Your Directors here by present the 37^th Annual Report together with the Audited statements of
Accounts for the financial year ended on 31^st March, 2024.

1) FINANCIAL RESULTS AND OPERATIONAL REVIEW:

(Amount in Rs. '00)

2) NATURE OF BUSINESS:

There was no change in the nature of the business of the Company during the year under review.

3) DIVIDEND:

Keeping in view the conservation of financial resources, the board of Directors of your company has
not recommended any Dividend payment relating to the financial year ended on 31^st March, 2024.

4) TRANSFER TO RESERVES:

(Rs.1594001) was transferred to the reserves during the financial year ended 31st March, 2024.

5) REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE COMPANIES:

The Company does not have any subsidiaries, Associate and Joint Venture Companies. Hence, details
for the same are not required to mention here.

6) CHANGE OF NAME:

The Company not changed its name during the year under review.

7) PARTICULARS OF EMPLOYEES:

The table containing the names and other particulars of employees in accordance with the
provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided as "Annexure-
A" to the Board's report.

None of the top ten employees of the Company drew remuneration of Rs.1,02,00,000/- or more per
annum or Rs. 8,50,000/- or more per month during the year as per amendment by Ministry of
Corporate Affairs dated 30th June, 2016. Hence, no information is required to be furnished as
required under Rule 5(2) and 5(3) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

8) SHARE CAPITAL:

The Paid up Equity Share Capital of the Company as on March 31^st, 2024, is Rs. 6,19,75,500/- divided
into 61,97,550 equities:

A) Issue of equity shares with differential rights:

During the year under review, the Company has not issued any shares with differential voting
rights.

B) Issue of sweat equity shares

During the year under review, the Company has not issued any sweat equity shares.

C) Issue of employee stock options

During the year under review, the Company has not issued any sweat equity shares.

D) Provision of money by company for purchase of its own shares by employees or by trustees for
the benefit of employees

The Company has no scheme of provision of money for purchase of its own shares by employees or
by trustees for the benefit of employees. Hence the details under rule 16 (4) of Companies (Share
Capital and Debentures) Rules, 2014 are not required to be disclosed.

9) FINANCE:

The Company has not borrowed loan from any Bank or Financial institution during the year under
review.

10) FIXED DEPOSIT:

During the year under review the Company has not accepted any deposits to which the provisions
of section 73, 74 of the Companies Act, 2013 read with Acceptance of Deposits Rules, 2014 as
amended are applicable.

11) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

The Company has not given any loans or guarantees covered under the provisions of section 186 of
the Companies Act, 2013.

12) SIGNIFICANT ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS IMPACTING GOING
CONCERN AND CO.'S OPERATIONS:

To the best of our knowledge, the company has not received any such orders passed by the
regulators, courts or tribunals during the year, which may impact the going concern status or
company's operations in future.

13) EMPLOYEE RELATIONS:

Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all employees in advancing the Company's
vision and strategy to deliver good performance.

14) BUSINESS RISK MANAGEMENT:

The Company has laid down a Risk Management Policy and identified threat of such events which if
occurs will adversely affect either / or, value to shareholders, ability of company to achieve
objectives, ability to implement business strategies, the manner in which the company operates and
reputation as "Risks". Further such Risks are categorized in to Strategic Risks, Operating Risks &
Regulatory Risks. A detailed exercise is carried out to identify, evaluate, manage and monitoring all
the three types of risks.

15) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of
its operations. During the year under review, the company retained external audit firm to review its
existing internal control system with a view of tighten the same and introduce system of self¬
certification by all the process owners to ensure that internal controls over all the key business
processes are operative. The scope and authority of the Internal Audit (IA) function is defined in the
Internal Audit Charter.

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 and its subsidiaries. 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 corrective actions thereon are presented to the Audit
Committee of the Board.

16) VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of fraud
and mismanagement, if any. The company has adopted a Whistle Blower Policy, which affords
protection and confidentially to Whistle blowers. The Audit Committee Chairman is authorized to
receive Protected Disclosures under this Policy. The Audit Committee is also authorized to supervise
the conduct of investigations of any disclosures made whistle blowers in accordance with policy.

