డైరెక్టర్ల నివేదిక Craftroot Retail Ltd.

Mar 31, 2024

The Directors’ present their 32^nd Report on the business and operations of your Company for the year 2023-24.

1) FINANCIAL RESULTS AND OPERATIONAL REVIEW:

(Amount in Lacs)

Particulars	Year Ended
	31.03.2024	31.03.2023
Gross Income	191.84	28.01
Less Depreciation	0.02	0.02
Profit/(Loss) before Tax	164.44	4.38
Taxes/Deferred Taxes	42.64	1.65
Profit/(Loss) After Taxes	121.80	2.73
P& L Balance b/f	(110.843)	(113.58)
Profit/ (Loss) carried to Balance Sheet	11.00	(110.843)

2) BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF
COMPANY’S AFFAIR:

During the year under review, the Company has generated profit of Rs.121.80 lacs as compared to profit of Rs.
2.73 lacs for the previous year. The Directors of the Company assure you to efforts are being made to improve
the performance of the Company.

3) CHANGE IN THE NATURE OF BUSINESS:

During the reporting period there was no change in the nature of business activities, since Company has in
same chemical segment.

4) DIVIDEND:

The Board in its meeting dated 27^th May, 2024 has decided to pay a final dividend of Rs. 0.10/- (Ten Paise
Only) per equity share i.e. 1% of the face value of Rs. 10/- each aggregating to Rs. 33,50,000/- for the financial
year 2023-24. The payment of dividend is subject to approval of the shareholders in ensuing AGM.

5) TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND:

The Company does not have any amount which required to be transferred to the Investor Education and
Protection Fund (IEPF).

6) TRANSFER TO RESERVES:

The Board of Directors of the Company has not proposed to transfer any amount to reserves.

7) CHANGES IN SHARE CAPITAL:

The paid-up Equity Share Capital of the Company as on March 31, 2024 is Rs. 3,35,00,000/-

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.

8) FINANCE:

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

9) DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT:

The Company does not have any shares in the demat suspense account or unclaimed suspense account. Hence,
Disclosures with respect to demat suspense account/ unclaimed suspense account are not required to mention
here.

10) REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES. ASSOCIATES
AND JOINT VENTURE COMPANIES:

The Company does not have Subsidiaries, Associate and Joint Venture Companies. Hence, details for the
same are not required to be mentioned here.

11) DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED AND RESIGNED DURING
THE YEAR:

Mr. Raghvendra Kulkarni (06970323), Director retires by rotation at the forthcoming Annual General
Meeting and being eligible, offer himself for reappointment.

a) Key Managerial Personnel:

The following are the Key Managerial Personnel of the Company.

Mr. Raghvendra Kulkarni	Managing Director & CFO
Ms. Hiral Baldaniya	Company Secretary & Compliance Officer

b) Director:

Ms. Sonal Gandhi	Non-Executive Independent Director
Mr. Divyakantbhai Gandhi	Non-Executive Independent Director
Mr. Vipulbhai Jana	Non-Executive Independent Director

During the year no changes has been occurred in the composition of Directors and KMP.

12) NUMBER OF MEETINGS OF BOARD OF DIRECTORS:

The meetings of the Board of Directors are held at periodical intervals and are generally at the registered
office of the Company, Ahmedabad. 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, 06 (Six) Board Meetings were convened and duly held on:

30.05.2023	23.06.2023	11.08.2023
14.11.2023	20.12.2023	10.02.2024

The Board of Directors of the Company were present at the following Board Meeting held during the year
under review:

Name of Director	Board Meeting Held	Meetings attended	Attendance at last AGM
Mr. Raghvendra Kulkarni	6	6	Yes
Ms. Sonal Gandhi	6	6	Yes
Mr. Divyakant Gandhi	6	6	Yes
Mr. Vipulbhai Jana	6	6	Yes

Independent Director Meeting:

A separate Meeting of Independent Directors of the Company was held on 26.03.2024.

