Atharv Enterprises Ltd. के निदेशक की रिपोर्ट

Mar 31, 2025

Board of Directors hereby present the 35^th Annual Report on the business and operations of ATHARV
ENTERPRISES LIMITED together with the Audited Statements of Accounts for the financial year ended
31^st March, 2025.

1. FINANCIAL HIGHLIGHTS:

The financial statements of the Company have been prepared in accordance with the Indian
Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013 ("Act")
read with the Companies (Accounts) Rules, 2014.

The financial performance of the Company, for the Financial Year ended on 31^st March, 2025 is
summarized below:

(Amount in Lakhs)

Particulars	Year ended 31.03.2025	Year ended 31.03.2024
Revenue From Operations	26.65	815.77
Other Income	296.11	296.61
Total Income	322.76	1,112.38
Total Expenses	297.08	1,087.48
Profit before tax (EBIDTA)	25.68	24.90
Taxation
- Current Tax	6.42	6.43
- Previous Tax	-	-
- Deferred Tax Asset	-	-
- MAT Credit Entitlement	-	-
Profit After Tax	19.26	18.47
Other Comprehensive Income (net of tax)	-	-
Total Comprehensive Income for the year	19.26	18.47

2. DIVIDEND

During the year under review, the Company has decided to plough back the profit for the future
expansion and activities of the Company. The Board therefore, does not recommend payment of
any dividend for the year under review.

3. FINANCIAL PERFORMANCE AND OPERATIONAL REVIEW

During the financial year 2024-25:

I. Gross Sales of the Company for the year under review is Rs. 26.65 Lakhs as compared to
Rs. Rs. 815.77 lakhs in the previous year.

II. Net Profit after Tax is Rs. 19.26 Lakhs as against Net Profit of Rs. 18.47 Lakhs of the
previous year.

4. TRANSFER TO RESERVE

The Company has not transferred amount to reserves during the Financial Year 2024-25.

5. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year within the meaning
of Section 73(1) of the Companies Act, 2013, and the rules made thereunder.

6. CHANGE IN NATURE OF BUSINESS

During the year under review, there was no change in nature of business.

7. DETAILS OF SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES

The Company has no subsidiary, Joint Venture and Associate companies.

No company has become or ceased to be the Company''s subsidiaries, joint ventures or associate
companies during the year under review.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. Pramod Kumar Gadiya: Managing Director

Ms. Vandana Pramod Gadiya : Executive Director

Mr. Jagdish Chandra Gadiya : Non-Executive Non-Independent Director

Mr. Harish Sharma : Non-Executive Independent Director

Mr. Navneet Sharma : Non-Executive Independent Director

Mr. Nikhil Kumar Tank : Non-Executive Independent Director

Mrs. Aditi Kakhani : Company Secretary & Compliance Officer

Mrs. Vandana Gadiya : Chief Financial Officer (CFO)

Mr. Pramod Gadiya (DIN: 02258245) as the Managing Director, was re-appointed as Managing
Director w.e.f. 01st August, 2024 for a period of 3 years.

Ms. Vandana Pramod Gadiya (DIN: 02766684) Executive Director of the Company will be re¬
appointed w.e.f. 01^st September, 2026. Resolution seeking approval of the members is the part of
AGM Notice.

In accordance with the applicable provisions of Section 152 of the Act and the Articles of
Association of the Company Mr. Jagdish Chandra Gadiya, (DIN - 03577289), Director of the
company retires by rotation at the forthcoming Annual General Meeting and being eligible, offer
himself for the re-appointment.

Mr. Harish Sharma (DIN: 08779366) Non-Executive Independent Director of the Company will be
reappointed for the second term of 5 years w.e.f. 09^th July, 2025 to 08^th July, 2030. Resolution
seeking approval of the members is the part of AGM Notice.

Mr. Navneet Sharma (DIN: 08763241) Non-Executive Independent Director of the Company has
reappointed for the second term of 5 years w.e.f. 09^th July, 2025 to 08^th July, 2030. Resolution
seeking approval of the members is the part of AGM Notice.

Mr. Nikhil Kumar Tank (DIN: 09259088) Non-Executive Independent Director of the Company has
reappointed for the second term of 5 years w.e.f. 29^th July, 2026 to 28^th July, 2031. Resolution
seeking approval of the members is the part of AGM Notice.

Other than the above, there has been no change in the constitution of Board during the year under
review i.e. the structure of the Board remains the same.

9. MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the Company occurred
between the end of the financial year of the Company i.e. 31^st March, 2025 to which these financial
statements relates and the date of this report.

10. DECLARATION BY AN INDEPENDENT DIRECTOR(S)

In accordance with the provisions of Section 149(7) of the Act, Mr. Harish Sharma, Mr. Navneet
Sharma and Mr. Nikhil Kumar Tank Independent Directors of the Company as on 31^st March, 2025
have given their declarations to the Board that they meet the criteria of independence as laid
down under Section 149(6) of the Act, Regulation 16(1)(b) and Regulation 25 of the SEBI Listing
Regulations and are qualified to be Independent Directors pursuant to Rule 5 of the Companies
(Appointment and Qualification of Directors) Rules, 2014. The Independent Directors are in
compliance with the Code of Conduct prescribed under Schedule IV of the Act.

Further, the Independent Directors have confirmed that they have included their names in the
Independent Director''s databank maintained by the Indian Institute of Corporate Affairs in terms
of Section 150 of the Act read with Rule 6 of Companies (Appointment and Qualifications of
Directors) Rules, 2014.

The Board is of the opinion that all the Independent Directors of the Company possess requisite
qualifications, experience and expertise in the fields of strategy, planning and execution,
management and leadership, functional and managerial experience, legal and risk management,
corporate governance systems and practices, finance, banking and accounts and they hold highest
standards of integrity.

During the financial year 2024-25 a separate meeting of Independent Directors was held on 31^st
March, 2025, without the presence of executive directors or management representatives and
the following matters were discussed:

• the performance of non-Independent directors and the Board as a whole;

• the performance of the Chairman of the Company, taking into account the views of executive
directors and non-executive directors; and

• assess the quality, quantity and timeliness of flow of information between the Company
management and the Board that is necessary for the Board to effectively and reasonably perform
their duties.

11. RISK MANAGEMENT POLICY:

Risk Management is the process of identification, assessment and prioritization of risks followed
by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact
of unfortunate events or to maximize the realization of opportunities. The Company has laid down
a comprehensive Risk Assessment and Minimization Procedure which is reviewed by the Board
from time to time. These procedures are reviewed to ensure that executive management controls
risk through means of a properly defined framework. The major risks have been identified by the
Company and its mitigation process/measures have been formulated in the areas such as
business, project execution, dg event, financial, human, environment and statutory compliance.

12. ANNUAL EVALUATION OF BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance, Board
committees and Individual Directors pursuant to the provisions of the Act and the Corporate
Governance requirements as prescribed by Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations").

The performance of the Board was evaluated by the Board after seeking inputs from all the
Directors on the basis of the criteria such as the Board composition and structure, effectiveness
of Board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the
Committee members on the basis of the criteria such as the composition of Committees,
attendance, prior study of materials given, participation at the meetings, level and effectiveness
of Committee meetings, etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance
of the Individual Directors on the basis of the criteria such as the contribution of the individual
Director to the Board and Committee meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman
was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated, taking into

account the views of Executive Directors and Non-executive Directors. The same was discussed in
the board meeting that followed the meeting of the Independent Directors, at which the
performance of the Board, its committees and individual Directors was also discussed.
Performance evaluation of independent directors was done by the entire board, excluding the
Independent Director being evaluated.

13. AUDITORS:

i) Statutory Auditors and Audit Report

Pursuant to the provisions of Section 139 of the Act, M/s. J. Singh & Associates, Chartered
Accountants (ICAI Firm Registration No. 110266W) are the Statutory Auditors of the Company,
as per their appointment at the 34^th AGM of the Company held on 28^th September, 2024, for a
period of 5 (five) years.

The requirement of seeking ratification of members for continuing the appointment of
Statutory Auditors at every AGM was withdrawn by the Companies (Amendment) Act, 2017
w.e.f. 07^th May, 2018.

M/s. J. Singh & Associates, Chartered Accountants have confirmed that they are eligible and are
in compliance with the provisions specified under Section 141(3)(g) of the Act and they are not
disqualified to act as Statutory Auditors in terms of the provisions of Sections 139 and 141 of
the Act and the Companies (Audit and Auditors) Rules, 2014. The Report of the Statutory
Auditor forming part of the Annual Report, does not contain any qualification, reservation,
adverse remark or disclaimer. The observations made in the Auditors'' Report are self¬
explanatory and therefore do not call for any further comments.

ii) Cost Auditors:

The Company is not required to keep cost records or appoint cost auditors.

iii) Secretarial Auditors and Secretarial Audit Report:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s. Nidhi Bajaj
& Associates, a firm of Company Secretaries in Practice, to undertake the Secretarial Audit of
the Company for the financial year ended March 31, 2025. The Secretarial Audit Report for the
financial year ended March 31, 2024 is enclosed to this report as "Annexure A".

The Company is in compliance with the Secretarial Standards issued by the Institute of Company
Secretaries of India.

iv) Internal Auditor

The Board, upon the recommendation of the Audit Committee, has appointed M/s. B.B.
GAGRANI & Co., as the Internal Auditor of the Company for financial year 2025-26
The observations made in the Internal Auditors'' Report are self-explanatory and therefore do
not call for any further comments.

14. MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion and Analysis of financial condition, including the results of operations
of the Company for the year under review as required under Regulation 34(2)(e) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is provided as a "Annexure B".

15. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, a copy of the Annual Return as on
31^st March, 2025 is available on the Company''s website www.atharventerprises.biz/home

16. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES:

During the year under review, your Company has directly or indirectly given Loans, Guarantees or
Investments. The Details is available in Schedule of forming Part of Balance Sheet of the Company.

17. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year ended March 31, 2025,
were on an arm''s length basis and were in the ordinary course of business. Therefore, the provisions
of Section 188 of the Companies Act, 2013 were not attracted.

