Directors Report of Maks Energy Solutions India Ltd.

Mar 31, 2025

The Board of Directors of your Company is pleased to present the 15^th Annual Report along with the Audited Financial Statements of MAKS Energy Solutions India Limited ("the Company") for the financial year ended 31st March 2025.

FINANCIAL PERFORMANCE:

The summarized standalone results of your Company are given below.

(Amount in lakhs)
Particulars	Financial Year	Financial Year
	31-03-2025	31-03-2024
Total Income	6,674.91	6666.41
Total Expenses	6,578.15	6580.41
Profit/(Loss) Before Tax	73.74	39.57
Less: Tax Expenses
Current tax	20.85	12.02
Deferred tax	(0.84)	(0.25)
Short Provision for Income Tax for earlier year	(1.43)	(0.35)
Profit/(Loss) for the Period	55.16	28.18

1. STATE OF COMPANY''S AFFAIRS AND FUTURE OUTLOOK

Revenue from Business Operations is Rs 6,648.16 Lakhs as compared to the previous year of Rs. 6,625.97 Lakhs There is increase of in Revenue from Business Operations as compared to the previous year. The Net Profit of the Company stands at Rs.55.16 Lakhs as compared to the previous year profit of Rs.28.18 Lakhs. The Earnings per Share is Rs. 0.80 as compared to the previous EPS of Rs. 0.41.

2. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the extract of the Annual Return of the Company for the financial year 2024-25 shall available on the website of the Company at https://www.maksgenerators.com/annual-return.php

3. TRANSFER TO RESERVE

Company has not proposed to transfer any amount to the General Reserve.

However, the closing balance of the retained earnings of your Company as on 31st March 2025, after necessary provisions in the Statement of Profit and Loss a sum of Rs 55.16 Lakhs has been carried forward as the Balance in Profit and Loss Account, (Previous year Rs. 28.18 Lakhs).

4. CHANGE IN NATURE OF BUSINESS

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

5. DIVIDEND

In order to retain profits for the future years, the Board of Directors of the company do not recommend any dividend for the financial year 2024-25.

6. INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

The Company does not have any Holding, Subsidiary, Joint Venture or Associate during the year under review.

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

Since there was no unpaid/unclaimed Dividend in the books or any Unpaid Dividend declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 do not apply to your company.

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

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year 2024-25 to which these financial statements relate and the date of this report.

9. PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

10. CHANGES IN SHARE CAPITAL

During the year under review, there has been no change in the Share Capital of the Company.

11. RELATED PARTY TRANSACTIONS

The summary of related party transaction in Form AOC-2 is enclosed as Annexure IV.

12. FIXED DEPOSITS

Your Company has not accepted any deposits from public, Therefore, details relating to deposits covered under Chapter V of the Companies Act, 2013 are not applicable to the Company.

13. DEPOSITORY SERVICES

The Company''s Equity Shares have been admitted to the depository mechanism of the National Securities Depository Limited (NSDL) and also the Central Depository Services (India) Limited (CDSL). As a result the investors have an option to hold the shares of the Company in a dematerialized form in either of the two Depositories. The Company has been allotted ISIN No. INE0CDK01019

Shareholders therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

14. CHANGE IN BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

Based on the recommendations of the Nomination and Remuneration Committee (NRC) and in view of his long tenure and valuable expertise, Mr. Mahendra Shaw was re-appointed as the Whole-time Director of the Company for a period of five years commencing from 12th February, 2025 to 11th August, 2030. He shall not be liable to retire by rotation. Similarly, Mr. Sourabh Shaw, considering his extensive experience and significant contribution to the growth of the Company, was re-appointed as the Managing Director for a period of five years commencing from 12th February, 2025 to 11th August, 2030, and he shall also not be liable to retire by rotation.

Further, the Board approved the appointment of Mr. Shubham Bhutra, Ms. Usha Toshniwal, and Ms. Priti Singrodia as Independent Directors of the Company. Each of them brings with them strong academic credentials and rich professional experience across Executive and Non-Executive roles, which is expected to further strengthen the governance framework of the Company.

The term of Mr. Ketan Harishchandra Shah as an Independent Director of the Company ended on 11th February, 2025. Considering the contribution towards the growth and stability of the Company during his tenure and recognising the continued need for his expertise, the Board has appointed him as a Non-Executive Director of the Company w.e.f. 11th February, 2025

Further, the terms of Mr. Rahul Bhagwanrao Kadam and Mr. Rahul Choithram Dingreja as Independent Directors of the Company also expired on 11th February, 2025. The Board expressed its deep gratitude for their sincere efforts and valuable contribution towards the well-being and sustainable growth of the Company during their tenure.

The Board of Directors of the company is duly constituted and has a combination of Executive, NonExecutive and Independent Directors including one woman director. Based on the disclosures as received by the Directors of the company, pursuant to provisions of Section 164(2) of the Companies Act, 2013, none of the Directors of the Company are found to be disqualified.

All the Independent Directors have furnished declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013.

However, there was no change in any KMPs apart from above mentioned WTD and MD.

