Classic Electricals Ltd. — Annual Report 2021

Sep 3, 2021

CLASSIC ELECTRICALS LIMITED

Reg. Off. : 1301, 13th Floor, Peninsula Business Park, Tower B, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013. Email Id : info.roc7412@gmail.com Website: www.classicelectricals.co.in

CIN: L25209MH1985PLC036049

Date: 03[rd] September, 2021

BSE Limited, Mumbai 25[th] Floor, Rotunda Building Dept. of Corporate Services Phiroze Jeejeebhoy Towers, M. S. Marg, Mumbai – 400 001.

Stock Code – BSE Code No. 512213

Dear Sirs,

Sub: 36[th] AGM Notice, Book Closure and E-voting Details

This is to inform you that the 36[th] Annual General Meeting of Classic Electricals Limited will be held on Thursday, 30[th] September, 2021 at 10.00 A.M. IST through Video Conference (‘VC’) / other audio visual means (‘OAVM’).

Pursuant to Regulation 34(1) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations"), we are submitting herewith the Annual Report of the Company along with the Notice of AGM for the financial year 2020-21 which is being sent to the members through electronic mode.

Further, we would like to inform you that pursuant to Section 91 of the Companies Act, 2013and Rule 10 of the Companies (Management and Administration) Rules, 2014 read with Regulation 42 of SEBI (LODR) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will remain closed from Thursday, 23[rd] September, 2021 to Thursday, 30[th] September, 2021 (both days inclusive) for the purpose of Annual General Meeting.

Pursuant to provisions of Section 108 of the Companies Act, 2013 read with Regulation 44 of SEBI (LODR) Regulations, 2015, the Company is providing e-voting facility to its members. The members holding shares, in either physical form or dematerialized form, as on the cut-off date i.e. 23[rd] September, 2021 may cast their vote electronically to transact the business set out in the Notice of AGM.

The aforesaid documents are being dispatched electronically to those Members whose email IDs are registered with the Company/Purva Sharegistry (India) Private Limited (Registrar and Transfer Agents of the Company) or the Depositories.

The details of e- voting, required under Rule 20 of the Companies (Management and Administration) Rules, 2014, are given hereunder:

1. Cut-off date for E-voting: 23[rd] September, 2021.

2. Date and time of commencement of e-Voting: Monday, 27[th] September, 2021 at 9.00 A.M.

3. Date and time of end of e-Voting: Wednesday, 29[th] September, 2021 at 5.00 P.M.

4. The Notice of AGM and Annual Report is available on Company's website

www.classicelectricals.co.in

1. Name of the Agency providing E-voting Platform: National Securities Depository Limited (NSDL)

2. In case of any queries, you may refer to the Frequently Asked Questions (FAQs) for members and e-voting user manual for members available at the Downloads sections of https://www.evoting.nsdl.com or contact NSDL at the following toll free no.: 1800-222-990.

Please take a note of the same.

Thanking You, Yours Faithfully,

For CLASSIC ELECTRICALS LIMITED SUNIL HIRJI Digitally signed by SUNIL HIRJI SHAH DN: c=IN, st=Maharashtra, 2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09edeDN: c=IN, st=Maharashtra, 2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09ede2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09ede

Digitally signed by SUNIL HIRJI SHAH DN: c=IN, st=Maharashtra, 2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09edeDN: c=IN, st=Maharashtra, 2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09ede2.5.4.20=8e8043ea03798f058edfc285ebe5f3d6b3ccf639e40708b09ede c3dba8b16150, postalCode=401203, street=B/104,HEERA PANNA CHS. LTD. LODHA PARK, STN. ROAD, NALLASOPARA W, serialNumber=cdf053aa3ec458fc40b3d12250b14f5382f26f8ae2c28009 bc5a311aeb9bd800, o=Personal, cn=SUNIL HIRJI SHAH, pseudonym=2f11f1552883a9093e24391b614c20c1 Date: 2021.09.03 11:12:41 +05'30'

SHAH

SUNIL HIRJI SHAH DIRECTOR DIN: 02775683

Encl: as above

CLASSIC ELECTRICALS LIMITED

ANNUAL REPORT 2020 – 2021

BOARD OF DIRECTORS

Mr Rajesh Hirji Shah Mr Prashant Manharlal Parekh Mr Dhanesh Bipinchandra Parikh Mr Sunil Hirji Shah Mrs Julie Mehul Shah

Managing Director Non-Executive & Independent Director Non-Executive & Independent Director Executive Director and CFO Non-Executive Director

COMPANY SECRETARY

Ms. Rupali Dhiman

AUDITORS

Statutory Auditors Secretarial Auditors M/s. N. B. Purohit & Co. M/s. D. Kothari and Associates Chartered Accountants Company Secretaries

BANKERS

Bank of India

REGISTERED OFFICE

1301, 13th Floor, Peninsula Business Park, Tower B, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013. Tel: 022 30036565 | Fax: 022 30036564 CIN :L25209MH1985PLC036049 Website : www.classicelectricals.co.in Email : info.roc7412@gmail.com

REGISTRAR AND SHARE TRANSFER AGENT

M/s Purva Sharegistry India Private Limited Unit No. 9, Ground Floor, Shiv Shakti Ind. Est, J. R. Boricha Marg, Lower Parel East, Mumbai - 400011.

Classic Electricals Limited Annual Report 2020-21

NOTICE

Notice is hereby given that the Thirty Sixth Annual General Meeting of Classic Electricals Limited will be held on Thursday, September 30, 2021 at 10.00 A.M. IST through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt:

A. the Audited Financial Statements of the Company for the financial year ended March 31, 2021, together with the Reports of the Board of Directors and the Auditors thereon and in this regard, pass on the following resolution as an Ordinary Resolution :

“ RESOLVED THAT the audited financial statement of the Company for the financial year ended March 31, 2021 and the reports of the Board of Directors and Auditors’ thereon laid before this meeting, be and are hereby considered and adapted”.

1. To appoint a Director in place of Mr Rajesh Hirji Shah (DIN : 00475776) who retires by rotation and, being eligible, offers herself for re-appointment and in this regard pass the following resolution as an Ordinary Resolution :

“RESOLVED THAT pursuant to the provisions of the Section 152 of the Companies Act, 2013 Mr Rajesh Hirji Shah (DIN : 00475776), who retires by rotation at this meeting be and is hereby appointed as a Director of the company, liable to retire by rotation”.

BY ORDER OF THE BOARD RAJESH HIRJI SHAH MANAGING DIRECTOR DIN – 00475776

Registered Office:

1301, 13th Floor, Peninsula Business Park, Tower B, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013 Date: 14[th] August, 2021

Classic Electricals Limited Annual Report 2020-21

NOTES:

1. In view of the massive outbreak of the COVID-19 pandemic, social distancing is a norm to be followed and pursuant to the Circular No.02/2021dated 13[th] January 2021 and 14/2020 dated April 08, 2020, Circular No.17/2020 dated April 13, 2020 issued by the Ministry of Corporate Affairs followed by Circular No. 20/2020 dated May 05, 2020 and Securities and Exchange Board of India (SEBI) circular No SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated 11[th] January 2021 and SEBI Circular no SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12[th] May, 2020 physical attendance of the Members to the EGM/AGM venue is not required and annual general meeting (AGM) be held through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can attend and participate in the ensuing EGM/AGM through VC/OAVM.

2. Pursuant to the Circular No. 14/2021 dated April 08, 2021, issued by the Ministry of Corporate Affairs, the facility to appoint proxy to attend and cast vote for the members is not available for this EGM/AGM. However, the Body Corporates are entitled to appoint authorised representatives to attend the EGM/AGM through VC/OAVM and participate thereat and cast their votes through e-voting.

3. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding, Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the EGM/AGM without restriction on account of first come first served basis.

4. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.

5. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs dated April 08, 2021, April 13, 2021 and May 05, 2021 the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-voting system as well as venue voting on the date of the AGM will be provided by NSDL.

6. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2021 dated April 13, 2021, the Notice calling the EGM/AGM has been uploaded on the website of the Company at www.classicelectricals.co.in. The Notice can also be

Classic Electricals Limited Annual Report 2020-21

accessed from the websites of the Stock Exchanges i.e. BSE Limited at www.bseindia.com and the EGM/AGM Notice is also available on the website of NSDL (agency for providing the Remote e-Voting facility) i.e. www.evoting.nsdl.com.

1. EGM/AGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circular No. 14/2021 dated April 08, 2021 and MCA Circular No. 17/2021 dated April 13, 2021 and MCA Circular No. 20/2021 dated May 05, 2021

2. The relevant details, pursuant to Regulations 26(4) and 36(3) of the SEBI Listing Regulations and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, in respect of Director seeking re-appointment at this AGM is annexed.

3. The Company’s Registrar and Transfer Agents for its Share Registry Work (Physical and Electronic) is Purva Sharegistry (India) Pvt. Ltd. Unit no. 9 ,Shiv Shakti Ind. Estt.,J .R. Boricha Marg,Lower Parel (E), Mumbai 400 011.

