VCU Data Management Ltd Directors Report

To,

The Members,

VCU Data Management Limited

Your Directors have pleasure in submitting their Report for the year ended 31^st March, 2024:

1. FINANCIAL PERFORMANCE

(Amount in Rs.)

Particulars	2023-24	2022-23
Total Income	13,882,981	15,371,453
Total Expenditure	13,564,902	8,752,419
Profit Before Tax (PBT)	318,079.49	6,619,034
Less: Provision of Taxation Including Deferred Tax	215,489	2,249,011
Profit After Tax (PAT)	102,590.49	4,370,022.76

2. STATE OF COMPANYS AFFAIRS:

The Total Revenue from the operations of the Company decreased from Rs. 15,371,453 to Rs. 13,882,981 compare to previous Financial Year 2022-23. The Profit for the year ended on 31^st March 2024 is Rs. 102,590.49.

3. DIVIDEND

Following the conservative approach to retain profits, your directors did not recommend payment of any dividend for the financial year 2023-24.

4. CHANGES IN PROMOTERS OF THE COMPANY

During the Financial Year 2023-2024, there is no change in the promoters of the Company.

5. DECLARATION OF INDEPENDENCE BY DIRECTORS

All the Independent Non-Executive Directors of the Company have affirmed that they continue to meet all the requirements specified under sub-section (6) of section 149 of Companies Act, 2013 in respect of their position as an "Independent Director" of VCU DATA MANAGEMENT LIMITED.

6. MANAGEMENT AND BOARD OF DIRECTORS

• During the Year under review, following changes have been made in the board of director & Key Managerial Personnel:

Mr. Shripal Bafna	: Chairperson, Managing Director (Re-appointed as Whole-time Director w.e.f. 01.01.2024)
Ms. Renuka Bafna	: Whole Time Director (Resigned w.e.f. 01.01.2024)
Mr. Surendra kumar Jaiswal	: Independent Director, Non-Executive Director (Resigned w.e.f. 10.07.2023)
Mr. Gurpreet Singh Oberoi	: Independent Director, Non-Executive Director (Resigned w.e.f. 10.07.2023)
Mr. Pritesh Champalal Doshi	: Independent Director, Non-Executive Director (Resigned w.e.f. 01.01.2024)
Ms. Krishna Sangani	: Independent Director, Non-Executive Director (Resigned w.e.f. 01.01.2024)
Ms. Harsha Jamana : Singh	Managing Director (Appointed w.e.f. 01.01.2024)
Ms. Payal Gopal : Sharma	Chairperson & Non-Executive Non Independent Director (Appointed w.e.f. 01.01.2024)
Mr. Jayesh Girishbhai : Patel	Non-Executive Independent Director (Appointed w.e.f. 01.01.2024)

7. AUDITORS STATUTORY AUDITORS

M/s. Parekh Shah & Lodha, Chartered Accountants, bearing (Firm Registration Number: 107487W) who are the statutory auditors of the Company, were appointed at the 09^th Annual General Meeting to hold office till the conclusion of 14^th Annual General Meeting.

The report issued by M/s. Parekh Shah & Lodha, Chartered Accountants, bearing (Firm Registration Number: 107487W), Statutory Auditor for FY 2023-24 forms part of this report.

Further, M/s. Parekh Shah & Lodha, Chartered Accountants, bearing (Firm Registration Number: 107487W) resigned as Statutory Auditors w.e.f. 05^th August, 2024 as the validity of their Peer review had expired on 31-072024 and to fill their casual vacancy M/s. Prakash Chandra Jain & Co., Chartered Accountants, bearing (Firm Registration Number: 002438C)

The observations made by the Auditors in their Auditors Report and the Notes on Accounts referred to in the Auditors Report are self-explanatory and do not call for any further comments.

AUDITORS REPORT

There are no qualifications, reservations or adverse remarks made by M/s. Parekh Shah & Lodha, Chartered Accountants, bearing (Firm Registration Number: 107487W) as a Statutory Auditors in their report for the Financial Year ended March 31, 2024. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review.

SECRETARIAL AUDITOR

As per Section 204 of Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every Listed Company is required to appoint Secretarial Auditor to carry out Secretarial Audit of the Company.

In consonance with the requirements of Section 204 of the Companies Act, 2013 and rules made there under, CS Debasish Mukherjee, Practicing Company Secretaries, were appointed to conduct the secretarial audit of the Company for the Financial Year 2023-24.

A Secretarial Audit Report issued by CS Debasish Mukherjee, Practicing Company Secretaries, in respect of the Secretarial Audit of the Company for the financial year ended 31^st March, 2024, is given as an Annexure to this Report.

The Secretarial Audit report for the financial year ended 31^st March, 2024 is self-explanatory and does not call for any further comments.

8. RELATED PARTY TRANSACTIONS

All the related party transactions that were entered during the financial year are done on arms length basis. Relevant Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 is given in Annexure to this Report.

9. FIXED DEPOSITS

The Company has not invited or accepted any fixed deposit from the public during the year under review.

10. CORPORATE GOVERNANCE

The Companies Act, 2013 and SEBI Listing Regulations have strengthened the governance regime in the Country. Your Company is in compliance with the governance requirements provided under the new law and listing regulations. A separate report on Corporate Governance along with Auditors Certificate confirming Compliance is attached to this report.

11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Provisions of Section 314(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, on conservation of energy and technology absorption are not applicable hence no disclosure is being made in this regard.

During the year, there were no foreign exchange earnings and outgo as per notes to accounts.