13) PROFILE OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT

As required under Regulation 36(3) of the SEBI (LODR) Regulations, 2015, particulars of Directors seeking
appointment/ re-appointment at the ensuing Annual General Meeting are annexed to this notice convening
Thirty-Second Annual General Meeting.

14) DECLARATION BY INDEPENDENT DIRECTORS

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 Regulation 25 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The terms and conditions of the Independent Directors are
incorporated on the website of the Company www.nirbhaycolours.com

15) STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS
BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS
COMMITTEES AND INDIVIDUAL DIRECTORS:

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.

16) PARTICULARS OF EMPLOYEES & EMPLOYEE REMUNERATION:

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) & 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is provided as “ Annexure- A” to the Board’s report.

None of the employees of the Company drew remuneration of Rs.1,02,00,000/- or more per annum and
Rs.8,50,000/- or more per month during the year. No employee was in receipt of remuneration during the
year or part thereof which, in the aggregate, at a rate which is in excess of the remuneration drawn by the
managing director or whole-time director or manager and holds by himself or along with his spouse and
dependent children, not less than two percent of the equity shares of the company. 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.

17) CHANGE OF NAME:

During the year under review, the Company has not changed its name.

18) STATUTORY AUDITORS:

In the Annual General meeting held in the year 2020, the members of the Company has approved the
appointment of M/s. A L Thakkar & Co (FRN: 120116W), Chartered Accountants, Ahmedabad as Statutory
Auditor of the Company, to hold the office from the conclusion of the AGM held in the year 2020 until the
conclusion of the Annual General Meeting which will be held in the year 2025. Accordingly they will hold
the office as a Statutory Auditors till the conclusion of the AGM to be held in the year 2025.

19) COST AUDITORS:

The Cost audit of the Company has not been conducted for the financial year 2023-24 as provisions of
Section 148 of the Companies Act, 2013 are not applicable on the Company.

20) SECRETARIAL AUDIT REPORT:

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 CS Rupal Patel, PCS,
Ahmedabad, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed
herewith as “Annexure -B”.

Observation, Qualifications and Adverse Remarks raised by Secretarial Auditor in his Secretarial Audit

Report:

The Secretarial Auditor has raised following qualifications in their Audit Report:

a) The Company has not published notice of meeting of the board of directors where financial results shall be
discussed and financial results, as required under Regulation 47 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

b) It has been noticed that, in the absence of information regarding outstanding dues of MICRO or Small Scale
Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has
not disclosed the same as required by Schedule III to the Companies Act and could not file MSME form
during the year under review.

c) The Minutes of the company are not properly maintained on the minutes paper in accordance with the
provisions of the companies act, 2013 and Secretarial standard -1 as amended from time to time under review.

d) The company has not properly maintained the attendance sheet of all meetings in accordance with the
provisions of the companies act, 2013 and Secretarial standard -1 as amended from time to time under review.

e) Company’s website is not updated as per Regulation 46 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

f) The company has not maintained the statutory registers in accordance with the provisions of the companies
act, 2013 under review.

Reply to the qualification Remarks in Secretarial Audit Report:

Reply / Explanation of Management with reference to above qualification mentioned at serial no. (a) to (f) is

mentioned below:

a) Although Company has not published notice of meeting of the Board of Directors where financial
results shall be discussed and declared, the same has been uploaded on the website of the company.
However, your Directors ensure the future compliance in this matter.

b) Since the management has made it’s best efforts to update the record about registration of all vendors
under the MSME Act and sent various e-mails and reminders despite that Company has not received
any response from any of the vendors of the Company and accordingly Company is unable to file the
said Form MSME-1.

c) Due to inadvertence the certain minutes of meeting of Board of Directors were not properly printed
however Company has rectified the same and future compliance is ensured in this matter.

d) Company has maintained the Attendance Register of all Board Meetings but the same was lost and
unable to locate the same for a particular period of time. However, at present the same is being found
out and complied with the provisions of the Act.

e) Company has developed it’s website however pursuant to change of name of the C ompany the same was
under maintenance for a particular period of time. But presently it is functioning properly.

f) As the Company is a listed entity therefore Register of Members and Register of Transfer and beneficial
owners are required to be maintained by Registrar and Transfer Agent. However, Company has
maintained the other Statutory Registers as per the provisions of the Companies Act, 2013.

