Equity Analysis

Directors Report

    Supershakti Metaliks Ltd
    Industry :  Steel - Medium / Small
    BSE Code
    ISIN Demat
    Book Value()
    541701
    INE00SY01011
    217.1337455
    NSE Symbol
    P/E(TTM)
    Mar.Cap( Cr.)
    N.A
    29.54
    395.32
    EPS(TTM)
    Face Value()
    Div & Yield %:
    11.61
    10
    0.15
     

To,

The Members,

Your Directors are pleased to present the 12th Annual Report on the business and operations of the Company together with the Audited Financial Statements for the Financial Year ended 31st March, 2024.

FINANCIAL HIGHLIGHT

The table below depicts the financial performance of your Company for the Financial Year ended 31st March, 2024.

( in Lakhs)

Particulars

2023-24

2022-23

Net Revenue from Operations (A)

73,141.28

72,981.83

Other Income (B)

752.45

319.77

Total Revenue (A) + (B)

73,893.73

73,301.60

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

2,540.46

5,320.06

Finance Costs

276.72

371.39

Depreciation and Amortization Expense

473.80

481.90

Profit before Tax (PBT)

1,789.94

4,466.77

Tax expense

449.42

1,136.58

Profit after Tax (PAT)

1,340.52

3,330.19

STATE OF COMPANY'S FINANCIAL AFFAIRS

Your Company has achieved total revenue 73,893.73 Lakhs as compared to 73,301.60 Lakhs in the previous year but the EBITDA margins took a hit due to lower realization in Billets and Rolled products during the year but March 2024 onwards realizations have significantly improved and your company expect to generate better margin going forward. There has been increase in capacity of

Director's Report

production in products like Billets, Wire rods and HB wire which would help company to generate good revenue going forward.

MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY, HAVING OCCURRED SINCE THE END OF THE YEAR TILL THE DATE OF THIS REPORT

No material changes and commitments affecting the financial position of the Company have occurred during the Financial Year and the date of this report.

NATURE OF BUSINESS

Your Company is into the manufacturing of diversified products of secondary Steel through Induction Furnace route and currently operating a Steel Melting Section to produce semi-finished product (i.e. Billet) and Rolling Mill Section to produce Wire Rods, HB Wires, and Binding Wires etc. There has been no change in the nature of business of the Company during the Financial Year.

DIVIDEND

The Board of Directors has recommended a Dividend of 0.50 per Equity Share having face value of 10 each @ 5% subject to the approval of the Members at the ensuing Annual General Meeting ("AGM"), payable to those Shareholders whose names appear in the Register of Mem- bers as on the Book Closure/Record Date. In the previous year, the Company had paid 1 per Equity Share having face value of 10 each @ 10%.

Pursuant to the requirements of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR"), the Dividend Distribution Policy is not applicable to our Company.

CREDIT RATING

Credit Rating of the Company is ‘BBB+' Outlook: Stable for Long Term Bank Facilities and ‘A2' for Short Term Bank Facilities as assigned by CARE Ratings Limited.

DEMATERIALISATION OF EQUITY SHARES

All the Equity Shares of the Company are in Dematerialized Form with either of the depositories viz. NSDL and CDSL. The ISIN No. allotted is INE00SY01011.

TRANSFER TO RESERVES

The Company has not transferred any amount to the General Reserve for the Financial Year ended 31st March, 2024.

FINANCE

Cash and cash equivalents as at 31st March, 2024 were

15.65 Lakhs. The Company continues to focus on judicious management of its Working Capital, Receivables, and

Inventories. Other Working Capital parameters were kept under strict check through continuous monitoring.

SHARE CAPITAL

During the year under review, there was no change in Capital Structure of the Company. The Authorized Share Capital of the Company is 15,00,00,000 divided into 15000000 equity shares of 10 each. The Paid-Up Equity Share Capital of the Company is 11,52,52,780 divided into 11525278 equity shares of 10 each. The Shares of the Company are listed on the SME platform of BSE Limited.

