Year End :2024-03

Your Directors are pleased to present before you the 20^th Boards' Report for the Company, for the financial year ended March 31, 2024.

1. FINANCIAL PERFORMANCE

The financial highlights (standalone) of the Company for the year ended March 31, 2024 are presented below:-

Particulars	March 31, 2024	March 31, 2023
Revenue from operations	4,037.48	4,333.73
Other income	705.54	71.13
Gross Income	4,743.02	4,404.86
Expenses	4,728.87	4,225.77
Profit/ (Loss) before Tax	14.15	179.10
Less: Current Tax	3.56	45.08
Less: Deferred tax	0.46	-27.72
Net Profit for the year	10.12	161.74

2. FINANCIAL HIGHLIGHTS

The key highlights of the Company's performance based on the Standalone accounts as on March

31, 2024 are reflected as under:

• Net Worth: During the FY under review, the Net Worth of the Company stood at INR 51.98 crore as compared to INR 51.88 crore for the previous FY, an increase of 0.20%.

• Book Value of Shares: The Book Value of equity shares stood at INR 19.73 as compared to INR 19.63 for the previous FY.

• Current Ratio: As on March 31, 2024 the Current Ratio was 2.91 as compared to 2.85 as of March 31, 2023.

• Debt: Total debt of the Company was INR 14.74 crore in FY 2023-24 as companied to INR 9.88 crore in FY 2022-23, increased of INR 4.86 crore.

• Debtors Turnover Ratio: During the FY under review, the Debtors Turnover Ratio was 2.47 as compared to 2.52 in the previous fiscal.

• Inventory Turnover Ratio: During the FY under review, the Inventory Turnover Ratio was 1.28 as compared to 1.51 in FY 2021-22.

• Net Profit Margin (%): The Net Profit Margin for FY 2023-24 was 0.25% as compared to FY 2022-23 at 3.73%.

3. OPERATIONS AND FUTURE OUTLOOK OF THE COMPANY

During the year under review, the profit stood at INR 10.12 lakh as against of INR 161.74 lakh in the previous year.

Your company continued to focus on new client acquisition along with deepening the existing ones.

4. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There was no change in business activity during the year.

5. SHARE CAPITAL STRUCTURE OF THE COMPANY

During the year, the Authorized Share Capital was INR 28 crore and Paid-up Equity Share Capital was INR 26.34 crore of the Company. There was no change in capital.

A) Issue of equity shares with differential rights

Your Company had not issued equity shares with differential rights as required to be disclosed in rule 4 (4) of Companies (Share Capital and Debentures) Rules, 2014, during the year under review.

B) Issue of sweat equity shares

Your Company had not issued sweat equity shares as require to be disclosed under rule 8 (13) of Companies (Share Capital and Debentures) Rules, 2014, during the year under review.

C) Issue of employee stock

Your Company had not issued employee stock option as required to be disclosed under rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014, during the year under review.

D) Private Placement/Preferential Allotment/Right Issue of Shares

Your Company had not issued shares on Private Placement of Preferential allotment basis or right issue.

E) Bonus Issue

Your Company had not issued shares as bonus shares.

6. DIVIDEND

Your Directors have not recommended Dividend for the year.

7. TRANSFER TO RESERVES

The Directors has not transferred amount to General Reserves during the financial year ending March 31, 2024.

8. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124 and 125 of the Act, read with Investor Education and Protection Fund Authority (Accounting Audit, Transfer and Refund) Rules, 2016 ('IEPF Rules'), as amended from time to time, the company is not required to transfer the unpaid and unclaimed dividend pertaining to the FY 2016-17, as there was no dividend declared during the FY 2016-17.

9. ACCOUNTING STANDARD AND FINANCIAL STATEMENTS

The Financial Statements of the Company are prepared in accordance with Accounting Standards, issued by the Institute of Chartered Accountants of India, which forms part of this Annual report.

10. CONSOLIDATED FINANCIAL STATEMENT

As required under Section 129 of the Act and LODR Regulations, a consolidated financial statements for the year ended March 31, 2023 are attached.