After the above changes during the year, the Board of Directors and KMP as on 31^st March 2025 is as follows:

Sr. No	Name of the Director	Designation
1.	Mr. Sourabh Mahendra Shaw	Managing Director
2.	Mr. Mahendra Madhairam Shaw	Whole-time Director
3.	Ms. Swati Sourabh Shaw	Non- Executive Director
4.	Mr. Ketan Harishchandra Shah	Non- Executive Director
5.	Mr. Shubham Bhutra and	Independent Director
6.	Ms. Usha Toshniwal	Independent Director
7.	Ms. Priti Singrodia	Independent Director
8.	Mr. Nikhil Badrilal Agrawal	C hief F i n a n c i a l Officer
9.	Mr. Vishal Nandu Nadhe	Company Secretary & Compliance Officer

15.MEETINGS OF THE BOARD OF DIRECTORS

As required by clause (b) of sub-section (3) of Section 134 of the Companies Act, 2013, your directors report that during the Financial Year 2024-25, the Board meets at regular intervals to discuss and review the business operations.

The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013. The notice of Board meeting including detailed agenda is given well in advance to all the Directors prescribed under theCompanies Act, 2013.

During the year under review, the Board met five times, namely on May 28, 2024; September 3, 2024; November 27, 2024; February 10, 2025; and February 20, 2025.

Following is the attendance of each of the Directors at the Board Meetings held during the perioc under review:
	Sr. No.	Name of the Directors	Number of Board meeting
	Sr. No.	Name of the Directors	Entitled to Attend	Attend
	1	Mr. Sourabh Mahendra Shaw	5	5
	2	Mr. Mahendra Madhairam Shaw	5	5
	3	Ms. Swati Sourabh Shaw	5	5
	4	Mr. Rahul Bhagwanrao Kadam	4	4
	5	Mr. Rahul Choithram Dingreja	4	4
	6.	Mr. Ketan Harishachandra Shah	5	5
	7.	Mr. Shubham Bhutra	1	1
	8.	Ms. Usha Toshniwal	1	1
	9.	Ms. Priti Singrodia	1	1

16.DECLARATION OF INDEPENDENT DIRECTORS

The Company has received declaration pursuant to Section 149(7) of the Companies Act, 2013 from each of its Non-Executive and Independent Directors to the effect that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013, Regulation 16(1) (b) and Regulation 25 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as "Listing Regulations"). These declarations have been placed before and noted by the Board.

17.SEPARATE MEETINGS OF INDEPENDENT DIRECTORS

As stipulated by the Code of Independent Directors under Schedule IV of the Companies, Act, 2013,a separate meeting of the Independent Directors of the Company was held to review the performance of Non- Independent Directors, the Board as whole, including the Chairman of the Company and to discuss the matters related to the quality, quantity and timeliness of flow of information between the Company management and the Board. The Independent Director Meeting for this Matter was held by the Company on 10^th February 2025 and the information regarding this matter has been preserved and kept under record by the Company Secretary of theCompany.

18.BOARD COMMITTEES

Your Company has in place, all the Committee(s) as mandated under the provisions of the Act and Listing Regulations. Currently, there are four Committees of the Board, namely:

â¢ Audit Committee

â¢ Nomination and Remuneration Committee

19.AUDIT COMMITTEE
Pursuant to changes in Board as mentioned in clause No.13, the Audit Committee was reconstituted on 20^th February 2025. The Composition of the Audit Committee as on 31^st March 2025 is as follows:
	Member	Designation	Nature of Directorship
	Mr. Shubham Bhutra and	Chairperson	Independent Director
	Ms. Priti Singrodia	Member	Independent Director
	Mr. Sourabh Mahendra Shaw	Member	Managing Director
	Mr. Ketan Harishachandra Shah	Member	Non-Executive Director
During the year under review, the Audit Committee met four times, on May 28, 2024; September 3, 2024; November 27, 2024; and February 20, 2025.
20.NOMINATION AND REMUNERATION COMMITTEE: Pursuant to changes in Board as mentioned in clause No.13, the Nomination and Remuneration Committee was reconstituted on 20^th February 2025. The Composition of the Nomination and Remuneration Committee as on 31^st March 2025 is as follows:
	Member	Designation	Nature of Directorship
	Mr. Shubham Bhutra and	Chairperson	Independent Director
	Ms. Priti Singrodia	Member	Independent Director
	Ms. Swati Sourabh Shaw	Member	Director

During the year under review, the Nomination & Remuneration Committee met once on February 10, 2025.

21.CORPORATE SOCIAL RESPONSIBILITY

Committee of the Board of directors of the Company, and accordingly was not obliged to adopt Corporate Social Responsibility Policy for the Company.

22. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms 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 of the company for that period;

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

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

e) The directors of the Company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were 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.

23. CODE OF CONDUCT

The Board has adopted the Policy on Code of Conduct for members of the Board and Senior Management personnel of the Company. The Code lays down, in details, the standards of business conduct, ethics and governance. Code of Conduct has also been posted on the Company''s Website https://www.maksgenerators.com/corporate-governance.php

24. COMPANY''S POLICY ON APPOINTMENT AND REMUNERATION:

The Nomination and Remuneration Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Directors on the Board of the Company and persons holding Senior Management positions in the Company, including their remuneration and other matters as provided under Section 178 of the Act and Listing Regulations. the said policy is available on the Company''s Website. Website Link: https://www.maksgenerators.com/corporate-governance.php.

25. VIGIL MECHANISM/WHISTLE BLOWER POLICY

In accordance with Section 177 of the Companies Act, 2013, the Company has adopted a Vigil mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.

