Directors Report of Le Lavoir Ltd.

Mar 31, 2025

Your Directors pleased to present the 44^th Annual Report on the Business and Operations of the Company along with the Audited Statement of Accounts for the Financial Year ended on 31^st March, 2025.

1. FINANCIAL HIGHLIGHTS:

The financial performance of the Company for the Financial Year ended on 31^st March, 2025 and for the previous financial year ended on 31^st March, 2024 is given below:

(Rs. In Lakhs)
Particulars	2024-25	2023-24
Revenue from Operations	265.21	199.11
Other Income	62.53	67.90
Total Income	327.74	267.01
Total Expenses	149.01	122.92
Profit / Loss Before Exceptional and Extra Ordinary Items and Tax	178.73	144.09
Exceptional and Extra Ordinary Items	0.00	0.00
Profit / Loss Before Tax	178.73	144.09
Tax Expense: (i) Current Tax	(45.22)	(40.46)
(ii) Deferred Tax	(0.95)	0.00
Profit / Loss for the Period After Tax	134.46	103.63
Earnings Per Share (EPS)
Basic	4.15	3.20
Diluted	4.15	3.20

2. OPERATIONS:

Total revenue for Financial Year 2024-25 is Rs. 327.74 Lakhs compared to the total revenue of Rs. 267.01 Lakhs of previous Financial Year. The Company has incurred Profit before tax for the Financial Year 2024-25 of Rs. 178.73 Lakhs as compared to Profit before tax of Rs. 144.09 Lakhs of previous Financial Year. Net Profit after Tax for the Financial Year 2024-25 is Rs. 134.46 Lakhs as against Net Profit after tax of Rs. 103.63 Lakhs of previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2024-25, there was no change in nature of Business of the Company.

4. WEBLINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31, 2025 is available on the Company''s website at https://thelelavoir.com.

5. SHARE CAPITAL:A. Authorised Share Capital:

The Authorised Share Capital of the Company as on 31^st March, 2025 is Rs. 10,50,00,000/- (Rupees Ten Crores Fifty Lakhs Only) divided into 1,05,00,000 (One Crores Five Lakhs) Equity Shares of Rs. 10.00/-(Rupees Ten Only).

The Company has increased it Authorised capital from Rs. 4,20,00,000/- (Rupees Four Crores and Twenty Lakhs only) divided into 42,00,000 (Forty-Two Lakhs) equity shares of Rs. 10.00/- each to Rs. 10,50,00,000/- (Rupees Ten Crores Fifty Lakhs Only) divided into 1,05,00,000 (One Crores Five Lakhs) equity shares of face value of Rs. 10.00/- (Rupees Ten Only) each of the Company and consequent alteration of Memorandum of Association of the Company which was approved in Extra-Ordinary General Meeting of the Company held on 27^th December, 2024.

B. Paid up Share Capital:

The Paid-up share capital of the Company as on 31^st March, 2025 is Rs. 3,24,00,000/- (Rupees Three Crores Twenty-Four Lakhs Only) divided into 32,40,000 (Thirty-Two Lakhs Forty Lakhs) Equity Shares of Rs. 10.00/- (Rupees Ten Only).

6. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, your Directors do not recommend any dividend for the Financial Year 2024-25 (Previous year - Nil).

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

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund ("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the "Unpaid Dividend Account" lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.

8. TRANSFER TO RESERVES:

The profit of the Company for the Financial Year ending on 31^st March, 2025 is transferred to profit and loss account of the Company under Reserves and Surplus.

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

â¢ Change in Office where Books of accounts of the Company are kept and maintained:

The Board Meeting of the Company, at its meeting held on Friday, 7^th February, 2025 has considered and approved the place or office where books of accounts are kept and maintained i.e. Unit No G 14 Chandivali Narayan Plaza, Premise Co Op Soc Ltd Andheri East, Mumbai, Maharashtra, India - 400 072.

â¢ Issue of Warrants, convertible into Equity shares to person(s) and/ or entity(ies) belonging to "Non-promoter Categoryâ on a Preferential basis:

The Shareholders have approved agenda for the issuance of 37,50,000 Convertible warrants at a price of Rs. 264.75/- (comprising Face value of Rs. 10.00/- each and Premium of Rs. 254.75/- each) aggregating of Rs. 99,28,12,500/- in the Extra-Ordinary General Meeting held on Friday, 24^th December, 2024. Inprinciple approval for the said issue from BSE Limited is yet to be received.