However, there are no materially significant related party transactions during the financial year
made by the Company, thus, disclosure in Form AOC-2 is not required.

18. BOARD MEETING

During the year under review, the Board met Seven (7) times on 29^th April, 2024, 30^th May 2024, 18^th
July 2024, 01^st August 2024, 05^th September 2024, 11^th November, 2024 and 30^th January 2025 in
accordance with the provisions of the Companies Act, 2013 and rules made thereunder. There have
not been any instances during the year when recommendations of the Audit Committee were not
accepted by the Board.

19. DIRECTORS'' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and
maintained by the Company, work performed by the internal, statutory and secretarial auditors
including audit of internal financial controls over financial reporting by the statutory auditors and
the reviews performed by Management and the relevant Board Committees, including the Audit
Committee, the Board is of the opinion that the Company''s internal financial controls were adequate
and effective during the financial year 2024-25.

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge and ability, confirm that-

i. in the preparation of the annual accounts, the applicable accounting standards have been
followed and that there are no material departures;

ii. they have selected such accounting policies and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of financial year and of the profit or
loss of the Company for the year;

iii. 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;

iv. they have prepared the annual accounts on a going concern basis;

v. 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;

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

20. CORPORATE GOVERNANCE

The report on Corporate Governance as stipulated under the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 forms an integral part of this report and is provided as a "Annexure
C".

A certificate from M/s. Nidhi Bajaj & Associates, Practicing Company Secretary regarding compliance
on conditions of corporate governance as stipulated in the Listing Regulations is also appended to
the report on Corporate Governance as "Annexure D".

21. LISTING ON STOCK EXCHANGE

The Company shares are listed on the BSE Ltd and the Company has paid the listing fees for the
Financial Year 2024-25. The shares of the Company are traded at The BSE Ltd having Nation-wide
terminals.

22. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

There is a Whistle Blower Policy in the Company and that no personnel have been denied access to
the Chairman of the Audit Committee. The policy provides for adequate safeguards against
victimization of persons who use vigil mechanism.

23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO ETC.

The Board has nothing to report under this. However, the company is taking adequate steps to see
that the energy used by the company is the minimum under the given circumstance.

The Board has nothing to report under the head technology absorption.

During the year, the total foreign exchange used was NIL (previous year Nil) and the total foreign
exchange earned was NIL (previous year Nil).

24. INTERNAL FINANCIAL CONTROL SYSTEMS AND ADEQUACY

The internal financial controls with reference to the Financial Statements are commensurate with
the size and nature of business of the Company. During the year, such control was tested and no
reportable material weakness in the design or operation was observed.

25. PARTICULARS OF EMPLOYEES AND MANAGERIAL REMUNERATION

Pursuant to the Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, no employee of the Company was paid remuneration exceeding the prescribed
limits, during the financial year 2024-25.

26. DISCLOSURE WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT

The Company does not have any of its securities lying in demat/unclaimed suspense account arising
out of public/bonus/right issues as at 31^st March, 2025. Hence, the particulars relating to aggregate
number of shareholders and the outstanding securities in suspense account and other related
matters does not arise.

27. DISCLOSURES
AUDIT COMMITTEE

i. The Audit committee of the Company is constituted in line with the provisions of Regulation 18
of SEBI Listing Regulations, read with Section 177 of the Act.

ii. The terms of reference of the audit committee are broadly as under:

• Oversight of the Company''s financial reporting process and the disclosure of its financial
information to ensure that the financial statement is correct, sufficient and credible;

• Recommend the appointment, remuneration and terms of appointment of auditors of the
Company;

• Approval of payment to statutory auditors for any other services rendered by the
statutory auditors;

• Reviewing, with the management, the annual financial statements and auditors'' report
thereon before submission to the board for approval, with particular reference to:

> Matters required to be included in the director''s responsibility statement to be
included in the board''s report in terms of clause (c) of sub-section 3 of section 134
of the Act.

> Changes, if any, in accounting policies and practices and reasons for the same.

> Major accounting entries involving estimates based on the exercise of judgment by
management.

> Significant adjustments made in the financial statements arising out of audit
findings.

> Compliance with listing and other legal requirements relating to financial
statements.

> Disclosure of any related party transactions.

> Qualifications in the draft audit report.

• Reviewing, with the management, the quarterly financial statements before submission
to the board for approval;

• Reviewing, with the management, the statement of uses / application of funds raised
through an issue (public issue, rights issue, preferential issue, etc.), the statement of
funds utilized for purposes other than those stated in the offer document / prospectus /
notice and the report submitted by the monitoring agency monitoring the utilisation of
proceeds of a public or rights issue, and making appropriate recommendations to the
board to take up steps in this matter;

• Review and monitor the auditors'' independence and performance, and effectiveness of
audit process;

• Approval or any subsequent modification of transactions of the Company with related
parties;

• Scrutiny of inter-corporate loans and investments;

• Valuation of undertakings or assets of the Company, wherever it is necessary;

• Evaluation of internal financial controls and risk management systems;

• Establish a vigil mechanism for directors and employees to report genuine concerns in
such manner as may be prescribed;

• The audit committee may call for the comments of the auditors about internal control
systems, the scope of audit, including the observations of the auditors and review of
financial statement before their submission to the Board and may also discuss any related
issues with the internal and statutory auditors and the management of the Company;

• The audit committee shall review the information required as per SEBI Listing
Regulations.

iii. The audit committee invites executives, as it considers appropriate (particularly the head of
the finance function), representatives of the statutory auditors and representatives of the
internal auditors to be present at its meetings. The Company Secretary acts as the secretary
to the Audit Committee.

iv. In terms of the Insider Trading Code adopted by the Company, the Committee considers the
following matters:

> To approve policies in relation to the implementation of the Insider Trading Code
and to supervise implementation of the Insider Trading Code.

> To note and take on record the status reports detailing the dealings by Designated
Persons in Securities of the Company, as submitted by the Compliance Officer on a
quarterly basis.

> To provide directions on any penal action to be initiated, in case of any violation of
the Regulations by any person.

> The previous Annual General Meeting (AGM) of the Company was held on
September 28, 2024 and was attended by Mr. Harish Sharma, Chairman of the Audit
Committee.

v. Mr. Jagdish Chandra Gadiya resigned from the membership of the Audit Committee w.e.f.
30^th May, 2024 and he attended two audit committee meetings held on 29^th April, 2024 and
30^th May, 2024.

vi. The composition of the Audit Committee as on 31.03.2025 and the details of meetings
attended by its members are given below:

Sr No.	Particulars	Category of Director	Number of Meetings during the year 2024-25
			Held (during the tenure)	Attended
1	Mr. Harish Sharma	Non-Executive- Independent Director, Chairperson	6	6
2	Mr. Navneet Sharma	Non-Executive- Independent Director, Member	6	6
3	Mr. Navneet Sharma	Non-Executive- Independent Director, Member	6	6

vii. Six Audit Committee Meetings were held during the year and the gap between two meetings
did not exceed four months.

The dates on which the said meetings were held are as follows:

29^th April, 2024, 30^th May, 2024, 18^th July 2024, 05^th September 2024, 11^th November, 2024
and 30^th January 2025.

The necessary quorum was present for all the meetings.

NOMINATION AND REMUNERATION COMMITTEE

i. The Company has constituted Nomination and Remuneration Committee in line with the
provisions of Regulation 19 of SEBI Listing Regulations, read with Section 178 of the Act.

ii. The broad terms of reference of the nomination and Remuneration Committee are as under:
• Recommend to the board the set up and composition of the board and its committees

including the "formulation of the criteria for determining qualifications, positive attributes
and independence of a director". The committee will consider periodically reviewing the
composition of the board with the objective of achieving an optimum balance of size, skills,
independence, knowledge, age, gender and experience.

• Recommend to the board the appointment or reappointment of directors.

• Devise a policy on board diversity.

• Identifying persons who are qualified to become directors and who may be appointed in
senior management in accordance with the criteria laid down and recommend to the board
of directors their appointment and removal;

• Carry out evaluation of every director''s performance and support the board and
independent directors in evaluation of the performance of the board, its committees and
individual directors. This shall include "formulation of criteria for evaluation of
independent directors and the board".

• Whether to extend or continue the term of appointment of the independent director, on
the basis of the report of performance evaluation of independent directors.

• Recommend to the board the remuneration policy for directors, executive team or key
managerial personnel as well as the rest of the employees.

• Oversee familiarization programs for directors.

• On an annual basis, recommend to the board the remuneration payable to the directors
and oversee the remuneration to executive team or key managerial personnel of the
Company.

• Oversee the human resource philosophy, human resource and people strategy and human
resource practices including those for leadership development, rewards and recognition,
talent management and succession planning (specifically for the board, key managerial
personnel and executive team).

• Provide guidelines for remuneration of directors on material subsidiaries.

• Recommend to the board on voting pattern for appointment and remuneration of
directors on the boards of its material subsidiary companies.

• Performing such other duties and responsibilities as may be consistent with the provisions
of the committee charter.

iii. Mr. Jagdish Chandra Gadiya resigned from the membership of the Nomination And
Remuneration committee w.e.f. 30^th May, 2024.

iv. The composition of the Nomination and Remuneration committee as on 31.03.2025 and
the details of meetings attended by its members are given below:

Sr No.	Particulars	Category of Director	Number of Meetings during the year 2024-25
			Held (during the tenure)	Attended
1	Mr. Harish Sharma	Non-Executive- Independent Director, Member	4	4
2	Mr. Navneet Sharma	Non-Executive- Independent Director, Chairperson	4	4
3	Mr. Navneet Sharma	Non-Executive- Independent Director, Member	4	4

During the year, four meetings of the nomination and remuneration committee were held
on 01^st August 2024, 05^th September 2024, 11^th November, 2024 and 28^th March 2025.

v. The Company does not have any employee stock option scheme.

vi. Performance Evaluation Criteria for Independent Directors:

The performance evaluation criteria for independent directors are determined by the
Nomination and Remuneration committee. An indicative list of factors that may be
evaluated include participation and contribution by a director, commitment, effective
deployment of knowledge and expertise, effective management of relationship with
stakeholders, integrity and maintenance of confidentiality and independence of
behaviour and judgment. Performance Evaluation Criteria of Independent Directors and
the Board are displayed on the Company''s website: www.atharventerprises.com.

vii. Remuneration policy:

Remuneration policy in the Company is designed to create a high performance culture. It
enables the Company to attract, retain and motivate employees to achieve results. Our
business model promotes customer centricity and requires employee mobility to address
project needs. The remuneration policy supports such mobility through pay models that
are compliant to local regulations. The Remuneration Policy is placed on the Company''s
website: www.atharventerprises.biz/home.