21) RESPONSE TO AUDITOR’S REMARKS:

There were no qualifications, reservations or adverse remarks made by Statutory Auditors in their Auditor’s
report.

22) AUDIT COMMITTEE:

The Audit Committee of the Board of Directors of the Company comprises 3 (three) Members as well as those
in section 177 of the Companies Act, 2013 and include the reviewing of quarterly, half-yearly and annual
financial statements before submission to the Board, ensure compliance of internal control systems and
internal audit, timely payment of statutory dues and other matters.

During the year under review, 4 meetings of the committee were held 30/05/2023, 11/08/2023, 14/11/2023
and 10/02/2024. The composition of committee and attendance at its meetings is given below:

Sr. No.	Name	Position	Category	Number of meetings Attended
1	Ms. Sonal Gandhi	Chairperson	Non-Executive - Independent Director	4
2	Mr. Vipul Jana	Member	Non-Executive - Independent Director	4
3	Mr. Divyakant Gandhi	Member	Non-Executive- Independent Director	4

The Board accepted the recommendations of the Audit Committee whenever made by the Committee during
the year.

23) VIGIL MECHANISM:

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

24) NOMINATION AND REMUNERATION COMMITTEE:

The Board of Directors of the company have constituted a Nomination & Remuneration Committee of
Directors mainly for the purposes of recommending the Company’s policy on Remuneration Package for the
Managing/Executive Directors, reviewing the structure, design and implementation of remuneration policy in
respect of Key Management Personnel.

The Nomination & Remuneration Committee consisted of 3 members. During the year under review, 01 (one)
meeting of the committee was held on 10/02/2024. The name of members, Chairman and their attendance at
the Remuneration Committee Meeting are as under:

Sr.	Name	Position	Category	Number of
No.				meeting
				Attend
1	Ms. Sonal Gandhi	Chairperson	Non-Executive - Independent Director	1

2	Mr. Vipul Jana	Member	Non-Executive - Independent Director	1
3	Mr. Divyakant Gandhi	Member	Non-Executive- Independent Director	1

25) STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee consisted of 3 members. During the year under review, 4 meetings
of the committee were held 30/05/2023, 11/08/2023, 14/11/2023, and 10/02/2024. The name of members,
Chairman and their attendance at the Stakeholders Relationship Committee are as under Committee of Board:

Sr. No.	Name	Position	Category	Number of meeting Attend
1	Ms. Sonal Gandhi	Chairperson	Non-Executive - Independent Director	4
2	Mr. Vipul Jana	Member	Non-Executive - Independent Director	4
3	Mr. Divyakant Gandhi	Member	Non-Executive- Independent Director	4

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

Complaints Status: 01.04.2023 to 31.03.2024
Number of complaints received so far	0
Number of complaints solved	0
Number of pending complaints	0

Compliance Officer:

Mrs. Hiral Baldaniya, is Compliance Officer of the Company for the purpose of complying with various
provisions of Securities and Exchange Board of India (SEBI), SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015 with Stock Exchanges, Registrar of Companies and for monitoring the share
transfer process etc.

a) 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.

b) Dematerialization of shares and liquidity:

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

Name : MCS Share Transfer Agent Limited

Address : 201, Shatdal Complex, 2^nd Floor

Ashram Road, Ahmedabad-380009
Tel : [phone]

Fax : [phone]

Email : [email protected]

26) 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 Annual Return of the
Company for the Financial Year ended on 31 March 2024 in Form MGT-7 is uploaded on website of the
Company and the same can be assessed through the weblink http://www.nirbhaycolours.com/index.php .

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

There are no any Material Changes occurred subsequent to the close of the financial year of the Company to
which the balance sheet relates and the date of the report.

28) DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S
OPERATIONS IN FUTURE:

There is no significant and material order passed by the regulators or courts or tribunals impacting the going
concern status and company’s operations in future during the year under review.

29) PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there were no proceedings that were filed by the Company or against the
Company, which are pending under the Insolvency and Bankruptcy Code, 2016 as amended, before National
Company Law Tribunal or other Courts.

30) DETAILS OF ONE TIME SETTLEMENT AND VALUATION THEREOF

During the year under review, there were no instances of onetime settlement with any Banks or Financial
Institutions and hence no 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.

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

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

32) DEPOSITS:

Your Company has not accepted / renewed any deposits from the public/shareholders during the year under
review.

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

The Company has not made interest free Loans to other body Corporate within the limits prescribed under
section 186 of the Companies Act, 2013. The Company has not made other Guarantees and Investments
covered under the provisions of Section 186 of the Companies Act, 2013 during the year under review of the
Company.

34) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All transactions entered into by the Company with its related parties during the year were in ordinary course
of business and on arm’s length basis and in compliance of the provisions of Section 177 read with Section
188 of the Act.

During the financial year 2023-24, the Company had not entered into any arrangement/transaction with related
parties which could be considered material as stipulated under the provisions Section 188(1) of the Act read
with relevant rules made thereunder and accordingly, no information is required to be given in the prescribed
form AOC-2.

Further, the details of the related party transactions as per IND-AS 24 are set out in Notes to the Standalone
Financial Statements of the Company.

35) CORPORATE GOVERNANCE:

As per SEBI circular no: CFD/POLICYCELL/7/2014 dated 15 ^th September, 2014, (Regulation 27(2) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 shall not be mandatory to the following
class of companies:

Companies having paid up equity share capital not exceeding Rs.10 crore and Net Worth not exceeding Rs.25
crore, as on the last day of the previous financial year;

Provided that where the provisions of (Regulation 27(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 becomes applicable to a company at a later date, such company shall
comply with the requirements of (Regulation 27(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 within six months from the date on which the provisions became applicable
to the company.

Accordingly, it may be noted that the paid-up share capital of the Company is below Rs. 10 crores and Net
Worth of the Company has not exceeded Rs.25 crores, as on 31^st March, 2024 and hence Corporate
Governance is not applicable to the Company.

36) MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis forms part of this Annual Report for the year ended 31^st March,
2024 and annexed as “Annexure-C”.

37) 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 on 31^st March, 2024.

38) OBLIGATION OF COMPANY UNDER THE 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.

During the financial year 2023-24, the Company has not received any complaints on Sexual Harassment and
hence no complaints remain pending as on 31^st March, 2024.

39) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies
(Accounts) Rules, 2014, During the year under review it is NIL.

40) 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.

41) CORPORATE SOCIAL RESPONSILIBILTY (CSR):

The Provision of Section 135 of the Company Act, 2013 are not applicable since the Company does not fall
under Category of Rule 9 of the Corporate Responsibility Rules 2014.

42) DIRECTORS’ RESPONSIBILITY STATEMENT:

The Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the
Companies Act, 2013, shall state that—

a) In the preparation of the annual accounts, 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 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; and

e) The Directors, had laid down internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating effectively.

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

43) 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.

44) LISTING WITH STOCK EXCHANGES:

The Company confirms that it has paid the Annual Listing Fees for the year 2023-24 to BSE where the
Company’s Shares are listed.

45) WEBSITE OF YOUR COMPANY

Your Company maintains a website www.nirbhaycolours.com where detailed information of the Company
and specified details in terms of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 has been provided.

46) 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.

47) BUSINESS RISK MANAGEMENT:

The Company has laid down a policy to manage Business Risk arisen 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.

48) ACKNOWLEDGEMENTS:

Your Directors thank the various Central and State Government Departments, Organizations and Agencies
for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all
stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners
for the excellent support received from them during the year. The Directors place on record their sincere
appreciation to all employees of the Company for their unstinted commitment and continued contribution to
the Company.

