Golden Carpets Ltd. के निदेशक की रिपोर्ट

Mar 31, 2025

The Board of Directors of your Company takes pleasure in presenting the 31st (Thirty-First) Director''s
Report together with the Audited Financial Statements for the Financial Year ended 31st March 2025
along with the Report of Statutory Auditors of your Company.

FINANCIAL HIGHLIGHTS:

The performance of the Company for the financial year ended 31st March 2025 is summarized below:

(Rs. In Lakhs)

Particulars	Year ended 31.03.2025	Year ended 31.03.2024
Revenue from Operations	78.98	85.78
Other income	0.05	2.63
Total Revenue from Operation (1 2)	79.03	88.41
Total Expenses (Excluding Depreciation)	78.00	81.14
Depreciation	14.17	14.17
Profit/ (Loss) before tax	(13.14)	(6.90)
Deferred Tax Expense	(4.06)	(2.13)
Profit/(Loss) for the year after tax	(9.29)	(4.77)
Earnings Per Share (EPS)	(0.05)	(0.07)

FINANCIAL PERFORMANCE:

During the financial year under review, your company recorded total revenue from operations amounted
to Rs. 78.98 Lakhs as compared to the previous year Rs. 85.78 Lakhs and incurred Net Loss of Rs. 9.29
Lakhs.

MATERIAL EVENTS DURING THE FINANCIAL YEAR:

Unless as provided elsewhere in this Report, there were no significant material changes and
commitments affecting financial position of the company during the financial year under review.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the financial year under review, there was no changes in the nature of its business.

SHARE CAPITAL:

The Authorized Share Capital of the Company as on 31st March 2025 was Rs. 10,50,00,000/- divided
into 1,05,00,000 equity shares of Rs. 10/- each.

The issued share capital of the Company is Rs. 10,35,92,590/- divided into 1,03,59,259 equity shares of
Rs. 10/- each.

The listed share capital of the Company is Rs. 6,49,01,590/- divided into 64,90,159 Equity shares of Rs.
10/- each.

The Paid-up Capital of the Company is Rs. 6,49,01,590/- divided into 64,90,159 Equity Shares of Rs.
10/- each.

The difference in issued capital & listed capital is on account of 99,600 equity shares that were
unsubscribed in the public issue & and 37,69,500 Equity Shares that have been forfeited on account of
non-payment of call money.

Further, during the period under review, your Company has not bought back any of its securities / has not
issued any Sweat Equity Shares / has not issued any Bonus Shares/ has not issued shares with
Differential Voting rights and there has been no change in the voting rights of the shareholders.

RESERVES:

During the financial year under review, the Company has not transferred any sum to reserves pursuant to
the provisions of Section 123 of Companies Act, 2013 for the financial year ended 31st March 2025.
However, during the year under review loss of Rs. (9.29) Lakhs was transferred to Reserve and Surplus.

DIVIDEND:

During the financial year under review, the Company has incurred losses and therefore no dividend has
been recommended by your Board.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:

The provisions of Section 125(2) of the Companies Act, 2013 read along with the Investor Education and
Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (including amendments and
modifications, thereof) does not apply to the Company as there was no dividend declared during the
financial year under review.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the financial year under review, as stipulated under
Regulation 34 read along Schedule V of the SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015 is presented in a separate section forming part of the Annual Report. (Annexure-I)

CORPORATE GOVERNANCE REPORT:

As per the Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, compliance with the Corporate Governance provisions as specified in regulations 17, 17A, 18, 19,
20, 21,22, 23, 24, 24A, 25, 26, 26A, 27 and clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46
and para C, D and E of Schedule V are not applicable to Companies having Paid up Equity Share Capital
not exceeding Rs.10 Crore and Net worth not exceeding Rs. 25 Crore, as on the last day of the previous
Financial Year.

Accordingly, compliances with respect to Corporate Governance disclosures are not applicable to your
Company. However, your Company strives to incorporate the appropriate standards for Corporate
Governance in the interest of the stakeholders of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

As on 31st March 2025, your Company''s Board had 4 members comprising of one (1) Executive Director,
one (1) Non-Executive and Non-Independent Woman Director, and two (2) Independent Directors. The
details of Board and Committee composition, tenure of directors, and other details are available later part
of the Annual Report.

In terms of the requirement of the SEBI Listing Regulations, the Board has identified core skills,
expertise, and competencies of the Directors in the context of the Company''s business for effective
functioning.

A. RETIREMENT BY ROTATION:

Pursuant to provisions of Section 152 of the Companies Act, 2013 read with rules made thereunder
and Articles of Association of your Company, Mrs. Meena Bhushan Kerur (DIN: 02454919), Non¬
Executive Director of the Company is liable to retire by rotation at the ensuing AGM and being
eligible, offers herself for reappointment.

The Board recommends the re-appointment of Mrs. Meena Bhushan Kerur as Director for your
approval.

B. APPOINTMENT/ RE-APPOINTMENT/ CESSATION/ CHANGE IN DESIGNATION OF

DIRECTORS/KMP DURING THE YEAR:

During the financial year under review, Mr. Durgaprasad Palupuri tendered his resignation from the
office of Chief Financial Officer with effect from 9th May 2024 and Mr. Pradeep Kumar Mohapatro
was appointed as Chief Financial Officer of the Company with effect from 6th August, 2024.

Apart from above there were no appointments or resignations or changes in the Directors of the
Company or Key Managerial Personnel during the financial year under review.

C. APPOINTMENT/ RE-APPOINTMENT/ CESSATION/ CHANGE IN DESIGNATION OF

DIRECTORS/KMP AFTER THE CLOSURE OF FINANCIAL YEAR AND UNTIL THE DATE OF
THIS REPORT:

Mr. Srikrishna Naik was re-appointed as a Managing Director of the Company with effect from 9th
August 2025 in the Board Meeting held on 8th August 2025 as per the recommendation of
Nomination and Remuneration Committee, subject to approval of members of the Company. The
Board recommends the re-appointment of Mr. Srikrishna Naik as Managing Director for your
approval.

Mr. Maqsood Ahmed was re-appointed as Director (Non-Executive and Independent) of the
Company with effect from 30th September 2025 for a second (2) term of five (5) consecutive years
in the Board Meeting held on 4th September 2025 as per the recommendation of Nomination and
Remuneration Committee, subject to approval of members of the Company. The Board
recommends the re-appointment of Mr. Maqsood Ahmed as Director (Non-Executive and
Independent) for your approval.

Mr. Rohan Bhushan Kerur was appointed as Director (Non-Executive and Non-Independent) of the
Company, liable to retire by rotation with effect from 29th September 2025 in the Board Meeting held on
4th September 2025 as per the recommendation of Nomination and Remuneration Committee, subject
to approval of members of the Company. The Board recommends the re-appointment of Mr. Rohan
Bhushan Kerur as Director (Non-Executive and Non-Independent) for your approval.