The Company pays remuneration by way of salary, benefits, perquisites and allowances
(fixed component) to its Managing Director. Annual increments are decided by the
nomination and remuneration committee (NRC) within the salary scale approved by the
members of the Company and are effective April 1 each year.

STAKEHOLDERS RELATIONSHIP COMMITTEE

i. The stakeholders'' relationship committee is constituted in line with the provisions of
Regulation 20 of SEBI Listing Regulations read with section 178 of the Act.

ii. The broad terms of reference of the stakeholders'' relationship committee are as under:

• Consider and resolve the grievances of security holders of the Company including redressal of
investor complaints such as transfer or credit of Shares, non-receipt of notice / annual reports
/ dividend etc. and all other shareholders related matters.

• Consider and approve issue of share certificates (including issue of renewed or duplicate share
certificates), transfer and transmission of securities, etc.

• Ensure setting of proper controls and oversee performance of the Registrar and Share Transfer
Agent and recommends measures for overall improvement in the quality of services to the
investors.

iii. Mr. Jagdish Chandra Gadiya resigned from the membership of the stakeholders'' relationship
committee w.e.f. 30^th May, 2024.

iv. Three meetings of the Stakeholders'' Relationship Committee were held during the year on

05^th September, 2024, 11^th November, 2024 and 30^th January, 2025.

v. The composition of the Stakeholders'' Relationship Committee as on 31.03.2024 and the
details of meetings attended by its members are given below:

Sr No.	Particulars	Category of Director	Number of Meetings during the year 2024-25
			Held (during the tenure)	Attended
1	Mr. Harish Sharma	Non-Executive- Independent Director, Member	3	3
2	Mr. Navneet Sharma	Non-Executive- Independent Director, Member	3	3
3	Mr. Navneet Sharma	Non-Executive- Independent Director, Chairperson	3	3

28. CORPORATE SOCIAL RESPONSIBILITY

During the FY 2024-25, Corporate Social Responsibility is not applicable to the company.

29. SEXUAL HARASSMENT POLICY

The Company has zero tolerance for sexual harassment at the workplace and has adopted a Policy on
Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
the Rules there under. The Policy aims to provide protection to employees at the workplace and prevent
and redress complaints of sexual harassment and for matters connected or incidental thereto, with the
objective of providing a safe working environment, where employees feel secure. All employees of the
Company, those of contractors as well as trainees are covered under this Policy.

No complaint was received from any employee during the financial year 2024-25 and hence no complaint
is outstanding as on 31.03.2025 for redressal.

30. CODE OF CONDUCT

The Board has laid down a code of conduct for board members and senior management personnel
of the Company. The code incorporates the duties of independent directors as laid down in the
Companies Act, 2013. The Board members and senior management personnel have affirmed
compliance with the said code of conduct. A declaration in this regard signed by the Chairman &
Managing Director / CFO is given at the end of the Corporate Governance Report.

31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Courts/ Regulators or Tribunals impacting the
going concern status and Company''s operations in future.

32. COMPLIANCE OF ACCOUNTING STANDARDS:

As per requirements of the SEBI Listing Regulations and applicable Accounting Standards, your
Company has made proper disclosures in the Financial Statements. The applicable Accounting
Standards have been duly adopted pursuant to the provisions of Sections 129 and 133 of the Act.

33. COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with all applicable mandatory Secretarial Standards issued by the
Institute of Company Secretaries of India.

34. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY CODE, 2016.

During the year under review, there were no application made or proceedings pending in the name
of the company under the Insolvency and Bankruptcy Code, 2016.

35. DETAILS IN RESPECT OF FRAUD:

During the year under review, the Statutory Auditor in their report have not reported any instances
of frauds committed in the Company by its Officers or Employees under section 143(12) of the
Companies Act, 2013.

36. DIFFERENCE IN VALUATION

The Company has not made any one-time settlement for loans taken from the Banks or Financial
Institutions, and hence the 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 is not applicable.

37. ACKNOWLEDGEMENT

The Board places on record its deep appreciation for the continued support received from various clients,
vendors and suppliers and Bankers, Government Authorities, Employees at all levels and Stakeholders, in
furthering the interest of the Company.

By Order the Board of Directors,

Atharv Enterprises Limited

Sd/- Sd/-

Pramod Kumar Gadiya Vandana Pramod Gadiya

Managing Director Director

DIN:02258245 DIN:02766684

Date: 29^th August, 2025
Place: Mumbai

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Mar 31, 2024

Your Directors are pleased to present the 34^th Annual Report and the Company''s Audited Financial Statement for the
financial year ended March 31, 2024.

1. Financial Statements :

(Rs. In I akhs)

Particulars	31.03.2024	31.03.2023
Total Income	1112.38	239.04
Total Expense	1087.48	224.45
Profit before Finance Cost and Depreciation	30.27	21.13
Less : Finance Cost	1.64	4.02
Profit before Depreciation	28.63	17.11
Less : Depreciation	3.73	2.52
Profit/(Loss) before Tax	24.90	14.59
Provision for Tax Current Tax Deferred Tax	-6.43	-3.76
Balance of Profit/(Loss) for the year	18.47	10.83
Earning per equity share: Basic & Diluted (Rs.10/- each)	0.02	0.01

2. Dividend :

During the year under review, the Company has decided to plough back the profit for the future expansion and activities
of the Company. The Board therefore, does not recommend payment of any dividend for the year under review.

3. Financial Performance and Operational Review:

During the financial year 2023-2024:

I. Gross Sales of the Company for the year under review is Rs. 815.77 Lakhs as compared to Rs. 80.93 lakhs in the
previous year.

II. Net Profit after Tax is Rs. 18.47 Lakhs as against Net Profit of Rs. 10.83 Lakhs of the previous year.

4. Change in the nature of business:

During the year under review, there was no change in the nature of the business of the Company.

5. Significant and Material Orders Passed by the Regulators or Courts:

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going
concern status of the Company and its future operations.

6. Subsidiary Companies & Associated Company:

During the year under review, the Company does not have any subsidiary company nor any Associates Company.

7. Adequacy of internal financial controls:

The Company has in placed adequate and effective Internal Financial Controls with reference to financial statements.
During the year, such controls were tested and upgraded and no reportable material weaknesses in the design or
operation were observed.

8. Particulars of Loans, Guarantees or Investments:

During the year under review, your Company has directly or indirectly given Loans, Guarantees or Investments. The
Details is available in Schedule of forming Part of Balance Sheet of the Company.

9. Particulars of Contracts or Arrangements with Related Parties:

All related party transactions that were entered into during the financial year were on arm''s length basis and were in
the ordinary course of Company''s business. The Company has not entered into any contract, arrangement or transaction
with any related party which could be considered as material as defined under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

Related party transactions under Accounting Standard - AS 18 are disclosed in the notes to the financial statements.
Prescribed Form No. AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014 is furnished as Annexure - A to this report.

10. Directors'' Responsibility Statement:

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge
and ability, confirm that:

a. in the preparation of annual accounts for the year ended March 31, 2023, the applicable accounting standards
read with requirements set out under Schedule III to the Act, have been followed and there are no material
departures from the same;

b. 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 March
31, 2023 and of the Profit of the Company for the year ended on that date;

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

d. they have prepared the annual accounts on a ''going concern'' basis;

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

11. Directors and Key Managerial Personnel:

Mr. Pramod Gadiya : Managing Director

Mrs. Vandana Gadiya : Executive Director

Mr. Jagdish Chandra Gadiya : Non-Executive Non-Independent Director

Mr. Harish Sharma : Non-Executive Independent Director

Mr. Navneet Sharma : Non-Executive Independent Director

Mr. Nikhil Kumar Tank : Non-Executive Independent Director

Key Managerial Personnel:

Mrs. Aditi Kakhani : Company Secretary & Compliance Officer

Mrs. Vandana Gadiya : Chief Financial Officer (CFO)

12. Declaration by Independent Directors:

The Company has received necessary declarations from all Independent Directors of the Company confirming that they
meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 as well as under Regulation
25 and 16(1)(b) of SEBI (LODR) Regulations. There has been no change in the circumstances which may affect their status
as independent director during the year.

13. Board Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and Individual
Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI Listing
Regulations").

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the
criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning,
etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on
the basis of the criteria such as the composition of Committees, attendance, prior study of materials given, participation
at the meetings, level and effectiveness of Committee meetings, etc.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the Individual
Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee
meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in
meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the Board
as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and
Non-executive Directors. The same was discussed in the board meeting that followed the meeting of the Independent
Directors, at which the performance of the Board, its committees and individual Directors was also discussed.
Performance evaluation of independent directors was done by the entire board, excluding the Independent Director
being evaluated.

14. Familiarization Programme for the Independent Directors:

In compliance with the requirements of SEBI Regulations, 2015, the Company has put in place a familiarization
programme for the Independent Directors to familiarize them with their role, rights and responsibilities as Directors,
the working of the Company, nature of the industry in which the Company operates, business model etc. The details of
the familiarization programme are explained in Corporate Governance Report.

