Dear Members,
Nandani Creation Limited,
We are delighted to present on behalf of Board of Directors, 11th
Annual Report of Nandani Creation Limited (the company or Nandani) along with the Audited
Standalone & Consolidated Financial Statements for the financial year ended March 31,
2023.
1. STATE OF COMPANY'S AFFAIRS AND BUSINESS OVERVIEW
A JOURNEY THAT DRIVES GROWTH:
A country is best known by its culture, and a culture is best known by
its tradition. In an endeavor to bring the best of our country's cultural fabric,
quite literally, we launched Jaipur Kurti a brand centered around representing Indian
traditional wear for all occasions. Jaipur Kurti was created to explore the varied
dynamics of Indian ethnic wear, presenting this heritage to modern women at its widest
range.
Your company has three brands Jaipur kurti, Amaiva-By
Jaipur kurti & Desi Fusion- By Jaipur Kurti
An Indian Women's Clothing brand promoting sustainability in a
creative, durable and fashionable way. Inspired by our Indian cultural heritage, every
product produced narrates the tale of fabric, needles, and machines. The brand embodies
meticulous fineness in each attire and is soaked in a whimsical traditional charm that
every regal customer roots for.
One of the most prosperous launches of Nandani Creation Ltd., Jaipur
Kurti, Amaiva- By Jaipur Kurti and Desi Fusion by Jaipur Kurti have gained immense
recognition due to the pocket-friendly appeal and versatility that they hold while
catering for something captivating to each woman out there. Taking homage to Jaipur,
Rajasthan, and after the exponential growth, the brands have become synonymous with the
ethnic charm, sleek modernity and traditional aesthetics for today's women. The only style
theory we follow is that Fashion has no bar on age or criterion when it comes to
flaunting style and tradition'. Catering to women of all age groups their wares are
available in all sizes and focus on making every woman feel like she owns her own style,
trend and tradition.
A Forerunner in the ethnic fashion scene of the country, we are
"Nandani Creation Limited" a NSE Listed Company, curated with dedication,
commitments, modern inspirations, and heritage musings. We are a leading fashion house
specializing in traditional designs, culturally rich styles and ethnic wear for women.
With our unique prints and patterns being fused into everyday fashion by our manufacturing
facilities, we have created a diverse range of ethnic wear loved by women. We are best for
specializing in the production and sale of a wide range of ethnic Indian wear consisting
of Kurtis, Kurtas, Dresses, Suit Sets, Patiala Salwars, Tops, Coord Sets, Dupattas, wide
variety of Bottoms wears etc.
We are popularly known and identified in apparel market by our brand
name Jaipur kurti and have 7 Retail Stores (COCO & FOFO) situated at
Jaipur Kurti, Vaishali Nagar, Jaipur; Jaipur
Kurti, Triton Mall, Jhotwara, Jaipur Jaipur Kurti, MGF Mall, 22 Godam,
Jaipur Jaipur Kurti Vidhyadhar Nagar, Jaipur Jaipur Kurti Sri
Ganganagar Jaipur Kurti Commercial Street, Bangalore Jaipur Kurti,
DT Mega Mall, Gurugram
Your company believes that our brands have a pan-India appeal across
regions.
More details on the state of Company's affairs and business
overview are discussed in the Management Discussion & Analysis Report forming part of
this Annual Report.
2. FINANCIAL HIGHLIGHTS & PERFORMANCE SUMMARY.
The standalone and consolidated Financial Statements for the FY ended
March 31, 2023, forming part of this Annual Report, have been prepared in accordance with
the Indian Accounting Standard (hereinafter referred to as Ind AS) prescribed
under Section 133 of the Companies Act, 2013 and other recognized accounting practices and
policies to the extent applicable. Necessary disclosures regarding Ind-AS reporting have
been made under the Notes to Financial Statements. The Company's performance during
the FY under review as compared to the previous FY is summarized below:
During the Financial Year 2022-23:
For the financial Year 2022-23, your Company recorded Standalone Sales
of Rs. 45.26 Cr as against Rs. 55.51 Cr in the previous years. The Consolidated Sales of
your Company is Rs. 49.53 Crores as compared to Rs. 63.35 Crores the previous year.
The Standalone Profit of the Company after Taxation is Rs. 10.99 Lakhs
as compared to Rs. 10.22 Lakhs in the previous year and the Consolidated Profit of the
Company after Taxation is Rs. 10.99 Lakhs as compared to Rs. 49.58 Lakhs in the previous
year.
The company's financial performance on a consolidated basis for
the year ending as on March 31, 2023 is outlined as follow:
Particulars |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
|
(in crores) |
(in crores) |
Revenue from operations |
48.88 |
62.68 |
Other Income |
0.66 |
0.68 |
Total Revenue |
49.54 |
63.36 |
Less: Total Expenses |
49.39 |
62.67 |
Profit before Exceptional
& extra-ordinary items & Tax |
0.14 |
0.69 |
Less: Exceptional Item |
0.00 |
0.00 |
Profit/(Loss) before Tax |
0.14 |
0.69 |
Less: Tax Expenses |
0.03 |
0.19 |
Profit/(Loss) After Tax |
0.11 |
0.50 |
3. FINANCE:
Your Company has been financing its operations and expansions through
internal accruals. The Company has changed its banking partners during the year under
review.
We have Bank of Baroda as our new banking partners since March, 2023
and have taken a total Cash Credit Limit of Rs. 7 Crores from the bank.
4. DIVIDEND
With a view to provide cushion for any financial contingencies in the
future and to strengthen the financial position of the Company, your Directors have
decided not to recommend any dividend for the period under review.
5. TRANSFER TO RESERVES
During the year under review Company has not transferred any amount to
reserve.
6. CONSOLIDATED FINANCIAL STATEMENT:
In accordance with the provisions of the Act, Regulation 33 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (herein after referred to as Listing Regulations) and
applicable Accounting Standards, the Company is required to submit Audited Consolidated
financial statements of the Company, together with the Auditor's report from part of
this Annual Report.