EVALUATION OF THE BOARD’S PERFORMANCE:

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015, the
Board has carried out annual performance evaluation of its own, its committees and individual directors
of the Company. The annual performance evaluation was carried out through structured evaluation
process which was based on the criteria as laid down by Nomination and Remuneration Committee,
which includes various aspects such as composition of the Board & Committees, diversity of the Board,
experience & competencies of individual directors, performance of specific duties & obligations,
contribution at the meetings and otherwise, team work, exercise of independent judgments and
implementation of corporate governance principals etc. Based on performance evaluation, the Board
has concluded that efforts and contribution made by all directors individually as well as functioning and
performance of the Board as a whole and its committees were proactive, effective and contributing to the
goals of the Company.

DECLARATION BY INDEPENDENT DIRECTORS:

As on date of this report, the Board comprises 2 (Two) Independent Directors. Both the Independent
Directors are appointed on the Board of your Company in compliance with the applicable provisions of
the Companies Act, 2013 (“the Act”).

Your Company has received declarations from all the Independent Directors confirming that they
meet/continue to meet, as the case may be, the criteria of Independence under sub-section (6) of section
149 of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS:

As required under Regulation 25(7) of the SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015, each newly appointed Independent Director is taken through a formal induction
program including the presentation from the Managing Director on the Company''s manufacturing,
marketing, finance and other important aspects. The induction for Independent Directors includes
interactive sessions with Executive Committee members, Business and Functional Heads, visit to the
manufacturing site etc.

POLICIES:

i. REMUNERATION POLICY:

The Board on the recommendation of the Nomination & Remuneration Committee framed a policy
for selection and appointment of Directors, Senior Management and their remuneration as required
under Section 178 of the Companies Act, 2013 and Regulation 19(4) read with Schedule II of the
SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

ii. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has formulated a Whistle Blower policy and has established Vigil Mechanism for
employees including Directors of the Company to report genuine Concerns. The provisions of this
Policy are in line with the provisions of Section 177(9) of the Act.

iii. POLICY ON BOARD DIVERSITY:

The Board on the recommendation of the Nomination & Remuneration Committee framed a policy
on Board Diversity as required Regulation 19(4) read with Part D of Schedule II of the SEBI (Listing
Obligations and Disclosures Requirements) Regulations, 2015.

iv. RISK MANAGEMENT POLICY:

The Board of Directors has adopted an Enterprise Risk Management Policy framed by the
Company, which identifies the risk and lays down the risk minimization procedures. These
procedures are periodically reviewed to ensure that executive management controls risk through
means of a properly defined framework.

v. PRESERVATION OF DOCUMENTS AND ARCHIVAL POLICY:

The Company has formulated a Policy pursuant to Regulation 9 and 30(4) of the SEBI (Listing
obligations and Disclosure Requirements) Regulations, 2015 on Preservation of the Documents to
ensure safekeeping of the records and safeguard the documents from getting manhandled, while at
the same time avoiding superfluous inventory of documents.

vi. POLICY ON DISCLOSURE OF MATERIAL EVENTS/ INFORMATION:

The Policy is framed in accordance with the requirements of the Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The objective of the Policy is to
determine materiality of events or information of the Company and to ensure that such information
is adequately disseminated in pursuance with the Regulations and to provide an overall
governance framework for such determination of materiality.

vii. POLICY ON RELATED PARTY TRANSACTIONS:

The Board of Directors has adopted a Policy on materiality of and dealing with related party
transactions. No material contract or arrangements with related parties were entered into during the
year under review.

Your Company''s Policy on Related Party Transactions as adopted by your Board can be accessed
on the Company''s website.

viii. INSIDER TRADING POLICY:

The Board of Director has adopted the Insider Trading Policy in accordance with the requirement of
the SEBI (Prohibition of Insider Trading) Regulations, 2015. The Insider Trading policy of the
Company lays down guidelines & procedures to be followed, and disclosures to be made while
dealing with the shares of the Company, as well as the consequences of the violations. The policy
has been formulated to regulate, monitor and ensure reporting of deals by employees and to
maintain highest ethical standards of dealing in Companies shares.

The Insider Trading policy of the Company covering code of practices and procedures for fair
disclosure of unpublished price sensitive information and code of conduct for preventing insider
trading, same is available on our website.

AUDITORS:

i. STATUTORYAUDITORS:

M/s. Sathuluri & Co., Chartered Accountants, (FRN: 006383S), are appointed as the Statutory
Auditors of the Company for a term of 5 (five) consecutive years to hold office from the conclusion of
the 29th Annual General Meeting (AGM) till the conclusion of the 34th AGM.

M/s. Sathuluri & Co, Chartered Accountants, Statutory Auditors have confirmed that:

a. their appointment is within the limit prescribed under the Section 141 of the Act;

b. they are not disqualified from continuing as Statutory Auditors under the Section 141 of the Act; and

c. they hold a valid certificate issued by the peer review board of the Institute of Chartered Accountants
of India.

The Auditors'' Report does not contain any reservation, qualification or adverse remarks.

ii. SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Company has
appointed Mr. Ramesh Atluri, Company Secretary in Whole Time Practice, (Membership No. 9889,
C P No. 16418) as Secretarial Auditor. The Secretarial Audit report for the financial year 2024-25 is
annexed herewith to this Report. (Annexure-II).

Qualifications/ Remarks	Replies
1. The Company has not appointed Internal Auditor as required under the provisions of Section 138 read with Rule 13 of the Companies (Accounts) Rules, 2014.	In view of the limited scale of operations and the losses incurred by the Company during the financial year under review, the Board has not appointed an Internal Auditor for the said period.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability,

confirm that:

a) In the preparation of the annual accounts for the financial year 2024-25, 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 2024-25 and of the profit and loss of
the Company for the year 1st April 2024 to 31st March 2025;

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 Directors had prepared the annual accounts on a going concern basis;

e) The Directors had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; and

f) 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.

NAMES OF THE SUBSIDIARIES/ASSOCIATES/JOINT VENTURES:

The Company has no subsidiaries, joint ventures or associate companies during the financial year under
review.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to constitute a Corporate Social Responsibility Committee and formulate
policy on Corporate Social Responsibility as it does not fall within purview of Section 135(1) of the
Companies Act, 2013 i.e. the Company does not have the net worth of Rs. 500 Crore or turnover of Rs.
1,000 Crore or more or a net profit of Rs. 5 Crore or more during the immediately preceding financial year.

RELATED PARTY TRANSACTIONS:

There were no materially significant transactions with related parties during the financial year under
review, which were in conflict with the interest of the Company. All the transactions entered into by the
Company with Related Parties during the year under review were at arms-length basis. Disclosure
required under the Accounting Standard (Ind AS-24) have been made in the notes to the Financial
Statement.

