Net Avenue Technologies Ltd Directors Report

Dear Members,

Your Directors have great pleasure in presenting the 22^nd Annual Report of the business and operations of the Company together with the audited statement of accounts for the year ended 31 March, 2023.

1. STATE OF COMPANYS AFFAIRS:

(A). Financial summary or highlights:

(Rs. in 000)

Particulars	2022-23	2021-22
Total Income	362983	327115
Total expenditure	344252	298650
Profit before interest, depreciation and tax	21101	29874
finance cost	709	379
Depreciation	1661	1030
Profit before Exceptional & Extra ordinary items and tax	18731	28465
Exceptional & Extra-ordinary items	-	-
Profit after Exceptional & Extra-ordinary items & before tax	18731	28465
Provision for taxation (Net of deferred tax)	-	—
Profit after tax	18731	28465
Amount available for appropriation	18731	28465
Appropriations:
Transfer to General Reserve	-
Proposed dividend	-	-
Tax on proposed dividend
Balance carried to Balance Sheet	18731	28465

(B). Operations:

The Company has achieved a turnover of Rs.31.10 Crores during the financial year 2022-23 as compared to Rs 29.39 Crores during the financial year 2021-22 1 he operations of your Company during the period under review has been satisfactory in comparison to market situations.

2. EXTRACT OF ANNUAL RETURN (FORM MGT-9):

Pursuant to the deletion of rule 12 in the Companies (Management and Administration) Rules, 2014 with effect from March 5, 2021, your Company is now not required to attach the Extract of Annual Return with this report Further, the Company also does not have a separate website to display the said Annual Return in pursuance of sub-section (3) of section 92 of the Companies Act, 2013.

3. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW:

The Board met seven times during the financial year, the details of which the given hereunder. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

Quarter	Date of Board Meeting
1" April, 2022 to 30th June, 2022	12.05.2022
	08.06.2022
1 th July, 2022 to 30" September, 2022	14.07.2022
	30.09.2022
1st October, 2022 to 31st December. 2022	20.10.2022
1st January, 2023 to 31st March, 2023	19.01.2023
	23.03.2023

4. COMPLIANCE WITH SECRETARIAL STANDARDS:

During the year under review, the Company has followed applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

5. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of section 134(5) of the Companies Act, 2013, the Board hereby submits its Responsibility Statement:

(a) In the preparation of the annual accounts for the year ended 31st March. 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) The Directors had selected such accounting policies and applied them Consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of al affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c.) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) The Directors had prepared the annual accounts on a going concern basis;

(e) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively

6. EXPLANATION OR COMMENTS ON QUALIFICATIONS. RESERVATIONS OR ADVERSE REMARKS OR DISCLOSURES MADE BY THE STATUTORY AUDITORS:

The statutory auditors of the Company in their report and notes forming part of the financial statements for the year ended 31 March, 2023 have stated that:

Standalone Financial Statements:

1. Auditors Comment:

Emphasis of Matter:

Attention is drawn to Note 38 to the standalone financial statements regarding the delay in remittances/collections of certain overdue balances to/from its wholly-owned subsidiaries. We understand from management that the Company is in the process of settling the payable balances to its wholly owned subsidiaries in the due course and obtaining such consents / approvals / condonations as may be required from the authorized dealers and other statutory authorities Our opinion is not modified in respect of this matters

Note 38:

Payables/receivables to/from subsidiaries:

As at 31 March 2023. the Company has certain long-outstanding foreign currency payable and receivable balances to/from its wholly-owned subsidiaries These balances relate to intercompany transactions with its subsidiaries towards procurement of services, reimbursement of expenses, collections made by the subsidiary companies on behalf of the Company etc., in the previous and the current year Owing to operational difficulties, the Company was unable to settle the aforesaid balances within the stipulated rime period resulting in delays in remittances /collections of such overdue balances in accordance with the provisions of the foreign Exchange Management Act, 1999 and the regulations there under (the Act) from the subsidiaries. The Company has already started paying the outstanding to subsidiaries and collecting the dues from subsidiaries.

Boards Reply:

The observation made by the auditors, being detailed and self explanatory in nature, does not call for any further information from your Directors.

