About Safari Industries (India) Ltd

Started as a partnership firm in 1974 to manufacture plastic moulded luggage at Bombay, Safari Industries (India) Limited [SIIL] became a private limited company in 1980 and a public limited company in Feb.'86. It was promoted by Sudhir M. Jatia. The Company is engaged in the manufacturing and marketing of luggage and luggage accessories. The company manufactures injection moulded plastic articles and vacuum formed plastic articles, at its plants at Bombay and Halol, Gujarat. The unit at Mumbai is mainly an assembly shop manufacturing plastic moulded luggage from bought out components. Fully integrated plant at Halol, for the manufacture of plastic moulded luggage, was set up in 1982 with an installed capacity of 840 tpa. The capacity of this plant was increased to 1500 tpa in 1985. The company came out with a public issue in Mar.'86 to part-finance the expansion project. The company expanded its capacity at its Halol plant from 1 lac peices to 2 lac peices pa, in 1993-94. Company launched the poly carbonate luggage range in the month of March, 2014. It opened almost 50 exclusive retail stores. It introduced new product lines such as laptop bags, back packs, etc. which are fast selling items in the year 2014. Safari Manufacturing Limited, wholly owned subsidiary of the Company was incorporated on 9th November 2021 and with the incorporation, the Company commenced its commercial production/manufacturing of luggage on 17th June 2022 at its newly set up factory situated at Halol, Gujarat.

Safari Industries (India) Ltd Chairman Speech

Safari Industries (India) Ltd Company History

Started as a partnership firm in 1974 to manufacture plastic moulded luggage at Bombay, Safari Industries (India) Limited [SIIL] became a private limited company in 1980 and a public limited company in Feb.'86. It was promoted by Sudhir M. Jatia. The Company is engaged in the manufacturing and marketing of luggage and luggage accessories. The company manufactures injection moulded plastic articles and vacuum formed plastic articles, at its plants at Bombay and Halol, Gujarat. The unit at Mumbai is mainly an assembly shop manufacturing plastic moulded luggage from bought out components. Fully integrated plant at Halol, for the manufacture of plastic moulded luggage, was set up in 1982 with an installed capacity of 840 tpa. The capacity of this plant was increased to 1500 tpa in 1985. The company came out with a public issue in Mar.'86 to part-finance the expansion project. The company expanded its capacity at its Halol plant from 1 lac peices to 2 lac peices pa, in 1993-94. Company launched the poly carbonate luggage range in the month of March, 2014. It opened almost 50 exclusive retail stores. It introduced new product lines such as laptop bags, back packs, etc. which are fast selling items in the year 2014. Safari Manufacturing Limited, wholly owned subsidiary of the Company was incorporated on 9th November 2021 and with the incorporation, the Company commenced its commercial production/manufacturing of luggage on 17th June 2022 at its newly set up factory situated at Halol, Gujarat.

Safari Industries (India) Ltd Directors Reports

To

The Members,

Your Directors are pleased to present the 43^rd (Forty Third) Director's Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended as on 31^st March 2023.

1. STATE OF AFFAIRS OF THE COMPANY:

a) FINANCIAL RESULTS:

(RS. in Lakh)

b) PERFORMANCE REVIEW:

The total income of the Company for the financial year 2022-23 stood at Rs. 1,22,166.95 Lakh as against last years' Rs. 71,332.37 Lakh. Profit before tax for the year was at Rs. 15,718.38 Lakh as against last year's Rs. 2,976.98 Lakh. The total comprehensive income was Rs. 11,864.96 Lakh as against Rs. 2,253.15 Lakh of the previous year.

As on 31^st March 2023, the Reserves and Surplus of the Company were at Rs. 41,488.99 Lakh.

The total income of the Company for the financial year 2022-23 stood at Rs. 1,22,144.05 Lakh as against last years' Rs. 71,315.71 Lakh. Profit before tax for the year was at Rs. 16,504.53 Lakh as against last years' Rs. 2,911.29 Lakh. The total comprehensive income was Rs.12,480.34 Lakh as against Rs. 2,189.39 Lakh of the previous year.