During the year under review, your Company has neither issued any shares with differential voting rights nor has granted any stock options or sweat equity. The Company has paid Listing Fees for the Financial Year 2024-25 to the Stock Exchange where its Equity Shares are listed.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Board of Directors:

The Board of Directors of the Company has Mr. Vijay Kumar Bhandari, Mr. Tuhinanshu Shekhar Chakrabarty and Mrs. Bhawna Khanna as the Independent Directors. The Company has received the necessary declaration from each Independent Director of the Company under Section 149(7) of the Companies Act, 2013 (the Act) that they meet with the criteria of their Independence laid down in Section 149(6) of the Act. In terms of Section 152 of the Companies Act, 2013 Mr. Deepak Agarwal (DIN: 00343812) Director of the Company is liable to retire by rotation at the forthcoming Annual General Meeting and being eligible, offered himself for re-appointment.

The Board confirms that none of the Directors of the Company is disqualified from being appointed as Director in terms of Section 164 of the Companies Act, 2013 and necessary declaration has been obtained from all the Directors in this regard.

Below Table mentions the List of Director's and Key Managerial Personnel as on the date of this report:-

Meetings of the Board:

During the Financial Year 2023-24, total of Five (5) Meetings of the Board of Directors were held on; 22-05-2023; 18- 08-2023; 14-11-2023, 09-01-2024 and 19-02-2024. The

maximum time-gap between any two consecutive Meetings did not exceed 120 days.

The names of Members of the Board, their attendance at the Board Meetings are as under:

Sl.

No.

Name of the Director

Number of Meetings attended

1.

Mr. Dilipp Agarwal

(Chairman & Non-Executive Director)

4/5

2.

Mr. Sudipto Bhattacharyya ( Whole-Time Director )

5/5

3.

Mr. Deepak Agarwal (Non-Executive Director)

5/5

4.

Mr. Vijay Kumar Bhandari (Independent Director)

2/5

5.

Mr. Tuhinanshu Shekhar Chakrabarty (Independent Director)

4/5

6.

Mrs. Bhawna Khanna (Independent Director)

4/5

COMMITTEES OF THE BOARD

There are Four Board Committees as on 31st March, 2024 viz. Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee and Stakeholder Relationship Committee.

Audit Committee:

The Board has constituted the Audit Committee. The Board of Directors has accepted all the recommendations given by Audit Committee during the Financial Year 2023-24. During the Financial Year, Four (4) Audit Committee Meeting took place dated 22-05-2023; 18-08-2023; 14-11-2023 and 09-01-

2024. The composition and attendance of the Members at the Committee Meetings held during the year under review was as below:

Nomination and Remuneration Committee:

The Board has constituted the Nomination and Remunera- tion Committee. The Nomination and Remuneration Com- mittee had One (1) Meeting during the Financial Year dated 09-01 2024. The composition and attendance of the Mem- bers at the Committee Meeting held during the Financial Year under review was as below:

Sl.

No.

Name of the Members

Number of Meetings attended

1.

Mr. Vijay Kumar Bhandari (Chairman)

1/1

2.

Mr. Deepak Agarwal (Member)

1/1

3.

Mr. Tuhinanshu Shekhar Chakrabarty (Member)

1/1

Corporate Social Responsibility Committee:

The Board has constituted the Corporate Social Responsi- bility Committee. The Corporate Social Responsibility Com- mittee had One (1) Meeting during the Financial Year dated 08-04-2023. The composition and attendance of the Mem- bers at the Committee Meeting held during the Financial Year under review was as below:

Stakeholder Relationship Committee:

The Board has constituted the Stakeholder Relationship Committee. The Stakeholder Relationship Committee had One (1) Meeting during the Financial Year dated 22-05-2023. The composition and attendance of the Members at the Committee Meeting held during the Financial Year under review was as below:

Director's Report

Sl.

No.

Name of the Members

Number of Meetings attended

1.

Mr. Deepak Agarwal (Chairman)

1/1

2.

Mrs. Bhawna Khanna (Member)

1/1

3.

Mr. Sudipto Bhattacharyya (Member)

1/1

POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION

In accordance with Section 178 of the Companies Act, 2013 and other regulations as applicable. The Board of Directors has framed the policy which lays down a framework in relation to Remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. This policy also lays down criteria for selection and appointment of Board Members. The Nomination and Remuneration Policy is available on the Company's website www. supershaktimetaliks.com

BOARD EVALUATION

The Companies Act, 2013 and Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates that the Board has carried out an Annual Evaluation of its own performance, Board Committees and individual Directors pursuant to the provisions of the Act. The performance of the Board was evaluated by the Board and after seeking inputs from all the Directors based on the criteria such as the Board composition and structure, effectiveness of Board processes, information flow, frequency of meetings, and functioning etc. The performance of the Committees was evaluated by the Board and after seeking input from the Committee Members. The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors based on the criteria such as the contribution of the individual Director to the Board and Committee Meetings. The Chairman was also evaluated on the key aspects of his role. In a separate Meeting of Independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated.