7. CHANGE IN CAPITAL STRUCTURE:
The Authorized Share Capital of the Company is Rs. 13,00,00,000/-
(Rupees Thirteen Crores Only) divided into 1,30,00,000 (One Crore and Thirty Lakhs) Equity
Shares of Rs. 10.00/- (Rupees Ten Only) each.
The Company has increased its Authorized Share Capital from Rs.
11,00,00,000/- (Rupees Eleven Crores Only) divided into 1,10,00,000/- (One Crore and Ten
Lakhs) Equity Shares of Face Value of Rs. 10/- (Rupee Ten Only) each to Rs. 13,00,00,000/-
(Rupees Thirteen Crores Only) divided into 1,30,00,000/-(One Crore and Thirty Lakhs)
Equity Shares of Face Value of Rs. 10/- (Rupee Ten Only) vide Ordinary Resolution passed
in the Extra Ordinary General Meeting of the Company in the Financial year ended March 31,
2023.
During the year under review, the company has raised its paid-up
capital by issuing 14,00,000 Equity Shares of face value of Rs. 10/- (Rupees Ten Only)
each at a premium of Rs. 69/- (Rupees Sixty Nine Only) per Equity Share of the Company on
Preferential Basis, after taking all the necessary approvals.
After the said allotment, the paid up Equity Share Capital is
11,43,39,500/- (Rupees Eleven Crores Forty Three Lakhs Thirty Nine Thousand Five Hundred
Only) divided into 1,14,33,950 (One Crores Fourteen Lakhs Thirty Three Thousand Nine
Hundred Fifty) Equity Shares of Rs. 10/- (Rupees Ten Only) each.
Further the Company has also issued 10,00,000 Warrants Convertible into
Equity Shares of face value of Rs. 10/- (Rupees Ten only) each at a premium of Rs.
69/-(Rupees Sixty Nine Only) on Preferential Basis.
8. INFORMATION ABOUT SUBSIDIARIES/ASSOCIATE COMPANY/JOINT
VENTURES:
The Company has one Wholly Owned Subsidiary Company:
Desi Fusion India Private Limited
Desi Fusion India Private Limited was incorporated in Jaipur on
31.05.2016. Our Subsidiary Company is engaged in the business of Buying and Selling of
Fabrics.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013
(the Act) Accounting Standards and Securities and Exchange Board of India (SEBI)(Listing
Obligations & Disclosure Requirements) Regulations, 2015 (Listing Regulations) the
Company has prepared consolidated financial statements which form part of this Annual
Report.
In accordance with Schedule V of Listing Regulations, the Company is
required to make the Disclosure for its Holding Company and Subsidiary Company.
A separate statement containing salient features of the financial
statements of the Company's subsidiary in prescribed form AOC- 1 and the Disclosure
under Schedule V is annexed as Annexure 1 to this report.
The audited financial statement including the consolidated financial
statements of the Company and all other documents required to be attached thereto is
available on the Company's website i.e. www.nandanicreation.com The financial
statement of the subsidiary company is available on the Company's Website i.e.
www.nandanicreation.com
9. SECRETARIAL STANDARDS
Pursuant to the provisions of Section 118 of the Companies Act, 2013,
the Company has complied with the applicable provisions of secretarial standards, SS1
& SS2 issued by the Institute of Company Secretaries of India.
10. MATERIAL ORDER
In pursuance to Rule 8(5)(vii) of the Companies (Accounts) Rules, 2014,
no significant or material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Company's operations in future.
11. OPENING OF NEW RETAIL STORES WITH
BRAND JAIPUR KURTI
Your Company Nandani Creation Limited has total 6 Retail Stores (COCO)
and 2 Retail Stores (FOFO) in India.
The Company has launched one COCO store in the F.Y. 2022-23 to expand
its business at Vidhyadhar Nagar, Jaipur in the month of March, 2023. The Proposed Retail
store was spread over ~ 600 sqft area and will offer the latest collection for women wear
brands Jaipur Kurti and Amaiva by Jaipur Kurti.
The Company has launched one COCO store in the FY 2023-24 to expand its
business in Bengaluru, Karnataka. The proposed store was spread over ~ 950 sqft area.
The Company has opened two FOFO store in the F.Y. 2022-23 and till date
to Strengthen Company's own sales channel network at Jalandhar, Punjab &
Gurugram, Haryana.
Through continuous focus on its own D2C sales platforms Nandani
Creation is poised to strengthen its presence in women Indian wear offering category with
a diverse range of collection under the brands Jaipur Kurti and
Amaiva by Jaipur Kurti.
12. LAUNCHING OF NEW LOGO OF OUR
BRAND JAIPUR KURTI
We have launched New Logo of our Brand Jaipur Kurti as a
part of the ongoing evolution of our brand. The below logo is our new Identity, an emblem
of our vision. The Company believes that the new logo signifies trendiness and will give
fresh appearance to the Company's D2C Business. It will help to reinvigorate the
brand in our existing and new customers. The new logo is created in such a way that it is
in tune with the rich history of our brand Jaipur Kurti and at the same time
mirror of its future aspirations. The same was made public on October 20, 2022
13. MATERIAL CHANGES & COMMITMENTS
AFFECTING THE COMPANY:
In pursuance to Section 134(3)(l) of the Companies Act, 2013, the
following Material Changes have occurred between the end of Financial Year and date of
this Report affecting the financial position of the Company.
14. PUBLIC DEPOSIT
The Company has not accepted any amount falling within the purview of
provisions of Section 73 of the Companies Act, 2013 (the Act) read with the
Companies (Acceptance of Deposit) Rules, 2014 during the period under review. Hence, the
requirement for furnishing the details of Deposits which are not in compliance with
Chapter V of the Act is not applicable.
15. PARTICULARS OF LOANS, GUARANTEES
OR INVESTMENTS UNDER SECTION 186:
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to Financial Statements
forming a part of this annual report.
