cin: l36910gj2011plc063745 circle - p, c.g.road, …circle ‐ p, c.g. road, ahmedabad‐ 380009,...

DARSHAN ORNA LIMITED CIN: L36910GJ2011PLC063745

Registered office: 102, First Floor, Shree Balaji Paragon, B/S Rock Regency Hotel, Nr. Circle - P, C.G.Road, Ahmedabad - 380009

Email id- [email protected] Tel. No. +91 079 22142568 Web- www.darshanorna.com

Date: 04.09.2019 To, The Manager, Corporate Relationship Department BSE Ltd, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai 400 001 Scrip Code: 539884 Security ID: DARSHANORNA Dear Sir,

Sub: Submission of Annual Report Pursuant to Regulation 34 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

With reference to the captioned subject, Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we are enclosing herewith the annual report of the company for the year ended on 31st March, 2019. You are therefore requested to take this into your official records and oblige. Thanking You For DARSHAN ORNA LIMITED ___________________ MAHENDRA R. SHAH DIRECTOR (DIN: 03144827)

mailto:[email protected]

http://www.darshanorna.com/

BO

RitAruMa

DinSat CH

Rit

CONir

AUPAGFElli BA

VIJPBMaAhCEPriMiAhAXNilShAh

RE

10B/NrAhGu

REKAKaGaNa

OARDOFDIteshM.ShethunabenMShahendraR.SneshDalchathishV.Shet

HIEFFINANCteshM.Sheth

MPANYSECravArvindku

UDITORSARTHSHAH‐9,AnkurCoisbridge,Ah

ANKERSJAYABANKBno.62,Madanekchowkhmedabad‐3ENTRALBANimaChambeithakhaliSixhmedabad‐3XISBANKLIlkanthplazaahibaug,hmedabad‐3

GISTERED02,FirstFloo/SRockReger.Circle‐P,Chmedabad3ujarat,IndiaGISTRARAARVYFINTEarvySeleniuachibowli,Fianakramgud

RECTORShhahhahndHiranth

CIALOFFICh

CRETARY&umarShah

&ASSOCIAomplex,B/hhmedabad,3

KLIMITEDdangopalHa

3800001NKLIMITEDers,xRoads,380006IMITEDa,OppMadh

380004

OFFICEor,ShreeBalencyHotel,C.G.Road80009

ANDSHAREECHPRIVATmTowerB,inancialDistda,Hyderaba

AnnDAR

‐Mana‐Direc‐Direc‐Inde‐Inde

ER

&COMPLIAN

ATEShTownhall,380006

aveli,

D

hupuraMark

lajiParagon

TRANSFERELIMITEDPlot31‐32,trict,ad500032

ualRepRSHAN

agingDirectctorctorpendentNopendentNo

NCEOFFICE

ket,

n,

RAGENT

port20ORNAL

tor&CFO

n‐Executiveon‐Executive

ER

1 Notic2 Direc3 MDA4 Audit5 BS,P6 Atten7 Proxy

018‐19LIMITE

eDirectoreDirector

cectorReportRtreportNL,CFandSndanceSlipyForm

ED

Schedule

272631375253

DARSHAN ORNA LIMITED

2

Notice isherebygiven that the8THANNUALGENERALMEETING of themembersofDarshanOrnaLimited(“theCompany”)willbeheldonMonday,the30thdayofSeptember,2019at11:00A.MattheregisteredofficeoftheCompanyat102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,Gujarat,Indiatotransactthefollowingbusiness:

1. To receive, consider and adopt Financial Statement including Audited Balance Sheet of theCompanyasat31stMarch,2019andstatementofProfitandLossandCashFlowStatementfortheyearended31stMarch,2019togetherwithBoardofDirectors’andAuditors’Reportthereon.

2. Toappointadirector inplaceofMr.MahendrabhaiRamniklalShah(DIN:03144827)whoretiresbyrotation,andbeingeligibleoffersherselfforre‐appointment.

3. ToappointM/sParthShah&Associates,CharteredAccountants(FRN:144251W)asStatutoryAuditorandpassedthefollowingresolutionwithorwithoutmodification.

“RESOLVEDTHATpursuant to theprovisionsofSections139&142of theCompaniesAct,2013readwiththeCompanies(AuditandAuditors)Rules,2014,asamendedfromtimetotimeandsuchotherapplicableprovisions,ParthShah&Associates,CharteredAccountants(FRN:144251W)StatutoryAudit Firmbe and is hereby appointed asAuditors of theCompany in place ofDhavalPadiyaandCo. (FRN‐140653W),CharteredAccountants toholdoffice fromtheconclusionof thisAnnualGeneralMeeting ('AGM') till the conclusion of the 12thAGM in the year 2023 (subject toratificationoftheirappointmentateveryAGM,ifsorequiredundertheAct),atsuchremunerationincluding applicable taxes, as may be mutually agreed between the Board of Directors of theCompanyandtheAuditors.

RESOLVEDFURTHERTHATtheBoardofDirectorsoftheCompanybeandareherebyauthorisedtosigntheformandmakearrangementtofilethesamewithRegistrarofCompaniesandtotakesuchotherstepsasmaybenecessaryinthisregard.”

BYORDEROFTHEBOARDOFDIRECTORSOFDARSHANORNALIMITED

SD/‐Place:Ahmedabad RiteshMahendrabhaiShethDate:02ndSeptember,2019 ManagingDirector&ChairmanRegisteredOffice:102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,Gujarat

a. Mr.MahendrabhaiRamniklalShah (DIN:03144827),director retiringby rotationandbeingeligible;offerherselfforreappointmentattheAnnualgeneralMeeting.Abriefresumeofthesaiddirectorisgivenbelow‐

NameofDirector MahendrabhaiRamniklalShahDIN 03144827Qualification MatriculationDirectorshipheldinothercompanies VeeramSecuritiesLimitedNumberofsharesheldintheCompanyat31.03.2019 40,75,645

ORDINARY BUSINESS:


3

Notes:‐

1. TheStatementpursuanttoSection102(1)oftheCompaniesAct,2013withrespecttotheSpecialBusinesssetoutintheNoticeisannexed.

2. MEMBERENTITLEDTOATTENDANDVOTEATTHEMEETINGISENTITLEDTOAPPOINTAPROXYTOATTENDANDVOTEONAPOLLINSTEADOFHIMSELF/HERSELFANDSUCHPROXYNEEDNOTBEAMEMBEROFTHECOMPANY.THEPROXYINORDERTOBEEFFECTIVEMUSTBEDEPOSITEDATTHEREGISTEREDOFFICEOFTHECOMPANYNOTLESSTHAN48HOURSBEFORETHECOMMENCEMENTOFTHEMEETING.Apersoncanactasproxyonbehalfofmembersnotexceedingfifty(50)andholdinginaggregatenotmorethantenpercentofthetotalsharecapitaloftheCompany

3. Members / Proxies should bring the duly filled Attendance Slip at the Annual General Meeting (AGM).CorporateMembersarerequestedtosendadulycertifiedcopyoftheBoardResolutionauthorizingtheirrepresentative(s)toattendandvoteontheirbehalfattheMeeting.

4. Pursuant to the provisions of Section 91 of the Companies Act, 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of theCompanywillremainclosedfromMondaythe23thSeptember2019to30thSeptember2019(Bothdaysinclusive).

5. MembersseekinganyinformationwithregardtoaccountsarerequestedtowritetotheCompanyatleast

10daysbeforethemeetingsoastoenablethemanagementtokeeptheinformationready.

6. Incaseof jointholdersattendingtheMeeting,onlysuchjointholderwhoishigherintheorderofnameswillbeentitledtovote.

7. Members are requested to notify immediately any change in their addresses and/or the BankMandate

details to the Company’s Registrars and Share Transfer Agents, KARVY FINTECH PRIVATE LIMITED forshares held in physical form and to their respective Depository Participants (DP) for shares held inelectronicform.

8. TheMinistryofCorporateAffairs(videcircularnos.17/2011and18/2011datedApril21,2011andApril

29,2011respectively)hasundertakena“GreenInitiativeinCorporateGovernance”andallowedcompaniesto share documents with its shareholders through an electronic mode. A Stock Exchanges permitscompanies to send soft copies of theAnnual Report to all those shareholderswho have registered theiremailaddressforthesaidpurpose.MembersarerequestedtosupportthisGreenInitiativebyregistering/updatingtheiremailaddressforreceivingelectroniccommunication.

9. AlltheDocumentsreferredtointhenoticeareopenforinspectionattheregisteredofficeoftheCompany

between11A.M.to5.00P.Monanyworkingdaypriortothedayofmeetingandwillalsobeavailableatthemeetingvenueonthedateofmeeting.

10. PROCEDUREOFVOTINGATAGM:

Inadditiontotheremotee‐votingfacilityasdescribedbelow,theCompanyshallarrangevotingfacilityatthevenueofAGMthroughBallotPaperandthemembersattendingthemeeting,whohavenotalreadycasttheirvotesbyremotee‐voting,willbeabletoexercisetheirrightatthemeeting.Memberswhohavecasttheirvotesbyremotee‐votingpriortothemeetingmayattendthemeeting,butshallnotbeentitledtocasttheirvoteagain.Memberswillneedtowriteontheballotpaper,interalia,relevantFoliono.,DPID&ClientIDandnumberofsharesheldetc.


4

11. E‐VOTINGFACILITY:

a. IncompliancewiththeprovisionsofSection108oftheCompaniesAct,2013,readwithRule20ofTheCompanies(ManagementandAdministration)Rules,2014,asamended,Regulation44ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015andSecretarial StandardonGeneralMeetings(SS‐2)issuedbytheICSI,asamended,theCompanyispleasedtoprovidetotheMembers, facility of ‘remote e‐voting’ (e‐voting from a place other than venue of the AGM) toexercise their right to vote at the 8thAGM and accordingly, business asmentioned in thisNoticeshall be transacted through e‐voting. Necessary arrangements have beenmade by the CompanywithKarvyFintechPvt.Ltd,ourRTAtofacilitatee‐voting.TheCompanyhasappointedMrs.ShikhaPatel,PracticingCompanySecretary(Membershipno.43955), toactasScrutiniser forconductingthevotingande‐votingprocessinafairandtransparentmanner.

b. Theremotee‐votingperiodshall commenceonFriday,September27,2019 from9:00a.m.andends on Sunday September 29, 2019 till 5:00 p.m. During this period, the members of theCompany,holdingshareseitherinphysicalformordematerialisedform,asonthecut‐offdatei.e.September22,2019,maycasttheirvotesbyremotee‐voting.Theremotee‐votingmoduleshallbedisabledbyKarvyforvotingthereafter.

c. Oncethevoteonaresolutioniscastbythemember,suchmembershallnotbeallowedtochangeitsubsequently.

d. Apersonwhoisnotamemberasoncut‐offdateshouldtreatthisNoticeforinformationpurposeonly.

12. PROCESSANDMANNERFORREMOTEE‐VOTING

a. MemberswhoseemailIDsareregisteredwiththeCompany/Karvy/DPswillreceiveanemailfromKarvy informing themof theirUser‐IDandPassword.Once theMemberreceives theemail,heorshewillneedtogothroughthefollowingstepstocompletetheremotee‐votingprocess:i) UsethisURLhttps://evoting.karvy.comfore‐voting:ii) Enterthelogincredentials(useridandpassword)whichwillbesentseparately.However,if

youare already registeredwithKarvy for e‐voting, you canuse yourexistinguser id andpasswordforcastingyourvotes.

iii) Afterenteringthedetailsappropriately,clickonLOGIN.iv) Youwillreachthepasswordchangemenu,whereinyouarerequiredtomandatorilychange

your password. Thenewpassword shall comprise ofminimum8 characterswith at leastoneuppercase(A‐Z),onelowercase(a‐z),onenumericvalue(0‐9)andaspecialcharacter(@,#,$,etc.).Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

v) Youneedtologinagainwiththenewcredentials.vi) Onsuccessful login,thesystemwillpromptyoutoselecttheremotee‐votingforDarshan

OrnaLimited.vii) Onthevotingpage,thenumberofshares(whichrepresentsthenumberofvotes)asheldby

the member as on the cut‐off date will appear. If you desire to cast all the votesassenting/dissenting to the resolution, then enter all shares and click ‘FOR’/’AGAINST’ asthe casemay be or partially in ‘FOR’ and partially in ‘AGAINST’, but the total number in‘FOR/AGAINST’ taken togethershouldnotexceedyour total shareholdingason the cutoffdate. Youmay also choose the option ‘ABSTAIN’ and the shares heldwill not be countedundereitherhead.

viii) Membersholdingmultiplefolios/demataccountsshallchoosethevotingprocessseparatelyforeachfolio/demataccount.

ix) Cast your votesby selecting an appropriate option and clickon ‘SUBMIT’.A confirmationboxwillbedisplayed.Click‘OK’toconfirmelse‘CANCEL’tomodify.Onceyouconfirm,youwill not be allowed tomodify your vote subsequently. During the voting period, you can