15. Policy on Directors'' Appointment and Remuneration and other details:

The Nomination and Remuneration Committee has laid down the criteria for Directors appointment and remuneration
including criteria for determining qualification, positive attributes and independence of a Director. The following
attributes/criteria for selection have been laid by the Board on the recommendation of the Committee:

• the candidate should possess the positive attributes such as leadership, entrepreneurship, business advisor or such
other attributes which in the opinion of the Committee are in the interest of the Company;

• the candidate should be free from any disqualification as provided under Sections 164 and 167 of the Companies
Act, 2013;

• the candidate should meet the conditions of being independent as stipulated under the Companies Act, 2013 and
Listing Agreement entered into with Stock Exchanges, in case of appointment as an independent director; and

• the candidate should possess appropriate educational qualification, skills, experience and knowledge in one or
more fields of finance, law, management, sales, marketing, administration, corporate governance, technical operations,
infrastructure or such other areas or disciplines which are relevant for the Company''s business.

16. Number of Meetings of the Board:

During the year under review, Six (06) Meetings of the Board of Directors were held on 23.05.2023, 10.07.2023,
01.09.2023, 05.09.2023, 17.10.2023 and 17.01.2024. For details of the meetings of the Board, please refer to the
Corporate Governance Report, which forms part of this report.

17. Audit Committee:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which
forms part of this report.

The Audit Committee of the Board of Directors meets the criteria laid down under Section 177 of the Companies Act,
2013, read with Regulation 18 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement)
Regulation, 2015 in the terms of reference to the Audit Committee.

18. Material Changes and Commitments, if any, affecting the Financial position of the Company which have occurred
between the end of Financial Year of the Company to which the Financial Statement relate and the date of the Report

There were no material changes and commitments that have affected the financial position of the Company which have
occurred during the financial year ended on 31^st March, 2024.

19. Change of Registered Office

There is no change in registered Office during the year under review.

20. Management Discussion and Analysis:

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements) Regulation
2015, the Management Discussion and Analysis has been given hereunder:

ECONOMIC AND INDUSTRY OVERVIEW GLOBAL ECONOMY
Global Economy

The global economy demonstrated remarkable resilience in 2023, particularly following a period of receding inflation.
This resilience was evident across several key indicators, including steady employment rates and rising incomes, both
buoyed by favourable demand conditions. The overall economic landscape was further enhanced by increased
government spending, robust household consumption, and higher labour force participation, collectively contributing
to a positive economic outlook. The year 2023 saw substantial government spending aimed at revitalising various
sectors, which played a pivotal role in stabilising the economy. Household consumption remained strong, supported
by rising incomes and increased consumer confidence. Additionally, higher labour force participation indicated a more
engaged and productive workforce, further enhancing economic activity. As a result, the global economy achieved a
growth rate of 3.3% for the year. Looking ahead, the global economy is projected to maintain a steady growth
trajectory, with expectations of a 3.2% increase in 2024 and a 3.3% rise in 2025. These projections suggest a moderate
but consistent pace of expansion, highlighting the opportunities for continued economic resilience. However, the
dynamic global landscape presents several challenges that must be navigated carefully to sustain this growth. Factors
such as evolving geopolitical tensions, potential shifts in fiscal and monetary policies, and ongoing productivity
concerns will play significant roles in shaping the future economic outlook.

Indian Economy

India continues to assert its position as the fastest-growing major economy, driven by robust domestic demand and
supportive policies. The Indian economy recorded an impressive growth rate of 8.2% in 2023-24, up from 7.0% in 2022¬
23, showcasing its resilience and dynamism. This significant growth could be attributed to several key factors. Firstly,
there was a substantial increase in capital expenditure on infrastructure development, which laid a strong foundation
for long-term economic growth. Additionally, there was a notable rise in private corporate investment, reflecting
growing business confidence and expansion plans. Furthermore, improved consumer confidence spurred spending and
investment, further enhancing economic momentum. This positive growth trajectory is expected to continue into 2024¬
25, underpinned by several favourable trends. Improved goods exports are anticipated to drive economic activity,
benefiting from a more competitive manufacturing sector and stronger global demand. Additionally, increased
manufacturing productivity is expected to enhance the efficiency and output of the industrial sector, while higher
agricultural output will support rural incomes and consumption.

The Government of India''s enhanced focus on public capital expenditure, particularly in infrastructure projects, will
continue to stimulate economic activity. Increasing private capital expenditure indicates growing business investment
in capacity expansion and modernisation. The demand for credit is also rising, reflecting greater economic activity and
business expansion. Moreover, moderating inflation is expected to support consumer spending and business
investment, while low corporate debt levels and deleveraged balance sheets are likely to enhance financial stability
and investment capacity. These factors collectively create a robust foundation for sustained economic growth.
Consequently, the Indian GDP is projected to grow by 7.2% in 2024-25, reaffirming the country''s status as a key driver
of global economic growth and a promising destination for investment and business development.

Global Textile Industry

The textile market size has experienced robust growth in recent years, forecasted to increase from USD 638.03 Billion
in 2023 to an expected USD 689.54 Billion in 2024, at a Y-o-Y growth of 8.1%. This growth is likely to be driven by factors
such as global population increase, rising demand for manmade fibres, supportive government initiatives, strong
economic growth in emerging markets, and a ban on plastic usage. Looking ahead, the market is projected to reach
USD 903.45 Billion by 2028, at a CAGR of 7.0% from 2024 to 2028. The anticipated growth can be attributed to

continued global population growth and urbanisation, rapid e-commerce expansion, rising leisure spending, increased
retail penetration, and greater internet and smartphone usage. Additionally, the demand for contactless delivery
solutions is expected to propel market growth further.

Key trends shaping the future of the textile market include the adoption of digital textile printing inks, non-woven and
organic fibres, sustainable practices, blockchain technology in manufacturing, and digital platforms in supply chain
management. Moreover, there is a growing focus on smart fabrics, robotics, automation, artificial intelligence, and
strategic partnerships to develop innovative products.

Companies in the textile industry are well-positioned to capitalise on these trends by expanding their online presence,
leveraging e-commerce platforms, and integrating advanced technologies.

OPPORTUNITIES AND THREATS AND FUTURE OUTLOOK GLOBAL ECONOMIC CONDITIONS

Opportunities: The Indian textile industry is witnessing a growing emphasis on sustainability, transcending
beyond organic cotton and improved working conditions. Companies are now overhauling their entire value
chain, from raw material sourcing to production, supply chain management, and waste recycling, shifting
from a linear to a circular model. This comprehensive strategy addresses both pre- and post-consumer waste,
positioning sustainability as a fundamental element of the industry''s future.

The technical textiles sector is making strides by producing advanced fabrics through the application of
cutting-edge technology to both natural and synthetic fibres. Emphasising durability, insulation, and heat
resistance, fabrics like Nomex, Kevlar, and Spandex are finding applications across healthcare, automotive,
construction, and security sectors. The growing demand for technical textiles, especially in medical, eco¬
friendly, industrial, sports, healthcare, automotive, and housing applications, is set to shape the future
trajectory of the textile industry.

Threats: The industry is grappling with high material prices, which have been a persistent issue. Fluctuations
in the costs of essential raw materials, such as cotton and synthetic fibres, can lead to increased production
expenses, affecting profit margins.

A notable decline in export demand has been observed, with textile and apparel exports registering a
decrease of 3.24% in 2023-24 compared to the previous year. This downturn is attributed to various global
economic factors, including geopolitical tensions that affect international trade dynamics.

The ongoing geopolitical conflicts, particularly the situation stemming from the Russia-Ukraine war, have
disrupted supply chains and created uncertainties in the global market. These conflicts contribute to a
slowdown in demand for goods, further impacting the textile sector.

BUSINESS OVERVIEW

India is expecting another year of solid economic performance. The investment momentum was solid through the fourth
quarter and should continue this fiscal, driven by public investments and a gradual pick-up in private investments aided
by the PLI scheme. Government Capex, led by infrastructure, is budgeted for a sharp rise. This fiscal, private
consumption is expected to continue to face crosscurrents. While lower inflation will be supportive, higher interest rates
may curtail sectors such as automobile and housing. The economists predict growth to slow in FY25 as global conditions
weigh down the economy. Growth is likely to moderate, in part, due to normalization of base effect.

RISK MANAGEMENT

The Board of Directors of the Company has formed a Risk Management Committee to frame, implement and monitor
the risk management plan for the Company. The Committee is responsible for reviewing the risk management plan and
ensuring its effectiveness. The Committee considers the risks that impact mid- to long-term objectives of the business,
including those reputational in nature. The Company has an elaborate risk charter and risk policy defining risk
management governance model, risk assessment and prioritisation process. The Risk Management Committee reviews
and monitors the key risks and their mitigation measures periodically and provides an update to the Board on Company''s
risks outlined in the risk registers. The Audit Committee has additional oversight in the area of financial risks and
controls. Additionally, a third-party organisation has benchmarked the Company''s risk management practice with
various companies in India and globally and pronounced it as a leader in FMCG category.

21. Risk Management:

The Company has in place a Risk Management Policy pursuant to Section 134 of the Companies Act. It establishes various
levels of accountability and overview within the Company, while vesting identified managers with responsibility for each
significant risk.

This risk management process, which is facilitated by internal audit, covers risk identification, assessment, analysis and
mitigation. Incorporating sustainability in the process also helps to align potential exposures with the risk appetite and
highlights risks associated with chosen strategies. The major risks forming part Risk Management process are linked to
the audit.

The Audit Committee of the Board of the Company has been entrusted with the task to frame, implement and monitor
the risk management plan for the Company and it is responsible for reviewing the risk management plan and ensuring
its effectiveness with an additional oversight in the area of financial risks and controls. Major risks identified by the
businesses and functions are systematically addressed through mitigating actions on a continuing basis.

22. Control Systems and their Adequacy:

The Company has adequate internal control systems including suitable monitoring procedures commensurate with its
size and the nature of the business. The internal control systems provide for all documented policies, guidelines, and
authorization and approval procedures.

23. Corporate Social Responsibility (CSR):

The Provision of Section 135 of company act 2013 is not applicable to the company so the requirement of disclosure
under this section is not required.

24. Safety, Environment and Health:

The Company''s commitment to excellence in Health and Safety is embedded in the Company''s core values. The
Company has a stringent policy which drives all employees to continuously break new ground in safety management for
the benefit of people, property, environment and the communities where we operate on sites.

