28 Lakhs.

RESERVES:
As permitted under the Act, your Board does not propose to transfer any
amount to General Reserves.

SHARE CAPITAL OF THE COMPANY:
During the year under review, there was no change in the authorized and
paid-up share capital of your Company as on 31st March, 2024. The equity
authorized share capital of your Company is Rs. 10,00,00,000/- and the Paid up Equity
Share Capital of your company is Rs. 5,28,55,110/-

MANAGEMENT DISCUSSION AND ANALYSIS:
Pursuant to Regulation 34 of the Listing Regulations 2015, the
Management Discussion and Analysis Report is attached as Annexure 'A' and forms an
integral part of this report.

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

DIRECTORS, KEY MANAGERIAL PERSONNEL & SENIOR MANAGEMENT:
As of March 31, 2024, your Company's Board had ten members comprising
of five Executive Directors and five Independent Directors including Two Woman Director.
The details of Board and Committee composition, tenure of directors, and other details are
available in the Corporate Governance Report, which forms part of this Integrated Annual
Report.
In terms of the requirement of the SEBI Listing Regulations, your Board
has identified core skills, expertise, and competencies of the Directors in the context of
your Company's business for effective functioning. The key skills, expertise and core
competencies of your Board of Directors are detailed in the Corporate Governance Report,
which forms part of this Integrated Annual Report.

Appointment/Cessation/Change in Designation of Directors:
Appointment:
1. The appointment of Shri Bipin Shantilal Mavadiya (DIN: 10275277) and
Shri Viren Pranjivan Bhundia (DIN: 10276134) who were appointed as Additional Directors
(Non-Executive Independent Directors) with effect from 18th August, 2023 was
regularized by the Shareholders at the 38th Annual General Meeting held on 29th
September, 2023.

Re-appointment of Directors:
1. In accordance with the provisions of Section 152 of the Act, read
with rules made thereunder and Articles of Association of your Company, Shri Kantilal
Naryandas Jethwa (DIN: 00107034) is liable to retire by rotation at the ensuing AGM and
being eligible, offers himself for re-appointment.
2. The tenure of Shri Yogendra Dahyabhai Patel (DIN: 00106864) as
Managing Director of your Company will expire on 10th June, 2025. The
Nomination and Remuneration Committee (NRC) and your Board of Directors at their
respective meetings held on 12th July, 2024 and 15th July, 2024,
recommended and approved the re-appointment and payment of remuneration to Shri Yogendra
Dahyabhai Patel as Managing Director of your Company for a further period of 3 (Three)
years w.e.f.
11th June, 2025 subject to the approval of shareholders at
the ensuing AGM. Terms and conditions for his re-appointment are contained in the
Explanatory Statement forming part of the Notice of the ensuing AGM.
3. The tenure of Smt. Anjni Yogendra Patel (DIN: 00106976) as Whole
time Director of your Company will expire on 10th June, 2025. The Nomination
and Remuneration Committee (NRC) and your Board of Directors at their respective meetings
held on 12th July, 2024 and 15th July, 2024, recommended and
approved the re-appointment and payment of remuneration to Smt. Anjni Yogendra Patel as
Whole time Director of your Company for a further period of 3 (Three) years w.e.f. 11th
June, 2025 subject to the approval of shareholders at the ensuing AGM. Terms and
conditions for his re-appointment are contained in the Explanatory Statement forming part
of the Notice of the ensuing AGM.
4. The tenure of Ms. Chandni Yogendra Patel (DIN: 02032483) as Whole
time Director of your Company will expire on 10th June, 2025. The Nomination
and Remuneration Committee (NRC) and your Board of Directors at their respective meetings
held on 12th July, 2024 and 15th July, 2024, recommended and
approved the re-appointment and payment of remuneration to Ms. Chandni Yogendra Patel as
Whole time Director of your Company for a further period of 3 (Three) years w.e.f. 11th
June, 2025 subject to the approval of shareholders at the ensuing AGM. Terms and
conditions for his re-appointment are contained in the Explanatory Statement forming part
of the Notice of the ensuing AGM.
5. The tenure of Shri Vijal Yogendra Patel (DIN: 06882828) as Whole
time Director of your Company will expire on 27th May, 2025. The Nomination and
Remuneration Committee (NRC) and your Board of Directors at their respective meetings held
on 12th July, 2024 and 15th July, 2024, recommended and approved the
re-appointment and payment of remuneration to Shri Vijal Yogendra Patel as Whole time
Director of your Company for a further period of 3 (Three) years w.e.f. 28th
May, 2025 subject to the approval of shareholders at the ensuing AGM. Terms and conditions
for his re-appointment are contained in the Explanatory Statement forming part of the
Notice of the ensuing AGM.
Your Board recommends the re-appointment of Shri Yogendra Dahyabhai
Patel, Smt. Anjni Yogendra Patel, Ms. Chandni Yogendra Patel and Shri Vijal Yogendra Patel
as above for your approval. Brief details as required under Secretarial Standard- 2 and
Regulation 36 (3) of SEBI Listing Regulations, are provided in the Notice of ensuing AGM.