10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

No significant material orders have been passed by the Regulators or Courts or Tribunals impacting the going concern status and Company''s operations in future.

11. BOARD MEETINGS:

The Directors of the Company met at regular intervals at least once in a quarter within the gap between two meetings not exceeding 120 days to take a view of the Company''s policies and strategies apart from the Board Matters.

During the year under the review, the Board of Directors met 8 (Eight) times viz. 29^th May, 2024, 1^st August, 2024, 12^th August, 2024, 2^nd September, 2024, 24^th October, 2024, 19^th November, 2024, 30^th November, 2024 and 7^th February, 2025.

12. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a In the preparation of the annual accounts, for the year ended on 31^st March, 2025 the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departure from the same;

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 financial year and of the profit of the Company for the financial year ended on 31^stMarch, 2025;

c. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 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 laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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.

13. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of Section 135 of the Companies Act, 2013 is not applicable to your Company as the Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate Social Responsibility.

14. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has in place adequate internal financial controls with reference to financial statement across the organization. The same is subject to review periodically by the internal audit cell for its effectiveness. During the financial year, such controls were tested and no reportable material weaknesses in the design or operations were observed. The Statutory Auditors of the Company also test the effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditor''s report.

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

During the year, no reportable material weakness was observed.

15. PARTICULARS OF LOANS GIVEN. GUARANTEES GIVEN. INVESTMENTS MADE AND SECURITIES PROVIDED UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

The details of loans, investment, guarantees and securities covered under the provisions of section 186 of the Companies Act, 2013 are provided in the financial statement.

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

During the year under review, all the Related Party Transactions were entered at arm''s length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Act and the Listing Regulations.

Pursuant to Section 188 of the Act read with rules made thereunder and Regulation 23 of the Listing Regulations, all Material Related Party Transactions ("material RPTs") require prior approval of the shareholders of the Company vide ordinary resolution.

The Company has formulated and adopted a policy on dealing with related party transactions, in line with Regulation 23 of the Listing Regulations, which is available on the website of the Company at https://thelelavoir.com.

As a part of the mandate under the Listing Regulations and the terms of reference, the Audit Committee undertakes quarterly review of related party transactions entered into by the Company with its related parties. Pursuant to Regulation 23 of Listing Regulations and Section 177 of the Act, the Audit Committee has granted omnibus approval in respect of transactions which are repetitive in nature, which may or may not be foreseen, not exceeding the limits specified thereunder. The transactions under the purview of omnibus approval are reviewed on quarterly basis by the Audit Committee. Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed the disclosures on Related Party Transactions in prescribed format with the Stock Exchanges.

Pursuant to Section 134(3)(h) of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, the details of contracts/arrangements entered with related parties in prescribed Form AOC-2, is annexed herewith as "Annexure I" to this Report.

17. RESERVES & SURPLUS:		(Rs. in Lakhs)
Sr. No.	Particulars	Amount
1.	Balance at the beginning of the year	268.23
2.	Current Year''s Profit	134.46
3.	Amount of Securities Premium and other Reserves	435.00
Total		837.69

18. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY OF THE COMPANY:

The Company has framed formal Risk Management framework for risk assessment and risk minimization for Indian operation which is periodically reviewed by the Board of Directors to ensure smooth operations and effective management control. The Audit Committee also reviews the adequacy of the risk management frame work of the Company, the key risks associated with the business and measures and steps in place to minimize the same.

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

The details of conservation of energy, technology absorption etc. as required to be given under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, is not given as the Company has not taken any major step to conserve the energy etc.

Export revenue constituted 0 % of the total revenue in FY 2024-25;
Sr. No.	Foreign exchange earnings and outgo	F.Y. 2024-25	F.Y. 2023-24
1.	Foreign exchange earnings	NIL	NIL
2.	CIF value of imports	NIL	NIL
3.	Expenditure in foreign currency	NIL	NIL
4.	Value of Imported and indigenous Raw Materials, Spare-parts and Components Consumption	NIL	NIL

20. POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION:

The Remuneration policy is directed towards rewarding performance based on review of achievements on a periodical basis. The remuneration policy is in consonance with the existing industry practice and is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve results. The Company has made adequate disclosures to the members on the remuneration paid to Directors from time to time. The Company''s Policy on director''s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Act is available on the website of the Company at https://thelelavoir.com.

21. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the Company''s current working and future outlook as per "Annexure - II".

22. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND IOINT VENTURES:

The Company does not have any Holding / Subsidiary/Associate Company and Joint Venture.

23. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI). The Company has devised proper systems to ensure compliance with its provisions and is in compliance with the same.

24. REPORTING OF FRAUDS BY THE AUDITORS:

During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the Audit Committee under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board''s Report.

25. STATE OF COMPANY''S AFFAIRS:

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write up and explanation about the performance of the Company.

26. STATEMENT ON ANNUAL EVALUATION OF BOARD''S PERFORMANCE:

The Board evaluated the effectiveness of its functioning, that of the Committees and of individual Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the feedback of Directors on various parameters including:

â¢ Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);

â¢ Structure, composition, and role clarity of the Board and Committees;

â¢ Extent of co-ordination and cohesiveness between the Board and its Committees;

â¢ Effectiveness of the deliberations and process management;

â¢ Board / Committee culture and dynamics; and

â¢ Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with each Executive and Non-Executive, Non-Independent Directors. These meetings were intended to obtain Directors'' inputs on effectiveness of the Board/ Committee processes.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole, and the Chairman of the Company was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.

The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of Nomination and Remuneration Committee, the performance of the Board, its committees, and individual directors was discussed.

The evaluation process endorsed the Board Members'' confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board by way of individual feedback from directors.

The evaluation frameworks were the following key areas:

a) For Non-Executive & Independent Directors:

â¢ Knowledge;

â¢ Professional Conduct;

â¢ Comply Secretarial Standard issued by ICSI Duties;

â¢ Role and functions.

b) For Executive Directors:

â¢ Performance as leader;

â¢ Evaluating Business Opportunity and analysis of Risk Reward Scenarios;

â¢ Key set investment goal;

â¢ Professional conduct and integrity;

â¢ Sharing of information with Board;

â¢ Adherence applicable government law.

The Directors expressed their satisfaction with the evaluation process.

27. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:A. VIGIL MECHANISM / WHISTLE BLOWER POLICY: -

The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Company''s Code of Conduct or Ethics Policy.

B. BUSINESS CONDUCT POLICY: -

The Company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the policy. The objective of the policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.

28. PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2024-25.

29. LOAN FROM DIRECTOR / RELATIVE OF DIRECTOR:

During the year under review, the Company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company at large. Suitable disclosures as required are provided in AS-18 which is forming the part of the notes to financial statement.

30. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Directors and Key Managerial Personnel of the Company are summarized below:
Sr. No.	Name	Designation	DIN
1.	Mr. Sachin Kapse	Managing Director	08443704
2.	Mr. Dhiraj Kothari³	Non-Executive and Non-Independent Director	08588181
3.	Mr. Amit Yadav	Chief Financial Officer	ARUPY8292K
4.	Ms. Keya Bhattacharya	Non-Executive and Independent Director	09508486
5.	Mr. Milburn Anthony Sequeira³	Non-Executive and Independent Director	10489028
6.	Mr. Ashok Dilipkumar Jain²	Non-Executive and Non-Independent Director	03013476
7.	Mr. Pradeep Sutodiya²	Non-Executive and Independent Director	01025354
8.	Ms. Keshita Priyank Dhruv¹	Company Secretary and Compliance Officer	AJLPD7894D
1. Appointment of Ms. Keshita Priyank Dhruv as Company Secretary and Compliance Officer of the Company w.e.f. 1^st August, 2024. 2. Appointment of Mr. Ashok Dilipkumar Jain (DIN: 03013476) as Non-Executive and Non-Independent Director and Mr. Pradeep Sutodiya (DIN: 01025354) as Non-Executive and Independent Director of the Company w.e.f. 19^th November, 2024. 3. Resignation of Mr. Dhiraj Kothari (DIN: 08588181) from the post of Non-Executive Director and Mr. Milburn Anthony Sequeira (DIN: 10489028) from the post of Non-Executive and Independent Director of the Company w.e.f. 20^th November, 2024.

Apart from the above changes, there were no other changes in the composition of the Board of Directors of the Company during the Financial Year 2024-25 and till the date of Board''s Report.

As per Companies Act, 2013, the Independent Directors are not liable to retire by rotation.

31. DECLARATION BY INDEPENDENT DIRECTORS:

Ms. Keya Bhattacharya and Mr. Pradeep Sutodiya, Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Directors. They have also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16(1)(b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.