No personnel have been denied access to the Audit Committee. As of March 31, 2024, No Protected
Disclosures have been received under this policy.

17) PREVENTION OF INSIDER TRADING:

In January 2015, SEBI notified the SEBI (Prohibition of Insider Trading) Regulation, 2015 which came
into effect from May, 2015. Pursuant thereto, the Company has formulated and adopted a new code
for Prevention of Insider Trading.

The New Code viz. "Code of Internal Procedures and Conduct for regulating, Monitoring and
reporting of Trading by Insiders" and "Code of Practices and Procedures for fair Disclosure of
Unpublished price Sensitive Information" has been framed and adopted. The Code requires pre¬
clearance for dealing in the Company's shares and prohibits purchase or sale of Company shares by
the Directors and 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 Company is Responsible for implementation of the Code.

CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT PERSONNEL

In terms of SEBI (Listing Obligations and Disclosure Requirement), Regulations, 2015, the Board of
Directors of the Company has laid down a Code of Conduct for all Board Members and Senior
Management Personnel of the Company. The said Code of Conduct has been posted on the website
of the Company. The Board Members and Senior Management Personnel of the Company have
affirmed compliance with the Code. The Chairman & Managing Director of the Company has given
a declaration to the Company that all the Board Members and Senior Management Personnel of the
Company have affirmed compliance with the Code.

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

18) DIRECTORS:

a) Composition of Board of Directors as on 31^st March, 2024:

None of the Director is a member in more than 10 Companies and Act as Chairman in more than
5 Companies across all Companies in which he/she is a director.

b) Declaration By Independent Directors:

The Company has received necessary declaration from each Independent Director under Section
149 (7) of the Companies Act, 2013, that they meet the criteria of independence laid down in
Section 149(6) of the Companies Act, 2013.

c) Meeting of Board of Directors and attendance thereon:

The meetings of the Board of Directors are held at periodical intervals and are generally at the
registered office of the Company. The meeting dates are decided well in advance and the agenda
and notes on agenda are circulated in advance to the directors. All material information is
incorporated in the notes on agenda for facilitating meaningful and focused discussion at the
meeting. Where it is not perusable to attach supporting or relevant documents to the agendas,
the same is tabled before the meeting. In case of business exigencies or urgency of matters,

resolutions are passed by circulation. Senior Management persons are often invited to attend
the Board Meetings and provide clarifications as and when required.

During the year 2023-24, 07 (Seven) Board Meetings were convened and duly held on:

The Board of Directors of the Company was present at the following Board Meeting held during
the year under review.

*Appointed on 16/03/2024

Details of the last three Annual General Meetings:

Details for Special Resolution had passed in last AGM:

2022-2023

No Special Resolution was passed.

2021-2022

No Special Resolution was passed.

2020-2021

• Regularize appointment of Mr. Amit Mrituka appointed on 7^th September, 2021 as an
Additional Director.

Extra Ordinary General Meeting/Postal Ballot during the year under review:

No Extra Ordinary General Meeting was held during the year under review.

d) Changes in Directors and Key Managerial Personnel:

Mrs. Mamy Ghosh, Director of the Company is liable to retire by rotation at the ensuing Annual
General Meeting and being eligible, offer himself for re- appointment.

e) Declaration by an Independent Director(s) and reappointment, if any:

All Independent Directors have given declarations that they meet the criteria of independence
as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirement), Regulations, 2015.

f) Formal Annual Evaluation:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirement), Regulations, 2015, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well as the evaluation of the
working of its Audit, Nomination and Remuneration Committees.

During the year, the Board adopted a formal mechanism for evaluating its performance and as
well as that of its Committees and individual Directors, including the Chairman of the Board. The
exercise was carried out through a structured evaluation process covering various aspects of the
Boards functioning such as composition of the Board & committees, experience & competencies,
performance of specific duties & obligations, governance issues etc. Separate exercise was
carried out to evaluate the performance of individual Directors including the Board Chairman
who were evaluated on parameters such as attendance, contribution at the meetings and
otherwise, independent judgment, safeguarding of minority shareholders interest etc.