16. RELATED PARTY TRANSACTIONS:
During the financial year ended March 31, 2023, all the transactions
with the Related Parties as defined under section 188 the Act read with rules framed
there-under and Regulation 23 of the Listing Regulations were in the ordinary course
of business' and at arm's length' basis. The Company does not have a
Material Subsidiary' as defined under Regulation 16(1)(c) of the Listing
Regulations.
During the year under review, the Company did not enter into any
Related Party Transactions which require prior approval of the Members. All Related Party
Transactions of your Company had prior approval of the Audit Committee and the Board of
Directors, as required under the Listing Regulations. Subsequently, the Audit Committee
and the Board have reviewed the Related Party Transactions on a periodic basis. During the
year under review, there has been no materially significant Related Party Transactions
having potential conflict with the interest of the Company except with the wholly owned
subsidiary.
Further As per SEBI (LODR) Regulations, 2015 and Companies Act, 2013
transactions entered into between a holding company and its wholly owned subsidiary is
exempted from any type of approvals whether by Board or shareholders.
There are no particulars of material contracts or arrangements with
related parties referred in section 188(1) of the Act. Information on transactions with
related parties pursuant to Section 188(1) for entering into such contract or arrangement
in Form AOC-2 is annexed to this Report as Annexure-2. All the transactions with the
related party were in accordance with the Section 188 of the Companies Act, 2013, read
with the Rules issued thereunder and the Listing Regulations.
The Company has formulated a policy on materiality of related party
transactions and also on dealing with Related Party Transactions which has been uploaded
on the Company's website at the web link https://www.nanda
nicreation.com/docs/investors/policies/POLICY-ON-MATERIALITY-OF-RELATED-PARTY-TRANSACTIONS.pdf
17. AUDITOR AND REPORT THEREON:
SECRETARIAL AUDITOR & SECRETARIAL AUDIT
REPORT
The Board of Directors of the Company has appointed
M/s Manisha Godara & Associates, Company Secretaries, New Delhi
(FRN: S2014RJ268900) as the Secretarial Auditor to conduct an audit of secretarial records
for the financial year 2022-23.
The Secretarial Audit Report for the financial year ended 31st
Day of March, 2023 under Act, read with Rules made thereunder and Regulations 24A of the
listing regulations (including any statutory modification(s) or re enactment(s) thereof
for the time being in force) is set out in the Annexure 3 to this report.
The Secretarial Audit Report does not contain any qualification.
The Board has re appointed M/s Manisha Godara & Associates, Company
Secretaries, New Delhi (FRN: S2014RJ268900) as Secretarial Auditors of the Company for FY
2023-24. The company has received consent from Mrs. Manisha Godara to act as the auditor
for conducting audit of the secretarial records for the financial year ending as on 31st
Day of March, 2024.
Further, in line with the aforesaid compliance, the Board of Directors
has re-appointed M/s Manisha Godara & Associates, Company Secretaries, New Delhi (FRN:
S2014RJ268900), in its meeting held on 01st September, 2023 for conducting the
Secretarial Audit for the Financial Year ending as on 31st March, 2024.
Annual Secretarial Compliance Report
The Company has obtained an Annual Secretarial Compliance Report for
the financial year ended March 31, 2023 from M/s Manisha Godara & Associates, Company
Secretaries, New Delhi in compliance with the Regulation 24A of the SEBI Listing
Regulations and the SEBI circular CIR/CFD/ CMD1/27/2019 dated February 8, 2019. The said
Report for the financial year ended March 31, 2023 has been submitted to the Stock
Exchanges within the prescribed statutory timelines and annexed to the Report on Corporate
Governance.
STATUTORY AUDITORS & STATUTORY AUDIT
REPORT
M/s Ashok Holani & Co., Chartered Accountants, Jaipur (FRN:
009840C), were re-appointed for the 2nd Tenure as the statutory Auditors of the
Company at 8th Annual General Meeting of the Company held on 28th
September, 2020 for a period of 5 years till 13th Annual General Meeting to be
held in the FY 2025, subject to ratification at every AGM.
M/s Ashok Holani & Co., Chartered Accountants, Jaipur (FRN:
009840C), has confirmed that they are not disqualified from continuing as Auditors of the
Company.
The Auditors have issued an unmodified opinion on the Financial
Statements for the financial year ended 31st March, 2023. The Auditors'
Report for the financial year ended 31st March, 2023 on the financial statements of the
Company is a part of this Annual Report.
As per sub section 12 of section 143 of the Act during the financial
year no fraud was reported by the Auditor of the Company in their Audit Report.
INTERNAL AUDITORS & INTERNAL AUDIT
REPORT
The Board of Directors of the Company has appointed
M/s Jain Shrimal & Co., Chartered Accountants, Jaipur (FRNo.:
001704C) as the Internal Auditor to conduct an audit of Internal records for the financial
year 2023-24.
The Board has re appointed M/s Jain Shrimal & Co., Chartered
Accountants, Jaipur (FRN.: 001704C) as Secretarial Auditors of the Company for FY 2023-24.
The company has received consent from them to act as the auditor for conducting audit of
the internal records for the financial year ending as on 31st March, 2024.
Further, in line with the aforesaid compliance, the Board of Directors
has re-appointed M/s Jain Shrimal & Co., Chartered Accountants, Jaipur (FRN.:
001704C), in its meeting held on 01st September, 2023 for conducting the
Internal Audit for the Financial Year ending as on 31st March, 2024.
18. DIRECTORS AND KEY MANAGERIAL
PERSONNEL
The Board plays a crucial role in overseeing how the management serves
the short and long term interests of shareholders and other stakeholders. This belief is
reflected in our governance practices, under which we strive to maintain an effective,
informed and independent Board of Directors and keep our governance practices under
continuous review.
As on March 31, 2023, the total Board strength comprises of 6 Directors
out of which 3 Directors are Executive Directors and 3 are Non- Executive Independent
Directors. All Independent Directors of the company as on the date of this report have
also registered on Independent Directors in Database of IICA for Independent Directors.