The Company had established a mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud, or violation of our Code of Conduct and Ethics. The mechanism also provides for adequate safeguards against victimization of directors and employeeswho avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in the exceptional cases.

We affirm that during the financial year 2024-25, no employee or director was denied access to the Audit Committee.

The Vigil mechanism / Whistle Blower Policy is available on the website of the Company at https://www.maksgenerators.com/corporate-governance.php

26. RISK MANAGEMENT POLICY

for identification and steps to control them through a well-defined procedure. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through properly defined framework.

The Risk Management Policy is available on the website of the Company at https://www.maksgenerators.com/corporate-governance.php

27. HUMAN RESOURCES:

The Company regards its human resources as one of its most valuable assets and continues to invest in attracting, retaining, and developing talent on an ongoing basis. A range of initiatives and programs focused on employee engagement, professional growth, and overall well-being are actively implemented to foster a positive work environment. The Company places strong emphasis on nurturing internal talent by offering opportunities through job rotation, job enlargement, and career development programs. These efforts promote a culture of continuous learning, innovation, and growth, thereby strengthening organizational capability and long-term sustainability.

28. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis comprising an overview of the financial results, operations / performance and the future prospects of the Company form part of this Annual Report. Annexure I.

29. 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 are no significant or material order passed by any regulator, court, or tribunal, which impacts the going concern status of the Company or will have bearing on company''s operations infuture.

30.STATUTORY AUDITOR AND AUDIT REPORT:

The appointment of M/s. R.K. Jagetiya & Co., Chartered Accountants (Firm Registration No. 146264W), as the Statutory Auditors of the Company, was approved by the Members at the Annual General Meeting held on December 12, 2020, to hold office from the conclusion of the 10th Annual General Meeting of the Company until the conclusion of the 15th Annual General Meeting of the Company, in accordance with the provisions of Section 139 of the Companies Act, 2013.

The term of M/s. R.K. Jagetiya & Co., Chartered Accountants, as Statutory Auditors of the Company, comes to an end at the conclusion of this Annual General Meeting. Accordingly, based on the recommendation of the Audit Committee, the Board of Directors, at its meeting held on September 3, 2025, approved the appointment of M/s. BDSP and Associates, Chartered Accountants (Firm Registration No. 138198W), as the Statutory Auditors of the Company, to hold office from the conclusion of the 15th Annual General Meeting until the conclusion of the 20th Annual General Meeting of the Company, subject to the approval of the Members.

The Statutory Auditors have issued their report on the financial statements of the Company for the financial year ended March 31, 2025. The said Auditor''s Report contains the following qualification(s):

Qualification I

There are few parties having outstanding balance aggregating to Rs 470.67 Lakhs which are aged more than 1 to 3 years, and in our view provision for Bad and Doubtful debts is required against such parties, but no provision for bad and doubtful debts provided by the Company, therefore Profit for the Half year and year ended is overstated to that extent and accordingly Net worth of the Company also overstated to that extent.

Reply

Management''s views to Audit Qualification I

The outstanding balances amounting to Rs. 470.67 lakhs, aged between 1 to 3 years, primarily relate to certain major customer accounts. The Company has taken the following steps towards recovery and assessment of collectability:

1. Legal Proceedings Initiated One customer, with dues amounting to approximately Rs. 290 lakhs, is currently under legal proceedings initiated by the Company. Based on legal advice received, the Company has a strong and enforceable case, and the outcome is likely to be in the Company''s favor.

2. Disputed Receivable A second customer, with dues of Rs. 32 lakhs, has refused to make payment post-shipment. The Company is exploring alternative resolution mechanisms, including negotiation and legal options, to recover the dues.

3. Remaining Accounts Under Discussion For the remaining balance, the Company is in active dialogue with the respective parties, and meaningful progress has been observed in reducing the aging profile of such receivables during Q4 FY25. Given the varying stages of recovery efforts, including active legal processes and negotiations, the management is currently unable to reliably estimate the amount of provision, if any, required against these specific receivables.

A definitive evaluation will depend on the outcomes of the ongoing legal and commercial recovery processes. Accordingly, while the Company acknowledges the auditors observation, management believes that creating a provision at this stage without a reasonable basis could lead to incorrect representation. The matter will continue to be closely monitored, and appropriate provision shall be recognized in future periods as and when more clarity emerges on the recoverability of specific dues.

Qualification II

There are few vendor parties having advances subsisting for more than one year, aggregating Advances balance is Rs 80.62 Lakhs which are aged more than 1 to 3 years, and in our view since these suppliers are not a regular supplier and material transaction took place during the year, such balances required to be written off in Statement of Profit and Loss account for the half year and year ended March 31, 2025, therefore Profit for the Half year and year ended March 31, 2025 is overstated to that extent and accordingly Net worth of the Company also overstated to that extent.