The evaluation of the Independent Directors was carried out by the entire Board and that of the
Chairman and the Non-Independent Directors were carried out by the Independent Directors.

The Directors were satisfied with the evaluation results, which reflected the overall engagement
of the Board and its Committees with the Company.

g) Remuneration Policy:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed
a policy for selection and appointment of Directors, Senior Management and their remuneration.
The Remuneration Policy is stated under the head Nomination and Remuneration Committee.

h) Number of Meetings of the Board of Directors and Audit Committee:

A calendar of Meetings is prepared and circulated in advance to the Directors.

During the year seven Board Meetings and One Independent Directors' meeting and four Audit
Committee Meetings were convened and held. The intervening gap between the Meetings was
within the period prescribed under the Companies Act, 2013.

19) COMMITTEES OF BOARD OF DIRECTORS:

The Company had Three Board Committees. These are as under:

I. Audit Committee

II. Remuneration Committee

III. Share Transfer & Shareholders/Investor Grievance Committee

Moving with various committees formed and reported in the previous Annual Report and in line
with the requirements of SEBI and Stock Exchanges, the Board has formally constituted the following
committees of Directors.

I. Audit Committee:

The Audit committee constituted by the Board of directors as per the Regulation 18 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as in Section 177 of
the Companies Act, 2013. The members of the Committee presently comprises of three
Members Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit Mrituka (DIN: 00741569) and Mrs.
Mamy Ghosh (DIN: 06532484) who are aware with finance, accounts, management and
corporate affairs. Three independent members constitute the quorum of the said Audit
Committee Meeting.

The Audit Committee of the Board of Directors of the Company, Inter-alia, provides assurance to
the Board on the adequacy of the internal control systems and financial disclosures.

The audit committee while reviewing the Annual Financial Accounts ensures compliance of the
Accounting Standard (AS) issued by the Institute of Chartered Accountants of India.

• Review the financial reporting process and disclosure of its financial information;

• Review with the management, Annual financial statements before submission to the
Board;

• Review with the management, statutory Auditors and Internal Auditors and adequacy
of internal control systems;

• Review the company's accounting and risk management policies;

• Review the company's accounting and management reporting systems and updates
the same from time to time;

• Recommend the appointment and removal of statutory and Internal Auditors and
fixation of fees for the same;

• Review quarterly financial statement;

• Review internal investigations made statutory/ Internal Auditors;

• Scope of Statutory/ Internal Audit;

• Review fixed deposits/repayment systems etc.;

• Review related party transactions.

The terms and reference of the Audit Committee covers the matters specified as per SEBI (Listing
Obligations and Disclosure Requirement), Regulations, 2015 besides other terms as may be
referred from time to time by the Board of Directors. The Audit Committee met four times during
the year;

II. Remuneration Committee:

The Remuneration Committee shall act in accordance with the prescribed provisions of Section
178 of the Companies Act, 2013. Remuneration Committee reviews the overall compensation
policy, service agreements and other employment conditions of Managing/Whole time Directors
and Managing Director.

Members of the Committee has been changed on 26^th October, 2023 due to change in
Directorship of the Company. Nomination and Remuneration Committee of the Company
presently comprises of Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit Mrituka (DIN: 00741569)
and Mrs. Mamy Ghosh (DIN: 06532484).

Remuneration Committee constituted for the purpose of considering remuneration of executive
and non-executive directors.

Non- Executive Director

The Company has not paid any sitting fees to any of the Directors of the Company.

One Meeting of the Nomination and remuneration committee was held on 16/03/2024 during
the year under review.