5

login multiple times for voting, till you have confirmed that you have voted on theresolution.

x) Corporate/InstitutionalMembers(i.e.otherthanindividuals,HUF,NRI,etc.)arerequiredtosendscannedcopy(PDF/JPGFormat)oftherelevantboardresolution/authorityletteretc.together with attested specimen signature of the duly authorised signatory(ies) who areauthorised tovote, to thescrutiniser throughemailat [email protected] to [email protected] the same in the e‐votingmodule intheir login. The scanned image of the above documents should be in the naming format“DarshanOrnaLimited_EVENTNo.”

xi) In case of any queries, youmay refer the Frequently AskedQuestions (FAQs) section forshareholders and e‐voting User Manual available at the “Downloads” section ofhttps://evoting.karvy.comorcontactKarvyon18003454001(tollfree).OTHERINSTRUCTIONSFORE‐VOTINGa) In case of any query and/or grievance, in respect of voting by electronic means,

MembersmayrefertotheHelp&FrequentlyAskedQuestions(FAQs)andE‐votingusermanualavailableatthedownloadsectionofhttps://evoting.karvy.com(KarvyWebsite)orcontactMr.VasanthRaoofKarvyFintechPrivateLimited,KarvySeleniumTowerB,Plot 31‐32, Gachibowli, Financial District, Nanakramguda, Hyderabad ‐ 500 032 or [email protected]–67161527orcallKarvy’stollfreeNo.1‐800‐34‐54‐001foranyfurtherclarifications.

b) Youcanalsoupdateyourmobilenumberande‐mailidintheuserprofiledetailsofthefoliowhichmaybeusedforsendingfuturecommunication(s).

c) Theremotee‐votingperiodcommenceson27thSeptember2019(09:00A.M. IST)andends on 29th September 2019 (05:00 P.M.IST). During this period, Members of theCompany, holding shares either in physical formor in dematerialized form, as on thecut‐offdateof22ndSeptember2019,maycasttheirvoteselectronically.ApersonwhoisnotaMemberason thecut‐offdateshould treat thisNotice for informationpurposesonly.Theremotee‐votingmoduleshallbedisabledforvotingthereafter.Oncethevoteonaresolution(s)iscastbytheMember,theMembershallnotbeallowedtochangeitsubsequently.

d) ThevotingrightsofMembersshallbeinproportiontotheirshareofthepaidupequitysharecapitaloftheCompanyasonthecut‐offdatei.e.22ndSeptember2019.

e) IncaseapersonhasbecomeaMemberoftheCompanyafterdispatchofAGMNoticebutonorbeforethecut‐offdateforE‐votingi.e.,22ndSeptember2019,he/shemayobtaintheUserIDandPasswordinthemannerasmentionedbelow:i. IfthemobilenumberofthememberisregisteredagainstFolioNo./DPIDClient

ID, themembermaysendSMS:MYEPWDE‐VotingEventNumber+FolioNo.orDPIDClientIDto9212993399ExampleforNSDL:MYEPWDIN12345612345678ExampleforCDSL:MYEPWD1402345612345678ExampleforPhysical:MYEPWDXXXX1234567890

ii. Ife‐mailaddressormobilenumberofthememberisregisteredagainstFolioNo./ DP ID Client ID, then on the home page of https://evoting.karvy.com, themembermayclick“ForgotPassword”andenterFolioNo.orDPIDClientIDandPANtogenerateapassword.

iii. MembermaycallKarvy’stollfreenumber1800‐3454‐001


6

iv. Member may send an e‐mail request to [email protected]. However, Karvyshall endeavour to send User ID and Password to those newMemberswhosemailidsareavailable.

13. TheScrutiniserafterconclusionofvotingattheAGM,firstcountthevotescastatthemeetingandunblock

thevotescastthroughremotee‐votinginpresenceofatleasttwowitnessesnotintheemploymentofthecompanyandshallmakewithin48hoursoftheconclusionoftheAGMaConsolidatedScrutiniser’sReportofthetotalvotescastinfavouroragainstorinvalidvotes,ifany,forthwithtotheChairmanoftheCompanyoranyotherdirectororpersonauthorised,whoshall countersign thesameanddeclare theresultof thevotingforthwith.

14. The results so declared along with Scrutiniser’s Report shall be placed on the Company’s websitewww.darshanorna.comandonthewebsiteofKarvyandshallalsobedisseminatedonthewebsiteofStockExchanges,wheretheCompany’ssharesarelisted.

15. Members holding shares in electronic form must inform about change in address to their respective

DepositoryParticipantonlyandnottotheCompanyortheCompany’sRegistrarandTransferAgent.

16. MembersarerequestedtobringtheircopyofAnnualReportatthemeeting.


7

DIRECTORSREPORT

To,TheMembers,YourDirectorshavepleasure inpresenting theirReporton thebusinessandoperationsof theCompanyandtheaccountsfortheFinancialYearendedMarch31,2019.

1. FINANCIALSUMMARYORHIGHLIGHTS/PERFORMANCEOFTHECOMPANY(STANDALONE)TheBoard’sReportispreparedbasedonthestandalonefinancialstatementsofthecompany.(AmountinRs)PARTICULAR 2018‐19 2017‐18TotalIncomefortheyearwas 9,28,17,405 39,70,92,072Profit/(Loss) Before Financial Expenses,DepreciationAndTaxes

21,89,158 51,92,801

Outofwhich,Provisionshavebeenmadefor: Less:FinancialCharges 21,951 84,368Less:Depreciation 43,482 45,288Less:ProvisionForTax 6,32,000 15,00,000Add:DeferredTax 4,286 783Profit/(Loss)AfterTax 14,96,011 10,11,152

2. OPERATION&REVIEW

Toreceive, considerandadopt theauditedBalanceSheetasat31stMarch,2019andStatementofProfit&LosstogetherwithNotesformingpartthereto(“FinancialStatement”)fortheyearendedon31stMarch, 2019 andReport of theBoard ofDirectors andAuditors thereon. TotalRevenue fromoperationofthecompanyisRs.9,28,17,405/‐AndthenetProfitaftertaxisRs.14,96,011/‐FortheFinancialyear2018‐19.

3. DIVIDENDTheBoardofdirectorsofyour companyhasnot recommendedanydividend for the financial yearendedon31stMarch,2019,asprofitoftheCompanyusedforthegrowthoftheCompany.

4. TRANSFEROFUNCLAIMEDDIVIDENDTOINVESTOREDUCATIONANDPROTECTIONFUNDSincetherewasnounpaid/unclaimeddividend,theprovisionsofSection125oftheCompaniesAct,2013donotapply.

5. TRANSFERTORESERVESDuring the year under review, the Company has not transferred any amount to General Reservesaccount.

6. CHANGEINTHENATUREOFTHEBUSINESSDuringtheyear,thereisnochangeinthenatureofthebusinessoftheCompany.

7. DIRECTORS&KEYMANAGERIALPERSONNEL

TheBoardcompositionoftheCompanyshallbeasfollows:

Sr.No.

NameofDirectors/KMPs Designation

1 RiteshMahendrabhaiSheth ManagingDirector&CFO2 MahendrabhaiRamniklalShah Director3 ArunabenMahendrakumarShah Non‐ExecutiveDirector4 SatishVadilalSheth Non‐ExecutiveIndependentDirector


8

5 DineshDalchandHiran Non‐ExecutiveIndependentDirector6 NiravArvindkumarShah* CompanySecretary

Mr.PrakashRatilalSoniresignedfromtheDirectorshipoftheCompanyw.e.f01.09.2018

* The board of directors of the company has appointedMr.NiravArvindkumarShahas a

CompanySecretaryofthecompanyw.e.f.04thDecember2018.

Mr.MahendrabhaiRamniklalShah(DIN:03144827), is liable toretirebyrotationat theforthcomingAnnualGeneralMeetingandbeingeligible,offerherselfforre‐appointment.PursuanttoSection149(7)oftheCompaniesAct,2013,theCompanyhasreceivednecessarydeclaration from each Independent Director confirming that they meet the criteria ofindependenceasprescribedunderSection149(6)of theActandSEBI (ListingObligations&DisclosureRequirements)Regulations,2015.

8. NUMBEROFBOARDMEETINGS

During the Year under the review the Board of Directors met 10 (Ten) times, Details of theMeetingsareasunder.BoardMeetingsheldduringtheYearDateonwhichtheBoardMeetingswereheld

TotalStrengthoftheBoard

Noofdirectorspresent

30thMay2018 6 517thJuly2018 6 507thAugust2018 6 508thSeptember2018 5 424thSeptember2018 5 326thOctober2018 5 514thNovember2018 5 404thDecember2018 5 312thJanuary2019 5 407thFebruary2019 5 4

InrespectofsaidmeetingspropernoticesweregivenandproceedingswereproperlyrecordedandsignedintheMinuteBookmaintainedforthepurpose.AttendanceofDirectorsatBoardMeetingsandAnnualGeneralMeetingDateonwhichtheBoardMeetingswereheld

CategoryofDirectors Attendance DirectorshipinotherPublicCompanies

Board LastAGM

Ritesh MahendrabhaiSheth

ManagingDirector 10 Yes 0

MahendrabhaiRamniklalShah

Director 10 Yes 1

SatishVadilalSheth Non‐Executive IndependentDirector

8 Yes 4

DineshDalchandHiran Non‐ExecutiveIndependentDirector

5 Yes 0

Arunaben Non‐ExecutiveDirector 6 Yes 0


9

MahendrakumarShahPrakashRatilalSoni* Non‐ExecutiveIndependent

Director3 NA 0

*Mr.PrakashRatilalSoniresignedfromtheDirectorshipoftheCompanyw.e.f01.09.2018

9. BOARDEVALUATION

PursuanttotheprovisionsoftheCompaniesAct,2013andSEBI(LODR)Regulation,2015TheBoardevaluatedtheeffectivenessofitsfunctioningandthatoftheCommitteesandofindividualdirectorsbyseekingtheirinputsonvariousaspectsofBoard/Committee.Theevaluationcoveredfunctioningand composition of theBoard and its committees, understanding of the roles and responsibilities,experience,competencies,participationattheBoardandCommitteemeetings,corporategovernancepracticesetc.EvaluationoftheBoardanditscompositionswascarriedoutthroughadefinedprocesscoveringtheareasoftheBoardsfunctioningviz.compositionoftheBoardandCommittees,understandingofrolesandresponsibilities,experienceandcompetencies,contributionatthemeetingsetc.

10. DIRECTORS’RESPONSIBILITYSTATEMENTPursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect toDirectors’ResponsibilityStatement,itisherebyconfirmedthat:

(a) In the preparation of the annual accounts, the applicable accounting standards have beenfollowedalongwithexplanationrelatingtomaterialdepartures;

(b) Thedirectorshaveselectedsuchaccountingpoliciesandappliedthemconsistentlyandmade

judgmentsandestimatesthatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyearandoftheprofit/lossofthecompanyforthatperiod;

(c) The directors have taken proper and sufficient care for the maintenance of adequate

accountingrecordsinaccordancewiththeprovisionsofthisActforsafeguardingtheassetsofthecompanyandforpreventinganddetectingfraudandotherirregularities;

(d) Thedirectorshavepreparedtheannualaccountsonagoingconcernbasis;and

(e) Thedirectorshavelaiddowninternalfinancialcontrolstobefollowedbythecompanyand

thatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively.

(f) Thedirectorshavedevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.

11. ADEQUACYOFINTERNALFINANCIALCONTROLS

The Company has in place adequate internal financial Controls with reference to FinancialStatements. The Board has inter alia reviewed the adequacy and effectiveness of the Company’sinternalfinancialcontrolsrelatingtoitsfinancialstatements.Duringtheyear,suchControlsweretestedandnoreportablematerialweaknesswasobserved

12. CHANGEINCAPITALSRUCTUREOFCOMPANYDuringtheyearunderreview,AuthorisedShareCapitaloftheCompanyhasincreasedfromRs.4,80,00,000 to Rs. 10,01,00,000 (divided into 10010000 Equity Shares of Rs. 10/‐ Each bypassingresolutionintheMembersMeetingoftheCompanydated03.09.2018.


10

Further during the year under the review the Paid‐up Capital of the Company has increasedsharecapitaltoRs.10,00,58,670/‐byallotmentof52,41,173bonussharesofRs.10/‐eachtoitsshareholdersinratioof11equitysharesforevery10equitysharesheldonrecorddate.

13. MATERIALCHANGESANDCOMMITMENTS,IFANYThere are Nomaterial changes and commitments affecting the financial position of the CompanyoccurredbetweentheendofthefinancialyeartowhichthisfinancialstatementsrelateonthedateofthisreportExceptthefollowing:

TheEquitySharesoftheCompanyhasMigratedfromBSESMEPlatformtoBSEMainBoardPlatforminthelistof‘B’Groupw.e.f.12thDecember2018.

RegisteredOfficeoftheCompanyhasshiftedwithintheLocalLimitoftheCompany.