Highlights on the performance of wholly owned subsidiaries and their contribution to the overall performance of the Company:

a) Safari Lifestyles Limited:

The total income of the Safari Lifestyles Limited for the financial year 2022-23 stood at Rs. 227.71 Lakh as against last year's Rs. 95.21 Lakh. Profit before tax was at Rs. 6.94 Lakh as against last year's Loss of Rs. (30.23) Lakh. The total comprehensive income was Rs. 9.16 Lakh as against Rs. (34.28) Lakh of the previous year.

b) Safari Manufacturing Limited:

The total income of the Safari Manufacturing Limited for the financial year 2022-23 stood at Rs. 11,663.62 Lakh as against last year's Rs. 1.20 Lakh. Profit before tax was at Rs. 929.67 Lakh as against last year's Loss of Rs. (48.59) Lakh. The total comprehensive income was Rs. 751.88 Lakh as against Rs. (45.90) Lakh of the previous year.

2. DIVIDEND:

The Board of Directors are pleased to recommend for your consideration a final dividend of Rs. 2/- per equity share of Rs. 2/- each i.e. 100% on the paid up value for the financial year 2022-23. (in previous year, the Company declared and paid dividend of Rs. 0.80 per equity share of Rs. 2/- each i.e. 40% on the paid up value ).

During the year under review, the Board of Director's in its Meeting held on 8^th February 2023, declared and paid interim dividend at the rate of Rs. 1.50 (75%) per equity share of Rs. 2/- each to those Members whose names appear on the Register of Members of the Company on the record date i.e. 17^th February 2023.

3. TRANSFER TO RESERVES:

It is not proposed to transfer any amount to reserves out of the profits earned during FY 2022-23.

4. SHARE CAPITAL:

During the year under review, the Company's paid-up share capital increased from Rs. 4,47,79,000/- (Rupees Four Crore Forty Seven Lakh Seventy Nine Thousand Only) to Rs. 4,74,22,580/- (Rupees Four Crore Seventy Four Lakh Twenty Two Thousand Five Hundred and Eighty Only) on account of conversion of 13,15,790 Compulsorily Convertible Debentures to 13,15,790 Equity Shares and issuance of 6,000 Equity Shares through ESOP Allotments.

Reclassification of Authorised Share Capital:

The Board of Directors in their meeting held on 16^th May 2023 approved re-classification of Authorised Share Capital of the Company subject to approval of the Members of the Company. The Unclassified Share Capital component of the Authorised Share Capital is sought to be reclassified as Equity Share Capital i.e. Rs. 10,00,00,000 (Rupees Ten Crore only) divided into 5,00,00,000 (Five Crore) equity shares of ^: 2/- (Rupees Two only) each.

Equity shares with differential rights:

The Company has not issued any equity shares with differential rights and hence, no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

Sweat equity shares:

The Company has not issued any sweat equity shares during the year under review and hence, no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

5. TRANSFER TO INVESTORS' EDUCATION AND PROTECTION FUND:

In accordance with the applicable provisions of Section 124 and 125 of the Companies Act, 2013 (the Act) and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and amendments thereof, the relevant dividend amounts which remain unpaid and unclaimed for a period of seven years have been transferred to the Investor Education and Protection Fund from time to time. Further, Equity Shares in respect of which dividend has not been encashed by the Members during the last seven years, from the date of transfer to the unpaid dividend account of the Company, has been transferred to the designated Suspense Account as prescribed by the IEPF Authority from time to time.

Details of the unpaid and unclaimed dividend amount lying with the Company as on 31^st March 2023 have been uploaded on the Company's website at https://safaribags.com/pages/investor-relations#unclaimed unpaid dividends.

6. DIRECTORS:

a) RETIREMENT BY ROTATION:

In accordance with the provisions of Section 152 of the Act and the Company's Articles of Association, Mr. Piyush Goenka, Director (DIN: 02117859) of the Company is liable to retire by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment. Mr. Piyush Goenka has provided his consent for re-appointment.

The aforesaid re-appointment with a brief profile and other related information of Mr. Piyush Goenka forms part of the Notice convening the ensuing AGM.

b) INDEPENDENT DIRECTORS:

Dr. Shailesh Mehta, Non-Executive and Independent Director of the Company was re-appointed on 28^th July 2019 for a period of 3 years. He ceased to be the director of the Company since his tenure as Non-Executive and Independent Director expired on 27^th July 2022 and pursuant to Section 149 of the Act, he was not eligible for re-appointment. The Board placed on record it's appreciation for the valuable contribution made by him.