11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

i. Directors

The Composition of the Board as on this report date is as follows:

Name of the Director	DIN	Designation	Category	Date of Appointment
Mr. Nishant Mahimtura	02000572	Wholetime Director	Promoter Executive	10/11/2004
Mr. Ashish Dubey	07604537	Independent Director	Non-Executive Independent	18/06/2020
Mrs. Reshma Ganji	07576582	Managing Director	Promoter Executive	26/07/2016
Mr. Riyaz Ganji	02236203	Joint Managing Director	Promoter Executive	10/11/2004
Mr. Rishi Sharma	09453515	Independent Director	Non-Executive Independent	31/12/2021
Mrs. Kalpana Kumari	08659377	Independent Director	Non-Executive Independent	28/12/2022

The disclosures pertaining to the Equity Shares held and the Remuneration received by the Directors and Key Managerial Personnel's during the Financial Year 2023-24 are disclosed in MGT-7 at link www.libasdesignsltd.com

Changes in the Board

1. Mr. Pooja Hindia resigned from the post of Independent Director with effect from February 13, 2024.

2. Retirement by rotation and subsequent re-appointment

In accordance with the provisions of section 152(6) of the Companies Act, 2013 and Companies Articles of Association Mr. Riyaz Ganji is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, to offer himself for re-appointment by stating his willingness to be re-appointed at this Annual General Meeting.

The complete details and disclosures pertaining to the qualification, experience, education and other details as required under the Companies Act, 2013, Secretarial Standards-2 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to the Notice to the Annual General Meeting for the Directors seeking appointment/reappointment.

Key Managerial Personnel

1. Mrs. Nita Mishra resigned from the post of Company Secretary & Compliance Officer of the Company with effect from January 31, 2024.

2. Mrs. Pooja Hindia was appointed as Company Secretary & Compliance Officer of the Company with effect from February 14, 2024.

12. Listing Fee

The Company has paid the applicable listing fee to the National Stock Exchange of India Limited for the Financial Year 2024-25.

13. AUDITORS

i. 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 M/ s. SARK & Associates LLP, Company Secretaries as Secretarial Auditors of the Company for the Financial Year 2023-24, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report in form MR-3 (Annexure III) is presented separately and forms part of this report.

ii. Statutory Auditors

M/s Choudhary Choudhary & Co., Chartered Accountants (FRN.: 002910C) continues as Statutory Auditor from FY 2023-24 onwards till completion of five.

The Auditor's Report to the shareholders on standalone and consolidated financials for the year ended March 31, 2024 is presented separately and forms part of this report and has certain qualification, observation or adverse comments. During the year under review, the Auditors of the Company have not reported any fraud under Section 143(12) of the

Companies Act, 2013. The Notes to Accounts referred to in the Auditor's report are selfexplanatory and do not require any further comments.

iii. Internal Auditor

M/s Sabadra & Associates, Chartered Accountants continues as Internal Auditor of the Company during the year.