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

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings
and outgo, is annexed, marked and forms part of this Report. (Annexure-III).

INTERNAL FINANCIAL CONTROLS:

Your Company has in place adequate internal control systems commensurate with the size of its
operations. The Company has in place adequate controls, procedures and policies, ensuring orderly and
efficient conduct of its business, including adherence to the Company''s policies, safeguarding of its
assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records
and timely preparation of reliable financial information. Based on the framework of internal financial
controls and compliance systems established and maintained by the Company, and the reviews
performed by management and 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.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

The Company has not given any loan, guarantee or provided security or made any investments pursuant
to the provisions of Section 186 of Companies Act, 2013.

NON-EXECUTIVE DIRECTORS’ COMPENSATION AND DISCLOSURES:

None of the Independent/ Non-Executive Directors except Mrs. Meena Bhushan Kerur being sister of Mr.
Srikrishna Naik and to the extent shares held by her has any pecuniary relationship or transactions with
the Company which in the judgment of the Board may affect the independence of the Directors.

DISCLOSURE PERTAINING TO SEXUAL HARRASMENT OF WOMEN AT WORKPLACE:

Your Company has always believed in providing a safe and harassment free workplace for every
individual working in premises through various interventions and practices. The Company always
endeavours to create and provide an environment that is free from discrimination and harassment
including sexual harassment.

Also, there were no complaints reported under the Prevention of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

1.	Number of Sexual Harassment complaints received during the year	NIL
2.	Number of Cases disposed of during the year	NIL
3.	Number of cases pending for more than 90 days	NIL

MATERNITY BENEFIT COMPLIANCE:

The Company has complied with all the provisions of Maternity Benefit Act, 1961, including provisions
relating to leave, maternity benefits and workplace support.

EXTRACT OF ANNUAL RETURN:

As required pursuant to section 92(3) and section 134(3)(a) of the Companies Act, 2013 and rule 12(1) of
the Companies (Management and Administration) Amendment Rules, 2021, the Company has
uploaded a copy of the Annual Return as on 31st March, 2025 on the website of the Company and the
web link for the same is on the website of the Company at https://www.goldencarpets.com/
annualreports.html

DISCLOSURES:

i. NUMBER OF BOARD MEETINGS:

The Board of Directors of the Company met Four (4) times during the financial year and the gap
between two meetings did not exceed one hundred and twenty days. The dates on which the said
meetings were held are as follows:

1. 30th May 2024;

2. 6th August 2024;

3. 14th November 2024;

4. 14th February 2025

(i) The names and categories of the Directors on the Board, their attendance at Board meetings held
during the financial year and the number of directorships and committee chairmanships /
memberships held by them in other public companies as on 31st March 2025 are given herein
below:

Name of Director	Category	Number of Board meetings during the year 2024-25		Whether attended last AGM held on 20th September 2024	Number of Directorships in other Public Companies	Number of Committee position held in other Public Companies#
		Entitled to Attend	Attended			Chairman	Member
Mr. Srikrishna Naik	Promoter, Executive	4	4	Yes	Nil	Nil	Nil
Mrs. Meena Bhushan Kerur	Promoter, Non¬ Executive	4	4	Yes	Nil	Nil	Nil
Mr. Suryanarayana Murthy Krovi	Non¬ Executive, Independent	4	4	No	Nil	Nil	Nil
Mr. Maqsood Ahmed	Non¬ Executive, Independent	4	4	No	Nil	Nil	Nil

Other Directorships do not include Directorships of Private Limited Companies, Section 8 companies

and of Companies incorporated outside India.

# Chairmanships / Memberships of Board committees shall include only Audit Committee and

Stakeholders'' Relationship Committee.

The Meeting of Independent Directors was held on 14th February 2025 to:

a. evaluate the performance of the Chairperson of the company, taking into account the views of
executive directors and non-executive directors;

b. review the performance of non-independent directors and the Board as a whole;

c. assess the quality, quantity and timeliness of flow of information between the company
management and the Board so as to ensure that the Board is performing the duties effectively and
reasonably.

ii. COMMITTEES OF THE BOARD:

Currently the Board has three Committees:

a. Audit Committee;

b. Nomination and Remuneration Committee;

c. Stakeholders Relationship Committee.

a. COMPOSITION OF AUDIT COMMITTEE:

Currently, the Audit Committee consists of the following members:

a. Mr. Maqsood Ahmed - Chairperson

b. Mr. Suryanarayana Murthy Krovi - Member

c. Mrs. Meena Bhushan Kerur - Member

The above composition of the Audit Committee consists of Independent Directors viz., Mr. Maqsood
Ahmed and Mr. Suryanarayana Murthy Krovi who forms the majority.

The Audit Committee met Four (4) times during the financial year and the dates on which the said
meetings were held are as follows;

1. 30th May 2024;

2. 6th August 2024;

3. 14th November 2024; &

4. 14th February 2025.

The gap between two meetings did not exceed 120 days and the necessary quorum was present for all
the meetings.

The composition of the Audit committee and the details of meetings attended by its members are given
below:

Name	Category	Number of meetings during the financial year 2024-25
		Entitled to Attend	Attended
Mr. Maqsood Ahmed	Independent, Non- Executive	4	4
Mr. Suryanarayana Murthy Krovi	Independent, Non- Executive	4	4
Mrs. Meena Bhushan Kerur	Non-Executive	4	4

The primary objective of the Audit Committee is to monitor and provide effective supervision of the
financial reporting process, to ensure accurate and timely disclosures with the highest level of
transparency, integrity and quality.

All the Audit Committee members are financially literate and bring in expertise in the fields of finance,
economics and management.

b. COMPOSITION OF NOMINATION AND REMUNERATION COMMITTEE:

Currently, the Nomination and Remuneration Committee consists of the following members:

a. Mr. Maqsood Ahmed - Chairperson

b. Mr. Suryanarayana Murthy Krovi - Member

c. Mrs. Meena Bhushan Kerur - Member

The Meeting of Nomination and Remuneration Committee was held on 6th August 2024.

The composition of the Nomination and Remuneration Committee and the details of meetings attended
by its members are given below:

Name	Category	Number of meetings during the financial year 2024-25
		Entitled to Attend	Attended
Mr. Maqsood Ahmed	Independent, Non- Executive	1	1
Mr. Suryanarayana Murthy Krovi	Non- Executive, Independent	1	1
Mrs. Meena Bhushan Kerur	Non-Executive	1	1

c. COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE:

Currently, the Stakeholders Relationship Committee consists of the following members:

a. Mrs. Meena Bhushan Kerur - Chairperson

b. Mr. Srikrishna Naik - Member

c. Mr. Suryanarayana Murthy Krovi - Member

The composition of the Stakeholders Relationship Committee and the details of meetings attended by its
members are given below:

The Meeting of Stakeholders Relationship Committee was held on 14th February 2025.