14. EXTRACTOFTHEANNUALRETURNThe Extract of Annual Return as required under section 134(3)(a) readwith Section 92(3) of theCompanies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules,2014,inFormMGT‐9,isannexedherewithas“Annexure‐A”

15. AUDITORSANDTHEIRREPORT

STATUTORYAUDITORS

pursuant to the provisions of Sections 139 & 142 of the Companies Act, 2013 read with theCompanies (Audit and Auditors) Rules, 2014, M/s Parth Shah & Associates, CharteredAccountants(FRN:144251W)StatutoryAuditFirmhasappointedasAuditorsoftheCompanyinplaceofDhavalPadiyaandCo.(FRN‐140653W),CharteredAccountantstoholduptothisensuingAnnual General Meeting ('AGM') at such remuneration including applicable taxes, as may bemutuallyagreedbetweentheBoardofDirectorsoftheCompanyandtheAuditors.ConsentoftheAuditorhasbeentakenforsuchappointment.

COSTAUDITORS

TheCompanyhasnotappointed theCostAuditoraspursuant toSection148of theCompaniesAct,2013readwith theCompanies (CostRecordsandAudit)AmendmentRules,2014, thecostauditisnotapplicabletotheCompany.

SECRETARIALAUDITORSIntermsofSection204oftheActandRulesmadethereunder,Mr.ManoharChunara,PracticingCompanySecretaryhavebeenappointedasSecretarialAuditoroftheCompany.ThereportoftheSecretarialAuditorisenclosedtothisreportas“Annexure–B”.Thereportisself‐explanatory.With reference to the remarks and observation of the secretarial Auditor, the followingexplanationshavebeensubmittedbytheboardofdirectorsofthecompany.

16. DEPOSITS

TheCompanyhasnotacceptedorrenewedanyamount fallingwithinthepurviewofprovisionsofSection73oftheCompaniesAct,2013(“theAct”)readwiththeCompanies(AcceptanceofDeposit)Rules, 2014 during the period under review. Hence, the requirement for furnishing the details ofdepositswhicharenotincompliancewithChapterVoftheActisnotapplicable.

17. SUBSIDIARIES,JOINTVENTURESANDASSOCIATECOMPANIESTheCompanydoesnothaveanySubsidiary,JointventureorAssociateCompany.

18. CORPORATESOCIALRESPONSIBILITYINITIATIVES

Intermsofrule(9)oftheCompanies(Accounts)Rules,2014TheCompanyhasnotdevelopedandimplementedanyCorporateSocialResponsibilityinitiativesasthesaidprovisionsarenotapplicable.


11

19. PARTICULARSOFLOANS,GUARANTEESORINVESTMENTSMADEUNDERSECTION186OF

THECOMPANIESACT,2013Duringtheyear,theCompanyhasnotgivenanyloan,guaranteeorprovidedsecurityinconnectionwiththeloantoanyotherbodycorporateorpersonormadeanyinvestmentshencenoparticularsofthe loans, guaranteesor investments fallingunder theprovisionsof Section186of theCompaniesAct,2013areprovidedbytheBoard.

20. RELATEDPARTYTRANSACTIONS

During the year under review, contracts or arrangements entered into with the related party, asdefinedundersection188of thecompaniesAct,2013were inordinarycourseofbusinessandonarms’ length basis. Details of the transactions pursuant to compliance of section 134(3)(h) of thecompaniesact,2013andrule8(2)ofthecompanies(Accounts)Rule,2014areannexedherewithasper“Annexure–C”.However, therearenomateriallysignificant relatedparty transactionsmadeby thecompanywithPromoters,KeyManagerialPersonnelorotherdesignatedpersonswhichmayhavepotentialconflictwithinterestofthecompanyatlarge.

21. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS ORTRIBUNALS IMPACTINGTHEGOINGCONCERNSTATUSANDCOMPANY’SOPERATIONS INFUTUREThere is no significant and material order was passed by regulators or courts or tribunalsimpactingthegoingconcernstatusandcompany’soperationsinfuture.

22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGSANDOUTGOA. CONSERVATIONOFENERGY:I. thestepstakenorimpactonconservationofenergy:NilII. thestepstakenbythecompanyforutilisingalternatesourcesofenergy:NoneIII. thecapitalinvestmentonenergyconservationequipments:Nil

B. TECHNOLOGYABSORPTION:I. theeffortsmadetowardstechnologyabsorption:NoneII. Thebenefitsderived likeproduct improvement,costreduction,productdevelopmentor

importsubstitution:NoneIII. incaseof importedtechnology(importedduringthe last threeyearsreckonedfromthe

beginningofthefinancialyear)‐a)Thedetailsoftechnologyimported:Noneb)Theyearofimport:N.A.c)Whetherthetechnologybeenfullyabsorbed:N.A.d) If not fully absorbed, areas where absorption has not taken place, and the reasonsthereof:N.A.e)TheexpenditureincurredonResearchandDevelopment:Nil

C. THEREWASNOFOREIGNEXCHANGEINFLOWOROUTFLOWDURINGTHEYEARUNDER

REVIEW


12

23. AUDITCOMMITTEE/NOMINATIONANDREMUNERATIONCOMMITTEE/STAKEHOLDERS’RELATIONSHIPCOMMITTEE AuditCommitteeConstitution&CompositionofAuditCommittee:Pursuant to the provisions of section 177(8) of the Companies Act, 2013, the Board herebydisclose the composition of the Audit Committee and details of meetings attended by themembersoftheAuditCommitteearegivenbelow:

*Mr.PrakashRatilalSoniresignedfromthemembershipofthecommitteew.e.f01.09.2018**Mr.SatishVadilalShethappointedtheasmembershipofthecommitteew.e.f01.09.2018

NominationandRemunerationCommittee:Constitution&CompositionofRemunerationCommittee:TheCompanyhasconstitutedaRemunerationCommitteeaspertheprovisionssection178oftheCompaniesAct.The composition of the Remuneration Committee and details of Meetings attended by theDirectorsaregivenbelow:

*Mr.PrakashRatilalSoniresignedfromthemembershipofthecommitteew.e.f01.09.2018**SatishVadilalShethappointedtheasmembershipofthecommitteew.e.f01.09.2018

The Policy of nomination and Remuneration committee has been place on the website of thecompanyatwww.darshanorna.comandthesalientfeaturesofthesamehasbeendisclosedunder“Annexure–D” Stakeholder’sRelationshipCommittee:Constitution&CompositionofStakeholdersRelationshipCommittee:The composition of the Shareholders/Investors Grievance Committee and details of MeetingsattendedbytheDirectorsaregivenbelow:

Name Designation Category No.ofMeetingsheldduringthePeriodHeld Attended

DineshDHiran Chairman Non‐Executive‐IndependentDirector

4 4

Satish VadilalSheth

Member Non‐Executive‐IndependentDirector

4 4

MahendraRShah Member Executive‐ Director 4 4


DineshD.Hiran Chairman Non‐Executive‐IndependentDirector

4 4

Satish VadilalSheth


4 4

ArunabenShah Member Non‐Executive‐ Director 4 4


13

*Mr.PrakashRatilalSoniresignedfromthemembershipofthecommitteew.e.f01.09.2018**Mr.SatishVadilalShethappointedtheasmembershipofthecommitteew.e.f01.09.201824. VIGILMECHANISM/WHISTLEBLOWERPOLICY

TheCompanyhasestablishedVigilMechanismsystemandframedWhistleBlowerPolicy.WhistleBlowerPolicyisdisclosedonthewebsiteoftheCompanyatwww.darshanorna.com

25. MANAGEMENTDISCUSSIONANDANALYSIS

ManagementDiscussionandanalysisReportasRequiredunderRegulation34andScheduleVofSEBI(ListingobligationsandDisclosureRequirements)Regulations,2015formsanintegralpartof this Report, and provides the companies’ current working and future outlook of as per“Annexure–E”

26. CORPORATEGOVERNANCEAs per Regulation 15(2) of SEBI (Listing Obligation and Disclosures requirement) Regulation,2015, Report on Corporate Governance is not applicable on the Company as the Company islisted on SME Platforms of BSE. Therefore, The Company has obtained a Certificate from aPracticingCompanySecretariescertifyingthesame.

27. ACKNOWLEDGEMENTSYourDirectorswishtoplaceonrecordtheirappreciation for thecontinuoussupportreceivedfromtheMembers,customers,suppliers,bankers,variousstatutorybodiesoftheGovernmentofIndiaandtheCompany’semployeesatalllevels.

DARSHANORNALIMITEDSD/‐

Place:AhmedabadRiteshMahendrabhaiShethDate:02ndSeptember,2019ManagingDirector&ChairmanRegisteredOffice:102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,Gujarat


DineshDHiran Chairman Non‐Executive‐IndependentDirector

1 1

Satish VadilalSheth


1 1

ArunabenShah Member Non‐Executive‐ Director 1 1


14

“Annexure‐A”

FormNo.MGT‐9

EXTRACTOFANNUALRETURNASONTHEFINANCIALYEARENDEDON31stMARCH,2019[Pursuanttosection92(3)oftheCompaniesAct,2013andrule12(1)ofthe

Companies(ManagementandAdministration)Rules,2014]I. REGISTRATIONANDOTHERDETAILS:

i. CIN L36910GJ2011PLC063745

ii. RegistrationDate 20/01/2011iii. NameoftheCompany DARSHANORNALIMITEDiv. Category/Sub‐CategoryoftheCompany

CompanylimitedbyShares/IndianNon‐govtcompany

v. AddressoftheRegisteredofficeandContactdetails

102, First Floor, Shree Balaji Paragon, B/SRock Regency Hotel, NR. Circle‐P, C.G. RoadAhmedabad,Gujarat,380009E‐mailId–[email protected].‐079‐22142568

vi. Whetherlistedcompany Listedvii. Name,AddressandContactdetails of

RegistrarandTransferAgent,ifany

KarvyFintech Pvt.LtdKarvySeleniumTowerB,Plot31‐32,Gachibowli,FinancialDistrict,Nanakramguda,Hyderabad,Telangana,500032Tel.No.–040‐67162222Website‐www.karvycomputershare.com

II. PRINCIPALBUSINESSACTIVITIESOFTHECOMPANY

Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated:‐Sr.No

NameandDescriptionofmainproducts/services

NICCodeoftheProduct/service

%tototalturnoverofthecompany

1 ManufactureandWholesaleofJewellery

32111&46498

100%

III. PARTICULARSOFHOLDING,SUBSIDIARYANDASSOCIATECOMPANIES:NIL

Sr.No.

NameAndAddressOfTheCompany

CIN/GLN Holding/Subsidiary/Associate

%ofsharesheld

ApplicableSection

1. N.AIV. SHAREHOLDINGPATTERN(EquityShareCapitalBreakupaspercentageofTotalEquity)i.Category‐wiseShareHolding


15

CategoryofShareholders

No.ofSharesheldatthebeginningoftheyear(Ason31stMarch,2018)

No.ofSharesheldattheendoftheyear(Ason31stMarch,2019)

%ChangeduringTheyear

Demat Physical Total %ofTotalShares

Demat Physical Total %ofTotalShares

A. Promoter 1) Indian a) Individual/HUF

2318692 ‐ 2318692 48.66%

4879757

‐ 4879757

48.77%

0.11%

b) CentralGovt

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

c) StateGovt(s)

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

d) BodiesCorp ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0e) Banks/FI ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0f) AnyOther ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

Sub‐total(A)(1):‐

2318692 ‐ 2318692 48.66%

4879757

‐ 4879757

48.77%

0.11%

2) Foreign g) NRIs‐Individuals

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

h) Other‐Individuals

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

i) BodiesCorp. ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0j) Banks/FI ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0k) AnyOther….

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

Sub‐total(A)(2):‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

TOTALA 2318692 ‐ 2318692 48.66%

4879757

‐ 4879757

48.77%

0.11%

B. PublicShareholding

1. Institutions

a) MutualFunds

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

b) Banks/FI ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0c) Central

Govt‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

d) StateGovt(s)

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

e) VentureCapitalFunds

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

f) Insurance ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0


16

Companiesg) FIIs ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0h) Foreign

VentureCapitalFunds

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

i) Others(specify)

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

Sub‐total(B)(1)

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 0

2.NonInstitutions

a) BodiesCorp.

