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Annual Report 2018-19

WELLESLEYC LORPORATION IMITED

ANNUAL REPORT (2018-2019)28th


Forward Looking StatementStatement made in the Management Discussion and Analysis describing the Company’s objectives, projections,estimates, expectations may be “Forward-looking statements” within the meaning of applicable securities laws& regulations. Actual results could differ from those expressed or implied. Important factors that could makea difference to the Company’s operations include economic conditions affecting demand supply and priceconditions in the markets in which the Company operates, changes in the governmentregulations, tax laws & other statutes & other incidental factors.

01 Corporate Information

Brief Corporate Information-01

• NoticeofAnnualGenralMeeting(1-6)• DirectorsReport(6-8)• ManagementDiscussion&AnalysisReport(8-9)• CorporateGoveranceReport(9-21)• SecretarialAuditReport(21-44)

02 Statutory Reports

03 Financial

Reports

• FinancialStatements(44-58)• ProyForm(58-59)• E-VotingInstructions• UserId&PasswordofE-Voting


1Annual Report 2018-19

Corporate Information BOARD OF DIRECTORS COMMITTEES OF DIRECTORSMrs. Sadhana Rai Promoter,Non-ExecutiveDirector(DIN:01585720)

AUDIT COMMITTEEMr.VishnuGopalRajgarhia-ChairmanMr.DeepakJalan -MemberMr.PiyushPrakash -Member

Mr. Gyanendra Prakash ManagingDirector(DIN:01444823)

NOMINATION & REMUNERATION COMMITTEEMr.VishnuGopalRajgarhia-ChairmanMr.DeepakJalan -MemberMr.PiyushPrakash -Member

Mr. Vishnu Gopal RajgarhiaIndependentDirector(DIN:00480125)

STAKEHOLDERS RELATIONSHIP COMMITTEEMr.VishnuGopalRajgarhia-ChairmanMr.DeepakJalan -MemberMr.PiyushPrakash -Member

Mr. Deepak Jalan IndependentDirector(DIN:01610473

COMMITTEE OF DIRECTORSMr.VishnuGopalRajgarhia-ChairmanMr.DeepakJalan -MemberMr.PiyushPrakash -Member

Mr. Piyush PrakashIndependentDirector(DIN:01352769)

RISK MANAGEMENT COMMITTEEMr.VishnuGopalRajgarhia-Chairman Mr.DeepakJalan -MemberMr.PiyushPrakash -Member

Mr. Saurabh KediaIndependentDirector(DIN:02476376)(Appointedw.e.f06thJuly,2019)

COMPANY SECRETARY & CHIEF FINANCIAL OFFICER Mr.SumeerNarainMathur(FCS:9042)

REGISTRAR & TRANSFER AGENTM/sSkyLineFinancialServicesPvtLtdD-153-A,1stFloor,OkhlaIndustrialareaPhase-I,NewDelhi-110020Tel:91-11-40450193-97Fax:91-11-30857562Email:[email protected]

BANKERSICICIBANKREGISTERED OFFICE Shop#1,CountryInn,Mehragaon,Bhimtal,Uttarakhand248179

CORPORATE OFFICEB-210,AnsalChamber-I,BhikajiCamaPlace,NewDelhi-110066

AUDITORS

STATUTORYM/sM.KJain&Co,CharteredAccountants,NewDelhi

INTERNALM/sSSG&Co,CharteredAccountants,Delhi

SECRETARIALM/sVijayKaul&Co,PracticingCompanySecretaries,DelhiINVESTOR EMAIL [email protected]

WEBSITEwww.wellesleycorp.com

LISTING OF EQUITY SHAREBombay Stock Exchange (BSE)(Code/Symbol:532016/Wellesley)(ISIN:I-NE176O01011

CORPORATE IDENTIFICATION NUMBER(CIN)L45202UR1991PLC000604

2 Annual Report 2018-19


NOTICENOTICE IS HEREBY GIVEN THAT THE 28TH ANNUAL GENERAL MEETING OF THE COMPANY WILL BE HELD ON WEDNESDAY,28TH AUGUST,2019 AT 10:00 AM AT “COUNTRY INN HOTEL & RESORTS ”, MEHRAGOAN, BHIMTAL,UTTARAKHAND-248179,TO TRANSACT THE FOLLOWING BUSINESS:-

ORDINARY BUSINESS:-

1. Toreceive,considerandadopttheAuditedFinancialStatements of the Company for the financial yearendedMarch31,2019andtheReportsoftheBoardofDirectorsandAuditorsthereon.

2. To appoint a Director in place ofMrs. SadhanaRai(DIN: 01585720), who retires by rotation and beingeligible,offersherselfforre-appointment;

SPECIAL BUSINESS:-

3. AppointmentofMr.SaurabhKedia(DIN:02476376)asaDirectoroftheCompany.

Toconsiderandif thoughtfittopass,withorwithoutmodification(s),thefollowingresolutionas“ORDINARY RESOLUTION”

RESOLVED THAT pursuant to recommendation ofthe Nomination and Remuneration Committee andapprovalof theBoardofDirectors intheirrespectivemeetings held on 06th July,2019 and pursuant tothe provisions of Sections 149, 150, 152 read withSchedule IV and any other applicable provisions, ifany,oftheCompaniesAct,2013andtheCompanies(Appointment and Qualification of Directors)Rules, 2014 and the applicable provisions of ListingRegulations(includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce),theapprovalof theMembersof theCompanybeand isherebyaccordedfortheappointmentofMr.SaurabhKedia (DIN 02476376) who was appointed as anadditional directorw.e.f 06th July,2019 in pursuanceofArticle60of theCompany&whoescurrentperiodof office is expiring on the date of the ensuing 28thAnnual General Meeting and who has submitted adeclaration confirming the criteria of Independenceunder Section 149(6) of the Companies Act, 2013readwith the ListingRegulations, as amended fromtime to time, andwho is eligible as an IndependentNon-ExecutiveDirectoroftheCompany,whosetermshallnotbesubject toretirementbyrotation, toholdoffice for 5 (five) consecutive yearson theBoardoftheCompanyforatermw.e.f.06thJuly,2019upto05thJuly,2024.

4. Re-appointmentofMr.VishnuGopalRajgarhia (DIN:00480125)asan IndependentDirector fora secondtermoffiveconsecutiveyears,intermsofSection149oftheCompaniesAct,2013

Toconsiderandif thoughtfit,topasswithorwithoutmodification(s), the following resolutions as aSPECIAL RESOLUTION:

“RESOLVED THAT pursuant to recommendation ofthe Nomination and Remuneration Committee andapprovalof theBoardofDirectors intheirrespectivemeetings held on 06th July,2019 and pursuant tothe provisions of Sections 149, 150, 152 read withSchedule IV and any other applicable provisions, ifany,oftheCompaniesAct,2013andtheCompanies(Appointment and Qualification of Directors)Rules, 2014 and the applicable provisions of ListingRegulations (including any statutory modification(s)or re-enactment thereof for the time being in force),theapprovaloftheMembersoftheCompanybeandisherebyaccordedforre-appointmentofMr.VishnuGopal Rajgarhia (DIN 00480125) whose currentperiodofofficeisexpiringon20thJuly,2019andwhohassubmittedadeclarationconfirmingthecriteriaofIndependenceunderSection149(6)oftheCompaniesAct, 2013 read with the Listing Regulations, asamendedfromtimetotime,andwhoiseligibleforre-appointmentforasecondtermundertheprovisionsoftheCompaniesAct,2013,RulesmadethereunderandListingRegulationsasanIndependentNon-ExecutiveDirector of the Company, whose term shall not besubject to retirement by rotation, to hold office for 5(five)consecutiveyearsontheBoardoftheCompanyforatermw.e.f.20thJuly,2019upto19thJuly,2024.”

Sumeer Narain MathurCompanySecretary&ChiefFinancialOfficer

Membership no:FCS9042 Address: Houseno:04,Seemant

Vihar,BehindRadissonHotel,Kaushambi,Ghaziabad-201014

Date:06thJuly,2019Place:NewDelhi

A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (THE “MEETING”) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL, INSTEAD OF HERSELF/ HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE INSTRUMENT APPOINTING PROXY SHOULD, HOWEVER, BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN FORTY-EIGHT HOURS BEFORE THE COMMENCEMENT OF THE MEETING.A person can act as proxy on behalf ofmembersnot exceeding fifty (50)andholding in theaggregate not more than ten percent of the totalshare capital of theCompany carrying voting rights.However,amemberholdingmorethantenpercentofthetotalsharecapitaloftheCompanycarryingvotingrightsmayappointasinglepersonasproxyandsuchpersonshallnotactasproxyforanyothershareholder.TheinstrumentofProxyinordertobeeffective,shouldbedepositedattheRegisteredOfficeoftheCompany,



duly completed and signed, not less than 48 hoursbefore the commencement of the meeting.A Proxyformissentherewith.ProxiessubmittedonbehalfoftheCompanies,Societiesetc.,mustbesupportedbyanappropriateresolution/authority,asapplicable.

1. Only registered members of the Company holdingsharesasonthecut-offdatedecidedforthepurpose,being 20th August,2019, or any proxy appointedby such registeredmembermay attend and vote attheAnnual General Meeting as provided under theprovisionsoftheCompaniesAct,2013.

2. ElectroniccopyoftheNoticeoftheaforesaidAnnualGeneralMeetingoftheCompanyinteraliaindicatingthe process and manner of e-Voting along withAttendanceSlipandProxyForm isbeingsent toallthememberswhoseemailIDsareregisteredwiththeCompany for communication purposes unless anymemberhasrequestedforahardcopyofthesame.For members who have not registered their emailaddress,physicalcopiesoftheNoticeoftheaforesaidAnnual General Meeting of the Company inter aliaindicating theprocessandmannerofe-VotingalongwithAttendanceSlipandProxyFormisbeingsentinthe permittedmode. The cut-off date is decided forthepurposeofreckoningthenumberofshareholderseligibletoreceivenoticeofAGMis20thAugust,2019.

3. Voting Rights: Shareholders holding Equity Sharesshallhaveonevotepershareasshownagainsttheirholdingandshareholders

4. VOTING THROUGH ELECTRONIC MEANS In Compliance with provisions of Section 108 of theCompaniesAct,2013andRule20oftheCompanies(Management and Administration) Rules, 2014, theCompany is pleased to provide members facility toexercise their right to votemeans and the businessmaybetransactedthroughe-VotingServicesprovidedbyNationalSecuritiesDepositoryLimited(NSDL).

5. Similarly, Members opting to vote physically can dotheSimilarly,Membersopting to votephysically candothesamebyremainingpresentatthemeetingandshouldnotexercisetheoptionfore-voting.However,in case Members cast their vote exercising boththe options, i.e. physical and e-voting, then votescast through e-voting shall be only be taken intoconsideration and treated valid whereas votes castphysicallyat themeetingshall be treatedas invalid.The “E-Voting “procedurealongwith theuser idandpasswordofeachshareholderisannexedalongwiththeproxyformattheendoftheannualreport.

6. Corporate Members are requested to send a dulycertifiedcopyoftheBoardResolutionauthorisingtheirrepresentative(s)toattendandvoteontheirbehalfattheMeeting.

7. Members/Proxies should fill in the Attendance Slipforattending theMeetingandbring theirAttendance

SlipsalongwiththeircopyoftheAnnualReporttotheMeeting.

8. In case of joint holders attending the Meeting, onlysuchjointholderwhoishigherintheorderofnameswillbeentitledtovote.

9. Members who hold shares in electronic form arerequestedtowritetheirDPIDandClientIDnumbersand those who hold share(s) in physical form arerequestedtowritetheirFolioNumberintheAttendanceSlipforattendingtheMeetingtofacilitateidentificationofmembershipattheMeeting.

10. RelevantdocumentsreferredtointheaccompanyingNoticeareopenforinspectionbytheMembersattheRegisteredOfficeoftheCompanyonallworkingdays,exceptSaturdaysbetween11.00A.M.and2.00P.M.uptothedateoftheMeeting.

11. The Company’s Register of Members and TransferBooks will remain closed from 25th August, 2019 to 30th August,2019 (both days inclusive) for thepurpose of the Meeting, and the “E-Voting “ facilityshallbeopenfortheperiodfrom09:00hoursof25thAugust,2019to17:00hoursof27thAugust,2019,afterthis period the event will be no longer available forcastingvotesby“E-Voting“mechanism.

12. Members are requested to intimate immediatelyany change in their address or other mandates totheir Depository Participants with whom they aremaintaining their demat accounts. The Companyor its Registrar and Transfer Agent cannot changemandatesforsharesinelectronicform.

13. Membersholdingsharesinphysicalformarerequestedto advise any changeof addressor bankmandatesimmediatelytotheCompany/RegistrarandTransferAgent,SkylineFinancialServicesPvtLimited.

14. TheSecurities andExchangeBoard of India (SEBI)hasmandatedthesubmissionofPermanentAccountNumber (PAN) by every participant in securitiesmarket. Members holding shares in electronic formare, therefore, requested to submit their PAN totheir Depository Participants with whom they aremaintainingtheirdemataccounts.

15. Membersholdingsharesinphysicalformcansubmittheir PAN details to the Company / Registrar andTransferAgent.

16. Membersholdingsharesinsinglenameandphysicalform are advised to make nomination in respect oftheirshareholdingintheCompany.

17. Memberswhoholdsharesinphysicalforminmultiplefolios in identicalnamesor jointholding in thesameorder of names are requested to send the sharecertificates to Registrar and Transfer Agent, forconsolidationintoasinglefolio.

18. Members who have not registered their e-mail



addressessofararerequestedtoregistertheire-mailaddresssothattheycanreceivetheAnnualReportandothercommunicationfromtheCompanyelectronically.

19. Mr. Vijay Kaul , Practicing Company Secretary(Membership No.2719), Proprietor - M/s. Vijay KaulandCo.,PracticingCompanySecretaries, hasbeenappointedastheScrutinizertoscrutinizethee-votingprocessinafairandtransparentmannerandhehascommunicatedhiswillingnesstobeappointedandwillbeavailableforsamepurpose.

20. TheScrutinizershallimmediatelyaftertheconclusionofvotingattheannualgeneralmeeting,firstcountthevotescastatthemeeting,thereafterunblockthevotescastthroughremotee-votinginthepresenceofatleasttwowitnessesnotintheemploymentoftheCompanyand make, not later than three days on conclusionof the annual general meeting, a consolidatedScrutinizer’sReportofthetotalvotescastinfavouroragainst,ifany,totheChairmanorapersonauthorizedbyhiminwritingwhoshallcountersignthesame.

21. As per Regulation 44 of SEBI (Listing ObligationsandDisclosureRequirements)Regulations,2015,theresultsofe-votingaretobecommunicatedtotheBSELimited,wheretheequitysharesoftheCompanyarelisted,within48hoursoftheconclusionoftheAnnualGeneralMeeting.TheresultsdeclaredalongwiththeScrutinizer’sReportshallbeplacedontheCompany’swebsitewww.wellesleycorp.comandonthewebsiteofNSDL.

22. Subject to receipt of requisite number of votes, theResolutionsshallbedeemedtobepassedonthedateoftheMeeting,28thAugust,2019

23. In respect of the information to be provided underRegulation 36 of SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015,pertainingtotheDirectorsbeingappointed,Membersare requested to kindly refer to the chapter onCorporateGovernanceintheAnnualReport.

24. TheroutemapofthevenueoftheMeetingisattachedattheendoftheAnnualReport.

25. Members who have not registered their e-mailaddresses so far are requested to register theire-mailaddresswiththeirDPincasesharesareheldin electronic form or with the Company’s Registrar&TransferAgent -SLFSPL in casesharesareheldinphysical formso that theycan receive theAnnualReport andother communication from theCompanyelectronically.

26. TheMembersdesiringanyinformationasregardstoaccounts are requested to write to the Company atanearlydate,soastoenabletheCompanytokeepinformationready.