2. Auditors Comment:

According to the information and explanations given to us and the records of the Company examined by us, the Company has been regular in depositing undisputed statutory dues including Goods and Service Tax, Provident fund, employees state insurance, Income tax, Sales tax, Service tax, duty of customs, duty of excise, Value added tax, cess and any other material statutory dues us applicable with the appropriate authorities except in the following coses:

Nature of the Statute	Nature of the Dues	Amount	Period to which it relates	Due date	Date of Payment
Employees Provident Fund Act	Provident Fund	1,557	FY 22-23	15-Nov-2 2	13-dec-2-2
Employees	Provident Fund Act	Provident Fund	2,494	FY 22-23	15-F-eb-23
18-Feb 23
Employees Provident Fund Act	Provident Fund	2,656	FY22-23	15-Jul-22	Not Paid
1 Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-Aug-22	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-Sep-22	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 2223	15 Oct-22	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 22 23	15-Nov-22	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-Dec-22	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-Jan-23	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15 Feb 23	Not Paid
Employees Provident Fund Act	Provident Fund	2,656	FY 223	15-Mar-23	Not Paid

According to the information and explanation given to us and the records of the Company examined by us, no undisputed amounts payable in respect of Goods and Service Tax, Provident fund, employees state insurance, Income tax. Sales tax. Service cox, duty of customs, duty of

excise, Value added tax, cess and any other statutory dues were in arrears, as at 31 March, 2023 for a period of more than six months from the date they became payable except as follows:

Nature of the Statute	Nature of the Dues	Amount	Period to which it relates	Due date	Date of Payment
\ Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-JUl-22	Not Paid
Employees Provident Fund Act Employees Provident Fund Act	Provident Fund	2,656	FY 22-23	15-Aug-22	Not Paid
	Provident fund	2,656	PY 22-23	15 Sep 22	Not Paid

Boards Reply:

1 The amount not paid is pertaining to one employee and the company was not able to deposit the amount as there was a mismatch in the name of the employee in the Aadhar. This was subsequently rectified by the employee and the company deposited the pending due amount on 4th Aug 2023

3. Auditors Comment:

Based on our audit procedures and according to the information and explanation given to us the Company has incurred cash losses of Rs.72 (In Rs.1000s) in the financial year However in the immediately preceding financial year there was no loss.

Boards Reply:

The cash loss mentioned is due to the way the inventory was accounted. During the year we had written off inventory instead of creating provisions worth 1.67 C.r (part of the expenses) and accordingly the reduction in provisions compared to previous year was reversed (part of income). In the P&L, the net effect of this treatment is NIL whereas in the cash profit calculation, the reversal of provision is excluded (part of income) whereas the written off of inventory is considered as an expense.

The other observations made by the auditors in their report and notes to the accounts referred to in the Auditors Report are self-explanatory.

Consolidated financial Statements:

1. Auditors Comment:

Emphasis of Matter:

Attention is drawn to Note 38 to the consolidated financial statements regarding the delay in remittances / collections of certain overdue balances to / from its wholly owned subsidiaries. We understand from management that the Holding Company is in The process of settling the payable balances to its wholly owned subsidiaries in the due course and obtaining such consents / approvals / condonations as may be required from the authorised dealers and other statutory authorities. Our opinion is not modified in respect of this matter

Note 38:

Payables / receivables to/from subsidiaries:

As at 31 March 2023, the Holding Company has long outstanding foreign currency payable and receivable balances to/from its wholly-owned subsidiaries. These balances relate to Inter company transactions with its subsidiaries towards procurement of services reimbursement of expenses, collections made by the subsidiary companies on behalf of the Company, etc. in the past and the current year. Owing to operational difficulties, the (company was unable to settle the aforesaid balances within the stipulated time period resulting in delays in remittances / collections of such overdue balances in accordance with the provisions of the Foreign Exchange Management Act, 1999 and the regulations thereunder (the Act) from the subsidiaries. The Company has parallely started paying the outstanding to subsidiaries and collecting the dues from subsidiaries.

Board?s Reply:

The observation made by the auditors, being detailed and self explanatory in nature, does not call for any further information from your Directors.

The other observations made by the auditors in their report and notes to the accounts referred to in the Auditors Report are self explanatory.

7. REPORTING OF FRAUD BY THE AUDITORS:

The statutory auditors have not reported any frauds under sub-section (12) of section 143 of the Companies Act, 2013. Accordingly, the Company is not required to make any disclosures under Section 124(3)(ca) of the Companies Act. 2013.

8. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLOSURES MADE BY THE SECRETARIAL AUDITORS:

During the year under review, the Company was not required to appoint Secretarial Auditors under the provisions of section 204 of the Companies Act, 2013.