32. CORPORATE GOVERNANCE:

Since the paid-up Capital of Company is less than Rs. 10 Crores and Turnover is less than Rs. 25 Crores therefore by virtue of Regulation 15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and Para C, D and E of Schedule V are not applicable to the Company. Hence Corporate Governance does not form part of this Board''s Report.

33. DEPOSITS:

As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any deposits during the financial year. Hence the Company has not defaulted in repayment of deposits or payment of interest during the financial year.

34. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried the evaluation of its own performance, performance of Individual Directors, Board Committees, including the Chairman of the Board on the basis of attendance, contribution towards development of the Business and various other criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors i.e. held on Monday, 2^nd September, 2024, the performances of Executive and Non-Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The achievements of the targeted goals and the achievements of the expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.

35. AUDITORS AND THEIR REPORT:A. Statutory Auditor:

M/s. K M Chauhan & Associates, Chartered Accountants, Rajkot, (FRN: 125924W) were appointed as Statutory Auditor of the Company.

The report issued by Statutory Auditors for financial year 2024-25 does not contain any qualifications or adverse remarks. The Statutory Auditors have not reported any frauds under Section 143(12) of the Act.

Maintenance of cost records as specified under Companies Act, 2013 is not applicable to the Company.

The Auditor''s report for the Financial Year ended 31^st March, 2024 has been issued with an unmodified opinion, by the Statutory Auditor.

B. Secretarial Auditor:

The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. Jitendra Parmar, Proprietor of M/s. Jitendra Parmar & Associates, Company Secretaries, Ahmedabad (FRN: S2023GJ903900) as a Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2024-25.

The Secretarial Audit Report for the Financial Year 2024-25 is annexed herewith as Annexure - III in Form MR-3.

The report of the Secretarial auditor has not made any adverse remark in their Audit Report except:

a) Compliance of SEBI Circular No: SEBI / HO / DDHS / DDHS - RACPOD1 / P / CIR / 2023 / 172 dated October 19, 2023 i.e. Non filing of Annual Disclosures of Non-applicability of Large Corporate for FY 2023-24.

Reply:

The Company does not fall under the criteria specified for classification as a "Large Corporate" as per the definitions provided in the circular. Therefore, the requirement to submit the Annual Disclosure in the prescribed format does not arise.

b) During the period under review, it was noted that One of the Independent Directors who was not registered with the Independent Directors Databank maintained by the Indian Institute of Corporate Affairs (IICA) at the time of appointment, as required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Reply:

The registration of Independent Directors has been completed however, renewal is pending in the database due to a technical issue in the system. The matter has been identified, and the necessary steps are being taken to resolve it at the earliest. Once the issue is rectified, the registration will be completed accordingly.

c) The Company has not filed Form DIR-12 for recording the cessation (demise) of Mr. Bernad Antonio Jose Fernandes as Director, as the death certificate has not yet been received by the Company.

Reply:

The Company has not yet filed Form DIR-12 for the cessation of Mr. Bernad Antonio Jose Fernandes due to non-receipt of the death certificate from his family. The Company has, however, duly intimated the stock exchange of the same for compliance purposes.

d) It was observed that the position of Company Secretary remained vacant from 18th January, 2024 to 1st August, 2024, which is not in compliance with the provisions of Section 203 of the Companies Act, 2013 read with Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Reply:

The previous Company Secretary tendered their resignation effective 18^th January, 2024. The Company appointed a new Company Secretary with effect from 1^st August, 2024.

During the interim period, the Company was actively engaged in the process of identifying and finalizing a suitable candidate for the position.

The delay was inadvertent and not intentional, and the Company remains committed to complying with all applicable provisions under Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements

C. Internal Auditor:

The Board of directors has appointed Mr. Harshil Shah, Chartered Accountant, as the internal auditor of the Company. The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board from time to time.

36. DISCLOSURES:

A. Composition of Audit Committee:

During the year under review, meetings of members of the Audit committee as tabulated below, was held on 29^th May, 2024, 12^th August, 2024, 24^th October, 2024, 19^th November, 2024, 30^th November, 2024 and 7^th February, 2025 the attendance records of the members of the Committee are as follows:

	Name		Status		No. of Committee Meetings entitled		No. of Committee Meetings attended
	Mr. Milburn Anthony Sequeira¹		Chairman		3		3
	Mr. Dhiraj Kothari²		Member		3		3
	Ms. Keya Bhattacharya		Member		6		6
	Mr. Pradeep Sutodiya¹		Chairman		3		3
	Mr. Ashok Dilipkumar Jain²		Member		3		3
B.	¹ Mr. Pradeep Sutodiya has been appointed as Chairman, and Mr. Milburn Antony Sequeira has resigned from the post of Chairperson of the Audit Committee w.e.f. 19^th November, 2024. ². Mr. Ashok Dilipkumar Jain has been appointed as Member, and Mr. Dhiraj Kothari has resigned from the post of Member of the Audit Committee w.e.f. 19^th November, 2024. Composition of Nomination and Remuneration Committee: During the year under review, meetings of the members of the Nomination and Remuneration committee, as tabulated below, was held on 1^st August, 2024 and 19^th November, 2024 and the attendance records of the members of the Committee are as follows:
	Name	Status		No. of Committee Meetings entitled		No. of Committee Meetings attended
	Mr. Milburn Anthony Sequeira¹	Chairman		1		1
	Mr. Dhiraj Kothari²	Member		1		1
	Ms. Keya Bhattacharya	Member		2		2
	Mr. Pradeep Sutodiya¹	Chairman		1		1
	Mr. Ashok Dilipkumar Jain²	Member		1		1
C.	¹ Mr. Pradeep Sutodiya has been appointed as Chairman, and Mr. Milburn Anthony Sequeira has resigned from the post of Chairman of the Nomination and Remuneration Committee w.e.f. 19^th November, 2025. ². Mr. Ashok Dilipkumar Jain has been appointed as Member, and Mr. Dhirak Kothari has resigned from the post of Member of the Nomination and Remuneration Committee w.e.f. 19^th November, 2024. Composition of Stakeholders'' Relationship Committee: During the year under review, meetings of members of Stakeholders'' Relationship committee as tabulated below, was held on 2^nd September, 2024 and 19^th November, 2024 and the attendance records of the members of the Committee are as follows:
	Name	Status		No. of Committee Meetings entitled		No. of Committee Meetings attended
	Mr. Milburn Anthony Sequeira¹	Chairman		1		1
	Mr. Dhiraj Kothari²	Member		1		1
	Ms. Keya Bhattacharya	Member		2		2
	Mr. Pradeep Sutodiya¹	Chairman		1		1
	Mr. Ashok Dilipkumar Jain²	Member		1		1
	¹ Mr. Pradeep Sutodiya has been appointed as Chairman, and Mr. Milburn Anthony Sequeira has resigned from the post of Chairman of the Stakeholder''s Relationship Committee w.e.f. 19^th November, 2025. ² Mr. Ashok Dilipkumar Jain has been appointed as Member, and Mr. Dhirak Kothari has resigned from the post of Member of the Nomination and Remuneration Committee w.e.f. 19^th November, 2024.

37. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION-PROHIBITION & REDRESSAL) ACT.2013:

The Company has always been committed to provide a safe and conducive work environment to its employees. Your Directors further state that during the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

The following no. of complaints was received under the POSH Act and the rules framed thereunder during the year:

a. Number of complaints filed during the financial year - NIL

b. Number of complaints disposed of during the financial year - NIL

c. Number of complaints pending as on end of the financial year - NIL

38. INDUSTRIAL RELATIONS:

The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review

39. MAINTENANCE OF COST RECORDS:

According to information and explanation given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Act in respect of activities carried out by the Company.

40. DEMATERIALISATION OF EQUITY SHARES:

As per direction of the SEBI, the shares of the Company are under compulsory demat form. The Company has established connectivity with both the Depositories i.e., National Securities Depository Limited ("NSDL") and Central Depository Services (India) Limited ("CDSL") and the Demat activation number allotted to the Company is ISIN: INE204S01012. Presently shares are held in electronic and physical mode.

41. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE 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.

42. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE AVAILING LOAN FROM THE BANKS AND FINANCIAL INSTITUTIONS:

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

43. ACKNOWLEDGEMENTS:

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers, Customers and other business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward for the continued support of every stakeholder in the future.

Mar 31, 2024

Your Directors are pleased to present the 43^rd Annual Report on the Business and Operations of the Company along with the Audited Statement of Accounts for the Financial Year ended on 31^st March, 2024.