During the year under review, pursuant to Section 134(3)(d) of the Act, declarations were received from all the Independent Directors confirming they fulfil the criteria of independence specified under Section 149(6) of the Act and Regulation 16(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Terms and conditions of appointment of Independent Directors are placed on the website of the Company at https://files.safaribags.com/pub/media/Appointment Letter/Safari-Industries-India-Ltd-Appointment- lettter-for-Independent-Directors.pdf.

c) KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of Section 203 of the Act, the following are the Key Managerial Personnel of the Company:

d) NOMINATION AND REMUNERATION POLICY:

The Company has adopted a Nomination and Remuneration Policy on criteria for determining Directors' appointment and remuneration including qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Act. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

The said Policy lays down the guidelines to be followed in relation to:

A. Appointment of the directors and key managerial personnel of the Company;

B. Fixation of the remuneration of the directors, key managerial personnel and other employees of the Company; and

C. Evaluation of performance of directors, key managerial personnel and other employees of the Company. The objective of this Policy is to inter-alia:

A. Attract, recruit and retain good and exceptional talent;

B. List down the criteria for determining the qualifications, positive attributes and independence of the directors of the Company;

C. Ensure that the remuneration of the directors, key managerial personnel and other employees is performance driven, motivates them, recognises their merits and achievements and promotes excellence in their performance;

D. Motivate such personnel to align their individual interests with the interests of the Company and further the interests of its stakeholders;

E. Ensure a transparent nomination process for directors with the diversity of thought, experience, knowledge, perspective and gender in the Board; and

F. Fulfill the Company's objectives and goals, including in relation to good corporate governance, transparency and sustained long-term value creation for its stakeholders.

The Nomination and Remuneration Policy of the Company can be viewed on website of the Company at https://files.safaribags.com/pub/media/Polices/Nomination and Remuneration Policy.pdf.

e) MANNER OF FORMAL EVALUATION OF BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

During the year under review, performance evaluation of the Board as a whole, its Committees and Individual Directors have been carried out as per the provisions of the Act. All Independent Directors of the Company at their meeting held on 8^th February 2023 have evaluated the performance of the Board as a whole, Committees of Board, the Chairman of the Company and the Non-Independent Directors as per the criteria adopted by the Nomination, Remuneration and Compensation Committee and the Board.

The performance evaluation of the Board was based on various parameters such as qualification of Board Members, their diversity of experience and background, whether the Members of the Board met all applicable independence requirements, sufficient number of Board meetings and Committee meetings etc. The performance of the individual Directors was evaluated on parameters such as qualifications, experience, independence, participation in Board Meetings and Committee Meetings, etc.

The evaluation of the Independent Directors was carried out by the entire Board excluding the Independent Director being evaluated.

The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board and its Committees with the Company.

f) NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS DURING THE YEAR:

During the year under review, the Board of Directors have held four (4) Board Meetings. The details of the Board Meetings and the attendance of the Directors are provided in the Corporate Governance Report which is annexed as Annexure A.

g) COMPOSITION OF AUDIT COMMITTEE:

The Audit Committee of the Board of Directors of the Company comprises of the following members as on 31^st March 2023:

Recommendations of the Audit Committee not accepted by the Board of Directors of the Company, along with the reasons thereof: None

7. CORPORATE GOVERNANCE REPORT:

As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Corporate Governance Report together with a Certificate from M/s. Ninad Awachat & Associates, Practicing Company Secretaries confirming compliance thereto is enclosed with the Corporate Governance Report as Annexure A.

In compliance with the requirements of Regulation 17 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, a certificate from the Managing Director and Chief Financial Officer of the Company was placed before the Board. The same is enclosed as a part of the Corporate Governance Report.

All the Board Members and Senior Management Personnel of the Company had affirmed compliance with the Code of Conduct for Board and Senior Management Personnel. A declaration to this effect duly signed by the Managing Director is enclosed as a part of the Corporate Governance Report.

8. PARTICULARS OF EMPLOYEES:

The information pursuant to Section 197(12) of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure B.

The statement containing particulars of remuneration of employees as required under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given in Annexure C of this Report.