The Company's Board Members are from diverse backgrounds with
skills and experience in critical areas like Marketing, Finance & Taxation, Economics,
Law, Governance etc. Further, all Independent Directors are persons of eminence and bring
a wide range of expertise and experience to the board thereby ensuring the best interests
of stakeholders and the Company. They take active part at the Board and Committee Meetings
by providing valuable guidance to the management on various aspects of Business, Policy
Direction, Compliance etc. and play critical role on issues, which enhances the
transparency and add value in the decision making process of the Board of Directors. The
composition of the Board also complies with the provisions of the Act and Regulation 17(1)
of Listing Regulations. The Board reviews its strength and composition from time to time
to ensure that it remains aligned with the statutory, as well as business requirements
During the year under review, the following changes occurred in the
Board of Directors:
Retirement by Rotation:
In accordance with the provisions of Section 152(6) of the Companies
Act, 2013 and in terms of Articles of Association of the Company, Mrs. Sunita Devi Mundhra
(DIN: 05203015) retires by rotation at the ensuing Annual General Meeting and being
eligible, offers herself for re-appointment. The Board recommends her reappointment for
consideration by the Members of the Company at the 11th Annual General Meeting.
Pursuant to the provisions of Section 203 of the Act, the KMP's of
the Company as on March 31, 2023 are as follows:
1. Mr. Anuj Mundhra, Chairman & Managing Director
2. Mrs. Vandana Mundhra, Whole-Time Director
3. Mrs. Sunita Devi Mundhra, Whole-Time Director
4. Mr. Gaurav Jain, Non-Executive Independent Director
5. Mr. Gagan Saboo, Non-Executive Independent Director
6. Mr. Dwarka Dass Mundhra, Chief Financial Officer
7. Ms Gunjan Jain, Company Secretary & Compliance Officer
None of the Directors of the Company are disqualified/ debarred as per
the applicable provisions of the Act and the Securities and Exchange Board of India.
19. CORPORATE GOVERNANCE REPORT:
In compliance with Regulation 34 of the Listing Regulations, a separate
report on Corporate Governance along with a Certificate of Auditors on its Compliance
forms an integral part of this Report Annual Report as
Annexure-4.
20. EXTRACT OF 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 Company's website at the following web link:-
https://www.nandanicreation.com/annual-report.php
21. BOARD MEETING:
During the year under review 7 (Seven) Board Meetings were convened and
held, the details of which are given in the Corporate Governance Report. The intervening
gap between the meetings was within the period prescribed under the Companies Act, 2013.
The details of Meetings of the Board and its Committees are given in
the Corporate Governance Report.
22. GENERAL MEETINGS:
Annual General Meeting:
The 10th Annual General Meeting of the members of the
Company was held on September 30, 2022, through video conference pursuant to the Circular
No. 14/2020 dated April 8, 2020, Circular No.17/2020 dated April 13, 2020 followed by
Circular No. 20/2020 dated May 5, 2020 and all other relevant circulars issued from time
to time by MCA (collectively referred to as MCA Circulars) to approve
Financial Statements and other matters. All the Executive Directors were present in the
meeting.
Extra-Ordinary General Meeting:
The Company held an Extra Ordinary General Meeting on Thursday,
December 01, 2022 at the registered office for the following matters:
- To Consider and approve increase in the Authorized Share capital and
consequent Alteration of Memorandum of Association. - To offer, issue and Allot Equity
Shares on Preferential Basis. - To Consider and approve Issuance of Warrants Convertible
into Equity Shares on Preferential Basis.
All the executive Directors were present in the meeting.
23. COMMITTEES OF THE BOARD
The Board of Directors of the Company has constituted the following
Committees:
a) Audit Committee b)Nomination and Remuneration Committee c)
Stakeholders Relationship Committee
Pursuant to the provisions of the Act and Rules made there under and
SEBI (LODR) regulation, 2015, the board has constituted various committees. Composition
and other details on the committee are given in the Corporate Governance Report.
The Committees' composition, charters and meetings held during the
year and attendance thereat, are given in the Report on Corporate Governance forming part
of this Annual Report.
24. MEETING OF INDEPENDENT DIRECTORS
Pursuant to Clause VII of the Schedule IV of the Companies Act, 2013
and Regulation 25 of Listing Regulations, the Independent Directors of the Company are
required to hold at least one meeting in a year without the attendance of Non-Independent
Directors and Members of Management. All the Independent Directors of the Company shall
strive to be present at such meeting.
The Details of the three Independent Directors of the Company are as
follows:
Name of Member |
Status |
Designation |
Mr. Gaurav Jain |
Chairman |
Independent Director |
Mr. Gagan Saboo |
Member |
Independent Director |
Mr. Neetesh Kabra |
Member |
Independent Director |
During the year, One (1) Meeting of the Independent Directors was
convened and held on 01.09.2022.
TERMS OF REFERENCE: i. The performance of Non-Independent directors and
the Board as a Whole; ii. The performance of the Chairperson of the Company, taking into
account the views of executive directors and Non-Executive Directors; iii. Assess the
quality, quantity and timeliness of flow of Information between the Company Management and
the Board that is necessary for the Board to effectively and reasonably perform their
duties;
25. DECLARATION OF INDEPENDENCY BY
INDEPENDENT DIRECTORS:
There are three Independent Directors on the Board of the Company. Your
Company has received declarations from all the Independent Directors confirming that they
meet the criteria of independence as prescribed under section 149(6) and Schedule IV of
the Act and Regulation 16 of the SEBI Listing Regulations.
The Independent Directors have also submitted a declaration confirming
that they have registered their names in the databank of Independent Directors as being
maintained by the Indian Institute of Corporate Affairs (IICA) in terms of Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014.
In the opinion of the Board, the Independent Directors possess the
requisite expertise and experience and are persons of high integrity and repute. They
fulfill the conditions specified in the Act, and the rules made thereunder and are
independent of the management.