27. Asameasureof economy, copiesofAnnualReportwill not be distributed at theMeeting. Members are

thereforerequestedtobringtheircopyof theAnnualReporttotheMeeting

28. Members may please note that no gifts will bedistributedattheMeeting.

29. TheRegistersmaintainedpursuant to theprovisionsofSections170&189oftheCompaniesAct,2013andrulesthereunderwillbemadeavailableforinspectionbyMembersoftheCompanyattheMeeting.

Details of the Director seeking re-apointment in the forthcoming Annual General Meeting pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

NameofDirector Mrs.SadhanaRaiAge(Years) 64BriefResume/Na-tureofExpertiseinfunctionalareas

ShehasdonehergraduationfromUniversityofCalcutta.SheisabusinesswomenandhasbeenintothebusinessofHotelsandResortsandRealEstatesince1993.Shehas25yearsofexpe-rienceofmanagingthebusiness.Sheisalsoaphilanthropistandhasundertak-envariousprojectsforunderprivilegedchildren.

Relationshipsbetweendirectorsinter-se

None

DirectorshipsheldinotherCompanies(excludingforeigncompanies,privatecompaniesandcompaniesregisteredunderSection8oftheCompaniesAct,2013)

1)M/sGokulDealersPrivateLimited

Memberships/Chairmanshipsofcommitteesofotherpubliccompanies.

NIL

Shareholding(No.ofshares)

1,00,00,000

I-EXPLANATORY STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013

Item no:3

TheBoardat theirmeetingheldon06thJuly,2019on therecommendation of the Nomination and RemunerationCommittee&subjecttotheapprovalofshareholdersattheensuing 28thAnnual General Meeting has appointed Mr.SaurabhKedia as anAdditional Director of the company,as per the provisions of section 161 of the CompaniesAct,2013,heholdshisofficeasanadditionaldirectoruptotheforthcomingAnnualGeneralMeeting.

Accordingly, intermsoftherequirementsoftheprovisionsof CompaniesAct, 2013 approval of themembers of theCompanyisrequiredforregularizationofMr.SaurabhKediaasDirectoroftheCompany.



The Company has received intimation in Form DIR-8fromMr.SaurabhKedia,he isnotdisqualified frombeingappointedasan IndependentDirector in termsofSection164oftheAct,declarationthathemeetswiththecriteriaofindependenceasprescribedunderSection149(6)of theCompaniesAct,2013&Regulation16(1)(b)ofSEBIListingRegulationsandhisconsenttocontinueasanIndependentDirector.

The resolution seeks the approval of members for theregularization of Mr Saurabh Kedia as an IndependentDirectoroftheCompanycommencingfrom06thJuly,2019to05thJuly,2024intermsofSection149andotherapplicableprovisionsoftheActandRulesmadethereunder.Heisnotliabletoretirebyrotation.

In theopinionof theBoard,Mr.SaurabhKedia fulfills theconditions forhisappointmentasan IndependentDirectoras specified in theAct and theSEBI ListingRegulationsand is independent of the management. Based on therecommendations of the Nomination & RemunerationCommitteeandkeepinginviewtheexpertiseofMr.SaurabhKedia, theBoard ofDirectors at itsmeeting held on 06thJuly,2019approved theappointmentofMrSaurabhKediaasmentionedintheresolution.

Brief profile of Mr. SaurabhKedia is given below for reference of the member:

NameofDirector Mr.SaurabhKediaAge(Years) 49BriefResume/NatureofEx-pertiseinfunctionalareas

Mr. Saurabh Kedia is an IT professional hav-ing sound knowledge of Accounts & Financehe has worked with Espire Info labs Pvt Ltdand Information Technologies India Ltd. Mr.Saurabh Kedia isacommercegraduateandhas also doneDiploma inAdvancedSoftwareEngineering.Hehasa15YearsofcumulativeexperienceintheITindustrywithdiversifiedexposureacrossverticals, domains and project life cycles. Anaccomplished leader,hehas ledseveralorga-nizationacrossindustries,creatinghighperfor-manceteamsandsuccessfulbusiness.Hehasconductedmultipletrainingactivitiestobothinternalteamsandexternalclients.Train-ingsinvolvedtechnicaltrainingsonJavaaswellasprojectmanagementtrainings.Hehasworkexperience in Stakeholdermanagement, Proj-ectPlanning andmonitoring,Project cost andprofitabilityManagement,ProjectMetricsMan-agement,TeamManagementandAssessment.

Relationshipsbetweendirec-torsinter-se

None

DirectorshipsheldinotherCompanies(excludingforeigncompanies,privatecompaniesandcompaniesregisteredunderSection8oftheCompaniesAct,2013)

1)OrientalLinensLimited2)NewCastleStainlessSteelLimited3)BrentwoodsInternationalLimited4)APDInvestmentsPrivateLimited5)ForestFernHospitalityPrivateLimited6)ForestFernResortsPrivateLimited

Memberships/Chairman-shipsofcommitteesofotherpubliccompanies.

1)AuditCommittee–BrentwoodsInternationalLimited2)Nomination&RemunerationCommittee-BrentwoodsInternationalLimited

Shareholding(No.ofshares) NIL

Copy of the draft letter for appointment of Mr. SaurabhKediaasanIndependentDirectorsettingoutthetermsandconditions is available for inspection by members at theCorporateOfficeoftheCompany.

Noneof theDirectorsorKeyManagerialPersonnelof theCompanyand/ortheirrelativesexceptMr.SaurabhKedia,towhomtheresolutionrelates,isinanyway,concernedorinterested,financiallyorotherwise,intheresolution.

The Board recommends the resolution set forth in Item no.3 for the approval of the members.

Item No. 4

Mr.VishnuGopalRajgarhiawasappointedasaDirectorontheBoardoftheCompanybythemembersoftheCompanyat the 24th Annual General Meeting as an IndependentDirectorforaperiodof5yearsfrom20thJuly,2014upto19thJuly,2019.

AspertheprovisionsofSection149oftheCompaniesAct,2013,an IndependentDirectorshallholdoffice fora termupto five consecutive years on the Board of a Companybut shall be eligible for re-appointment, for another termof upto five years, on passing of a special resolution byshareholders.

TheCompanyhasreceivedintimationinFormDIR-8fromMr.VishnuGopalRajgarhiathat,heisnotdisqualifiedfrombeingre-appointedasanIndependentDirector intermsofSection164of theAct,declaration thathemeetswith thecriteriaofindependenceasprescribedunderSection149

(6) of the CompaniesAct, 2013 & Regulation 16(1)(b) ofSEBIListingRegulationsandhisconsenttocontinueasanIndependentDirector.

The resolution seeks the approval of members for there-appointment of Mr Vishnu Gopal Rajgarhia as anIndependent Director of the Company commencing from20thJuly,2019to19thJuly,2024intermsofSection149andotherapplicableprovisionsoftheActandRulesmadethereunder.Heisnotliabletoretirebyrotation.

IntheopinionoftheBoard,Mr.VishnuGopalRajrahiafulfillsthe conditions for his re-appointment as an IndependentDirector as specified in the Act and the SEBI ListingRegulationsandisindependentofthemanagement.BasedontherecommendationsoftheNomination&RemunerationCommitteeandkeepinginviewtheexpertiseofMr.VishnuGopalRajgarhia,theBoardofDirectorsatitsmeetingheldon06thJuly,2019approvedthecontinuanceofofficeofMr.VishnuGopalRajgarhiaasmentionedintheresolution.

BriefprofileofMr.VishnuGopalRajgarhiaisgivenbelowforreferenceofthemember:



NameofDirector Mr.VishnuGopalRajgarhiaAge(Years) 73BriefResume/NatureofExpertiseinfunctionalareas

Heisabusinessmanhavingrichexperienceofover40years.HehascreatedmanysuccessfulbusinessesinthefieldofNonBankingFinancialCompanies.Heisanexpertbusinessanalyst.MrVishnuGopalRajgarhiaisacommercegraduatefromCalcuttaUniversity.

Relationshipsbetweendirectorsinter-se NoneDirectorshipsheldinotherCompanies(excludingforeigncompanies,privatecompaniesandcompaniesregisteredunderSection8oftheCompaniesAct,2013)

1)B.POilMillsLimited2)VictoryMicaLimited3)LaxmiMica&MineralMiningCompanyPrivateLimited4)RIKASpecialtiesPvtLtd5)ParichitiTextilesPvtLtd

Memberships/Chairmanshipsofcom-mitteesofotherpubliccompanies.

NIL

Shareholding(No.ofshares) NIL

TheNomination&RemunerationCommitteeandtheBoardevaluated theperformanceofMr.VishnuGopalRajrahia ,ratedhimsatisfactoryonallparametersandrecommendedhisre-appointment.

Copy of the draft letter for re-appointment of Mr. VishnuGopalRajgarhiaasanIndependentDirectorsettingoutthetermsandconditionsisavailableforinspectionbymembersattheCorporateOfficeoftheCompany.

Noneof theDirectorsorKeyManagerialPersonnelof theCompanyand /or their relativesexceptMr.VishnuGopalRajgarhia , towhom the resolution relates, is in anyway,concerned or interested, financially or otherwise, in theresolution.

The Board recommends the resolution set forth in Item no.4 for the approval of the members.

DIRECTOR’S REPORT To,

The Members,

Wellesley Corporation Limited

Your Directors are pleased to present the 28th AnnualReport togetherwith theAuditedFinancialStatements fortheyearended31stMarch,2019.

I- FINANCIAL HIGHLIGHTS

ThehighlightsofthefinancialresultsoftheCompanyfor the financial year ended March 31,2019 are asunder:-

(FiguresinRs)

Particulars Year ended31st March, 2019

Year ended31stMarch, 2018

Revenue from Operations 29,66,700 22,76,296Other Income 78,368 33,938Total Revenue 30,45,068 23,10,234Total Expenses 38,09,904 22,52,712Profit /loss before Tax Expense (7,64,836) 57,522Less: Tax Expense (Current & Deferred) (51,481) 17,590Profit /loss for the year (7,13,354) 39,932Total Comprehensive Income for the period (7,68,188) 21,669Shareholders Fund 1,36,07,819 1,43,76,008

II- REVIEW OF OPERATIONS & BUSINESS UPDATE

KEY FINANCIAL HIGHLIGHTS

YourcompanyhasrecordedrevenueofRs30.45lacsinfinancialyear2018-19ascomparedtoRs23.10lacsinfinancialyear2017-18.TheCompanyhasincurredanet lossofRs7.68LacsascomparedtonetprofitofRs0.22lacsrecordedinthelastfinancialyear.

To conserves the profits, no amount is carried toreserves. The company vide resolution passed byshareholder through postal ballot has amended itsobject clause on 14/05/2018 and has added hotelbusinessinadditiontoitsexistingrealestatebusiness,howeverthecompanyhasnotundertakenanyactivityofhotelbusinessduringtheyearunderreport.

III- FUTURE OUTLOOK

Your management is exploring every possibleopportunity to generate revenues with the availablefinancialresourcesofthecompanytorunitasgoingconcern,andhopingthatthecompanywillbeabletounlockstuckcapitalsoonassomeofthelegalcasesare at advance stage in the courts this in turn willimprovecompany’sfinancialssubstantially.

lIV- DIVIDEND

In view of accumulated losses, theDirectors do notrecommendanydividendduringtheyear

V- PUBLIC DEPOSITS

YourCompanyhadnotacceptedanyPublicDepositsunderChapterVoftheAct



VI- CHANGES IN DIRECTORS & KMP

(a) Mrs.Sadhana Rai(Promoter)

DuringtheyearMrs.SadhanaRai (DIN:01585720)wasappointedasanadditionaldirectoron22.06.2018andfurtherratifiedasdirectorbytheshareholdersinthe27thAnnualGeneralMeetingofthecompany.

(b) Retirement by rotation and subsequent re-appointment

Mrs. Sadhana Rai, Non-Executive Director, is liabletoretirebyrotationat theensuingAGM,pursuant toSection152andotherapplicableprovisions,ifany,oftheCompaniesAct, 2013, readwith theCompanies(Appointment and Qualification of Directors)Rules,2014 (including any statutory modification(s)orreenactment(s)thereofforthetimebeinginforce),the Articles of Association of the Company andbeingeligiblehasofferedherself for re-appointment.Appropriateresolutionforherre-appointmentisbeingplacedfortheapprovaloftheMembersoftheCompanyattheensuingAGM.ThebriefresumeoftheDirectorand other related information has been detailed intheNoticeconveningthe28thAGMoftheCompany.TheBoardrecommendsherre-appointmentasNon-ExecutiveDirectoroftheCompany.

VII- MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report, asstipulatedunderRegulation34(2)(e),oftheSecuritiesExchange Board of India (Listing Obligations&Disclosure Requirements) Regulations,2015, readwith Schedule-V is presented in a separate sectionformingpartoftheAnnualReport.

VIII- CORPORATE GOVERNANCE REPORT

IntermsofRegulation34oftheSecuritiesExchangeBoard of India (Listing Obligations and DisclosureRequirements) Regulations, 2015, a Report onCorporate Governance along with ComplianceCertificate issued by Statutory Auditor’s of theCompany is attached as Annexure- 1 and formsintegral part of this Report (hereinafter “CorporateGovernanceReport”).

IX- AUDITORS

A-1 STATUTORY AUDITORS

In termsof theprovisonsofSection139of theCompaniesAct,2013 readwith theCompanies(Audit and Auditors) Rules,2014 as amendedvidetheCompanies(Amendment)Act,2017andtheCompanies(AuditandAuditors)AmendmentRules,2018 respectively , M/s M.K Jain & Co, Chartered Accountants ,( (ICAI Firm RegnNo:009694N), the auditors of the Company,holdofficeforaconsecutiveperiodoffiveyearsuntil the conclusion Thirty First (31st )AnnualGeneralMeetingofthecompanytobeheldfor

thefinancialyear2021-22andtheirappointmentis not required to be ratified each year atAnnualGeneralMeeting of theCompany .TheAuditors have confirmed to the company thatthey continue to remain eligible to hold officeastheAuditorsandnotdisqualifiedforbeingsoappointed under the CompaniesAct,2013, theCharteredAccountantsAct,1949 and the rulesandregulationsmadethereunder.

A-2 AUDITORS REPORT

TheReportgivenbythestatutoryauditorsforthefinancialyear2018-19onthefinancialstatementof the Company is part of theAnnual Report.Therehasbeennoqualification, reservationoradverseremarkordisclaimerintheirReport.

B- SECRETARIAL AUDITORS

The Secretarial Audit was carried out by M/s.Vijay Kaul & Co., Company Secretaries (PCSRegistration No. 4722) for the financial year2018-19. The Report given by the SecretarialAuditorsisannexedas Annexure – 3 andformsintegralpartofthisReport.Explanationstotheirqualificationsareasunder:

1) CS/CFO-The Company’s financialconditions do not allow keeping two separatepersonsfor thepostofCS&CFO.MrSumeerNarainMathurisaqualifiedCompanySecretaryand MBA-Finance with vast experience inhandlingaccounts,finance&taxationatseniorlevel apart from handling the company lawmatters .ThereforeBoard foundhimsuitable toholdthepositionofCFOinadditiontothepostofCS,incomplianceoftherequirementsu/s203oftheCompaniesAct,2013

2) BSE vide its notification dated 23rdFebruary, 2017 has placed the securities ofthe company (Script Code/Symbol: 532016/Wellesley) into Graded Surveillance Measure(GSM) at its stage -0. Since then neither thesecurities were removed from the surveillancenorhasthesamebeenmovedtoanyotherstageofGSM.Furtherthecompanyhasnotreceivedany clarification/query from Bombay StockExchangeorSEBIwithregardtotradingofoursecuritiesatBSE.

3) The company had woman director Mrs.Kirti Gupta, till 11/11/2017, she had resignedw.e.f. 11.11.2017.There after the company hasappointed Mrs Sadhana Rai, Promoter of thecompanyaswomandirectorw.e.f22.06.2018.

4) There is a delay of one month indepositingRs173/-deductedfromthepaymentofcontractor(TDSoncontractualpaymentsu/s194Cof the IncomeTaxAct,1961) as the billswerereceivedlatefromtheparty.