4. Institutional/Corporate members are encouraged to attend and vote at the meeting through VC/OVAM. We also request them to send, a duly certified copy of the Board Resolution authorizing their representative to attend the AGM through VC/OAVM and vote through remote e-voting on its behalf at www.classicelectricals.co.in and pursuant to Section 113 of the Companies Act, 2013.

5. The Register of Members and Transfer Books of the Company will be closed from Thursday , 23[rd ] September , 2021 to Thursday, 30th September, 2021 (both days inclusive) for the purpose of Annual General Meeting, in terms of the provisions of Section 91 of the Companies Act, 2013 and the applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

6. In compliance with the aforesaid MCA Circulars and SEBI Circular dated May 12, 2021, Notice of the AGM along with the Annual Report 2020-21 is being sent only through electronic mode to those Members whose email addresses are registered with the Company/Depositories. Members may note that the Notice and Annual Report 2020-21 will also be available on the Company’s website www.classicelectricals.co.in, website of the Stock Exchange i.e. BSE Limited at www.bseindia.com and on the website of NSDL https://www.evoting.nsdl.com.

7. The Register of Directors Shareholding, maintained under Section 170 of the Companies Act, 2013, will be available for inspection by the members at the Annual General Meeting.

8. M/s. N. B. Purohit & Co., Chartered Accountants, having ICAI Firm Registration No. 108241W, were appointed as Statutory Auditors of your Company at the

Classic Electricals Limited Annual Report 2020-21

Annual General Meeting held on 29th September, 2017 for a term of five consecutive years till the conclusion of Annual General Meeting of the Company to be held in the calendar year 2022. They have confirmed that they are not disqualified from continuing as Auditors of the Company. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by the members at every Annual General Meeting

The requirement to place the matter relating to appointment of Auditors for ratification by members at every Annual General Meeting is done away with vide notification dated May 7, 2018 issued by the Ministry of Corporate Affairs, New Delhi. Accordingly, no resolution is proposed for ratification of appointment of Auditors.

1. Members are also requested to notify changes in their registered addresses, if any. Members who have not registered their email addresses so far are requested to register their email address for receiving all communication including Annual Report, Notices, and Circulars etc. from the Company electronically.

2. As per Regulation 40 of SEBI Listing Regulations, as amended, securities of listed companies can be transferred only in dematerialized form with effect from April 1, 2019, except in case of request received for transmission or transposition of securities. In view of this and to eliminate all risks associated with physical shares and for ease of portfolio management, members holding shares in physical form are requested to consider converting their holdings to dematerialized form. Members can contact the Company or Company’s Registrars and Transfer Agents, M/s. Purva Share Registry India Private Limited for assistance in this regard.

3. Since the AGM will be held through VC / OAVM, the Route Map is not annexed in this Notice.

A. VOTING THROUGH ELECTRONIC MEANS

• i. In compliance with the provisions of Section 108 of the Act, read with Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, and Regulation 44 of the SEBI Listing Regulations, the Members are provided with the facility to cast their vote electronically, through the e-voting services provided by NSDL, on all the resolutions set forth in this Notice. The instructions for e-voting are given herein below.

• ii. The remote e-voting period commences on Monday, September 27, 2021 (9:00 a.m. IST) and ends on Wednesday, September 29, 2021 (5:00 p.m. IST) . During this period, Members holding shares either in physical form or in dematerialized form, as on Thursday, September 23, 2021 i.e. cut-off date, may cast their vote electronically. The e-voting module shall be disabled by NSDL for voting thereafter.

• iii. The Board of Directors has appointed Ms. Dhanraj Kothari of M/s D. Kothari & Associates as the Scrutinizer to scrutinize the voting during the AGM and remote e-voting process in a fair and transparent manner.

Classic Electricals Limited Annual Report 2020-21

• iv. The Members who have cast their vote by remote e-voting prior to the AGM may also attend/participate in the AGM but shall not be entitled to cast their vote again.

• v. The voting rights of Members shall be in proportion to their shares in the paid-up equity share capital of the Company as on the cut-off date.

• vi. In terms of Section 108 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, e-voting facility is being provided to the members. Details of the e-voting process and other relevant details is as under:

• The process and manner for remote e-voting and attending AGM though Video Conferencing is as under:

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER:-

The remote e-voting period begins on Monday, September 27, 2021 at 09:00 A.M. and ends on Wednesday, September 29, 2021 at 05:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter.

- How do I vote electronically using NSDL e Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:

- Step 1: Access to NSDL e Voting system

- A) Login method for e Voting and joining virtual meeting for Individual shareholders holding securities in demat mode

• In terms of SEBI circular dated December 9, 2020 on e Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility. Login method for Individual shareholders holding securities in demat mode is given below:

and email Id in Login method given below:	their demat accounts in order to access e-Voting facility. for Individual shareholders holding securities in demat mode is
Type of shareholders	Login Method
Individual Shareholders holding securities in demat mode	1. ExistingIDeASuser can visit the e-Services website of NSDL Viz.https://eservices.nsdl.comeither on a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner”icon under“Login”which is available under‘IDeAS’section , this willpromptyou to

Classic Electricals Limited Annual Report 2020-21

with NSDL.

enter your existing User ID and Password. After successful authentication, you will be able to see e-Voting services under Value added services. Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for casting your vote during the remote e- Voting period or joining virtual meeting & voting during the meeting.

1. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

2. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e- Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

3. Shareholders/Members can also download NSDL Mobile App “ NSDL Speede ” facility by scanning the QR code mentioned below for seamless voting experience.

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Classic Electricals Limited Annual Report 2020-21

	Classic Electricals Limited Annual Report 2020-21
Individual Shareholders holding securities in demat mode with CDSL	1. Existing users who have opted for Easi / Easiest, they can login through their user id and password. Option will be made available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi. 2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The Menu will have links of e-Voting service provider i.e. NSDL.Click onNSDLto cast your vote. 3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/Registration/EasiRegistrat ion 4. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN No. from a link inwww.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the demat Account. After successful authentication, user will be provided links for the respective ESP i.e.NSDLwhere the e-Voting is in progress.
Individual Shareholders (holding securities in demat mode) login through their depository participants	You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e- Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e- Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type

Helpdesk details

Individual Shareholders holding securities in demat mode with NSDL	Classic Electricals Limited Annual Report 2020-21 Members facing any technical issue in login can contact NSDL helpdesk by sending a request atevoting@nsdl.co.in or call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.comor contact at 022- 23058738 or 022- 23058542-43

Classic Electricals Limited Annual Report 2020-21

B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.

2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.

3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

4. Your User ID details are given below :

	Manner of holding shares	Manner of holding shares	Manner of holding shares	Your User ID is:
	i.e. Demat	(NSDL	or
	CDSL) or Physical
	a) For Members who hold			8 Character DP ID followed
	shares in demat	account		by 8 Digit Client ID
	with NSDL.
				For example if your DP ID
				is IN300*** and Client	ID is
				12** then your user ID
				is IN30012***.
	b) For Members who hold			16 Digit Beneficiary ID
	shares in demat	account
	with CDSL.			For example if	your
				Beneficiary ID	is
				12**	then
				your user ID	is
				12**
	c) For Members holding			EVEN Number followed by
	shares in Physical Form.			Folio Number registered
				with the company
				For example if folio number
				is 001*** and EVEN is
				101456 then user ID is

Classic Electricals Limited Annual Report 2020-21

101456001***

1. Password details for shareholders other than Individual shareholders are given below:

2. a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.

3. b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will force you to change your password.

4. c) How to retrieve your ‘initial password’?

5. (i) If your email ID is registered in your demat account or with the company, your ‘initial password’ is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.

6. (ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids are not registered.

7. If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:

8. a) Click on “ Forgot User Details/Password ?”(If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.

9. b) Physical User Reset Password ?” (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.

10. c) If you are still unable to get the password by aforesaid two options, you can send a request at evoting@nsdl.co.in mentioning your demat account number/folio number, your PAN, your name and your registered address etc.

11. d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.

12. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.

13. Now, you will have to click on “Login” button. 9. After you click on the “Login” button, Home page of e-Voting will open.

- Step 2: Cast your vote electronically and join General Meeting on NSDL e Voting system.

- How to cast your vote electronically and join General Meeting on NSDL e Voting system?

1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose voting cycle and General Meeting is in active status.

Classic Electricals Limited Annual Report 2020-21

1. Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on “VC/OAVM” link placed under “Join General Meeting”.

2. Now you are ready for e-Voting as the Voting page opens.

3. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.

4. Upon confirmation, the message “Vote cast successfully” will be displayed.

5. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.

7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to fcs.dhanraj@gmail.com with a copy marked to evoting@nsdl.co.in.

2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User Reset Password?” option available on www.evoting.nsdl.com to reset the password.

3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or send a request to at evoting@nsdl.co.in

Process for those shareholders whose email ids are not registered with the depositories for procuring user id and password and registration of e mail ids for e-voting for the resolutions set out in this notice :

Classic Electricals Limited Annual Report 2020-21

1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email to info.roc7412@gmail.com

2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) to info.roc7412@gmail.com. If you are an Individual shareholders holding securities in demat mode, you are requested to -

refer to the login method explained at step 1 (A ) i.e. Login method for e Voting and joining virtual meeting for Individual shareholders holding securities in demat mode .

