The Directors of your Company are pleased to present their Thirty Ninth Annual Report
and the Audited Financial Statements for the financial year ended 31^st March, 2024.

FINANCIAL RESULTS

The financial performance of the Company, for the financial year ended 31st March,
2024 is summarized below:

Rs. in Lakh

INDIAN ACCOUNTING STANDARDS (IND AS)

The Company has adopted Indian Accounting Standards (IND-AS) from April 1, 2019
with transaction date of April 1, 2018. Accordingly, the Financial Statement for the year
2023-24 have been in accordance with IND AS, prescribed under section 133 of the Act,
read with the relevant rules issued thereunder and the other recognized accounting
practices and policies to the extent applicable

PERFORMANCE REVIEW

The Company has adopted IND AS for reporting financial results for the year under
review. During the year under review, the Company’s Net Loss of Rs. 35.46 Lakh
before tax (Previous year Net Profit of Rs. 161.20 Lakh before Tax) and net total
comprehensive loss for the year after tax was at Rs. 146.62 Lakh (Previous year total
comprehensive Loss of Rs. 282.24 Lakh)

The Company is engaged in the business of Financing and Investment activities. There
have been no material changes in the business of the Company during the financial year.

FINANCE

Your Company has made provisions for sufficient borrowing facilities to meet its long¬
term and short-term requirement in order to support the business operations.

DIVIDEND

In view of loss during the year ended after tax, your directors do not recommend any
dividend for the year under review.

TRANSFER TO RESERVES

During the financial year 2023-24, in view of loss after tax, the Company has not
transferred any amount (Previous year Rs. Nil) to Special Reserve Fund under RBI Act,
1934.

PUBLIC DEPOSIT

During the year, the Company has not accepted or renewed any deposit from the public
as covered under Section 73 of the Act read with the Companies (Acceptance of
Deposits) Rules, 2014.

MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which these financial
statements relate and the date of this report.

SHARE CAPITAL

The Authorised Share Capital as on 31^st March, 2024 was Rs.2,00,00,000 /-(Rupees
Two Crore Only) divided into 20,00,000 Equity Shares of Rs. 10/- each.

There has been no change in the Share Capital of the Company during the financial year
2023-24

The Issued Share Capital as on 31^st March, 2024 was Rs 1,99,20,000/- (Rupees One
Crore Ninety Nine Lakh Twenty Thousand Only) divided into 19,92,000 Equity Shares of
Rs. 10/-each.

SUBSIDIARY

As at the end of the year under review i.e. on 31^st March, 2024 and also as on the date of
this report, your Company does not have any Subsidiary.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as
on 31^st March, 2024 is available on the website www.meenakshisteel.in

STATEMENT CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF
SUBSIDIARIES. ASSOCIATE OR JOINT VENTURES

Pursuant to section 129(3) of the Companies Act, 2013, the statement containing the
salient feature of financial statement of Company’s subsidiary, associate and joint
venture of the Company are as under:

The Company does not have subsidiary Company. However, the Company have
Associate companies the brief details of which is being given here under:

1. Sushree Trading Limited (Associate Company)

Sushree Trading Limited (Sushree) registered with Reserve Bank of India as Non¬
Banking Financial Company (NBFC) in the category of the Company not
accepting / holding public deposits

The total revenue of Sushree during the financial year 2023-24 was Rs. 20.92
Lakh. The Company Net Loss After Tax is Rs. 16.95 Lakh

The Company does not have any Joint Venture.

The details of the Company’s subsidiary, associate and Joint Venture Company as on
31^st March, 2024 is given under Annexure 1

PARTICULARS OF EMPLOYEES

There was no employee in the company drawing remuneration in excess of the limits set
out in the Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

Further, the disclosures pertaining to remuneration and other details as required under
Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report
as “Annexure-2”.

Furthermore, the disclosures pertaining to remuneration and Top Ten Employees details
are provided in the Annual Report as “Annexure-3”.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required under Clause (B) of Schedule V of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, A detailed Management Discussion and Analysis
Report on the Financial Conditions and Result of operations of the Company is included
in this Annual Report under the heading “Annexure-4”.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the year under review, the Company had not entered into any transactions as
enumerated in section 188 of the Companies Act, 2013 and rules made thereunder with
the related party as defined under section 2(76) of the Act.

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 material orders passed by the regulators/courts/tribunals which
would impact the going concern status of the Company and its future operations.