Reply

Management''s views to Audit Qualification II

With respect to the observation regarding vendor advances amounting to Rs.80.62 Lakhs outstanding for more than one year the management would like to clarify that the said advances were made to vendors against procurement of materials However due to unforeseen and uncontrollable circumstances the materials could not be delivered within the anticipated timeframe Despite the delay the vendors have not been categorized as inactive or non-operational The management maintains regular communication with these vendors and there is a clear understanding that the said advances will be adjusted against future orders The vendors have confirmed their willingness to honour the obligations and supply materials in due course Accordingly the management believes that these advances are recoverable and will be utilized against subsequent procurement transactions Therefore at present the management is unable to estimate any potential impact of write-off as it expects no loss on realization or utilization of these advances The management remains committed to closely monitoring these balances and will take necessary steps to evaluate and provide for any impairment if such a situation arises in future

31.REPORTING OF FRAUD BY AUDITORS

During the year under review, statutory auditor has not reported any instances of Fraud committed against the Company by its officers or employee, the details of which needs to be reported to the Board under Section 143(12) of the Companies Act, 2013.

32.INTERNAL AUDITOR

For the financial year 2025-26, the Company at the Board Meeting held on 29th May 2025 appointed M/s. MGW & Associates, Chartered Accountants (FRN No: 145659W) as Internal Auditors of the Company for the financial year 2024-25 and the report of Internal Auditor was issued and the same has been reviewed by audit committee.

33.SECRETARIAL AUDITOR

The Board appointed M/s. Riteek Baheti Practicing Company Secretaries as Secretarial Auditor to conduct the Secretarial Audit of the Company for the financial year ended March 31, 2025. As per the provisions of Section 204 of the Act read with Rules framed thereunder.The Secretarial Audit Report in Form MR-3 is given as Annexure II and forms part of this Report. The Secretarial Audit Report contains following observations and remarks as following:

Sr.

No.

Relevant Provision for Compliance Requirement

Observation

Companies Act, 2013 read with Rules made thereunder

During the financial year under review, the Company has duly filed all the requisite forms with the payment of additional fees. Management comments: These errors were inadvertent, and the Company will take necessary measures to ensure they are not repeated in the future.

Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regultions, 2015

During the financial year under review, it was noted that the Company had submitted the intimation relating to change in management under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with a delay, resulting in nonadherence to the prescribed timeline.

Management comments: This was an inadvertent oversight, and the Company will ensure compliance with this requirement in the future.

34. COST AUDITOR

For the financial year 2024-25, the Company is not required to appoint any Cost Auditor.

35. LOANS, GUARANTEES AND INVESTMENTS

During the Financial year under review, the Company has not made any investments and has not provided any Guarantee to any of the Companies.

36. RELATED PARTY TRANSACTIONS

In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), 2015, the Company has formulateda Policy on Materiality of Related Party Transactions which is also available on the Company''s website at https://www.maksgenerators.com/corporate-governance.php. The Policy intends to ensure that proper reporting; approvaland disclosure processes are in place for all transactions between the Company and its Related Parties. All related party transactions are placed before the Audit Committee for review and approval.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with respect to omnibus approval, prior omnibus approval is obtained for related party transactions on a yearly basis for transactions which are of repetitive nature and entered in the ordinary course of business and are at arm''s length. Transactions entered into pursuant to omnibus approval are verified by the FinanceDepartment and a statement giving details of all related party transactions are placed before the Audit Committee and the Board for review and approval on a quarterly basis.

Further, there are no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel, which may have a potential conflict with the interest of the Company at large.

The details of Related Party Transactions entered by the company for the Financial Year ended 31^st March 2025 are mentioned in Form AOC -2 is mentioned in a separate Annexure IV.

37.CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS &OUTGO

As required under Section 134(2)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, The details on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo are mentioned in a separate Annexure V which is a part of this report.

38.STATEMENT ON DISCLOSURE OF REMUNERATION UNDER SECTION 197 OF THE COMPANIES ACT, 2013 AND RULE 5 OF THE COMPANIES (APPOINTMEMT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014.

Statement on Disclosure of Remuneration under Section 197 of the Companies Act, 2013 and Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is mentioned separately as Annexure III to this report.

39. CORPORATE GOVERNANCE REPORT

Maks Energy Solutions India Limited, strives to incorporate the appropriate standards for Corporate Governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 the company is not required to mandatorily comply with the provisions of corporate governance report to be annexed with the board report, therefore companyhas not provided a separate report on Corporate Governance.

40. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and the Company complies withall the applicable provisions of the same during the year under review.

41.INSIDER TRADING

The Company has adopted an ''Internal Code of Conduct for Regulating, Monitoring and Reportingof Trades by Designated Persons'' ("the Code") in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"). The Code is applicable to promoters, member of promoter group, all Directors and such designated employees who are expected to have access tounpublished price sensitive information relating to the Company. The Company Secretary is the Compliance Officer for monitoring adherence to the said PIT Regulations. The Company has also Information (UPSI)'' in compliance with the PIT Regulations. This Code is displayed on the Company''s website, https://www.maksgenerators.com/corporate-governance.php.

42. AFFIRMATIONS AND DISCLOSURES

a. Details of non-compliance by the Company, penalties, and strictures imposed on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during last three financial years

There are no instances of non-compliances by the Company necessitating imposition of penalties, strictures on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets.

b. Where the Board had not accepted any recommendation of any committee of the Board which is mandatorily required, in the relevant financial year:

No such instance found during the year under review.

43. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,

PROHI BITION & REDRESSAL) ACT, 2013

sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy and no such action is reported.

44. APPLICATIONS MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVANCY AND BANKRUPCY CODE (2016) DURING THE YEAR ALONG WITH THE STATUS AS AT THE END OF FINANCIAL YEAR

During the year under review, there were no instances of any applications made or any proceedings pending under the Insolvency and Bankruptcy Code (2016).

45. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE -TIME SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM BANKS OR FINANCIAL INSTIUTIONS

During the year under review, there arises no instances for 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.

46.INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an effective and reliable internal control system commensurate with the size of its operations. At the same time, it adheres to local statutory requirements for orderly and efficient conduct of business, safeguarding of assets, the detection and prevention of frauds and errors, adequacy and completeness of accounting records and timely preparation of reliable financial information. The efficacy of the internal checks and control systems is validated by self-audits and internal as well as statutory auditors.

47. CAUTIONARY STATEMENT

This report contains forward-looking statements based on the perceptions of the Company and the data and information available with the company. The company does not and cannot guarantee the accuracy of various assumptions underlying such statements and they reflect Company''s current views of the future events and are subject to risks and uncertainties. Many factors like change in general economic conditions, amongst others, could cause actual results to be materially different.

48. ACKNOWLEDGEMENT

The Board of Directors greatly appreciates the commitment and dedication of employees at all levels who have contributed to the growth and success of the Company. We also thank all our clients, vendors, investors, bankers and other business associates for their continued support and encouragement during the year.

We also thank the Government of India, Government of Maharashtra, Ministry of Commerce and Industry, Ministry of Finance, Customs and Excise Departments, Income Tax Department and all other Government Agencies for their support during the year and look forward to their continued support in future.

Mar 31, 2024

Your Directors take pleasure in presenting the 14^th Annual Report of Maks Energy Solutions India Limited (CIN: U31102PN2010PLC126962), together with the Audited Financial Statements comprising Balance Sheet as on 31^st March 2024, Statement of Profit and Loss for the financial year ended March 31, 2024 , Cash Flow Statement for the year ended 31^st March 2024 and the Auditors report thereon.

1.FINANCIAL SUMMARY

The financial statements of the Company are in accordance with the Section 133 of the CompaniesAct, 2013 (the ''Act'') read with Companies (Accounts) Rules, 2014 and amendments thereof. The financial highlights of the Company for the financial year ended March 31, 2024 as compared to financial year ended March 31, 2024, summarized as follows:

(Amount in lakhs)
Particulars	Financial Year	Financial Year
	31-03-2024	31-03-2023
Total Income	6666.41	4470.82
Total Expenses	6580.41	4418.09
Profit/(Loss) Before Tax	39.57	52.73
Less: Tax Expenses
Current tax	12.02	15.37
Deferred tax	(0.25)	1.77
Short Provision for Income Tax for earlier year	(0.35)	-
Profit/(Loss) for the Period	28.18	35.60

2.STATE OF COMPANY''S AFFAIRS AND FUTURE OUTLOOK

During the year under review, Company''s performance is as follows:

Revenue from Business Operations is Rs. 6,625.97 Lakhs as compared to the previous year of Rs. 4,470.82 Lakhs. There is increase of in Revenue from Business Operations as compared to theprevious year. The Net Profit of the Company stands at Rs.28.18 Lakhs as compared to the previous year profit of Rs. 35.60 Lakhs. The Earnings per Share is Rs. 0.41 as compared to the previous EPS of Rs. 0.60.

3.EXTRACT OF ANNUAL RETURN

As per the Companies (Management and Administration) Amendment Rules, 2021 dated 05.03.2021, Company is henceforth not required to provide Extract of Annual Return in form MGT-9. Hence Company has not annexed the same with its Board Report for the year 2023-24.

However, in pursuant to the provision of the Companies Act, 2013 every company shall place a copy of annual return on website of the Company, if any and the Web-link of such annual return shall be disclosed herein at https://www.maksgenerators.com/annual-return.php.The Shareholders who

intent to check the Information in respect to Annual return may write to the Company a request letter and the Company shall make an arrangement to share the relevant information accordingly.

4. TRANSFER TO RESERVE

For the financial year ended 31^st March, 2024, your Company proposed to carry to transfer profit of Rs. 28.18/- Lakhs and previous year reversed amounting Rs. 35.60/- Lakhs to the reserves of the company.

5. CHANGE IN NATURE OF BUSINESS

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

6. DIVIDEND

In order to retain profits for the future years, the Board of Directors of the company do not recommend any dividend for the financial year 2023-24.

7.INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

The Company does not have any Holding, Subsidiary, Joint Venture or Associate during the year under review.

8. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

Since there was no unpaid/unclaimed Dividend in the books or any Unpaid Dividend declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 do not apply to your company.

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

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year 2023-24 to which these financial statements relate and the date of this report.

10. PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

11. CHANGES IN SHARE CAPITAL

Authorised Share Capital:

During the year under review, there has been no change in the Authorised Share Capital of the Company.

Paid up Share Capital:

During the year under review, there has been no change in the Paid Up Share Capital of the Company.

12. DEPOSITORY SERVICES

13. CHANGE IN BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

As per the provisions of Companies Act 2013, Mr. Swati Shaw who retired by rotation were reappointed at the Annual General Meeting of the Company held on 25^th September 2024

Mr. Shreyas Mokashi , resigned from the Company as the Company Secretary and Compliance Officer of the Company w.e.f. 11^th November, 2023. The Board places same on record.

The Board at its meeting held on 14th March, 2024 appointed Mr. Vishal Nadhe as the Company Secretary and Compliance Officer of the Company w.e.f. 14^th March , 2024.