Name	Category	Number of meetings during the financial year 2024-25
		Entitled to Attend	Attended
Mrs. Meena Bhushan Kerur	Non- Executive	1	1
Mr. Suryanarayana Murthy Krovi	Independent, Non- Executive	1	1
Mr. Srikrishna Naik	Managing Director, Executive	1	1

iii. VIGIL MECHANISM:

The Company has implemented a vigil mechanism policy to deal with instance of fraud and
mismanagement, if any. It provides for the directors and employees to report genuine concerns and
provides adequate safeguards against victimization of persons who use such mechanism. The
Policy on vigil mechanism may be accessed on the Company''s website at the link:
https://www.goldencarpets.com/policies.html. There were no complaints received during the year
2024-25.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has generally complied with all the applicable provisions of Secretarial Standard on
Meetings of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2),
respectively issued by Institute of Company Secretaries of India and that such systems are adequate
and operating effectively.

LISTING FEES:

The Company has timely paid listing fees for the financial year to BSE Limited where its shares are listed.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The information relating to remuneration of Directors and details of the ratio of the remuneration of each
Director to the median employee''s remuneration and other details as required pursuant to section
197(12) of the Act read along with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is annexed. (Annexure- IV).

Pursuant to Rule 5(2) of the Companies (Appointment and Remuneration Managerial Personnel) Rule,
2014, there are no employees who are in receipt of remuneration of Rs. 1,02,00,000/- or more per annum
or Rs. 8,50,000/- or more per month or were employed for a part of the year.

DETAILS OF DEPOSITS:

Your Company has not accepted any deposits as per Section 73 of the Companies Act 2013 from the
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.

THE DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERNSTATUS AND COMPANY’S
OPERATIONS IN FUTURE:

During the financial year, there were no significant and material orders that

were passed by the regulators or courts or tribunals impacting the going concern status and the
Company operations in future.

DECLARATION WITH THE COMPLIANCE WITH THE CODE OF CONDUCT BY MEMBERS OF THE
BOARD AND SENIOR MANAGEMENT PERSONNEL:

The Company has complied with the requirements about code of conduct for Board Members and Sr.
Management Personnel. The said code of conduct is available on the website of the Company at
https://www.goldencarpets.com/policies.html.

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

During the financial year under review, there was no one-time settlement done by the Company,
accordingly disclosure with respect to difference in valuation and reasons thereof is not applicable.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016 during the year under review.

APPRECIATION:

The Directors of your Company are pleased place on record their appreciation of the co-operation and
support extended by the Financial Institutions, Banks and various State and Central Government
Agencies, invaluable contribution made by the Company''s employees which made it possible for the
Company to achieve these results.

They would also like to take this opportunity to thank customers, dealers, suppliers, business associates
and valued shareholders for their continued support and encouragement.

By order of the Board of Directors
For GOLDEN CARPETS LIMITED

Sd/-

SRIKRISHNA NAIK

^{Place: Hyderabad} Managing Director

Date: 4th September 2025 DIN_: 01730236

---

Mar 31, 2024

Your Directors take pleasure in presenting the 30th (Thirtieth) Directors Report together with
the Audited Balance Sheet and the Statement of Profit or Loss for the period ended 31st
March 2024 along with the Report of the Board & Statutory Auditors of your Company.

FINANCIAL HIGHLIGHTS:

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

(Rs. In Lakhs)

S.No.	Particulars	Year ended 31.03.2024	Year ended 31.03.2023
1	Revenue from Operations	85.78	66.82
2	Other income	2.63	3.32
3	Total Revenue from Operation (1 2)	88.41	70.13
4	Total Expenses (Excluding Depreciation)	81.14	76.99
5	Depreciation	14.17	13.3
6	Profit/ (Loss) before tax	(6.90)	(20.16)
7	Deferred Tax Expense	(2.13)	(0.58)
8	Profit/(Loss) for the year after tax	(4.77)	(19.58)
	Earnings Per Share (EPS)	(0.07)	(0.30)

FINANCIAL PERFORMANCE:

Your Company continued on its growth trajectory in Financial Year 2023-24. During the
financial year under review, your company recorded total revenue from operations
amounted to Rs. 88.41 Lakhs as compared to the previous year Rs. 70.13 Lakhs and
incurred Net Loss of Rs. 4.77 Lakhs.

MATERIAL EVENTS DURING THE FINANCIAL YEAR:

Unless as provided elsewhere in this Report, there were no significant material changes and
commitments affecting financial position of the company during the financial year under
review.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the financial year under review, there was no changes in the nature of its business.
SHARE CAPITAL:

The Authorized Share Capital of the Company as on 31st March 2024 was Rs.
10,50,00,000/- divided into 1,05,00,000 equity shares of Rs. 10/- each.

The issued share capital of the Company is Rs. 10,35,92,590/- divided into 1,03,59,259
equity shares of Rs. 10/- each.

The listed share capital of the Company is Rs. 6,49,01,590/- divided into 64,90,159 Equity
shares of Rs. 10/- each.

The Paid-up Capital of the Company is Rs. 6,49,01,590/- divided into 64,90,159 Equity
Shares of Rs. 10/- each.

The difference in issued capital & listed capital is on account of 99600 equity shares that
were unsubscribed in the public issue & and 37,69,500 Equity Shares that have been
forfeited on account of non-payment of call money.

Further, during the period under review, your Company has not bought back any of its
securities / has not issued any Sweat Equity Shares / has not issued any Bonus Shares/ has
not issued shares with Differential Voting rights and there has been no change in the voting
rights of the shareholders.

RESERVES:

In view of losses incurred by the Company, the Company has not transferred any amount to
reserve account for the year ended 31st March 2024.

DIVIDEND:

During the financial year under review, the Company has incurred losses and therefore no
dividend has been recommended by the Board.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:

The Provisions of Section 125(2) of the Companies Act, 2013 does not apply as there was
no dividend declared by the Company during the year under review.

CORPORATE GOVERNANCE REPORT:

The Company''s paid-up equity share capital is less than Rs. 10 crores and net worth is less
than Rs. 25 crores as on the last day of the previous financial year. As such, according to
Regulation 15(2)(a) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, the compliances with respect to Corporate Governance disclosures are
not applicable to your Company. However, your Company strives to incorporate the
appropriate standards for Corporate Governance in the interest of the stakeholders of the
Company.

Management Discussion and Analysis Report for the year under review, as stipulated under
Regulation 34 of the SEBI (LODR) Regulations, 2015 is presented in a separate section
forming part of the Annual Report. (Annexure-I)

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. RETIREMENT BY ROTATION:

Pursuant to provisions of the Companies Act, 2013, Ms. Meena Kerur (DIN:
02454919), Director will retire at this Annual General Meeting and being eligible, offers
herself for re-appointment.