None of the independent directors are aware of any circumstance or
situation, which exist or may be reasonably anticipated, that could impair or impact their
ability to discharge their duties with an objective independent judgment and without any
external influence. The Board of Directors have taken on record the declaration and
confirmation submitted by the Independent Directors after undertaking due assessment of
the same and in their opinion, the Independent Directors fulfill the conditions specified
in the Act and SEBI Listing Regulations and are independent of the management.
The Independent Directors have complied with the Code for Independent
Directors prescribed in Schedule IV to the Act along with the Code of Conduct for
Directors and Senior Management Personnel formulated by the Company as per SEBI Listing
Regulations.
26. FAMILIARIZATION PROGRAMME FOR
INDEPENDENT DIRECTORS
In compliance with the requirements of the Act and the Listing
Regulations, the Company has put in place a familiarization Programmed for the Independent
Directors with regard to their roles, rights and responsibilities in the Company and
provides details regarding the nature of the industry in which the Company operates the
business models of the Company etc. which aims to provide insight to the Independent
Directors to understand the business of the Company.
Upon induction, the Independent Directors are familiarized with their
roles, rights and responsibilities. The details of the familiarization program for
Independent Directors are available on the Company's website and can be accessed at
www.nandanicreation.com
27. PERFORMANCE EVALUATION
The Nomination and Remuneration Policy of the Company empowers the
Nomination and Remuneration committee to formulate a process for effective evaluation of
the performance of individual directors, committees of the Board and the Board as a whole.
The Board formally assesses its own performance based on parameters
which, inter alia, include performance of the Board on deciding long term strategy, rating
the composition and mix of Board members, discharging of governance and fiduciary duties,
handling critical and dissenting suggestions, etc.
The parameters for the performance evaluation of the Directors include
contribution made at the Board meeting, attendance, instances of sharing best and next
practices, domain, knowledge, vision, strategy, engagement with senior management etc.
The independent directors at their separate meeting review the
performance of non independent directors and the Board as a whole, chairperson of the
Company after taking into account the views of Executive director and non executive
directors, the quality, quantity and timeliness of flow of information between the company
management and the Board that is necessary for the Board to effectively and reasonably
perform the duties.
Based on the outcome of the performance evaluation exercise, areas have
been identified for the Board to engage itself with and the same would be acted upon.
28. DIRECTORS RESPONSIBILITY
STATEMENT
Pursuant to Section 134 of the Companies Act, 2013 (including any
statutory modification(s) or re-enactment(s) thereof for the time being in force), the
Directors of the Company confirm that:
(a) In the preparation of the annual accounts for the financial year
ended 31st March, 2023, the applicable Accounting Standards and Schedule III of
the Companies Act, 2013, have been followed and there are no material departures from the
same; (b) the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as give a
true and fair view of the state of affairs of the Companies as at 31st March,
2023 and of profit and Loss of the Company for the financial year ended 31st
March, 2023; (c) the directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the Company Act, 2013
for safeguarding the assets of the Company and for preventing and detecting frauds and
other irregularities; (d) the annual accounts have been prepared on a going
concern principal; (e) proper internal financial control laid down by the directors
were followed by the Companies and that such internal financial controls are adequate and
operating effectively ; and; (f) Proper system to ensure compliance with the provisions of
all applicable laws was in place and that such system are adequate and operating
effectively.
29. MANAGEMENT DISCUSSION AND
ANALYSIS
Management Discussion and Analysis as stipulated under the Listing
Regulations is presented in a separate section forming part of this Annual Report as
Annexure-5. It speaks about the overall industry structure, global and domestic economic
scenarios, developments in business operations/performance of the Company's various
businesses viz., decorative business, international operations, industrial and home
improvement business, internal controls and their adequacy, Risk, threats, outlook etc.
30. BUSINESS RESPONSIBILITY STATEMENT
Your Company has always been at the forefront of voluntary disclosures
to ensure transparent reporting on all matters related to the Company's governance
and business operations. The report comprehensively covers your Company's philosophy
on corporate social responsibility, its sustainability activities pertaining to efforts on
conservation of environment, conducting green awareness events, its commitment towards
society, enhancing primary education, initiatives and activities taken up as part of this
philosophy for the year 2022-23. But since, this report is applicable only on Top 1000
Listed Entities, we are not attaching the report with the Annual Report.
31. DETAILS ON INTERNAL FINANCIAL
CONTROLS RELATED TO FINANCIAL STATEMENTS
According to Section 134(5) (e) of the Act, the term Internal
Financial Control' (IFC') means the 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
early detection of frauds and errors, the accuracy and completeness of the accounting
records and the timely preparation of reliable financial information.
The Company has established a robust framework for internal financial
controls. The Company has in place adequate controls, procedures and policies, ensuring
orderly and efficient conduct of its business, including adherence to the Company's
policies, safeguarding of its assets, prevention and detection of frauds and errors,
accuracy and completeness of accounting records, and timely preparation of reliable
financial information. During the year, such controls were assessed and no reportable
material weaknesses in the design or operation were observed. Accordingly, the Board is of
the opinion that the Company's internal financial controls were adequate and
effective during FY 2021-22.
32. INSIDER TRADING CODE OF CONDUCT:
Your Company has adopted a Code of Conduct to regulate, monitor and
report trading by designated persons and their immediate relatives to formulate a
framework and policy for disclosure of events and occurrences that could impact price
discovery in the market for its securities as per the requirements under SEBI(Prohibition
of Insider Trading) Regulations, 2015. The Code of Conduct has been made available on the
Company's website at www.nandanicreation.com
33. NOMINATION & REMUNERATION
POLICY:
The salient features of the Nomination and Remuneration Policy of the
Company are set out in the Corporate Governance Report which forms part of this Annual
Report. The said Policy of the Company, inter alia, provides that the Nomination and
Remuneration Committee shall formulate the criteria for appointment & Re appointment
of Directors on the Board of the Company and persons holding senior management positions
in the Company, including their remuneration and other matters as provided under Section
178 of the Act and Listing Regulations. The Policy details are given in Corporate
Governance Report.