Date: 05.09.2024 By Order of the Board of Directors

Place: Ahmedabad For, Nirbhay Colours India Limited

(Formerly known as Parth Industries Ltd.)

SD/- SD/-

Raghvendra Kulkarni Sonal Gandhi
Managing Director Director

DIN: 06970323 DIN: 07351479

---

Mar 31, 2015

Dear Members,

The Directors' present the Annual report on the business and operations of your Company for the year 2014 - 15.

FINANCIAL PERFORMANCE OF THE COMPANY:

The Company has again started to operate in the market and received income of Rs. 450,699 during the financial year 2014-15. However, the Company incurred loss of Rs.1,567,485 during the current financial year and hope for better in coming years, even in the downward stream scenario of global financial and capital market. Directors have started to explore various other opportunities to further improve the working results during the current year

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

Particulars Year Ended Year Ended 31.03.2015 31.03.2014 (Rs.) (Rs.)

Gross Sales/Income 450,699 654,000

Less: Expenditure 2,018,485 2,851,971

Profit/(Loss) before Tax (1,567,786) (2,197,971)

Taxes/Deferred Taxes NIL NIL

Profit/(Loss) After Taxes (1,567,485) (2,197,971)

P& L Balance b/f (9,624,995) (7,427,024)

Profit/ (Loss) carried to (11,192,781) (9,624,995) Balance Sheet

NATURE OF BUSINESS

The Company is engaged in the trading of stationery items and consultation services.

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

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

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

TRANSFER TO RESERVES

Out of the profits available for appropriation, no amount has been transferred to the General Reserve.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company drew remuneration of Rs. 60,00,000/- or more per annum / Rs. 5,00,000/- or more per month during the year. 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.

DIRECTORS:

a) Changes in Directors and Key Managerial Personnel:

Mr. Minesh N. Seth will retire at the forthcoming Annual General Meeting of the Company and being eligible, offer himself for reappointment.

During the year under review, Company has accepted resignation of Mr. Deepak Narayanbhai Patel from the Directorship of the Company on 29/12/2014.

During the year under review, Company has accepted resignation of Mr. Mitul Narayanbhai Patel and Mr. Sanjay Mahendra Vyas from the Directorship of the Company on 30/10/2014.

During the year under review, Company has appointed of Mr. Kunal Doshi and Raghvendra Gopalrao Kulkarni as a Director of the Company on 30/10/2014.

The Company has appointed Ms. Manorama Jitendra Shah Dave as an additional independent woman director of the Company pursuant to section 149 of Companies Act, 2013 on 30/03/2015.

b) 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 Clause 49 of the Listing Agreement.

c) Formal Annual Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, 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. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

d) 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 in the Corporate Governance Report.

e) 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 eighteen Board Meetings and one Independent Directors' meeting and four Audit Committee 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.

DIVIDEND:

In view of losses, your Directors do not recommend any dividend during the year.

SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2015 was Rs. 33,500,000.

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.

FINANCE

The Company has not borrowed any loan from Bank or Financial Institution.

FIXED DEPOSITS

The Company has not accepted or renewed any deposits during the year. There are no outstanding and overdue deposits as at 31st March, 2015.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

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.

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.

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.

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 details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the website of the Company.

DEPOSITS:

During the year under review the Company has not accepted any deposits to which the provisions of section 73 to 76 of the Companies Act, 2013 read with Acceptance of Deposits Rules, 1975 as amended are applicable.

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, 2015, 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, 2015 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;

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

RELATED PARTY TRANSACTIONS

The company has not entered into any related party transactions.

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.

APPOINTMENT OF AUDITORS:

AUDITORS

A. Statutory Auditors

The Company's Auditors, M/s. Suresh R Shah & Associates, Chartered Accountants., Chartered Accountant, Ahmedabad who retires at the ensuing Annual General Meeting of the Company are eligible for reappointment. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for reappointment as Auditors of the Company. As required under Clause 49 of the Listing Agreement, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

B. 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 CS Priti Jain Practicing Company Secretary, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as "Annexure -A".