(i)Indian(ii)Overseas

662000 ‐ 662000 13.89 943757 ‐ 943757 9.43 4.47

b) Individuals

(i)IndividualshareholdersholdingnominalsharecapitaluptoRs.1lakh(ii)IndividualshareholdersholdingnominalsharecapitalinexcessofRs1lakh

193502

197999

25000

207501

218502

405500

4.59

8.51

972021

423998

‐

435753

972021

859751

9.71

8.60

5.13

0.09

Others(Specify)

1160000 ‐ 1160000 24.35 2350571 ‐ 2350571 23.48 ‐0.87

Sub‐total(B)(2)

2213501 232501 2446002 51.34 4690347 435753

5126110

51.80 8.82

TotalPublicShareholding(B)=(B)(1)+(B)(2)

2213501 232501 2446002 51.34 4690347

435753

5126110

51.80 8.82

C.SharesheldbyCustodianforGDRs&ADRs

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

GrandTotal(A+B+C)

4532193 232501 4764694 100.00

9570114 435753

10005867

100.00

‐


17

ii.ShareholdingofPromoters

iii.ChangeinPromoters’Shareholding(pleasespecify,ifthereisnochange)

Sr.no

ForeachofthePromoters

Shares Shareholdingatthebeginningoftheyear

CumulativeShareholdingduringtheyear

No.ofshares

%oftotalsharesofthecompany

No.ofshares


1.

MahendrabhaiRamniklalShah

Atthebeginningoftheyear

1935783 40.63 1935783 40.63

Purchaseon22/06/2018 5000 ‐ ‐ 1940783 40.73Bonuson05/10/2018 2134862 ‐ ‐ 4075645 40.73AttheEndoftheyear 0 0 4075645 40.73

Otherthanabovethereisnochangeduringtheyear

Sr.No

Shareholder’sName

Shareholdingatthebeginningoftheyear

(Ason31stMarch,2018)

Shareholdingattheendoftheyear

(Ason31stMarch,2019)

No.ofShares %oftotalSharesofthecompany

%ofSharesPledged/encumberedtototalshares

No.ofShares

%oftotalSharesofthecompany

%ofSharesPledged/encumberedtototal

%changeinshareholdingduringtheyear

1. MahendrabhaiRamniklalShah

1935783 40.63 ‐ 4075645 40.73 ‐ 0.10

2. ArunabenMShah

101257 2.13 ‐ 212640 2.13 ‐ 0

3. SanjaykumarRamniklalSheth

71253 1.50 ‐ 149632 1.50 ‐ 0

4 MahendrabhaiRShah‐HUF

53502 1.12 ‐ 112355 1.12 ‐ 0

5 DarshnaMShah

27001 0.57 ‐ 56703 0.57 ‐ 0

6 SiddhiMSheth 68250 1.43 ‐ 143325 1.43 ‐ 0

7 RiteshMSheth 61646 1.29 ‐ 129457 1.29 ‐ 0

Total 2318692 48.67 ‐ 4879757 48.20 ‐ 0.10


18

i. ShareholdingpatternofTopTenShareholders(OtherthanDirectors,PromotersandHoldersofGDRsandADRs)

Sr.No

ForeachoftheToptenShareholders Shareholdingatthebeginningoftheyear


No.ofshares %oftotalsharesofthecompany


1 MOHAMEDHUSSEINPUNJANI 1160000 24.35 2343500 23.422 VIVIDOFFSETPRINTERSPRIVATE

LIMITED 410000 8.60 725231 7.253 GUINESSSECURITIESLIMITED 88000 1.85 16800 0.174 SANKETMSHAH 82501 1.73 173253 1.735 JIGNABENATULKUMARSHAH 72999 1.53 85198 0.856 ALACRITYSECURITIESLIMITED 66000 1.39 0 07 PARASBHOGILALGATHANI 50000 1.05 105000 1.058 SIDDHARTHPARASGATHANI 50000 1.05 75000 0.759 PREETIARORA 40000 0.84 84000 0.8410 ODYSSEYCORPORATIONLIMITED 36000 0.76 0 0.00Toptenshareholdersaregivenonthebasisofshareholdingpatternason31.03.2019

iv. ShareholdingpatternofTopTenShareholders

(OtherthanDirectors,PromotersandHoldersofGDRsandADRs)

Sr.no




No.ofshares



1. MOHAMEDHUSSEINPUNJANI Atthebeginningof

theyear 1160000 24.35 1160000 24.35

Bonuson05/10/2018 1276000 2436000 24.35Saleon11/01/2019 ‐45000 2391000 23.90Saleon18/01/2019 ‐42500 2348500 23.47Saleon01/02/2019 ‐5000 2343500 23.42AttheEndoftheyear 2343500 23.42 2343500 23.42

2. VIVIDOFFSETPRINTERSPRIVATELIMITED Atthebeginningof

theyear

410000 8.60 410000 8.60Purchase20/04/2018 14000 424000 8.90Purchase27/04/2018 12000 436000 9.15Purchase18/05/2018 11000 447000 9.38Purchase01/06/2018 18000 465000 9.76Purchase15/06/2018 7000 472000 9.91Purchase13/07/2018 5000 477000 10.01Purchase20/07/2018 1000 478000 10.03


19

Purchase03/08/2018 1000 479000 10.05Purchase14/09/2018 2000 481000 10.10Bonus05/10/2018 529100 1010100 10.10Purchase23/11/2018 2100 1012200 10.12Sale04/01/2019 ‐62850 949350 9.49Sale11/01/2019 ‐47000 902350 9.02Sale18/01/2019 ‐166763 735587 7.35Sale25/01/2019 ‐7742 727845 7.27Purchase22/02/2019 7800 735645 7.35Purchase01/03/2019 200 735845 7.35Sale08/03/2019 ‐16344 719501 7.19Purchase15/03/2019 1010 720511 7.20Purchase22/03/2019 1499 722010 7.22Purchase29/03/2019 3221 725231 7.25AttheEndoftheyear 725231 7.25 725231 7.25

3. GUINESSSECURITIESLIMITED Atthebeginningof

theyear

88000 1.85 88000 1.85Purchase13/04/2018 2000 90000 1.89Sale20/04/2018 ‐76000 14000 0.29Purchase27/04/2018 58000 72000 1.51Purchase04/05/2018 2000 74000 1.55Sale11/05/2018 ‐8000 66000 1.39Sale18/05/2018 ‐12000 54000 1.13Sale25/05/2018 ‐46000 8000 0.17Purchase08/06/2018 3000 11000 0.23Purchase15/06/2018 1000 12000 0.25Sale29/06/2018 ‐1000 11000 0.23Sale06/07/2018 ‐3000 8000 0.17Sale13/07/2018 ‐8000 0 0.00Purchase21/09/2018 8000 8000 0.17Bonus05/10/2018 8800 16800 0.17AttheEndoftheyear 16800 0.17 16800 0.17

4. SANKETMSHAH Atthebeginningof

theyear

82501 1.73 82501 1.73Bonus05/10/2018 90752 173253 1.73AttheEndoftheyear 173253 1.73 173253 1.73

5. JIGNABENATULKUMARSHAH Atthebeginningof

theyear

72999 1.53 72999 1.53Bonus05/10/2018 80299 153298 1.53Sale11/01/2019 ‐10000 143298 1.43Sale18/01/2019 ‐58100 85198 0.85AttheEndoftheyear 85198 0.85 85198 0.85


20

6. ALACRITYSECURITIESLIMITED Atthebeginningof

theyear

66000 1.39 66000 1.39Sale25/05/2018 ‐10000 56000 1.18Sale01/06/2018 ‐5000 51000 1.07Sale08/06/2018 ‐8000 43000 0.90Sale15/06/2018 ‐12000 31000 0.65Sale22/06/2018 ‐7000 24000 0.50Sale13/07/2018 ‐10000 14000 0.29Sale20/07/2018 ‐14000 0 0.00AttheEndoftheyear 0 0.00 0 0.00

7. PARASBHOGILALGATHANI Atthebeginningof

theyear

50000 1.05 50000 1.05Sale10/08/2018 ‐50000 0 0.00

Purchase31/08/2018 50000 50000 1.05Bonus05/10/2018 55000 105000 1.05AttheEndoftheyear 105000 1.05 105000 1.05

8. SIDDHARTHPARASGATHANI Atthebeginningof

theyear

50000 1.05 50000 1.05Bonus05/10/2018 55000 105000 1.05Sale04/01/2019 ‐11000 94000 0.94Sale11/01/2019 ‐9900 84100 0.84Sale18/01/2019 ‐9000 75100 0.75AttheEndoftheyear 75100 0.75 75100 0.75

9. PREETIARORA Atthebeginningof

theyear

40000 0.84 40000 0.84Bonus05/10/2018 44000 84000 0.44AttheEndoftheyear 84000 0.84 84000 0.84

10. ODYSSEYCORPORATIONLIMITED Atthebeginningof

theyear

36000 0.76 36000 0.76Sale29/06/2018 ‐16000 20000 0.42Sale13/07/2018 ‐20000 0 0.00AttheEndoftheyear 0 0.00 0 0.00

v.ShareholdingofDirectorsandKeyManagerialPersonnel:

Sr.no




No.ofshares


No.ofshares


1 MAHENDRABHAIRAMNIKLALSHAH


21

. Atthebeginningofthe

year

1935783 40.631935783 40.63

Purchase22/06/2018 5000‐ ‐ 19407

83 40.73

Bonus05/10/2018 2134862‐ ‐ 40756

45 40.73AttheEndoftheyear

4075645 40.734075645 40.73

2.

ARUNABENMAHENDRAKUMARSHAH


101257 2.13

101257 2.13

Bonus05/10/2018 111383 ‐ ‐ 212640 2.13

AttheEndoftheyear 212640 2.13

212640 2.13

3.

RITESHMAHENDRABHAISHETH


61646 1.29 61646

1.29

Bonus05/10/2018 ‐ ‐ ‐ 129457 1.29

AttheEndoftheyear 129457 1.29

129457 1.29

ShareholdingofDirectorsandKMParegivenonthebasisofDirectorshipason31.03.2019

INDEBTEDNESS:

IndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment

SecuredLoansexcludingdeposits

UnsecuredLoans

Deposits TotalIndebtedness

Indebtednessatthebeginningofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnot

‐

3526428‐

‐

3526428‐

Total(i+ii+iii) ‐ 3526428

‐ 3526428

ChangeinIndebtednessduringthefinancialyear‐Addition‐Reduction

3526428

3526428

NetChange ‐ 3526428 3526428Indebtednessatthe


22

endoftheinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

‐

‐

Total(i+ii+iii) ‐ ‐ ‐

v. REMUNERATIONOFDIRECTORSANDKEYMANAGERIALPERSONNEL:A.RemunerationtoManagingDirector,Whole‐timeDirectorsand/orManager

Sl.No. ParticularsofRemuneration NameofMD/WTD/Manager TotalAmount

MahendraRShah1. Grosssalary

(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome‐taxAct,1961(b)Valueofperquisitesu/s17(2)Income‐taxAct,1961(c)Profitsinlieuofsalaryundersection17(3)Income‐taxAct,1961

2,40,000‐‐‐

2,40,000‐‐‐

2. StockOption ‐ ‐3. SweatEquity ‐4. Commission

‐as%ofprofit‐Others,specify…

‐

‐

5. Others,pleasespecify ‐ ‐6. Total(A) 240000 240000 CeilingaspertheAct WithinthelimitofCompaniesAct,2013

B.Remunerationtootherdirectors:N.A

Sl.No. ParticularsofRemuneration NameofDirectors TotalAmount

IndependentDirectors·Feeforattendingboardcommitteemeetings·Commission·Others,pleasespecify

Total(1) OtherNon‐ExecutiveDirectors·Feeforattendingboardcommitteemeetings·Commission·Others,pleasespecify

Total(2) Total(B)=(1+2) TotalManagerialRemuneration

OverallCeilingaspertheAct


23

C.RemunerationtoKeyManagerialPersonnelOtherThanMD/Manager/WTD:N.A

Sl.no.