CEO / CFO CERTIFICATION:

As required by Regulation 17(8) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, The CEO / CFO certificate for the financial year 2023¬
24 has been submitted to the Board and the copy thereof is contained in the Annual
Report.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company believes that a strong internal control framework is an important pillar of
Corporate Governance. The Company has in place adequate internal financial control
system which ensure orderly and efficient conduct of its business, safeguarding of its
assets and accuracy and completeness of accounting records, timely preparation of
reliable financial information and various regulatory and statutory compliance

Further, company’s internal control system is commensurate with the size, scale and
complexity of its operations. The main thrust of internal audit is to test and review
controls, appraisal of risks with best practices in the industry. The Management with
Audit Committee periodically reviews the Internal Control System and procedure for the
efficient conduct of the business.

RISK MANAGEMENT

The Company operates in conditions where economic environment and social risk are
inherent to its businesses. In managing risk, it is the Company's practice to take
advantage of potential opportunities while managing potential adverse effects.

The various elements of risk which the Directors think, that may threaten the existence
of the Company are:

a) Financial Risk: Financial risk generally arises due to instability and losses in
the financial market caused by movements in stock prices, currencies,
interest rates and more.

b) Liquidity Risk: It is the risk that the Company will be unable to meet its
financial commitment to a Bank/Financial Institution in any location, any
currency at any point in time. The risk stemming from the lack of
marketability of an investment that cannot be bought or sold quickly enough
to prevent or minimize a loss.

c) Credit Risk: The risk of loss of principal or loss of a financial reward
stemming from a borrower's failure to repay a loan or otherwise meet a
contractual obligation.

d) Time Risk: To compensate for non-receipt of expected inflow of funds.

In line with Listing Regulations and as per the requirement of Section 134(3) (n) of the
Companies Act, 2013 read with the rules made there under, as amended, Board has a
framework for Risk Management to oversee the mitigation o such risks.

REMUNERATION POLICY

The Nomination and Remuneration Policy of the company as mandated under Section
178 (3) (4) of the Companies Act, 2013 is available on the website of the company

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to the provision of section 135(1) of the Act read with Companies (Corporate
Social Responsibility Policy) Rules, 2014, the Company is required to Spend Rs. 5.31
Lac for the Financial Year 2021-22 and Rs. 7.41 Lakh for Financial Year 2022-23
towards CSR respectively and paid Rs. 5.35 Lacs and Rs. 7.45 Lakh on 27.09.2023 and
21.03.2024 respectively financial year.

Since the amount to be spent is less than Rs. 50.00 Lakh, the CSR Committee is not
being constituted and the function of the committee is taken care by the Board of
Director. In Compliance with Rule 3 of Companies (Corporate Social Responsibility
Policy) Rules 2014, the CSR Report is given as Annexure 5 which forms part of this
Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors make the
following statement and confirm that: -

i) in the preparation of the annual accounts for the year ended 31 March 2024, the
applicable

ii) accounting standards have been followed along with proper explanation relating to
material departures, if any;

iii) 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 as at 31 March 2024 and of the
loss of the Company for year ended on that date;

iv) 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;

v) the Directors had prepared the Annual Accounts on a ‘going concern basis’;

vi) the Directors had laid down internal financial controls and that such internal financial
controls are adequate and are operating effectively; and

vii) 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.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has formulated a Vigil Mechanism (Whistle Blower Policy) for its directors
and employees of the Company for reporting genuine concerns about unethical
practices and suspected or actual fraud or violation of the code of conduct of the
Company pursuant to the provisions of Section 177 of the Companies Act, 2013 read
with the rules made thereunder. This vigil mechanism shall provide a channel to the
employees and Directors to report to the management, concerns about unethical
behavior, and also provide for adequate safeguards against victimization of persons
who use the mechanism and also make provision for direct access to the chairperson of
the Audit Committee in appropriate or exceptional. The practice of the Vigil Mechanism
/Whistle Blower Policy is overseen by the Audit Committee of the Board and no
employee has been denied access to the Committee.

The Company will take appropriate action for its resolution. During the year, no whistle
blower event was reported and mechanism is functioning well.

CODE OF CONDUCT

Company’s Board has laid down a Code of Conduct for all the Board Members and
Senior Management Personnel of the Company. The Code of Conduct is available on the
Company’s website www.meenakshisteel.in. All Board Members and Senior
Management Personnel have affirmed compliance with Code of Conduct for Board
Members and Senior Management during the financial year 2023-24. The declaration in
this regard has been made by the Management Director which forms the part of this
report as an annexure.

CORPORATE GOVERNANCE

Your company has been proactive in following the principle and practice of good
corporate governance. The Company has taken adequate steps to ensure that the
conditions of Corporate Governance as stipulated in Regulation 27(2)(a) of the Listing
Regulations of the Stock Exchanges are complied with.