In terms of Section 136(1) of the Act, the Annual Report is being sent to the Members excluding the aforesaid Annexure C. This Annexure will be available on the website of the Company 21 days prior to the date of the AGM. The information is also available for inspection by the Members at the Registered Office of the Company between 11:00 am (IST) to 1:00 pm (IST) on all working days except Saturdays, Sundays and Public Holidays up to the date of the AGM. Any Member desirous of obtaining a copy of the said Annexure may write to the Company Secretary at the Registered Office Address and/ or send an E-mail at investor@safari.in.

9. SAFARI EMPLOYEE STOCK OPTION SCHEME 2016:

Presently, the Company has Employee Stock Option (ESOP) Scheme namely Safari Employee Stock Option Scheme 2016 ("the ESOP Scheme") which helps the Company to retain and attract the right talent. The Nomination, Remuneration and Compensation Committee monitors the Company's ESOP scheme.

There are no changes in the ESOP Scheme and the ESOP Scheme is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The disclosures required under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are available on the website of the Company at https: / / www.safaribags.com/investors-relations/annual-reports/

10. SAFARI EMPLOYEES STOCK APPRECIATION RIGHTS SCHEME 2022:

The Company has Safari Employees Stock Appreciation Rights Scheme, 2022 ('ESAR' / 'the ESAR Scheme') with an objective of rewarding the employees for association, dedication and contribution to the goals of the Company. The Company intends to use this ESAR Scheme to attract and retain key talents working with the Company by way of rewarding their performance and motivate them to contribute to the overall corporate growth and profitability. The ESAR Scheme covers eligible employees of the Company and its wholly owned subsidiaries.

During the year under review, there were no changes in the ESAR Scheme and the ESAR Scheme is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Based on the approval of the Nomination, Remuneration and Compensation Committee and Board of Directors and subject to the approval of the Members, it is proposed to vary ESAR Scheme by increasing maximum number of equity shares that may be issued towards exercise of Employee Stock Appreciation Rights ('ESARs') under the ESAR Scheme from 1,11,947 (One Lakh Eleven Thousand Nine Hundred Forty Seven) having face value of Rs. 2/- each to 3,00,000 (Three Lakh) having face value of Rs. 2/- each.

The disclosures required under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are available on the website of the Company at https: / / www.safaribags.com/investors-relations/ annual-reports/

11. DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 134 OF THE ACT:

The Directors hereby confirm:

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

b) that they have 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) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) that they have prepared the annual accounts on a going concern basis;

e) that they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

12. AUDITORS:

M/s. Walker Chandiok & Co LLP were appointed as Statutory Auditors of the Company for the period of five years commencing from the conclusion of 42^nd AGM of the Company till the conclusion of 47^th AGM of the Company.

The Auditor's Report for the year under review does not contain any qualification, reservation or adverse remark.

13. INTERNAL AUDITORS:

Based on the recommendation of the Audit Committee of the Company, the Board of Directors of the Company has appointed M/s. Moore Singhi Advisors LLP as the Internal Auditors of the Company.

14 SECRETARIAL AUDIT REPORT:

In accordance with the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Ninad Awachat & Associates, Practicing Company Secretaries (Membership No. 26995 & CP No. 9668) to conduct Secretarial Audit for the financial year 2022-23.

The Report of the Secretarial Auditor is annexed hereto as Annexure D. The said Report contains no qualification, reservation or adverse remark except delay in re-constitution of Nomination, Remuneration and Compensation Committee as prescribed Regulation 19(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended 31^st March 2022, which was complied w.e.f. 1^st March 2022.

15. ACCOUNTING TREATMENT:

The Accounting Treatment is in line with the applicable Indian Accounting Standards (IND-AS) recommended by the Institute of Chartered Accountants of India and prescribed by the Central Government, as may be amended from time to time.

16. SUBSIDIARIES:

As on the financial year ended 31^st March, 2023, the Company has following 2 (two) wholly owned subsidiaries:

a) Safari Lifestyles Limited; and

b) Safari Manufacturing Limited.

Further, during the year under review, no companies have become/ ceased to be joint venture or associate companies of the Company.

During the year under review, Safari Manufacturing Limited, the wholly owned subsidiary of the Company has successfully commenced its commercial production/ manufacturing of luggage on 17^th June 2022 at its newly set up factory situated at Halol, Gujarat.