The Board recommends her re-appointment.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTED OR
RESIGNED DURING THE YEAR:

During the financial year under review Mr. Suryanarayana Murthy Krovi was appointed
as Director (Non-Executive and Independent) of the Company in the AGM held on
22nd August 2023 for a period of 5 years.

Apart from above there were no appointments or resignations or changes in the
Directors of the Company or Key Managerial Personnel during the financial year under
review.

The following are the details of Appointments, re-appointments and Resignations of
Directors or Key Managerial Personnel after the closure of financial year and until the date of
this report:

• Mr. Durgaprasad Palupuri the Chief Financial Officer of the Company has resigned on
9th May 2024, from the position of Chief Financial Officer of the Company.

• Mr. Pradeep Kumar Mohapatro has been appointed as Chief Financial Officer of the
Company w.e.f. 6th August 2024.

Apart from this there were no Appointments, re-appointments and Resignations of
Directors or Key Managerial Personnel after the closure of the financial year and until
the date of this report.

EVALUATION OF THE BOARD’S PERFORMANCE:

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (LODR) Regulations,
2015, the Board has carried out annual performance evaluation of its own, its committees
and individual directors of the Company. The annual performance evaluation was carried
out through structured evaluation process which was based on the criteria as laid down by
Nomination and Remuneration Committee, which includes various aspects such as
composition of the Board & Committees, diversity of the Board, experience & competencies
of individual directors, performance of specific duties & obligations, contribution at the
meetings and otherwise, team work, exercise of independent judgments and

implementation of corporate governance principals etc. Based on performance evaluation,
the Board has concluded that efforts and contribution made by all directors individually as
well as functioning and performance of the Board as a whole and its committees were
proactive, effective and contributing to the goals of the Company.

DECLARATION BY INDEPENDENT DIRECTORS:

As on date of this report, the Board comprises of 4 (Four) Directors. The composition
includes 2 (Two) Independent Directors. Both the Independent Directors are appointed on
the Board of your Company in compliance with the applicable provisions of the Companies
Act, 2013 (“the Act”).

Your Company has received declarations from all the Independent Directors confirming that
they meet/continue to meet, as the case may be, the criteria of Independence under sub¬
section (6) of section 149 of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTORS:

As required under Regulation 25(7) of the SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015, each newly appointed Independent Director is taken
through a formal induction program including the presentation from the Managing Director
on the Company''s manufacturing, marketing, finance and other important aspects. The
induction for Independent Directors include interactive sessions with Executive Committee
members, Business and Functional Heads, visit to the manufacturing site etc.

POLICIES:

i. REMUNERATION POLICY:

The Board on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and
their remuneration as required under Section 178 of the Companies Act, 2013 and
Regulation 19(4) read with Schedule II of the SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015.

ii. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has formulated a Whistle Blower policy and has established Vigil
Mechanism for employees including Directors of the Company to report genuine
Concerns. The provisions of this Policy are in line with the provisions of Section 177(9)
of the Act.

iii. POLICY ON BOARD DIVERSITY:

The Board on the recommendation of the Nomination & Remuneration Committee
framed a policy on Board Diversity as required Regulation 19(4) read with Part D of
Schedule II of the SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015.

iv. RISK MANAGEMENT POLICY:

The Board of Directors has adopted an Enterprise Risk Management Policy framed by
the Company, which identifies the risk and lays down the risk minimization procedures.
These procedures are periodically reviewed to ensure that executive management
controls risk through means of a properly defined framework.

v. PRESERVATION OF DOCUMENTS AND ARCHIVAL POLICY:

The Company has formulated a Policy pursuant to Regulation 9 and 30(4) of the SEBI
(Listing obligations and Disclosure Requirements) Regulations, 2015 on Preservation
of the Documents to ensure safekeeping of the records and safeguard the documents
from getting manhandled, while at the same time avoiding superfluous inventory of
documents.

vi. POLICY ON DISCLOSURE OF MATERIAL EVENTS/ INFORMATION:

The Policy is framed in accordance with the requirements of the Regulation 30 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The objective of
the Policy is to determine materiality of events or information of the Company and to
ensure that such information is adequately disseminated in pursuance with the
Regulations and to provide an overall governance framework for such determination of
materiality.

vii. POLICY ON RELATED PARTY TRANSACTIONS:

The Board of Directors has adopted a Policy on materiality of and dealing with related
party transactions. No material contract or arrangements with related parties were
entered into during the year under review.

Your Company''s Policy on Related Party Transactions as adopted by your Board can
be accessed on the Company''s website.

viii. INSIDER TRADING POLICY:

The Board of Director has adopted the Insider Trading Policy in accordance with the
requirement of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The Insider
Trading policy of the Company lays down guidelines & procedures to be followed, and
disclosures to be made while dealing with the shares of the Company, as well as the
consequences of the violations. The policy has been formulated to regulate, monitor
and ensure reporting of deals by employees and to maintain highest ethical standards
of dealing in Companies shares.

The Insider Trading policy of the Company covering code of practices and procedures
for fair disclosure of unpublished price sensitive information and code of conduct for
preventing insider trading, same is available on our website.

i. STATUTORY AUDITORS:

M/s. Sathuluri & Co., Chartered Accountants, (FRN: 006383S), are appointed as the
Statutory Auditors of the Company for a term of 5 (five) consecutive years to hold office
from the conclusion of the 29th Annual General Meeting (AGM) till the conclusion of the
34th AGM.

M/s. Sathuluri & Co, Chartered Accountants, Statutory Auditors have confirmed that:

a. their appointment is within the limit prescribed under the Section 141 of the Act;

b. they are not disqualified from continuing as Statutory Auditors under the Section 141 of
the Act; and

c. they hold a valid certificate issued by the peer review board of the Institute of Chartered
Accountants of India.

The Auditors'' Report does not contain any reservation, qualification or adverse remarks.

ii. SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The Company has appointed Mr. Ramesh Atluri, Company Secretary in Whole Time
Practice, (Membership No. 9889, C P No. 16418) as Secretarial Auditor. The
Secretarial Audit report for the financial year 2022-23 is annexed herewith to this
Report. (Annexure-II).

Qualifications/ Remarks	Replies
1. The Company has not appointed Internal Auditor as required under the provisions of Section 138 read with Rule 13 of the Companies (Accounts) Rules, 2014.	Since your Company operations are limited and the Company is running into losses, the Company has not appointed an Internal Auditor during the financial year.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and
ability, confirm that:

a) In the preparation of the annual accounts for the financial year 2023-24, 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
2023-24 and of the profit and loss of the Company for the year 1st April 2023 to 31st
March 2024;

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 Directors had prepared the annual accounts on a going concern basis;

e) The Directors had laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were operating effectively;
and

f) 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.

NAMES OF THE SUBSIDIARIES/ASSOCIATES/JOINT VENTURES:

The Company has no subsidiaries, joint ventures or associate companies during the
financial year under review.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to constitute a Corporate Social Responsibility Committee and
formulate policy on Corporate Social Responsibility as it does not fall within purview of
Section 135(1) of the Companies Act, 2013.