34. OTHER STATUTORY DISCLOSURES
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower Policy and has established
Vigil Mechanism for employees including Directors of the Company to report genuine
Concerns. The provisions of this policy are in line with the provisions of Section 177(9)
of the Act.
The Whistle Blower Policy of the Company is also available on the
website of the Company at the link http://www.nandanicreation.com/docs/investors/poli
cies/WHISTLER-BLOWER-POLICY.pdf. During the year, no whistle blower event was reported
& mechanism is functioning well. Further, no personnel has been denied access to the
Audit Committee.
SIGNIFICANT AND MATERIAL ORDERS PASSED
BY THE REGULATORS OR COURTS OR
TRIBUNALS
There are no such significant and material orders passed by the
regulators or courts or tribunals, impacting the going concern status and company's
operations in future.
PARTICULARS OF EMPLOYEES
Pursuant to the amendment in the Section 197 of the Companies Act, 2013
read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a detailed statement is attached as Annexure-6.
Apart from that, there are no Employees in the Company whose
particulars are required to be disclosed in accordance with Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 in the
report. The Company is required to give the Disclosure under Schedule V Part II secti2 of
the Act. The same is attached in Annexure-6.
RISK MANAGEMENT POLICY
The Company has framed and implemented a Risk Management Policy to
identify the various business risks. This framework seeks to create transparency,
minimizes adverse impact on the business objectives and enhances the Company's
competitive advantage. The Risk Management Policy defines the risk management approach
across the enterprise at various levels including documentation and reporting.
The Risk Management procedure will be reviewed by the Audit Committee
and the Board of Directors on time to time basis.
LISTING OF SHARES
Your Company's shares are listed on the National Stock Exchange of
India Limited and the Listing fee for the year 2022-23 has been duly paid.
DEPOSITORY SYSTEM
As the Members are aware, your Company's shares are trade-able
compulsorily in electronic form and your Company has established connectivity with both
National Securities Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the depository system, the
members are requested to avail the facility of Dematerialization of the Company's
shares on NSDL & CDSL. The ISIN allotted to the Company's Equity shares is
INE696V01013.
HUMAN RESOURCE DEVELOPMENT
The Company recognizes the importance of Human Resource as a key asset
instrumental in its growth. The Company believes in acquisition, retention and betterment
of talented team players. With the philosophy of inclusive growth, the Company has further
redefined its performance management system. The new system focuses on progression of
individual employees together with organizational goals. Under the new system increased
thrust will be on job rotation and multi-skilling. HRD activities are taken in the Company
involving positive approach to develop employees to
take care of productivity, quality and customer needs. The Company has
to make constant efforts to manage labour shortages. To develop skilled labour, training
facilities are provided to the employees in house or by deputing them to the machinery
suppliers and to training institutes for specific training. The Company has well developed
management information system giving daily, monthly and periodical information to the
different levels of management. Such reports are being analysed and effective steps are
taken to control the efficiency, utilization, productivity and quality in the Company.
35. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Information pursuant to Section 134(3)(m) of the Companies Act,
2013 read with Companies (Accounts) Rules, 2014 is as follows:
1. The Company has no activity involving conservation of energy or
technology absorption.
2. There is no foreign exchange earnings and outgo.
36. GREEN INITIATIVES:
In commitment to keep in line with the Green Initiatives and going
beyond it, electronic copy of the Notice of 10th Annual General Meeting of the
Company including the Annual Report for FY 2021- 22 are being sent to all Members whose
e-mail addresses are registered with the Company / Depository Participant(s).
37. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
Your Company has always believed in providing a safe and harassment
free workplace for every individual working in its premises through various interventions
and practices. The Company always endeavors to create and provide an environment that is
free from discrimination and harassment including sexual harassment.
In order to prevent sexual harassment of women at work place "The
Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act,
2013" was notified on 9th December, 2013, under the said Act, every Company is
required to set up an Internal Complaints Committee to look into complaints relating to
sexual harassment at work place of any women employee.
In terms of the provisions of the Sexual Harassment of Women at the
workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company adopted a policy
for prevention of Sexual Harassment of Women at workplace and also set up an Internal
Complaints Committee to look into complaints relating to sexual harassment at work place
of any women employee.
During the financial year ended 31st March, 2023, the Company did not
receive any compliant and no compliant was pending at beginning and at the end of the
year.
38. CODE OF CONDUCT AND ETHICS FOR DIRECTORS AND SENIOR MANAGEMENT:
The code of conduct has been circulated to all the members of the Board
and Senior Management Personnel and they have affirmed their compliance with the said code
of conduct for the financial year ended on March 31, 2023.
A declaration to this effect signed by Mr. Anuj Mundhra Managing
Director and Mr. Dwarka Dass Mundhra, Chief Financial Officer, of the Company stating that
the members of Board of Directors and Senior Management Personnel have affirmed compliance
with the code of conduct of Board of Directors and senior management is annexed as "Annexure
A" to the Corporate Governance Report forming part of this Report
39. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
(IEPF)
Pursuant to sections 124 and 125 of the Act read with the Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules,
2016 ("IEPF Rules") there was no dividend which is unclaimed/ unpaid for more
than seven years, hence the company is not required to transfer any amount to Investor
Education and Protection Fund.
40. CERTIFICATIONS FROM CHIEF FINANCIAL OFFICER/CHIEF EXECUTIVE
OFFICER OF THE COMPANY:
The Company has obtained a Compliance Certificate in accordance with
Regulation 17(8) of Listing Regulations from Mr. Dwarka Dass Mundhra, the Chief Financial
Officer and Mr. Anuj Mundhra, Chairman and Managing Director of the Company. The Same is
forming as Annexure-7 the part of this Annual Report.