12. MEETINGS OF THE BOARD

The Board met 8 (Eight) times during the financial year 2023-24 i.e. on 30.05.2023, 29.06.2024, 10.07.2023, 10.08.2023, 04.09.2023, 10.11.2023, 01.01.2024 and 14.02.2024, The necessary quorum was present for all the meetings. The maximum interval between any two meetings did not exceed 120 days.

13. DIRECTORS RESPONSIBILITY STATEMENT

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

i. in the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards have been followed and there are no material departures from the same;

ii. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

iii. the directors have 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;

iv. the directors have prepared the annual accounts on a going concern basis;

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

vi. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

14. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and Individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations").

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of the criteria such as the composition of Committees, attendance, prior study of materials given, participation at the meetings, level and effectiveness of Committee meetings, etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the Individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and Non-executive Directors. The same was discussed in the board meeting that followed the meeting of the Independent Directors, at which the performance of the Board, its committees and individual Directors was also discussed. Performance evaluation of independent directors was done by the entire board, excluding the Independent Director being evaluated.

15. FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS:

In compliance with the requirements of SEBI Regulations, 2015, the Company has put in place a familiarization program for the Independent Directors to familiarize them with their role, rights and responsibilities as Directors, the working of the Company, nature of the industry in which the Company operates, business model etc. The details of the familiarization program are explained in Corporate Governance Report.

16. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The Nomination and Remuneration Committee has laid down the criteria for Directors appointment and remuneration including criteria for determining qualification, positive attributes and independence of a Director. The following attributes/criteria for selection have been laid by the Board on the recommendation of the Committee:

• the candidate should possess the positive attributes such as leadership, entrepreneurship, business advisor or such other attributes which in the opinion of the Committee are in the interest of the Company;

• the candidate should be free from any disqualification as provided under Sections 164 and 167 of the Companies Act, 2013;

• the candidate should meet the conditions of being independent as stipulated under the Companies Act, 2013 and Listing Agreement entered into with Stock Exchanges, in case of appointment as an independent director; and

• the candidate should possess appropriate educational qualification, skills, experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, corporate governance, technical operations, infrastructure or such other areas or disciplines which are relevant for the Companys business.

The Policy of the Company on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of section 178 forms part of Corporate Governance Report. The Policy has been posted on the website of the Company https://vcupack.in/investor-relation.

17. AUDIT COMMITTEE:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.

The Audit Committee of the Board of Directors meets the criteria laid down under Section 177 of the Companies Act, 2013, read with Regulation 18 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015 in the terms of reference to the Audit Committee.

18. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENT RELATE AND THE DATE OF THE REPORT:

There were no material changes and commitments that have affected the financial position of the Company which have occurred during the financial year ended on 31^st March, 2024.

19. LISTING FEES:

The shares of the Company are listed on Bombay Stock Exchange Ltd. (BSE). The Company has paid the Listing Fees for the year 2024-25.

20. ENVIRONMENT AND POLLUTION CONTROL:

The terms relating to compliance with all relevant statutes relating to the environment and pollution control in the area of environment are not applicable.

21. CODE OF CONDUCT COMPLIANCE:

Pursuant to the SEBI Listing Regulations, the declaration signed by the Mr. Ashok Khorwal, Chief Financial Officer, affirming compliance with the Code of Conduct by the Directors and senior management personnel, for the financial year 2023-24 is annexed and forms part of the Directors and Corporate Governance Report.

22. 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 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.

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during the year 2023234

? Number of complaints received: NIL

? Number of complaints disposed off: NIL

23. EMPLOYEE REMUNERATION:

(A) None of the employees of the company was in receipt of the remuneration exceeding the limits prescribed u/s 197 (12) read with rule 5, sub-rule 2 of The Companies (Appointment and Remuneration of Managerial Personnel) of the Companies Act, 2013 during the year under review.

(B) The ratio of the remuneration of each director to the median employees remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report.

24. MANAGEMENT DISCUSSION & ANALYSIS:

Management Discussions and Analysis Report, forming part of the Directors Report for the year under review, is presented in a separate section forming part of the Annual Report.

25. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

There is a Whistle Blower Policy in the Company and that no personnel have been denied access to the Chairman of the Audit Committee. The policy provides for adequate safeguards against victimization of persons who use vigil mechanism.

26. CODE OF CONDUCT:

The Board has laid down a code of conduct for board members and senior management personnel of the Company. The code incorporates the duties of independent directors as laid down in the Companies Act, 2013. The Board members and senior management personnel have affirmed compliance with the said code of conduct. A declaration in this regard signed by the Chairman & Managing Director / CEO is given at the end of the Corporate Governance Report.

27. CASH FLOW ANALYSIS:

In conformity with the clauses of the Listing Regulations, the Cash Flow Statement for the year ended March 31, 2024 is annexed hereto.

28. DETAILS OF APPLICATION MADE OR PROCEEDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016

29. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there has been no one time Settlement of loans taken from Banks and Financial Institutions.

30. PREVENTION OF INSIDER TRADING:

The Board has adopted a revised Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading) Regulations, 2015. All the Directors, senior management employees and other employees who have access to the unpublished price sensitive information of the Company are governed by this code. During the year under Report, there has been due compliance with the said code of conduct for prevention of insider trading.

31. ACKNOWLEDGEMENT

Your Board acknowledges with appreciation, the invaluable support provided by the Companys stakeholders, auditors, advisors and business partners, all its customers for their patronage. Your Board records with sincere appreciation the valuable contribution made by employees at all levels and looks forward to their continued commitment to achieve further growth and take up more challenges that the Company has set for the future.

By Order Of the Board

For VCU Data management Limited

	Sd/-
	Harsha Singh
Place: Mumbai	DIN: 10425756
Date: 02/09/2024	Managing Director