RELATED PARTY TRANSACTIONS:

There were no materially significant transactions with related parties during the financial
year under review, which were in conflict with the interest of the Company. All the
transactions entered into by the Company with Related Parties during the year under review
were at arms-length basis. Disclosure required under the Accounting Standard (Ind AS-24)
have been made in the notes to the Financial Statement.

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

The particulars relating to conservation of energy, technology absorption, foreign exchange
earnings and outgo, is annexed and marked and forms part of this Report. (Annexure-III).

INTERNAL FINANCIAL CONTROLS:

Your Company has in place adequate internal control systems commensurate with the size
of its operations. The Company has in place adequate controls, procedures and policies,
ensuring orderly and efficient conduct of its business, including adherence to the
Company''s policies, safeguarding of its assets, prevention and detection of frauds and
errors, accuracy and completeness of accounting records and timely preparation of reliable

financial information. Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, the work performed by the internal
auditors and the reviews performed by management and the Audit Committee, the Board is
of the opinion that the Company''s internal financial controls were adequate and effective
during the Financial Year 2023-24.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

The Company has not given any loan, guarantee or provided security or made any
investments pursuant to the provisions of Section 186 of Companies Act, 2013.

DISCLOSURE PERTAINING TO SEXUAL HARRASMENT OF WOMEN AT
WORKPLACE:

Your Company has always believed in providing a safe and harassment free workplace for
every individual working in premises through various interventions and practices. The
Company always endeavours to create and provide an environment that is free from
discrimination and harassment including sexual harassment.

Also, there were no complaints reported under the Prevention of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

DISCLOSURES:

i. ANNUAL RETURN:

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return is available on the website of the
Company at https://www.goldencarpets.com/annualreports.html.

ii. NUMBER OF BOARD MEETINGS:

The Board of Directors of the Company met Five (5) times during the financial year and
the gap between two meetings did not exceed one hundred and twenty days. The dates
on which the said meetings were held are as follows:

1. 30th May 2023;

2. 26th July 2023;

3. 08th August 2023;

4. 10th November 2023; &

5. 09th February 2024.

(i) The names and categories of the Directors on the Board, their attendance at Board
meetings held during the financial year and the number of directorships and committee
chairmanships / memberships held by them in other public companies as on 31st
March 2024 are given herein below:

Name of	Category	Number of		Whether	Number	Number of
Director		Board Meet-		attended	of Direc-	Comittee
		ings during the		last AGM	torships in	position held
		year 2023-24		held on	other	in other Public
		Entit	Atten	22nd	public	Companies #
		led	ded	August	compa-	Chairman	Member
		to		2023	nies
		Attend
Mr. Srikrishna	Promoter,	5	5	Yes	Nil	Nil	Nil
Naik	Executive
Mrs. Meena	Promoter,	5	5	Yes	Nil	Nil	Nil
Kerur	Non¬ Executive
Mr. Surya	Independent,	5	5	No	Nil	Nil	Nil
narayana	Non-
Murthy Krovi	Executive
Mr. Maqsood	Independent,	5	5	No	Nil	Nil	Nil
Ahmed	Non¬ Executive

Other Directorships do not include Directorships of Private Limited Companies, Section 8
companies and of companies incorporated outside India.

#Chairmanships / Memberships of Board committees shall include only Audit Committee
and Stakeholders'' Relationship Committee.

The Meeting of Independent Directors was held on 9th February 2024 to:

a. evaluate the performance of the Chairperson of the company, taking into account the
views of executive directors and non-executive directors;

b. review the performance of non-independent directors and the Board as a whole;

c. assess the quality, quantity and timeliness of flow of information between the company
management and the Board so as to ensure that the Board is performing the duties
effectively and reasonably.

iii. COMMITTEES OF THE BOARD:

Currently the Board has three Committees:

a. Audit Committee;

b. Nomination and Remuneration Committee;

c. Stakeholders Relationship Committee.

a. COMPOSITION OF AUDIT COMMITTEE:

Currently, the Audit Committee consists of the following members:

a. Mr. Maqsood Ahmed - Chairperson

b. Mr. Suryanarayana Murthy Krovi - Member

c. Mrs. Meena Kerur - Member

The above composition of the Audit Committee consists of Independent Directors viz., Mr.
Maqsood Ahmed and Mr. Suryanarayana Murthy Krovi who form the majority.

The Audit Committee met Five (5) times during the financial year and the dates on which the
said meetings were held are as follows;

1. 30th May 2023;

2. 26th July 2023;

3. 08th August 2023;

4. 10th November 2023; &

5. 09th February 2024.

The gap between two meetings did not exceed 120 days and the necessary quorum was
present for all the meetings.

The composition of the Audit committee and the details of meetings attended by its
members are given below:

Name	Category	Number of meetings during the financial year 2023-24
		Entitled to Attend	Attended
Mr. Maqsood Ahmed	Independent, Non- Executive	5	5
Mr. Suryanarayana Murthy Krovi	Independent, Non- Executive	5	5
Mrs. Meena Kerur	Non-Executive	5	5

The primary objective of the Audit Committee is to monitor and provide effective supervision
of the financial reporting process, to ensure accurate and timely disclosures with the highest
level of transparency, integrity and quality.

All the Audit Committee members are financially literate and bring in expertise in the fields of
finance, economics and management.

b. COMPOSITION OF NOMINATION AND REMUNERATION COMMITTEE:

Currently, the Nomination and Remuneration Committee consists of the following
members:

a. Mr. Maqsood Ahmed - Chairperson

b. Mr. Suryanarayana Murthy Krovi - Member

c. Mrs. Meena Kerur - Member

The Meeting of Nomination and Remuneration Committee was held on 26th July 2023.

The composition of the Nomination and Remuneration Committee and the details of
meetings attended by its members are given below:

Name	Category	Number of meetings during the financial year 2023-24
		Entitled to Attend	Attended
Mr. Maqsood Ahmed	Independent, Non- Executive	1	1
Mr. Suryanarayana Murthy Krovi	Independent, Non- Executive	1	1
Mrs. Meena Kerur	Non-Executive	1	1

c. COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE:

Currently, the Stakeholders Relationship Committee consists of the following
members:

a. Mrs. Meena Kerur - Chairperson

b. Mr. Srikrishna Naik - Member

c. Mr. Suryanarayana Murthy Krovi - Member

The composition of the Stakeholders Relationship Committee and the details of meetings
attended by its members are given below:

The Meeting of Stakeholders Relationship Committee was held on 9th February 2024.