The Company respects human rights, values its employees and their communities. The Company considers safety,
environment and health as the management responsibility. Regular employee training programmes are in place
throughout the Company on Safety, Environment and Health and has well identified and widely covered safety
management system in place for ensuring, not only the safety of employees but surrounding population of the works
as well.

25. Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace:

The Company has zero tolerance for sexual harassment at the workplace and has adopted a Policy on Prevention,
Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Policy aims
to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for
matters connected or incidental thereto, with the objective of providing a safe working environment, where employees
feel secure. All employees of the Company, those of contractors as well as trainees are covered under this Policy.

No complaint was received from any employee during the financial year 2023-24 and hence no complaint is outstanding
as on 31.03.2024 for redressal.

26. Vigil Mechanism/ Whistle Blower Policy:

There is a Whistle Blower Policy in the Company and that no personnel have been denied access to the Chairman of the
Audit Committee. The policy provides for adequate safeguards against victimization of persons who use vigil
mechanism.

27. Code of Conduct:

The Board has laid down a code of conduct for board members and senior management personnel of the Company. The
code incorporates the duties of independent directors as laid down in the Companies Act, 2013. The Board members
and senior management personnel have affirmed compliance with the said code of conduct. A declaration in this regard
signed by the Chairman & Managing Director / CFO is given at the end of the Corporate Governance Report.

28. Prevention of Insider Trading:

The Board has adopted a revised Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading)
Regulations, 2015. All the Directors, senior management employees and other employees who have access to the
unpublished price sensitive information of the Company are governed by this code. During the year under Report, there
has been due compliance with the said code of conduct for prevention of insider trading.

29. Significant and Material Orders passed by the Regulators or Courts or Tribunals:

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going
concern status of the company and its future operations.

30. Corporate Governance:

As per SEBI Listing Regulations, Report on Corporate Governance with Statutory Auditor''s Certificate thereon, forms
part of this report.

31. Human Resources:

The human resource plays a vital role in the growth and success of an organization. The Company has maintained cordial
and harmonious relations with employees across various locations.

Your Company continuously invests in attraction, retention and development of talent on an ongoing basis. A number
of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion
of talent internally through job rotation and job enlargement.

32. Deposits from Public:

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on
deposits from public, was outstanding as on the date of the balance sheet but there is one Secured car loan and one
unsecured loan as shown in the Balance Sheet.

33. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings And Outgo: Nil
Technology absorption: Nil

Foreign Exchange earnings and outgo: Nil

34. Particulars of Employees and Remuneration:

Pursuant to the Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, no
employee of the Company was paid remuneration exceeding the prescribed limits, during the financial year 2023-24.

35. Auditors:

Statutory Auditors:

M/s. J. Singh & Associates appointed as a Statutory Auditor of the company due to resignation of M/s. S. N. Kabra and
Co., Chartered Accountants, bearing (FRN 03439C) who are the statutory auditors of the Company. , will hold the office
in accordance with the provisions of the Act up to the Annual General Meeting to be held in the year 2029 and from
whom necessary consent has been obtained under Section 141 of the Companies Act, 2013 are eligible continuing as
auditors of the Company.

The Auditor Report for the Financial Year 2023-24 issued by M/s. S. N. Kabra and Co. does not contain any
disqualification, reservation or adverse mark.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board of Directors of the Company had appointed M/s. S Bhattbhatt & Co., Practicing
Company Secretaries to undertake the Secretarial Audit of the Company for the year ended March 31, 2024. The
Secretarial Audit Report is annexed as Annexure B.

Secretarial Auditor''s Report

Remarks or Qualifications by Secretarial Auditors and comments from the Board.

1. During the period under review, the Company had not paid Listing Fees of the Company for 2023-24 and
received Notice - Stage 1 Reminder for payment of Annual Listing Fees for Financial Year 2023-24,
Management Reply: The Company has paid Annual Listing Fees for Financial Year 2023-24.

2. During the period under review, the Company has not submitted Annual Report in XBRL Mode for the year ended
March 31, 2023 as per SEBI (LODR) Regulations, 2015, Management Reply: Due to some technical issue the
company is unable to upload the same on XBRL portal. The same was intimated with Stock Exchange.

3. During the period under review, as per Regulation 33(1) (d) of SEBI (LODR) Regulations, 2015, the Peer Review
Certificate of Statutory Auditor expired and it is yet to be renewed by the Statutory Auditor. Management
Reply: The Auditor has already applied for Peer review Certificate.

4. During the Audit period, the company has not complied with the requirement of Regulations 47- Advertisement
in Newspaper of SEBI (LODR) Regulations, 2015, Management Reply: The Company will issue financial Results
in Newspaper in compliance of Requirement of Reg. 47 of SEBI (LODR) Reg. 2015.

36. Details of Application made or Proceeding under Insolvency and Bankruptcy Code, 2016:

During the year under review, there were no applications made or proceedings pending in the name of the Company
under the Insolvency and Bankruptcy Code, 2016.

37. Details of Difference between Valuation amount on one time Settlement and Valuation while Availing Loan from
Banks and Financial Institutions:

During the year under review, there has been no one time Settlement of loans taken from Banks and Financial
Institutions.

38. Acknowledgement:

The Board places on record its deep appreciation for the continued support received from various clients, vendors and
suppliers and Bankers, Government Authorities, Employees at all levels and Stakeholders, in furthering the interest of
the Company.

For and on behalf of the Board of Directors of
Atharv Enterprises Limited

Sd/-

Date: 05/09/2024 Pramod Kumar Gadiya

Place: Mumbai Managing Director

DIN: 02258245

---

Mar 31, 2016

DIRECTOR''S REPORT

The Members,

ATHARV ENTERPRISES LTD

KOLHAPUR

The Directors have pleasure in presenting the 26^th Annual Report with the Audited statement of Accounts of your company for the financial year ended 31^st March,2016.

FINANCIAL RESULTS

Financial Results of the company for the year under review along with the figures for previous year are as follows.

Particulars	March 31, 2016	March 31, 2015
Net Sales/Income from Operations	45,745,235	46,231,311,63
Less : Total Expenditure before finance cost, depreciation	42,495,875	41,705,318.82
Operating Profit	3,249,363	4,525,992.81 I
Add. Other Income	00	24,122,69
Profit before finance cost, depreciation and Taxes	3,249,363	4,550,115.50
Less: Finance Cost ,	00	59,519.67
Depreciation -	670,036	759,707.58
Profit before Taxes	2,579,327	3,730,308.25
Tax expense:
{1) Income Tax for earlier years	1,686,350	(255,496.00J
(2} Current Year Tax	892,969	1,245,000.00
(3) Deferred tax	00	(243,764,00)
Profit(Low) for the period from Continuing Operations	1,686,358	2,985,14B. 25
Eps	0.01	0.04

SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2016 was Rs, 170,000,000/'' During the year under review, the Company has issued Bonus Shares at a ratio of 1:1 to all the existing shareholders as on the cutoff date of 19^th March, 2016.

BUSINESS PERFORMANCE AND COMPANY''S AFFIARS

For the financial year under review the company has carried out its trading activity and which results into step down in Net profit. The balance sheet of company shows a net profit of Rs. 16.86 lacs as against Rs. 29.85 lakhs in the previous year.

DIVIDEND

The Board of directors does not recommend any dividend for the year ended March, 31,2016.

DIRECTORS

As per the Provisions of Companies Act, 2013_t and Articles of Association of the Company Mr. Deepak Mandowara will retire by rotation in the ensuing AGM and being eligible seek reappointment. A brief resume and other details relating to the directors who are to be re_ appointed is attached along with.

The Board of directors recommends his re-appointment.

Ms. Vandana Gadiya and Mr. Pramod Gadiya were appointed as an Additional Directors w.e.f. August 26, 2016 in accordance with the provisions of Section 161 of the Companies Act, 2013. As per the provisions of Section 161(1) of the Act, they hold office of Additional Director only up to the date of the forthcoming Annual General Meeting of the Company, and are eligible for appointment as Directors. The Company has received a notice under Section 160 of the Act proposing their candidature for the office of Director of the Company, along with the requisite deposit Pursuant to Section 161 of the Companies Act, 2013 the above directors holds office up to the date of the ensuing Annual General Meeting. The Board of Directors recommend their reappointment as Di rectors. _;

DIRECTORS'' RESPONSIBILITY [

The Directors'' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that-

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

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

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

d) the director shad prepared the annual accounts on a going concern basis; and

e) 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.

AUDITORS'' REPORT ^

There are no qualifications, reservations or adverse remarks made by M/s San jay Vhanbatte Co., Statutory Auditors in their report for the Financial Year ended March 31, 2016, The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review

DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of Chapter V -Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies {Acceptance of Deposits) Rules, 2014.

RELATED PARTY TRANSACTIONS

There have been no materially significant related party transactions between the Company and the Directors, the management, the subsidiaries or the relatives except for those disclosed in the financial statements. Accordingly, particulars of contracts or arrangements with related parties referred to in Section 18S(1 > along with the justification for entering into such contract or arrangement in Form AOC-2 does not form part of the report,

RISK MANAGEMENT

The company is exposed to Inherent uncertainties owing to the sectors in which it operates. A key factor in determining a company''s capacity to create sustainable value is the risks that the company is willing to take (at strategic and operational levels) and its ability to manage them effectively. Many risks exist in a company''s operating environment and they emerge on a regular basis. The Company’s Risk Management processes focuses on ensuring that these risks are identified on a timely basis and addressed.

HUMAN RESOURCES MANAGEMENT

Information Under The Sexual Harrassment Of Women At Workplace (Prevention, Prohibition And Redressal)Act, 2013

The Company has constituted an Internal Complaints Committee under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year no complaint was filed before the said Committee.