ParticularsofRemuneration

KeyManagerialPersonnel

CEO CompanySecretary

CFO Total

1. Grosssalary(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome‐taxAct,1961(b)Valueofperquisitesu/s17(2)Income‐taxAct,1961(c)Profitsinlieuofsalaryundersection17(3)Income‐taxAct,1961

‐ ‐ ‐

2. StockOption 3. SweatEquity 4. Commission

‐as%ofprofit‐others,specify…

5. Others,pleasespecify 6. Total

vi. PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES:NILType Sectionof

thecompaniesAct

Briefdescription

DetailsofPenalty/ Punishment/Compoundingfeesimposed

Authority[RD/NCLT/Court]

Appealmade.Ifany(givedetails)

A.CompanyPenalty Punishment Compoundig

B.DirectorsPenalty Punishment Compoundig C.OtherOfficersInDefaultPenalty Punishment Compoundig


24

Annexure‐B

MANOHAR CHUNARA Practicing Company Secretary

102, Ramchandra House, Nr. Dinesh Hall, Nr. Income Tax Circle, Ashram Road, Ahmedabad Mobile: 9173436467

“Annexure–B”

SecretarialAuditReportforthefinancialyearendedon31stMarch,2019

[Pursuanttosection204(1)oftheCompaniesAct,2013andruleNo.9oftheCompanies(AppointmentandRemunerationPersonnel)Rules,2014]

To,TheMembers,DarshanOrnaLimitedI have conducted the Secretarial Audit of the compliance of applicable statutory provisions and theadherence to good corporate practices by Darshan Orna Limited (hereinafter called the company).Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating thecorporateconducts/statutorycompliancesandexpressingmyopinionthereon.BasedonmyverificationoftheDarshanOrnaLimitedbooks,papers,minutebooks,formsandreturnsfiledand other records maintained by the company and also the information provided by the Company, itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,Iherebyreportthatinmyopinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyearendedon31stMarch,2019compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard‐processes and compliance‐mechanism in place to the extent, in themanner and subject to the reportingmadehereinafter:Ihaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyforthefinancialyearendedon31stMarch,2019Accordingtotheprovisionsof:i. TheCompaniesAct,2013(theAct)andtherulesmadethereunder;

ii. TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;

iii. TheDepositoriesAct,1996andtheRegulationsandBye‐lawsframedthereunder;

iv. Foreign ExchangeManagement Act, 1999 and the rules and regulationsmade there under to the

extent of Foreign Direct Investment, Overseas Direct Investment and External CommercialBorrowings.

v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board ofIndiaAct,1992(‘SEBIAct’):‐

a) TheSecuritiesandExchangeBoardofIndia(DepositoryandParticipants)Regulation2018;

b) SEBI(ListingAgreementandDisclosureRequirements)Regulation2015


25

c) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations,2011;

d) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,1992;

e) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations2018;

d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee StockPurchaseScheme)Guidelines,1999;

e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations,1993regardingtheCompaniesActanddealingwithclient;

g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009

h) TheSecuritiesandExchangeBoardofIndia(BuyBackofSecurities)Regulations,2018Andingeneral,theCompanyhassystems,processandprocedureforthecomplianceofOtherLawsApplicabletotheCompany.Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:

i. SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndia.

ii. TheListingAgreementsenteredintobytheCompanywithBSELimited.During theperiodunder review the Companyhas compliedwith theprovisions of theAct,Rules,Regulations,guidelines,standardsetcmentionedabovesubjecttothefollowingobservation:

a) FilingofcertainformswiththeMinistryofCorporateAffairsrequiredundertheCompaniesAct,2013wasnotdoneintime.HoweverforlatefilingofformstheCompanyhaspaidadditionalfees.

Ifurtherreportthat:TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non‐ExecutiveDirectors and IndependentDirectors. The changes in the composition of theBoard ofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.Adequatenotice isgiventoall thedirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagenda were sent at least seven days in advance, and a system exists for seeking and obtaining furtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.Majoritydecisioniscarriedthroughwhilethedissentingmembers’viewsarecapturedandrecordedaspartoftheminutes.Ifurtherreportthatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsof thecompany tomonitorandensureCompliancewithapplicable laws, rules, regulationsandguidelines.Ifurtherreportthatduringtheauditperiod,therewerenoinstancesof:


26

I. Redemption/buy‐backofsecurities.II. Major decisions taken by the members in pursuance to Section 180 of the Companies Act, 2013.III.Merger/amalgamation/reconstructionetc.

IV. Foreigntechnicalcollaborations.Date:02/09/2019 For,ManoharChunaraPlace:AhmedabadCompanySecretary Sd/‐Mem.No.26983 COPNo.10093

Note:ThisreportistobereadwithourletterofevendatewhichisannexedasAnnexure–Iandformsanintegralpartofthisreport.


27

Annexure–ITo,TheMembers,DARSHANORNALIMITEDOurreportofevendateistobereadalongwiththisletter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Ourresponsibilityistoexpressanopiniononthesesecretarialrecordsbasedonouraudit.

2. We have followed the audit practices and process as were appropriate to obtain reasonable assuranceaboutthecorrectnessofthecontentsoftheSecretarialrecords.Theverificationwasdoneontestbasistoensure that correct facts are reflected in Secretarial records.We believe that the process and practicesfollowedbyusprovideareasonablebasisforouropinion.

3. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsoftheCompany.

4. Whereverrequired,wehaveobtainedtheManagementrepresentationabouttheComplianceoflaws,rulesandregulationsandhappeningofeventsetc.

5. TheComplianceoftheprovisionsofCorporateandotherapplicable laws,rules,regulations,standardsistheresponsibilityofthemanagement.Ourexaminationwaslimitedtotheverificationofprocedureontestbasis.

6. TheSecretarialAudit report isneitheranassuranceas to the futureviabilityof theCompanynorof theefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

Date:02/09/2019 For,ManoharChunaraPlace:AhmedabadCompanySecretary Sd/‐Mem.No.26983 COPNo.10093


28

“Annexure‐C”

FORMNO.AOC‐2(Pursuant toclause(h)ofsub‐section(3)ofsection134of theActandRule8(2)of theCompanies(Accounts)Rules,2014Form for Disclosure of particulars of contracts/arrangements entered into by the company with relatedpartiesreferredtoinsubsection(1)ofsection188oftheCompaniesAct,2013includingcertainarmslengthtransactionunderthirdprovisothereto.

1. DetailsofcontractsorarrangementsortransactionsnotatArm’slengthbasis.SL.No. Particulars Details

a) Name(s)oftherelatedparty&natureofrelationship Therewerenotransactionsor

arrangementswhichwerenotatArm’sLength

Basis.

b) Natureofcontracts/arrangements/transactionc) Durationofthecontracts/arrangements/transactiond) Salient terms of the contracts or arrangements or

transactionincludingthevalue,ifanye) Justification for entering into such contracts or

arrangementsortransactions’f) DateofapprovalbytheBoardg) Amountpaidasadvances,ifanyh) Date on which the special resolution was passed in

Generalmeetingasrequiredunderfirstprovisotosection188

2. DetailsofcontractsorarrangementsortransactionsatArm’slengthbasis.SL.No.

Particulars Details‐1 Details‐2

a) Name (s) of the related party & nature ofrelationship

DarshanOrnaments

(ProprietorshipFirmOfDirector)

Mahendra R.Shah

b) Natureofcontracts/arrangements/transaction Purchase ofRs.19,61,111/‐SaleofRs.4,50,000/‐

Remuneration OfRs.2,40,000per

annum

c) Duration of thecontracts/arrangements/transaction

Fortheyear Fortheyear

d) Salienttermsofthecontractsorarrangementsortransactionincludingthevalue,ifany

NA NA

e) DateofapprovalbytheBoard ‐ ‐f) Amountpaidasadvances,ifany NA NA

ForandonbehalfofBoardDATE:02ndSeptember,2019SD/‐SD/‐PLACE:AhmedabadMahendraR.ShahRiteshMShethDirectorManagingDirector


29

“Annexure–D”PolicyofNominationandRemunerationCommitteeoftheCompany

Policy for Identification Of Persons For Appointment And Removal AsDirectorAnd SeniorManagerialPersonnelTheCommitteeshall:

1. Identify and ascertain the honesty, reliability, qualification, expertise and experience of the person forappointmentasDirectororSeniorManagerialPersonnelandrecommendtheBoardaccordingly.

2. Thecommitteemustensureitselfregardingthecapabilitiesandeligibilitiesoftheproposedappointee(s)andmustensurethattheproposedappointeeshallbeabletodevotetherequiredtimeasmaybenecessary.

3. TheCommitteeshallbeatdiscretiontodecidewhetherqualification,expertiseandexperiencepossessedbythepersonisadequatefortheproposedposition.

4. AnyotherassessmentasmayberequiredmustbecarriedoutbytheCommitteeandonbeingsatisfiedwiththe overall eligibility of the person, the committee shall recommend his/her appointment to the Boardaccordingly.

5. With respect to Independent Directors of the Company the committee shall additionally ensure theindependenceof theDirectorasper theapplicableprovisionsofCompaniesAct,2013andtheRulesmadethereunder.

6. TheCommitteemayrecommendtotheBoardwiththereasonsrecordedinwriting,theremovalofDirectororSeniorManagerialPersonnelbasedonanydisqualificationthatmaybeapplicableaspertheprovisionsofCompaniesAct, 2013 and the rulesmade there underor for anyother reasons asmaybe justifiedby theCommittee.

TERMOFAPPOINTMENT:The term of Appointment ofManagingDirector/Whole TimeDirectors and IndependentDirectors of theCompanyshallbeaspertheprovisionsoftheCompaniesAct,2013andtheRulesmadethereunder.

RETIREMENT:TheManagingDirector/WholeTimeDirectorsandIndependentDirectorsoftheCompanyshallbesubjecttoretirement asper the applicableprovisionsof CompaniesAct, 2013and theRulesmade thereunder.TheCommitteewillbeat itsdiscretion to recommendretentionofDirectorsevenafter theyhaveattained theretirement age for the benefit of the Company subject to fulfillment of the requirements asmentioned inCompaniesAct,2013.

POLICY FOR EVALUATION OF PERFORMANCE OF BOARD, ITS COMMITTEES AND INDIVIDUALDIRECTORS

1. EvaluationofperformanceofBoardandIndividualDirectors:a. Achievementoffinancial/businesstargetsasfixedbytheBoard;b. Properdevelopment,managementandexecutionofbusinessplans;c. Displayofleadershipqualitiesi.e.correctlyanticipatingbusinesstrendsandopportunities;d. Establishmentofaneffectiveorganizationstructure;e. ParticipationintheBoard/CommitteeMeetings;f. Integrityandmaintenanceofconfidentiality;g. Any other criteria thatmay be considered necessary for the evaluation of the performance of the

BoardmaybeconsideredbytheCommittee.

2. EvaluationofperformanceofCommittee:


30

a. Dischargeofitsfunctionsanddutiesasperitstermsofreference;b. Effectivenessofthesuggestionsandrecommendationsreceived;c. Conductofitsmeetingandproceduresfollowedinthisregard.

3. ReviewoftheImplementationofthispolicy:

TheCommitteeshallreviewtheimplementationandcomplianceofthispolicyatleastonceayear.

POLICYFORREMUNERATIONTODIRECTORSANDKEYMANAGERIALPERSONNEL

TheremunerationoftheDirectorsandKeyManagerialPersonnelmustbeinaccordancewiththeprovisionsofCompaniesAct,2013andtheRulesmadethereunder.Thecommitteemustensurethat:The level and composition of remuneration is reasonable and sufficient to attract, retain and motivatedirectorsofthequalityrequiredtorunthecompanysuccessfully.


31

“Annexure–E”

MANAGEMENTDISCUSSIONANDANALYSISINDUSTRYOVERVIEWThegemsand jewellery industry iscrucial to the Indianeconomygiven itsrole in large‐scaleemploymentgeneration, foreignexchangeearnings throughexports,andvalueaddition.The industryhasgainedglobalpopularitybecauseofitstalentedcraftsmen,itssuperiorpracticesincuttingandpolishingfinediamondsandpreciousstonesanditscost‐efficiencies.Thetwomajorsegmentsofthesector inIndiaaregold jewelleryanddiamonds.Thecountryisthelargestconsumerofgold,accountingformorethan20%ofthetotalworldgoldconsumption.Goldjewelleryformsaround80%oftheIndianjewellerymarket,withthebalancecomprisingfabricatedstuddedjewellerythatincludes diamond and gemstone studded jewellery. A predominant portion of the gold jewellerymanufacturedinIndiaisconsumedinthedomesticmarket.Theindustrycontributesmorethan14%towardsthetotalexportinIndiaandprovidesemploymentto1.3millionpeopledirectlyandindirectly.TheglobalmarketforgemsandjewelleryisoverUSD100billionwithmajorcontributioncomingfromIndia,Italy,China,ThailandandUSA.The demand in India can be segmented into consumption and investment. Unlike most other countries,investmentdemandforgoldisimportantinIndiaandaccountsforabout45percentoftotalmarketdemand.Around 57 percent of the investment demand comes from bars and coins, while the rest comes fromjewellery. The high investment demand is driven by a lack of alternative financial institutions for a largesectionofsociety,aperceivedcapacitytohedgeagainstinflation,abilitytoinvestsmallervalueingold,highreturns in gold over the past 12 years and ease of investing unaccountedmoney in gold. Also,while thevolume‐demand for gold as jewelleryhas remainedmoreor less constant over2005 to2013, the volumedemandforgoldbarsandcoinshavegrownataCAGRofaround13percentinthesameperiod.From a supply side, the value chain consists of imports, mining, refining, trading, manufacturing, andretailing.This includesamixofplayerscateringtobothconsumptionand investmentdemand.The Indiangemsand jewellery industry is fragmented,with localplayersconstitutingabout80percentof theoverallmarket.Thevariancesinconsumerpreferencesindesigns,quality,andmaterialacrossdifferentregionshavehistoricallypresentedachallengefornationalandorganizedplayerstocreatedesign‐leddifferentiation.Theshareoforganizedplayersintheindustryisgrowing,specificallythatofregionalplayers.However,thereisarisk of reversal in this trend due to increasing regulatory restrictions on gold imports and the pricedifferential between the official and unofficial supply of gold in the market. The supply side is alsocharacterizedby several local and independent stores in rural areas thatplay the role of financing entity,providingcustomersaninvestmentoptionandlendingmoneyagainstgold.BUSINESSOVERVIEWOurCompanywasoriginallyincorporatedatAhmedabadas“DarshanOrnaPrivateLimited”on20thJanuary,2011 under the provisions of the Companies Act, 1956 vide certificate of incorporation issued by theRegistrarofCompanies,Gujarat,DadraandNagarHavelli.OurCompanywasconvertedintoaPublicLimitedCompany and consequently the name was changed to “Darshan Orna Limited " vide fresh certificate ofincorporationdated29thMay,2015issuedbytheRegistrarofCompanies,Gujarat,DadraandNagarHavelli.WeareintegratedasaWholesalerofJewellery&Ornaments.Apartfrombeingawholesaler,wearealsointotradingbusinessofsilveranddistributorofreadymadegold&silverJewellery&Ornaments.Ourportfolioofproductsincludesgoldandsilverjewellerywithorwithoutstuddedpreciousandsemi‐preciousstones.Our