Terms of reference of the Committee inter alia, include the following: Nomination of Directors /
Key Managerial Personnel / Senior Management*

i. To evaluate and recommend the composition of the Board of Directors;

ii. To identify persons who are qualified to become Directors and who may be appointed in
senior management in accordance with the criteria laid down by the Committee;

iii. Consider and recommend to the Board appointment and removal of directors, other
persons in senior management and key managerial personnel (KMP);

iv. Determining processes for evaluating the effectiveness of individual directors and the
Board as a whole and evaluating the performance of individual Directors;

v. To administer and supervise Employee Stock Options Schemes (ESOS) including framing of
policies related to ESOS and reviewing grant of ESOS;

vi. Formulate the criteria for determining qualifications, positive attributes and independence
of a Director;

vii. To review HR Policies and Initiatives.

Role of the Committee:

The Committee shall:

a. Formulate the criteria for determining qualifications, positive attributes and independence of
a Director and recommend to the board of directors a policy relating to, the remuneration of
the directors, key managerial personnel and other employees;

b. Identify persons who are qualified to become Director and persons who may be appointed in
Key Managerial and Senior Management positions in accordance with the criteria laid down
in this Policy;

c. Lay down the evaluation criteria for performance evaluation of Independent Director and the
Board;

d. Recommend to the Board, appointment, remuneration and removal of Director, KMP and
Senior Management;

e. To devise a Policy on Board diversity.

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

Remuneration of Directors / Key Managerial Personnel / Senior Management*/ other Employees

Evolve the principles, criteria and basis of Remuneration policy and recommend to the Board a
policy relating to the remuneration for all the Directors, KMP, Senior Management and other
employees of the Company and to review the same from time to time.

The Committee shall, while formulating the policy, ensure the following:

• The level and composition of remuneration is reasonable and sufficient to attract, retain
and motivate Directors of the quality required to run the Company successfully;

• Relationship of remuneration to performance is clear and meets appropriate
performance benchmarks; and

• Remuneration to Directors, KMP and Senior Management involves a balance between
fixed and incentive pay reflecting short and long term performance objectives
appropriate to the working of the Company and its goals.

*Senior Management for the above purpose shall mean personnel of the Company who are
members of its core management team excluding Board of Directors comprising all members of
management one level below the executive directors, including the functional heads.

NOMINATION & REMUNERATION POLICY:

Purpose of this Policy:

The company has adopted this Policy on appointment and remuneration of the Directors, Key
Managerial Personnel and Senior Management (the "Policy") as required by the provisions of
Section 178 of the Companies Act, 2013 (the "Act") and Regulation 19 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

The purpose of this Policy is to establish and govern the procedure applicable:

a) To evaluate the performance of the members of the Board.

b) To ensure that remuneration to Directors, KMP and Senior Management involves a balance
between fixed and incentive pay reflecting short and long-term performance objectives
appropriate to the working of the Company and its goals.

c) To retain, motivate and promote talent and to ensure long term sustainability of talented
managerial persons and create competitive advantage.

The Committee should ensure that the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality required to run the Company
successfully and the relationship of remuneration to performance is clear and meets appropriate
performance benchmarks.

Definitions:

Independent Director means a director referred to in Section 149(6) of the Act and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to
time.

Key Managerial Personnel (the "KMP") shall mean "Key Managerial Personnel" as defined in
Section 2(51) of the Act.

Nomination and Remuneration Committee, by whatever name called, shall mean a Committee
of Board of Directors of the Company, constituted in accordance with the provisions of Section
178 of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Remuneration means any money or its equivalent given or passed to any person for services
rendered by him and includes perquisites as defined under the Income-tax Act, 1961.

Senior Management means personnel of the Company who are members of its core
management team excluding Board of Directors. This would include all members of management
one level below the Executive Directors, including all functional heads.

Words and expressions used and not defined in this Policy, but defined in the Act or any rules
framed under the Act or the Securities and Exchange Board of India Act, 1992 and Rules and
Regulations framed there under or in the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 or the Accounting Standards shall have the meanings assigned to them in these
regulations.