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil as no trading has been done during the year under review.

CORPORATE SOCIAL RESPONSIBILITY:

Every year 5th June is observed as the World Environment Day around the world and is of immense importance for Parth Industries Limited. Sustainability is a complex concept incorporating a wide range of social, environmental and economic issues. We recognize the holistic nature of a sustainable approach. As such, this commitment is as much about our business operations as it is about our people, the communities where we work, our suppliers and partners and the clients we work with.

This is our commitment to manage our activities, business processes and supply chain safely and in ways that minimize adverse environmental and social impacts.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto.

REPORT ON CORPORATE GOVERNANCE:

A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as "Annexure-B".

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.

During the financial year 2014-15, the company has not received any complaints on sexual harassment and hence no complaints remain pending as of 31 March, 2015.

SEGMENT:

Your Company is engaged in a single segment only.

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.

For And On Behalf Of the Company

Date: 23/05/2015 Place: Ahmedabad

Sd/- Sd/- Sd/- (Kunal Doshi) (Lovely Doshi) (Raghvendar Kulkarni) Director Director Director DIN: 06852748 DIN: 07192669 DIN: 06970323

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Mar 31, 2014

The Members

PARTH INDUSTRIES LIMITED

The Directors'' present the Annual report on the business and operations of your Company for the year 2013 - 14.

FINANCIAL PERFORMANCE OF THE COMPANY:

The Company has again started to operate in the market and received income of Rs. 6,54, 000 during the financial year 2013-14. However, the Company incurred loss of Rs. 2,197,971 during the current financial year and hope for better in coming years, even in the downward stream scenario of global financial and capital market. Directors have started to explore various other opportunities to further improve the working results during the current year

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

Particulars Year Ended Year Ended 31.03.2014 31.03.2013

Gross Sales/Income 654,000 5,88,000

Less: Expenditure 2,851,971 2,717,971

Profit/(Loss) before Tax (2,197,971) (2,129,971)

Taxes/Deferred Taxes NIL NIL

Profit/ (Loss) After Taxes (2,197,971) (2,129,971)

P& L Balance b/f (7,427,024) (5,297,053)

Profit/ (Loss) carried to Balance Sheet (9,624,995) (7,427,024)

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules, 1975 as amended.

DIRECTORS:

Mr. Minesh N. Sheth, Director of the Company are liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re- appointment.

DIVIDEND:

In view of losses, your Directors do not recommend any dividend during the year.

DEPOSITS:

During the year under review the Company has not accepted any deposits to which the provisions of section 58A of the Companies Act, 1956 read with Acceptance of Deposits Rules, 1975 as amended are applicable.

DIRECTORS'' RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts:

The applicable accounting standards have been followed along with proper explanation relating to material departures.

Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period.

Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis. APPOINTMENT OF AUDITORS:

M/s. Suresh R Shah & Associates., Chartered Accountants, Ahmedabad the retiring auditors being eligible offers themselves for re-appointment. Members are requested to appoint them as auditors of the company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil as no trading has been done during the year under review.

CORPORATE SOCIAL RESPONSIBILITY:

Every year 5th June is observed as the World Environment Day around the world and is of immense importance for Parth Industries Limited. Sustainability is a complex concept incorporating a wide range of social, environmental and economic issues. We recognize the holistic nature of a sustainable approach. As such, this commitment is as much about our business operations as it is about our people, the communities where we work, our suppliers and partners and the clients we work with.

This is our commitment to manage our activities, business processes and supply chain safely and in ways that minimize adverse environmental and social impacts.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto.

REPORT ON CORPORATE GOVERNANCE:

A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto.

SEGMENT:

Your Company is engaged in a single segment only.

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.