32

Jewelleries and ornaments are designed keeping in mind the demand for the Traditional, Modern &Indo‐Western jewellery & ornaments in India.With regional diversity of tastes and preferences,we havediverse portfolio of Ornaments and Jewellery to suit the taste and preferences of one& all. Our portfoliocomprisesof20%TraditionalJewellery,40%ofModernJewellery&40%ofIndo‐WesternJewellery.Ourgold & silver traditional jewelleries & ornaments are either made with kundan, gem stones, Americandiamondsetcorjustplaingoldorsilver.OurJewellery&Ornaments

TraditionalJewellery ModernJewellery Indo‐WesternJewelleryChain Chain ChainRing Ring RingEarring Ear‐chain ZudaMangalsutra Earring EarringAnklet Anklet AnkletZuda ToeRing ToeRing Bangle Bangle Necklace Necklace Baby’sBracelet BraceletheRegisteredOfficeofourCompanyisSituatedAt102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad–380009,GujaratOurCompetitiveStrengths: ExperienceofourPromoter. Experiencedmanagementteamandamotivated&efficientworkforce. StrongCustomerbase. Strong&long‐termrelationshipwithourclients WideVarietiesofourproducts. Rapidde‐regulationintheindustry.OurStrategy: ConsumerCentric. QualityProducts Sellmoretoourexistingcustomers Attractnewcustomers Keepinginmindtheindustrytrend,wewillbeintroducingnewer,betterdesigns&patternsforour

jewellery&ornament Provideanoutstandinglevelofcustomerservice EnhancestrongleadershippracticesateveryleveloftheorganizationOPPORTUNITIESIncreasingmiddle classpopulation is expected todrivegrowth in the futureand is expected to lead toanincreaseindemandforgold.Also,India’spopulationisincreasinglybecomingurbanised,whichisexpectedtoboosthousehold income, thereby leading tohigherdemand for gold andother jewellery.The jewellerydemandisalsoincreasingsteadilyduetochangesinitsrolefromjustbeinganitemofadornmentandasastoreofvaluetoalifestyleandfashionaccessory.Risingqualityawarenessofcustomershasprovidedafilliptotheorganizedretailsegment,whichisbankingonits‘reliability’and‘quality’tocompeteagainstthehighlyfragmented unorganized jewellers. The Gems and Jewellery sector is witnessing changes in consumerpreferencesduetoadoptionofwesternlifestyle.


33

TheGovernmentofIndiahasalsolaunchedtheSovereignGoldBondSchemetoreducethecountry’srelianceonphysicalgoldimportstomeettheinvestmentdemandforgoldbyretailinvestors.THREATSSomeofthekeychallengesfacingtheretailjewelleryindustryareasfollows:(a)Adaptingtofastchangingconsumer preferences and buying patterns. (b) Volatility in the market prices of gold and diamonds. (c)Limitedavailabilityofhighendretailspace.(d)Theretail jewelleryisaworkingcapital intensivebusinessandcurrentlythereareIncreasingrestrictionsbybanksoverlendinginthissector.HumanResourcesandIndustrialRelations:The Company recognizes human resources as its biggest strength which has resulted in gettingacknowledgementthattheCompanyistherightdestinationwherewiththegrowthoftheorganization,valueadditionofindividualemployeesisassured.Thetotalnumberofemployeesason31stMarch,2019is12.INTERNAL CONTROL:

TheCompanyhasanadequateinternalcontrolsystemforsafeguardingtheassetsandfinancialtransactionsof the Company. The strong internal control systems have been designed in such a way that, not only itpreventfraudandmisuseoftheCompany`sresourcesbutalsoprotectshareholdersinterest.TheCompanyhasaneffectiveinternalcontrolsystem,whichensuresthatalltheassetsoftheCompanyaresafeguardedandprotectedagainstanylossfromunauthorizeduseordisposition.TheCompanyhasalsoputinplaceadequateinternal financialcontrolswithreferencetothefinancialstatementscommensuratewiththesizeandnatureofoperationsoftheCompany.Basedontheassessmentcarriedoutbythemanagementand the evaluation of the results of the assessment, the Board of Directors are of the opinion that theCompany has adequate Internal Financial Controls systems that are operating effectively as ofMarch 31,2019. Therewere no instances of fraudwhich necessitates reporting in the financial statements. Further,there have been no communications from regulatory agencies concerning noncompliance with ordeficienciesinfinancialreportingpractices.


34

IndependentAuditor’sReport

TotheMembersofDarshanOrnaLimitedReportontheStandaloneFinancialStatementsWe have audited the accompanying standalone financial statements of Darshan Orna Limited. (‘theCompany’),whichcomprisethebalancesheetasat31March2019,thestatementofprofitandlossfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Management’sResponsibilityfortheStandaloneFinancialStatementsTheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinSection134(5)oftheCompaniesAct, 2013 (“the Act”) with respect to the preparation and presentation of these standalone financialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceoftheCompanyinaccordancewith theaccountingprinciplesgenerallyaccepted in India, including theAccountingStandardsspecified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Thisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsof the Act for safeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols, that were operating effectively for ensuring the accuracy and completeness of the accountingrecords, relevant to the preparation andpresentation of the financial statements that give a true and fairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.Auditor’sResponsibilityOurresponsibilityistoexpressanopiniononthesestandalonefinancialstatementsbasedonouraudit.Wehave taken into account theprovisionsof theAct, the accounting and auditing standards andmatterswhichare required tobe included in theaudit reportunder theprovisionsof theActand theRulesmadethereunder.WeconductedourauditinaccordancewiththeStandardsonAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudit toobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresinthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalfinancialcontrolrelevanttotheCompany’spreparationofthefinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriateinthecircumstances.AnauditalsoincludesevaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessoftheaccountingestimatesmadebytheCompany’sDirectors,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthestandalonefinancialstatements.


35

OpinionInouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidstandalonefinancialstatementsgivetheinformationrequiredbytheActinthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasat31stMarch2019anditsprofitanditscashflowsfortheyearendedonthatdate.ReportonOtherLegalandRegulatoryRequirements1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central

GovernmentofIndiaintermsofsub‐section(11)ofsection143oftheAct,wegiveintheAnnexureA,astatementonthemattersspecifiedintheparagraph3and4oftheorder.

2. AsrequiredbySection143(3)oftheAct,wereportthat:(a) we have sought and obtained all the information and explanations which to the best of our

knowledgeandbeliefwerenecessaryforthepurposesofouraudit.(b) inouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasit

appearsfromourexaminationofthosebooks;(c) the balance sheet, the statement of profit and loss and the cash flow statement dealtwith by this

Reportareinagreementwiththebooksofaccount;(d) inouropinion,theaforesaidstandalonefinancialstatementscomplywiththeAccountingStandards

specifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014;(e) onthebasisofthewrittenrepresentationsreceivedfromthedirectorsason31March2019takenon

recordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31March2019frombeingappointedasadirectorintermsofSection164(2)oftheAct;

(f)inouropinionwithrespecttointernalfinancialcontrol,thesaidparaisapplicabletoCompany&herebyattachedasAnnexure–B.

(g)WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:

i. TheCompanydoesnothaveanypendinglitigationwhichwouldimpactitsfinancialposition.

ii. TheCompanydidnothaveanylongtermcontractsincludingderivativecontractsforwhichtherewereanymaterialforeseeablelosses.

iii. Therewerenoamountswhicharerequiredtobetransferredtotheinvestoreducationand

protectionfundbythecompany.For,ParthShahandAssociatesCharteredAccountantsParthN.Shah(Proprietor)MNo:173468FRNNo.144251WDate:30/05/2019Place:Ahmedabad


36

“Annexure‐A“totheAuditors’ReportTheAnnexurereferredtoinIndependentAuditors’ReporttothemembersoftheCompanyonthestandalonefinancialstatementsfortheyearended31stMarch2019,wereportthat:(i) (a) The Company has maintained proper records showing full particulars, including

quantitativedetailsandsituationoffixedassets

(b) TheCompanyhasaregularprogrammeofphysicalverificationofitsfixedassetsbywhich fixedassetsareverified inaphasedmanneroveraperiodof threeyears. Inaccordancewith thisprogramme,certain fixedassetswereverifiedduringtheyearandnomaterialdiscrepancieswerenoticedonsuchverification.Inouropinion,thisperiodicity of physical verification is reasonable having regard to the size of theCompanyandthenatureofitsassets.

(c) According to the information and explanations given to us andon the basis of our

examinationoftherecordsoftheCompany,thetitledeedsofimmovablepropertiesareheld in thenameof theCompany. (Thisclause isnotapplicable tocompany,astherearenoimmovablepropertyoranyotherproperty.)

(ii) The Company is regular in maintaining physical inventory in accordance with

paragraph3(ii)oftheOrderapplicabletotheCompany.(iii) The Company has not granted loans to bodies corporate covered in the register

maintainedundersection189oftheCompaniesAct,2013(‘theAct’).(iv) In our opinion and according to the information and explanations given to us, the

Companyhascompliedwith theprovisionsofsection185and186of theAct,withrespecttotheloansandinvestmentsmade.

(v) TheCompanyhasnotaccepteddepositsfromthepublic.(vi) TheCentralGovernmenthasnotprescribedthemaintenanceofcostrecordsunder

section148(1)oftheAct,foranyoftheservicesrenderedbytheCompany.(vii) (a) According to the informationandexplanationsgiven tousandon thebasisofour

examination of the records of the Company, amounts deducted/accrued in the book ofaccount in respect of undisputed statutory dues including provident fund, income‐tax,salestax,valueaddedtax,dutyofcustoms,servicetax,cessandothermaterialstatutorydueshavebeenregularlydepositedduringtheyearbythecompanywiththeappropriateauthorities. As explained to us, the Company did not have any dues on account ofemployees’stateinsuranceanddutyofexcise.(b) According to the information and explanations given to us, no undisputed amountspayable in respect of provident fund, income tax, sales tax, value added tax, duty ofcustoms, service tax, cess and othermaterial statutory dues were in arrears as at 31stMarch2019foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

(vii) The Company has not received loans or borrowings from any financial institution,banks,governmentordebentureholdersduringtheyear.Accordingly,paragraph3(vii)oftheOrderisnotapplicable.

(viii) TheCompanydidnotraiseanymoneybywayof initialpublicofferor furtherpublic

offer.TheCompanyhasissuedandallotted52,41,173BonussharesbeingduringFinancialYear.


37

(ix) According to the information and explanations given to us, no material fraud by theCompanyorontheCompanybyitsofficersoremployeeshasbeennoticedorreportedduringthecourseofouraudit.

(x) Accordingtotheinformationandexplanationsgivetousandbasedonourexaminationof the records of the Company, the Company has paid/provided for managerialremunerationinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofsection197readwithScheduleVtotheAct.

(xii) In our opinion and according to the information and explanations given to us, the

Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is notapplicable.

(xiii) Accordingtotheinformationandexplanationsgiventousandbasedonourexamination

of therecordsof theCompanyhasentered into transactionswith therelatedpartiesasspecified in sections177and188of theAct.The transactionhasbeenenteredatArmsLengthbasis.

(xiv) Accordingtotheinformationandexplanationsgivetousandbasedonourexaminationof

the records of the Company, the Company has notmade any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.Accordinglytheprovisionsofclause3(xiv)oftheorderarenotapplicabletothecompany.hencenotcommentedupon.

(xv) Accordingtotheinformationandexplanationsgiventousandbasedonourexamination

oftherecordsoftheCompany,theCompanyhasnotenteredintonon‐cashtransactionswithdirectorsorpersonsconnectedwithhim.Accordingly,paragraph3(xv)oftheOrderisnotapplicable.

(xvi) TheCompanyisnotrequiredtoberegisteredundersection45‐IAoftheReserveBankof

IndiaAct1934.For,ParthShahandAssociatesCharteredAccountantsParthN.Shah(Proprietor)MNo:173468FRNNo.144251WDate:30/05/2019Place:Ahmedabad


38

ANNEXUREBTOTHEAUDITOR’SREPORT

ReportontheInternalFinancialControlsunderClause(i)ofsub‐section3ofSection143oftheCompaniesAct,2013(‘theAct’)

We have audited the internal financial controls over financial reporting of Darshan OrnaLimited (‘theCompany’) as of31March2019 in conjunctionwithour audit of the financialstatementsoftheCompanyfortheyearendedonthatdate.