All the Independent Directors have furnished declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013.

14. CURRENT STRUCTURE OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors comprise of Six Directors which are as following:

Sr. No	Name of the Director	Designation	DIN	Date of Appointment
1	Mr. Sourabh Mahendra Shaw	Managing Director	03159240	12/02/2020
2	Mr. Mahendra Madhairam Shaw	Whole-time Director	03142749	12/02/2020
3	Mrs. Swati Sourabh Shaw	Non- Executive Director	03142744	12/02/2020
4	Mr. Rahul Bhagwanrao Kadam	Independent Director	06570013	12/02/2020
5	Mr. Ketan Harishchandra Shah	Independent Director	07800220	12/02/2020
6	Mr. Rahul Choithram Dingreja	Independent Director	08510889	12/02/2020
7.	Mr. Nikhil Badrilal Agrawal	C hief F i na n c i a l Officer	-	22/01/2020
8.	Mr. Vishal Nandu Nadhe	Company Secretary & Compliance Officer	-	14/03/2024

15.MEETINGS OF THE BOARD OF DIRECTORS

As required by clause (b) of sub-section (3) of Section 134 of the Companies Act, 2013, your directors report that during the Financial Year 2023-24, the Board meets at regular intervals to discuss and review the business operations.

During the year under the review, the Company met 6 times namely on 27^th May 2023, 29^th August 2023, 28^th September 2023, 10^th November 2023, 14th February 2024, 14^th March 2024.

Following is the attendance of each of the Directors at the Board Meetings held during the period under review:

Sr. No.	Name of the Directors	Number of Board meeting
Sr. No.	Name of the Directors	Entitled to Attend	Attend
1	Mr. Sourabh Mahendra Shaw	6	6
2	Mr. Mahendra Madhairam Shaw	6	6
3	Mrs. Swati Sourabh Shaw	6	6
4	Mr. Rahul Bhagwanrao Kadam	6	6
5	Mr. Rahul Choithram Dingreja	6	6
6.	Mr. Ketan Harishachandra Shah	6	6

16.DECLARATION OF INDEPENDENT DIRECTORS

17.SEPARATE MEETINGS OF INDEPENDENT DIRECTORS

As stipulated by the Code of Independent Directors under Schedule IV of the Companies, Act, 2013,a separate meeting of the Independent Directors of the Company was held to review the performance of Non- Independent Directors, the Board as whole, including the Chairman of the Company and to discuss the matters related to the quality, quantity and timeliness of flow of information between the Company management and the Board. The Independent Director Meeting for this Matter was held by the Company on 14^th February 2024 and the information regarding this matter has been preserved and kept under record by the Company Secretary of theCompany.

18. BOARD COMMITTEES

Your Company has in place, all the Committee(s) as mandated under the provisions of the Act and Listing Regulations. Currently, there are four Committees of the Board, namely:

â¢ Audit Committee

â¢ Nomination and Remuneration Committee

19. AUDIT COMMITTEE

The Board of Directors of the Company at their meeting held on 30^th May 2020, constituted the Audit Committee. The Composition of the Audit Committee is as follows:

Member	Designation	Nature of Directorship
Mr. Ketan Harishchandra Shah	Chairperson	Independent Director

Mr. Rahul Choithram Dingreja	Member	Independent Director
Mr. Sourabh Mahendra Shaw	Member	Managing Director

During the year under review, Audit Committee duly met 5 (Five ) times on 13^th April 2023, 27^th May 2023, 29^th August 2023, 10^th November 2023 and 7^th March 2024 for which notices have been duly issued and minutes of the said committee meetings were recorded in the minutes book maintained by the company.

20.NOMINATION AND REMUNERATION COMMITTEE:

The Board of directors of the Company at their meeting held on 30.05.2020 constituted Nomination and Remuneration Committee. The Composition of the Nomination and Remuneration Committee is as follows:

Member	Designation	Nature of Directorship
Mr. Ketan Harishchandra Shah	Chairperson	Independent Director
Mr. Rahul Choithram Dingreja	Member	Independent Director
Mrs. Swati Sourabh Shaw	Member	Director

During the year under review, Nomination & Remuneration Committee duly meet on 1 times on 14^thMarch 2024 for which notices have been duly issued and minutes of the said committee meetings were recorded in the minutes book maintained by the company.

21. CORPORATE SOCIAL RESPONSIBILITY

Since, the Company does not fall within the criteria specified under the provisions of Section 135 of the Companies Act 2013, hence the Company is not required to form a Corporate Social Responsibility Committee of the Board of directors of the Company, and accordingly was not obliged to adopt Corporate Social Responsibility Policy for the Company.

22. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that-

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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

e) The directors of the Company, had laid down internal financial controls to be followed by the

company and that such internal financial controls are adequate and were 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.

23. CODE OF CONDUCT

24. NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a he said policy is available on the Company''s Website. Website Link: https://www.maksgenerators.com/corporate-governance.php.

25. VIGIL MECHANISM/WHISTLE BLOWER POLICY

In accordance with Section 177 of the Companies Act, 2013, the Company has adopted a Vigil mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.

We affirm that during the financial year 2023-24, no employee or director was denied access to the Audit Committee.

