The directors are pleased to present 29^th Annual Report of the Company on the business and operations of the Company and the Audited Accounts for the Financial Year ended 31^st March, 2023.

FINANCIAL SUMMARY

The audited standalone financial statements of the Company as on March 31, 2023, prepared in accordance with the relevant applicable Ind AS and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and provisions of the Companies Act, 2013, forms part of this Annual Report.

RESULT OF OPERATIONS AND STATE OF COMPANIES AFFAIRS

The key highlights of the Company's financial performance during the FY2023 are given below:

• Revenue from operations is ' 20,216.41 Lakh as compared to ' 13,747.14 Lakh during the previous year.

• Profit After Tax for the period of ' 512.99 Lakh as compared to the profit of ' 250.55 Lakh in the previous year.

CHANGE IN NATURE OF BUSINESS, IF ANY

During the year, there is no change in the nature of the business of the Company.

SHARE CAPITAL

There were changes in the Company's share capital during the year mentioned as below:

AUTHORISED SHARE CAPITAL

The Company has increased its Authorised Share Capital from ' 15,00,00,000/- (Rupees Fifteen Crore) comprising

of 1,50,00,000 (One Crore Fifty Lakh Equity Shares) to ' 20,00,00,000/- (Rupees Twenty Crore) comprising of

2.00. 00.000 (Two Crore) Equity Shares of ' 10/- (Rupees Ten) in the Annual General Meeting held on 29^th September, 2022.

At end of the FY2023, Authorised Share Capital of the Company is ' 20,00,00,000/- (Rupees Twenty Crore),

2.00. 00.000 (Two Crore) Equity Shares of 10/- (Rupees Ten).

PAID UP CAPITAL

During the Financial Year, the Company has allotted 19,86,000 equity shares of ' 10 each on 23^rd February 2023, 10^th March, 2023 and 29^th March, 2023 towards conversion of warrants issued on preferential basis.

As a result of the above allotment the paid-up capital of the Company as at the end of the FY2023 increased from ' 13,67,87,990/- (1,36,78,799 equity shares of face value of ' 10/- each fully paid up) to ' 15,66,47,990/- (1,56,64,799 equity shares of face value of ' 10/- each fully paid up).

PREFERENTIAL ISSUE

Pursuant to the approval of the Board at its meeting held on 16^th September, 2022 and approval of the members of the Company at their Extra-Ordinary General Meeting ('EGM') held on 12^th October, 2022, upon receipt of 25% of the issue price per warrant (i.e., ' 13 per warrant) as upfront payment ("Warrant Subscription Price"), the Company, on 11^th November, 2022 has allotted 40,00,000 (Forty Lakh) warrants,

on preferential basis to the Promoter/Promoter Group of the Company and certain identified non-promoter persons/ entity, at a price of ' 52 each payable in cash ("Warrant Issue Price"). Each warrant, so allotted, is convertible into one fully paid-up equity share of the Company having face value of ' 10 (Rupees Ten only) each in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, on payment of the balance consideration of ' 39 per warrant ("Warrant Exercise Price"), being 75% of the issue price per warrant from the Allottees pursuant to exercise of conversion option against each such warrant, within 18 months from the date of allotment of warrants.

Subsequently the Company on 23^rd February 2023, 10^th March, 2023 and 29^th March, 2023 upon receipt of balance 75% of the issue price (i.e., ' 39 per warrant) for 19,86,000 warrants, has allotted equal no. of fully paid-up equity shares against conversion of said warrants exercised by the warrant holder.

At the end of the FY2023, For the remaining 20,14,000 warrants, the respective allottees have not yet exercised their option for conversion of the warrants into equity shares and accordingly, balance 75% money towards such remaining warrants is yet to be received.

The details of utilization of funds are given hereunder:

There is no deviation or variation in the use of proceeds from the preferential issue of warrants, from the objects as stated in the Explanatory Statement to the Notice of the EGM dated 12^th October, 2022.

DIVIDEND

The Board at its meeting held on May 23, 2023 has recommended a final dividend of ' 0.25/- per fully paid-up

equity share i.e., 2.50% which is subject to the approval of members at the ensuing Annual General Meeting. The dividend, if declared, by the Members at the forthcoming Annual General Meeting (AGM) shall be paid to the eligible Members.