Cessation:
During the year under review, Shri Yogesh Shamjibhai Rathod (DIN:
06882709) and Shri Suresh Maganlal Bhadrecha (DIN: 00107186) has ceased to be an
Independent Director of your Company with effect from close of business hours on 12th
August, 2024, due to their pre-occupation and other personal commitments.
Your Board places on record its deep appreciation for valuable services
and guidance provided by Shri Yogesh Shamjibhai Rathod and Shri Suresh Maganlal Bhadrecha,
during their tenure as directors of the company.

Declaration from Independent Directors:
Your Company has received declarations from all the Independent
Directors of your Company confirming that they meet the criteria of independence as
prescribed under Section 149(6) of the Act and Regulation 16(1) (b) of the SEBI Listing
Regulations and there has been no change in the circumstances, which may affect their
status as an Independent Director. The Independent Directors have also given declaration
of compliance with Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of
Directors) Rules, 2014, with respect to their name appearing in the data bank of
Independent Directors maintained by the Indian Institute of Corporate Affairs ('IICA').

Familiarization Programme of Independent Directors:
In compliance with the requirements of SEBI Listing Regulations, the
company has put in place a familiarization program for Independent Directors' to
familiarize them with their role, rights & responsibilities as Directors, the
operations of the Company, business overview, etc.
The details of Familiarization Programme are explained in the Corporate
Governance Report and the same is also available on the website of the Company.

Key Managerial Personnel:
As on the date of this report, the following are Key Managerial
Personnel ("KMPs") of your Company as per Section 203 of the Act:

  

    
Sr. No.
    
Name of the Person
    
Designation
  
  

    
1.
    
Shri. Yogendra Dahyabhai
    Patel
    
Chairman & Managing
    Director
  
  

    
2.
    
Shri. Kantilal Naryandas Jethwa
    
Chief Financial Officer
  
  

    
3.
    
Shri. Akshay Kumar
    
Company Secretary &
    Compliance Officer
  


CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The provisions of Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014, were not applicable to the
Company for the financial year ended 31st March, 2024.

NUMBER OF MEETINGS OF YOUR BOARD:
Your Board met 8 (Eight) times during the year under review. The
intervening gap between the meetings did not exceed 120 days, as prescribed under the Act
and SEBI Listing Regulations. The details of board meetings and the attendance of the
Directors are provided in the Corporate Governance Report, which forms part of the Annual
Report.

INDEPENDENT DIRECTORS' MEETING:
The Independent Directors met on 14th February, 2024,
without the attendance of Non-Independent Directors and members of the management. The
Independent Directors reviewed the performance of Non-Independent Directors, the
Committees and your Board as a whole along with the performance of the Chairman of your
Company, taking into account the views of Executive Directors and Non-Executive Directors
and assessed the quality, quantity and timeliness of flow of information between the
management and your Board that is necessary for your Board to effectively and reasonably
perform their duties.