The Company has also obtained a Declaration signed by Chief Financial
Officer stating that the Members of the Board of Directors and Senior management personnel
have affirmed compliance with the code of conduct of Board of Directors and senior
management. The Same is forming as Annexure-7 the part of this Annual
Report.
41. GENERAL DISCLOSURES:
Other disclosures required as per Companies Act, 2013 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 or any other laws and rules applicable are either NIL or NOT APPLICABLE to the
company.
DATE: JAIPUR PLACE: 01.09.2023
a. APPRECIATION
Your Directors' would like to express their gratitude to the esteemed
shareholders for their trust and confidence in the management of the Company and will also
like to place on record their sincere appreciation for the continued co-operation,
guidance, support and assistance extended by our users, bankers, customers, suppliers,
local authorities, business associates, government & non-government agencies and
various other stakeholders.
The Board of Directors wishes to express its appreciation for the
valuable contribution and continued hard work made by each and every member of the Jaipur
Kurti Family at all levels, amidst the challenging time. Their dedicated efforts
and enthusiasm have been pivotal to your Company's growth
FOR AND ON BEHALF OF NANDANI CREATION LIMITED
Sd/-
ANUJ MUNDHRA MANAGING DIRECTOR DIN:05202504
Sd/-
VANDANA MUNDHRA WHOLE-TIME DIRECTOR DIN: 05202403
FORM AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with
rule 5 of Companies (Accounts) Rules,
2014)
Statement containing salient features of the financial statement of
subsidiaries/associate
companies/joint ventures
Part "A": Subsidiaries
(Information in respect of each subsidiary to be presented with amounts
in Rs.)
Sl. No. Particulars |
Details |
1. Sl. No. |
1 |
2. Name of the subsidiary |
DESI FUSION INDIA PRIVATE
LIMITED |
3. The date since when
subsidiary was acquired |
31.05.2016 |
4. Reporting period for the
subsidiary concerned, if different from the holding company's reporting period |
31st MARCH, 2023 |
5. Reporting currency and
Exchange rate as on the last date of the relevant Financial year in the case of foreign
subsidiaries |
INDIAN RUPEES |
6. Share capital |
Rs. 50 Lakhs |
7. Reserves & surplus |
-- |
8. Total assets |
Rs. 630.90 Lakhs |
9. Total Liabilities |
Rs. 1182.38 Lakhs |
10. Investments |
0 |
11. Turnover |
Rs. 2057.33 Lakhs |
12. Profit before taxation |
Rs. (0.05 Lakhs) |
13. Provision for taxation |
Rs. 0.04 Lakhs |
14. Profit after taxation |
Rs. (0.01 Lakhs) |
15. Proposed Dividend |
0 |
16. Extent of shareholding
(In percentage) |
99.99% |
Desi Fusion India Private Limited was incorporated on 31.05.2016 and
since the incorporation it was the Wholly-Owned Subsidiary Company of Nandani
Creation Limited.
PART "B": ASSOCIATES AND JOINT VENTURES
Statement pursuant to Section 129 (3) of the Companies Act, 2013
related to Associate Companies and Joint Ventures
Name of associates/Joint
Ventures |
Name 1 |
Name 2 |
Name 3 |
1. Latest audited Balance
Sheet Date |
-- |
-- |
-- |
2. Date on which the
Associate or Joint Venture was associated or Acquired |
-- |
-- |
-- |
3. Shares of
Associate/Joint Ventures held by the company on the year end |
-- |
-- |
|
No. |
-- |
-- |
-- |
Amount of Investment in
Associates/Joint Venture |
-- |
-- |
-- |
Extend of Holding (In
percentage) |
-- |
-- |
-- |
4. Description of how there
is significant influence |
-- |
-- |
-- |
5. Reason why the
associate/joint venture is not consolidated |
-- |
-- |
-- |
6. Net worth attributable
to shareholding as per latest audited Balance Sheet |
-- |
-- |
|
7. Profit/Loss for the year |
-- |
-- |
-- |
i. Considered in
Consolidation |
-- |
-- |
-- |
ii. Not Considered in
Consolidation |
-- |
-- |
-- |
DATE: JAIPUR FOR AND ON BEHALF OF NANDANI CREATION
LIMITED PLACE: 01.09.2023
Sd/-
ANUJ MUNDHRA MANAGING DIRECTOR DIN:05202504
Sd/-
VANDANA MUNDHRA WHOLE-TIME DIRECTOR DIN: 05202403
FORM NO. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act
and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered 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:
Details of contracts or arrangements or transactions not at arm's
length basis
SN Name(s) of the related
party and nature of relationship |
Nature of contracts
/arrangements/transact ions |
Duration of the
contracts / arrangements /
transaction
s |
Salient terms of the
contracts or arrangements or transactions including the value, if any |
Justification for
entering such contracts or
arrangements
or
transactions |
Date(s)
of
approval by the Board |
Amount paid as advances , if
any |
Date on which the special
resolution was passed in general meeting as required under first proviso to Section 188 |
|
- |
- |
- |
- |
- |
- |
- |
2. Details of material contracts or arrangement or transactions at
arm's length basis
S N Name(s) of
the related party and nature of relationship |
Nature of contracts /
arrangements / transactions |
Duration of the contracts /
arrangements / transactions |
Salient terms of the
contracts or arrangements or transactions including the value, if any |
Date(s) of approval by the
Board, if any |
Amount paid as advances, if
any |
1 M/s Desi Fusion India
Pvt. Limited (Wholly owned subsidiary Company) |
Purchase of Goods |
12 Months |
As per the agreement |
30.05.2022 |
|
2 M/s Desi Fusion India
Pvt. Limited (Wholly owned subsidiary Company) |
Receiving of Services |
12Months |
As per the agreement |
30.05.2022 |
- |
3 M/s Desi Fusion India
Pvt. Limited (Wholly owned subsidiary Company) |
Sale of Goods |
12 Months |
As per the agreement |
30.05.2022 |
|
4 Anuj Mundhra,
Chairman & Managing Director |
Payment of Remuneration to
Managing Director |
5 years with effect from August
15, 2021 to August 14, 2026 |
Rs. 2,70,000/- per month and
other perquisites & allowances with increments as may be decided by the Board of
Directors from time to time and as mentioned in |
30.05.2022 |
|
|
|
|
the Resolution passed |
|
|
5 Vandana Mundhra,
Whole-Time Director |
Payment of Remuneration to
Managing Director |
5 years with effect from August
15, 2021 to August 14, 2026 |
Rs. 1,08,000/- per month and
other perquisites & allowances with increments as may be decided by the Board of
Directors from time to time and as mentioned in the Resolution passed |
30.05.2022 |