The Register of Members and Share Transfer Books of the Company will remain closed for the purpose of payment of dividend for the financial year ended 31^st March 2023 and Book closure date has been indicated in the Notice convening 29^th AGM.

Pursuant to the provisions of Income-tax Act, 1961, the dividend paid or distributed by a company shall be taxable in the hands of the shareholders. Accordingly, in compliance with the said provisions, your Company shall make the payment of the dividend after necessary deduction of tax at source at the prescribed rates, wherever applicable. For the prescribed rates for various categories, the shareholders are requested to refer to the Income tax Act, 1961 and amendments thereof.

RESERVES AND SURPLUS

During the current financial year, the Company has not transferred any amount to the General Reserve.

MATERIAL CHANGES EFFECTING FINANCIAL POSITIONS OF THE COMPANY

The Company on 12^th June, 2023 upon receipt of balance 75% of the issue price (i.e., ' 39 per warrant) for 6,66,500 warrants, has allotted equal no. of fully paid-up equity shares against conversion of said warrants exercised by the warrant holder.

As a result of the above allotment the paid-up capital of the Company as at the time of signing the Board Report increased from ' 15,66,47,990/- (1,56,64,799 equity shares of face value of ' 10/- each fully paid up) to ' 16,33,12,990/-(1,63,31,299 equity shares of face value of ' 10/- each fully paid up).

Apart from the above, in pursuance to section 134(3) (L) of the Act, no material changes and commitments have occurred after the closure of the financial year to which the financial statements relate till the date of this report, affecting the financial position of the Company.

INVESTOR EDUCATION AND PROTECTION FUND

There is no such amount lying with the company and remained unclaimed which is required to be transferred to the Investor Education and Protection Fund of the Central Government.

RISK MANAGEMENT

Risk management is integral to your Company's strategy and to the achievement of long-term goals. Our success

as an organization depends on our ability to identify and exploit the opportunities generated by our business and the markets, we operate in. In doing this we take an embedded approach to risk management which puts risk and opportunity assessment at the core of the Board's agenda.

The Board of Directors is overall responsible for identifying, evaluating and managing all significant risks faced by the Company. The Risk Management Policy approved by the Board acts as an overarching statement of intent and establishes the guiding principles by which key risks are managed across the Organization. The Board monitors and reviews the implementation of various aspects of the Risk Management policy and Company's management of key risks, including strategic and operational risks, as well as the guidelines, policies and processes for monitoring and mitigating such risks under the aegis of the overall Business Risk Management Framework. The Company follows well established and detailed risk assessment and minimization procedures, which are periodically reviewed by the Board. The Company's Business Risk Management Framework helps in identifying risks and opportunities that may have a bearing on the organization's objectives, assessing them in terms of likelihood and magnitude of impact and determining a response strategy.

At present the company has not identified any element of risk which may threaten the existence of the company.

DIVIDEND DISTRIBUTION POLICY

The Dividend Distribution Policy, in terms of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR") is not applicable to our company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Our Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Company's internal control system is commensurate with its size, scale and complexities of its operations. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides bench marking controls with best practices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the Internal Control Systems and suggests improvements to strengthen the same. The Company has a robust Management Information System which is an integral part of the control mechanism.

The Audit Committee of the Board of Directors and the Statutory Auditors are periodically apprised of the internal audit findings and corrective actions taken. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board.

To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Retire by rotation

Mr. Pramod Kumar Agrawal (DIN-00108167), Director retires by rotation and being eligible, offers himself for reappointment, in accordance with the provisions of Section 152 of the Companies Act, 2013 and Articles of Association of the Company. A Resolution seeking shareholders' approval for his re-appointment along with other required details forms part of the Notice.

Re-appointment

Following directors also seek re-appointment at the ensuing AGM and their re-appointments are recommended by the Board:

• Mr. Naresh Kumar Agarwal as the Whole Time Director

Independent Directors

The Company has received the necessary declarations from each of the Independent Directors of the Company under Section 149(7) of the Act and Regulation 25 of the Listing Regulations, confirming that they meet with the criteria of independence as laid down in Section 149(6) of the Act, along with Rules framed thereunder and Regulation 16(1) (b) of the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company.

None of the Directors disqualifies for appointment/ reappointment under Section 164 of the Companies Act, 2013.