14. REPLY TO THE COMMENTS IN THE AUDITORS' REPORT AND SECRETARIAL AUDITOR'S REPORT Auditors' Report

Sl. No.	Qualification	Management's Reply
1	The process of inventory management adopted by the company is not satisfactory and does not facilitate identification of old or obsolete stock. The company is holding very old stocks, we are unable to verify the ageing of stocks due to lack of relevant data, however these stocks are over 3-4 years old which we believe may not be saleable. Total value of such stock of Garment and Fabric, not written off in our estimation is Rs 1014.84 Lakhs, stocks to this extent is overstated in the balance sheet and Profits to this extent is overstated in the books.	The Stock kept in Boxes at warehouse and management verified the stock once in a year as per their policy. The stock lying at store were reconciled with the opening stock, transferred to respective store during the year and stock sold during the year. Due to heavy stocks it is impractical to verify each item every year. the same is excercised every third year any any differences in stock at store will be recovered from Store Manager. Hence annual verification is not carried out by the Management. Further management has decided to start renting the dresses for various movies and TV serials hence old stock / refurbished stock will be utilised to generate rental income. once the above project implemented the old Stock will be moved to Tangible assets head. In our opinion and according to our experience of last 20 years we will be able to generate good amount of income out of the above old stock.
2	Loan agreements for Short Term Loans and Advances given to various parties for a total amount of Rs 1509.38 lakhs were not provided. Out of these loans given, certain parties' amounting Rs, 483.06 lakhs, balances have not changed and there has been no receipts from these parties in last 2 financial years. In the absence of any agreement and balance confirmations from these parties and in view	The Amount advanced to contractor for manufacturing of ethenical garments for Company during 2020- 21. Due to COVID, Company faces cancellation of various order by the customers and in turn we were unable to take the delivery from the contractor, we are closely monitoring the advances and got assurance from the contractors/Supplier

	of no receipts from these parties in past 2 years, we are of the opinion that loans and advances aggregating Rs 483.06 lakhs may not be recoverable by the company.	that they will adjust the amount against future work contract. Management do not see any default in refund of advance given to contractor.
3	Management has written off Rs. 15.88 lakhs of receivables during the current financial year. Out of the remaining debtors, debtors amounting to Rs 149.14 lakhs has nil recoveries or any movement in last over 2 financial years. In our opinion, recoverability of these receivables appears. doubtful. Profit to this extent is overstated in the books.	The old outstanding includes certain debtors of closed branches and part business of Ethnicity and disputed receivables were written off by the management. The other receivables are confirmed and fully recoverable within six months from the date of signing of this report.
4	Management has written off Sundry Creditors amounting to Rs. 701.04 lakhs in the current financial year as those amounts were pending for over 3 years. Management has decided that these amounts are not payable and the board has decided to write off these payables. For the remaining creditors amounting to Rs 384.18 lakhs, contact details and address of parties are not provided for independent Balance confirmations by us. We are unable to establish these liabilities in the absence of relevant documents and confirmations.	The Creditors who closed their business after COVID period and not following for payments were W/off by the management after completion of 3. years from the date of purchases. in accordance of limitation Act and after consultation with Legal department. The Balance creditors are actual and payable by the Company. Company is utilysing the funds for working capital management and to reduced the Cash credit limits during last three years.
5	Internal Control Processes are not commensurate with the size of the business.	Company is following checker and maker system at all level of operation. The annual stock verification at store is the only reason reported by the Auditor for Internal Control. Management is ensuring the stakeholders that they will try to modify the same in accordance with the Statutory Audit requirements.
6	GST Annual Return 9 and 9C FY 2022-23 is not filed till date of this report.	GST Audit under 9 and 9C is under preparation with CA and will be completed within 15days and copy of the same will be forwarded to Auditor for removal of this qualification.
7	We draw attention to the note no. 'f of the standalone financial results wherein the undisputed income tax liability of Rs.2.91 Lakhs for FY 2017-18 are unpaid as on date of this report.	The above outstanding is offered to adjust against old refunds receivable by the Company. Although the amount is not substantial to impact the financials of the Company, company will pay the same and get the qualification cleared.
8	We draw attention to the note no. 'e' of the standalone financial results wherein the	Undisputed Tax liability of 2022-23 was excess recorded in last year but since it

	undisputed tax liability in relation to TDS on purchase for the F.Y. 2022-23 unpaid as on date amounting to Rs 1.32 Lakhs.	was reported in financial statement hence we were not allowed to reverse the same. We will pay in favour of our contractor and get the refund from them hence it has no impact on the financial statement.
9.	We draw attention to the note no. 'g' to j of the standalone financial results wherein the undisputed tax liability in relation to below items. are unpaid as on date of this report and overdue for more than 6 months as on 31st March 2024, o g. Professional Tax for Rs 2.78 lakhs o h. TCS collected from parties for Rs. 1.50 lakh. i. GST liability for Rs. 2.79 lakh. J. TDS on sales for Rs. 0.82 lakh	The undisputed TDS and other liability pertaining to FY 2023-24 will be cleared by the time we will file our return for the FY 2023-24. These are regularly paid by the company within the stipulated time limit specified under Income tax act. We ensure Auditor that company will comply all the shortcoming noticed by them in next quarterly review report.