1. FINANCIAL HIGHLIGHTS:

The financial performance of the Company for the Financial Year ended on 31^st March, 2024 and for the previous financial year ended on 31^st March, 2023 is given below:

(Rs. In Lakhs''
Particulars	2023-24	2022-23
Revenue from Operations	199.11	176.15
Other Income	67.9	38.68
Total Income	267.01	214.83
Total Expenses	122.92	142.34
Profit / Loss Before Exceptional and Extra Ordinary Items and Tax	144.09	72.49
Exceptional and Extra Ordinary Items	0.00	0.00
Profit / Loss Before Tax	144.09	72.49
Tax Expense: Current Tax	40.46	16.18
Deferred Tax	0.00	0.00
Profit / Loss for the Period After Tax	103.63	56.31
Earnings Per Share (EPS)
Basic	3.19	1.74
Diluted	3.19	1.74

2. OPERATIONS:

Total revenue for Financial Year 2023-24 is Rs. 267.01 Lakhs compared to the total revenue of Rs. 214.83 Lakhs of previous Financial Year. The Company has incurred Profit before tax for the Financial Year 202324 of Rs. 144.09 Lakhs as compared to Profit before tax of Rs. 72.49 Lakhs of previous Financial Year. Net Profit after Tax for the Financial Year 2023-24 is Rs.103.63 Lakhs as against Net Profit after tax of Rs. 56.31 Lakhs of previous Financial Year. The Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in the future period.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2023-24, there was no change in nature of Business of the Company.

4. WEBLINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual Return as on March 31, 2024 is available on the Companyâs website at www.thelelavoir.com.

5. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, your Directors do not recommend any dividend for the Financial Year 2023-24 (Previous year - Nil).

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

Dividend Accountâ lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.

7. TRANSFER TO RESERVES:

The profit of the Company for the Financial Year ending on 31^st March, 2024 is transferred to profit and loss account of the Company under Reserves and Surplus.

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

There have been no material changes and commitments, which affect the financial position of the Company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report.

9. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

No significant material orders has been passed by the Regulators or Courts or Tribunals impacting the going concern status and Companyâs operations in future.

10. BOARD MEETINGS:

The Directors of the Company met at regular intervals at least once in a quarter within the gap between two meetings not exceeding 120 days to take a view of the Companyâs policies and strategies apart from the Board Matters.

During the year under the review, the Board of Directors met 9 times viz. 21^st April, 2023, 12^th May, 2023, 3^rd August, 2023, 1^st September, 2023, 27^th October, 2023, 9^th November, 2023, 3^rd January, 2024, 2^ndFebruary, 2024 and 12^th February, 2024.

11. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134 (3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a. In the preparation of the annual accounts, for the year ended on 31^st March, 2024 the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departure from the same;

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

e. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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.

12. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of Section 135 of the Companies Act, 2013 is not applicable to your Company as the Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate Social Responsibility.

13. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

During the year, no reportable material weakness was observed.

14. RESERVES & SURPLUS:			(Rs. in Lakhs)
	Sr. No.	Particulars	Amount
	1.	Balance at the beginning of the year	164.60
	2.	Current Yearâs Profit	103.63
	3.	Amount of Securities Premium and other Reserves	-
	Total		268.23

15. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY OF THE COMPANY:

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

Export revenue constituted 0 % of the total revenue in FY 2023-24;

Sr. No.	Foreign exchange earnings and outgo	F.Y. 2023-24	F.Y. 2022-23
1.	Foreign exchange earnings	-	-
2.	CIF value of imports	-	-
3.	Expenditure in foreign currency	-	-
4.	Value of Imported and indigenous Raw Materials, Spare-parts and Components Consumption	-	-

17. POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION:

18. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

19. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT VENTURES:

The Company does not have any Holding / Subsidiary/Associate Company and Joint Venture.

20. SECRETARIAL STANDARDS:

21. REPORTING OF FRAUDS BY THE AUDITORS:

22. STATE OF COMPANY''S AFFAIRS:

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2) (e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write up and explanation about the performance of the Company.

23. STATEMENT ON ANNUAL EVALUATION OF BOARD''S PERFORMANCE:

â¢ Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);

â¢ Structure, composition, and role clarity of the Board and Committees;

â¢ Extent of co-ordination and cohesiveness between the Board and its Committees;

â¢ Effectiveness of the deliberations and process management;

â¢ Board / Committee culture and dynamics; and

â¢ Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with each Executive and NonExecutive, Non-Independent Directors. These meetings were intended to obtain Directorsâ inputs on effectiveness of the Board/ Committee processes.

The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.

The evaluation process endorsed the Board Membersâ confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.