Criteria for Determining the followings:-

1 Qualifications for appointment of Directors (including Independent Directors)

a) Persons of eminence, standing and knowledge with significant achievements in business,
professions and/or public service;

b) Their financial or business literacy/skills;

c) Other appropriate qualification/experience to meet the objectives of the Company;

d) As per the applicable provisions of Companies Act, 2013, Rules made there under and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Nomination and Remuneration Committee shall have discretion to consider and fix any
other criteria or norms for selection of the most suitable candidate/s.

2 Positive attributes of Directors (including Independent Directors):

• Directors are to demonstrate integrity, credibility, trustworthiness, ability to handle
conflict constructively and the willingness to address issues proactively;

• Actively update their knowledge and skills with the latest developments in the
railway/heavy engineering/infrastructure industry, market conditions and applicable
legal provisions;

• Willingness to devote sufficient time and attention to the Company's business and
discharge their responsibilities;

• To assist in bringing independent judgment to bear on the Board's deliberations
especially on issues of strategy, performance, risk management, resources, key
appointments and standards of conduct;

• Ability to develop a good working relationship with other Board members and contribute
to the Board's working relationship with the senior management of the Company;

• To act within their authority, assist in protecting the legitimate interests of the Company,
its shareholders and employees;

• Independent Directors to meet the requirements of the Companies Act, 2013 read with
the Rules made there under and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended from time to time.

3 Independence Standards

The following would be the independence review procedure and criteria to assist the Committee
to evaluate the independence of Directors for recommending to the Board for appointment. A
Director is independent if the Board affirmatively determines that the Director does not have a
direct or indirect material relationship with the Company, including its affiliates or any member
of senior management. "Affiliate" shall mean any company or other entity that controls, is
controlled by, or is under common control with the Company.

Also, the candidate shall be evaluated based on the criteria provided under the applicable laws
including Companies Act, 2013 read with Rules thereon and the Listing Agreement with the Stock
Exchanges. In addition to applying these guidelines, the Board will consider all relevant facts and
circumstances in making its determination relating to a director's independence.

Independence Review Procedures

1. Annual Review

The director's independence for the independent director will be determined by the Board
on an annual basis upon the declaration made by such Director as per the provisions of the
Companies Act, 2013 read with Rules thereon and the Listing Agreement.

2. Individual Director's Independence Determinations

If a director nominee is considered for appointment to the Board between Annual General
Meetings, a determination of independence, upon the recommendation of the Committee,
shall be made by the Board prior to such appointment.

All determinations of independence shall be made on a case-by-case basis for each director
after consideration of all the relevant facts and circumstances and the standards set forth
herein. The Board reserves the right to determine that any director is not independent even
if he or she satisfies the criteria set forth by the provisions of the Companies Act, 2013 read
with Rules thereon and the Listing Agreement.

3. Notice of Change of Independent Status

Each director has an affirmative obligation to inform the Board of any change in
circumstances that may put his or her independence at issue.

Criteria for appointment of KMP/Senior Management

• To possess the required qualifications, experience, skills & expertise to effectively discharge
their duties and responsibilities;

• To practice and encourage professionalism and transparent working environment;

• To build teams and carry the team members along for achieving the goals/objectives and
corporate mission;

• To adhere strictly to code of conduct
Term

The Term of the Directors including Managing / Whole time Director / Independent Director shall
be governed as per the provisions of the Act and Rules made there under and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.
Whereas the terms of the KMP (other than the Managing/Whole time Director) and Senior
Management, shall be governed by the prevailing H R policies of the Company.

Evaluation

The Committee shall carry out evaluation of performance of every Director. The Committee shall
identify evaluation criteria which will evaluate Directors based on knowledge to perform the role,
time and level of participation, performance of duties, level of oversight, professional conduct and
independence. The appointment / re- appointment / continuation of Directors on the Board shall
be subject to the outcome of the yearly evaluation process.

Removal

Due to reasons for any disqualification mentioned in the Act or under any other applicable Act, Rules
and Regulations there under and / or for any disciplinary reasons and subject to such applicable
Acts, Rules and Regulations and the Company's prevailing HR policies, the Committee may
recommend, to the Board, with reasons recorded in writing, removal of a Director, KMP or Senior
Management.