A separate statement on corporate governance is annexed as a part of the Annual
Report along with the Secretarial Auditor’s certificate on its compliance. A report in the
form of Management Discussion and Analysis, pursuant to Regulation 27(2)(a) of the
Listing Regulations, as a part of this report forms a part of the Annual Report. (Annexure

DISCLOUSRE OF SECRETARIAL STANDARD BY DIRECTORS

The company complies with all applicable standards issued by the institute of Company
Secretaries of India. The Directors have devised proper systems to ensure compliance
with the provisions of all applicable Secretarial Standards and that such systems are
adequate and operating effectively.

PREVENTION OF INSIDER TRADING/

The Company has adopted the Code of conduct for prevention of Insider Trading with
view to regulate trading in securities by Directors and designated employees of the
Company. The Code of conduct require pre-disclosure for dealing in Company’s Shares
and prohibit the purchase or sale of Company’s 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 trading window is closed. The Board
is responsible for implementation of the code. All Board of Directors and the designated
employees have confirmed the compliance of code.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans, guarantees or investments covered under the provisions of
Section 186 of the Companies Act, 2013, if any, are given in the Audited Financial
Statements, wherever applicable.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN
EXCHANGE EARNINGS AND OUTGO

In view of the nature of activities which are being carried on by the Company, the
particulars as prescribed under Section 134(3)(m) of the Act read with Companies’
(Accounts) Rules, 2014 regarding Conservation of Energy and Technology Absorption,
and research and development are not applicable to the Company.

There were no foreign exchange earnings and outgoings during the year under review.

DIRECTORS AND KMP

Mrs. Sudha P. Jajodia (DIN - 00376571), who is retiring by rotation at this Annual
General Meeting is to be re-appointed. Her involvement with the affairs of the Company
is beneficial to the Company as well as Stakeholders.

Mrs. Sudha P. Jajodia has attained the age of 75 year continuing it till 05.01.2025. The
Nomination and Remuneration Committee at their meeting held on 30^th August, 2024,
based on her skill, rich experience, knowledge and valuable guidance to the
Management, recommended continuation of the appointment of Mrs. Sudha P. Jajodia
(DIN-00376571) as Non-Executive Non-Independent Director even though she has
attained the age exceeding 75 years.

PERFORMANCE EVALUATION

The Nomination and Remuneration Policy of the Company empowers the Nomination
and Remuneration Committee to formulate the process of evaluating the performance of
Individual Directors, Committees of the Board and the Board as whole.

The Nomination and Remuneration Committee of the Company also evaluated the
performance of all individual Directors on various parameters such as level of
participation of Directors, preparing themselves well in advance to take active
participation at the meeting(s), level of knowledge and expertise etc.

All the Independent Directors of the Company also had a separate meeting on 12^th
February, 2024 to review the performance and evaluation of Non-Independent Directors
and Board as a whole.

The Board after taking into consideration the evaluation as done by Nomination and
Remuneration Committee and by Independent Directors, carried out an annual
evaluation of its own performance and that of its Committees and individual Director. The
overall outcome of such evaluation is that the Board, its committees and individual
Directors have performed effectively and satisfactorily

DECLARATION OF INDEPENDENT DIRECTOR

All the Independent Director have confirmed to the Board that they meet the criteria of
Independence as specified under section 149(6) of the Companies Act, 2013 and they
qualify to be an Independent Director pursuant to the Rule 5 of the Companies
(Appointment and Qualification of Directors), Rule 2014. The Independent Directors have
also confirmed that they meet the requirements of “Independent Director” as mentioned
under Regulation 16(1 )(b) of the Listing Regulations.

BOARD MEETINGS

During the year under review the Company held Six (6) meetings of the Board of
Directors as per Section 173 of Companies Act, 2013 on 7^th April 2023, 22^nd May 2023,
11^th August 2023, 31^st August 2023, 8^th November 2023 and 12^th February, 2024

The frequency of board meetings and quorum at such meetings were in accordance
with the Companies Act, 2013 and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and
compliances of Secretarial Standards-1 (SSI) on Meeting of the Board of Directors
issued by ICSI. The intervening gap between any two meetings was within the period
prescribed by the Companies Act, 2013, the Listing Regulations and SS-1.

BOARD COMMITTEE - AUDIT COMMITTEE

The Audit Committee is constituted pursuant to the provisions of Section 177 of the
Companies Act, 2013. Members of the Audit Committee possess financial /
accounting expertise / exposure. Further, all the recommendations made by the Audit
Committee were duly accepted by the Board of Directors. The Company Secretary is
acting as Secretary of this Committee.