1. Alternatively shareholder/members may send a request to evoting@nsdl.co.in for procuring user id and password for e-voting by providing above mentioned documents.

2. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number -

and email ID correctly in their demat account in order to access e Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE EGM/AGM ARE AS UNDER:-

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.

2. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.

3. Members who have voted through Remote e-Voting will be eligible to attend the EGM/AGM. However, they will not be eligible to vote at the AGM.

4. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE EGM/AGM THROUGH VC/OAVM ARE AS UNDER:

1. Member will be provided with a facility to attend the EGM/AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system . After successful login, you can see link of “VC/OAVM link” placed under “Join General meeting” menu against company name. You are requested to click on VC/OAVM link placed under Join General Meeting menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password

Classic Electricals Limited Annual Report 2020-21

may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.

1. Members are encouraged to join the Meeting through Laptops for better experience.

2. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.

3. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.

4. Shareholders who would like to express their views/have questions may send their questions in advance mentioning their name demat account number/folio number, email id, mobile number at (company email id). The same will be replied by the company suitably.

Classic Electricals Limited Annual Report 2020-21

STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013 (“THE ACT”)

ANNEXURE TO THE ITEM NO. 2 OF THE NOTICE

Pursuant to Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard – 2 issued by the Institute of Company Secretaries of India, following information is furnished about the Directors proposed to be appointed / re-appointed.

Mr Rajesh Hirji Shah (DIN : 00475776)

Particulars	Mr Rajesh Shah
Age	48years
Qualification	B.COM
Experience (including Expertise in specific functional area)/Brief Resume	More than 15 years of experience in field of finance.
Date of first appointment on the Board	25/11/2014
Shareholding in the Company as on March 31,2021	NIL
Relationship with other Directors/Key Managerial Personnel	Brother of Sunil Hirji Shah
Number of meetings of the Board attended during theyear	5
Directorships of Boards as on March 31, 2021	List as under
Membership / Chairmanship of Committees of other Boards as on March 31, 2021	NIL

Except Mr Rajesh Hirji Shah (DIN: 00475776), being an appointee, none of the Directors and Key Managerial Personnel of the Company and his relatives are concerned or interested, financially or otherwise, in the resolution set out at Item No. 2.

Classic Electricals Limited Annual Report 2020-21

LIST OF DIRECTORSHIP OF MR RAJESH SHAH

CIN/FCRN	Company Name
U45208MH2010PTC203696	ANCHOR LANDSCAPESPRIVATE
U74900MH2010PTC209527	ANCHOR MOTION PICTURES PRIVATE LIMITED
U45200MH2004PTC148434	THIRDWAVE CONSTRUCTIONS PRIVATE LIMITED
U70200MH2008PTC182999	DEMAG REAL ESTATES PRIVATE LIMITED
U70100MH2008PTC185765	EUREKA EARTH DEVELOPER PRIVATE LIMITED.
U67120MH2006PTC159333	OLIVE HOLDINGSPRIVATE LIMITED
U31500TN1986PLC012211	KALPANA LAMPS AND COMPONENTS LIMITED
U27200MH1996PTC102270	KYORI METALS PRIVATE LIMITED
U92110MH1995PTC091429	PURNIMA FILMS PRIVATE LIMITED
U51900MH1995PTC089457	BARINDRA OVERSEAS PRIVATE
U27200MH1995PTC088157	ARING STEELS PRIVATE LIMITED
U31200MH1994PTC078602	RIDER SWITCHES PRIVATE LIMITED
U32109MH1993PTC075273	PATARMIGAN ELECTRONICS PRIVATE LIMITED
U65990MH1993PTC073020	PILEATED FINVEST PRIVATE LIMITED
L25209MH1985PLC036049	CLASSICELECTRICALSLIMITED
U67120MH1981PLC024032	HIGHWAY FINANCE AND HOLDING (BOMBAY) LIMITED

---

Classic Electricals Limited Annual Report 2020-21

DIRECTOR’S REPORT

Dear members,

The Board of Directors is pleased to present the Company’s 36[th] annual report and Company’s Audited Financial Statements for the financial year ended March 31, 2021

1. FINANCIAL RESULTS

The Company’s financial performance for the year ended March 31, 2021 is summarized below:

Financial Results: (Rupees in Lakhs)

inancial Results:		(Rupees in Lakhs)
	2020-21	2019-20
Revenue from Operations	456.70	65.08
Less: Expenses
- Employee benefits Expenses	12.28	11.60
- Depreciation and amortization	4.13	5.26
- Finance cost	2.24	3.54
- Other Expenses	34.07	26.01
Total Expenses	52.71	46.41
Profit/ (Loss) before Tax	404.00	18.67
Tax Expenses
- Current Tax	40.03	3.61
- MAT Entitlement/ Set off	-	(3.12)
- Deferred Tax	(5.61)	0.39
- Earlieryears	10.60	-
Net Profit after Tax carried Forward	358.97	17.80

2. RESULTS OF OPERATIONS AND STATE OF AFFAIRS OF THE COMPANY

The total income has increased to Rs.456.70 Lakhs from Rs.65.08 Lakhs in the previous year.

The profit after finance cost and depreciation has increased to Rs. 404.00 Lakhs for the year ended 31st March, 2021 compared to previous year Rs. 18.67 Lakhs.

Classic Electricals Limited Annual Report 2020-21

3. MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position of the company between end of the financial year and date of this report. There has been no change in the nature of business of the company.

4. SECRETARIAL STANDARDS

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

5. DIVIDEND AND TRANSFER TO RESERVE

The Board of Directors of your company, after considering holistically the relevant circumstances, has decided that in order to conserve the financial resources for the long term needs of the Company, it would be prudent, not to recommend any Dividend and no amount is transferred to Reserves for the financial year 2020-21.

6. DIRECTOR’S RESPONSIBILITY STATEMENT

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed and there are no material departures from the same;

b) 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 as at March 31, 2021 and of the profit and loss of the Company for the year ended on that date;

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

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

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

f) the Directors have revised proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems are adequate and operating effectively.

7. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All transactions with Related Parties entered in Financial Year 2021, were in ordinary course of business and at arm’s length basis and in accordance with the provisions of

Classic Electricals Limited Annual Report 2020-21

the Act and the Rules made thereunder, the Listing Regulations and the Company’s Policy on Related Party Transactions.

During the year under review, there were transactions which were material, considering the aforesaid Policy. Accordingly, disclosure is made in respect of related party transaction in Form AOC – 2 in terms of Section 134 of the Act and Rules framed there under. There are no related party transactions that may have potential conflict with the interest of the Company at large. The attention of the Members is drawn to the notes to the Standalone Financial Statement setting out the related party transactions disclosures, for FY20.

8. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The provisions relating to Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 are not applicable to the Company.

9. DEPOSITS

During the year under review, the Company has not accepted any deposits within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory modification(s) or re–enactment(s) for the time being in force), hence there is no details to disclose as required under Rule 8(5)(v) and (vi) of the Companies (Accounts) Rules, 2014.

10. RISK MANAGEMENT

The Risk Management Policy has been framed, implemented and monitored. Major risk identified by the businesses and functions are systematically monitored through mitigating actions on continuing basis.

The development and implementation of Risk Management Policy has been covered in Management Discussion & Analysis which forms part of this report.

11. INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to the financial statements. During the year such controls were tested and no reportable material weakness in the design or operation was observed.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and Articles of Association of the Company, Mr Rajesh Hirji Shah is liable to retire by rotation

The Board of Directors on recommendation of Nomination & Remuneration Committee has recommended his re-appointment.

Classic Electricals Limited Annual Report 2020-21

As per the provisions of the Companies Act, 2013, Independent Directors have been appointed for a period of 5 years and shall not be liable to retire by rotation. The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the act and the listing regulations.

Declaration by Independent Directors:

All Independent Directors have given declarations to the effect that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 read with Regulation 16 of SEBI (Listing obligations and Disclosures Requirements), Regulations 2015. In the opinion of the Board, Independent Directors fulfil the conditions specified in the Act, Rules made there under and Listing Regulations.

Evaluation of Board's Performance:

The Company has devised a Policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which include criteria for performance evaluation of Non-executive Directors and Executive Directors. The evaluation process inter alia considers attendance of Directors at Board and committee meetings, acquaintance with business, communicating inter se board members, effective participation, domain knowledge, compliance with code of conduct, vision and strategy.

The detailed programs for familiarization of Independent Directors with the Company, their roles, rights and responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company are being discussed.

The Board carried out an annual performance evaluation of the Board, Committees, Individual Directors and the Chairman. The Chairman of the respective Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board, based on report on evaluation received from respective Committees.

The report on performance evaluation of the Individual Directors was reviewed by the Chairman of the Board and feedback was given to Directors. Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued there under and the Listing Regulations (including any statutory modification(s) or re–enactment(s) for the time being in force), the process for evaluation of the annual performance of the Directors / Board / Committees was carried out.