BOARD AND COMMITTEE EVALUATION
Your Board adopted a formal mechanism for evaluating its performance
and as well as that of its committees and individual Directors, including the Chairman of
your Board. The exercise was carried out through a structured evaluation process covering
various aspects of your Boards functioning such as composition of your Board and
committees, experience and competencies, performance of specific duties and obligations,
contribution at the meetings and otherwise, independent judgement, governance issues etc.
At your Board meeting that followed the above-mentioned meeting of the Independent
Directors, the performance of your Board, its Committees, and individual Directors was
also discussed. The entire Board, excluding the Independent Directors has being evaluated,
did performance evaluation of Independent Directors.

COMMITTEES OF BOARD:
As required under the Act and the SEBI Listing Regulations, your
Company has constituted various Statutory Committees. As on 31st March, 2024,
your Board has constituted the following committees:
• Audit Committee;
• Nomination and Remuneration Committee;
• Stakeholders Relationship Committee.
Details of all the committees such as terms of reference, composition,
and meetings held during the year under review are disclosed in the Corporate Governance
Report, which forms part of this Integrated Annual Report.

RISK MANAGEMENT:
The provisions of Regulation 21 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 pertaining to formation of Risk Management
Committee is not applicable to the company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Directors have laid down internal financial controls to be followed
by your Company and such policies and procedures adopted by the Company for ensuring the
orderly and efficient conduct of its business, including adherence to 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 information. The company has adopted accounting policies, which are in
line with the accounting standards and the Companies Act, 2013. The Audit Committee
evaluates the internal financial control system periodically.

RELATED PARTY TRANSACTIONS
Related party transactions that were entered into during the financial
year were on arm's length basis and were in ordinary course of business. There are no
materially significant related party transactions made by the Company, which may have
potential conflict with the interest of the Company. There are no material related party
transactions which are not in ordinary course of business or which are not on arm's length
basis and hence there is no information to be provided as required under Section 134(3)(h)
of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014.Suitable
disclosures on related party transactions as required by the Indian Accounting Standard
have been made in the notes to Financial Statements.

REPORT ON CORPORATE GOVERNANCE
Your Company is committed to maintain highest standards of corporate
governance practices. The Corporate Governance Report, as stipulated by SEBI Listing
Regulations, 2015, forms part of this Annual Report along with the requisite certificate
from GMJ & Associates, Practicing Company Secretary (Membership No. F2405, COP No.
1432), regarding compliance of the conditions of corporate governance, as stipulated. In
compliance with corporate governance requirements as per the SEBI Listing Regulations,
2015, your Company has formulated and implemented a Code of Conduct for all Board members
and senior management personnel of your Company ("Code of Conduct"), who have
affirmed the compliance thereto. The Code of Conduct is available on the website of your
Company at https://www.bafrl.com/investor-center.php?subcategory id=21.

LOANS, GUARANTEE OR INVESTMENTS
During the year under review, your Company has made loans, given
guarantees, provided securities and made investments in compliance with Section 186 of the
Act. The particulars of loans, guarantee and investments made during the year under review
are given in the notes forming part of the financial statements.

AUDITORS AND AUDIT REPORTS:
Statutory Auditor:
Pursuant to Section 139 of the Act read with rules made thereunder, as
amended, M/ s. Desai Saksena & Associates, Chartered Accountants, (Firm Registration
No. 102358W) were appointed as the Statutory Auditors of your Company, for the
first term of five years from the conclusion of 38th Annual General Meeting
(AGM) until the conclusion of 42nd AGM of your company to be held in the year
2028.
The Statutory Auditors have confirmed that they are not disqualified to
continue as Statutory Auditors and are eligible to hold office as Statutory Auditors of
your Company.
The Reports given by M/s. Desai Saksena & Associates, Chartered
Accountants, (Firm Registration No. 102358W) on the standalone financial statements
of the Company for FY 2023-24 are part of the Annual Report.
The qualification given by M/ s. Desai Saksena & Associates,
Chartered Accountants, (Firm Registration No. 102358W) on the standalone financial
statements of the Company for FY 2023-24 and replies of the management thereto is provided
as Annexure- 'B' of this report.