|
6 Sunita Devi Mundhra,
Whole-Time Director |
Payment of Remuneration to
Managing Director |
5 years with effect from August
15, 2021 to August 14, 2026 |
Rs. 72,000/- per month and
other perquisites & allowances with increments as may be decided by the Board of
Directors from time to time and as mentioned in the Resolution passed |
30.05.2022 |
|
7 Vandana Mundhra
(Leasing of Brand name "Amaiva") |
Rent paid |
12 Months |
As per the agreement |
30.05.2022 |
|
DATE: JAIPUR FOR AND ON BEHALF OF NANDANI CREATION LIMITED
PLACE: 01.09.2023
Sd/-
ANUJ MUNDHRA MANAGING DIRECTOR DIN: 05202504
Sd/-
VANDANA MUNDHRA WHOLE-TIME DIRECTOR DIN: 05202403
FORM MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023 (Pursuant to Section 201,
9(1) of the Companies Act, 2013 and Rule No. 09 of the Companies (Appointment and
Remuneration Personnel) Rules, 2014
To
The Members
M/s Nandani Creation Limited G-13, Kartarpura Industrial Area,
Near 22 Godam, Jaipur-302006,
Rajasthan
We have conducted the secretarial audit of the compliance of applicable
statutory provisions and the adherence to good corporate practices by "NANDANI
CREATION LIMITED" (hereinafter called the "company"). Secretarial Audit
was conducted in a manner that provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my opinion thereon.
Based on our verification of the Company's books, papers, minute books,
forms and returns filed and other records maintained by the company and also the
information provided by the Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, We hereby report that in our opinion, the company
has, during the audit period covering the financial year ended on March 31,2023 complied
with the statutory provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns
filed and other records maintained by Company for the financial year ended on March 31,
2023 according to the provisions of:
(i) The Companies Act, 2013 ("the Act") and Companies Act,
1956 (to the extent applicable) the rules made there under including any re-enactment
thereof;
(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the
rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed there under;
(iv) The following Regulations and Guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 ('SEBI Act):-
(a) The Securities and Exchange Board of India (Substantial Acquisition
of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992 & 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India
(Registrars to an Issue and Share Transfer Agents) Regulations, 1993;
(e) The Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('Listing Regulations') to the extent
applicable during the Audit Period;
We have also examined compliance with the applicable clauses of the
following:
I. The Secretarial Standards 1 and 2 issued by the Institute of Company
Secretaries of India;
II. The Listing Agreements entered into by the Company with National
Stock Exchange of India Limited.
During the period under review the Company has complied with the
provisions of the Act, Rules, Regulations, Guidelines, Standards, etc mentioned above.
We further report that compliance of applicable financial laws
including Direct and Indirect Tax laws by the Company has not been reviewed in this Audit
since the same has been subject to review by the Statutory Auditors and other designated
professionals.
The following Regulations and Guidelines prescribed under The
Securities and Exchange Board of India Act, 1992 were, in our opinion, not attracted
during the financial year under report;
(a) The Securities and Exchange Board of India (Issue and Listing of
Debt Securities) Regulations, 2008;
(b) The Securities and Exchange Board of India (Delisting of Equity
Shares) Regulation, 2009;
(c) The Securities and Exchange Board of India (Buyback of Securities)
Regulations, 1998; and
(d) The Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014;
(e) Foreign Exchange Management Act, 1999 and the rules and regulations
made there under to the extent of Foreign Direct Investment and Overseas Direct Investment
and External Commercial Borrowings.
We further report that:
The Board of Directors of the Company is duly constituted with proper
balance of Executive Directors, Non-Executive Directors and Independent Directors. There
were no changes in the composition of the Board of Directors that took place during the
Audit Period.
Adequate notice is given to all directors to schedule the Board
Meetings, agenda and detailed notes on agenda were sent at least seven days in advance or
consent of all directors were received in writing for shorter board meeting notice
consents (if any), and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at
the meeting.
All decision at Board Meetings and Committee Meetings are carried by
majority as recorded in the minutes of the Meetings of the Board of Directors or Committee
of the Board, as the case may be.
We further report that there are adequate systems and processes in the
Company commensurate with the size and operations of the Company to monitor and ensure
compliance with applicable laws, rules, regulations and guidelines.
Management Responsibility:
i. Maintenance of secretarial records is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit;
ii. We have followed the audit practices and the processes as were
appropriate to obtain reasonable assurance about the correctness of the contents of the
secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we
followed provide a reasonable basis for our opinion;
iii. We have not verified the correctness and appropriateness of
financial records and Books of Accounts of the Company or verified compliances of laws
other than those mentioned above;
iv. Where ever required, we have obtained the Management representation
about the compliance of laws, rules and regulations and happening of events etc.
v. The compliance of the provisions of Corporate and other applicable
laws, rules, regulations, standards is the responsibility of management. Our examination
was limited to the verification of procedure on test basis;
vi. The Secretarial Audit report is neither an assurance as to the
future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
For Manisha Godara and Associates Company Secretaries FRN:
S2014RJ268900
Date: 01-09-2023 Place: New Delhi
Sd/-
Manisha Godara A36531 CP 13570
UDIN:A036531E000882772
|