AUDITORS

i) Statutory Auditors

M/s Sanjay Vhanbatte & Co., Chartered Accountants, has been appointed as Statutory Auditor of The comply at the Annual General! Meeting hold on 19th September. 2014 for a term of Five years i e. up to 11st March 2019. AS required by the provisions of the Companies Act, 2013, their appointment should be ratified by members each year at the Annual General Meeting. Accordingly, requisite resolution forms part of the notice convening the AGM of the Company

ii) Secretarial Audit

Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment & Remuneration of Managerial Personnel) Rule, 2014 the company has appointed Sunita Manish Agarwal, Company Secretary in Practice to undertake the secretarial Audit of the Company.

iii) INTERNAL AUDITORS

M/s. Anil Naik, Chartered Accountants, have been appointed as Internal Auditors of the company,

SECRETARIALAUDIT REPORT

A Secretarial Audit Report given by Ms Sunita Manish Agarwal, a Company Secretary in practice shall be annexed with the report. The Board of Directors shall provide explanations or comments on every qualification, reservation or adverse remark or disclaimer made by the company secretary in practice in the secretarial audit report.

CORPORATE GOVERNANCE

At Atharv enterprises, we ensure that we evolve and follow the corporate governance guidelines and best practices sincerely to not just boost long-term shareholder value, but to also respect minority rights. We consider it our inherent responsibility to disclose timely and accurate information regarding our financials and performance, as well as the leadership and governance of the Company.

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion and Analysis, the Corporate Governance Report and the Auditors Certificate regarding compliance of conditions of Corporate Governance are made part of the Annual Report

MEETINGS

During the year Six Board Meetings and Four Audit Committee meetings are convened and held. The details of which are given in Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2011 and the Listing Agreement.

INDEPENDENT DIRECTORS DECLARATION

The Company has received the necessary declaration from each ID in accordance with Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence as laid out in subsection (6) of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement

EXTRACT OF ANNUAL RETURN:

The extract of the Annual Return of your Company as on March 31, 2016 as provided under subsection (3) of Section 92 in the Form MGT 9 is enclosed as a part of the Directors'' Report.

INTERNAL CONTROL SYSTEMS AND ADEQUACY:

The Audit Committee set up by the Board reviews periodically the internal audit reports submitted . by the internal auditors. The Management periodically interacts with the internal and statutory auditors and implement the suggestions make by them from time to time. The Company has adequate internal control systems commensurate with its size and nature of operations.

Material changes and commitment if¹ any affecting the financial position of the company occurred between the end of the financial year to which this financial statements Relate and the Date of the Report

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial, statements relate on the date of this report.

VIGILMECHANISM

The Board of Directors approved the Vigil Mechanism that provides a formal mechanism for all Directors, employees and vendors of the Company Committee of the Board and make protective disclosures about the unethical behavior, actual or suspected fraud or violation of the company Code of Conduct.

PARTICULARS OF EMPLOYEES

During the year under report, none of the employees employed throughout the year or part of the year were in receipt of remuneration as per section 197 of the Companies Act 2013 read with

Rule 5, of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. ;

LISTING FEES

At present 170,000,000 equity shares of the Company are listed on Bombay Stock Exchange Ltd. (BSE) and the Company has paid the applicable Listing Fees to BSE for the year 2016-17.

CODE OF CONDUCT COMPLIANCE:

Pursuant to Clause-49 of the Listing Agreement, the declaration signed by the Mr. Jagdish Chandra Gadiya, Managing Director, affirming compliance with the Code of Conduct by the Directors and senior management personnel, for the financial year 2015-16 is annexed and forms part of the Directors and Corporate Governance Report

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

The details about conservation of energy, technology absorption, foreign exchange earnings and outgo as required by section 217(e) of the Companies Act, 1956 and the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are as given below

Form

Conservation of Energy :Not Applicable.

Form B

Research and Development: Not Applicable

Technology absorption, adoption and innovation: Not Applicable.

Foreign Exchange earning & Outgo

Foreign Exchange earning : NIL

Foreign Exchange outgo: NIL

ACKNOWLEDGEMENT AND APPRECIATION

We thank our customers, vendors, dealers, investors, business associates and bankers for their

continued support during the year. We place on record our appreciation of the contribution made by employees at all levels. Our resilience to meet challenges was made possible by their hard work, solidarity, co-operation and support. We thank the Government of India, the State Governments where we have operations and other government agencies for their support and look forward to their continued support in the future.

ON BEHALF OF THE BOARD OF DIRECTORS

PLACE : KOLHAPUR JAGDISH CHANDRA GADIYA

DATE : 01/09/2011 CHAIRMAN & MANAGING

DIRECTOR

(DIN : 03577289)

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Mar 31, 2014

The Members,

ATHARV ENTERPRISES LTD

The Directors have pleasure in presenting the 24th Annual Report with the Audited Statement of Accounts of your Company for the financial year ended 31st March, 2014.

1. FINANCIAL RESULTS

Particulars March 31, 2014 March 31, 2013

Gross Receipt 57,196,909 71,892,681

Profit before Tax 5,118,301 5,717,021

Tax Expense 2,041,718 1,932,520

Net Profit & Loss for the Year from continuing operations 3,076,582 3,784,501

Total Operations 3,076,582 3,784,501



2. BUSINESS PERFORMANCE

For the financial year under review the company has carried out its trading activity and which results into step down in Net profit. The balance sheet of our company shows a net profit of Rs. 30.76 lacs as against Rs. 37.84 lacs in the previous year. The operating profit amounted to Rs 571.96 Lacs as against 718.93 lacs in the previous year.

3. DIVIDEND

The Board of directors does not recommend any dividend for the year ended March, 31, 2014.

4. DIRECTORS

As per the Provisions of Companies Act, 2013, and Articles of Association of the Company Mr. Deepak Mandowara will retire by rotation in the ensuing AGM and being eligible seek re-appointment. The Board of director recommends his reappointment.

The Company has appointed Mr. Arjun Mundra, and Mr. Kaushal Ameta and Mr. Ravikant Gupta as Independent Directors of the Company.

In accordance with Section 149(4) and other applicable provisions, if any, read with Schedule IV of the Companies Act, 2013, the Company has to appoint 1/3rd of the total Directors as Independent Directors, for a maximum period of 5 years and they are not liable to retire by rotation.

Accordingly, the Board of Directors proposes to appoint the existing Director i.e. as an Independent Directors of the Company under Section 149 of the Companies Act, 2013 for term up to 5 (five) years, respectively, in ensuing Annual General Meeting.

In the opinion of the Board, they fulfill the conditions specified in the Act and the Rules made thereunder for appointment as Independent Directors and are independent of the management.

The Company has received declarations from the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement with the Stock Exchanges. Members are requested to refer to the annexure of Notice and Explanatory Statement for the experience, qualification and tenure of the Independent Directors.

5. DIRECTORS'' RESPONSIBILITY STATEMENT

We, the Directors of Atharv Enterprises Limited, state in respect of Financial year 2013-14 that :

a) In the preparation of annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

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

d) The Directors have prepared the annual accounts on a going concern basis;

COMMENTS ON AUDITOR QUALIFICATION

Car loan taken against the cars registered in individual names of Directors. The cars are registered in individual names of directors to save on RTO taxes which is quite high wherever the car is registered in the name of the company. However, all beneficial interests of the car belongs to the company. For car loan, the first applicant is hence the Director in whose name the car is taken and the company is the co-applicant. Furthermore being a co-applicant for the car loan, the company has registered charge with ROC for the hypothecation of car with the banks.

6. AUDITORS

M/s. Sanjay Vhanbatte & Company, Chartered Accountants, retire in this general meeting. Being eligible, he has offered himself for reappointment. It is decided to appoint M/s. Sanjay Vhanbatte & Company, Chartered Accountants, with approval of members in forthcoming Annual General Meeting of the Company.

7. FIXED DEPOSIT

We have not accepted any fixed deposits from public and, as such, no amount of principal or interest was outstanding as of the balance sheet date.

INTERNAL AUDITORS

M/s. Anil Naik, Chartered Accountants, have been appointed as Internal Auditors of the company.

8. OTHER DISCLOSURES

1. The Company has sub divided the existing equity share capital of the company by taking consent of the members vide Annual General Meeting of the Company held on 19th September 2013. Consequently, existing 85,00,000 equity shares of the nominal value of Rs. 10/- (Rupees Ten) each in the paid-up share capital of the company be subdivided into 8,50,00,000 equity shares of Rs. 1/- each and consequently, the authorized share capital of the company of Rs. 10,00,00,000/- consisting of 1,00,00,000 equity shares of Rs. 10/- each comprised 10,00,00,000 equity shares of Rs. 1/- each.

2. M/s. Green Fuel Tech where company owns 25% stake engaged into manufacture of Biomass Briquettes has been dissolved.

3. The company is a co-promoter in ''M/s. Sunchemie Industries Pvt Ltd, Sri Lanka''. The company was formed to put up a waste and used oils re-refining plant. However, management of the company could not get through all the procedural and regulatory approvals and failed to accomplish desired object. Hence, the company has made written-off provision for the stake hold in M/s. Suchemie Industries Pvt. Ltd.

9. CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with Stock Exchange, a separate section titled Corporate Governance Report has been included in this annual report. A certificate from the Auditors of the company regarding compliance of conditions of Corporate Governance has also been attached to this annual report.

The Board has laid down Code of Conduct for all Board Members and Senior Management of the Company. All Board members and senior management personnel have affirmed compliance with the code of conduct.

10. CONSOLIDATED FINANCIAL STATEMENT

In terms of listing agreement with stock exchange the duly audited consolidated financial statement has been included in this annual report.

11. PARTICULARS OF EMPLOYEES:

The company has no employee whose particulars are required to be disclosed pursuant to section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

12. LISTING FEES

At present 85,000,000 equity shares of the Company are listed on Bombay Stock Exchange Ltd. (BSE) and the Company has paid the applicable Listing Fees to BSE for the year 2013-14.

13. CODE OF CONDUCT COMPLIANCE:

Pursuant to Clause-49 of the Listing Agreement, the declaration signed by the Mr. Jagdish Chandra Gadiya, Managing Director, affirming compliance with the Code of Conduct by the Director''s and senior management personnel, for the financial year 2013-14 is annexed and forms part of the Directors and Corporate Governance Report.