C- FRAUD REPORTED BY AUDITORS UNDER SECTION 143 (12)

During the year under review, theAuditors has notreportedanyfraudunderSection143(12)oftheAct,thereforenodetail is required tobedisclosedunderSection134subsection3(ca)oftheAct.

X- PARTICUALARS OF LOAN, GUARANTEE OR INVESTMENTS UNDER SECTION 186.

The company has neither granted nor provided anyguaranteeormadeinvestmentattractingtheprovisionsofsection186oftheCompaniesAct,2013.

XI- MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There were no such material changes andcommitmentsoccurredbetweenMarch31,2019andthedateofboardreport..

XII- INFORMATION PURSUANT TO RULE 8 OF CHAPTER IX OF THE COMPANIES ACT, 2013

A) CONSERVATION OF ENERGY

In absence of any manufacturing activities,no details have been given as required underSection134oftheCompaniesAct,2013andtherulesframedthereunder.

B) TECHNOLOGY AND FOREIGN EXCHANGE EARNING ETC

In absence of any manufacturing activities,no details have been given as required underSection134oftheCompaniesAct,2013andtherulesframedthereunder.

C) FOREIGN EXCHANGE EARNING AND OUTGO

There was no foreign exchange earnings andoutgoduringtheyear.

XIII- DIRECTORS’ RESPONSIBILITY STATEMENT

PursuanttotherequirementsunderSection134(5)oftheCompaniesAct,2013withrespecttotheDirectors’ResponsibilityStatement,itisherebyconfirmed:

a. ThatinthepreparationoftheAnnualAccounts,the applicable accounting standards had beenfollowedalongwith proper explanation relatingtomaterialdepartures.,

b. ThattheDirectorshadselectedsuchaccountingpoliciesandappliedthemconsistentlyandmadejudgments and estimates that are reasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsofthecompanyattheendofthefinancialyearandofthelossofthecompanyforthatperiod.,

c. ThattheDirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsofthisActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities.,

d. That the Directors have prepared the annualaccountsforthefinancialyearendedMarch31,2019onagoingconcernbasis.,and

e. ThattheDirectorshadlaiddowninternalfinancialcontrolstobefollowedbythecompanyandthatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively.,

f. That theDirectorshaddevisedpropersystemsto ensure compliance with the provisions ofall applicable laws and that such systemwereadequateandoperatingeffectively.

XIV- INDEPENDENCE OF INDEPENDENT DIRECTORS

Inpursuanceofsection149(7)oftheCompaniesAct2013, all the Independent Directors have given thedeclarationoftheir independencecomplyingwiththecriteriaasprescribedinsection149(6)andhasbeentakenonrecord.

XV- POLICY ON DIRECTORS, KMP& OTHER EMPLOYEES APPOINTMENT

The company has already having a nomination andremunerationcommitteetotakecareoftheappointmentofDirectors,KMP&otheremployeesanddeterminingtheirqualifications,attributes,independenceetc.

XVI- DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The board has laid down a committee of riskmanagementcomprising three independentdirectorsto leadthesameandtomanagetherisk involved inthebusinessofthecompany.

XVII- DEVELOPMENT AND IMPLEMENTATION OF A POLICY ON CORPORATE SOCIAL RESPONSIBILITY.

The directors are of the view that at present thecompanydoesn’t fall in thecategoryof thespecifiedcompaniesabidebytheCSRregulations.

XXVIII-DETAILS OF TRAINING IMPARTED TO INDEPENDENT DIRECTORS

There has been no specific training programsconductedbytheboardofdirectorsfortheIndependentDirectors, however sufficient information about thecompany’s business were provided to them in theboardmeetingsitself



XIX- DETAILS OF VIGIL MECHANISM

Thecompanyhaslaiddownitsvigilmechanismcalled“Whistle Blower Policy“for directors and employeesto report to themanagement instancesofunethicalbehavior, actual or suspected, fraud or violation ofthe company’s code of conduct or ethics policy.ThismechanismalsohasprovisionfordirectaccesstothechairpersonoftheAuditCommitteeMr.VishnuGopalRajgarhiainappropriateorexceptionalcases

XX- EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

PursuanttotheprovisionsoftheCompaniesAct,2013read with the Rules issued thereunder, Regulation17(10) of the Listing Regulations and the circularissuedbySEBIdated5thJanuary,2017withrespecttoGuidanceNoteonBoardEvaluation,theevaluationof the annual performance of the Directors/Board/Committees was carried out for the financial year2018-19.ThedetailsoftheevaluationprocessaresetoutintheCorporateGovernanceReportwhichformsapartofthisreport.

XXI- INFORMATION PURSUANT TO SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 4 & 5 OF THE COMPANIES APPOINTMENT & REMUNARATION OF MANAGERIAL PERSONNEL RULES 2014

Adetaileddisclosureoftheinformationasrequiredisattachedherewithintheboardreportas Annexure: 3.

XXII- EXTRACT OF THE ANNUAL RETURN

Extract of the Annual Return in form MGT-9, asstipulated under section 134 of the CompaniesAct,2013, isannexedat theendof theBoardReportasAnnexure: 4.

XXIII- DETAILS OF SUBSIDIARIES, JOINT VENTURE OR ASSOCIATES ENTERED/CEASEDDURING THE YEAR

The Company has no Joint Venture Agreement,SubsidiaryorAssociateduringtheyear.

XXIV-DETAILS OF BOARD MEETINGS

During the year, Six meetings of Board, fourmeetings of the Audit Committee, four meetings ofthe Stakeholders Relationship Committee,and twomeetingsofNomination&RemunerationCommitteewereconvenedandheld.OnemeetingofIndependentdirectorswasalsoheld.ThedetailsarecoveredintheCorporate Governance report. The intervening gapbetweentheMeetingswaswithintheperiodprescribedundertheCompaniesAct,2013.

XXV- PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED IN SUB SECTION 188(1) OF THE COMPANIES ACT, 2013.

ThedetailsarementionedinformAOC-2andannexedwiththisboardreportasAnnexure:5

XXVI- Cost records

The provision for maintenance of cost records asspecified by the Central Government under subsection(1)ofsection148oftheCompaniesAct,2013arenotapplicableontheCompany.

XXVII-Sexual Harassment

YourCompanyhasadoptedapolicyforthepreventionofsexualharassmentofwomenatworkplaceandhassetupacommitteeforimplementationofsaidpolicy.DuringtheperiodtheCompanyhasnotreceivedanycomplaintofsexualharassment.

XXVIII- SECRETARIAL STANDARDS

The company has complied with the provisions ofapplicable Secretarial Standards issued by TheInstituteofCompaniesSecretary(ICSI).

XXIX-APPRECIATION

Your Directors desires to place on record theirappreciationofthesupportextendedbyitsemployees,Bankers, Customers and various GovernmentAgencies, who through their continued support andcooperation helped in theCompany’s progress.TheBoardalsowishestothanktheshareholdersfortheircontinuoussupportandacknowledge thehardwork,dedicationandcommitmentoftheemployees.

For and on behalf of the Board of DirectorsDirector:VishnuGopalRajrahia

Din: 00480125Address: .C-740,NewFriendsColony,

NewDelhi-110065Managing Director: GyanendraPrakash

Din: 01444823Address: Houseno:749,Sector-5,Vasundhara,Ghaziabad-201012

Place:NewDelhiDate:29thMay,2019



MANAGEMENT DISCUSSION & ANALYSIS REPORTThe management of Wellesley Corporation Limited ispleased topresent its analysis report on theperformanceandfutureoutlookofyourcompany.

Industry Structure & Developments

F.Y 2018-19 A Roller-Coaster Year for the Industry

2018wasaveritable roller-coaster ride for the Indian realestate. Despite signs of recovery across segments, theliquiditycrunch–furtherexacerbatedbytheNBFCcrisis–putallindustrystakeholdersontenterhooks.Consolidationvia mergers and acquisitions was rife in all sectors,completelyredefiningtheconceptof‘financialhealth’amongplayersanddrawingclearlinesonwhowillsurvivetheheat.

Whiletheprojectsofbigrealtorswereputonholdthesmallrealtorswereunabletoevencommencetheirprojectsduetoconservativeapproachofbuyersastheyarelookingformoreandmore lucurativeoffers, and theyarehesitant tobuyanyunderconstructionprojects,duetofailureintimelypossessionevenbysomebignamesintheIndustry.ManyRealEstateDevelopers andHousingFinanceCompany’sarefacingsolvancyissues.

Opportunities & Threats

Opportunities

With the emergence of GST and RERA this markethas become very much open and regulated whichcreatesimmence opportunities for the developers toconstructtheirprojectsinafairandtransparentmanner.

Threats

Home buyers fate is undertain under Insolvancy &BankcuptcyCode.PublicatlargehaslostfaithintheRealEstate Developers due to ongoing legal issues of homebuyers..

Outlook

During theyearunder reviewdue todelay inour judiciarysystem non of the ongoing legal cases could be settleddown,duetowhichthelandbankofthecompanycontinuedtostuckinlegalbattle.Inspiteofadoptingthehotelbusinessin its object clause the company could not explore anyopportunity in Hotel Industry due to its poor financials,your management is hopefull that during this year someofthelegalcasesmaygetsettledandthefinancialsofthecompanymayimprove.

Risk & Concerns

Asstillthecompany’sworthisstuckinitslandbankwhichissubjecttolongpendinglitigations,financialcrunchemayplacesomebarriersinexploringnewavenues

Segment –wise or product wise performance

ThereisnoreportablesegmentasperIndAS-108,asduring

theyearunderreportthecompanyundertakesitsbusinessactivities only in “Real Estate &Services ” therefore nosegmentwisedisclosuresarerequired.

Internal Control Systems & their adequacy

The company has placed adequate and effective systemof internal controls, which are wisely commensurate withthenatureofbusinessanditsscaleofoperations.Reviewsof the audit plans, significant audit findings, adequacy ofinternal controls, compliance with accounting standardsincludinganychangesinthat isaregularcourseofactionof the company’sAudit committee.TheStatutoryAuditorsof theCompanyhavealso, in their report tomembers forthefinancialyearendedon31stMarch2019,confirmedtheadequacyofinternalcontrolsystemoftheCompany.

Discussion on financial performance with respect to operational performance

The Financial Statement for the financial year ended on31stMarch,2019havebeenpreparedincomplianceoftheprovisionsoftheCompaniesAct,2013andapplicableIndianAccountingStandards issuedby the InstituteofCharteredAccountantsofIndia(IndAS).TheBoardofDirectorsacceptstheintegrityandobjectivesofthesefinancialstatements.

Your company has recorded revenue of Rs 30.45 lacs infinancial year 2018-19 as compared to Rs 23.10 lacs infinancial year 2017-18.The Company has incurred a netlossofRs7.68LacsascomparedtonetprofitofRs0.22lacsrecordedinthelastfinancialyear.

Material Development in Human Resources

The company recognizes the fact that manpower isthe most vital resource for the real estate sector. Thecompanyensuresthatitsemployeesareprovidedthebestworking environment and compensated with attractiveremunerations.Beyondrewardingemployeeswithattractiveremunerations, the company constantly endeavourer tocreatemore conduciveworkenvironment.Employeesareencouraged to be innovative and involved to pursue theirgoalswhicharealliedwiththelargerinterestofthecompany.Sincetheoperationsofthecompanyarenotgoingonlargescalepresently,therefore,onlytwoemployeesareemployedbythecompany.

For and on behalf of the Board of Directors

Director: VishnuGopalRajgarhiaDin: 00480125

Address: C-740,NewFriendsColony,NewDelhi-110065

Managing Director:GyanendraPrakash Din:01444823 Address: Houseno:749,Sector-5,

Vasundhara,Ghaziabad-201012

Place:NewDelhiDate:29thMay2019



CORPORATE GOVERNANCE REPORT 1. COMPANY’S PHILOSOPHY ON CODE OF

GOVERNANCE:

The corporate governance policy of WellesleyCorporationLimited (WCL)encompasses thesimpletenets of integrity, transparency and fairness inwhatever the company does and what it basicallyaims at achieving is a complete adherence to theapplicable statutes while at the same time ensuringa complete commitment to values and the highestethicalstandards ineveryfacetof itsoperationsandineachofthefunctionalareas.This,inturn,ensuresthatbestintheclassconceptofcorporategovernancepracticesbecomeawayoflifeintheCompany.

In linewith the nature and size of operations of theCompany, the Corporate Governance framework inWCLisbasedonthefollowingmainprinciples:

• ConstitutionofaBoardofDirectorsofappropriatecomposition, size, varied experience andcommitment to discharge their responsibilitiesandduties.

• TransparencyandindependenceinthefunctionsoftheBoard.

• EnsuringtimelyflowofinformationtotheBoardand its Committees to enable them dischargetheirfunctionseffectively.

• Independent verification and assured integrityof financial reporting. Timely and balanceddisclosure of allmaterial information related totheCompanytoallstakeholdersandprotectionoftheirrightsandinterests.

• Asoundsystemofriskmanagementandinternalcontrol.

• Compliance with applicable laws, rules andregulationsinletterandspirit

2. BOARD OF DIRECTORS:

(A) Composition &category of the Board

The Board of Directors in WCL has beenconstituted in a manner which ensuresappropriate mix of executive, non-executiveand independent directors to ensure propergovernance and management. The Boardmembershavecollectiveexperience indiversefields like construction, finance, architecture,humanresources&hospitality.

As onMarch 31, 2019, the Board consist fivedirectors, 04of them are non executive&oneexecutive. Out of five directors,one directoris promoter director, three Directors areIndependent Directors and one ManagingDirector. The details of various directors onthe Board of theCompany, the nature of their

directorships, the number of directorships heldbytheminothercompaniesandalsothenumberof committee memberships or chairmanshipsheldbytheminothercompanies(includingthecompany)asonMarch31,2019,isdepictedinthetablegivenbelow

S.No Name of the Director

Category of Directorship

No of Directorships in other companies

No of Memberships/chairmanships in Board /committees of various

companies(including theCompany)

1. Mr.GyanendraPrakash

ExecutiveDirector

(ManagingDirector)

3 0 0

2. Mr.DeepakJalan NonExecutiveIndependentDirector

2 5 0

3. Mr.VishnuGopalRajgarhia

NonExecutiveIndependentDirector

5 5 1

4. Mr.PiyushPrakash

NonExecutiveIndependentDirector

2 5 0

5. MrsSadhanaRai* NonExecutiveNon

Independent,PromoterDirector

1 0 0

*Appointedw.e.f22ndJune,2018

None of the directors are holding any directorship orcommitteemembershipinanylistedentity.

(B) Details of Board Meetings and the last Annual General Meeting and attendance record of Directors thereat

During theFY2018-19 theBoardofWCLmet6(Six)times.ThedatesoftheBoardmeetingswere 05th April,2018 30th May, 2018 , 22ndJune,2018,20thJuly,2018,13thNovember,2018and14thFebruary,2019.Onemoremeetingon29thMarch, 2019was held of the IndependentDirectorsofWCL.

The lastAnnualGeneralMeeting(AGM)of theCompanywasheldon08thSeptember,2018.

A table depicting the attendance of Directorsat various Board Meetings and theAGM heldduringfinancialyear2018-19:-

S.No Name of the Director No of BoardMeeting Attended

Attendance at the

last AGM

1. Mr.GyanendraPrakash 6 Yes

2. Mr.DeepakJalan 6 No

3. Mr.PiyushPrakash 4 No

4. Mr.VishnuGopalRajgarhia 6 Yes

5. MrsSadhanaRai* 3 Yes

*Appointedw.e.f22ndJune,2018.

None of the directors are holding any directorship orcommitteemembershipinanylistedentity.



(c) Disclosure of relationship between director’s inter-se:-

The board consists of a Managing Director,a non-executive promoter director and threeindependent directors ,therein no inter-serelationexistsbetweenanyofthem.

(d) Number of shares and convertible instruments held by non-executive directors:-

The non executive promoter director Mrs.SadhanaRaiholds74.07%(1,00,00,000Shares)ofthesharecapitalofthecompany&noneoftheothernon-executivedirectorsheldanysharesorconvertibleinstrumentsofthecompany.