In a separate meeting of Independent Director’s, performance of non-independent directors, performance of the board as a whole and performance of the chairman was evaluated, taking into account the view of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent directors at which the performance of the Board, its committees and

Classic Electricals Limited Annual Report 2020-21

individual directors was also discussed. Performance evaluation of independent directors was done by the entire board excluding the independent directors being evaluated.

13. AUDITORS AND AUDITORS’ REPORT

Statutory Auditor

M/s. N. B. Purohit & Co., Chartered Accountants were appointed as Statutory Auditors of your Company at the Annual General Meeting held on 29th September, 2017 for a term of five consecutive years. They have confirmed that they are not disqualified from continuing as Auditors of the Company. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by the members at every Annual General Meeting.

In accordance with Companies Amendment Act, 2017 enforced on 7th May, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting.

The Report given by the Auditors on the financial statement of the Company is part of this report. There has been no qualification, reservation, adverse remark or disclaimer given byt he Auditors in their Report.

Secretarial Auditor

The Board has appointed M/s. D. Kothari & Associates, Practicing Company Secretary to conduct the Secretarial Audit. The Secretarial Audit report for the financial year ended March 31, 2021 is annexed herewith and marked as Annexure to this report. They have made above comment which includes our response to them.

1. The Company has yet to comply with the minimum public shareholding requirement under the Securities Contracts Regulations (Rules), 1957 ("SCRR").

Our response to the above comment is that we will shortly comply with the above requirement.

DELISTING OF COMPANY’S EQUITY SHARES

The Board of Directors has proposed the delisting of company’s equity shares from BSE LIMITED subject to necessary compliances under SEBI Regulations.

DISCLOSURES

(a) Meetings of the Board:

Five meetings of the Board of Directors were held during the year on the following dates i.e. 29/06/2020, 31/07/2020, 15/09/2020, 11/11/2020 and 12/02/2021.

(b) Constitution of Committees:

Classic Electricals Limited Annual Report 2020-21

(1) Audit Committee:

The Company has constituted Audit Committee which comprises of following directors namely:

Mr. Dhanesh Bipin Parikh, Chairman & Independent Director Mr. Prashant M Parekh, Non – Executive and Independent Director Mrs. Julie Mehul Shah, Non – Executive and Non Independent Director All the recommendations made by the Audit Committee were accepted by the Board.

Four Meetings of Audit Committee was held on 31/07/2020, 15/09/2020, 11/11/2020 and 12/02/2021.

(2) Nomination & Remuneration Committee:

The Company has constituted the Nomination & Remuneration Committee of the Board is constituted to formulate and recommend to the Board from time to time, a compensation structure for Managing Directors / Whole-time Directors and Managerial Personnel of the Company.

The nomination and Remuneration Committee comprises following directors namely:

Mr. Dhanesh Bipin Parikh, Chairman & Independent Director Mr. Prashant M Parekh, Non – Executive and Independent Director Mrs. Julie Mehul Shah, Non – Executive and Non Independent Director

One Meeting of the Nomination and Remuneration Committee was held on 12/02/2021.

(3) Stakeholders Relationship Committee:

The Company has constituted stakeholders Committee comprises of following directors namely:

Mr. Dhanesh Bipin Parikh, Chairman & Independent Director Mr. Prashant M Parekh , Non – Executive and Independent Director Mrs. Julie Mehul Shah, Non – Executive and Non Independent Director

One Meeting of the Stakeholder Relationship Committee was held on 12/02/2021.

(c) Remuneration and Nomination Policy:

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company.

The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-executive Directors Key Managerial Personnel, Senior Management and other employees. The policy also provides the

Classic Electricals Limited Annual Report 2020-21

criteria for determining qualifications, positive attributes and Independence of Director and criteria for appointment of Key Managerial Personnel / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors while making selection of the Annual Report 2020-21 Directors' Report candidates.

(d) Vigil Mechanism:

The Company has a robust Vigil Mechanism Policy of the Company, which also includes Whistle Blower Policy in accordance with provisions of the Act and Listing Regulations. The Vigil Mechanism is supervised by an Ethics and Compliance Task Force comprising senior executives of the Company. Protected disclosures can be made by a whistle-blower through an email, or dedicated telephone line or a letter to the Task Force or to the Chairman of the Audit Committee.

(e) Particulars of Loans given, Investments made, Guarantees given and Securities provided:

The full details of loans given, investments made, guarantees given have been provided in the notes to the financial statement for the year ended 31st March, 2021. The Company has not provided any security during the year.

(f) Conservation of Energy, technology absorption:

The Company is not engaged in manufacturing process. Wherever possible the Company has taken steps to conserve energy. The Company has not taken any technology domestically nor imported any technology and hence furnishing the details required doesn’t arise.

(g) Foreign Exchange Earnings and Outgo

• 1) Foreign exchange earnings: NIL

• 2) Foreign exchange outgo: NIL

(h) Extract of Annual Return :

The Company has placed a copy of annual return of the financial year 2020-21 on its website at www.classicelectricals.co.in.

(i) Particulars of employees and related disclosures:

The total number of permanent employee as on 31/3/2021 was 2 .The Company has not paid any remuneration to Whole-time Director / Managing Director and hence the question of furnishing information regarding ratio of remuneration of each director to the median remuneration of the employees of the Company is not applicable. There was no remuneration paid to any director and hence furnishing the details regarding the comparison of remuneration of the Key Managerial remuneration against company performance and percentile increase, key parameters for variable components is not applicable.

Classic Electricals Limited Annual Report 2020-21

Market Capitalization as on 31/3/2020 Rs. 230.20 Lakhs Market Capitalization as on 31/3/2021 Rs. 230.20 Lakhs

There is no change in market capitalization

PE ratio as on 31/3/2020 ……..Rs. 13.20 PE ratio as on 31/3/2021…….. Rs. 07.04

The Company does not have any employee whose particulars are required to be disclosed in terms of the provisions of Section 197(12) of the act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, hence furnishing of the same does not arise.

(j) Significant and Material Orders Passed By The Regulators Or Courts:

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company’s operations in future.

(k) Reporting of Frauds:

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act and Rules framed thereunder.

( l ) Prevention of Sexual Harassment in the Company:

The Company values the dignity of individuals and strives to provide a safe and respectable work environment to all its employees. The Company is committed to providing an environment, which is free of discrimination, intimidation and abuse. All employees are covered under this policy. Your Directors state that during the year under review, there were no cases filed pursuant Classic Electricals Limited Annual Report 2020 -21 to the Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013.

(m) General:

Your Directors state that no disclosure or reporting is required in respect of the following items as the provisions were not applicable to the company or there were no transactions on these items during the year under review: -

• Issue of Equity Shares with differential rights as to dividend, voting or otherwise. - Issue of shares (including sweat equity shares) to employees of the Company.

• The Company does not have any scheme of provision of money for the purchase of its own shares by the employees or by trustees for the benefit of employees.

• The Company does not have any subsidiaries, hence, the question of receiving remuneration or commission by the Managing Directors or Whole Time Directors of the Company from subsidiary does not arise.

• The details of the top ten employees and employees who were drawing remuneration in excess of limits prescribed under Rule 5 of the Companies (Appointment and

Classic Electricals Limited Annual Report 2020-21

Remuneration of Managerial Personnel) Rules, 2014 read with Section 197 of the Companies Act, 2013.

ACKNOWLEDGEMENT

The Board of Directors would like to express the sincere appreciation for the assistance and cooperation received from banks, government authorities and members during the year under review.

The Board of Directors also wish to place on record its deep sense of appreciation for the committed services by the Company’s executives, staff and workers

For and on behalf of the Board of Directors

Mr Rajesh Shah Mr Dhanesh Parikh Managing Director Director DIN: 00475776 DIN: 00676930

Sunil H Shah Director DIN: 02775683

Date: 14[th] August, 2021 Place: Mumbai

Annexure I

Classic Electricals Limited Annual Report 2020-21

Form No. AOC-2

Form for disclosure of particulars of contracts or arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under fourth proviso thereto:

(Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014)

1. Details of contracts or arrangements or transactions not at arm's length basis: - N.A. –

• (a) Name(s) of the related party and nature of relationship

• (b) Nature of contracts/arrangements/transactions

• (c) Duration of the contracts/arrangements/transactions

• (d) Salient terms of the contracts/arrangements or transactions including the value,if any

• (e) Justification for entering into such contracts or arrangements or transactions

• (f) date(s) of approval by the Board

• (g) Amount paid as advances, if any:

• (h) Date on which the special resolution was passed in general meeting as required under first proviso to section 188

2. Details of material contracts or arrangement or transactions at arm's length basis:-

• (a) Name of the related party and nature of relationship: Great White Global Private Limited

• (b) Nature of contracts/arrangements/transactions: Leave and License Agreement

• (c) Duration of the contracts/arrangements/transactions : Ongoing contract for 5 Years commencing from 01/03/2018 to 28/02/2023.

• (d) Salient terms of the contracts or arrangements or transactions including the value, if any: License fee of Rs. 2,00,000/- per month plus taxes, if any.

Classic Electricals Limited Annual Report 2020-21

• (e) Date(s) of approval by the Board, if any: 12th September, 2017.