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

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

During the year under review, your Directors have not received any complaint of sexual harassment from the IC. Moreover, there were neither any complaint pending at the beginning of the year nor were there any complaints that

remained pending as at the end of the year.

HUMAN RESOURCES

The Company places significant emphasis on recruitment, training and development of human resources, which assumes utmost significance in achievement of corporate objectives. The Company integrates employee growth with organizational growth in a seamless manner through empowerment and by offering a challenging workplace aimed towards realization of organizational goals. To this effect, your Company has a training center for knowledge sharing and imparting need based training to its employees. The Company also does a performance appraisal for its employees.

VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

Your Company is committed to the highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors has formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177(10) of the Companies Act, 2013. Employees can raise concerns regarding any discrimination, harassment, victimization, any other unfair practice being adopted against them or any instances of fraud by or against your Company.

It also provides for adequate safeguards against the victimization of Employees who avail of the mechanism and allows direct access to the Chairman of the Audit Committee in exceptional cases.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com.

RISK MANAGEMENT POLICY

The Company has a risk management policy which covers risk associated with financial assets and liabilities and identifies therein elements of risk, which in the opinion of the Board may threaten the existence of the Company.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com.

POLICY ON PRESERVATION OF THE DOCUMENTS

The Company has formulated a Policy pursuant to Regulation 9 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 on Preservation of the Documents to ensure safekeeping of the records and safeguard the Documents from getting manhandled, while at the same time avoiding superfluous inventory of Documents.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com

POLICY ON CRITERIA FOR DETERMINING MATERIALITY OF EVENTS

The Policy is framed in accordance with the requirements of the Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the Financial Year under review, all the Related Party Transactions were in the Ordinary Course of the business and at Arm's Length Basis and hence provisions of Section 188 of the Companies Act, 2013 is not applicable. Related Party Transactions were placed before the Audit Committee for their approval. Related Party Transactions under Indian Accounting Standard–24 (IND-AS-24) are disclosed in the notes to the Financial Statement in Note No. 43 Related Party Transactions are disclosed in Annexure-1 in Form AOC-2 pursuant to clause (h) of Sub Section (3) of Section 134 read with Rule 8(2) of Companies (Accounts) rules, 2014 for which necessary Members approval are in place.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com

CORPORATE SOCIAL RESPONSIBILITY

As part of the Corporate Social Responsibility initiative the Company has spent an amount of 58.06 Lakhs towards the various CSR activities during the Financial Year 2023-24. Details of CSR Activity Report are provided in Annexure-2.

The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com

AUDITORS AND AUDITORS REPORT

Statutory Auditor:

The Shareholders of the Company at their 9th Annual General Meeting (AGM), held on 29th September 2021 have appointed Singhi & Co. Chartered Accountants, Kolkata (FRN: ICAI – 302049E) as the Statutory Auditor of the Company, for a period of five years i.e. from the conclusion of 09th AGM till the conclusion of 14th AGM. The Companies Amendment Act, 2017 has done away with the ratification of Auditor's appointment and the auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Notes on Financial Statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark.

Internal Auditor:

The Board, at its Meeting held on 05th August, 2022, has appointed Mr. Krishna Kumar Gupta (Assistant-Manager Audit) for conducting Internal Audit of the Company for Financial Year 2022-23 and onwards. The Company's Internal Audit system has been continuously monitored and updated to ensure that assets are safeguarded, established regulations are complied with and pending issues are addressed promptly.

Adequacy of Internal Financial Controls :

The Company has in place adequate internal financial controls with reference to financial statements and such internal financial controls are operating effectively. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.