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

The Company has continued the loans, advances and investments made in bodies corporate and other persons during the financial year. Your Directors would like to draw your attention to the notes to the financial statements which sets out the details of loans and investments made.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms length basis The Company presents a statement of all related party transactions before the Board of Directors of the Company for their approval During the financial year, the Company has entered into transactions with the related parties. Your Directors would like to draw your attention to the notes to the financial statements which sets out related party disclosures. A statement in Form AOC-2 pursuant to the provisions of clause (h) of sub-section (3) of section 134 of the Act read with sub-rule (2) of rule 8 of the Companies (Accounts) Rules, 2014 is furnished in Annexure-2 and is attached to this report

11. DETAILS OF AMOUNTS TRANSFERRED TO RESERVES:

The Company has proposed to transfer the following amounts to reserves during the financial year:

Particulars	As at
	31 March 2023	31 March 2022
1. General reserve
Balance at the beginning of the year	6299	5030
Add; Transfer from employee stock option outstanding	-	1269
Balance at the end of the year	6299	6299

(Rs. in 000)

Particulars	As at
	31 March 2023	31 March 2022
II. Employee stock option outstanding
Balance at the beginning of the year	17083	17411
Add: Options granted during the year	1457	943
Less: Options exercised during the year
Less: Amount transferred to general reserve on account of forfeiture		(1269)
Balance at the end of the year	18540	17083

(Rs. in 000)

Particulars	As at
	31 March 2023	31 March 2022
III. Surplus / (Deficit) in the statement of profit and loss Balance at the beginning of the year	(451655)	(480120)
Add Profit / (loss) for the year	18731	28465
Balance at the end of the year	(432924)	(451655)

12. DIVIDEND:

In view of requirement of working capital, your Directors do not recommend any dividend for the financial year ended 31st March, 2023.

13. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

The Company was not required to transfer any amounts in unpaid dividend account, application money due for refund, matured deposits, matured debentures and the interest accrued thereon which have remained unclaimed or unpaid for a period of seven years to Investor Education and Protection Fund.

14. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT I01/04/2Q23 to 14/08/2023:

There were no material changes and commitments affecting the financial position of the Company between the period from 1st April, 2023 to 14th August. 2023.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES. 2014:

In terms of clause (m) of sub-section (3) of section 134 of the Companies Act, 2013 and the rules framed there under, the particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo is given below:

1). CONSERVATION OF ENERGY:

(i) the steps taken or impact on conservation of energy;	Your Company is not engaged in any manufacturing activity and thus its operations are not energy intensive. However, adequate measures are always taken to ensure optimum utilization and maximum possible saving of energy.
(ii) the stops taken by the Company for utilising alternate sources of energy;
(iii) the capital investment on energy conservation equipments;

2). TECHNOLOGY ABSORPTION:

(i) the efforts made towards technology absorption;
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the fianacial year)-	The Company has no activity relating to technology absorption.
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology has been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof, and
(iv) the expenditure incurred on Research and Development.

3). FOREIGN EXCHANGE EARNINGS AND OUTGO:

Particulars	2022-23	2021-22
Value of exports calculated on FOB basis	246999	230676
Shipping Charges	23369	18406
Value of Imports calculated on CIF basis:
Raw Materials	•
Components and Spare parts	-
Capital Goods		-
Expenditure in Foreign Currency:
Travel	_	-
Others	53202	44983

16. DETAILS OF CHANGE IN NATURE OF BUSINESS, IF ANY:

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

17. CHANGES IN DIRECTORS AND KEY MANGERIAL PERSONNEL:

There were no changes in Directors of the Company during the financial year.

18. DECLARATION BY INDEPENDENT DIRECTORS:

The Company was not required to appoint Independent Directors under the provisions of subsection (4) of section 149 of the Companies Act, 2013 read with rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and hence no declaration was obtained. Accordingly, the Board is not required to opine with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year

19. COMPANYS POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:

The Company was not required to constitute a Nomination and Remuneration Committoc- under the provisions of sub-section (1) of section 178 of the Companies Act, 2013 read with rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Stakeholders Relationship Committee under the provisions of sub-section (5) of section 178 of the Companies Act, 2013.

20. SUBSIDIARY:

The statement containing the salient features of the financial statements of the Company?s subsidiaries namely, M/s. Pioneer Tradings Limited, United Kingdom and M/s. Cbazaar.com Inc, United States of America and the Companys associate Company, namely M/s. Ethnoserve Bespoke Services Private Limited pursuant to the first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with rule S of the Companies (Accounts) Rules, 2014 furnished in Annexure-3 and is attached to this report.