(e) Website link where the details of familiarization programs imparted to independent directors is disclosed

There has been no specific training programsconducted by the board of directors for theIndependent Directors, however sufficientinformation about the company’s business,changes in regulatory framework, updates bySEBI/BSE/MCAandotherregulatoryauthoritieswere provided to them in the boardmeetingsitselftimetotime.

(f) Considering the business and sector of the company ,the Board of director of the company are having sufficient skills, good expertise and are competent enough to manage the functions of the company effectively .

(g) In the opinion of the board, the independent directors fulfill the conditions specified in these regulations and are independent of the management.

(h) During the year under report none of the independent director has resigned from the board of the company .

3. COMMITTEES OF THE BOARD

TheBoardconstitutedcommitteesnamely,AuditCommittee,Nomination &Remuneration Committee,StakeholdersRelationship Committee, Risk Management Committee&Committee of Directors to act in accordance with theterms of reference determined by theBoard.Meetings ofeachoftheseCommitteesareconvenedbytherespectiveChairman.MattersrequiringBoard’sattention/approvalareplacedbeforetheBoard.Therole,thecompositionoftheseCommittees including thenumberofmeetingsheldduringthefinancialyear2018-19andtherelatedattendancedetailareprovidedhereunder.

(A) Audit Committee

ThecompositionoftheAuditCommitteeisinalignmentwithprovisionsofSection177oftheCompaniesAct,

2013 read with the Rules issued thereunder andRegulation18oftheListingRegulations.ThemembersoftheAuditCommitteearefinanciallyliterateandhaveexperienceinfinancialmanagement.

Duringthefinancialyear2018-19,theAuditCommitteemetfourtimes.Thedatesofthemeetingsbeingwere30thMay,2018,20thJuly,2018,13thNovember,2018&14thFebruary,2019

ThecompositionoftheAuditCommitteeoftheBoardofDirectorsoftheCompanyalongwiththedetailsofthemeetings held and attended during the financialyearendedMarch31,2019isdetailedbelow:

Name of Member Designation No of Meet-ing held

No of Meeting

AttendedMr.VishnuGopalRajgarhia Chairman 4 4Mr.DeepakJalan Member 4 4Mr.PiyushPrakash Member 4 3

Mr. Sumeer Narain Mathur, Company Secretary & ChiefFinancial Officer, acts as the Secretary to the AuditCommittee.

The termsof reference of theAuditCommittee, inter-alia,include:

1. Oversightofthecompany’sfinancialreportingprocessandthedisclosureofitsfinancialinformationtoensurethat the financial statement is correct, sufficient andcredible;

2. Recommendationforappointment,remunerationandtermsofappointmentofauditorsofthecompany;

3. Approvalofpaymenttostatutoryauditorsforanyotherservicesrenderedbythestatutoryauditors;

4. Reviewing,withthemanagement,theannualfinancialstatements and auditor’sreport thereon beforesubmission to the board for approval with particularreferenceto:-

a. mattersrequiredtobeincludedinthedirector’sresponsibility statement to be included in theboard’s report in terms of clause (c) of sub-section(3)ofSection134oftheCompaniesAct,2013;

b. changes, if any, in accounting policies andpracticesandreasonsforthesame;

c. major accounting entries involving estimatesbased on the exercise of judgment bymanagement;

d. significant adjustments made in the financialstatementsarisingoutofauditfindings;

e. compliance with listing and other legalrequirementsrelatingtofinancialstatements;

f. disclosureofanyrelatedpartytransactions;

g. modifiedopinion(s)inthedraftauditreport;.



5. Reviewing, with the management, the quarterlyfinancial statements before submission to the boardforapproval;

6. Reviewing, with the management, the statement ofuses / application of funds raised through an issue(public issue, rights issue, preferential issue, etc.),the statement of funds utilized for purposes otherthanthosestated in theofferdocument /prospectus/ notice and the report submitted by the monitoringagency monitoring the utilisation of proceeds ofa public or rights issue, and making appropriaterecommendationstotheBoardtotakeupstepsinthismatter;

7. Reviewandmonitor theauditor’s independenceandperformance,andeffectivenessofauditprocess;

8. Approvaloranysubsequentmodificationoftransactionsof thecompanywith relatedparties;Scrutinyof inter-corporateloansandinvestments;

9. Scrutinyofinter-corporateloansandinvestments;

10. Valuationof undertakingsor assetsof the company,whereveritisnecessary;

11. Evaluation of internal financial controls and riskmanagementsystems;

12. Reviewing, with the management, performanceof statutory and internal auditors, adequacy of theinternal control systems;Reviewing the adequacy ofinternalauditfunction,ifany,includingthestructureoftheinternalauditdepartment,staffingandseniorityoftheofficial

13. Headingthedepartment,reportingstructurecoverageandfrequencyofinternalaudit;

14. Discussion with internal auditors of any significantfindingsandfollowupthereon;

15. Reviewing the findings of any internal investigationsby the internal auditors into matters where there issuspected fraudor irregularityora failureof internalcontrolsystemsofamaterialnatureandreportingthemattertotheboard;

16. Discussion with statutory auditors before the auditcommences,about thenatureandscopeofauditaswellaspost-auditdiscussiontoascertainanyareaofconcern;

17. To look into the reasons for substantial defaults inthe payment to the depositors, debenture holders,shareholders (in case of non-payment of declareddividends)andcreditors;

18. To review the functioning of the Whistle Blowermechanism;

19. ApprovalofappointmentofCFOafterassessing thequalifications,experienceandbackground,etc.of thecandidate;

(B) Nomination &Remuneration Committee

The role of the Nomination and RemunerationCommittee is governed by its Charter and itscomposition is in compliance with the provisions ofSection178oftheCompaniesAct,2013readwiththeRulesissuedthereunderandRegulation19readwithPartDofScheduleIIoftheListingRegulations.

During thefinancial year, thecommitteewasmeton30thMay,2018and22ndJune,2018.

The composition of the Nomination and RemunerationCommitteeoftheBoardofDirectorsoftheCompanyalongwith thedetailsof themeetingsheldandattendedby themembersoftheCommitteeduringthefinancialyear2018-19isdetailedbelow:

Name of Member Designation No of Meet-ing held

No of Meeting

AttendedMr.DeepakJalan Member 2 2Mr.PiyushPrakash Member 2 2Mr.VishnuGopalRajgarhia Member 2 2

Mr.SumeerNarainMathur, CompanySecretary, and cheiffinancialofficeractsas theSecretary to theNomination&Remunerationcommittee.

Terms of reference

The terms of reference of Nomination &RemunerationCommittee,inter-alia,include:

1. Formulationofthecriteriafordeterminingqualifications,positive attributes and Independence of a directorand recommend to the Board a policy, relating tothe remuneration of the directors, key managerialpersonnelandotheremployees.

2. Formulation of criteria for evaluation of IndependentDirectorsandtheBoard.

3. DevisingapolicyonBoarddiversity.

4. Identifying persons who are qualified to becomedirectors and who may be appointed in seniormanagementinaccordancewiththecriterialaydown,and recommend to theBoard theirappointmentandremoval.

5. Whethertoextendorcontinuethetermofappointmentoftheindependentdirector,onthebasisofthereportofperformanceevaluationofindependentdirectors.

I- Policy for appointment and removal of Director, KMP and Senior Management

1. Appointment criteria and qualifications

a) The Committee shall identify and ascertain theintegrity,qualification,expertiseandexperienceofthepersonforappointmentasDirector,KMP



oratSeniorManagementlevelandrecommendtotheBoardforhis/herappointment.

b) Apersonshouldpossessadequatequalification,expertiseandexperienceforthepositionhe/sheis considered for appointment. TheCommitteehas discretion to decide whether qualification,expertiseandexperiencepossessedbyapersonis sufficient / satisfactory for the concernedposition.

2. Term / Tenure

a) ManagingDirector/Whole-timeDirector:

The Company shall appoint or re-appoint anyperson as its Executive Chairman, ManagingDirector or Executive Director for a term notexceedingfiveyearsatatime.Nore-appointmentshallbemadeearlier thanoneyearbefore theexpiryofterm.

b) IndependentDirector:

- An IndependentDirector shall hold office for atermuptofiveconsecutiveyearsontheBoardof the Company and will be eligible for re-appointmentonpassingofaspecial resolutionby the Company and disclosure of suchappointmentintheBoard’sreport.

- No Independent Director shall hold office formore than twoconsecutive termsof five yearseach, but such Independent Director shall beeligible for Appointment after expiry of threeyears of ceasing to become an IndependentDirector.ProvidedthatanIndependentDirectorshallnot,duringthesaidperiodofthreeyears,beappointedinorbeassociatedwiththeCompanyinanyothercapacity,eitherdirectlyorindirectly.

- At the time of appointment of IndependentDirector, it should be ensured that number ofBoards on which such Independent Directorserves is restricted to seven listed companiesas an Independent Director and three listedcompaniesasan IndependentDirector incasesuchpersonisservingasaWhole-timeDirectorof a listed company or such other number asmaybeprescribedundertheAct.

3. Removal

Due to reasons for any disqualification mentionedin the Act or under any other applicable Act, rulesand regulations thereunder, the Committee mayrecommend, to the Board with reasons recordedin writing, removal of a Director, KMP or SeniorManagementPersonnelsubjecttotheprovisionsandcomplianceofthesaidAct,rulesandregulations.

4. Retirement

TheDirector,KMPandSeniorManagementPersonnelshall retire as per the applicable provisions of theAct and the prevailing policy of the Company. TheBoardhas thediscretion to retain theDirector,KMP,SeniorManagementPersonnel in thesameposition/remuneration or otherwise even after attaining theretirementage,forthebenefitoftheCompany.

5 Remuneration to Whole-time/ Executive / Managing Director, KMP and Senior Management Personnel:

a) Fixed pay:

The Whole-time Director/ KMP and SeniorManagement Personnel shall be eligible for amonthlyremunerationasmaybeapprovedbytheBoardontherecommendationoftheNomination&RemunerationCommittee.Thebreakupofthepayscaleandquantumofperquisitesincluding,employer’scontributiontoP.F,pensionscheme,medical expenses, etc. shall be decided andapprovedby theBoard/ thePersonauthorizedby the Board on the recommendation of theNomination & Remuneration Committee andapproved by the shareholders and CentralGovernment,whereverrequired.

b) Minimum Remuneration:

If,inanyfinancialyear,theCompanyhasnoprofitsoritsprofitsareinadequate,theCompanyshallpayremunerationtoitsManagingDirectorinaccordancewiththeprovisionsofScheduleVoftheActandifitisnotabletocomplywithsuchprovisions,withthepreviousapprovaloftheCentralGovernment.

c) Provisions for excess remuneration:

If anyManagingDirector /WholeTimeDirectordrawsor receives, directly or indirectly bywayofremunerationanysuchsumsinexcessofthelimits prescribed under the Act or without thepriorsanctionoftheCentralGovernment,whererequired,he/sheshallrefundsuchsumstotheCompanyanduntilsuchsumisrefunded,holditintrustfortheCompany.

TheCompanyshallnotwaiverecoveryofsuchsum refundable to it unless permitted by theCentralGovernment.

6 Remuneration to Non- Executive / Independent Director: C

a) Sitting Fees: TheNon-Executive/IndependentDirector may receive remuneration by wayof fees for attending meetings of Board orCommitteethereof.

b) Stock Option:IndependentDirectorshallnotbeentitledtoanystockoptionoftheCompany.



7 Details of Directors’ Remuneration

(i) Remuneration of Executive Director : Thetable given below specifies the details ofremunerationpackageofExecutive Directorsandtheir relationship with other Directors on theBoard:

(RupeesperAnnum)

Name of the Director

Relationship with other directors

Salary &Allowances

Monitory Value of

Perquisites

Total

Mr. Gyanendra Prakash *

None 2,40,000 Nil 2,40,000

Notes:

1. Componentsof the salary includes theBasic salary,HouserentallowanceaspertheCompanyrules.

2. The terms and conditions of service of ExecutiveDirectorsarecontractual innatureandaregovernedbyapplicablerulesandpolicyoftheCompany.

3. All thecomponentsofsalaryarefixed innatureandthereisnovariablecomponent.

4. Therearenostockoptionhasbeengiven/exercisebytheExecutivedirectors.

(ii) Remuneration of Non-Executive Independent Directors

Non-Executive Independent Directors havebeen paid only sitting fees during the financialyear 2018-19 as mentioned in their terms ofappointment placed on the website of thecompany.

II- Board Level Performance Evaluation

Listing Regulations mandate the Board of listedcompaniestomonitorandreviewtheBoardEvaluationframework.TheCompaniesAct, 2013 readwith theRulesissuedthereunderfurtherprovidesthataformalannualevaluationneedstobemadebytheBoardofitsownperformanceand thatof itsCommitteesandindividualDirectors.TheScheduleIVoftheCompaniesAct, 2013 read with the Rules issued thereunderstatesthattheperformanceevaluationofIndependentDirectorsshallbedonebytheentireBoardofDirectors,excluding the Director being evaluated. After takingintoconsiderationtheGuidanceNoteonPerformanceEvaluationofBoarddated5thJanuary,2017publishedbySEBI,controlledevaluationsformswerefinalizedtoevaluatetheperformanceoftheBoard,Committeesof the Board and individual performance of eachDirectorincludingtheChairman.

Theprocessforperformanceevaluationisasunder:-

• CommitteeofIndependentDirectorsevaluates theperformanceofNonIndependentDirectors

andtheBoardasawholeandsubmitsitsreportto theNomination&RemunerationCommittee.

• TheBoardevaluatestheperformanceof IndependentDirectorsandsubmitsitsreportto theNomination&Remuneration Committee.

• Nomination&Remunerationcommitteereviews thereportoftheCommitteeofIndependent DirectorsandBoardandaccordingly recommendstheappointment/re-appointment/ continuationofDirectorstotheBoard.

Thecriteriaforperformanceevaluationareasunder:-

The Directors are evaluated based on various aspectswhich, amongst other parameters, included qualifications,experience,knowledgeandcompetency,ability tofunctionasateam,fulfillmentoffunctions,thelevelofparticipationoftheDirectors,etc.

The parameters for performance evaluation of Boardincludes structure of the Board, competency of directors,experience of directors, mix of qualifications, diversityand theprocessofappointment to theBoardofdirectors,role& responsibilities, strategy&performanceevaluation,governanceandcompliances,evaluationofriskscorporateculture,grievancesredressalforinvestorsetc.

Some of the performance indicators for the Committeesinclude regularity of meeting, logistics, agenda items,discussion&dissent,recordingofminutes&disseminationofInformation.

The Committee ensures that the Key PerformanceObjectives are aligned with the immediate and long termgoalsoftheCompany.

The performance of the Independent Directors was alsoevaluated taking into account their independent viewsand judgements in addition to the points on which non-independentdirectorsareevaluated.

(C) Stakeholders Relationship Committee

The composition of the Stakeholder RelationshipCommittee is in compliance with the provisions ofSection 178 of the CompaniesAct, 2013 read withtheRulesissuedthereunderandRegulation20oftheListingRegulations

Duringthefinancialyear2018-19,theStakeholderRelationshipCommitteeofDirectorsmetfourtimes.Thedatesofthemeetingsbeing30thMay,2018,20thJuly,2018,13thNovember,2018,&14thFebruary,2019.

The constitution of the Stakeholders RelationshipCommitteeoftheBoardofDirectorsoftheCompanyalong with the details of the meetings held andattendedbythemembersoftheCommitteeduringthefinancialyear2018-19isdetailedbelow:



Name of Member Designation No of Meet-ings held

No of Meetings attended

Mr.VishnuGopalRajgarhia Member 4 4Mr.DeepakJalan Member 4 4Mr.PiyushPrakash Member 4 3

Mr. Sumeer Narain Mathur, Company Secretary & ChiefFinancialOfficer,actsastheSecretarytotheStakeholdersGrievanceCommittee..