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

The details about conservation of energy, technology absorption, foreign exchange earnings and outgo as required by section 217(e) of the Companies Act, 1956 and the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are as given below

Form A

Conservation of Energy : Not Applicable.

Form B

a) Research and Development : Not Applicable

b) Technology absorption, adoption and innovation : Not Applicable.

c) Foreign Exchange earning & Outgo

- Foreign Exchange earning : NIL

- Foreign Exchange outgo : NIL

15. ACKNOWLEDGEMENT AND APPRECIATION

We thank our customers, vendors, investors for their continued support during the year. We place on record our appreciation of the contribution, made by our employees at all levels.

For & on behalf of the Board of ATHARV ENTERPRISES LIMITED

Place : Kolhapur Deepak Jagdish Chandra Date : 13.8.2014 Mandowara Gadiya (DIN : 06406616) (DIN : 03577289) Director Chairman & Managing Director

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Mar 31, 2013

TO, The Members of ATHARV ENTERPRISES LIMITED

The Directors have pleasure in presenting the 23rd Annual Report with the Audited Statement of Accounts of your Company for the financial year ended 31st March, 2013.

FINANCIAL RESULTS

Particulars March 31,20131 March 31,2012

Gross Receipt 71,892,682 17,429,596

Profit before Tax 5,717,021 2,217,262

Tax Expense 1,932,520 110,815

Net Profit & Loss for the Year from continuing operations 3.784,501 2,106,447

Tax expense of discontinuing operations 140,481

Total Operations 3,784,501 1,965,966

BUSINESS PERFORMANCE

During the financial year the company has discontinued ifs two activities carried by the divisions namely "Yam and Marketing Division* and "Electrical Division*. For the financial year under review the company has earned out its trading activity and which results into increase in Net profit The balance sheet of our company shows a net profit of Rs. 37.85 lacs as against Rs. 19.66 lakhs in the previous year. The gross receipt amounted to Rs. 718.93 Lacs as against 174.30 tecs in the previous year.

DIVIDEND

The Board of directors does not recommend any dividend for the yearended March, 31,2013.

FUTURE PROJECTS & REVIEW

1. The Company has loaned money on interest on call basis to known parties only.

2. M/s. Green Fuel Tech where company owns 25% stake is into manufacture of Bfomass Briquettes and the said firm has shown profits in the financial year under review ofoperatfonsaswell.

3. The company is a co-promoter in Ms. Sunchemie Industries Pvt Ltd, Sri Lanka''. The Sri Lankan company has got all relevant clearances to put up a waste and used oils re-refining plant. However, the term ban has not been financed as yet which is a cause of concern. The Sri Lankan company may sell its ficenses and return the monies invested by the company.

DIRECTORS

As per the Provisions of Companies Act, 1956 and Articles of Association of the Company Mr. Arjun Mundra retire by rotation and are eligible for reappointment

Mr. Ravikant Gupta was appointed as additional director of the company pursuant to section 260 of the Companies act, 1956 with efferffrom21*September,2012.

It is proposed to appoint Mr. Ravikant Gupta as Non executive independent director of the company whose term expires as additional director in the ensuing Annual General Meeting.

DIRECTORS'' RESPONSIBIUTYSTATEMENT

lntermsofsection217(2AA)readwith Section 292Aofthe Companies Act 1956, we, the Directors of Atharv Enterprises Limited, state in respect of Financial year 2012-13that:

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

b) The Directors 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 theend of the financial year and of the profit of theCompanyforthat period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Actforsafeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concembasis;

COMMBiTSONAUDrTORQUAUFICATION

1. The company is a co-promoter in ''M/s. Sunchemie Industries Pvt Ltd, Sri Lanka", The Sri Lankan company has got all relevant clearances to put up a waste and used oils re-refining plant However, the term loan has not been financed as yet which is a cause of concern. The Sri Lankan company may sell its licenses and return the monies invested by the company.

AUDITORS

M/s. Sanjay Vhanbatte & Company, Chartered Accountants, retire in this general meeting. Being eligible, he has offered himseif for reappointment It is decided to appoint M/s. Sanjay Vhanbatte & Company, Chartered Accountants, with approval of members in forthcoming Annual General Meeting of the Company.

FIXED DEPOSIT

We have not accepted any fixed deposits from public and, as such, no amount of principal or interest was outetanding as of the balance sheet date.

MTERNALAUDITORS

M/s. Anil Naik, Chartered Accountants, have been appointed as Internal Auditors of the company.

OTHERDiSCLOSURES

During the year 2012-13, the Company has allotted 29,90,000 Equity Shares of Rs. 10/- each at a Premium of Rs. 27/- per share on 27* April, 2012 on Preferentiai Allotment basts. Out of which 7,50,000/- equity shares are allotted to promoters and 22,40,000 shares are allotted to other than promoters. This Preferential allotment has been approved by Members of the Company on 29* March, 2013 through Extra Ordinary Genera! Meeting as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 for raising funds for the expansion of business and general corporate purpose of the Company. The said Equity Shares are listed on Bombay Stock Exchange Limited (BSE).

The Company has giving interest bearing advances during the year however that is not the principal business of the company. The Company has loaned money on interest on call basis to known partes only. The management of the company is ready to apply for register the company as "Non Banking Financial Company* if the company is required to be registered on count of giving interest bearing advances to known parties as per me norms, rules and regulation framed by the Reserve Bank of India in this regards.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with Stock Exchange, a separate section trUed Corporate Governance Report has been included in this annual report A certificate from the Auditors of the company regarding compliance of conditions of Corporate Governance has also been attached to this annual report.

The Board has laid down Code of Conduct for all Board Members and Senior Management of the Company. All Board members and senior management personnel have afrimiedcompliarK^wimthecocteofcorKkict

CONSOLIDATED FINANCIAL STATEMENT

In terms of listing agreement with stock exchange the duly audited consolidated financial statement has been included in this annual report

PARTICULARS OF EMPLOYEES:

The company has no employee whose particulars are required to be disclosed pursuant to section 217 (2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules, 1975.

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

The details about conservation of energy, technology absorption, foreign exchange earning and outgo as required bysectJon217(e)oftheCompaniesAct 1956and the Companies (Disclosure of Particulars in the Report of Boardof Directors) Rules, 1988 are as given bekw

Form A

Conservation of Energy: Not Applicable.

ForniB

a) Research and Development: Not Applicable

b) Technology absorption, adoption and innovation : Not Applicable.

c) Foreign Exchange earning & Outgo

Foreign Exchange earning : NIL * Foreign Exchange out^>: Being a co-pronroter of the Company M/s. Sunchemie Industries Pvt Lid, Sri Lanka'' the company has kept invested Rs. 9,17,42124.

ACKNOWLEDGEMENT ANDAPPRECIATION

We thank our customers, vendors, investors for their continued support during ihe year. We place on record our appreciation of the contribulion, made by our employees at all levels.

For & on behalf of the Board of

ATHARVENTER Pra SESUMITED

Sd/-

Deepak Mandowara Jagdish Chandra Gadiya

Director Chairman &Managjng Director

Place:- Kolhapur

Date:-13th August, 2013

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Mar 31, 2012

TO, The Members of ATHARV ENTERPRISES LTD

The Directors have pleasure in presenting the 22nd Annual Report with the Audited Statement of Accounts of your Company for the financial year ended 31st March, 2012.

FINANCIAL RESULTS

(Rs. in.lacs)

2011-2012 2010-2011

Gross Receipts 174.30 469.76

Profit/Loss before Depreciation 24.26 16.18

Depreciation 2.08 1.98

Net Profit/(Loss) for year 19.66 14.20

DIVIDEND

The Board does not recommend any dividend for the year under review.

OPERATING RESULTS

The balance sheet of our company show a net profit of Rs. 19.66 lakhs for this financial year and a operating profit (EBITDA) of Rs. 24.26 Lakhs.

FUTURE PROJECTS & REVIEW

1. M/s. Green Fuel Tech where company owns 25% stake is into manufacture of Biomass Briquettes and the said firm has shown profits in the third year of operations as well.

2. The company is a co-promoter in 'M/s. Sunchemie Industries Pvt Ltd, Sri Lanka'. The Sri Lankan company has got all relevant clearances to put up a waste and used oils re-refining plant. However, the term loan has not been financed as yet which is a cause of concern. The Sri Lankan company may sell its licenses and return the monies invested by the company.

3. The company has started business of trading in fabric.

DIRECTORS

The company has appointed Mr. Ravikant Gupta as Non-Executive Independent Director w.e.f 07/11/2011.

The company has appointed full time company Secretary Mr. Rohan Sharma w.e.f. 07/02/2012.

During the year, Mrs. Ritu Jaju and Mr. Bhushan Gandhi resigned as Directors at the time of last AGM.

The company has appointed Mr. Kaushal Ameta and Mr. Arjun Mundra as Non-Executive Independent Director in additional capacity w.e.f. last AGM.

Mr. Nitten Jaju has written to the company to relieve him of the executive responsibilities of the company w.e.f. this AGM and that he shall continue only as Non-Executive Director of the company due to other business pre-occupation. The Board has accepted the same.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of section 217 (2AA) read with Section 292A of the Companies Act, 1956, we, the Directors of Atharv Enterprises Limited, state in respect of Financial year 2011-12 that:

a) In the preparation of annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

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

d) The Directors have prepared the annual accounts on a going concern basis;

STATUTORY DISCLOSURES

A) Particulars of the employees as required under section 217 (2A) of the companies Act, 1956, read with companies (particulars of Employees) Rules 1975, are as below:

The company has not paid any remuneration attracting the amended provisions of Companies (particulars of Employees) Rules. 1975 read with Section 217 (2A) of the Companies Act, 1956 during the year under report.

B) Particulars required to be furnished by the companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988.

i. Part A and B relating to conservation of Energy and Technology Absorption are not applicable to the company as the company is not a manufacturing company.

ii. Foreign Exchange Earning and outgo : There is no foreign exchange outgo in this Financial Year.