Management’sResponsibilityforInternalFinancialControls

TheCompany’smanagement isresponsible forestablishingandmaintaining internal financialcontrols based on the internal control over financial reporting criteria established by theCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteon Audit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India (‘ICAI’). These responsibilities include the design,implementation andmaintenance of adequate internal financial controls thatwere operatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetotheCompany’s policies, the safeguarding of its assets, the prevention anddetection of fraudsand errors, the accuracy and completeness of the accounting records, and the timelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.Auditors’ResponsibilityOur responsibility is to express an opinion on theCompany’s internal financial controls overfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReporting(‘theGuidanceNote’)andtheStandardsonAuditing,issuedbyICAIanddeemedtobeprescribedunderSection143(10)of theCompaniesAct,2013, to theextentapplicable toanauditof internal financial controls,both applicable to an audit of Internal Financial Controls and, both issuedby the Institute ofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhether adequate internal financial controls over financial reporting was established andmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.Ouraudit involvesperformingprocedurestoobtainauditevidenceabouttheadequacyof theinternalfinancialcontrolssystemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingof internal financial controls over financial reporting, assessing the risk that a materialweaknessexists,and testingandevaluating thedesignandoperatingeffectivenessof internalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditors’judgment,including the assessment of the risks of material misstatement of the financial statements,whetherduetofraudorerror.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasis forourauditopinionon theCompany’s internal financialcontrols systemover financialreporting.MeaningofInternalFinancialControlsoverFinancialReportingAcompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonable assurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordancewith generally accepted accounting


39

principles. A company’s internal financial control over financial reporting includes thosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples, and that receipts and expenditures of the company are being made only inaccordance with authorizations of the management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.InherentLimitationsofInternalFinancialControlsoverFinancialReportingBecause of the inherent limitations of internal financial controls over financial reporting,including the possibility of collusion or impropermanagement override of controls,materialmisstatements due to error or fraudmayoccur andnot be detected.Also, projections of anyevaluation of the internal financial controls over financial reporting to future periods aresubject to the risk that the internal financial control over financial reporting may becomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.OpinionInouropinion,theCompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystem over financial reporting and such internal financial controls over financial reportingwere operating effectively as at 31March 2019, based on the internal control over financialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia.For,ParthShahandAssociatesCharteredAccountantsParthN.Shah(Proprietor)MNo:173468FRNNo.144251WDate:30/05/2019 Place:Ahmedabad

ParticularsNote

No. 2,019 2,018

` `I. EQUITY AND LIABILITIES

(1) Shareholder's Funds(a) Share Capital 1 10,00,58,670 4,76,46,940 (b) Reserves and Surplus 2 2,18,26,315 7,12,42,034 (c) Money received against share warrants - -

(2) Share Application money pending allotment - -

(3) Non‐Current Liabilities(a) Long‐Term Borrowings - - (b) Deferred Tax Liabilities (Net) - 1,855 (c) Other Long Term Liabilities - - (d) Long Term Provisions - -

(4) Current Liabilities(a) Short‐Term Borrowings 3 - 35,26,428 (b) Trade Payables 4 65,79,752 24,96,057 (c) Other Current Liabilities 5 - 6,50,000 (d) Short‐Term Provisions 6 12,08,165 28,94,769

Total Equity & Liabilities 12,96,72,900 12,84,58,083

II.ASSETS ` `

(1) Non‐Current Assets

(a) Fixed Assets 7

(i) Property, Plant And Equipment 1,24,124 1,67,606 (ii) Intangible Assets - - (iii) Capital Work in Progress - - (b) Non‐current investments 8 4,99,19,019 4,73,38,325 (c) Deferred tax assets (net) 2,431 - (d) Long term loans and advances - - (e) Other non‐current assets - -

(2) Current Assets(a) Current investments - - (b) Inventories 4,21,85,819 1,87,50,816 (c) Trade receivables 9 3,40,04,189 5,81,24,773 (d) Cash and cash equivalents 10 14,98,967 23,60,318 (e) Short‐term loans and advances 11 8,16,381 13,17,059 (f) Other current assets 12 11,21,970 3,99,185

Total Assets 12,96,72,900 12,84,58,083

NOTES TO ACCOUNTS 21Schedules referred to above and notes attached there to form an integral part of Balance Sheet

This is the Balance Sheet referred to in our Report of even date.

FOR , PARTH SHAH AND ASSOCIATES

CHARTERED ACCOUNTANTS

(CA PARTH SHAH) ( Director) ( Director)(PROPRIETOR)M No. : 173468FRN No. 144251W DATE : 30/05/2019

DarshanOrnaLimited

BalanceSheetAsAt31stMarch,2019

102,FIRSTFLOOR,SHREEBALAJIPARAGON,B/SROCKREGENCYHOTEL,NR.CIRCLE‐P,C.G.ROADAHMEDABADAhmedabad‐380009

For, Darshan Orna Limited

PLACE: AHMEDABAD

Sr.

NoParticulars

Note

No.2019 2018

` `I Revenue from operations 13 9,27,89,747 39,69,38,263 II Other Income 14 27,658 1,53,809 III Total Revenue (I +II) 9,28,17,405 39,70,92,072 IV Expenses:

Cost of materials consumed 15 11,08,33,755 36,20,23,718

Changes in inventories of finished goods, work‐in‐progress and

Stock‐in‐Trade 16 (2,34,35,002) 2,74,21,569 Employee Benefit Expense 17 2,40,000 2,40,000 Financial Costs 18 21,951 84,368 Depreciation and Amortization Expense 19 43,482 45,287 Other Administrative Expenses 20 29,89,493 19,54,672

Total Expenses (IV) 9,06,93,679 39,17,69,614 V Profit before exceptional and extraordinary items and tax (III ‐ IV) 21,23,725 53,22,458

VI Exceptional Items ‐ 28,10,523

VII Profit before extraordinary items and tax (V ‐ VI) 21,23,725 25,11,935

VIII Extraordinary Items ‐ ‐

IX Profit before tax (VII ‐ VIII) 21,23,725 25,11,935

X Tax expense: (1) Current tax 6,32,000 15,00,000 (2) Deferred tax 4,286 783

XI Profit(Loss) from the perid from continuing operations (IX‐X) 14,96,011 10,11,152

XII Profit/(Loss) from discontinuing operations ‐ ‐

XIII Tax expense of discounting operations ‐ ‐

XIV Profit/(Loss) from Discontinuing operations (XII ‐ XIII) ‐ ‐

XV Profit/(Loss) for the period (XI + XIV) 14,96,011 10,11,152

Add:‐ Transfer from reserve ‐ ‐ Less: Proposed Dividend ‐ ‐ Less: Tax on Dividend ‐ ‐

Balance Carried Forward to Balance Sheet 14,96,011 10,11,152

XVI Earning per equity share: (1) Basic 0.16 0.22 (2) Diluted 0.16 0.22

NOTES TO ACCOUNTS 21

Schedules referred to above and notes attached there to form an integral part of Profit & Loss Statement

This is the Profit & Loss Statement referred to in our Report of even date.

FOR , PARTH SHAH AND ASSOCIATES For, Darshan Orna Limited


(CA PARTH SHAH) ( Director) ( Director)

(PROPRIETOR)

M No. : 173468FRN No. 144251W DATE : 30/05/2019

DarshanOrnaLimited102,FIRSTFLOOR,SHREEBALAJIPARAGON,B/SROCKREGENCYHOTEL,NR.CIRCLE‐P,

C.G.ROADAHMEDABADAhmedabad‐380009

Profit&LossStatementforthePeriodEndedon31stMARCH,2019

PLACE: AHMEDABAD

PARTICULARS AS AT

31.03.2019 AS AT

31.03.2018

A. Cash Flow from Operating ActivityProfit before Taxation and Extra Ordinary Items 21,23,725 25,11,935

Add : Non Cash & Non Operating ExpensesDepreciation Expense 43,482 2,98,958 Interest Expenses 21,951 84,368 Preliminary Expenses Write OffInterest incomeDividend income (20,420) -

- - Operating Profit before Working Capital Changes 21,68,738 28,95,261

Adjustment for;(Increase) / Decrease in Inventory (2,34,35,003) 2,85,21,569 (Increase) / Decrease in Debtors 2,41,20,584 31,95,229 (Increase) / Decrease in Loans & Advances 5,00,678 (13,17,060) (Increase) / Decrease in Current Assets (7,22,785) 29,90,565 Increase / (Decrease) in Current Liabilities & Provisions (6,50,000) 1,20,046 Increase / (Decrease) in Short Term Borrowings (35,26,428) 34,27,428 Increase / (Decrease) in Trade Payables 40,83,695 9,58,248 Increase / (Decrease) in Short term provision (16,86,604) -

Cash Generated from Operation 8,52,876 4,07,91,286 Taxes Paid 6,32,000 -

Net Cash Flow from Operating Activities 2,20,876 4,07,91,286

B. Cash Flow from Investing Activity(Increase) / Decrease in Fixed Assets (net) - 31,000 (Increase) / Decrease in Investments & Accured Interest Thereon (25,80,694) (4,00,55,219) (Increase) / Decrease in Loans Adv - - Interest Expenses (21,951) (84,368) Interest IncomeDividend Income 20,420 -

Net Cash Flow from Investing Activities (25,82,225) (4,00,24,219)

C. Cash Flow from Financing ActivityProceeds from Issue of Shares - - Adjustments in Reserves and Surplus 15,00,000 -

Net Cash Flow from Financing Activities 15,00,000 -

Net Increase / (Decrease) in Cash & Cash Equivalents (8,61,351) 7,67,068 Opening Balance of Cash & Cash Equivalents 23,60,318 15,93,250 Closing Balance of Cash & Cash Equivalents 14,98,967 23,60,318 Net Increase / (Decrease) in Cash & Cash Equivalents (8,61,351) 7,67,068

NOTES :1. The above Cash Flow Statement has been prepared under the "Indirect Method" as set

out in the Accounting Standard-3 on "Cash Flow Statement" issued by ICAI.2. The previous year figures have been regrouped/restated wherever necessary to

confirm to this year's classification.

FOR , PARTH SHAH AND ASSOCIATES


SD/‐ SD/‐

(CA PARTH SHAH) ( Director) ( Director)

(PROPRIETOR)

M No. : 173468

FRN No. 144251W

PLACE: AHMEDABAD

DATE : 30/05/2019

DarshanOrnaLimited

CashFlowStatementForTheYearEnded31stMARCH,2019

102,FIRSTFLOOR,SHREEBALAJIPARAGON,B/SROCKREGENCYHOTEL,NR.CIRCLE‐P,C.G.ROADAHMEDABADAhmedabad‐380009

For, Darshan Orna Limited

Note : 1 Share Capital ` `

Sr.

NoParticulars 2019 2018

(A) AUTHORIZED CAPITAL1 48,00,000 Equity Shares of Rs. 10/‐ each ‐ 4,80,00,000 2 1,00,10,000 Equity Shares of Rs. 10/‐ each 10,01,00,000

10,01,00,000 4,80,00,000

(B) ISSUED , SUBSCRIBED & PAID UP CAPITAL

To the Subscribers of the Memorandum

1 5,22,876 Equity Shares of Rs.10/‐ each 52,28,760 52,28,760

2 29,85,818 Bonus Equity Shares of Rs.10/‐ each on 31/08/2016 2,98,58,180 2,98,58,180

3 12,56,000 Equity Shares of Rs. 10/‐each 1,25,60,000 1,25,60,000

4 5241173 Bonus Equity shares of rs 10/ each on 24/09/2018 5,24,11,730 ‐

Total in ` 10,00,58,670 4,76,46,940

Sr.

NoSHARE HOLDER'S NAME 2019 2018

1 Mahendrabhai Ramniklal Shah 40,75,645 19,35,783

40.73% 40.63%

2 Mohamed hussein Punjani 23,43,500 11,60,000

23.42% 24.35

3 Vivid Offset Printers Limited 7,25,231 4,10,000

7.25% 8.60

Note : 2 Reserve & Surplus ` `

Sr.


1 Capital Reserve ‐ ‐

2 Capital Redemption Reserve ‐ ‐

3 Securities Premium reserve 1,64,38,270 6,88,50,000

4 Debenture Redeemption Reserve ‐ ‐

5 Revaluation Reserve ‐ ‐

6 Shares Option Outstanding Account ‐ ‐

7 Other Reserve (Special Reserve) ‐ ‐

8 Surplus (Profit & Loss Account) 53,88,045 23,92,034

Balance brought forward from previous year 23,92,034 12,66,342

Less: Tax on Regular Assessment Paid / Short Provision Adj ‐ ‐

Less: Transfer to Share Capital for Bonus Purpose ‐ ‐

Add: Excess Provision Reversed 15,00,000 1,14,540

Less: Tax paid under PMGKY ‐ ‐

Add: Profit for the period 14,96,011 10,11,152

Total in ` 2,18,26,315 7,12,42,034

Note : 3 Short Term Borrowings ` `

Sr.