Name and designation of Compliance Officer& Chief Financial Officer

Mr.Sumeer Narain Mathur, Company Secretary& ChiefFinancial officer, is the Compliance Officer pursuant toregulation6(1)oftheSEBI(LODR)Regulations,2015.

During the year under report there was no shareholdercomplaintwasreceivedandresolved.

(D) Committee of Directors

TheconstitutionoftheCommitteeofDirectorsoftheCompanyalongwiththedetailsofthemeetingsheldandattendedbythemembersoftheCommitteeduringthefinancialyear2018-19isdetailedbelow:

Name of Member Designation No of Meet-ings Held


Mr.VishnuGopalRajgarhia Member NIL NILMr.DeepakJalan Member NIL NILMr.PiyushPrakash Member NIL NIL

Mr. Sumeer Narain Mathur, Company Secretary & ChiefFinancialOfficer,actsastheSecretarytotheCommitteeofDirectors.TermsofReference

Terms of Reference

Themaintermofreferenceistoapprovethesharetransfers/split/renewalofoldcertificates,howeverthesamehasbeendelegatedtoMr.SumeerNarainMathur,CompanySecretaryof the company for effective implementation of transfer/split/demat/rematprocessandcomplianceofSEBI(ListingObligations&DisclosureRequirements),Regulations,

(E) Risk Management Committee

The Board of Directors has constituted a RiskManagement Committee and defined its roles andresponsibilities in accordance with the provisions ofRegulation21oftheListingRegulations.

ThecompositionoftheRiskManagementCommitteeof theBoardofDirectorsof theCompanyalongwiththedetailsof themeetingsheldandattendedbythemembersof theCommitteeduring thefinancial yearended31stMarch,2019isdetailedbelow:



Mr.VishnuGopalRajgarhia Member NIL NIL

Mr.DeepakJalan Member NIL NIL

Mr.PiyushPrakash Member NIL NIL

Mr. Sumeer Narain Mathur, Company Secretary &Chief Financial officer, acts as the Secretary to the RiskManagementCommittee.

Terms of Reference

1. Overseeandapprove the riskmanagement, internalcompliance and control policies and procedures ofthe Company (including reporting and internal auditsystems), in concurrence with existing businessprocesses and systems, to manage the Company’smaterialbusinessrisks

2. EstablishpoliciesforthemonitoringandevaluationofriskmanagementsystemstoassesstheeffectivenessofthosesystemsinminimizingrisksthatmayimpactadverselyonthebusinessobjectivesoftheCompany.

3. Be aware and concur with the Company’s RiskAppetite including risk levels, if any, set for financialandoperationalrisks.

4. Ensure that the Company is taking appropriatemeasures to achieve prudent balance betweenrisk and reward in both ongoing and new businessactivities.

5. Review theexisting riskManagementSystemof theCompanyinviewoftheCompany’sRiskAppetite.

6. Coordinate its activities with the Audit Committeein instances where there is any overlap with auditactivities.Forexample,internalorexternalauditissuerelatingtoriskmanagementpolicyorpractice.

7. Provide guidance to the Board on making theCompany’sriskmanagementpoliciesandprocedurespublicly available and, if appropriate, liaise with theCompanySecretaryonannouncementstothemarketwhere material business risks or changes to thoserisksarelikelytohaveamaterialimpactonthepriceorvalueoftheCompany’ssecurities.

8. Perform such other activities related to thisMemorandumasrequestedbytheBoardofDirectors.

(F) Independent Directors

DuringtheyearunderreportheIndependentDirectorswere met one time only on 29th March,2019 .Thecomposition of Independent Directors along withthedetailsof themeetingsheldandattendedbythedirectorsduringthefinancialyearended31stMarch,2019isdetailedbelow:





Mr.VishnuGopalRajgarhia Member 1 1Mr.DeepakJalan Member 1 1Mr.PiyushPrakash Member 1 1

Mr. Sumeer Narain Mathur, Company Secretary & ChiefFinancial officer, acts as theSecretary for themeeting ofIndependentDirectors.

Terms of Reference

Incompliancetoregulation25(4)ofthelistingregulationsthetermsofreferenceoftheIndependentDirectorsare:-

a) Reviewtheperformanceofnon-independentdirectorsandtheboardasawhole.

b) Review the performance of the chairperson of thecompany, taking intoaccount theviewsofexecutivedirectorsandnon-executivedirectors.

c) Assess thequality,quantityand timelinessofflowofinformationbetweenthecompanymanagement&theboard.

BasedontheevaluationcriterialaiddownbytheNomination&RemunerationCommitteeforthenonexecutivedirectors,theManagingDirectors&theBoardasawholehasbeenevaluatedandareport thereonhasbeensubmittedto theNomination&RemunerationCommitteefortheirreferenceandfurtherrecommendedforreappointmentsifany.

4. GENERAL BODY MEETINGS

(A) Location and time, where last three Annual General Meetings were held:-

Financial Year (ended)

Venue Date Time

March,31,2016 CountryInnHotel&Resorts,MehragoanBhimtal-249179,Uttarakhand.

09.09.2016 10:30A.M


08.09.2017 10:30A.M


08.09.2018 10:00A.M

(B) Details of Special Resolution passed in previous three AGMs

Sr. No.

AGM Number

Date of AGM

Matter Cover by special resolution

1. 25thAGM Sept09,2016 Special Resolution according consentto appoint Mr Gyanendra Prakash(DIN:01444823) as the ManagingDirectorofthecompany.

(C) Postal Ballot

(i) Special resolutions passed through Postal Ballot during the FY 2018-19:

Duringthefinancialyear2018-19, theCompanyhaspassedthefollowingresolutionthroughpostalballots.MrVijayKumarKaul,PractisingCompanySecretaryhasconductedthePostalBallotexercise.

Sl No. Agenda Matter Cover by special

resolution

1Amendment to Main ObjectClause of the Memorandum ofAssociation

Special Resolution to amendthe main object clause of thecompany.

2

Adoption of new set ofMemorandum of Association asper provisions of the CompaniesAct,2013

Special Resolution to adoptnew set of Memorandum ofAssociationasperTable“A”.

3

AdoptionofnewsetofMemo-randumofAssociationasperprovisionsoftheCompaniesAct,2013

SpecialResolutiontoadoptnewsetofArticlesofAssocia-tionasperTable“F”.

(ii) Procedure for Postal Ballot

For conducting a postal ballot, notice specifying theresolutions proposed to be passed through postalballot as also the relevant explanatory statementandthepostalballot forms,aredispatchedtoall theshareholdersalongwithselfaddressedpostagepre-paidenvelope.

The shareholders are requested to send back thepostal ballot forms duly filled up and signed, in thepostagepre-paidenvelopesprovided to themby theCompany, so as to reach the Scrutinizer (in whosenametheenvelopesaremarked)onorbeforethe30thdayfromthedateofissueofnoticebythecompany.The Scrutinizer compiles the postal ballot result outofthepostalballotformsfoundvalidandhandsoverthe results to theManagingDirector. TheChairmanthereupon declares the result of the postal ballotand the same is displayed on a notice board at thecorporateofficeoftheCompany.

5. MEANS OF COMMUNICATION

(i) Quarterly Results:

Thequarterly/annualfinancialresultsoftheCompanyareintimatedtotheBombayStockExchangewhereinthecompanyislisted,withintheprescribedtimeperiodmymeansofuploadingthesameonthelistingportali.e www.listing.bseindia.com a CFDS prescribed bytheBombayStockExchange.

(ii) News, Release etc.:

The quarterly /annual results are usually publishedin the leading newspapers viz; Financial Expressand regionalnewspaper,Rozanaof theplaceof theregisteredofficeofthecompany.

(iii) Website:

TheCompanyhasitsownwebsitewww.wellesleycorp.com,andallvitalinformationrelatingtotheCompanyand its performance including financial results areregularlypostedonthewebsite

6 GENERAL SHAREHOLDER INFORMATION

(a) Date, Time and Venue of AGM

DATE: 28thAugust,2019TIME: 10:00AMVENUE: CountryInnHotels&Resorts,Mehragaon,Bhimtal,Uttara-khand-248179



(b) Date of book closure: From 25th August,2019 to 27th August,2019 .

(c) Dividend Payment date: No dividend isdeclaredduringthefinancialyear.

(d) Listing on Stock Exchange

Stock Exchange Stock Code ISINBombayStockExchange(BSE)

532106 INE176O01011

ListingfeestoBombayStockExchangehasbeenpaidforthefinancialyear2019-20

(e) Stock Code/ ISIN: BSE:532016/ ISIN:INE176O01011

(f) Stock market price at Bombay Stock Exchange (BSE)

Month High (Rupees) Low (Rupees) VolumeAPRIL 9.50 9.03 100MAY 8.60 6.80 1549JUNE 7.00 7.00 23JULY 7.00 7.00 NILAUG 7.00 7.00 NILSEPT 7.00 7.00 NILOCT 7.00 7.00 NILNOV 7.00 7.00 NILDEC 7.00 7.00 NILJAN 7.00 7.00 NILFEB 7.00 7.00 NIL

MARCH 7.00 7.00 NIL

(g) Performance Comparison to broad bases indices BSE Sensex.

(h) Registrar & Transfer Agent M/s.SkylineFinancialServicesPrivateLimited (Unit-WellesleyCorporationLimited) D-153A,IstFloorOkhlaIndustrialArea, Phase-I,NewDelhi–110020 Tel:-+91–11–2681-2682,2681-2683 Fax:-+91–11–30857562 Email:[email protected]

(i) Share Transfer System All queries pertaining to share transfer /

transmission, change of address, bankmandate, nomination forms, loss of shares,issue of duplicate shares,Annual Report may

beforwardeddirectlytotheRegistrarandShareTransferAgentattheabovementionedaddress.

(j) Distribution of shareholding as on March 31,2019

Share or Debenture holding Nominal

Value

Number of Share-holders

% to Total

Numbers

Share or Debenture

holding Amount

% to Total

Amount

(Rs.) (Rs.)Up To 5,000 1,789 90.67 23,47,380 1.74

5001 To 10,000 126 6.39 11,61,600 0.8610001 To 20,000 17 0.86 2,64,500 0.220001 To 30,000 9 0.46 2,15,000 0.1630001 To 40,000 3 0.15 1,06,000 0.0840001 To 50,000 0 0 0 0

50001 To 1,00,000 5 0.25 3,84,000 0.281,00,000 and Above 24 1.22 13,05,25,520 96.68

Total 1,973 100.00 13,50,04,000 100.00

(k) Dematerialization of Shares & Liquidity

Equity shares of the company are available inboth physical as well in demat mode at boththe depositories i.e. NSDL & CDSL(ISIN NoINE176O01011).AsonMarch31,2019,84.94%Equity shares of the Company representing1,14,68,300sharesoutofatotalof1,35,00,400Equityshares,wereheldindematerializedformandthebalance20,32,100shareswereheldinphysicalform.DepositoryfeeshavebeenpaidtoNSDL&CDSLforthefinancialyear2019-20.

(l) Outstanding GDR’s /ADRs/Warrants or any Convertible instruments, conversion date and likely impact on equity.

There was no GDR/ADR/Warrants/Convertibleinstruments were issued and pending forconversion.

(m) Address for Investor’s correspondence:

Mr.SumeerNarainMathurCompanySecretary&ChiefFinancialOfficera. Address B-210,AnsalChamber– I,BhikajiCamaPlace,

NewDelhi–110066b. PhoneNo.

FaxNo.91-11-2618453591-11-26193448

c. Emailid [email protected]@wellesleycorp.com

(n) Letters to Shareholders seeking KYC details DuringtheyearunderreportSEBIvidecircular

No. SEBI/HO/MIRSD/DOP1/CIR /P/ 2018/73dated 20-04-2018,required that the companyto obtain copy of PAN Card, Bank details,EmailidandMobile/TelephoneNofromalltheshareholders holding shares in physical form,accordingly thecompanyhassent three lettersto its shareholders on 18/07/2018, 13/08/2018and 12/11/2018.Out of total letters sentmanywere returned undelivered, the company hasmaintainedadatabaseof thesamefor recordandfuturereference.

(20.00)

(15.00)

(10.00)

(5.00)

-

5.00

10.00

% c

hang

e

MONTHS

Performance of Wellesley's Shares rela�ve to BSE Sensex during the F.Y 17-18

BSE

WCL



(o) Details of directors seeking appointment or reappointment:-

MrsSadhanaRai,Director(DIN:01585720)whowasappointedasthedirectorofthecompanyatthe27thAnnualGeneralMeeting ,issubject toretirebyrotationandseekingreappointment.

7) DISCLOSURE (i) Materially Significant Related Party Transaction

Therehasbeennomateriallysignificantrelatedpartytransaction.

(ii) Details of Non-Compliance by the Company, penalties imposed by Stock Exchange/ SEBI/ Any Statutory Authority in any matter related to Capital Market during the last three years.

(a) There has been no instance of any non-compliancebytheCompanyonanymatterrelated tocapitalmarkets,andhence,nopenaltiesorstrictureshavebeenimposedon the Company by SEBI or the StockExchangesoranyotherstatutoryauthorityonanysuchmatter.

(b) The Company has paid listing fee toBombayStockExchange for thefinancialyear2019-20.

(iii) The company has formulated a “WCL Whistle Blower Policy” headed by the Chairman of the Audit Committee Mr.Vishnu Gopal Rajgarhia, wherein everyone is at the liberty to raise their concern to the chairman.

(iv) The company is following all the mandatory requirements of the SEBI (Listing Obligations & Disclosure Requirements ),Regualtions,2015 and with regards to discretionary requirements as mentioned in Part :E of schedule-II, it is in the process to comply in near future.

(v) Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013: During the year under report the company has not received any complaint or any other matter wherein the provisions of this Act needs to be invoked.

ANNUAL DECLARATION BY THE CEO PURSUANT TO SCHEDULE V (D) OF SEBI (LODR) REGULATIONS,2015

As provided under Regulation 34(3) read withParaDofScheduleVofSEBI(ListingObligationsandDisclosureRequirements)Regulation,2015it is stated that all members of the Board ofDirectors and Senior Management Personnelof the Company have affirmed compliancewith theCompany’sCodeofConductofBoardof Directors and Senior Management, for thefinancialyearendedMarch31,2019.

For and on behalf of the Board of Directors

Director: VishnuGopalRajgarhiaDin: 00480125

Address: C-740,NewFriendsColony,NewDelhi-110065

Managing Director: GyanendraPrakashDin: 01444823

Address: Houseno:749,Sector-15,Vasundhara,Ghaziabad-201012




Annexure: 1

INDEPENDENT AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

To,

THEMEMBERSOF

WELLESLEY CORPORATION LIMITED

1. WehaveexaminedthecomplianceofregulationsofCorporateGovernancebyWellesleyCorporationLimited(‘theCompany’)fortheyearendedMarch31,2019asstipulatedinRegulations17to27,clauses(b)to(i)ofRegulation46(2),andparagraphsC,DandEOFScheduleVoftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015(the‘ListingRegulations’).

Management’s Responsibility

2. Thecomplianceofconditionsofcorporategovernanceistheresponsibilityof themanagement.Thisresponsibilityincludesthedesigning,implementingandmaintainingoperatingeffectivenessofinternalcontroltoensurecompliancewiththeconditionsofcorporategovernanceasstipulatedintheListingRegulations.

Auditor’s Responsibility

3. PursuanttotherequirementoftheListingRegulations,ourresponsibilityistoexpressareasonableassuranceintheformofandopinionastowhethertheCompanyhascompliedwiththeconditionsofcorporategovernanceasstatedinparagraph2above.Ourresponsibilityislimitedtoexaminingtheproceduresandimplementationthereof,adoptedbytheCompanyforensuringthecompliancewiththeconditionsofcorporategovernance.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementsoftheCompany.

4. WehaveexaminedtherelevantrecordsoftheCompanyinaccordancewiththeapplicableGeneralAcceptedAuditingStandards in India, theGuidanceNote onReports orCertificate for Special Purposes issued by the ICAIwhichrequiresthatwecomplywiththeethicalrequirementsoftheCodeofEthicsissuedbytheICAI.