Secretarial Audit:
Pursuant to the provisions of Section 204 of the Act, read with the
rules made thereunder, your Board re-appointed M/ s. GMJ & Associates, a firm of
Company Secretaries, to undertake the Secretarial Audit of your Company for FY 23-24. The
Secretarial Audit Report for the year under review is provided as Annexure-'C' of
this report.

Cost Audit:
During the year under review, in accordance with Section 148(1) of the
Act, your Company has maintained the accounts and cost records, as specified by the
Central Government. Such cost accounts and records are subject to audit by M/s. Tapan
Chattopadhyay & Associates, Cost Accountants (FRN: PROP/101121), Cost
Auditors of your Company for FY 23-24.
Your Board has appointed M/s. S.R. Singh & Co., Cost Accountants
(Firm Registration No.: 101398), as Cost Auditors of your Company to conduct cost
audit for the FY 2024-25. A resolution seeking approval of the Shareholders for ratifying
the remuneration payable to the Cost Auditors for FY 2024-25 has provided in the Notice of
the ensuing AGM.
The cost accounts and records as required to be maintained under
section 148 (1) of the Act are duly made and maintained by your Company

Internal Audit:
Pursuant to the provisions of Section 138 of the Companies Act, 2013
the Board on the recommendation of the Audit Committee has appointed M/ s. KCPL and
Associates LLP, Chartered Accountants as Internal Auditors of the Company for the
financial year 2023-24.

Reporting of frauds by Auditors:
During the year under review, the Statutory Auditors and Secretarial
Auditor of your Company have not reported any instances of fraud committed in your Company
by Company's officers or employees, to the Audit Committee, as required under Section
143(12) of the Act.

DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, your Board, to the best of their
knowledge and based on the information and explanations received from the management of
your Company, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures,
if any;
b) they have selected such accounting policies and applied them
consistently and judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of your Company at the end of the financial
year and of the profit of your Company for that period;
c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of your Company and for preventing and detecting fraud and other
irregularities;
d) the annual financial statements have been prepared on a going
concern basis;
e) they have laid down internal financial controls to be followed by
your Company and that such internal financial controls are adequate and operating
effectively;
f) proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.

EXTRACTS OF ANNUAL RETURN
Pursuant to Section 134(3)(a) of the Act, the draft annual return as on
March 31, 2024 prepared in accordance with Section 92(3) of the Act is made available on
the website of your Company and can be accessed using the link http: //www.bafrl.com.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act,
2013, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is given in Annexure
'D' to this Report.

PARTICULARS OF EMPLOYEES:
The information required under Section 197 of the Act, read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
relating to percentage increase in remuneration, ratio of remuneration of each Director
and Key Managerial Personnel (KMP) to the median of employees' remuneration are provided
in Annexure-'E' to this report.

COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, your Company has complied with all the
applicable provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the
Institute of Company Secretaries of India.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Your Company has adopted a whistle blower policy and has established
the necessary vigil mechanism for directors and employees in confirmation with Section 177
of the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of
the genuine concerns about unethical or improper activity, without fear
of retaliation. The vigil mechanism of your Company provides for adequate safeguards
against victimization of whistle blowers who avail of the mechanism and provides for
direct access to the Chairman of the Audit Committee in exceptional cases.
No person has been denied access to the Chairman of the Audit
Committee. The said policy is uploaded on the website of your Company at https://bafrl.com/investor-center.php?subcategory
id=21.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company is committed to create and maintain an environment in which
employees can work together without fear of sexual harassment, exploitation or
intimidation. A Complaint Redressal Committee has been set up by the Company to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
During the year under review, your Company has not received any
complaint pertaining to sexual harassment.