Secretarial Audit Report

Sl. No.	Qualification	Management's Reply
1.	The company was required to submit annual audited financial results for the year ended March 31, 2023 on or before May 30, 2023. However, the company submitted the same on June 5, 2023. It was delayed by 5 days.	As auditor of the company was not available on May 30, 2023 and could not sign the financial statements of the Company. Hence, the board meeting was postponed to June 5, 2023.
2.	There was delay in payment of Annual Listing fees with NSE for FY 2023-24.	Due to certain problems with netbanking, the company could not pay the Annual Listing fees within statutory timeline.
3.	Mrs. Resham Ganji, Managing Director and Promoter of the Company has filed case against other Directors and KMP of the company under section 241 of the Companies Act, 2013, Oppression and Mismanagement with the NCLT, Mumbai bench.	The case is with NCLT, Mumbai Bench and will updated to NSE as and when required.

15. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act,

2013, your Directors confirm that:

a) in the preparation of the 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 and loss 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; and

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

f) Internal Financial Controls have been laid down to be by the Company and that such internal Financial Controls are adequate and were operating effectively.

16. DECLARATION BY INDEPENDENT DIRECTORS

Necessary declarations have been obtained from all the Independent Directors that they meet the criteria of independence under sub-section (6) of Section 149 of the Companies Act, 2013 and as per Regulation 25 read with Regulation 16 of SEBI LODR Regulations.

17. BOARD AND COMMITTEE MEETINGS

The Board of Directors meets at regular intervals to discuss the business and compliance matters of the Company. The details of the Meetings of the Board of Directors and the Committees of the Board of Directors and their respective constitution are stated in the Corporate Governance Report (Annexure II) attached which form part of this Board's Report.

The Company Secretary of the Company is the Secretary to each of these Committees. Separate Meeting of Independent Directors is conducted during every Year, in terms of the requirements of Schedule IV to the Companies Act, 2013 and Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Further, the Board of Directors have adopted various policies on the functioning and running of the Board of Directors as mandated by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and which are also available on the website of the Company.

18. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations) the Board has carried out an annual performance evaluation of its own performance, of the Directors individually, as well as the evaluation of the working of its Audit, Nomination & Remuneration and other Committees of the Board.

At the meeting of the Board, all the relevant factors that are material for evaluating the performance of individual Directors, the Board and its various Committees, were discussed in detail. A structured questionnaire, each in line with the circular issued by SEBI, for evaluation of the Board, its various Committees and individual Directors, was prepared and recommended to the Board by the Nomination & Remuneration Committee, for doing the required evaluation, after taking into consideration the inputs received from the Directors, covering various aspects of the Board's functioning, such as adequacy of the composition of the Board and its Committees, execution and performance of specific duties, obligations and governance, etc.

A separate exercise was carried out to evaluate the performance of individual Directors, including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgement, safeguarding the interest of the Company and its minority Shareholders, etc. The performance evaluation of the Independent Directors was carried

out by the entire Board, excluding the Director being evaluated. Independent Directors fulfill the criteria of independence and they are independent of management. The performance evaluation of the Chairman and non-independent Directors was also carried out by the Independent Directors at their separate meeting. The Directors expressed their satisfaction with the evaluation process.

It was observed that Mrs. Reshma Ganji, Managing Director of the Company is not attending office and not engaging herself in business affairs of the Company.

19. PUBLIC DEPOSITS

Your Company has neither invited nor accepted/renewed any "Deposit" from the public within the meaning of the term "Deposits" under the Companies (Acceptance of Deposits) Rules, 2014 made under Chapter V read with Section 73 and 76 of the Companies Act, 2013 as amended from time to time and accordingly no disclosures are required in this regard.