(f) Amount paid as advances, if any : Nil

For and on behalf of the Board of Directors

Mr Rajesh H Shah Mr Dhanesh B Parikh Managing Director Director DIN: 00475776 DIN: 00676930

Mr Sunil H Shah Director DIN: 02775683 Date: 14[th] August, 2021 Place: Mumbai

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31[ST ] MARCH, 2021

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, The Members, Classic Electricals Limited 1301, 13th Floor, Peninsula Business Park, Tower B Senapati Bapat Marg, Lower Parel (west) Mumbai – 400 013

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Classic Electricals Limited, CIN: L25209MH1985PLC036049 (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the company has, during the audit period covering the financial year ended on 31[st] March, 2021 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31[st] March, 2021 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

• (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

Page 1 of 5

• (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

• (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 2014; (Not applicable to the company during the Audit Period);

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the company during the Audit Period);

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; (Not applicable to the company during the Audit Period);

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (Not applicable to the company during the Audit Period);

We have also examined compliance with the applicable clauses of the following:

• (i) Secretarial Standards issued by The Institute of Company Secretaries of India.

• (ii) The Listing Agreement entered into by the Company with BSE Limited read with SEBI (LODR) Regulations, 2015.

Page 2 of 5

To the best of our understanding, we are of the view that during the period under review, the Company has complied with the provisions of the Acts, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following:

1. The Company has yet to comply with the minimum public shareholding requirement under the Securities Contracts Regulations (Rules), 1957 ("SCRR").

2. The Company is non-Compliant for dematerialization of Promoters shareholding.

We further report that

having regard to the compliance system prevailing in the Company and on examination of the relevant documents and records in pursuance thereof, on test-check basis, the Company has complied with the following laws to the extent applicable, specifically to the Company, as per the representations made by the Company:

1. Indian Contract Act, 1872

2. Indian Electricity Act, 1910

3. Electricity (Supply) Act, 1948

4. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013;

5. Information Technology Act, 2000; and

We further report that

• The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors and there were no changes in the constitution of Board during the year under review.

• Adequate notice is given to all the Directors to schedule the Board Meetings, agenda and detailed notes on agenda are sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

• All decisions at Board meetings and committee meetings are carried out unanimously as recorded in the minutes of the meetings of the board of Directors or committees of the Board, as the case may be.

We further report that:

There are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

Page 3 of 5

We further report that:

• The Board of Directors of the Company in their meeting held on 6[th] July, 2021, have proposed to proceed for voluntary delisting of equity shares of the Company.

This report is to be read with our letter of even date which is annexed as Annexure and forms integral part of this report.

For D.Kothari And Associates

Company Secretaries

Dhanraj Kothari

Proprietor

FCS No. : 4930,

CP No. : 4675

Place: Mumbai,

Date: 14th August, 2021

UDIN: F004930C000788405

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ANNEXURE

To, The Members, Classic Electricals Limited

1301, 13th Floor, Peninsula Business Park, Tower B Senapati Bapat Marg Lower Parel (west) Mumbai – 400 013

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.

4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.

For D.KothariAnd Associates Company Secretaries

Dhanraj Kothari Proprietor FCS No. : 4930 CP No. : 4675

Place: Mumbai, Date: 14[th ] August, 2021

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Classic Electricals Limited

Annual Report 2020-21

To, The Board of Directors, Classic Electricals Limited

CERTIFICATE (Pursuant to Regulation 17(8) of SEBI (LODR), Regulations, 2015)

We, the undersigned in our respective capacities as Managing Director and the Chief Financial Officer of Classic Electricals Limited (“the Company”) to the best of our knowledge and belief hereby certify that:

a. We have reviewed the financial statements and the cash flow statement for the financial year ended 31st March, 2021 and that to the best of our knowledge and belief, we state that:

i. these statements do not contain any materially untrue statement or omit any material fact or contain any statements that might be misleading;

ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations.

b. We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company during the year, which are fraudulent, illegal or violative to the Code of Conduct adopted by the Company.

c. We hereby declare that all the members of the Board of Directors have confirmed compliance with the Code of Conduct of the Company.

d. We are responsible for establishing and managing internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the Company pertaining to the financial reporting of the Company and we have disclosed to the Auditors and Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or proposed to take to rectify these deficiencies.

e. We have indicated, based in our most recent evaluation, wherever applicable, to the Auditors and the Audit Committee:

i. Significant changes, if any, in internal control over financial reporting during the year;

ii. Significant changes, if any, in the accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and

iii. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having significant role in the Company’s internal control system over the financial reporting.

Yours Faithfully, For Classic Electricals Limited

Rajesh Hirji Shah Managing Director

Sunil Hirji Shah Chief Financial Officer

Place : Mumbai Date: 14[th] August, 2021

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF CLASSIC ELECTRICALS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OPINION:

We have audited the standalone financial statements of Classic Electricals Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows ended on that date, and a summary of significant accounting policies and other explanatory information(hereinafter referred to as the “standalone financial statements”)..

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”)and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the Profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION :

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing(“SA”s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON :

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

MANAGEMENT’S RESPONSIBILITY AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s

ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act, based on our audit we report that:

2. a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

3. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

4. c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.

5. d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.

6. e) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164(2) of the Act.

7. f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in

“Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

• g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

• i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.

• ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

• iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

• As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

FOR N. B. Purohit & Co. Chartered Accountants Firm’s Registration Number: 108241W

Place : Mumbai. (NILKANTH B. PUROHIT) Date : 30[th] June, 2021 Proprietor Membership No.31999

ANNEXURE – “A” TO THE AUDITORS’ REPORT

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Classic Electricals Limited of even date).

• REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)

We have audited the internal financial controls over financial reporting of M/s. Classic Electricals Limited (‘the Company’), as of March 31,2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

FOR N. B. Purohit & Co. Chartered Accountants Firm’s Registration Number: 108241W

(NILKANTH B. PUROHIT)

Place : Mumbai. Date : 30[th] June, 2021 Proprietor

Membership No.31999

ANNEXURE – “B” TO THE AUDITORS’ REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Classic Electricals Limited of even date)

1. In respect of its fixed assets:

• a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

• b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which, in our opinion,is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

• c) According to information and explanation given to us and on the basis of examination of the records of the company, the title deeds of immovable properties are held in the name of the company.

2. In respect of its inventories:

The company does not engaged in the business of manufacturing, marketing and processing of any goods and articles. Accordingly, it does not hold any physical inventories. Thus the paragraph 3(ii) of the order is not applicable.

3. In respect of loan given:

According to the information and explanations given to us, the company has not given any secured or unsecured loans to the persons covered under the register maintained u/s.189 of the Companies Act,2013 (The Act).

• i. The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the company’s interest.

• ii. The schedule of repayment and payment of interest, if any, has not been stipulated and in the absence of such schedule, we are unable to comment on the regularity of repayments or receipts of principal amounts and interest.

iii. There is no overdue amount remaining outstanding at the year end.

1. In our opinion and according to the information and explanations given to us, the Company has not given any loans or made any new investment and provided guarantees and securities, as applicable during the year. Accordingly, reporting under clause 3(iv) of the Order is not applicable to the Company.

2. The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.

3. The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Thus reporting under clause 3(vi) of the order is not applicable to the Company.

4. According to the Information and Explanations given to us, in respect of statutory dues:

5. (a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income Tax, Goods and Service

Tax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

• (b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues in arrears as at March 31, 2021 for a period of more than six months from the date they became payable.

• (c) According to the information and explanation given to us and the records of the company examined by us there are no any dues of Goods & Service Tax, Sales Tax, Wealth Tax, Service Tax and other statutory dues which have not been deposited on account of any disputes.

• The Company has not taken any loans or borrowings from financial institutions, banks and government or has not issued any debentures. Hence reporting under clause 3 (viii) of the Order is not applicable to the Company.

• The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.

• To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year.

• In our opinion and according to the information and explanations given to us, the Company has not paid/provided for managerial remuneration and hence reporting under clause 3 (xi) of the Order is not applicable to the Company.

• The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the Company.

• In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

• During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly paid convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.

• According to the information and explanations provided by the management, during the year the company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013 and hence, reporting requirements under clause 3(xv) of the Order are not applicable to the Company.