The Vigil mechanism / Whistle Blower Policy is available on the website of the Company at https://www.maksgenerators.com/corporate-governance.php

26. RISK MANAGEMENT POLICY

The Company has laid down a well-defined Risk Management Policy to identify the risk, analyze and to undertake risk mitigation actions. The Board of Directors regularly undertakes the detailed exercise for identification and steps to control them through a well-defined procedure. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through properly defined framework.

The Risk Management Policy is available on the website of the Company at https://www.maksgenerators.com/corporate-governance.php

27. COMPANYS POLICY ON DIRECTORS APPOINTMENT & REMUNERATION OF DIRECTORS INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES AND INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SECTION 178 OF COMPANIES ACT, 2013

During the year under review, there were no instances of Directors appointment and to determine remuneration of Directors including the determination of qualification, positive attributes and independence of Directors and for other matters as provided under Section 178 of Companies Act, 2013.

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 are no significant or material order passed by any regulator, court, or tribunal, which impacts the going concern status of the Company or will have bearing on company''s operations infuture.

29.STATUTORY AUDITOR AND AUDIT REPORT:

The appointment of M/s RK Jagetiya & Co, Chartered Accountants (FRN:146264W) as Statutory auditors of the Company had been approved by the members of the company in the Annual General Meeting held on 12^th December 2020 which is from the conclusion of 10^th annual general meeting of the Company till the conclusion of 15^th annual general meeting.

The Auditor''s Report on the financial statements of the Company for the financial year ended March 31, 2024 have a qualification mention as below.

Qualification I

There are few parties having outstanding balance aggregating to Rs. 477.22 Lakhs which are aged more than 1 to 3 years, and in our view provision for Bad and Doubtful debts is required against such parties, but no provision for bad and doubtful debts provided by the Company, therefore Profit for the Half year and year ended is overstated to that extent and accordingly Net worth of the Company also overstated to that extent.

Reply

Management''s views to Audit Qualification I

In Q4 FY24, the company had outstanding balances amounting to Rs. 477.22 lakhs related to old dues from few customer accounts. Here is a breakdown of the actions taken and the current status of these accounts:

Legal Recourse:

One debtor account has an outstanding amount of approximately Rs. 290 lakhs.

Action: The Company has initiated legal proceedings and has been advised that there is a strong case for the recovery of these dues.

Refusal of Payment:

One debtor account has refused payment of Rs. 32 lakhs upon receipt of the shipment.

Situation: Despite the refusal, the company is actively pursuing other avenues to resolve this matter and recover the dues.

Other Accounts:

For the remaining accounts, the company is in active discussions with its customers.

Progress: Significant improvements have been made in the overall aging of overdue receivables in Q4 FY24. The management is confident in the recovery or settlement of these outstanding amounts.

Considering the actions taken and the ongoing recovery processes, the company believes that the provision for bad and doubtful debts currently deemed unnecessary will be reassessed in the future based on the outcomes of these recovery efforts.

30.REPORTING OF FRAUD BY AUDITORS

31.INTERNAL AUDITOR

For the financial year 2023-24, the Company at the Board Meeting held on 27^th May 2024 appointed M/s. MGW & Associates, Chartered Accountants (FRN No: 145659W) as Internal Auditors of the Company for the financial year 2024-25 and the report of Internal Auditor was issued and the same has been reviewed by audit committee.

32.SECRETARIAL AUDITOR

The Board appointed M/s. KPRC & Associates, Practicing Company Secretaries as Secretarial Auditor to conduct the Secretarial Audit of the Company for the financial year ended March 31, 2024. As per the provisions of Section 204 of the Act read with Rules framed thereunder.The Secretarial Audit Report in Form MR-3 is given as Annexure II and forms part of this Report. The Secretarial Audit Report contains following observations and remarks as following:

Sr. No.	Relevant Provision for Compliance Requirement	Observation
1.	Companies Act, 2013 read with Rules made thereunder	Some clerical and typographical errors were observed in the documents submitted with the Ministry and also in various internal documents of the Company. Management comments: These errors were inadvertent, and the Company will take necessary measures to ensure they are not repeated in the future.
2.	Section 73 to Section 76 of the Companies Act, 2013 read with rules made thereunder	The Company has filed e-Form DPT-3 for FY 2022-23, outstanding amount reported in same are in sync with the Audited Financial Statements of the Company for FY 2022-23 however aging mentioned is not correct. Management Comments: The Company initially filed Form DPT-3 based on the unaudited financials for FY 2022-23. While the Company attempted to refile the form with the audited financials, the MCA system encountered errors that prevented the submission.
3.	Section 128 of the Companies Act, 2013 read with the rules made thereunder.	Pursuant to the requirements as specified in Rule 3(5) of the Companies (Accounts) Rules, 2014, Company has failed to take the back-up of the books of account and other books and papers of the company maintained in electronic mode on daily basis. Management comments: This was an inadvertent oversight, and the Company will ensure compliance with this requirement in the future.