Opinion

5. Based on the procedures performedby us and to the best of our information and according to the explanationsprovidedtous,inouropinion,theCompanyhascompliedinallmaterialrespects,withtheconditionsofcorporategovernance as stipulated in the Listing Regulations during the year endedMarch 31,2019 .We state that suchcomplianceisanassuranceneitherastothefutureviabilityoftheCompanynortheefficientoreffectivenesswithwhichtheManagementhasconductedtheaffairsoftheCompany.

Restrictions on use

6. Thiscertificateisissuedsolelyforthepurposeofcomplyingwiththeaforesaidregulationsandmaynotbesuitableforanyotherpurpose.

For M.K Jain & Co. Chartered Accountants

Sakshi AroraDate:29thMay,2019 PartnerPlace:NewDelhi MNo.F-528300

Frno:009694N



Annexure: 2 CEO/CFO CERTIFICATION

We, Gyanendra Prakash,Managing Director & Sumeer Narain Mathur,Company Secretary &Chief Financial Officer ofWellesleyCorporationLimited,certifytotheBoardthat:

a) Wehavereviewedfinancialstatementsandthecashflowstatementfortheyearended31.03.2019andthattothebestoftheirknowledgeandbelief:

i. Thesestatementsdonotcontainanymateriallyuntruestatementoromitanymaterialfactorcontainstatementsthatmightbemisleading;

ii. These statements together present a true and fair view of the company’s affairs and comply with existingaccountingstandards,applicablelawsandregulations.

b) Thereare,tothebestofourknowledgeandbelief,notransactionsenteredintobythecompanyduringtheyearthatarefraudulent,illegalorvolatileofthecompany’scodeofconduct.

c) WeacceptresponsibilityforestablishingandmaintaininginternalcontrolsandthatIhaveevaluatedtheeffectivenessof the internal control systems of the company andwe have disclosed to the auditors and theAuditCommittee,deficienciesinthedesignoroperationofinternalcontrols,ifany,ofwhichweareawareandthestepstheyhavetakenorproposetotaketorectifythesedeficiencies.

d) WehaveindicatedtotheAuditorsandtheAuditCommitteethat–

i. Therehasnotbeenanysignificantchanges in internalcontroloverfinancial reportingduring theyearunderreference;

ii. Therehasnotbeenanysignificantchangesinaccountingpoliciesduringtheyearunderrequiringdisclosureinthenotestothefinancialstatements;and

iii. TherehasnotbeenanyinstancesduringtheyearofsignificantfraudofwhichwehadbecomeawareandtheInvolvement therein, if any, of themanagement or an employee having a significant role in theCompany’sinternalcontrolsystemoverfinancialreporting.

For and on behalf of the Board of Director

Managing Director:GyanendraPrakashDin:01444823

Address: Houseno:749,Sector-15,VasundharaGhaziabad-201012.

Company Secretary & Chief Financial Officer:SumeerNarainMathur

Membership no: FCS9042

Address: Houseno:04,SeemantVihar,BehindRadissonHotel,Kaushambi,Ghaziabad-201014




Annexure: 3SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31st March, 2019[Pursuanttosection204(1)oftheCompaniesAct,2013andruleNo.9oftheCompanies

(AppointmentandRemunerationPersonnel)Rules,2014]To,

TheMembers,

WellesleyCorporationLimited

Uttarakhand

WehaveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesbyWellesleyCorporationLimited(hereinaftercalledthecompany).SecretarialAuditwasconductedinamannerthatprovidedusareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingouropinionthereon.

BasedonourverificationoftheCompany’sbooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyandalsothe informationprovidedbytheCompany, itsofficers,agentsandauthorizedrepresentativesduring theconductofsecretarialaudit ,weherebyreport that inouropinion, thecompanyhas,during theauditperiodcoveringthefinancialyearendedon31stMarch,2019compliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperboard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbyWellesleyCorporationLimitedforthefinancialyearendedon31stMarch,2019accordingtotheprovisionsofthefollowing:

1. TheCompaniesAct,2013(theAct)andtherulesmadethereunder;

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

3. TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;

4. ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,OverseasDirectInvestmentandExternalCommercialBorrowings;

5. ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-

a. TheSecuritiesandExchangeBoardof India(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;

b. TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,1992;

c. TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009;(NotapplicabletotheCompanyduringtheAuditPeriod);

d. TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines,1999;(NotapplicabletotheCompanyduringtheAuditPeriod);

e. TheSecuritiesandExchangeBoardof India (IssueandListingofDebtSecurities)Regulations, 2008; (NotapplicabletotheCompanyduringtheAuditPeriod);

f. TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regardingtheCompaniesActanddealingwithclient;

g. TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;(NotapplicabletotheCompanyduringtheAuditPeriod);

h. TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;(NotapplicabletotheCompanyduringtheAuditPeriod);



6. OtherApplicableLaws

i ThePaymentofWagesAct,1936ii. TheMinimumWagesAct,1948iii. EmployeesProvidentFundandMisc.ProvisionsAct,1952iv. EmployeesStateInsuranceAct,1948v. ThePaymentofBonusAct,1965vi. TheEnvironment(Protection)Act,1986vii. IncomeTaxAct1961,&rulesmadethereunderviii. NegotiableInstrument,1881ix. MaternityBenefitsAct,1961x. PaymentofGratuityAct,1972xi. TheApprenticesAct,1961xii. TheIndustrialDisputesAct,1947xiii. TheChildLabour(RegulationandAbolition)Act,1970xiv. Water(Prevention&ControlofPollution),1974andrulesthereunderxv. Air(Prevention&ControlofPollution)Act,1981andrulesthereunderxvi. TheIndianStampAct,1889xvii. IndianContractAct,1872xviii. TransferofPropertyAct,1882xix. IndianRegistrationAct,1808xx. IndianEvidenceAct,1872xxi. TheConsumerProtectionAct,1986xxii. Building&ConstructionWorkersWelfareCessAct,1996xxiii. Goods&ServicesTaxAct2017xxiv. TheSexualHarassmentofWomenatWorkPlace(Prevention,ProhibitionandRedressal)Act,2013

Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing

(i) SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndia;

(ii) SEBI(ListingObligationsandDisclosureRequirements),2015;

During the period under review the Company has complied with the provisions of theAct, Rules, Regulations,Guidelines,Standards,etc.mentionedabovesubjecttothefollowingobservations:

1. TheCompanyhasappointedthepresentincumbent,whoisanMBA(Finance)besidesACS,CompanySecretary(CS)asChiefFinancialOfficer(CFO)alsoasrequiredunderSection203oftheCompaniesAct,2013readwithRule (8)ofAppointment&RemunerationofManagerialPersonnelRules,2014.Wewere informed that thecompany’sfinancialpositiondoesnotallowkeepingtwoseparatepersonsasCSandCFO.

2. TheBombayStockExchange(BSE)has,videpublicnoticeno:20170223-44dated23rdFebruary,2017,placedthesecuritiesofcompanyundertheGradedSurveillanceMeasure(GSM-Stage-0).Asonthedateofthisreport,thecompanycontinuestobein(GSM–Stage–0).

3. MrsSadhanaRai,promoterofthecompany,hasbeenappointedbythecompanyw.e.f22.06.2018aswomandirector.ThecompanyhadnowomandirectorsincetheresignationofMrsKirtiGuptaw.e.f11.11.2017tillthedateofappointmentofMrsSadhanaRaii.efrom11.11.2017till22.06.2018,intermsofProviso2toSubSection149oftheCompaniesAct,2013readwithRule3oftheCompaniesAct,2013(AppointmentofDirectorsandQualifications),Rules2014.

4. TherewasadelayofonemonthindepositingTDSofRs173/-duringthequarterendedon30thJune,2018.



(a) As per the information and explanations provided by the Company, its officers, agents and authorisedrepresentativesduringtheconductofsecretarialaudit,wereportthattheprovisionsoftheForeignExchangeManagementAct,1999andtheRulesandRegulationsmadethereundertotheextentof:

i. ExternalCommercialBorrowingswerenotattractedtotheCompanyunderthefinancialyearunderreport;

ii. ForeignDirectInvestment(FDI)werenotattractedtothecompanyunderthefinancialyearunderreport;

iii. OverseasDirectInvestmentbyResidentsinJointVenture/WhollyOwnedSubsidiaryabroadwerenotattractedtothecompanyunderthefinancialyearunderreport.

(b) As per the information and explanations provided by the company, its officers, agents and authorisedrepresentativesduringtheconductofSecretarialAudit,wereportthattheCompanyhasnotmadeanyGDRs/ADRsoranyCommercialInstrumentunderthefinancialyearunderreport.

(c) DuringtheyearunderreviewthecompanyhaschangeditsMemorandumofAssociationandhasamendeditsArticlesofAssociationinlinewiththetable“F”inaccordancewiththeCompaniesAct,2013.TheapprovalofshareholderswasobtainedthroughPostalBallot.

We have relied on the information and representation made by the Company and its Officers for systems andmechanism formed by theCompany for compliances under other applicableActs, Laws, andRegulations to theCompany.

We further report thattheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board ofDirectors that tookplaceduring theperiodunderreviewwerecarriedout incompliancewith theprovisionsof theAct.AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentat leastsevendays inadvance,andasystemexists forseekingandobtaining further informationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.AlldecisionsatBoardMeetingsandCommitteeMeetingsarecarriedoutunanimously/asrecordedintheminutesofthemeetingsoftheBoardofDirectorsorCommitteeoftheBoard,asthecasemaybe.

We further report thatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthecompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.

We further report that duringtheauditperiod,therewerenoinstancesof:

i. Public/Right/Preferentialissueofshares/debentures/sweatequity,etc.

ii. Redemption/buy-backofsecurities

iii. Majordecisionstakenbythemembersinpursuancetosection180oftheCompaniesAct,2013

iv. Merger/amalgamation/reconstruction,etc.

v. Foreigntechnicalcollaborations

ForVijay Kaul and Co.

Vijay K Kaul

Place:Delhi PracticingCompanySecretary

Date:29thMay,2019 FCSNo.:2719;CPNo.:4722

Note: Thisreportistobereadwithourletterofevendatewhichisannexedas‘ANNEXURE A’whichformsanintegralpartofthisreport.



‘ANNEXURE A’

To,TheMembers,WELLESLEY CORPORATION LIMITEDUttarakhand

Ourreportofevendateistobereadalongwiththisletter.

1. Maintenanceofsecretarial record is theresponsibilityof themanagementof thecompany.Ourresponsibility is toexpressanopiniononthesesecretarialrecordsbasedonouraudit.

2. We have followed the audit practices and processes aswere appropriate to obtain reasonable assurance aboutthecorrectnessof thecontentsof theSecretarial records.Theverificationwasdoneon testbasis toensure thatcorrectfactsarereflectedinsecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.

3. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsofthecompany.

4. Whereeverrequired,wehaveobtainedtheManagementRepresentationaboutthecomplianceof laws,rulesandregulationsandhappeningofeventsetc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is theresponsibilityofmanagement.Ourexaminationwaslimitedtotheverificationofproceduresontestbasis.

6. TheSecretarialAuditreport isneitheranassuranceastothefutureviabilityofthecompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.

For Vijay Kaul and Co

VijayKKaulPlace:NewDelhi Signature:Date:29thMay,2019 PracticingCompanySecretary

FCSNo.:2719;CPNo.:4722



Annexure: 4

DISCLOSURE PURSUANT TO SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 4 & 5 OF THE COMPANIES APPOINTMENT & REMUNARATION OF MANAGERIAL PERSONNEL RULES 2014

Sr. No.

Particulars Remarks

A The ratio of the remuneration of each director to themedianremunerationoftheemployeesofthecompanyforthefinancialyear;

Managing Director-16.69%

B Thepercentageincreaseinremunerationofeachdirector,

Chief FinancialOfficer,ChiefExecutiveOfficer,CompanySecretaryorManager,ifany,inthefinancialyear

Managing Director: - NIL

Company Secretary:- 9.89%

C Thepercentageincreaseinthemedianremunerationofemployeesinthefinancialyear;

Company Secretary:- 7.92%

D The number of permanent employees on the rolls ofcompany;

2

E The explanation on the relationship between averageincreaseinremunerationandcompanyperformance;

As per Industry Standards

F ComparisonoftheremunerationoftheKeyManagerialPersonnelagainsttheperformanceofthecompany;

Satisfactory

G Variationsinthemarketcapitalizationofthecompany,priceearningsratioasattheclosingdateofthecurrentfinancialyearandpreviousfinancialyearandpercentageincreaseoverdecreaseinthemarketquotationsofthesharesofthecompanyincomparisontotherateatwhichthecompanycameoutwiththelastpublicofferincaseoflistedcompanies,andincaseofunlistedcompanies,thevariationsinthenetworthofthecompanyasatthecloseofthecurrentfinancialyearandpreviousfinancialyear;

31st March, 2019

31stMarch, 2018

a) Market Capitalizationb) PE ratioc) Increase over last public offer

9,45,02,800 -

(26.31%)

12,82,53,800 -

5%

H AveragepercentileincreasealreadymadeinthesalariesofEmployeesotherthanthemanagerialpersonnelinthelastfinancial yearand itscomparisonwith thepercentileincreaseinthemanagerialremunerationandjustificationthereof and point out if there are any exceptionalcircumstancesforincreaseinthemanagerialremuneration;

Not Applicable

I ComparisonoftheeachremunerationoftheKeyManagerial Personnel against the performance of thecompany;

Average remuneration of KMP, increase by 10% where as revenue increased by 132%

J Thekeyparametersforanyvariablecomponentofremunerationavailedbythedirectors;

Not Applicable

K Theratiooftheremunerationofthehighestpaiddirectortothatoftheemployeeswhoarenotdirectorsbutreceiveremunerationinexcessofthehighestpaiddirectorduringtheyear;

22.47%

L Affirmationthattheremunerationisaspertheremunerationpolicyofthecompany.