Remuneration of Managing / Whole-time Director, KMP and Senior Management

The remuneration / compensation / commission, etc., as the case may be, to the Managing / Whole
time Director will be governed by the relevant provisions of the Companies Act, 2013 and applicable
Rules and Regulations and will be determined by the Committee and recommended to the Board
for approval. The remuneration / compensation / commission, etc., as the case may be, shall be
subject to the prior / post approval of the shareholders of the Company and Central Government,
wherever required. Further, the Chairman & Managing Director of the Company is authorised to
decide the remuneration of KMP (other than Managing / Whole time Director) and Senior
Management based on the standard market practice and prevailing HR policies of the Company.

Remuneration to Non-executive / Independent Director

The remuneration / commission / sitting fees, as the case may be, to the Non-Executive /
Independent Director, shall be in accordance with the provisions of the Act and the Rules made
there under for the time being in force or as may be decided by the Committee / Board /
shareholders. An Independent Director shall not be entitled to any stock option of the Company
unless otherwise permitted in terms of the Act and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended from time to time.

III. Share Transfer & Shareholders'/Investor Grievance Committee:

This committee presently consists of Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit Mrituka
(DIN: 00741569) and Mrs. Mamy Ghosh (DIN: 06532484).

The committee is responsible for approving and monitoring transfers, transmission, splitting and
consolidation of shares issued by the Company. In addition to that, the committee also monitors
redressal of complaints from shareholders relating to transfer of shares, non-receipt of balance
sheet etc., No sitting fees is paid to the committee members. The Committee reviewed redressal
of investors Grievances pertaining to share transfer, dematerialization of shares, replacement of
lost, mutilated and old share certificates, change of address etc. The committee has also taken
steps to strengthening investors relations.

The meetings of the members of Share Transfer and Share Holder Grievance Committee were
held on below mentioned date, met four times during the year;

The status of shareholders' complaints received so far/number not solved to the satisfaction of
shareholders/number of pending share transfer transactions (as on 31^st March, 2024) is given
below:-

Complaints Status: 01.04.2023 to 31.03.2024

• Number of complaints received so far : 13

• Number of complaints solved : 13

• Number of pending complaints : Nil

20) CORPORATE GOVERNANCE:

SEBI vide its circular no. CIR/CFD/POLICY CELL/2/2014 dated 17th April, 2014 had amended
Erstwhile Clause 49 and made it applicable to all the listed Companies. Further, SEBI vide its circular
no. CIR/CFD/POLICY CELL/7/2014 dated 15^th September, 2014 read with Regulation 34(3) read with
Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 had
made the provisions of Corporate Governance non-mandatory to the following class of Companies:

a) Companies having paid up equity share capital not exceeding Rs.10 crores and Net worth not
exceeding Rs.25 crores, as on the last day of the previous financial year; Provided that where
the provisions of Clause 49 becomes applicable to a company at a later date, such company shall
comply with the requirements of Clause 49 within six months from the date on which the
provisions became applicable to the company.

b) Companies whose equity share capital is listed exclusively on the BSE Platform.

Accordingly the paid up capital and net worth is below the prescribed limit for mandatory
applicability of Corporate Governance clause. The Company has decided not to opt for
compliance of Erstwhile Clause 49 for the time being.

21) DIRECTORS' RESPONSIBILITY STATEMENT:

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

a. That in the preparation of the annual financial statements for the year ended March 31, 2024,
the applicable accounting standards have been followed along with proper explanation relating
to material departures, if any;

b. That such accounting policies have been selected and applied consistently and judgment and
estimates have been made that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for
the year ended on that date;

c. that proper and sufficient care has been taken 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;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were
adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and
were adequate and operating effectively.

22) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The details of conservation of energy, technology absorption etc. as required to be given under
Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies (Accounts) Rules,
2014, are not applicable to Company, as our Company has not carried out in the manufacturing

activities. The foreign exchange earnings on account of the operation of the Company during the
year is Rs. Nil.

23) RELATED PARTY TRANSACTIONS:

There were no materially significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have a
potential conflict with the interest of the Company at large.

24) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant material orders passed by the Regulators / Courts which would impact the
going concern status of the Company and its future operations.

25) DETAIL OF FRAUD AS PER AUDITORS REPORT:

There is no fraud in the Company during the Financial Year ended 31^st March, 2024. This is also being
supported by the report of the auditors of the Company as no fraud has been reported in their audit
report for the financial year ended 31^st March, 2024.

26) BOARD'S COMMENT ON THE AUDITORS' REPORT:

There were no qualifications, reservations or adverse remarks made by Auditors in their respective
reports. Observation made by the Statutory Auditors in their Report are self- explanatory and
therefore, do not call for any further comments under section 134(3) (f) of the Companies Act, 2013.

27) COST AUDITOR AND COST AUDIT REPORT:

Cost Audit is not applicable to your Company.

28) AUDITORS:

A. Statutory Auditors:

In terms of Section 139 of the Companies Act, 2013 ("the Act"), and the Companies (Audit and
Auditors) Rules, 2014, made thereunder, the present Statutory Auditors of the Company M/s.
A A A M & CO LLP, Chartered Accountants (FRN: 038189N), has been appointed, confirmed and
ratified as the Statutory Auditors of the Company for the financial year 2024-25, to fill the casual
vacancy caused due to the resignation of M/s. Bijan Ghosh & Associates, Chartered Accountants
(M. No.: 009491, FRN. 323214E), to hold office from September 04, 2024 till the conclusion of
the 37th Annual General Meeting, duly recommended by the Audit Committee of the Company.

Further, M/s. A A A M & CO LLP, Chartered Accountants (FRN: 038189N), is required to appoint
as the Statutory Auditors of the Company, for the term of 5 years from the conclusion of this
37^th Annual General Meeting until the conclusion of the 42nd Annual General Meeting to be
held in the year 2029 on such remuneration plus applicable taxes, and out of pocket expenses,
as may be recommended by the Audit Committee and as may be mutually agreed between the
Board of Directors of the Company and the Statutory Auditors from time to time.

B. Internal Auditor

The Company has appointed internal auditors of the company.

C. Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Mrs. Rupal Patel (FCS - 6275), Practicing Company Secretary, to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as "Annexure
-B".

Reply to the qualification Remarks in Secretarial Audit Report:

29) MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Schedule V of the SEBI (Listing Obligations
and Disclosure Requirement), Regulations, 2015, forms part of this Report and the same is annexed
hereto as "Annexure-C".

30) SEGMENT:

Your Company is engaged in a single segment only.

31) EXTRACT OF THE ANNUAL RETURN:

Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the companies Act
2013, read with Rule 12 of Companies (Management and Administration) Rules, 2014, the copy of
the Draft Annual Return of the Company for the Financial year ended on March, 31^st 2024 in Form
MGT-9 is uploaded on website of the company and can be accessed at www.bansisonstea.in

32) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy
against sexual harassment in line with the provisions of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under.

Since there are no women employees in the Company, hence during the financial year 2023-24, the
company has not received any complaints on sexual harassment and hence no complaints remain
pending as of 31^st March, 2024.

33) DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER DISCLOSURES AS
PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES. 2014:

Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies (Appointment &
Remuneration) Rules, 2014, every Listed Company mandates to disclose in the Board's Report the
ratio of the remuneration of each director to the permanent employee's remuneration. However,
since there is no permanent employee in the Company, no disclosure under the said provision has
been furnished.

34) DISCLOSURES:

a) Materially significant related party transactions:

The same are appropriate disclosed in the note forming parts of the financial statement.

b) During the last three Years, there were no penalties, strictures imposed by either SEBI or stock
Exchange or any statutory authority for non- Compliance of any matter related to the capital
market.

Share Transfer System:

All the transfers are received and processed by share Transfer agents and are approved by share
transfer committee. Share Transfer requests received in physical form are registered within 30 days
and demat requests are confirmed within 15 days.