• According to the information and explanations provided to us, The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

FOR N. B. Purohit & Co. Chartered Accountants Firm’s Registration Number: 108241W

Place : Mumbai. (NILKANTH B. PUROHIT) Date : 30[th] June, 2021 Proprietor

Membership No.31999

Balance Sheet As At March 31, 2021

CLASSIC ELECTRICLS LIMITED

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As At March 31, As At March 31,
Particluars Note
2021 2020
I ASSETS
(1) Non Current Assets
[a] Property Plant and Equipment 1 24,38,153 45,26,321
[b] Investment Property 2 18,19,863 20,71,188
[c] Deferred tax Assets (Net) 3 12,56,521 6,95,639
[d] Other non current assets 4 2,21,16,116 2,29,32,258
Total non-current assets 2,76,30,654 3,02,25,407
(2) Current Assets
[a] Financial Assets
(i) Trade receivables 5 2,21,000 8,64,000
(ii) Cash and cash equivalents 6 5,13,400 1,92,557
(iii) Loans & Advances 7 8,88,28,701 5,12,11,009
[b] Other current assets 8 4,209 2,206
Total current assets 8,95,67,310 5,22,69,772
Total assets 11,71,97,963 8,24,95,179
II EQUITY AND LIABILITIES
(1) EQUITY
[a] Equity Share Capital 9 1,48,52,100 1,48,52,100
[b] Other Equity 10 9,60,16,408 6,01,19,768
Total equity 11,08,68,508 7,49,71,868
LIABILITIES
(2) Non Current Liabilities
[a] Financial liabilities
(i) Borrowings 11 55,39,754 62,21,849
[b] Provisions 12 4,54,909 -
Total non-current liabilities 59,94,663 62,21,849
(3) Current Liabilities
[a] other current liabilities 13 3,34,792 13,01,461
Total current liabilities 3,34,792 13,01,461
Total liabilities 63,29,455 75,23,310
Total equity and liabilities 11,71,97,963 8,24,95,178
Notes forming part of financial statements 1-33
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In terms of our report attached

For N. B. Purohit & Co. Chartered Accountants Firm’s registration number: 108241W

For and on behalf of the Board of Directors

Rajesh H. Shah Dhanesh B. Parikh Managing Director Director Din No: 00475776 Din No: 00676930

Nilkanth B. Purohit Proprietor M.No: 031999

Place :Mumbai Dated: 30th June, 2021

Sunil H. Shah Rupali Dhiman Director & CFO Company Secretary DIN No: 02775683 M.No: 54968

CLASSIC ELECTRICLS LIMITED

Statement of Profit and loss for the financial year 2020-2021

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Particluars Note 2020-2021 2019-2020
I Revenue from Operations - -
II Other Income 14 4,56,70,497 65,08,310
III Total Income (I+II) 4,56,70,497 65,08,310
IV Expenses
[a] Employee benefits expenses 15 12,27,517 11,59,894
[b] Depreciation and amortisation 1 4,13,134 5,26,018
[c] Other expenses 16 34,06,607 26,00,868
[d] Finance Cost 17 2,23,694 3,54,333
Total Expenses 52,70,951 46,41,113
V Profit / (Loss) before tax (III - IV) 4,03,99,546 18,67,197
VI Tax Expense
[i] Current tax 40,03,485 3,61,200
-
[ii] MAT Setoff/(Entitlemet) (3,12,291)
[iii] Deferred tax (5,60,882) 38,551
[iv] Earlier Year 10,60,303 -
Total tax expense 45,02,906 87,460
VII Profit / (Loss) for the year from continuing operations (V - VI) 3,58,96,640 17,79,737
VIII Profit / (Loss) from discontinued Operations - -
IX Tax expense from discontinued operation - -
X Profit / (Loss) from discontinuing operations (VIII - IX) - -
XI Profit / (Loss) for the year (VII + X) 3,58,96,640 17,79,737
XII Other Comprehensive Income (OCI)
[a] Items that will not be re-classified to profit or loss
- -
(i) Measurement of defined employee benefit plans
(ii) Changes in fair value of equity instruments carried at fair
- -
value through OCI
Income tax relating to items that will not be re-classified to
- -
[b] profit or loss
- -
Total comprehensive income (net of tax)
XIII Total Comprehensive inccome (XI + XII) 3,58,96,640 17,79,737
XIV Earnings per equity share (for continuing operations)
(1) Basic 24.17 1.20
(2) Diluted 24.17 3.75
XV Earnings per equity share (for discontinuing operations)
(1) Basic - -
(2) Diluted - -
XVI Earnings per equity share for continuing and discontinuing operations
(1) Basic 24.17 3.75
(2) Diluted 24.17 3.75
Notes forming part of financial statements 1-33
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In terms of our report attached

For N. B. Purohit & Co.

For and on behalf of the Board of Directors

Chartered Accountants Firm’s registration number: 108241W

Nilkanth B. Purohit Proprietor M.No: 31999 Place :Mumbai Dated: 30th June, 2021

Rajesh H. Shah Dhanesh B. Parikh Managing Director Director Din No: 00475776 Din No: 00676930 Sunil H. Shah Rupali Dhiman Director & CFO Company Secretary DIN No: 02775683 M.No: 54968

CLASSIC ELECTRICALS LIMITED

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CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021
PARTICULARS 2020-2021 2019-2020
A. Cash Flow arising from Operating Activities:
Net Profit/(Loss) Before Taxation 4,03,99,546 18,67,197
Add: Interest Paid 2,23,694 3,54,333
Depreciation Charge 4,13,134 5,26,018
6,36,828 8,80,351
4,10,36,374 27,47,548
Less: Rent Income 24,00,000 24,10,000
Profit on sale of Fixed Assets 3,85,20,039 15,32,174
-
Liabilities no longer payable W/off 8,39,440
Interest received 39,11,018 25,44,600
4,56,70,497 64,86,774
Operating Profit before Working Capital Changes (46,34,123) (37,39,226)
Adjustment for:
(Increase)/Decrease in Trade Receivables 6,43,000 31,08,000
(Increase)/Decrease in Loans and Advances (3,76,17,692) (8,70,140)
(Increase)/Decrease in Other Current/Non-Current assets (2,46,164) (64,459)
Increase/(Decrease) in Current /Non Current liabilities 3,27,680 1,15,130
(3,68,93,176) 22,88,531
(4,15,27,300) (14,50,695)
Less: Income Tax for the Year 40,03,485 4,94,460
40,03,485 4,94,460
Net Cash inflow/(Outflow) in course of Operating Activities: (4,55,30,784) (19,45,155)
B. Cash Flow Arising from Investing Activities:
Adjustment for:
Proceeds from sale of Fixed Assets 4,05,05,339 16,50,000
Purchase of Fixed Assets (58,940)
Rent Income 24,00,000 24,10,000
4,28,46,399 40,60,000
Net Cash inflow/(Outflow) in course of Investing Activities: 4,28,46,399 40,60,000
C. Cash Flow Arising from Financial Activities:
Cash Inflow
Borrowings (Net) (6,82,095) (41,63,981)
Interest received/Paid (net) 36,87,324 21,90,267
30,05,229 (19,73,714)
Net Cash inflow/(Outflow) in course of Financial Activities: 30,05,229 (19,73,714)
Net Cash outflow (A+B+C): 3,20,844 1,41,131
Add: Balance at the beginning of the Year 1,92,557 51,427
Balance at the end of the Year 5,13,400 1,92,557
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Per our report of even date attached For N. B. Purohit & Co. Chartered Accountants Firm’s registration number: 108241W

For and on behalf of the Board of Directors

Rajesh H. Shah Dhanesh B. Parikh Managing Director Director DIN No: 00475776 DIN No: 00676930

Nilkanth B. Purohit Proprietor M.No: 31999 Place :Mumbai Dated: 30th June, 2021

Sunil H. Shah Director & CFO DIN No: 02775683

Rupali Dhiman Company Secretary M.No: 54968

CLASSIC ELECTRICLS LIMITED Statement of Changes in Equity

A Equity Share Capital

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Particulars
Balance as on April 01, 2019 1,48,52,100
-
Changes during the year
Balance as on March 31, 2020 1,48,52,100
-
Changes during the year
Balance as at March 31 ,2021 1,48,52,100
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B Other Equity

Particulars	General Reserves Retained Earnings Equity instruments through OCI Remeasurement s of employee benefits expense Items of OCI Total Reserves and Surplus
Balance as on April 01, 2019 Profit for the year Other comprehensive income (net of tax) Total comprehensive income for the year Dividends including tax on dividend Balance as on March 31, 2020 Profit for the year Other comprehensive income (net of tax) Total comprehensive income for the year Dividends including tax on dividend	1,75,49,300 4,25,70,468 - - 6,01,19,768 - 17,79,737 - - 17,79,737 - - - - - - 17,79,737 - - 17,79,737 - - - - - 1,75,49,300 4,43,50,205 - - 6,18,99,505 - 3,58,96,640 - - 3,58,96,640 - - - - - - 3,58,96,640 - - 3,58,96,640 - - - - -
Balance as on March 31, 2021	1,75,49,300 8,02,46,845 - - 9,77,96,145

CLASSIC ELECTRICALS LIMITED

Notes

To the Financial Statements for the year ended March 31, 2021

A. GENERAL INFORMATION

Classic Electricals Limited (the company) is a public limited company incorporated under the provisions of the Companies Act, 1956 vide CIN: L25209MH1985PLC036049 and domiciled in India. The address of its registered office is 1301, 13th Floor, Peninsula Business Park, Tower B , Senapati Bapat Marg, Lower Parel(West), Mumbai -400013, Maharashtra.The Company is listed on the Bombay Stock exchange (BSE).