The evaluation frameworks were the following key areas: a) For Non-Executive & Independent Directors:

â¢ Knowledge

â¢ Professional Conduct

â¢ Comply Secretarial Standard issued by ICSI Duties

â¢ Role and functions

b) For Executive Directors:

â¢ Performance as leader

â¢ Evaluating Business Opportunity and analysis of Risk Reward Scenarios

â¢ Key set investment goal

â¢ Professional conduct and integrity

â¢ Sharing of information with Board.

â¢ Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process.

24. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:A. VIGIL MECHANISM / WHISTLE BLOWER POLICY:-

B. BUSINESS CONDUCT POLICY:-

The Company has framed âBusiness Conduct Policyâ. Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the policy. The objective of the policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.

25. PARTICULARS OF EMPLOYEES:

26. LOAN FROM DIRECTOR / RELATIVE OF DIRECTOR:

27. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Directors and Key Managerial Personnel of the Company are summarized below:

Sr. No.	Name	Designation	DIN
1.	Mr. Sachin Kapse	Managing Director	08443704
2.	Mr. Dhiraj Kothari¹	Director	08588181
3.	Mr. Dhiraj Kothari¹	Chief Financial Officer	AABPK7616F
4.	Mr. Amit Yadav²	Chief Financial Officer	ARUPY8292K
5.	Ms. Keya Bhattacharya²	Independent Director	09508486
6.	Mr. Vinod Rana³	Company Secretary	BRUPR9959P
7.	Mr. Bernad Fernandes	Independent Director	08447944
8.	Mr. Milburn Anthony Sequeira⁴	Independent Director	10489028

1 Change in designation of Mr. Dhiraj Kothari (DIN: 08588181) from Whole-time Director to Non-Executive Director w.e.f. 1^stSeptember, 2023 and Resignation of Mr. Dhiraj Kothari from the Post of Chief Financial Officer of the Company w.e.f. 1^stSeptember, 2023

2 Mr. Amit Yadav has appointed as Chief Financial Officer of the company w.e.f. 1^st September, 2023

3 Mr. Vinod Rana has resigned from the post of Company Secretary of the Company w.e.f 18^th January, 2024

4 Appointment of Mr. Milburn Anthony Sequeira as Additional Independent Director w.e,f 2^nd February, 2024

Apart from the above changes, there were no other changes in the composition of the Board of Directors of the Company during the Financial Year 2023-24 and till the date of Boardâs Report.

As per Companies Act, 2013, the Independent Directors are not liable to retire by rotation.

28. DECLARATION BY INDEPENDENT DIRECTORS:

Ms. Keya Bhattacharya and Mr. Milburn Anthony Sequeira, Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149 (6) of the Companies Act, 2013 and they qualify to be Independent Directors. They have also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16 (1) (b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.

29. CORPORATE GOVERNANCE:

30. DEPOSITS:

31. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

In a separate meeting of Independent Directors, the performances of Executive and Non-Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The achievements of the targeted goals and the achievements of the expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.

32. AUDITORS:A. Statutory Auditor:

M/s. Mehul M. Shah & Co., Chartered Accountants (FRN: 0141907W) has resigned as Statutory Auditor of the Company w.e.f. 9^th November, 2023.

Further, M/s. K M Chauhan & Associates, Chartered Accountants, Rajkot, (FRN: 125924W) were appointed as Statutory Auditor of the Company for the Financial Year 2023-24 to fill the casual

vacancy and the said appointment was approved by the members in the Extra-Ordinary General Meeting held on Wednesday, 31^st January, 2024.

Appointment of M/s. K M Chauhan & Associates, Chartered Accountants, Rajkot, (FRN: 125924W) as Statutory Auditors of the Company is placed before the Members in ensuing Annual General Meeting for the period of 4 (Four) consecutive years from the conclusion of 43^rd Annual General Meeting held in the year 2024 till the conclusion of 47^th Annual General Meeting of the Company to be held in the year 2028.

The Auditorâs report for the Financial Year ended 31^st March, 2024 has been issued with an unmodified opinion, by the Statutory Auditor.

B. Secretarial Auditor:

The Board of Directors pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. Darshan Kinkhabwala, Proprietor of M/s. Kinkhabwala & Associates, Company Secretaries, Ahmedabad as a Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2023-24.

The Secretarial Audit Report for the Financial Year 2023-24 is annexed herewith as Annexure-2 in Form MR-3. There are no adverse observations in the Secretarial Audit Report which call for explanation.