Yes the remuneration is as per Company’s policy



Annexure: 5

Form No. MGT-9EXTRACT OF ANNUAL RETURN

asonthefinancialyearendedon31stMarch,2019[[Pursuanttosection92(3)oftheCompaniesAct,2013andrule12(1)oftheCompanies

(ManagementandAdministration)Rules,2014]

i) CIN:-L45202UR1991PLC000604

ii) RegistrationDate:23-10-1991

iii) NameoftheCompany:WELLESLEY CORPORATION LIMITED

iv) Category/Sub-CategoryoftheCompany:PUBLIC LISTED COMPANY

v) AddressoftheRegisteredofficeandcontactdetails

Shop#1, Country Inn, Mehragaon, Bhimtal, Uttarakhand-248179

vi)WhetherlistedcompanyYes

vii)Name,AddressandContactdetailsofRegistrarandTransferAgent,ifany

M/s. Skyline Financial Services Private Limited

(Unit-WellesleyCorporationLimited)

D-153A,IstFloorOkhlaIndustrialArea,

Phase-I, New Delhi – 110 020

Tel: - +91 – 11 – 2681-2682, 2681-2683

Fax: - +91 – 11 – 3085 7562

Email: [email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated:-

Sl. No. Name and Description ofmain products / services

NIC Code of the Product/ service

% to total turnover of the company

1 RealEstateServices 9972 100

III. PARTICULARS OF HOLDING,SUBSIDIARY AND ASSOCIATE COMPANIES –NOT APPLICABLE.



IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)i) Category-wiseShareHolding

Category of Shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year

Change %

1 Demat Physical Total %of Total Shares

Demat Physical Total %of Total Shares

A. Promoters(1) Indiana)Individual/HUF 10000000 - 10000000 74.07 74.07 - 10000000 74.07 74.07b)CentralGovt - - - - - - - - -c)StateGovt(s) - - - - - - - - -d)BodiesCorp. - - 10000000 74.07 - - - - (74.07)e)Banks/FI - - - - - - - - -f)AnyOther…. - - - - - - - - -Sub-total (A) (1):- 10000000 0 10000000 74.07 10000000 NIL 10000000 74.07 NIL(2) Foreigna)NRIs-Individuals - - - - - - - - -b)Other–Individuals - - - - - - - - -c)BodiesCorp. - - - - - - - - -d)Banks/FI - - - - - - - - -e)AnyOther…. - - - - - - - - -Sub-total (A) (2):- NIL NIL NIL NIL NIL NIL NIL NIL NILTotal Shareholding of Promoter (A) = (A)(1)+(A)(2) 10000000 0 10000000 74.07 10000000 0 10000000 74.07 NILB. Public Shareholding1 Institutionsa)MutualFunds - - - - - - - - -b)Banks/FI - - - - - - - - -c)CentralGovt - - - - - - - - -d)StateGovt(s) - - - - - - - - -e)VentureCapitalFunds - - - - - - - - -f)InsuranceCompanies - - - - - - - - -g)FIIs - - - - - - - - -h)ForeignVentureCapitalFunds

- - - - - - - - -

i)Others(specify)Sub-total (B)(1):- - - - - - - - - -2. Non- Institutionsa)BodiesCorp.i)Indian 640790 1327200 1967990 14.58 640790 934500 1575290 11.66 (2.92%)ii)Overseas NIL NIL NIL NIL NIL NIL NIL NIL NILb)Individualsi)Individualhareholders holdingnominalshare capitaluptoRs.2lakh 67596 373700 441296 3.28 68643 372200 440843 3.28 (0.00)ii)Individualhareholders holdingnominalshare capitalinexcessofRs2lakh 757278 332700 1089978 8.07 757662 725400 1483062 10.99 2.92%c)Others(specify)1)HinduUndividedFamily 1136 0 1136 0.01 1205 0 1205 0.01 02)ClearingMembers 0 0 0 0 0 0 0 0 NILSub-total(B)(2):- 1466800 2033600 3500400 25.93 1468300 2032100 3500400 25.93 NILTotal Public Sharehold-ing (B)= (B)(1)+ (B)(2) 1466800 2033600 3500400 25.93 1468300 2032100 3500400 25.93 NILC.SharesheldbyCusto-dianforGDRs&ADRs

- - - - - - - - -

Grand Total (A+B+C) 1,14,54,000 20,46,400 1,35,00,400 25.93 1,14,66,800 20,33,600 1,35,00,400 25.93 NIL



(ii) Shareholding of Promoters

Sr. No.

Shareholder’s Name Shareholding at the beginning of the year

Share holding at the end of the year

No. of Shares

% of total Shares of the

company

%of Shares Pledged /

Encumberedto total shares

No. of Shares

% of total Shares of the

company

%of Shares Pledged /

Encumberedto total shares

%change in share hold-

ing during the

year1 SADHANARAI 10000000 74.07 NIL 10000000 74.07 NIL 74.07

Total 10000000 74.07 NIL 10000000 74.07 NIL NIL

iiii) Change in Promoters’ Shareholding (pleasespecify, if there is no change): No Change

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sl. No.


Cumulative Shareholding during the year

No. of shares % of totalshares of the

company


company1 M/s High Scale Properties Pvt Limited

Atthebeginningoftheyear 349900 2.59 349900 2.59Transactions(Purchase/Sale)duringtheyear NIL NIL 349900 2.59AttheEndoftheyear 349900 2.59 349900 2.59

Sl. No.




company


company2 M/s P. Saha InfoTech Pvt Limited


Sl. No.




company


company3 M/s Lokjeet Investments & Finance Pvt Ltd


Sl. No.




company


company4 M/s Prjapati Electricals & Electronics Pvt Ltd

Atthebeginningoftheyear 226900 1.68 226900 1.68Transactions(Purchase/Sale)duringtheyear30.03.2019(TransferofShares) (226900) (1.68) NIL NIL

AttheEndoftheyear NIL NIL NIL NIL



Sl. No.




company


company5 M/s Sagadh Engineering Pvt Limited


Sl. No.




company


company6 M/s Austere General Trades Pvt Limited


Sl. No.




company


company7 Mr. Harishankar Pal


Sl. No.




company


company8 M/s Intent Marketing Pvt Ltd

Atthebeginningoftheyear 165800 1.23 165800 1.23Transactions(Purchase/Sale)duringtheyear30.03.2019(TransferofShares) (165800) (1.23) NIL NIL

AttheEndoftheyear NIL NIL NIL NIL

Sl. No.




company


company9 Mrs. Meena Paul


Sl. No.




company


company10 Mr. Sardari Lal




Sl. No.




company


company11 Mr.Sanjay Kumar Yadav

Atthebeginningoftheyear NIL NIL NIL NILTransactions(Purchase/Sale)duringtheyear30.03.2019(TransferofShares) 226900 1.68 226900 1.68

AttheEndoftheyear 226900 1.68 226900 1.68

Sl. No.




company


company12 Mr. DurgaNand Yadav

Atthebeginningoftheyear NIL NIL NIL NILTransactions(Purchase/Sale)duringtheyear30.03.2019(TransferofShares)

165800 1.23 165800 1.23

AttheEndoftheyear 165800 1.23 165800 1.23(v) Shareholding of Directors and key Managerial Personnel:

Sl. No.

Director’s Name Shareholding at the beginning of the year



company


company1 Mr. Vishnu Gopal Rajgarhia

Atthebeginningoftheyear NIL NIL NIL NILTransactions(Purchase/Sale)duringtheyear NIL NIL NIL NILAttheEndoftheyear NIL NIL NIL NIL

Sl. No.




company


company2 Mr. Deepak Jalan


Sl. No.




company


company3 Mr. Piyush Prakash


Sl. No.




company


company4 Mrs. Sadhana Rai

Atthebeginningoftheyear 1,00,00,000 74.07 1,00,00,000 74.07Transactions(Purchase/Sale)duringtheyear NIL NIL NIL NILAttheEndoftheyear 1,00,00,000 74.07 1,00,00,000 74.07



Sl. No.




company


company5 Mr. Gyanendra Prakash


Sl. No.

CS and CFO Shareholding at the beginning of the year



company


company6 Mr. Sumeer Narain Mathur


V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for paymentSecured Loans

excluding depositsUnsecured Loans Deposits Total

IndebtednessIndebtedness at the beginning of the financial yeari)PrincipalAmount NIL NIL NIL NILii)Interestduebutnotpaid NIL NIL NIL NILiii)Interestaccruedbutnotdue NIL NIL NIL NILTotal (i+ii+iii) NIL NIL NIL NILChangeinIndebtednessduringthefinancialyear•Addition NIL NIL NIL NIL•Reduction NIL NIL NIL NILNetChange NIL NIL NIL NILIndebtednessattheendofthefinancialyeari)PrincipalAmount NIL NIL NIL NILii)Interestduebutnotpaid NIL NIL NIL NILiii)Interestaccruedbutnotdue NIL NIL NIL NILTotal (i+ii+iii) NIL NIL NIL NILVI. REMUNERATIONOFDIRECTORSANDKEYMANAGERIALPERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sl. No.

Particulars of Remuneration Name of MD /WTD / Manager

TotalAmount

Mr. Gyanandra Prakash1 Grosssalary

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

2,40,000NIL NIL

2,40,000NIL NIL

2. StockOption NIL NIL3. SweatEquity NIL NIL4. Commission

-as%ofprofit-others,specify…

5. Others,pleasespecify NIL NILTotal (A) 2,40,000 2,40,000 CeilingaspertheAct 30Lacs 30Lacs



B. Remuneration to other directors:

Sl. No.

Particulars of Remuneration Name of Directors TotalAmount

Mr. Vishnu Gopal

Rajgarhia

Mr. DeepakJalan

Mr.Piyush Prakash

Mrs.Sadhana Rai

1 IndependentDirectors•Feeforattendingboardcommitteemeetings•Commission•Others,pleasespecify

14000 NIL NIL

14000 NIL NIL

10000 NIL NIL

6000 NIL NIL

44000 NIL NIL

Total (1) 14000 14000 10000 6000 440002 OtherNon-ExecutiveDirectors

•Feeforattendingboardcommitteemeetings•Commission•Others,pleasespecify

NIL NIL NIL

NIL NIL NIL

NIL NIL NIL

NIL NIL NIL

NIL NIL NIL

Total (2) NIL NIL NIL NIL NILTotal (B)=(1+2) 14000 14000 10000 6000 44000Total Managerial Remuneration 2.84 LacsOverall Ceiling as per the Act 84 lacs

C. Remuneration to key managerial Personnel Other Than MD/Manager/WTD

Sl. No.

Particulars of Remuneration Key Managerial PersonnelCEO CS & CFO

Sumeer Narain Mathur

Total

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

NIL

NIL NIL

10,88,000

NIL NIL

10,88,000

NIL NIL

2 StockOption NIL NIL NIL3 SweatEquity NIL NIL NIL4 Commission

-as%ofprofit-others,specify…

NIL NIL NIL

5. Others,pleasespecify NIL NIL NILTotal NIL 10,88,000 10,88,000

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Companies Act

Brief Description ofPenalty

Details of Punish-ments /

Compounding Fees

Authority RD / NCLT / COURT

Appeal Made (If any )

A. COMPANYPenalty N.A N.A N.A N.A N.APunishment N.A N.A N.A N.A N.ACompounding N.A N.A N.A N.A N.AB. DIRECTORSPenalty N.A N.A N.A N.A N.APunishment N.A N.A N.A N.A N.ACompounding N.A N.A N.A N.A N.AC.OTHER OFFICERS IN DEFAULTPenalty N.A N.A N.A N.A N.APunishment N.A N.A N.A N.A N.ACompounding N.A N.A N.A N.A N.A



Annexure: 6

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188 (1) OF THE COMPANIES ACT, 2013

Form No. AOC – 2

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

Form for disclosure of particulars of contracts/ arrangements entered into by the company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms length transac-tions under thirdproviso thereto

1.Detailsofcontractsorarrangementsortransac-tionsnotatarm’slengthbasis

TheCompanyhasnotentered intoanycontractorarrange-ment or transaction with its related parties, which is not atarm’slengthduringtheyearendedonMarch31,2019

2.Details ofmaterial contracts or arrangement ortransactionsatarm’slengthbasis

TheCompanyhasnotentered intoanycontractorarrange-mentor transactionwith its relatedparties,which isatarm’slengthduringtheyearendedonMarch31,2019



INDEPENDENT AUDITOR’S REPORT

To

theMembersofWellesleyCorporationLtd

Report on the Audit of the Standalone Financial Statement

Opinion

WehaveauditedthestandalonefinancialstatementsofWellesleyCorporationLimited(“theCompany”),whichcomprisethebalancesheetasat31stMarch2019,andthestatementofProfitandLoss,statementofchangesinequityandstatementofcashflowsfortheyearthenended,andnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidstandalonefinancialstatementsgivethe informationrequiredbytheAct in themannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasatMarch31,2019,andprofit,changesinequityanditscashflowsfortheyearendedonthatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards onAuditing (SAs) specified under section 143(10) of theCompaniesAct,2013.Ourresponsibilitiesunder thoseStandardsare furtherdescribed in theAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionsoftheCompaniesAct,2013andtheRulesthereunder,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Key Audit Matters

Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters

Management’s Responsibility for the Standalone Financial Statements

TheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinsection134(5)oftheCompaniesAct,2013(“theAct”)withrespecttothepreparationofthesestandalonefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformance,(changesinequity)5andcashflowsoftheCompanyinaccordancewith6theaccountingprinciplesgenerally accepted in India, including theaccountingStandards specifiedunder section133of theAct.ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingoftheassetsoftheCompanyandforpreventinganddetectingfraudsandotherirregularities;selectionandapplication of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessof theaccounting records, relevant to thepreparationandpresentationof thefinancialstatementthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,managementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.

ThoseBoardofDirectorsarealsoresponsibleforoverseeingtheCompany’sfinancialreportingprocess.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,



individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

Report on Other Legal and Regulatory Requirements

1. AsrequiredbytheCompanies(Auditor’sReport)Order,2016(“theOrder”),asamended,issuedbytheCentralGovernment of India in terms of sub-section (11) of section 143 of theAct,we give in the “AnnexureA” astatementonthemattersspecifiedinparagraphs3and4oftheOrder.

2. Asrequiredbysection143(3)oftheAct,wereportthat:

a) wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposeofouraudit;

b) inouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks;

c) theBalanceSheet,theStatementofProfitandLossandtheCashFlowStatementandthestatementofchangesinequitydealtwithbythisReportareinagreementwiththebooksofaccount

d) Inouropinion,theaforesaidStandaloneFinancialStatementscomplywiththeAccountingStandardsprescribedundersection133oftheAct,readwithRule7oftheCompanies(Accounts),Rules,2014.

e) OnthebasisofwrittenrepresentationsreceivedfromthedirectorsasonMarch31,2019takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedasonMarch31,2019frombeingappointedasadirectorintermsofSection164(2)oftheAct.

f) WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheCompanyandtheoperatingeffectivenessofsuchcontrols,refertoourseparateReportin“AnnexureB”.

g) With respect to the othermatters to be included in theAuditor’sReport in accordancewithRule 11 of theCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous:

a. TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositioninitsfinancial statements(ReferNoteno:28oftheFinancialStatements)

b. TheCompanydidnothaveanylong-termcontractsincludingderivativecontracts.

c. TherewerenoamountswhichwererequiredtobetransferredtotheInvestorEducationandProtection FundbytheCompany.

TherewerenoamountswhichwererequiredtobetransferredtotheInvestorEducationandProtectionFundbytheCompany.


Sakshi AroraDate :29thMay,2019 PartnerPlace :NewDelhi MNo.F528300



Annexure A”

to the Independent Auditors’ Report

Referredtoinparagraph1of“ReportonotherLegalandRegulatoryRequirements”oftheIndependentAuditorsReportofevendatetothemembersofWellesleyCorporationLtd,onthefinancialstatementsasofandfortheyearendedMarch31,2019:

i. (a) TheCompanydoesnothaveanyFixedAssetssuchasProperties,PlantsandEquipment’sduringtheyear.Accordingly,theprovisionsofclause3(i)oftheOrderarenotapplicabletotheCompany

ii. The company does not have any inventory.Accordingly, the provisions of clause 3(ii) are not applicable to theCompany.

iii. TheCompanyhasnotgrantedanyloans,securedorunsecuredtocompanies,firms,LimitedLiabilitypartnershipsorotherpartiescoveredintheRegistermaintainedundersection189oftheAct.Accordingly,theprovisionsofclause3(iii)oftheOrderarenotapplicabletotheCompany.ii. The company does not have any inventory and henceclausesofinventoriesarenotapplicable.

iv. Inouropinionandaccordingtotheinformationandexplanationsgiventous,thecompanyhasnotgrantedanyloans,investments,guaranteesandsecuritiesinrespectofwhichprovisionofsection185andI86oftheCompaniesAct,2013areapplicableandhencenotcommentedupon.

v. TheCompanyhasnotacceptedanydepositsfromthepublicandhencethedirectivesissuedbytheReserveBankofIndiaandtheprovisionsofSections73,74,75&76oftheActandtheCompanies(AcceptanceofDeposit)Rules,2015withregardtothedepositsacceptedfromthepublicarenotapplicable.

vi. ThecompanyisnotrequiredtomaintaincostrecordsasspecifiedbytheCentralGovernmentundersub-section(1)ofsection148oftheCompaniesAct,2013.

vii. a) AccordingtoinformationandexplanationsgiventousandtherecordsoftheCompanyexaminedbyus,inouropinion,company is generally regular in depositing undisputed statutory dues in respect of Provident Fund,Employee’sStateInsurance,ServiceTax,cessandIncomeTax,andanyotherStatutorydues,asapplicable,withtheappropriateauthorities.Nosuchstatutorydueswereoutstandingattheyearend,foraperiodofmorethansixmonthsfromthedatetheybecomepayable.