B. SIGNIFICANT AACCOUNTING POLICIES

This Note provides a list of significant accounting policies adopted in the preparation of these financial statements. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

B.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS a) Compliance with Ind AS The financial statements of the company comply in all material aspects with Indian Accounting Standards(Ind AS) AS specified under section 133 of the Companies Act,2013, Companies (Indian Accounting Standards) Rules ,2015 and other relevant provisions of the Act.

b) Historical cost convention The financial statements of the comapany have been prepared on an accrual and going concern basis.The financial statements have been prepared on historical cost basis, except for certain assets and liabilities that is measured at fair value as states in subsequent policies.

B.2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Property , plant and equipment Property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets.

Depreciation methods, estimated useful lives and residual value:

Freehold Land is not depreciated.The depreciation has been provided on the written down value basis in accordance with the requirement of the schedule-II of the companies Act,2013.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Gains and losses on disposals are determined by comparing proceeds with carrying amount . These are included in profit and loss within other expenses or other income , as applicable.

(b) Revenue Recognition:

Revenue is measured at the fair value of the consideration received or receivable. The Company recognizes revenue from sale of goods when:

(a) the Company has transferred to the buyer the significant risk and reward of ownership of goods

(b) the Company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold.

(c) the amount of revenue can be reliably measured (d) it is probable that future economic benefits associated with the transaction will flow to the Company Revenue from rendering of services is recognised when the performance of agreed contractual task has been completed. Revenue from operations includes sale of goods, services, service tax, excise duty and adjusted for discounts (net), and gain/loss on corresponding hedge contracts.

(c) Employee Benefit Schemes

(i) Short-term benefits:

Employee benefits payable within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and exgratia. The undiscounted amount of short-term employee benefits to be paid in exchange for employee sevices is recognised as an expesne as the related service is rendered by employee.

(ii) Post -Employment Benefits:

Gratuity:

The Company has no defined benefit plan (the’ Gratuity Plan’). Hence the Company does not accrue for its Gratuity and it is booked on payment basis.

Defined Contribution Plans - Provident Fund , Employee State Insurance Plan : The Company doesnot have any defined contributions plans such as contributions to provident fund and employee state insurance schemes.

(d) Investment Property

Investment property is property (land or a building or part of a building or both) held to earn rentals or for capital appreciation or both , rather than for: (a) use in the production or supply of goods or services or for administrative purposes or (b) sale in the ordinary course of business.

(e) Impairment of Assets:

An assets is treated as impaired when carrying cost of assets exceeds its recoverable value. The Company assesses at each reporting date as to whether there is any indication that any property, plant and equipment and intangible assets or group of assets, called cash generating units (CGU) may be impaired. If any such indication exists the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs. An Impairment loss is recognised in statement of Profit and Loss in the year in which an assets are identified as impaired.

(f) Trade Receivables:

Trade Receivables are stated at book value after making provisions for doubtful debts. Management considers that the book value approximates fair value. Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision against those receivables is required. The provision for bad and doubtful debts is based on specifc risk assessment and reference to past default exprience.

(g) Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an out flow of resources. Provisions are not recognised for future operating losses.

Contigent liabilities are disclosed when there is a possible obligation arising from past events the existence of which will be confirmed only by the occurrence or non -occurrence of one or more uncertain future events not wholly within the control of the company or a present obbligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent Assets are disclosed , where an inflow of economic benfits is probable.

(h) Tax Expense

The tax expense for the period comprises current and deferred tax. Current and deferred tax is recognized in the Statement of Profit and Loss except to the extent it relates to items recognized directlyin equity or other comprehensive income, inwhich case it is recognized in equity or other comprehensive income respectively.

Current Tax:

Current tax charge is based on taxable profit for the year. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted , at the reporting date where the Company operates and generates taxble income. Management periodically evaluates positions taken in tax returns with respect to situations in whcih applicable tax regulation is subject to interpretation . It establishes provisions where appropriate on the bais of amounts expected to be paid to the tax authorities.

Current tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilites and Company intends either to settle on a net basis, or to realize the asset and settle the liability simutaneaously.

Deferred Tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period whenthe asset is realised or the liabilty is settled , based on tax rates and tax laws that have been enacted or substantively enacted by the end of reporting period. The carrying amount of deferred tax assets is reviewed at each reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxble entity and the same taxation authority.

(i) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the functional currency) . The financial statements are presented in Indian rupee ( ) , which is Company's functional and presentation currency.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINITIES

The preparation of the Company’s financial statements requires management to make judgement, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and judgements are continually evaluated. The areas involving critical estimates and judgemenst are:

(i) Property, plant and equipment and useful life of property, plant and equipment

• Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking into account estimated residual value. Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation / amortisation to be recorded during any reporting period. The useful lives and residual values are based on the Company’s historical experience with similar assets and take into account anticipated technological changes. The depreciation / amortisation for future periods is revised if there are significant changes from previous estimates.

(ii) Recognition of deferred tax assets and current tax.

The calculation of the Company’s tax charge necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through aformal legal process. The final resolution of some of these items may give rise to material profits/losses and/or cash flows. Significant judgments are involved in determining theprovision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iii) Estimation of fair values of Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

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As At March 31, As At March 31,
NOTE 2 INVESTMENT PROPERTY 2021 2020
Gross Carrying Amount
Opening Balance 87,71,615 87,71,615
Addition - -
Closing Balance 87,71,615 87,71,615
Less : Accumulated Depreciation
Opening Balance 67,00,427 64,14,393
Depreciation for the year 2,51,325 2,86,033
Closing Balance 69,51,752 67,00,427
TOTAL 18,19,863 20,71,188
Amount recognised in Statement of Profit and Loss for investment properties:
As At March 31, As At March 31,
PARTICULARS 2021 2020
Rental Income derived from Property 24,00,000 24,10,000
Less : Depreciation charged during the year 2,51,325 2,86,033
Profit/(Loss) from Investment Property 21,48,675 21,23,967
As At March 31, As At March 31,
NOTE 3 DEFERRED TAX ASSSETS (NET) 2021 2020
Tax effect of items constituting deferred tax liability
On difference between book balance and tax balance of fixed assets - -
- -
Tax effect of items constituting deferred tax assets
On difference between book balance and tax balance of fixed assets 12,46,610 6,85,400
Brought forward business losses 9,911 10,239
12,56,521 6,95,639
TOTAL 12,56,521 6,95,639
As At March 31, As At March 31,
NOTE 4 OTHER NON-CURRENT ASSETS 2021 2020
(Unsecured & Considered Good)
Advance payment of taxes (Net of Provisions) 2,18,06,531 2,18,06,531
MAT Entitlement Credit - 10,60,303
Balance with Revenue Authorities 3,09,585 65,424
TOTAL 2,21,16,116 2,29,32,258
As At March 31, As At March 31,
NOTE 5 TRADE RECEIVABLES 2021 2020
(Unsecured & Considered Good)
Trade Receivables 2,21,000 8,64,000
TOTAL 2,21,000 8,64,000
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As At March 31, As At March 31,
NOTE 6 CASH & CASH EQUIVALENTS 2021 2020
Cash on Hand 6,629 6,629
Balance with Bank 5,06,771 1,85,928
TOTAL 5,13,400 1,92,557
As At March 31, As At March 31,
NOTE 7 Loans 2021 2020
(Unsecured & Considered Good)
Loans Given repayble on Demand * 8,88,28,701 5,12,11,009
TOTAL 8,88,28,701 5,12,11,009
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(*) The company has granted loans and advances repayable on demand to M/s. Anchor Daewoo Industries Ltd Rs.1,25,50,269/- and Chintan Lifespaces LLP Rs. 31,50,000/- However, pending disputes/litigations between the parties, the company had not provided interest in repspect of the same.

				As At March 31,		As At March 31,
NOTE	**8 **	OTHER CURRENT ASSETS		2021		2020
		(Unsecured & Considered Good)
		Other Current Assets		4,209		2,206
		TOTAL		4,209		2,206
NOTE	**9 **	EQUITY SHARE CAPITAL	As At March 31, 2021		As At March 31, 2020
			Units	Amount	Units	Amount
		AUTHORISED SHARE CAPITAL
		Equity Shares of 10/- each	50,00,000	5,00,00,000	50,00,000	5,00,00,000
		ISSUED SUBSCRIBED & PAID-UP
		Equity Shares of 10/- each	14,85,210	1,48,52,100	14,85,210	1,48,52,100
		TOTAL	14,85,210	1,48,52,100	14,85,210	1,48,52,100