For And On Behalf Of the Company

Date: 29/05/2014 Place: Ahmedabad

Sd/- Sd/- Sd/-

(Sanjay Vyas ) (Deepak Patel) (Minesh N Sheth)

Director Director Director

DIN: 01469464 DIN: 00105728 DIN: 01842723

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Mar 31, 2012

To, The Members of PARTH INDUSTRIES LIMITED

The Directors'' present the Annual report on the business and operations of your Company for the year 2011-2012.

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

Particulars Year Ended Year Ended 31.03.2012 31.03.2011 (Rs.) (Rs.)

Gross Sales/Income 4,88,000 4,76,550

Less Expenditure 34,43,600 4,16,670

Profit/(Loss) before Tax (29,55,600) 59,880

Taxes/Deferred Taxes NIL NIL

Profit/(Loss) After Taxes (29,55,600) 59,880

P& L Balance b/f (2,262,880) (23,22,760)

Profit/ (Loss) carried to Balance Sheet (52,18,480) (2,262,880)

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules, 1975 as amended.

DIRECTORS:

Mr. Mitul N Patel, Director of the Company are liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment.

DIVIDEND:

In view of losses, your Directors do not recommend any dividend during the year.

DEPOSITS:

During the year under review the Company has not accepted any deposits to which the provisions of section 58A of the Companies Act, 1956 read with Acceptance of Deposits Rules, 1975 as amended are applicable.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts:

The applicable accounting standards have been followed along with proper explanation relating to material departures.

Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period.

Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil as no trading has been done during the year under review.

APPOINTMENT OF AUDITORS:

M/s. Bhadresh I. Shah., Chartered Accountants, Ahmedabad the retiring auditors being eligible offers themselves for re-appointment. Members are requested to appoint them as auditors of the company.

CORPORATE SOCIAL RESPONSIBILITY:

Every year 5th June is observed as the World Environment Day around the world and is of immense importance for the Parth Industries Limited. In the year 2011- 12, one specific area which was related to our work. Sustainability is a complex concept incorporating a wide range of social, environmental and economic issues. We recognise the holistic nature of a sustainable approach. As such, this commitment is as much about our business operations as it is about our people, the communities where we work, our suppliers and partners and the clients we work with.

This is our commitment to manage our activities, business processes and supply chain safely and in ways that minimize adverse environmental and social impacts.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto.

REPORT ON CORPORATE GOVERNANCE:

A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto.

SEGMENT:

Your Company is engaged in a single segment only.

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.

For And On Behalf Of the Company

Date: 31/07/2012

Place: Ahmedabad Sd/- Sd/- Sd/-

Sanjay Vyas Deepak Patel Mitul Patel Director Director Director

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Mar 31, 2010

The Directors present the Annual report on the business and operations of your Company for the year 2009-2010.

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

Particulars Year Ended Year Ended 31.03.2009 1.03.2010 (Rs.) (Rs.)

Gross Sales/Income NIL NIL

Less Depreciation 29,739 53,449

Profit/(Loss) before Tax (29,739) (53,449)

Taxes/Deferred Taxes NIL NIL

Profit/(Loss) After Taxes (29,739) (53,449)

P& L Balance b/f (22,93,020) (22,39,571)

Profit/(Loss) carried to Balance Sheet (23,22,759) (22,93,020)

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules, 1975 as amended.

DIRECTORS:

Mr. Sanjay Vyas, Director of the Company are liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

DIVIDEND:

In view of losses, your Directors do not recommend any dividend during the year.

DEPOSITS:

The Company has not accepted any deposit from the public during the year.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts:

The applicable accounting standards have been followed along with proper explanation relating to material departures.

Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period.

Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil as no trading has been done during the year under review.

APPOINTMENT OF AUDITORS:

M/S. P. DALAL & COMPANY, Chartered Accountants, Ahmedabad, the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto.

REPORT ON CORPORATE GOVERNANCE:

A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto.

SEGMENT:

Your Company is engaged in a single segment only.

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.



FOR AND ON BEHALF OF THE COMPANY

SANJAY VYAS DEEPAK PATEL DIRECTOR DIRECTOR Place : Ahmedabad Date : 01/04/2010