21. INTERNAL FINANCIAL CONTROLS:

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of business, including adherence to the Company?s policies, the safe guarding of its assets the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. The Company has in place adequate internal financial controls with reference to financial statements. During the year under review, such controls were tested and no reportable material weaknesses in the design or operation were observed.

22. MAINTENANCE OF COST RECORDS:

The Company is not required to maintain cost records is specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

23. DEPOSITS:

In terms of sub-section (3) of section 134 of the Companies Act, 2013 and the rules framed thereunder, the particulars relating to deposits is given below:

(a) accept ed during the year;	Your Company has neither accepted nor renewed any deposits from public within the meaning of section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules 2014 during the financial year and as such, no amount of principal or interest was outstanding as on the Balance Sheet date.
(b) remained unpaid or unclaimed as at the end of the year;
(c) whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved- (i) at the beginning of the year; (ii) maximum during the year; (iii) at the end of the year;

24. MATERIAL ORDERS PASSED BY REGULATORY AUTHORITIES:

There are no significant and material orders passed by the regulators or courts or tribunals during the year, impacting the going concern status and Companys operations in future.

25. RISK MANAGEMENT POLICY:

Risks are events, situations or circumstances which may lead to negative consequences on the Companys businesses. Risk Management is a structured approach to manage uncertainty. Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate the probability and / or impact of unfortunate events or to maximize the realization of opportunities Although the Company does not have a formal risk management policy but a formal enterprise-wide approach to Risk Management is being adopted by the Company and key risks will now be managed within a unitary framework. The Company has laid down a comprehensive risk assessment and

minimization procedure which is reviewed by the Board from time to time. These procedures are reviewed to ensure that executive management controls risks through means of a properly defined framework. Key business risks and their mitigation arc also considered in the annual / strategic business plans and in periodic management reviews.

26. DETAILS OF REVISION OF FINANCIAL STATFMFNTS-

There was no revision of the financial statements of the Company during the financial year.

27. CORPORATE SOCIAL RESPONSIBILITY:

The provisions of section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company

28. DETAILS Of APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

The Company has not made any application nor any application or proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the financial year.

29. ONE TIME SETTLEMENT WITH THE BANKS OR FINANCIAL INSTITUTIONS:

The Company has not entered into any one time settlement with the Banks or financial Institutions. Accordingly, the reporting on the details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof does not arise

30. SHARES AND SHARE CAPITAL 3. CAPITAL STRUCTURE:

The Authorised Share Capital of your Company is Rs.3600000/- comprising of 2499980 Equity Shares of Re.1/- each, 10 Series A Equity Shares of Re.1/- each, 10 Series B Equity Shares of Re.l/- each. 500000 Series A Preference Shares of Re.1/- each and 600000 Series B Preference Shares of Re.1/- each.

The Paid-up Share Capital is Rs.2251154/- comprising of 1238420 Equity Shares of Re.1/- each, 6 Series A Equity Shares of Re.1/- each, 468614 Series A Preference Shares of Re.1/- each and 544114 Series B Preference Shares of Re.1/- each

b. BUY-BACK OF SHARES:

The Company has not bought back any of its securities during the financial year.

c. SWEAT EQUITY:

The Company has not issued any Sweat Equity Shares during the financial year.

d. BONUS SHARES:

No Bonus Shares were issued during the financial year

e. EMPLOYEES STOCK OPTION PLAN:

(i) . Employee share-based payment plans:

During the year ended 31 March 2014, the Company had formed an ESOP trust. "Net Avenue Technologies Private limited Employees Welfare Trust". The Company had framed the guidelines on issue of shares to its employees. The ESOP trust has purchased 46,980 shares from the shareholders and subscribed additionally for 38,420 shares Issued by the Company at a premium of Rs.232 per share for the purpose of issuing it to the employees. Share premium of Rs.89,13,440 on these shares has been since reversed from securities premium account Similarly. 38,420 shares (Rs.38,470) have been reduced from share capital as consideration not received. The Company had accounted for the ESOP Trust in accordance with Guidance Note on Accounting for Employee Share Based Payments. Accordingly, the loan given to the FSOP trust has been disclosed as "Amount recoverable from Net Avenue Technologies Private Limited Employees Welfare Trust" in the balance sheet and the shares are shown as a part of the share capital.