20. CORPORATE GOVERNANCE

The company is committed to maintain highest standards of corporate governance and adhere to the corporate governance requirements set out by SEBI. Your Company continues to follow the principles of good corporate governance and the board of directors lays strong emphasis on transparency, accountability and integrity.

As required by Regulation 24 of the SEBI (LODR) Regulation, 2015 a detailed Corporate Governance Report is given separately which forms part of this Annual Report.

There is a dispute going on between Mrs. Reshma Ganji, Managing Director and Mr. Nishant Mahimtura, Wholetime Director/Mr. Riyaz Ganji, Joint Managing Director.

21. ANNUAL RETURN

In accordance with the Companies Act, 2013, the Annual Return in the prescribed format is available at www.riyazgangjilibasconsumerproductltd.com

22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT

During the year under review, the Company remain invested in its wholly owned subsidiary Libas Designs FZE LLC, in the UAE. The details have been mentioned in the financial statement with respect to the same.

23. RELATED PARTY TRANSACTIONS

All contracts/ arrangements/ transactions entered into by the Company during the financial year with the related parties are on arm's length basis and in the ordinary course of business. During the financial year, there was no material contracts or arrangements entered into by the Company with any of the related party. Your Directors draw attention of the members to Note to the financial statement, which contain particulars with respect to related parties. The policy on dealing with the related party transactions as approved by the Board of Directors is disclosed on the website of the Company.

Particulars of contracts or arrangement with related parties referred to in section 188(1) of the Companies Act, 2013 in the prescribed form AOC-2 is appended as (Annexure I) to the Board Report.

24. WHISTLE BLOWER POLICY/ VIGIL MECHANISM

Your Directors inform the members that with the objective of pursuing the business in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior and to encourage and protect the employees who wish to raise and report their genuine concerns about any unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct, the Company has adopted a Whistle Blower Policy. The policy has been disclosed on the website of the Company

25. SUBSIDIARY, ASSOCIATES OR JOINT VENTURE

In accordance with Section 129(3) of the Act, a statement containing salient features of the financial statements of the subsidiary companies in Form AOC-1 is provided as part of the consolidated financial statement. Hence, a separate report on the performance and financial position of each of the subsidiaries and joint venture companies is not repeated here for the sake of brevity. This includes highlights of performance of Wholly Owned Subsidiary viz. 'Libas Designs FZE LLC' of the Company.

During the year under review, no company has ceased to be subsidiary/joint venture or associate of the Company during FY21.

26. NOMINATION AND REMUNERATION POLICY

The Nomination and Remuneration committee has put in a place the policy on board diversity for appointment of directors taking into consideration qualification and wide experience of the directors in the field of banking, finance, regulatory, administration, legal, commercial vehicle segment apart from compliance of legal requirements of the company. The company has laid down remuneration criteria for directors, key managerial personnel and other employees in the Nomination and Remuneration Committee.

The policy, inter-alia includes criteria for determining qualifications, positive attributes, independence of a director, and expertise and experience required for appointment of directors, KMP and senior management.

The Policy is also available on company's website: www.libasdesignsltd.com

27. MANAGEMENT DISCUSSION AND ANALYSIS REPORT (MDAR)

In accordance with the Listing regulations, the Management Discussion and Analysis report which forms part of the annual Report.

28. INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Company has in place adequate internal financial control systems, commensurate with the size, scale and complexity of its operations. The Company has appropriate policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, the timely preparation of reliable financial information. During the year under review, the Company has not come across any incidence of fraud. The internal auditor monitors and evaluates the efficacy and adequacy of internal control systems in the Company. Based on the report of the internal auditor, the respective departments undertake corrective action in their respective areas and thereby strengthen the controls.

29. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS OPERATIONS DURING THE YEAR UNDER REVIEW

There were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company and its operations during the year under review.

30. MATERIAL CHANGES & COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

The registered office of the company was shifted within Mumbai on May 9, 2024. Apart from this, there are no material changes & commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.

31. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION, REDRESSAL) ACT, 2011

Your Company endeavors to provide a harmonious working environment for female employees and has adopted a policy which provides for protection against sexual harassment of women at work place and for prevention and redressal of such complaints. During the year, no such complaints were received.

No. of complaints filed during the financial year: NIL

No. of complaints disposed of during the financial year: Nil

No. of complaints pending as on end of the financial year: Nil

32. COMMITTEES OF BOARD

Currently, the board has three committees:

1. Audit Committee,

2. Nomination and Remuneration Committee,

3. Stakeholder Relationship Committee,

A detailed note on board composition and its committees is provided in the Corporate Governance report (Annexure-III).

33. RISK MANAGEMENT POLICY

The Company has adopted the risk management policy which aimed at creating and protecting shareholders value by minimizing threats and losses and identifying and maximizing opportunities. Your Directors periodically review the risks associated with the business or which threaten the prospects of the Company

34. CODE OF CONDUCTAND PREVENTION OF INSIDER TRADING

In compliance with the SEBI regulation on Code of Conduct for Regulating, Monitoring & Reporting Trading by Insiders, the Company has instituted a comprehensive code of conduct for its management staff. The Code lays down guidelines, which advises them on procedures to be followed and disclosures to be made, while dealing with shares of Libas and cautions them on consequences of violations. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the ethical standards of dealing in company securities.

The insider trading policy of the company covering code of practices and procedures for fair disclosures of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on our website: www.libasdesignsltd.com.

33. INVESTORS' RELATION AND GRIEVANCES

During the Year under review, the Company has not received any Complaint/ Grievance from the Investors of the Company. The Company has a dedicated e-mail address cs@libas.co.in for communication with the Investors. Further, a section for Investors, with details of the Annual Reports, Financial Statements, Communications to Stock Exchanges and other necessary information is available on the website of the Company on www.libasdesignsltd.com. The Company is registered on the website of SEBI Complaint Redressal System (SCORES).

34. PARTICULARS OF EMPLOYEES

The details of the Remuneration drawn by the Whole Time Executive Directors and Managing Director and Independent Directors are stated in the Corporate Governance Report (Annexure-II), other information required under section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. Details pertaining to Remuneration as required under section 197(12) of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given as part of this Report.

35. CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

The information pursuant to section 134(3) (m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 is as follows:

a. The company has no activity involving conservation of energy or technology absorption.

b. There is no foreign exchange earnings and outgo.

36. CORPORATE SOCIAL RESPONSIBILITY

Since Section 135 of Companies Act' 2013 and Rules made there under is not applicable, hence no meeting were conducted during the year.

37. HUMAN RESOURCES MANAGEMENT

Your Company recognizes that people play a key role in gaining competitive advantage in our industry. Your Company is focused on creating the right working environment for our people to excel.

Your Company will continue to work towards improving all aspects of our people practices to be counted among the Great Places to Work.

The key pillars of success at Libas Consumer Products Limited from a Human Capital perspective are:

• Ensuring we have the right people in every role

• Driving scalable processes to enhance ROI

• Creating a culture of learning and Execution

Human Resources plan was executed in line with the target set at the beginning of the year.

38. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There were no frauds as reported by the Statutory Auditors under sub-section 12 of Section 143 of the Companies Act, 2013 along with Rules made there-under other than those which are reportable to the Central Government.

39. ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank Customers, Members, Suppliers, Bankers, Business Partners/Associates, Central and State Governments for their consistent support and cooperation extended to the Company. We also acknowledge the significant contribution made by the employees by their dedication and hard work and trust reposed on us. We look forward to have the same support in our endeavor to help the Company to grow faster.

For and On Behalf of the Board of Libas Consumer Products Limited

Riyaz Ganji Nishant Mahimtura

Joint Managing Director Wholetime Director

DIN: 02236203 DIN: 02000572

Mumbai Mumbai

August 14, 2024 August 14, 2024