Dematerialization of shares and liquidity:

Details of Registrar and Share Transfer agent of the Company for dematerialization of shares:

Name: S. K. INFOSOLUTIONS PVT. LTD.

Address: 34/1A Sudhir Chatterjee Street, Kolkata, West Bengal,700006.

Tel: 033-22194815,22196797

Fax: 033-22194815

Email: skcdilip@gmail.com; contact@skcinfo.com

Date, Time and venue of : 30^th September, 2024 at 11.00 A.M.

Annual General Meeting Through Video Conferencing/ Other Audio-Visual Means

(VC/OAVM). The venue of the Meeting shall be deemed to
be at its registered office.

35) MEANS OF COMMUNICATIONS:

The half Yearly and quarterly results of the Company were not published in any newspaper but
regularly forwarded to the Bombay Stock Exchange where the Company's share are listed. The
Company has not considered it necessary to circulate half yearly results at the residence of
shareholders as there is no significant up and down in the activities of the company having material
impact on the shareholders interest.

The Company's financial results and officials news releases are displayed on the Company's website
i.e. www.bansisonstea.in

Further the Company has not made any presentation to any financial institutional Investors/analysts
or banks during the year.

Listing of Equity Shares on Stock Exchanges: BSE Limited:

a. Stock Code: BSE 519353

b. Demat ISIN number: INE856E01019

c. Market price data :

High / Low of Monthly Market Price of the Companies Equity Shares traded on Bombay Stock
Exchange during the financial year 2023-24:-

d. Registered and Transfer Agent: The Company has Appointed S. K. Infosolutions Private Limited
as the common agency both in respect of demat shares.

e. Share Transfer System: Valid Share transfer in physical form and complete in all respects were
approved and registered within the stipulated period.

Dividend Payment Date (Proposed): Dividend, if any will be paid within the stipulated period
after its declaration by the members at the AGM.

Shareholding pattern as on 31^st March, 2024:-

Dematerialization of shares: As on 31-03-2024, Demat shares accounted for 4,66,905 Equity Shares
of total equity.

Listing on Stock Exchanges : BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai -
400023

Address for Correspondence:

Bansisons Tea Industries Limited,

264, M G Road, Siliguri , West Bengal, 734405
Website: www.bansisonstea.in
Email: bansisonstea@gmail.com
Tel.: 0353-2501808

S. K. Infosolutions Private Limited

34/1A Sudhir Chatterjee Street, Kolkata, West Bengal,700006.

Tel.: 033-22194815,22196797
Fax:033-22194815

Email: skcdilip@gmail.com; contact@skcinfo.com
Financial Calendar:

1^st quarterly results - Second week of August, 2024
2^nd quarterly results-Second week of November, 2024
3^rd quarterly results - Second week of February, 2025
4^th quarterly results - Second week of May, 2025

Date of Book Closure: September 24^th 2024 to September 30^th 2024 (both days inclusive)

36) MATERIAL CHANGES AND COMMITMENT:

No material changes and commitments affecting the financial position of the company occurred
between the ends of the financial year to which these financial statements relate on the date of this
report.

37) CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company has not developed and implemented any Corporate Social Responsibility initiative
under the provisions of Section 135 of the Companies Act, 2013, read with Rule 9 of Companies
(Corporate Social Responsibility Policy) Rules, 2014, as the said provisions are not applicable.

38) DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS:

The Company has adequate of internal financial controls with reference to the Financial Statements
during the year under review.

39) SECRETARIAL STANDARDS:

The Directors State that applicable Secretarial Standards i.e. SS-1 and SS-2 relating to 'Meetings of
the Board of Directors' and General Meetings', respectively, have been duly followed by the
Company.

40) ACKNOWLEDGEMENT:

The management is grateful to the government authorities, Bankers, Vendors for their continued
assistance and co-operation. The directors also wish to place on record the confidence of members
in the company.

By Order of the Board of Directors
For Bansisons Tea Industries Limited

Date: 05/09/2024
Place: West Bengal

Sandeep Agarwal Mamy Ghosh

Whole-time Director Director

DIN:00688647 DIN: 06532484