The management believes that the amount of loan receivable from the ESOP trust is fully recoverable based on budgeted plan and hence no provision is made in the books.

(ii) . Details of the shares reserved for issue under options

The Company issued options under the Employees slock option policy 2013 ("2013 Plan") in the financial year 2013-2014. The 2013 Plan covers all employees on the permanent rolls of the Organisation and who can be assigned eligibility scores using an ESOP Scoring Matrix 2013. The objective of this 2013 Plan is to encourage ownership of the Companys equity by its employees on an ongoing basis. The 2013 Plan is intended to reward the employees for their contribution to the successful operation of the Company and to provide an incentive to continue contributing to the success of the Company.

The scheme provides that these options would be vested in tranches as follows

Period within which the option will vest unto the participant	% of options that will vest
One Year from the date of acceptance of offer	20%
Two Years from the date of acceptance of offer	30%
Three Years from the date of acceptance of offer	20%
Four Years from the date of acceptance of offer	20%

Presumptions used in fair value computations:

Grant date	15-Oct-13	l-JuL-14	Various dates in 2014-15	Various dates in 2015-16	1-Jul-16	1-Jul-17	1-Jul-18	1-Oct-21
Options Granted	23400	1500	2500	13600	3700	5061b	3500	21450
Number of Personnel	76	3	1	32	17	10	5	70
Options forfeited		39	-	6	19	12	17	0
Vesting	1 to 4	1 to 4	1 to 4	1 to 4	1 to 4	1 to 4	1 to 4	1 to 4
period	years	years	years	years	years	years	years	years
Expected option life	2 3 years	6.3 years	6.3 years	6. 3 years	6.3 years	6.3 years	6.3 years	6.3 years
Risk free rate	8.80%	8.80%	8.80%	8.80%	8.80%	8.80%	8.80%	8.80%
share price at date (Rs / share)	233	233	487.52	430	543.10	414.19	414.19	211.58

The fair value of stock options has been determined using the Black Scholes option pricing model.

Summary of the status of options granted under 2013 Plan to employees as at 31 March 2023 and 31 March 2022 is presented below:

Particulars	For the year ended 31 March 2023	For the year ended 31 March 2022
Options granted and outstanding at the beginning of the year	78,416	61,566
Add: Options granted during the year	-	21450
Less: Exercised during the year	-
Less: Expired during the year	-	-
Less: Forfeited during the year	-	4600
Options granted and outstanding at the end of the year	78.416	78416

31. STATUTORY AUDITORS:

M/s. PKF 5RIDHAR & SANTHANAM LLP (FRN: 0039905 / 5700018), Chartered Accountants. Chennai were appointed for a period of 5 (five) consecutive years from the conclusion of the Eighteenth Annual General Meeting held in the calendar year 7019 till the conclusion of the 23rd Annual General Meeting to be held in the calendar year 2024, as required under Section 139 of the Companies Act. 2013 read with the Companies (Audit and Auditors) Rules, 2014.

32. PARTICULARS OF EMPLOYEES:

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and b(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014, your Directors would like to state that the Company does not have any employees drawing remuneration in excess of the limits set out in the said rules.

33. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013:

Your Company has always believed in providing a safe and harassment free workplace for every individual working in the Companys premises through various interventions and practices The Company always endeavours to create and provide an environment that is Free from discrimination and harassment including sexual harassment.

The Company does not have a formal Anti Sexual Harassment policy in place but has adequate measures including checks and corrections in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Committee (IC) has been set up to redress complaints received regarding sexual harassment.

The Following is a summary of sexual harassment complaints received and disposed off during the financial year:

No. of Complaints received	NIL
No. of Complaints disposed off	NIL
No. of cases pending for more than 90 days	NIL
No of workshops / awareness programmes carried out	: ONE
Nature of action taken by the employer / DO	: Not Applicable

34. ACKNOWLEDGEMENTS:

Your Directors wish to acknowledge all their stakeholders and are grateful for the excellent support received from the shareholders, bankers, financial institutions, government authorities, esteemed clients, customers and other business associates. Your Directors recognize and appreciate the hard work and efforts put in by all the employees of the Company and their contribution to the growth of the Company in a very challenging environment.

Place: Chennai
Date : 04.08.2023	Managing Director	Director
	DIN: 01015059	DIN: 01019455
	No. 2E, Prince Paradise,	E-1104, Jolly Residency,
	No. 75, Jermiah Road, Vepery,	Surat City,
	Chennai -600 007.	Surat -395 007.