Name	Category	Number of meetings during the financial year 2023-24
		Entitled to Attend	Attended
Mrs. Meena Kerur	Non- Executive	1	1
Mr. Suryanarayana Murthy Krovi	Independent, Non- Executive	1	1
Mr. Srikrishna Naik	Managing Director, Executive	1	1

iv. VIGIL MECHANISM:

The Company has implemented a vigil mechanism policy to deal with instance of fraud
and mismanagement, if any. It provides for the directors and employees to report
genuine concerns and provides adequate safeguards against victimization of persons
who use such mechanism. The Policy on vigil mechanism may be accessed on the
Company''s website at the link: https://www.goldencarpets.com/policies.html. There
were no complaints received during the year 2023-24.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has generally complied with all the applicable provisions of Secretarial
Standard on Meetings of Board of Directors (SS-1) and Secretarial Standard on General
Meetings (SS-2), respectively issued by Institute of Company Secretaries of India and that
such systems are adequate and operating effectively.

LISTING FEES:

The Company has timely paid listing fees for the financial year to BSE Limited where its
shares are listed.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The information relating to remuneration of Directors and details of the ratio of the
remuneration of each Director to the median employee''s remuneration and other details as
required pursuant to section 197(12) of the Act read along with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed.
(Annexure- IV).

Pursuant to Rule 5(2) of the Companies (Appointment and Remuneration Managerial
Personnel) Rule, 2014, there are no employees who are in receipt of remuneration of Rs.
1,02,00,000/- or more per annum or Rs. 8,50,000/- or more per month or were employed for
a part of the year.

DETAILS OF DEPOSITS:

Your Company has not accepted any deposits as per Section 73 of the Companies Act 2013
from the 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.

THE DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS
OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERNSTATUS AND
COMPANY’S OPERATIONS IN FUTURE:

During the financial year, there were no significant and material orders that

were passed by the regulators or courts or tribunals impacting the going concern status and
the Company operations in future.

DECLARATION WITH THE COMPLIANCE WITH THE CODE OF CONDUCT BY
MEMBERS OF THE BOARD AND SENIOR MANAGEMENT PERSONNEL:

The Company has complied with the requirements about code of conduct for Board
Members and Sr. Management Personnel. The said code of conduct is available on the
website of the Company at https://www.goldencarpets.com/policies.html.

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

During the year under review, there was no one-time settlement done by the Company,
accordingly disclosure with respect to difference in valuation and reasons thereof is not
applicable.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016

There is no application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 during the year under review.

APPRECIATION:

Your Directors are pleased place on record their appreciation of the co-operation and
support extended by the Financial Institutions, Banks and various State and Central
Government Agencies, invaluable contribution made by the Company''s employees which
made it possible for the Company to achieve these results.

They would also like to take this opportunity to thank customers, dealers, suppliers,
business associates and valued shareholders for their continued support and
encouragement.

By order of the Board of Directors
For GOLDEN CARPETS LIMITED

SD/-

SRIKRISHNA NAIK

^{Place: Hyderabad} Managing Director

Date: 6th August 2024 DIN: 01730236

---

Mar 31, 2014

Dear Members,

The Directors present herewith the 20th Annual Report on the business and operations of the Company and the audited accounts for the year ended 31st March 2014.

Financial Results and Operations

The summarized financial results for the year ended 31st March, 2014 as compared with the previous year are as under:

Rs. In Lakhs.

S. Particulars Year ended Year ended No 31.03.2014 31.03.2013

1. Sales 51.46 79.20

2. Other Income 19.16 5.50

3. Total Income (1 2) 70.62 84.70

4. Total Expenses other than interest (146.11) (178.28)

5. Financial Cost 0.06 0.42

6. Total Expenses other than Depreciation 66.54 101.86

7. Depreciation 79.51 76.00

8. Miscellaneous Expenditure Written off 0.00 0.00

9. Profit/ (Loss) for the before tax (75.49) (93.57)

10. Provision for tax:MAT 0.00 0.00

11. Deferred Tax(Liability)/Asset 33.90 18.29

12. Profit/(Loss) for the year after tax (41.59) (75.29)

The operational performance of the Company is discussed in detail under the Management Analysis and Discussion Report.

Deposits

The Company has not accepted any fixed deposits from the public

Conservation of Energy, Technology Absorption, Foreign Exchange Earning and Outgo

Particulars pursuant to the provisions of section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the report of Board of Directors) Rules, 1988 are given in the "Annexure - A"

Particulars of Employees

No employee of the Company was in receipt of remuneration, which requires disclosure under section 217(2A) of the Companies Act, 1956.

Directors

In accordance with the requirements of the Companies Act 1956, read with the Articles of Association of the company Sri.Krishna Naik, shall retire by rotation at this Annual General Meeting, and being eligible offer himself for reappointment. A brief resume of the retiring director as required under clause 40 of the Listing Agreement is provided in this Annual Report.

The Company has received declarations from all the Independent Directors of the company conforming that they meet the criteria of Independence as prescribed both under section 149(6) of the Companies Act, 2013 and under clause 49 of the listing agreement with the stock exchange.

Auditors and Audit Report

The Statutory Auditors of the company M/s.Ramasamy Koteshwararao & Co, Chartered Accountants, Hyderabad (Firm Reg No. 010396S), retire at the ensuing Annual General Meeting and are eligible for re -appointment.

Your company has received intimation to the effect that, proposed re-appointment, if made would be with in the prescribed limit under Section 139 of the Companies Act 2013 and also in compliance with the requirements of the Listing Agreement. They have also confirmed their willingness to accept office, if re-appointed. The Board and Audit Committee recommend the re-appointment of M/ s.Ramasamy Koteshwararao & Co, Chartered Accountants, Hyderabad, as Statutory Auditors to hold office till conclusion of Next Annual General Meeting.

The Auditors Report and notes to the accounts are self explanatory and do not call for any further comments.

Director''s responsibility statement

In accordance with sub-section (2AA) of section 217 of the Companies Act, 1956, the Directors of the Company state:

a. That in the preparation of the accounts for the financial year ended 31st March, 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures.

b. That the Directors 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 the financial year and of the profit of the Company for the year under review.

c. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a ''going concern basis''.

Management Discussion & Analysis Report

A separate report on Management Discussion & Analysis Report is attached to this report.

Corporate Governance Report

A separate report on corporate governance along with Auditor''s certificate on its compliance is attached to this report.

Cash Flow Statement

In conformity with the provisions of Clause 32 of the Listing Agreement with the Stock Exchanges, the cash flow statement for the year ended March 31, 2014 is annexed hereto.

Audit Committee

In accordance with Clause 49 of the Listing Agreement, the company has constituted the Audit Committee, which consists of Majority of Independent Directors and Non Executive Directors of the company Viz. Sri.K.Suresh, Sri. Maqsood Ahmed and Smt. Meena Kerur. The Audit committee functions in terms of the role and powers delegated by the Board of Directors keeping in view of the Provisions of Clause 49 of Listing Agreement and Section 292A of the Companies Act 1956.