C. Internal Auditor:

33. DISCLOSURES:A. Composition of Audit Committee:

During the year under review, meetings of members of the Audit committee as tabulated below, was held on 21^st April, 2023, 3^rd August, 2023, 27^th October, 2023, 9^th November, 2023, 3^rd January, 2024 and 12^th February, 2024 the attendance records of the members of the Committee are as follows:

Name	Status	No. of the Committee Meetings entitled	No. of the Committee Meetings attended
Mr. Milburn Anthony Sequeira¹	Chairman	1	1
Mr. Dhiraj Kothari	Member	6	6
Ms. Keya Bhattacharya	Member	6	6
Mr. Bernad Fernandes²	Chairman	4	4

1 Mr. Milburn Anthony Sequeira appointed as Chairman of Audit Committee w.e,f 2^nd February, 2024

2 Due to sad demise of Mr. Bernad Fernandes on 28^th January, 2024, the post of Chairman of Audit Committee was vacated.

B. Composition of Nomination and Remuneration Committee:

During the year under review, meetings of the members of the Nomination and Remuneration committee, as tabulated below, was held on 27^th October, 2023 and 2^nd February, 2024 and the attendance records of the members of the Committee are as follows:

Name	Status	No. of the Committee Meeting entitled	No. of the Committee Meetings attended
Mr. Milburn Anthony Sequeira¹	Chairman	NA	NA
Ms. Keya Bhattacharya	Member	2	2
Mr. Dhiraj Kothari	Member	2	2
Mr. Bernad Fernandes²	Chairman	1	1

1 Mr. Milburn Anthony Sequeira appointed as Chairman of Nomination and Remuneration Committee w.e,f 2^nd February, 2024

2 Due to sad demise of Mr. Bernad Fernandes on 28^th January, 2024, the post of Chairman of Nomination and Remuneration Committee was vacated.

C. Composition of Stakeholders'' Relationship Committee:

During the year under review, meetings of members of Stakeholders'' Relationship committee as tabulated below, was held on 27^th October, and 12^th February, 2024 and the attendance records of the members of the Committee are as follows:

Name	Status	No. of the Committee Meeting entitled	No. of Committee Meeting attended
Mr. Milburn Anthony Sequeira¹	Chairperson	1	1
Mr. Dhiraj Kothari	Member	2	2
Ms. Keya Bhattacharya	Member	2	2
Mr. Bernad Fernandes²	Chairman	1	1

1 Mr. Milburn Anthony Sequeira appointed as Chairman of Stakeholders'' Committee w.e,f 2^nd February, 2024

2 Due to sad demise of Mr. Bernad Fernandes on 28^th January, 2024, the post of Chairman of Stakeholdersâ Relationship Committee was vacated.

34. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT,2013:

35. INDUSTRIAL RELATIONS:

The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review

36. MAINTENANCE OF COST RECORDS:

37. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE 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.

38. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE AVAILING LOAN FROM THE BANKS AND FINANCIAL INSTITUTIONS:

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

39. ACKNOWLEDGEMENTS:

Mar 31, 2011

The directors have pleasure in presenting their Annual Report together with the Audited Accounts for the year ended 31/03/2011.

FINANCIAL RESULTS:

During the period under review the Company has made a loss of Rs. 510.00, which when added to the past year credit balance of
Rs.94,127.00, makes a total credit balance of Rs.93,617.00 which your directors propose to carry forward to next year.

WORKING OF THE COMPANY:

During the period the funds of the Company were properly utilized.

DIRECTORS RESPONSIBILITY STATEMENT:

i. In the preparation of annual accounts, the applicable accounting standards had been followed.

ii. Accounting policies are applied consistently and made judgment 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 loss of the company for
that period.

iii. Proper & sufficient care was taken for the maintenance of adequate accounting records in accordance with the provision of
Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv. The annual accounts had been prepared on the basis of going concern.

AUDITOR''S REPORT:

The observation made by the Auditors are self-explanatory and do not require any further clarification.

AUDITORS:

M/s P. Acharjee & Co, Chartered Accountants, Auditors of the Company retires and offers the self for re-appointment.

INFORMATION PURSUANT TO SECTION 217(2A) OF THE COMPANIES ACT.1956:

The above section is not applicable to the Company as no employees of the Company are in receipt of the remuneration specified
under the above section.

For and behalf of the Board

Place â Kolkata Sd/- Pankaj Sharma

Date: 30/05/2011 Sd/- Rahul Sharma

Director

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