Changes in Board Composition & Key Managerial Personnel

• During the period Ms. Madhuri Sain has appointed as Company Secretary of the Company w.e.f. 01.04.2022 and also resigned from the post of the Company Secretary of the Company w.e.f. 30.06.2022 and in the place of her, Ms. Ritika Poddar has appointed as Company Secretary of the Company w.e.f. 01.07.2022.

• Demised of Mr. Ramesh Chand Agrawal (DIN: 00108287) Chairman of the Company on 15.09.2022.

• Mr. Pramod Kumar Agarwal (DIN: 00108167) appointed as an executive director of the Company and Mr. Sandeep Kumar Jain (DIN: 01116047), Mr. Saral Sudhir Saraf (DIN: 08216764) appointed as a non-executive independent director of the Company w.e.f. 29.09.2022.

• Mr. Radhey Shyam Gemini (DIN: 00108706) and Mr. Sunil Agarwal (DIN: 02587959) resigned from the directorship of the Company w.e.f. 30.09.2022.

During the financial year 2022-23, the constitution of the Board complies with the requirements of the Act, and the SEBI Listing Regulations.

There were no changes in Key Managerial Personnel of your Company during the financial year 2022-23 other than disclosed above.

PRESENT BOARD STRUCTURE OF THE COMPANY AT THE TIME OF SIGNING BOARD REPORT

The Board of Directors expressed their satisfaction with the evaluation process.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The criteria for Directors' appointment have been set up by the Nomination and Remuneration Committee, which includes criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under Sub section (3) of Section 178 of Companies Act, 2013 ("the Act"). The policy on remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report and the Policy is available on the Company's website at www. leharfootwear.com. It is affirmed that the remuneration paid to the directors is as per the terms set out in the Nomination & Remuneration Policy of the Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a vigil mechanism named Vigil Mechanism / Whistle Blower Policy in conformation with Section 177(9) of the Act and Regulation 22 of SEBI Listing Regulations, to report concerns about unethical behaviour and to deal with instances of fraud and mismanagement, if any. The same has also been displayed on the website at www.leharfootwear. com of the Company.

HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY

During the year, the Company had cordial relations with workers, staff and officers. The shop floor management is done through personal touch, using various motivational tools and meeting their training needs requirements. The company has taken initiative for safety of employees and implemented regular safety audit, imparted machine safety training, wearing protective equipment, etc. The Company believes in empowering its employees through greater knowledge, team spirit and developing greater sense of responsibility.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a policy on Gender Equality, Gender Protection, Prevention of Sexual Harassment and Redressal System in line with the requirements of the Sexual Harassment of Women at Workplace Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Company has also constituted an internal committee to consider and address sexual harassment complaints in accordance with the Sexual Harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No complaints pertaining to sexual harassment were received and/ or disposed of during FY 2022-23.

PARTICULARS OF EMPLOYEES

The information and disclosure required under Section 197(12) of the Act read with Rule 5(1), 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), in respect of Directors and Employees of your Company is set out in Annexure - I to this report.

COMMITMENT TO QUALITY AND ENVIRONMENT

Your Company recognizes quality and productivity as a prerequisite for its operations and has implemented ISO 9001, ISO 45001 and ISO 14001. Continuous efforts to preserve the environment are pursued.

CORPORATE SOCIAL RESPONSIBILITIES (CSR)

As per Provisions of Section 135 of the Company Act 2013, and rules made there under, the CSR is not applicable on your company for the FY2023.

COMMITTEES OF THE BOARD

As on March 31, 2023, the Board had following committees:

• Audit committee,

• Nomination and Remuneration Committee, and

• Stakeholders Relationship Committee.

All committees were mixture of executive and non-executive directors and Chairperson of every committee was a non-executive independent director. During the year, all recommendations made by the committees were approved by the Board. A detailed note on the composition of the Board and its committees is provided in the corporate governance report.

AUDITORS AND AUDIT REPORT Statutory Auditor

M/s A. Bafna & Co. Chartered Accountants (Firm Registration No. 003660C), Jaipur, appointed as the statutory auditors of the Company, in the Annual General Meeting held on 29.09.2022 for a term of five consecutive years, from the conclusion of the twenty-eight Annual General Meeting held in the year 2022 till the conclusion of the thirty-three Annual General Meeting to be held in the year 2027.