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Details of Share Holders holding more than 5% Equity shares in the company at the end of the Year.
As At March 31, 2021 As At March 31, 2020
NAME OF SHAREHOLDERS
% No of Shares % No of Shares
1) Jadavji Lalji Shah 14.27 2,11,950 14.27 2,11,950
2) Damji Lalji Shah 12.66 1,88,100 12.66 1,88,100
3) Shantaben Damji Shah 10.81 1,60,500 10.81 1,60,500
4) Jaywanti Jadavji Shah 8.28 1,23,000 8.28 1,23,000
Terms/Rights attached to Equity Shares
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The Company has only one class of Equity shares having par value of .10/- per shares. Each shareholders of equity shares is entitled to on
In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all
preferential amount, in proportion to their share holding.
Reconciliation of number of shares outstanding :
PARTICULARS As At March 31, 2021 As At March 31, 2020
No of Shares No of Shares
Equity shares at beginning of the year 14,85,210 14,85,210
Shares Issued during the year - -
Shares bought back during the year - -
Equity Shares at the end of the year 14,85,210 14,85,210
NOTE 10 OTHER EQUITY As At March 31, 2021 As At March 31, 2020
General Reserve
As per last balance sheet 1,75,49,300 1,75,49,300
Retained Earnings
As per last balance sheet 4,25,70,468 4,07,90,732
Add: Profit / (Loss) for the year 3,58,96,640 17,79,737
7,84,67,108 4,25,70,468
TOTAL 9,60,16,408 6,01,19,768
As At March 31, As At March 31,
NOTE 11 NON-CURRENT BORROWINGS 2021 2020
(Unsecured, Repayable on Demand)
Unsecured Loans from Boby Corporates 55,39,754 62,21,849
TOTAL 55,39,754 62,21,849
As At March 31, As At March 31,
NOTE 12 PROVISIONS 2021 2020
Provision for Taxation 4,54,909 -
TOTAL 4,54,909 -
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As At March 31, As At March 31,
NOTE 13 OTHER CURRENT LIABILITIES 2021 2020
Statutory Dues Payable 1,18,646 1,11,381
Deposits - 8,37,502
Other Payables 2,16,146 3,52,578
TOTAL 3,34,792 13,01,461
NOTE 14 OTHER INCOME 2020-21 2019-20
Interest on Loans Given 39,11,018 25,44,600
Rent Income 24,00,000 24,10,000
Profit on sale of fixed assets 3,85,20,039 15,32,174
Miscellaneous Income - 21,536
Excess Provision W/back 1,938 -
Liabilities no longer payable W/off 8,37,502 -
TOTAL 4,56,70,497 65,08,310
NOTE 15 EMPLOYEE BENEFIT EXPENSES 2020-21 2019-20
Salary Bonus & other allowances 12,17,724 11,54,037
Staff Welfare Expenses 9,793 5,857
TOTAL 12,27,517 11,59,894
NOTE 16 OTHER EXPENSES 2020-21 2019-20
Rates & Taxes 1,18,004 1,28,933
Rent Paid 7,20,000 -
Repairs & Maintenance - Others 4,41,984 4,41,984
Payment to Auditors:
- Towards Audit Fee 2,00,000 2,00,000
- Towards Certification Fees & Other Services 15,000 15,000
Listing Fees 3,00,000 3,00,000
Legal & Professional Expenses 13,77,391 12,93,500
Electric Expenses 15,000 72,350
Miscellaneous Expenses 1,58,911 78,035
Advertisement Expenses 60,317 71,066
TOTAL 34,06,607 26,00,868
NOTE 17 FINANCE COST 2020-21 2019-20
Interest On Loans 2,20,438 3,53,799
Interest Others 3,256 534
TOTAL 2,23,694 3,54,333
NOTE 18 EARNING PER SHARE 2020-21 2019-20
Net Profit/(Loss) after tax 3,58,96,640 17,79,737
Weighted average No. of Shares 14,85,210 14,85,210
Nominal value per Share ( ) 10 10
Earnings per Share 24.17 1.20
Diluted Earnings per Share 24.17 1.20
NOTE 19 Contingent Liabilities:
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Claims not acknowledged by the company relating to cases contested by the company and which, in the opinion of the Management, are not likely to devolve on the company relating to the following areas a. The disputed Income-tax demand of . 188.25 lacs as under:

	Assessment	Year	Tax	Demand	Tax	Paid	under
1992-93				31.57			31.57
2013-14				11.43			11.43
2014-15				145.25			145.25

Based on the decision of the Appellate authorities and the interpretations of the other relevant provision, the company has been legally advised that the demand is likely to be either deleted or substantially reduced and hence no provision is made in the books of accounts.

NOTE 20 In the opinion of the management, Loans & Advances and trade receivables have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

NOTE 21 Provision for accruing of liabilities for gratuity in terms of Ind AS 19 “Employee Benefits” issued by The Institute of Chartered Accounts of India has not been made in the accounts as provisions of Payment of Gratuity Act is not applicable to the company. However, any payment for the same if incurred is accounted on cash basis.

NOTE 22 The Company is engaged in one operational Business and Hence Segment reporting is not applicable to the company.

NOTE 23 IMPORTS (VALUES ON CIF) CIF value of Imports

2020-21

2019-20 Nil

Nil

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NOTE 24 FOB VALUE OF GOODS EXPORTED 2020-21 2019-20
FOB value of goods exported Nil Nil
NOTE 25 ACTIVITY IN FOREIGN CURRENCY 2020-21 2019-20
Earnings in Foreign currency Nil Nil
Expenditure in Foreign currency Nil Nil
NOTE 26 REMITTANCE IN FOREIGN CURRENCY 2020-21 2019-20
For payment of Dividend Nil Nil
Related Party Transactions
Related party disclosure in accordance with the Ind AS - 24 issued by the Institute of chartered Accountants of India is as under;
NOTE 27 RELATED PARTY TRANSACTION 2020-21 2019-20
a) Key Managerial Personnel (KMP)
- Shri Rajesh Hirji Shah (Director)
- Shri Dhanesh V. Parikh (Director)
- Shri Sunil Hirji Shah (Director)
- Smt Julie Mehul Shah (Director)
- Ms. Rupali Dhiman (Company Secretary)
b) Persons or close relatives having significance influence
- Shri Jadavji Laji Shah
- Smt Jaywanti Jadavji Shah
- Shri Mehul Jadavji Shah
- Shri Hemang Jadavji Shah
- Shri Damji Lalji Shah
- Smt Shantaben Damji Shah
c) Enterprises over which persons or relatives have significant influence
M/s. Great White Global Pvt Ltd.
M/s. Good Value Financial Services Pvt Ltd
M/s. Avtar Securities Private Limited
i) Details of Transaction with Enterprises in ( c) above
Rent Income ( M/s. Great White Global Pvt Ltd.) 24,00,000 24,00,000
Remuneration to KMP (Ms. Rupali Dhiman) 1,80,000 1,80,000
Interest Paid on Loans (Avtar Securities Private Limited) 2,20,438 3,53,799
ii) Loans/Deposit Granted/ Received back
Granted During the year - -
Received back during the year - -
iii) Loans Taken/Repaid
Loans Taken
M/s. Good Value Financial Services Pvt Ltd 1,09,64,000 30,52,000
M/s. Avtar Securities Private Limited - -
Loans Repaid
M/s. Good Value Financial Services Pvt Ltd 98,00,000 70,13,400
M/s. Avtar Securities Private Limited 20,50,000 5,21,000
iv) Balance Outstanding at the end of the Year:
Trade Receivables ( M/s. Great White Global Pvt Ltd.) 2,21,000 8,64,000
Security Deposit - -
Loans Granted(dr) - -
Loans Taken (cr)
M/s. Good Value Financial Services Pvt Ltd 46,22,600 34,58,600
M/s. Avtar Securities Private Limited 9,17,154 27,63,249
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NOTE

28

As the Company does not fulfill the criteria specified in section 135 of the companies Act read with rule 3 of the Companies (Corporate Social Responsibility Policy) Rule,2014 ('CSR Rules')for three consecutive Financial Years, CSR Provisions is not applicable to the company.

NOTE 29 Balances in respect of Trade receivables, Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

NOTE

30 Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company has elected not to apply the requirements of Ind AS 116 as there is no any contract in writting, further pending litigation with the lessor the company has treated the transactions as short-term leases for which the underlying asset is of low value. The lease payments associated with these leases are recognized as an expense in the profit & loss account.

Company as a lessor

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor’s net investment in the lease.When the Company is an intermediate lessor it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an operating lease.

• NOTE 31 The Global spread of Covid-19 has led to an uncertain and unpredictable path ahead for all of us. Amidst the tumult of this unprecedented period, our priority has been to safeguard the health and well-being of our customers, employees and our communities while continuing our business operations. The operations have resumed with requisite precautions in place. The situation is continuously evolving, the impact assessed may be different from the estimates made as at the date of approval of these financial statements and management will continue to monitor any material changes arising due to the impact of this pandemic on financial and operational performance of the Company and take necessary measures to address the situation.

• NOTE 32 “The Micro, Small and Medium Enterprises Development Act, 2006” has come into force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to Small Scale and Ancillary Industrial Undertaking Act ,1993. As on the date of this Balance sheet there was no any balance payable to the suppliers/creditors and hence the provisions of the this Act is not applicable to the company for year. This has been relied upon by the Auditors.

NOTE 33 The previous year's figures have been regrouped & recast wherever necessary to make them comparable.

Per our report of even date For N. B. Purohit & Co. Chartered Accountants Firm’s registration number: 108241W

For and on behalf of the Board of Directors

Rajesh H. Shah Dhanesh B. Parikh Managing Director Director Din No: 00475776 Din No: 00676930

Nilkanth B. Purohit Proprietor M.No: 031999 Place :Mumbai Dated: 30th June, 2021

Sunil H. Shah Rupali Dhiman Director & CFO Company Secretary DIN No: 02775683 M.No: 54968