The Composition of Audit Committee as on 31.03.2024 are as under:

Four meetings of the Audit Committee were held during the financial year 2023-24 on
22^nd May 2023, 11^th August 2023, 8^th November 2023 and 12^th February 2024. The
accounts and financial positions were perused by the Audit Committee and thereafter
placed before the Board for their consideration.

BOARD COMMITTEE - NOMINATION AND REMUNERATION

The Nomination and Remuneration Committee is constituted pursuant to the
provisions of Section 178 of the Companies Act, 2013. Members of the Nomination
and Remuneration Committee possess sound expertise / knowledge / exposure. The
Company Secretary of the Company is the Secretary of this committee

The Composition of Nomination and Remuneration Committee as on 31.03.2024 are
as under:

Two meetings of the Nomination and Remuneration Committee were held during the
financial year 2023-24 on 31^st August 2023 and 12^th February, 2024.

BOARD COMMITTEE - STAKE HOLDERS RELATIONSHIP COMMITTEE

The Stake Flolders Relationship Committee is constituted pursuant to the provisions
of Section 178 of the Companies Act, 2013. The Company Secretary of the Company
is the Secretary of this committee

The Composition of Stakeholder Relationship Committee as on 31.03.2024 are as

i inrlpr

One meetings of the Stake Flolder Relationship Committee were held during the
financial year 2023-24 on 12^th February, 2024.

AUDITORS:

At the Annual General Meeting held on 28^th September, 2022 M/s Vijay R. Tater & Co
(Now Known as VRSK & CO. LLP), Chartered Accountants were appointed for the first
term of Five years from the conclusive of 37^th Annual General Meeting to the conclusion
of 42^nd Annual General Meeting.

As per the requirement of the Companies Act, 2013 (“the Act”) as amended, M/s Vijay R.
Tater & Co. (Now Known as VRSK & CO. LLP), Chartered Accountants have given their
consent to act as the Statutory Auditors of the Company and confirmed that appointment,
if made would be within the limits specified under section 141 (3)(g) of the Act and it is not

disqualified to be appointed as Statutory Auditor in terms of the provisions of the Section
139 and 141 of the Act and the rules made thereunder.

AUDITORS REPORT

The observation of the Auditors in their report read with relevant notes on the accounts,
as annexed are self-explanatory and do not call for any further explanation under
section 134(3)(f)(i) of the Companies Act, 2013.

SECRETARIAL AUDITOR

Pursuant to the provisions of section 204 of the Companies Act, 2013 and Rules made
thereunder, the Company has appointed M/s Girish Murarka & Co., Company
Secretaries in Practice having membership No. 7036 to undertake Secretarial Audit of
the Company. The Secretarial Audit Report for the financial year 2023-24 as issued by
him in the prescribed Form MR-3 is annexed to this Report as Annexure 7. The said
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark or disclaimer made by Secretarial Auditor.

On the recommendation of Audit Committee M/s Girish Murarka & Co., Company
Secretaries in Practice has been appointed as Secretarial Auditor for the Financial Year
2024-25

INTERNAL AUDITOR

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with the
rules made thereunder the Board of Directors had approved the appointment of M/s
Milind P. Shah, Chartered Accountants, as "Internal Auditor” of the company for
conducting Internal Audit for the financial year 2023-24. The Internal Audit Reports for
each quarter were received by the Company and the same were reviewed by the Audit
Committee and Board of Directors.

The Board has appointed M/s JITENDRA PAREEK & ASSOCIATES, Chartered
Accountants, as Internal Auditor for the financial year 2024-25

COST AUDIT

The provisions of Cost Audit as prescribed under section 148 of the Companies Act,
2013 are not applicable to the Company

OTHER DISCLOSURES

• Your Company has not issued: -

- Any shares with differential rights;

- Any sweat equity shares

• There are no significant or material orders passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company’s operation in
future.

• There were no material changes and commitments affecting the financial position of
your Company between the end of the financial year and the date of this report.

• There was no revision in the financial statements.

• Your Company has not received any complaints under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

APPRECIATION

Your Directors express their deep sense of gratitude to the banks, financial institutions,
stakeholders, business associates, Central and State Governments for their co-operation
and unstinted support received from them during the year and look forward to their
continued support in future.

For and on behalf of the Board of Directors of
Meenakshi Steel Industries Limited

Sd/- Sd/-

Shivangi Murarka SudhaJajodia
Place: Mumbai Managing Director Director

Date: 30^th August, 2024 (DIN: 08370325) (DIN: 00376571)