4.	Section 177 and 188 of Companies Act, 2013 read with Rules made thereunder	Company has entered into a transaction with a related party beyond the limits prescribed under Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 read along with the provisions of section 188 of the Companies Act, 2013 and accordingly prior approval of shareholders has not been obtained, We have been informed by the management that the transaction was reversed within a day on becoming aware.
		Management comments: his was an inadvertent error, and the Company will take necessary precautions to avoid such occurrences in the future.
5.	Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	The outcomes of Board Meeting held on 27^th May, 2023 was submitted late by 02 minutes to Stock Exchange Management comments: this delay was inadvertent, and the Company will ensure timely submissions in all future filings to the Stock Exchange.
6.	Regulation 06 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	During the financial year 2023-24, Company failed to appoint Compliance officer within three months from the date of vacancy.
		Management comments: The delay occurred because the Company was unable to find a suitable candidate within the stipulated time. Additionally, the selected candidate had a mandatory notice period of three months. The Company has paid the penalty to NSE and will ensure compliance with this requirement in the future.
7.	Regulation 33(3)a of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015	There was a delay of 87 days in submission of half yearly standalone financial results to the stock exchange for half year ended on March 2023. However the outcome of the Meeting was submitted within time.
		Management comments: This delay was inadvertent, and the Company will take steps to ensure timely submission of financial results in the future.
8.	Regulation 46 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause no. 1.2.3 of Secretarial Standard -II	There was marginal delay in hosting documents on the website of the Company. Management comments: This delay has been made inadvertently and company will take care of not to repeat the same in future hosting on website

9.	Regulation 8 (2) of SEBI (Prohibition of Insider Trading) Regulations, 2015	The Company has formulated Code of practices and procedures for fair disclosure of unpublished price sensitive information, whereas failed to intimate the same to Stock Exchange. Management comments: This delay was inadvertent, and the Company will ensure future filings are made in a timely manner.
10.	Regulation 3(5) & (6) SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Circular No. NSE/CML/2022/51, Circular No. NSE/CML/2022/52 dated November 04, 2022, Circular No. NSE/CML/2023/09 dated January 25, 2023, and Circular Ref No: NSE/CML/ 2023/21 dated March 16, 2023 and Circular Ref. No: NSE/CML/25 dated March 29, 2023 March 29, 2023 issued by National Stock Exchange.	The SDD Compliance Certificate for the quarter ended December 2023 shall be submitted to the National Stock Exchange (NSE) within 21 days from the end of quarter, however it was submitted on 29^th January 2024. Additionally, in the heading of SDD Certificate for the quarter ended March 2024 half yearly is mentioned instead of quarterly. Management comments: These errors were inadvertent, and the Company will take steps to prevent similar issues in future filings.
11.	Regulation 9(1) & 9(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015	Point no. 12 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015 is not included Code of Conduct. Management comments: This omission was inadvertent, and the Company will ensure that all future filings comply with the SEBI regulations.
12.	Securities and Exchange Board of India Act, 1992 read with Regulations made thereunder	It was observed that, there were some clerical, typographical mistakes in the disclosure submitted with the Stock Exchange. Management comments: These errors were inadvertent, and the Company will take corrective actions to prevent similar mistakes in future filings.

33. COST AUDITOR

For the financial year 2023-24, the Company is not required to appoint any Cost Auditor.

34. LOANS, GUARANTEES AND INVESTMENTS

During the Financial year under review, the Company has not made any investments and has not provided any Guarantee to any of the Companies.

35. RELATED PARTY TRANSACTIONS

The details of Related Party Transactions entered by the company for the Financial Year ended 31^st March 2024 are mentioned in Form AOC -2 is mentioned in a separate Annexure IV.

36. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS &OUTGO

37. MANAGEMENT DISCUSSION ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, is presented in a separate section forming part of the Annual Report and is mentioned in a separate Annexure I.

38.STATEMENT ON DISCLOSURE OF REMUNERATION UNDER SECTION 197 OF THE COMPANIES ACT, 2013 AND RULE 5 OF THE COMPANIES (APPOINTMEMT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014.

39. BUSINESS RESPONSIBILITY REPORT

As per the provisions of Regulation 34(2) of the SEBI Listing Regulations, as amended, the Annual Report of the top 1000 listed entities based on market capitalisation shall include a Business Responsibility Report ("BRR"). But, the Company, not being one of such top 1000 listed entities, is not required to annex any Business Responsibility Report.

40. CORPORATE GOVERNANCE REPORT

41. COMPLIANCE WITH SECRETARIAL STANDARDS

42.INSIDER TRADING

43. AFFIRMATIONS AND DISCLOSURES

During the fiscal year 2023-24, the Company experienced one instance of non-compliance under Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. The matter promptly addressed, and the requisite penalty was duly paid

There are no other instances of non-compliances by the Company necessitating imposition of penalties, strictures on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets.

b. Where the Board had not accepted any recommendation of any committee of the Board

which is mandatorily required, in the relevant financial year:

No such instance found during the year under review.

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

The company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy and no such action is reported.

45. APPLICATIONS MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVANCY AND BANKRUPCY CODE (2016) DURING THE YEAR ALONG WITH THE STATUS AS AT THE END OF FINANCIAL YEAR

During the year under review, there were no instances of any applications made or any proceedings pending under the Insolvency and Bankruptcy Code (2016).

46.DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE -TIME SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM BANKS OR FINANCIAL INSTIUTIONS

47.INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

48. CAUTIONARY STATEMENT

49. ACKNOWLEDGEMENT

We also thank the Government of India, Government of Maharashtra, Ministry of Commerce and Industry, Minis- try of Finance, Customs and Excise Departments, Income Tax Department and all other Government Agencies for their support during the year and look forward to their continued support in future.

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