There are no qualifications, adverse remarks reservations or disclaimer made by M/s A. Bafna & Co. Statutory Auditors, in their report for the financial year ended March 31, 2023. The notes to the Accounts referred to in the Auditor's Report are self-explanatory and therefore do not call for any further explanation and comments.

Secretarial Auditor

During the Financial Year M/s Naredi Vinod & Associates, Practicing Company Secretaries resigned from the post of Secretarial Auditor and in his place Mr. Gaurav Goyal, Practicing Company Secretary appointed as a Secretarial Auditor for the period of FY2023.

Pursuant to Section 204(1) of the Act, the Secretarial Audit Report for the financial year ended March 31, 2023 issued by Mr. Gaurav Goyal is attached as Annexure-II to this Board's Report. The Secretarial Audit Report does not contain any qualification or reservation or adverse remark or disclaimer.

The Company has undertaken an Annual Secretarial Compliance Audit for the financial year 2022-23 pursuant to Regulation 24A (2) of the SEBI Listing Regulations. The Annual Secretarial Compliance Report for the financial year ended 31^st March 2023 has been submitted to the Stock Exchanges and the said report may be accessed on the Company's website at www.leharfootwear.com.

Internal Auditor

The Board has appointed M/s Garg Vipin & Company, Chartered accountants, to conduct the Internal Audit for the financial year 2022-23. The Internal Audit Report for the financial year ended March 31, 2023 has submitted by auditor to Board of the Company. The Internal Audit Report does not contain any qualification or reservation or adverse remark or disclaimer.

The Audit Committee of the Board of Directors, Statutory Auditors and the Key Managerial Personnel are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

Cost Records and Cost Audit

Provisions of Section 148 of the Companies Act, 2013 regarding maintenance of cost records and audit thereof is not applicable to your Company.

Company is engaged in manufacture of products under category of product code 64 i.e., Footwear which is not falling under table of regulated sectors or non-regulated sectors as per the notification issued by the Ministry of Corporate Affairs dated 14.07.2016, therefore it is exempt from maintaining any cost records and exempt from requirement of audit of cost records.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, none of the auditors have reported any instances of fraud committed against the Company as required to be reported under Section 143 (12) of the Act.

LOANS AND INVESTMENTS BY THE COMPANY

The Company has not given any loans, guarantees or securities during the year that would attract the provisions of Section 185 of the Act. The particulars of loans, guarantees and investments of the company as per Section 186 of the Act by the Company, have been disclosed in the financial statements of the company.

DEPOSITS

During the financial year under review, your Company has neither invited nor accepted or renewed any fixed deposit from public, shareholders or employees and no amount of principal or interest on deposits from public is outstanding as at the Balance Sheet date in terms of provisions of section 73 to 76 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company as on March 31, 2023.

RELATED PARTY TRANSACTIONS

During the financial year ended March 31, 2023, all transactions with the Related Parties as defined under the Act read with Rules framed thereunder, were in the ordinary course of business and at arm's length basis. Your Company does not have a 'Material Subsidiary' as defined under Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (the "Listing Regulations").

During the year under review, your Company did not enter into any Related Party Transaction which requires prior approval of the Members of your Company. All Related Party Transactions entered into by your Company had prior approval of the Audit Committee and the Board of Directors, as required under the Listing Regulations. Subsequently, the Audit Committee and the Board have also reviewed the Related Party Transactions. During the year under review, there have been no materially significant Related Party Transactions having potential conflict with the interest of your Company. Since all Related Party Transactions entered into by your Company were in the ordinary course of business and also on an arm's length basis, therefore, details required to be provided in the prescribed Form AOC -2 are not applicable to your Company. Necessary disclosures required under the Ind AS 24 have been made in Notes of

the Financial Statements for the financial year ended March 31, 2023.

CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, regarding conservation of energy, technology absorption, foreign exchange earnings and outgo, are given in Annexure-III and forms an integral part of this Report.

ANNUAL RETURN

As required under Section 92(3) read with section 134(3) (a) of the Companies Act 2013 read with rule 12 of the Companies (Management and Administration) Rules, 2014 including amendments thereunder, the Annual Return filed with the Ministry of Corporate Affairs (MCA) for the FY2022 is available on the www.leharfootwear.com and the Annual Return for FY2023 will be made available on the website of the Company once it is filed with the MCA.