The adequacy and effectiveness of the internal financial controls are demonstrated by following the procedures as set out below: -

    1. The internal controls have been designed to provide reasonable assurance with regard to recording and producing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use, executing transactions with proper authorisation and ensuring compliance with corporate policies. The Company has a well-defined delegation of power with authority limits for approving revenue as-well-as expenditure. Processes for formulating and reviewing annual and long-term business plans have been laid down.
    2. The Audit Committee periodically deliberates on the operations of the Company with the Members of the Management. It also sought the views of the Statutory Auditors, on the internal financial control systems.
    3. The Audit Committee in consultation with the Internal Auditors formulates the audit plan, scope, functioning and methodology, which are reviewed every year, in a manner that they cover all areas of operation. The Internal Audit covers inter alia, monitoring and evaluating the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations and adequacy of insurance coverage of all assets. Periodical Internal Audit Reports are submitted to the Audit Committee, to ensure complete in-dependence, which are then extensively deliberated at every Audit Committee Meeting in the presence of the Internal and External Auditors. Based on the review by the Audit Committee, process owners undertake corrective actions in their respective areas and consider suggestions for improvement. The Internal Auditors have expressed that the internal control system in the Company is robust and effective.
    4. The Board has also put in place requisite legal compliance framework to ensure compliance of all the applicable laws and that such systems are adequate and operating effectively.
    5. The Company's financial records are maintained on

Director's Report

the ERP System which is effective and adequate in line with the size of its operations.

Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 requires every Listed Company to annex to its Board's report, a Secretarial Audit Report, given in the prescribed form, by a Company Secretary in practice. The Board had appointed M & A Associates, Kolkata a firm of Company Secretaries bearing Firm unique Code P2019WB076400, as the Secretarial Auditor to conduct Secretarial Audit of the Company for the Financial Year 2023-24 and their Report is annexed to this report Annexure-3. There are no qualifications, observations, adverse remark or disclaimer in the said Report.

Cost Auditor:

Pursuant to Section 148 of the Companies Act, 2013 read together with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Company is required to carry out audit of the cost accounting records of the Company for every Financial Year. The Cost Audit report of your Company for the Financial Year ended 31st March, 2023 was filled on 18th August, 2023. The Auditors Report does not contain any qualification, reservation or adverse remark. Cost records as required to be maintained by the Company pursuant to an order of the Central Government are maintained.

The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of S Chhaparia & Associates, Cost Accountants, (Firm Registration No. 101591) Kolkata, for the Financial Year ending 31st March, 2025 the remuneration proposed to be paid to them for the Financial Year 2024-25 requires ratification of the Shareholders of the Company. In view of this, the Board recommends the ratification for payment of remuneration to the Cost Auditor at the ensuing Annual General Meeting.

REPORTING OF FRAUD

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditors have not reported any instances of frauds committed in the Company by its officers or employees to the Audit Committee under Section 143(12) of the Act, details of which need to be men- tioned in this Report.

PARTICULARS OF EMPLOYEES

Your Directors place on record their deep appreciation for the contribution made by the Em-ployees of the Company at all levels. The information on Employees particulars as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended), is forming part of this Board's Report as Annexure-4. There are no Employees drawing remuneration in excess of the limits prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014.

CORPORATE GOVERNANCE

As per Regulation 27 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 relating to Corporate Governance is not applicable to the Company listed on the SME platform (BSE). Hence the Company is not required to disclose information as covered under Para (C), (D) and (E) of Schedule V of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. As per Para (F) of Schedule V of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company do not have and is not required to have the Demat Suspense Account neither Unclaimed Suspense Account.

PUBLIC DEPOSITS

During the Financial Year 2023-24, the Company has not accepted any deposit within the meaning of Sections 73 and 76 of the Companies Act 2013, read together with the Companies (Acceptance of Deposits) Rules, 2014.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

  1. Energy Conservation
  1. Use of LED Lights indoor and outdoor, LED lights reduces the Energy Consumption at Outdoor and Indoor Lightning.
  2. Use of Direct Hot Rolling from CCM, by use of Direct Hot Rolling we have saved furnace oil for reheating Billets.
  3. Use of CBM (Coal based Methane Gas) in reheating furnace in place of oil furnace, natural gas reduces the energy cost of fuel.
  1. Technology Absorption
  2. Our Company is in the Manufacturing of MS Billet, HB Wire, TMT Bar and MS Wire Rod. It had not taken any Research and Development during the year under review. As such no expenditure has been incurred on Research and Development.