Human Resource

The Board of Directors would like to place on record its deep appreciation to all the employees for their dedicated services to the company. Our organizational culture and work environment is central to our ability to work effectively.

Acknowledgement

Your Directors take this opportunity to express their appreciation for the cooperation and continued support received from various departments of Central and State Governments, financial institutions, Banks, the Suppliers, Customers and Shareholders of the Company

By Order of the Board

Place: Hyderabad Sd/- Date: 04/08/2014 Sri Krishna Naik Managing Director

---

Mar 31, 2010

The Directors present herewith the 16th Annual Report on the business and operations of the Company and the audited accounts for the year ended 31st March 2010.

1 . FINANCIAL RESULTS AND OPERATIONS

The summarized financial results for the year ended 31stMarch 2010 as compared with the previous year are as under:

Rs.In Lakhs.

S.No Particulars Year ended Year ended

31.03.2010 31.03.2009

1. Sales 63.46 145.09

2. Other Income 9.98 6.25

3. TOTAL INCOME (1+2) 73.44 151.34

4. Total Expenses other than interest 72.31 141.27

5. Interest 0.00 0.00

6. Total Expenses other than Depreciation 72.31 141.27

7. Depreciation 75.35 74.69

8. Miscellaneous Expenditure Written off 0.00 16.18

9. Profit/(Loss) for the before tax (74.22) (80.81)

10. Provision for tax 0.00 0.00

Fringe benefit Tax 0.00 0.72

MAT 0.00 1.14

Deferred Tax(Liability)/Asset 17.29 16.14

Profit/(Loss) for the year after tax (56.93) (66.53)

The operational performance of the Company is discussed in detail under the Management Analysis and Discussion Report.

2. RESERVES:

The company has not transferred any amount to reserves during the financial year under review

3. DIVIDEND

Your directors consider it prudent to conserve the resources of the Company and hence have not declared any divided to sustain the future growth of the Company.

4. DEPOSITS

The Company has not accepted any fixed deposits from the public within the meaning of section 58A of the Companies Act, 1956.

5. INFORMATION PURSUANT TO THE COMPANIES DISCLOSURE OF (PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES 1988

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO (pursuant to sec 217(1)(e))

A. Conservation of energy:

I. Adequate measures have been taken for conservation of energy.

II. There is no additional investment and proposal for reduction of energy conservation.

III. As there is no additional investment, there is no impact on the business of the company

B. Technology Absorption

i) Research & Development (R&D)

a) Specific areas in which R&D carried out by the company

For having the modern design, patterns and styles and improving the quality of the products and to have unique, royal and classic designs, the company is constantly carrying out research. The Company has developed new Yam Structure which increases the quality in terms of life of Carpet.

b) Benefits derived as a result of R&D

The most impressive designs with highest standard in quality meeting the present market demand, have emerged out of research carried out by the Company. The new Yarn has been greatly accepted in the market.

c) Future plan of action

The quality designs of carpets has to io be improved with a view to have unique features, pattern and design.

Expenditure on R & D: The Company has not made any expenditure on R& D.

ii) Technology absorption, adoption and innovation.

During the year the company has neither absorbed any new Technology nor adopted or innovated any as the existing technology is sufficient to meet the present market requirements.

6. FOREIGN EXCHANGE EARRINGS AND OUT GO:

Foreign Exchange Earnings : NIL

Foreign Exchange out go : 16.69 Lakhs

7. PARTICULARS OF EMPLOYEES

No employee of the Company was in receipt of remuneration, which requires disclosure under section 21 7(2A) of the Companies Act, 1956.

8. DIRECTORS

In accordance with the requirements of the Companies Act 1956, read with the Articles of Association of the company Sri Maqsood Ahmed and Mrs Meena Kerur retire by rotation at this Annual General Meeting, and being eligible offer themselves for reappointment.

9. AUDITORS

M/s N.V Ganagadhara & Associates, Chartered Accountants, Statutory Auditors of the Company and WHEREAS a special notice has been received pursuant to Section 225(1) of the Companies Act, 1956 from shareholders for the appointment of M/s Ramasamy Koteswararao &Co., Chartered Accountants, Hyderabad in place of retiring Auditors, namely M/s N.V Ganagadhara & Associates, Chartered Accountants. It is proposed to appointment him as Auditors for the financial year 2010-201 1 and fix their remuneration. A letter for unwillingness to continue as a Statutory Auditor is obtained from the Retiring Auditor.A consent letter and certificate is received from the New Auditors that if appointment is made, he will be within the limits laid down under section 224 (1 B) of Companies Act, 1956.

10. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with sub-section (2AA) of section 21 7 of the Companies Act, 1956, the Directors of the Company state:

a. That in the preparation of the accounts for the financial year ended 31st March 2010, the applicable accounting standards have been followed along with proper explanation relating to material departures.

b. That the Directors 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 the financial year and of the profit of the Company for the year under review.

c. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1 956 for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. That the Directors have prepared the accounts for the financial year ended 31st March 2010 on a going concern basis.

11. CORPORATE GOVERNANCE REPORT

A separate report on corporate governance along with Auditors certificate on its compliance is attached to this report.

12. MANAGEMENT DISCUSSION & ANALYSIS REPORT

A Separate Report of Management Discussion and Analysis Report as required under the Provisions of listing agreement attached to this report.

13. CASH FLOW STATEMENT

In conformity with the provisions of Clause 32 of the Listing Agreement with the Stock Exchanges, the cash flow statement for the year ended March 31, 2010 is annexes hereto.

14. LISTING

The Equity shares of the company Listed on the Bombay Stock Exchange Limited. The company has paid the applicable listing fee to the BSE up-to-date.

15. AUDIT COMMITTEE

In accordance with Clause 49 of the Listing Agreement, the company has constituted the Audit Committee, which consist of Three Independent Directors and Non Executive Directors of the company Viz. Mr.K.Suresh, Mrs.Meena Kerur and Mr.Maqsood Ahmed. The Audit committee functions in terms of the role and powers delegated by the Board of Directors keeping in view of the Provisions of Clause 49 of Listing Agreement and Section 292A of the Companies Act 1956.

16. HUMAN RECOURSE

The Board of Directors would like to place on record its deep appreciation to all the employees for their dedicated services to the company. Our organizational culture and work environment is central to our ability to complete effectively.

Company has taken initiative to appoint Qualified Company Secretary to comply with the provision of Section 383A of the companies Act, Listing Agreement. The Efforts of the company was not fruitful, however company is availing the services from Practicing Company Secretary.

17. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their appreciation for the cooperation and continued support received from various departments of Central and State Governments, financial institutions, Banks, the Suppliers, Customers and Shareholders of the Company.

By order of the Board of Directors

Sd/-

Place: Hyderabad S. NAIK

Date : 13-08-2010 Chairman & Managing Director