LISTING

The Company's 1,56,64,799 equity share of ' 10 each as on 31^st March, 2023 are listed with the BSE Limited. The Company has paid the annual listing fees to stock exchange.

DEMATERIALISATION OF SHARES

The shares of your Company are being traded in electronic form and the Company has established connectivity with both the depositories i.e., National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, Members are requested to avail the facility of dematerialization of shares with either of the Depositories as aforesaid. As on March 31, 2023 99.99% of the share capital stands dematerialized.

The Company's equity shares are compulsorily required to be traded in dematerialised form; therefore, Members are advised to speed up converting the physical shareholding into dematerialised form through their DP(s).

CORPORATE GOVERNANCE

Pursuant to Regulation 34 read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, report on the Corporate Governance along with a certificate from Practicing Company Secretary is annexed herewith and marked as Annexure IV forming part of this Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In Compliance with Regulation 34 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, a separate

section on Management Discussion and Analysis as approved by the Board of Directors, forms part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

As the Company is not among top 500 or 1000 Companies by turnover on Stock Exchanges, the disclosure of Report under of Regulation 34(2) of the Listing Regulations is not applicable to the Company for the year under review.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanation obtained by them, in terms of section 134(3) (c) your directors confirm that:

a) i n the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true & fair view of the state of affairs of the Company as at March 31, 2023;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) t he Annual Accounts have been prepared on a going concern basis;

e) internal financial controls have been laid down to be followed by the company and such internal financial controls are adequate and were operating effectively;

f) proper system has been devised to ensure compliance with the provision of all applicable law and that such system was adequate and operating effectively.

INTERNAL FINANCIAL CONTROL

The Company has adequate system of internal control/ Internal Finance Control to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The report on Internal Financial Control forms part of Independent Audit report.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period

when the Trading Window is closed. The Board is responsible for implementation of the Code. The said Code is available on the website of the Company at www.leharfootwear.com.

All Directors on the Board and the designated employees have confirmed compliance with the Code.

SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATOR OR COURT

There are no significant and material order passed by the Regulators/ court that would impact the going concern status of the company and its future operations.

THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC, 2016) DURING THE YEAR ALONG WITH STATUS AT THE END OF THE FINANCIAL YEAR

The Company has not made any application nor any proceeding is pending against the company under IBC, 2016.

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

Since the Company has not entered into any One Time Settlement with Banks or Financial Institutions, furnishing details in this regard, is not applicable.

STATUTORY COMPLIANCE

The Company has complied with all the statutory requirements. The Company ensures compliance of the Companies Act, 2013; SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and various statutory authorities on quarterly basis in the Board Meeting.

COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standard 1(SS-1) relating to the meetings of the Board of Directors and Secretarial Standard 2 (SS-2) relating to the General meetings issued by the Institute of Company Secretarial of India and approved by the Central Government.

CAUTIONARY STATEMENT

Statements in this report, describing the Company's objectives, expectations and/or anticipations may be forward looking within the meaning of applicable Securities Law and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could influence the Company's operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations,

tax laws, economic developments within the country and outside and other factors such as litigation and industrial relations. The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.

GREEN INITIATIVES & ACKNOWLEDGEMENT

As a responsible corporate citizen, the Company supports the 'Green Initiative' undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report etc. to Members at their e-mail address registered with the Depository Participants ("DPs") and RTAs. To support the 'Green Initiative', Members who have not registered their email addresses are requested to register the same with the Company's Registrar and Share Transfer Agent ("RTAs")/ Depositories for receiving all communications, including Annual Report, Notices, Circulars, etc., from the Company electronically. Pursuant to the MCA Circular No. 10/2022 dated 28^th December 2022 and SEBI Circular dated 05^th January 2023, the Annual Report of the Company for the

financial year ended 31^st March 2023 including therein the Audited Financial Statements for the financial year 2022-23, are being sent only by email to the Members.

Your directors wish to place on record their sincere appreciation for the continued support and cooperation extended to the Company by its bankers, customers, vendors, suppliers, dealers, investors, business associates, all the stakeholders, shareholders, debenture holders and various departments of the State and the Central Government.

Your directors appreciate and value the contribution made by every member of the Lehar family.