The Consolidated Financial Statements of the Company include the financial statements of the aforesaid wholly owned subsidiaries of the Company for the financial year 2022-23. The Financial Statements of wholly owned subsidiaries are also placed on the website of the Company. Any Member desirous of obtaining a copy of the said Financial Statements may send an e-mail to the Company Secretary at investor@safari.in for the same.

The Report on the performance and financial position of wholly owned subsidiaries in Form AOC-1 pursuant to first proviso to Sub-section (3) of Section 129 of the Act and Rule 5 of Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure E.

17. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Board of Directors has adopted a Policy on Internal Financial Controls to ensure orderly and efficient conduct of the business of the Company including the Company's policies. The said Policy is adequate and is operating effectively.

18. RISK MANAGEMENT POLICY:

The Company has adopted the Risk Management Policy, the brief of the same is disclosed in the Corporate Governance Report annexed as Annexure A to this report.

19. PARTICULARS OF CONTRACTS WITH RELATED PARTIES:

All the related party transactions entered by the Company during the year under review were in the ordinary course of business, on arm's length basis and in accordance with the provisions of the Act read with the Rules issued thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There were no material related party transactions entered during the year under review.

Accordingly, no transactions are being reported in Form AOC-2 in terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014.

20. VIGIL MECHANISM /WHISTLE BLOWERS POLICY:

The Company believes in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In order to achieve the same, the Company has formulated a Whistle Blowers Policy to provide a secure environment and to encourage all employees, Directors, Members, customers, vendors and/ or third party intermediaries of the Company to report unethical, unlawful or improper practices, acts or activities in the Company and to prohibit managerial personnel from taking any adverse action against those employees/ persons who report such practices in good faith.

The Policy has been uploaded on the website of the Company at https: / / files.safaribags.com/pub/media/Polices/ Whistle Blowers Policy.pdf

21. PARTICULARS OF LOAN, GUARANTEE AND INVESTMENTS UNDER SECTION 186 OF THE ACT:

Details of loans, guarantees and investments covered under Section 186 of the Act forms part of the notes to the Standalone Financial Statements.

22. ANNUAL RETURN:

The Annual Return for financial year 2022-23 has been uploaded on the website of the Company at https:/ / safaribags.com/pages/investor-relations#annual returns

23. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2 relating to 'Meetings of the Board of Directors' and 'General Meetings' respectively have been duly followed by the Company.

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

Details on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo, etc. are annexed as Annexure F to this Report.

25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as Annexure G to this Report.

26. CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES:

The Company has adopted a CSR Policy in accordance with the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. The same is available on the website of the Company at https://files.safaribags.com/pub/media/CSR/Policy on corporate social responsibily.pdf

The composition of the CSR Committee is disclosed in the Corporate Governance Report which is annexed as Annexure A to this report. The report on CSR activities undertaken by the Company for the year under review is annexed to this Report as Annexure H.

27. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Business Responsibility

and Sustainability Report for the year under review is annexed as Annexure I to this Report.

28. INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The information required as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is provided in the Corporate Governance Report which is annexed as Annexure A to this Report.

The Policy for Prevention of Sexual Harassment of Women at Workplace has been uploaded on the website of the Company at https://files.safaribags.com/pub/media/Polices/Policy for Prevention- of sexual harassment.pdf

29. DIVIDEND DISTRIBUTION POLICY:

In compliance with Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Dividend Distribution Policy formulated by the Company is available on the website of the Company at https://files.safaribags.com/pub/media/Polices/Dividend Distribution Policy.pdf

30. GENERAL:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions/ events during the year under review:

a) Details relating to deposits covered under Chapter V of the Act.

b) Change in nature of Company's business.

c) Details of significant and material orders passed by Regulators or Courts or Tribunals impacting the going concern status and the Company's operations in future.

d) Material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year and the date of Report.

e) No material fraud has been reported by the Auditors to the Audit Committee of the Board.

f) Maintenance of cost records as specified by the Central Government under Sub-section (1) of Section 148 of the Act is not applicable to the Company.

g) No application was made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.

31. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the dedicated services of the employees of your Company at all levels. Further, the Directors would also like to express their gratitude for the continued support of all the stakeholders and last but not the least our valued Members, for all their support and trust reposed in the Company.

ON BEHALF OF THE BOARD OF DIRECTORS For SAFARI INDUSTRIES (INDIA) LIMITED