GENERAL DISCLOSURES:
Public Deposits:
The Company has not accepted any deposits from the public within the
meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.

Material Changes and Commitments affecting Financial Position between
the end of the Financial Year and Date of Report:
There were no material changes affecting the financial position of the
Company between the end of the financial year and date of report.

Changes in Nature of Business:
No significant changes had been made in the nature of the business of
the Company during the financial year ended 31st March, 2024.

Significant and material orders passed by the Regulators or Courts:
There are no significant and material orders passed by the Regulators
or Courts that would impact the going concern status of the Company and its future
operations during the financial year ended 31st March, 2024.

Depository Services:
The Company's Equity Shares have been admitted to the depository
mechanism of the National Securities Depository Limited (NSDL) and also the Central
Depository Services (India) Limited (CDSL). As a result, the investors have an option to
hold the shares of the Company in a dematerialized form in either of the two Depositories.
The Company have been allotted ISIN No. INE842D01029. Shareholders are requested to take
full benefit of the same and lodge their holdings with Depository Participants [DPs] with
whom they have their Demat Accounts for getting their holdings in electronic form.

Code of Conduct:
Your Company is committed to conducting its business in accordance with
the applicable laws, rules and regulations and highest standards of business ethics. In
recognition thereof, the Board of Directors has implemented a Code of Conduct for
adherence by the Directors, Senior Management Personnel and Employees of the Company. This
will help in dealing with ethical issues and also foster a culture of accountability and
integrity. The Code has been posted on the Company's website www.bharatrealty.co.in. All
the Board Members and Senior Management Personnel have confirmed compliance with the Code.

Safety, Environment Control and Protection:
The Company is aware of the importance of environmentally clean and
safe operations. The Company's policy requires conduct of operations in such a manner, so
as to ensure safety of all concerned, compliances, environmental regulations and
preservation of natural resources at the Plant.

Listing:
The Company's Shares are listed on BSE Limited, Mumbai.

Internal Financial Control and their adequacy:
The company has in place adequate, internal financial controls
commensurate with the size, scale and complexity of its operations. The Company has
policies and procedures in place for ensuring proper and efficient conduct of its
business, 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 information. The company has adopted accounting policies, which are
in line with the accounting standards and the Companies Act, 2013.

Details of application made or proceeding pending under insolvency and
bankruptcy code, 2016:
During the year under review, there were no applications made or
proceedings pending in the name of the company under the Insolvency and Bankruptcy Code,
2016.

Details of difference between valuation amount on one time settlement
and valuation while availing loan from banks and financial institutions:
The company has not entered into one time settlement of loans from
banks and financial institutions. Hence the said clause is not applicable to the company
for the financial year ended 31st March, 2024.

APPRECIATION:
Your Directors wish to place on record their sincere appreciation to
the Central Government, State Government, Thane Municipal Corporation, Agricultural
Department, Company's Banker, Shareholders, Customers and business consultants for their
valued co-operation and support at all times.
Your Directors also wish to place on record their appreciation for hard
work, solidarity, co-operation and support of employees at all levels.

  

    

    
FOR AND ON BEHALF OF THE
    BOARD FOR BHARAT AGRI FERT & REALTY LIMITED
  
  

    
Registered Office:
    
YOGENDRA DAHYABHAI PATEL
  
  

    
301, 3rd Floor, Hubtown Solaris,
    
CHAIRMAN & MG.
    DIRECTOR
  
  

    
N. S. Phadke Marg, Near Gokhale Bridge, Andheri
    (East),
Mumbai - 400 069
    
(DIN: 00106864)
  
  

    
Place: Mumbai
    

  
  

    
Date: 19th July, 2024