COMMENTS IN AUDITORS REPORT

1. The company is a co-promoter in 'M/s. Sunchemie Industries Pvt Ltd, Sri Lanka'. The Sri Lankan company has got all relevant clearances to put up a waste and used oils re-refining plant. However, the term loan has not been financed as yet which is a cause of concern. The Sri Lankan company may sell its licenses and return the monies invested by the company.

2. There is no unpaid liability with respect to employee benefit.

AUDITORS

M/s. Sanjay Vhanbatte & Company, Chartered Accountants, retire in this general meeting. Being eligible, he has offered himself for appointment. It is decided to appoint M/s. Sanjay Vhanbatte & Company, Chartered Accountants, with approval of members in forthcoming Annual General Meeting of the Company.

OTHER DISCLOSURES

During the year 2011-12, the Company has allotted 24,63,500 Equity Shares of Rs. 10/- each at a Premium of Rs. 7.80/- per share on 20'" October, 2011 on Preferential Allotment basis to Other than Promoters approved by Members of the Company on 22nd September, 2011 through Postal Ballot conducted pursuant to Section 192A of the Companies Act, 1956 and as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 for raising funds for the expansion of business and general corporate purpose of the Company. The said Equity Shares are listed on Bombay Stock Exchange Limited (BSE).

It is proposed to increase the share capital of the company by issue of Preferential Shares towards raising of additional capital by the Company pursuant to Section 81(1A) of the Companies Act, 1956 and as per the SEBI (Issue of Capital and Disclosure Requirement) Regulation, 2009 subject to approval by the shareholders of the company by way of Postal Ballot.

The company has proposed to change the registered office of the company within the municipal limits of Kolhapur. The Board shall decide the new office premises and the same is proposed to be shifted in October, 2012.

COMPANY SECRETARY

The company has appointed Mr. Rohan Sharma as full time Company Secretary of the Company w.e.f. 07 February, 2012. He has also replaced Mr. Nitten Jaju as Compliance Officer of the company wef. 05 May, 2012.

INTERNAL AUDITORS

M/s. Anil Naik, Chartered Accountants, have been appointed as Internal Auditors of the company.

ACKNOWLEDGEMENT AND APPRECIATION

The Directors place on record their grateful appreciation for the assistance and co-operation received from various Government Departments, Banks, Clients, Employees and above all, you the Shareholders.

For & on behalf of the Board For ATHARV ENTERPRISES LTD

Jagdish chandra Gadiya Chairman & Managing Director

Nitten Jaju Director

Place :-Kolhapur Date :-10.08.2012

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Mar 31, 2010

The Directors have pleasure in presenting the 20th Annual Report with the Audited Statement of Accounts of your Company for the financial year ended 31s1 March, 2010.

FINANCIAL RESULTS (Rs.in.lacs)

2009-2010 2008-2009

Gross Receipts 564.82 444.09

Profit/Loss before Depreciation 15.57 17.43

Depreciation 2.35 2.28

Net Profit/(Loss) for year 13.30 7.88

DIVIDEND

The Board does not recommend any dividend for the year under review.

PROJECTIONS V/S ACTUALS

The projection about profitability and its comparison with the actual results is not given as the same is not applicable in view of the fact that the public issue was made,in the year 1994-95.

SALE OF ELECTRICAL DIVISION OF THE COMPANY

It is proposed to sale of the electrical division of the Company for diverse reasons. The company is a distributor and not complete dealer of products. This limits its sales. The growth of the business is not expected to be quite attractive. It is hence proposed that the company sell the electrical division and look into growth prospects in yarn and also entry into silica sand mining.

Consent of the members is required for such sale as per section 293(1)(a) of the Companies Act, 1956. A resolution by postal ballot is proposed to be passed for this purpose which is being separately dispatched.

RESOLUTION U/S. 372A

It is proposed to invest fund of the Company in the following companies in which either the company is holding equity or any of the Directors of the Company are interested -

Atharv Agencies Private Limited

Jai Enterprises

Atharv Mines Private Limited

Sunchemie Industries Private Limited, Sri Lanka

For the above purpose consent of members by a special resolution u/s. 372A of the Companies Act, 1956 is required to be passed through the process of Postal Ballot. The same is being separately dispatched.

OPERATING RESULTS

There has been reasonable income to the company by way of trading in yarn, investment in shares & equity shares trading and also interest accrued on loans given.

The yarn trading activity is well established. There is sufficient scope for growth and it is expected to well in the coming year.

The balance sheet of our company show a net profit of Rs. 13.30 lakhs for this financial year and a operating profit (EBITDA) of Rs. 29.76 lakhs.

FUTURE PROJECTS & REVIEW

1. The Company has sufficient investment in shares.lt has given excess funds as loans on call basis to known parties only.

2. The yarn trading activity is quite established at Ichalkaranji.

3. Electricals Division is being fully operational and is a Distributor for Havells India Ltd for their range of CFL, C-Lum & Fans in Kolhapur region. The company proposes to sell this division due to limited sales prospects.

4. M/s. Green Fuel Tech where company owns 25% stake is into manufacture of Biomass Briquettes and the said firm has shown profits in the second year of operations as well.

5. M/s. Jai Mining Corporation where company owns 25% stake have finalized a bauxite mining agreement in partnership with another company. The necessary Mining Lease agreement & Central Environmental Authority approval will take another 1-11/2 years.

6. The company is a co-promoter in M/s. Sunchemie Industries Pvt Ltd, Sri Lanka where the company is represented by Mr. Nitten Jaju, Chief Executive. The Sri Lankan company has got all relevant clearances to put up a waste and used oils re-refining plant. However, the term loan has not been financed. As such, the said project has got delayed. The total capital cost of the venture is estimated in the vicinity of USD 2.50 Million.

7. The company has entered into a MOU with M/s. Shree Patil Minerals in consortium with other parties for Silica Sand Mining. The Silica Sand Mines has been allotted to M/s. Shree Patil Minerals by the Government of Maharashtra and the process of Environmental clearance is going on. .

DIRECTORS

Mr. Rajendra Patel, Non-Executive Independent Director is to retire at the ensuing annual general meeting and being eligible he has offered himself for reappointment.

Mrs. Ritu Jaju, Executive Director has informed the company that she wishes to give up here executive responsibilities and resign as a Director from the company wef the AGM date.

Mrs. Pooja Jaju, Wholetime Director has informed the company that she wishes to give up her executive responsibilities of a Whole Time Director due to her other pre-occupations and continue as a Non-Executive Director only.

It is proposed to appoint Mr. Nitten Jaju who is Chief Executive Officer of the Company as Managing Director since both Ritu Jaju and Pooja Jaju have expressed their unavailability for company affairs wef the ensuing AGM.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of section 217 (2AA) read with Section 292A of the Companies Act, 1956, we, the Directors of Atharv Enterprises Limited, state in respect of Financial year 2009-10 that :

a) In the preparation of annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

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

d) The Directors have prepared the annual accounts on a going concern basis;

STATUTORY DISCLOSURES

A) Particulars of the employees as required under section 217 (2A) of the companies Act, 1956, read with companies (particulars of Employees) Rules 1975, are as below :

The company has not paid any remuneration attracting the amended provisions of Companies (particulars of Employees) Rules, 1975 read with Section 217 (2A) of the Companies Act, 1956 during the year under report.

B) Particulars required to be furnished by the companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988.

i. Part A and B relating to conservation of Energy and Technology Absorption are not applicable to the company as the company is not a manufacturing company.

ii. Foreign Exchange Earning and outgo :

There is no foreign exchange outgo in this Financial Year.

COMMENTS IN AUDITORS REPORT

1. Provision of contingent liability : A Provision of contingent liability of Rs. 50.00 Lakhs is made in respect of MOU entered into with M/s. Shree Patil Minerals which is to be paid as agreed between them for securing mining rights of silica sand. An amount of Rs. 31.50 Lakhs has been paid by the company towards advance which will be transferred to them as deposits after they fulfill some clauses as mentioned in the MOU.

2. Car Loan taken against Cars registered in individual names of Directors : The car have generally been taken in the name of the Director to save on RTO taxes which is quite high case the car is registered in the name of the company. However, all beneficial interests of the car belongs to the company. For car loan, the first applicant is hence the Director in whose name the car is taken and the company is the co-applicant. The car has had been hypothecated with the bank. However, since the company is a co-applicant for the loan, the company is informed by the bank, that the charge cannot be registered.

REVOCATION OF SUSPENSION OF THE SCRIP FROM THE BOMBAY STOCK EXCHANGE

The company have complied with all compliances of Clause 49 and are happy to inform that the BSE have revoked suspension in trading of scrip wef 19 February, 2010.

INSPECTION UNDER SECTION 209A OF COMPANIES ACT, 1956

The company had received notice from the Ministry of Company Affairs, Company Law Board, Western Region for inspection of books of accounts and other records U/s 209A of The Companies Act, 1956.

The inspection was carried out on 28/06/2010 - 29/06/ 2010. An inspection report from them was received citing certain violations and contraventions of Companies Act. The company has given its submissions and is also moving for compounding applications relating to certain violations and contraventions of Companies Act with the Company Law Board.

AUDITORS

M/s. Sanjay Vhanbatte & Company, Chartered Accountants, retire in this general meeting. Being eligible, he has offered himself for appointment. It is decided to appoint M/s.Sanjay Vhanbatte & Company, Chartered Accountants, with approval of members in forthcoming Annual General Meeting of the Company.

COMPLIANCE CERTIFICATE

Since the paid up capital of the company exceeds the prescribed limits, the company is required to obtain the certificate from a secretary in whole time practice, pursuant to the provisions of section 383A of the companies Act, 1956 and the same forms part of this report.

INTERNAL AUDITORS

M/s. Anil Naik, Chartered Accountants, have beer appointed as Internal Auditors of the company.

ACKNOWLEDGEMENT AND APPRECIATION

The Directors place on record their grateful appreciatior for the assistance and co-operation received frorr various Government Departments, Banks, Clients Employees and above all, you the Shareholders.



Place :- Kolhapur For & on behalf of the Board

Date : - 31.07.2010 For ATHARV ENTERPRISES LTD

Pooja Jaju Ritu Jaju

Wholetime Director Executive Director