  3. Foreign Exchange Earnings and Outgo
  4. ( in Lakhs)

    Note: Actual payment during Financial Year 2023 is considered in Financial Year 2023-24 as against Invoice value of Purchase during Financial Year 2023.

    COMPLIANCE WITH SECRETARIAL STANDARDS

    The Company is fully compliant with the applicable Secretarial Standards (SS) viz. SS-1 & SS-2 on Meetings of the Board of Directors and General Meetings respectively.

    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 were no significant and material Orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations in future.

    PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OFTHE COMPANIES ACT, 2013

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

    EMPLOYEES RELATIONS

    The relationship with the staff and workers continued to be cordial during the entire year. The Directors wish to place on record their appreciation of the valuable work done and co-operation extended by them at all levels. Further, the Company is taking necessary steps to recruit the re-quired personnel from time to time.

    TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

    Your Company did not have any funds lying Unpaid or Unclaimed for a period of seven years. Therefore, there are no funds which are required to be transferred to Investor Education and Protection Fund (IEPF).

    CONSOLIDATION OF ASSOCIATES /JOINT VENTURES/ SUBSIDIARIES

    As on the reporting day your Company do not have any Associate or Joint Venture or Subsidiaries hence consolidation of accounts is not required.

    INSIDER TRADING REGULATIONS

    Based on the requirements under Securities Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 read with Securities Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the code of conduct for prevention of Insider Trading and the Code for Fair Disclosure ("Code"), as approved by the Board from time to time, are in force by the Company. The objective of this Code is to protect the interest of Shareholders at large, to prevent misuse of any Price Sensitive Information and to prevent any Insider Trading activity by dealing in Shares of the Company by its Directors, Designated Employees and other Employees. The Company also adopts the concept of Trading Window Closure, to prevent its Directors, Officers, Designated Employees and other Employees from trading in the Securities of Supershakti Metaliks Limited at the time when

    there is Unpublished Price Sensitive Information.

    The details of the Policy are posted on the website of the Company www.supershaktimetaliks.com

    MANAGEMENT DISCUSSION ANALYSIS

    A detailed Report on the Management Discussion & Analysis is provided as a separate Annexure-5 in the Annual Report.

    DIRECTORS' RESPONSIBILITY STATEMENT

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

    1. In preparation of the Annual Accounts for the Financial Year ended 31st March 2024 the applicable Accounting Standards have been followed along with proper explanation to material departures.
    2. The Directors have selected Accounting Policies, in consultation with the Statutory Auditors 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 as at end of the Financial Year and of the profit or loss of the Company, for that period.
    3. The Directors have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities and.
    4. The Directors have prepared the Annual Accounts of the Company on a going concern basis.
    5. The Directors, had laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and
    6. ) There is a proper system to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
    7. POLICIES

      The Companies Act, 2013 along with the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has mandate to formulation of certain policies for all listed Companies. Accordingly, the Company has formulated the Policies for the same as the Company believed to retain and encourage high level of ethical standard in business transactions. All our Policies are available on our website www. supershaktimetaliks.com

      COPY OF ANNUAL RETURN

      Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management

      and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the web-link: http:// supershaktimetaliks.com/annual-reports/

      DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

      There are no instances of one-time settlement during the Financial Year 2023-24.

      STATUS ON COMPLIANCE WITH THE INSOLVENCY AND BANKRUPTCY CODE, 2016

      There are no applications made or any proceeding pending against the Company under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the Financial Year 2023-24.

      CAUTIONARY STATEMENT

      Statements in the Annual Report, including those which relate to Management Discussion and Analysis describing the Company's objectives, projections, estimates and expectations, may constitute ‘forward looking statements' within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumptions, the actual results might differ.

      ACKNOWLEDGEMENT

      The Board of Directors would like to place on record their sincere appreciation to its customers, vendors, dealers, suppliers, investors, business associates, bankers, Government Authorities for their continued support during the year. The Directors deeply appreciates the contribution made by employees at all levels for their hard work, solidarity, co-operation and support.

      For and on behalf of

      Supershakti Metaliks Limited

      Place: Kolkata

      Deepak Agarwal

      Director

      Sudipto Bhattacharyya

      Whole-Time Director

      Dated: 24-05-2024

      DIN: 00343812

      DIN: 06584524