(A) ‐ From Bank ‐ ‐

(B) ‐ From Others

Balance of Short Term Borrowings 35,26,428

Total in ` ‐ 35,26,428

DarshanOrnaLimitedNotes Forming Integral Part of the Balance Sheet as at 31st March, 2019

Following Shareholders hold equity shares more than 5% of the total equity shares of the Company.


Note : 4 Trades Payable ` `

Sr.


‐Sundry Creditors for Materiel/Supplies:1 Balance of Sundry Creditors { As per List Attached} 65,79,752 24,96,057

(B) Sundry Creditors for Expenses and Others1 Balance of Sundry Creditors for Expenses ‐ ‐

Total in ` 65,79,752 24,96,057

Note : 5 Other Current Liabilities ` `Sr.

NoAdd: Profit for the period 2019 2018

(A) Advance from Customers

1 Balance of Advance from Customers { As per List Attached} ‐ 6,50,000

Total in ` ‐ 6,50,000

Note : 6 Short Term Provisions ` `

Sr.


(A) Other Provisions

1 Provision for Income Tax 632000 15,00,000

2 Professional Fees Payable 57500 28,750

3 Duties & Taxes ‐ 8,79,375

4 TDS Payable 38665 6,644

5 Directors Remuneration Payable 480000 4,80,000 Total in ` 12,08,165 28,94,769

Note : 7 Fixed Asset

Amount in `

Value at the

beginning

Addition

during the

year

Deduction

during the

year

Value at the

end

Value at the

beginning

Addition

during the

year

Deduction

during the

year

Value at the

end

WDV as on

31.03.2019

WDV as on

31.03.2018

(I) Property, Plant And Equipment1 Car 1,60,680 ‐ ‐ 1,60,680 74,992 16,007 ‐ 90,999 69,681 85,688 2 Computer 1,81,000 ‐ 1,81,000 1,01,844 26,676 ‐ 1,28,520 52,480 79,156 3 Weight Scale 10,000 ‐ ‐ 10,000 7,238 799 ‐ 8,037 1,963 2,762

Total in ` 3,51,680 ‐ ‐ 3,51,680 1,84,074 43,482 ‐ 2,27,556 1,24,124 1,67,606

Gross Block Depreciaton Net Block


Sr.

NoParticulars

Note : 8 Non Current Investment `Sr.


(A) Quoted investment 4,99,19,019 4,73,38,325

Total in ` 4,99,19,019 4,73,38,325

Note : 9 Trade Recievables ` `Sr.


(A) Outstanding for More than six months1 Secured, Considered Good : ‐ ‐ (B) Outstanding for less than six months

Secured, Considered Good :1 Balance of Trade Receivable { As per List Attached} 3,40,04,189 5,81,24,773

Total in ` 3,40,04,189 5,81,24,773

Note : 10 Cash & Cash Equivalent ` `Sr.


(A) Cash‐in‐Hand1 Cash Balance 6,52,386 4,66,525

Sub Total (A) 6,52,386 4,66,525 (B) Bank Balance1 Bank Balance 8,46,581 18,93,793

Sub Total (B) 8,46,581 18,93,793

Total in ` { A+B} 14,98,967 23,60,318

Note :11 Short Terms Loans and Advances `Sr.


1 Beeline Broking 8,16,381 13,17,059

Total in ` 8,16,381 13,17,059

Note : 12 Other Current Assets ` `Sr.


(A) Other Current Assets1 Deposits With Revenue Authority 145000 1,45,000 2 VAT Receivable 249500 2,49,500 3 TDS Receivable ‐ ‐ 4 Interest Receivable 4,685 5 Misc. Expense 652550 ‐ 6 others 74,920 ‐

Total in ` 11,21,970 3,99,185


Note : 13 Revenue from Operations ` `Sr.


1 Sales 9,27,89,747 39,69,38,263

Total in ` 9,27,89,747 39,69,38,263

Note : 14 Other Income ` `Sr.


1 Interest Income 1,34,696 2 Short Term Capital Gain ‐ ‐ 3 Other Income 7,238 1,113 4 Dividend Income 20,420 18,000

Total in ` 27,658 1,53,809

Note : 15 Cost of Material Consumed ` `Sr.


a) PURCHASES OF RAW MATERIALS AND STORES1 Purchase 11,08,33,755 36,20,23,718

Total in ` 11,08,33,755 36,20,23,718

Note : 16 Change in Inventories ` `Sr.


1 Opening Stock 1,87,50,817 4,72,72,385 2 Closing Stock 4,21,85,819 3,46,42,305 3 Sales Return 14791489

Total in ` (2,34,35,002) 2,74,21,569

Note : 17 Employement Benefit Expenses ` `Sr.


1 Salary Expenses ‐ ‐ 2 Directors Remuneration 2,40,000 2,40,000

Total in ` 2,40,000 2,40,000

Note : 18 Financial Cost ` `Sr.


1 Bank Charges 10,087 17,933 2 Interest Expenses ‐ 66,435 3 demate charges 11864 ‐

Total in ` 21,951 84,368

DarshanOrnaLimitedNotes Forming Part of the Profit & Loss Accounts as at 31st March, 2019

DarshanOrnaLimitedNotes Forming Part of the Profit & Loss Accounts as at 31st March, 2019

Note : 19 Depreciation & Amortised Cost ` `Sr.


1 Depreciation 43,482 45,288

Total in ` 43,482 45,288

Note : 20 Other Administrative Expenses ` `Sr.


1 Audit Fees 28,750 28,750 2 Amortization and Preliminary Exp ‐ 4,27,630 3 Advertisement Expenses 70,391 3,810 4 Commision Expenses ‐ 1,06,511 5 Professional Tax ‐ 5,099 6 Membership Fees ‐ 29,500 7 Labour Expenses 7,19,648 9,14,713 8 bse expenses 9,96,528 ‐ 9 income tax expenses 2,29,026 ‐ 10 loss on sell of shares 6,90,215 ‐ 11 Office Expense 2,54,935 4,38,659

Total in ` 29,89,493 19,54,672

DARSHANORNALIMITED

Significant Accounting Policies and Notes forming parts of Accounts Note : 21

NOTES ON ACCOUNTS 1. Previous year’s figures are regrouped/rearranged wherever necessary.

2. Provision for Taxation for the current year has been made after taking into

consideration benefits admissible under the provisions of the Income Tax Act, 1961. 3. The balances of Loans and Advances are subject to their confirmation and

reconciliation if any. 4. All the Opening Balances are taken as per previous year audit report. 5. Contingent liability in respect of claims against the company not acknowledged as debts

against which the company has counter claims aggregating to Rs. is Nil. 6. In the opinion of the Board, the current assets, loans and advances are approximately of

the value stated in the Balance sheet, if realized in the ordinary course of business. 7. Information pursuant to paragraph 2, 3, 4, 5 of Part II of the schedule III is given as

under so far as it applies to the company. a) Payment to Statutory Auditors

Current Year Previous Year 1. Audit Fees 28,750/‐ 28750/‐

8. There is no adjustment required to be made to the profits or loss for

complyingwithICDSnotifiedu/s145(2). FOR, PARTH SHAH AND ASSOCIATES FOR AND ON BEHALF OF CHARTERED ACCOUNTANTS THE BOARD FRN NO:-144251W

PARTH N. SHAH (Director) (Director) (PROPRIETOR) MEM. NO.: 173468 Place: Ahmedabad Place: Ahmedabad Date: 30/05/2019 Date:30/05/2019

Significant Accounting Policies A. Basis of preparation of Financial Statements The Financial statements are prepared under the historical cost convention and on accrual basis in accordance with applicable accounting standards referred to in section 133 read with rule 7 of the Companies (Accounts) rules, 2014. Accounting policies not specifically referred to otherwise are consistent and in accordance with the generally accepted accounting principles

B. Revenue Recognition Sales are recorded Inclusive of Taxes.

C. Fixed Assets Fixed assets are stated at cost of acquisition or construction less accumulated depreciation, including financial cost till such assets are ready for its intended use.

. D. Depreciation Depreciation is charged on written down value method as per useful life of assets prescribed under schedule II of the Companies Act, 2013. E. Inventories Inventories are valued at cost or net realizable value whichever is lower. Cost in respect of inventories is ascertained on Weighted Average Method. F. Taxes on Income

Taxes on income of the current period are determined on the basis of taxable income and credits computed in accordance with the provisions of the Income tax Act, 1961.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognized and carried forward to the extent that there is a reasonable and virtual certainty as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

G. Applicability of AS-18

In accordance with the requirements of Accounting Standered-18 (AS-18) “Related Party Transaction “issued by the Institute of Chartered Accountants of India, the following persons are considered as Related Party as define in AS-18:

Sr. No Name 2018-19 Relationship Nature of transaction 1. Mahendra R Shah. 2,40,000 Director Remuneration 2 Darshan

Ornaments 19,61,111 450000

Proprietorship Firm Of Director

Purchase Sales

Q. Earning per Share: The Earning Per Share (AS-20) has been computed as under:

(a) Profit after tax Rs. 1496011 /- (b) No. of Equity Share In No. 10005867 (c) Nominal value of share Rs. 10 per share

(d) EPS Rs. 0.16/-

FOR, PARTH SHAH AND ASSOCIATES FOR AND ON BEHALF OF CHARTERED ACCOUNTANTS THE BOARD FRN NO:-144251W

PARTH N. SHAH (Director) (Director) (PROPRIETOR) MEM. NO.: 173468 Place: Ahmedabad Place: Ahmedabad Date: 30.05.2019 Date: 30.05.2019


40

(CIN:L36910GJ2011PLC063745)

RegisteredOffice:102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,PhoneNo.‐079‐22142568

Email‐[email protected]:www.darshanorna.com

AnnualGeneralMeeting–Monday,30thSeptember,2019

ATTENDANCESLIP

FolioNo./ClientId:

NameofShareholder:

AddressofShareholder:

I,herebyrecordmypresenceattheAnnualGeneralMeetingoftheCompanytobeheldonMonday,30thSeptember,2019at11.00AMat102,FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,Gujarat,India.

_____________________SignatureoftheMember

Notes:

A. Only Member/Proxy can attend the meeting. No minors would be allowed at themeeting.

B. Member/Proxywhowishestoattendthemeetingmustbringthisattendancesliptothemeetingandhandoverattheentrancedulyfilledinandsigned.

Member/Proxyshouldbringhis/hercopyoftheNoticeofExtraordinaryGeneralMeetingforreferenceatthemeeting.


41

FormMGT‐11ProxyForm

[Pursuanttosection105(6)ofCompaniesAct,2013andrule19(3)ofCompanies(Managementand

Administration)Rules,2014]

AnnualGeneralMeeting–Monday,30thSeptember,2019

Nameoftheshareholder(s):___________________________________________________________RegisteredAddress:_________________________________________________________________E‐mailID:_______________________FolioNo./ClientId:_________________DPID:__________I/We, being member(S) ofDarshanOrna Limited, holding _______ share of the company, herebyappointA:Name_______________________________________________________________________________Address:_____________________________________________________________________________E‐mailID:___________________________________________Signature:________________________Orfailinghim/herB:Name_______________________________________________________________________________Address:_____________________________________________________________________________E‐mailID:___________________________________________Signature:________________________Orfailinghim/herC:Name_______________________________________________________________________________Address:_____________________________________________________________________________E‐mailID:___________________________________________Signature:________________________Orfailinghim/herAsmy/ourproxy to attendandvote (onpoll) forme/us, onmy/ourbehalf at theAnnualGeneralMeetingof theCompany to beheld on –Monday, 30th September, 2019 at 11.00AMat102, FirstFloor,ShreeBalajiParagon,B/SRockRegencyHotel,Nr.Circle‐P,C.G.Road,Ahmedabad‐380009,Gujarat,Indiaandatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:ResolutionNo. Resolution VOTINGORDINARYBUSINESS FOR AGAINST1. AdoptionoftheAuditedBalanceSheetasatMarch31,2019,the

StatementofProfitandLossAccountfortheyearendedonthatdateandtheReportsoftheDirectorsandAuditorsthereon.

2. ToappointM/sParthShah&Associates,CharteredAccountants(FRN:144251W)asStatutoryAuditoroftheCompany.

3. Toappoint adirector inplaceofMr.MahendrabhaiRamniklalShah (DIN: 03144827) who retires by rotation, and beingeligibleoffersherselfforre‐appointment.

b. Theven

nueofAGMi

R

DA

isasfollows

Routemap

ARSHAN

s:

ptotheVe

N ORNA

42

enueofthe

A LIMITE

eAnnualG

ED

GeneralMe

eeting