(b) Accordingtotheinformationandexplanationgiventous,therearenoduesofincometax,salestax,servicetax,dutyofcustoms,dutyofexcise,valueaddedtaxoutstandingonaccountofanydispute.

viii. Inouropinionandaccordingtotheinformationandexplanationsgivenbythemanagement,theCompanydidnothaveanyloansorborrowingsfromFinancialInstitutions,Banks,debenturesduringtheyear,accordinglyprovisionsofclause3(viii)oftheorderarenotapplicabletothecompany.

ix. Accordingtotherecordsofthecompanyexaminedbyusandtheinformationandexplanationsgiventous,duringtheyearnomoneywereraisedbywayofinitialpublicofferorfurtherpublicoffer(includingdebtinstruments)orbywayoftermloans.

x. Accordingtotheauditproceduresperformedandtheinformationandexplanationsgiventousbymanagement,nofraudnoticedbytheCompany,oranyfraudonthecompanybyitsofficers,oremployeesduringtheyear.

xi. Accordingtotherecordsofthecompanyexaminedbyusandtheinformationandexplanationsgiventous,managerialremunerationpaidduring theyear is inaccordancewith theprovisionsofsection197 readwithschedule5to theCompaniesAct,2013.

xii. Inouropinion,theCompanyisnotaNidhiCompany.Therefore,theprovisionsofclause3(xii)oftheOrderarenotapplicabletotheCompany.

xiii. Accordingtotheinformationandexplanationsgiventousbymanagement,alltransactionswiththerelatedpartiesareincompliancewithsection177and188ofCompaniesAct,2013whereapplicableandthedetailshavebeendisclosedintheFinancialStatementsetc.,asrequiredbytheapplicableaccountingstandards



xiv. Accordingtotheinformationandexplanationsgiventousbymanagement,thecompanyhasnotmadeanypreferentialallotment or private placement of shares or fully or partly convertible debentures during the year under review.Accordingly,theprovisionsofclause3(xiv)oftheOrderarenotapplicabletotheCompany.

xv. Accordingtotheauditproceduresperformedandtheinformationandexplanationsgiventousbymanagement,thecompanyhasnotenteredintoanynon-cashtransactionswithdirectorsorpersonsconnectedwithhim.Accordingly,theprovisionsofclause3(xv)oftheOrderarenotapplicabletotheCompany.

xvi. TheCompanyisnotrequiredtoberegisteredundersection45-IAoftheReserveBankofIndiaAct,1934


Sakshi AroraDate :29May2019 PartnerPlace : NewDelhi MNo.F528300



“Annexure B” to the Independent Auditor’s Report of even date on the Financial Statements of Wellesley Corporation LtdReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

i. WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofWellesleyCorporationLtd(“theCompany”)asofMarch31,2019inconjunctionwithourauditofthefinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

ii. TheCompany’smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedon“theinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNoteonAuditofInternalFinancialControlsoverFinancialReportingissuedby the InstituteofCharteredAccountantsof India”.These responsibilities include thedesign, implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.

Auditors’ Responsibility

iii. OurresponsibilityistoexpressanopinionontheCompany’sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReporting(the“GuidanceNote”)andtheStandardsonAuditing, issuedbyICAIanddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols, both applicable to an audit of Internal FinancialControls and, both issued by the Institute ofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

iv. Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

v. Webelievethat theauditevidencewehaveobtained issufficientandappropriate toprovideabasis forourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.

Meaning of Internal Financial Controls over Financial Reporting

vi. Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregarding the reliability of financial reporting and the preparation of financial statements for external purposes inaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalfinancialcontroloverfinancialreportingincludes those policies and procedures that (1) pertain to themaintenance of records that, in reasonable detail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;(2)providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonly inaccordancewithauthorizationsofmanagementanddirectorsof thecompany;and (3)provide reasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

vii. Becauseof the inherent limitationsof internalfinancialcontrolsoverfinancial reporting, including thepossibilityofcollusionorimpropermanagementoverrideofcontrols,materialmisstatementsduetoerrororfraudmayoccurandnotbedetected.Also,projectionsofanyevaluationoftheinternalfinancialcontrolsoverfinancialreportingtofuture



periods are subject to the risk that the internal financial control over financial reportingmay become inadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

viii. Inouropinion,theCompanyhas,inallmaterialrespects,anadequateinternalfinancialcontrolssystemoverfinancialreportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasatMarch31,2018,basedon“theinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsof internalcontrolstated in theGuidanceNoteonAuditof InternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia”.


Sakshi AroraDate :29thMay2019 PartnerPlace :NewDelhi MNo.F528300



Balance Sheet as at March 31, 2019

(AllamountsinIndianRupees)Particulars Note No Figures as at the end

of the current reporting period 31st March,

2019

Figures as at the end of the previous

reporting period 31st March, 2018

I. ASSETS(1) Non Current Assets

(a)OtherIntangibleassets 2 143,000 143,000(b)Deferredtaxassets(Net) 3 834,391 782,910(c)Othernon-currentassets 4 9,429,954 10,199,626

(2) Current Assets(a)FinancialAssetsi)Tradereceivables 5 1,961,969 3,310,729ii)Cashandcashequivalents 6 1,421,222 139,455iii)BankBalancesotherthan(ii)above 7 184,735 237,452(b)Othercurrentassets 8 11,250 13,061

Total Assets 13,986,521 14,826.233II. EQUITY AND LIABILITIES

EQUITY (a)EquityShareCapital 9 135,004,000 135,004,000(b)OtherEquity 10 (121,396,181) (120,627,992)

LIABILITIES(1) Non Current Liabilities

(a)Provisions 11 231,777 133,800

(2) Current Liabilities(a)Othercurrentliabilities 12 134,491 298,760(b)Provisions 13 12,434 10,184(c)CurrentTaxLiabilities(Net) 14 - 7,481

Total Equity and Liabilities 13,986,521 14,826,233

Seeaccompanyingnotestothefinancialstatements 1 Asperourreportofevendateattached ForandonbehalfoftheBoardofDirectorsFOR M.K JAIN & CO. CHARTEREDACCOUNTANTS Director :SadhanaRai(FirmRegnNo009694N) Din :01585720

Director :VishnuGopalRajgarhia Din :00480125

Managing Director:GyanendraPrakash Din :01444823 SAKSHI ARORA Company:PARTNER Secretary & M NO:F-528300 Chief Financial Officer :SumeerNarainMathur Place: NewDelhi Membership no : FCS-9042 Date:29thMay,2019



Statement of Profit and Loss for the period ended March 31, 2019(AllamountsinIndianRupees)

Particulars Note No

Figures for the current reporting

period March 31, 2019

Figures for the previous

reporting period March 31, 2018

I. Revenue from operations 15 2,966,700 2,276,296II Other Income 16 78,368 33,938III Total Income(I + II) 3,045,068 2,310,234 IV EXPENSES

Employeebenefitsexpense 17 1,382,903 1,262,534Otherexpenses 18 2,427,001 990,178

Total expenses (IV) 3,809,904 2,252,712 V Profit/(loss)beforeExceptionalitemsandtax(I-IV) (764,836) 57,522 VI ExceptionalItems - - VII Profitbeforetax(V-VI) (764,836) 57,522VIII Taxexpense:

(1)Currenttax - 7,481(2)Deferredtax (51,481) 10,109

IX Profit(Loss)fortheperiod(VII-VIII) (713,355) 39,932 X OtherComprehensiveIncome

(ItemsthatwillnotbereclassifiedtoProfitorLoss) 19 (54,834) (18,263)XI TotalComprehensiveIncomefortheperiod(IX+X)

(ComprisingProfit(Loss)andotherComprehensiveIncomefortheperiod)

(768,189) 21,669

XII Earningsperequityshare(1)Basic (0.06) 0.00(2)Diluted (0.06) 0.00






Statement of Cash Flows for the period ended on March 31, 2019(AllamountsinIndianRupees)

Particulars Figures as at the end of the current reporting period 31st March,2019


reporting period 31st March,2018

A. CASH FLOW FROM OPERATING ACTIVITIES BEFORE INTEREST

Profit before taxation (819,670) 39,259 Adjustment for :Depreciationandamortisation - Interestincome (78,368) (33,938)Operating cash flow before working Capital changes (898,038) 5,321 Decrease/(Increase)inTradeReceivables 1,348,760 (835,334)Decrease/(Increase)inOtherCurrentassets 1,811 (1,464)Decrease/(Increase)inOtherNonCurrentAssets 769,672 (369,998)Increase/(Decrease)inProvisions 97,977 34,629Increase/(Decrease)inCurrentLiabilities (169,501) 163,642Increase/(Decrease)inOtherLongTermLiabilities - - AdjustmentforconversionofNonCashequivalentitemsintoCashandCashEquivalents

63,065 -

Cash genrated from operation 1,213,746 (1,003,204)Incometaxespaid,net - (7,481)NET CASH FROM OPERATING ACTIVITIES(A) 1,213,746 (1,010,685)

B CASH FROM INVESTING ACTIVITIES Interestreceived 78,368 33,938Less:BeingnotrelatedtoCashandCashEquivalentitems. (10,347) (15,299)NET CASH FROM INVESTING ACTIVITIES(B) 68,021 18,639

C. CASH FLOW FROM FINANCING ACTIVITIES - -NET CASH USED IN FINANCING ACTIVITIES ( C ) - -NetInc/(Dec)inCashandCashEquivalents(A+B+C) 1,281,767 (992,046)Cash & Cash Equivalents as at the beginning of the year 139,455 1,131,501 Cash & Cash Equivalents as at the end of the year 1,421,222 139,455






STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED ON 31ST MARCH,2019 (AllamountsinIndianRupees)A Equity Share Capital

Balance at the beginning of the reporting period

Changes in equity share capital during the year

Balance at the end of the reporting period

135004000 NIL 135004000

B Other Equity Share Appli-cation money

pending allot-ments

Equity Compo-nent of com-

pound financial instru-ments

Reserve & Surplus Debt Instruments

through other

compre-hensive income

Equity Instruments

through other com-prehensive

income

Effective portion of cash

flow hedges

Reval-utions

surplus

Ex-change differ-ences

on translat-ing the

financial state-

ments of a foreign operation

Other items of

other compre-hensive income (specify nature)

Money received against share

warrant

TotalCapital

ReserveSecu-rities

Premi-um Ac-count

Other reserves (specify nature)

Retained Earnings

Balance at the beginning of the reporting period

- - - - - (120,627,992)

- - - - - - (120,627,992)

Changes in accounting policy or perior period errors

- - - - - - - - - - - - -

Restated balance at the beginning of the reporting period

- - - - - - - - - - - - -

Total comprehensive income for the year

- - - - - (768,189) - - - - - - (768,189)

Dividends - - - - - - - - - - - - -Transfer to retained earnings

- - - - - - - - - - - - -

Any other change (to be specified)

- - - - - - - - - - - - -

Balance at the end of the reporting period

- - - - - (121,396,181)

- - - - - - (121,396,181)






Notes to the Financial Statements for the period ended 31st March,2019

Note No. 1

(A) CORPORATE INFORMATION

TheCompanywasincorporatedonOctober23,1991,undertheprovisionsoftheCompaniesAct,1956.ThecompanyRegisteredOfficeis locatedatBhimtal,DistNanital(Uttarakhand).TheCompanyhasbeenprimarilyengagedinthebusinessofRealEstateServices.ThecompanyhasalsoadoptedHotelBusinessasitsmainbusinessinadditiontoitsexistingbusinessofRealEstateServicesw.e.f31stMay,2018,howeverthecompanyhasnotcarriedoutanyactivityofHotelBusinessduringtheyear.

(B) SIGNIFICANT ACCOUNTING POLICIES

I. Basis of preparation

ThefinancialstatementshavebeenpreparedinaccordancewiththeIndianAccountingStandards(hereinafterreferredtoastheIndAS)asnotifiedbyMinistryofCorporateAffairspursuanttoSection133oftheCompaniesAct,2013readwithRule3oftheCompanies(IndianAccountingStandards)rulesandCompanies(IndianAccountingStandards)asamended.

ThefinancialstatementsarepresentedinIndianRupeeandallvaluesareroundedtothenearestthousands.

II. Basis of Measurement

Thefinancialstatementshavebeenpreparedonthehistoricalcostbasisunlessotherwiseindicated.Historicalcostisgenerallybasedonthefairvalueoftheconsiderationgiveninexchangeforgoodsandservices.Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.

III. Revenue Recongnisation

RevenueisrecognizedtotheextentthatitisprobablethateconomicbenefitwillflowtotheCompanyandthattherevenuecanbereliablymeasured.RevenueismeasuredatthefairvalueoftheconsiderationreceivedorreceivabletakingintoaccountcontractuallydefinedtermsofpaymentsandexcludingtaxesanddutiescollectedonbehalfoftheGovernment.Revenueisreducedforestimatedcustomerreturns,rebatesandothersimilarallowances.

A) Revenue in case of Sale of Services

Revenueincaseofpropertymaintenanceservicesshallberecognizedwhentheamountofrevenuecanbemeasured, it isprobable thateconomicbenefitswillflowto theentity,stageofcompletioncanbemeasuredreliably,thecostincurredandthecoststocompletethetransactioncanbemeasuredreliably.

B) Revenue in case of Sale of Good

Revenueincaseofsaleofgoodsshallberecognizedwhentherisksandrewardsofownershipofthegoodshasbeentransferred,theamountofrevenuecanbemeasuredreliably,itisprobablethateconomicbenefitswillflowtotheentity,,thecostincurredandthecoststocompletethetransactioncanbemeasuredreliably.

C) Interest income on bank deposits is recognized on accrual basis on a time proportion basis.

IV. Employee benefits

a. Defined contribution plan

TheCompany’scontributiontoprovidentfundisconsideredasdefinedcontributionplansandarechargedasanexpensebasedontheamountofcontributionrequiredtobemadeandwhenservicesarerenderedbytheemployees.

b. Defined benefit plan

For defined benefit plan in the form of gratuity, the cost of providing benefits is determined using theprojectedunit creditmethod,withactuarial valuationsbeingcarriedoutat theendofeachannual reportingperiod. Remeasurement, comprising actuarial gains and losses, is reflected immediately in the balancesheetwitha chargeor credit recognised inother comprehensive income in theperiod inwhich theyoccur.Remeasurementrecognised inothercomprehensive incomeisnotreclassifiedtoprofitor loss insubsequentperiods.Past servicecost is recognised inprofitor loss in theperiodofaplanamendment.Net interest iscalculatedbyapplyingthediscountrateatthebeginningoftheperiodtothenetdefinedbenefitliabilityorasset.Definedbenefitcostsarecategorizedasfollows:

• servicecostcomprisingcurrentservicecosts,pastservicecosts



• netinterestexpenseorincome;and

• remeasurement

c. Short-term and other long-term employee benefits

Liabilitiesrecognisedinrespectofshort-termemployeebenefitsinrespectofwagesandsalariesleavesetc.aremeasuredattheundiscountedamountofthebenefitsexpectedtobepaidinexchangefortherelatedservice.Accumulatedleavesexpectedtobecarriedforwardbeyondtwelvemonths,aretreatedaslong-termemployeebenefits.Liabilityforsuchlongtermbenefitisprovidedbasedontheactuarialvaluationusingtheprojectedunitcreditmethodatyear-end.

V. Taxation

Incometaxexpensefortheyearcomprisesofcurrenttaxanddeferredtax.

Current tax

CurrenttaxistheexpectedtaxpayableonthetaxableincomefortheyearcalculatedinaccordancewiththeIncomeTaxActandanyadjustmenttotaxesinrespectofpreviousyears.

Deferred tax

Deferred tax is recognisedon temporarydifferencesbetween thecarryingamountsofassetsand liabilities in thefinancial statements and the corresponding amounts used in the computation of taxable income. Deferred taxliabilitiesarerecognisedforall taxable temporarydifferences.Deferredtaxassetsaregenerallyrecognisedforalldeductibletemporarydifferences,thecarryforwardofunusedtaxlossesandunusedtaxcredits.Deferredtaxassetsarerecognisedtotheextentthat it isprobablethattaxableprofitswillbeavailableagainstwhichthosedeductibletemporarydifferencescanbeutilised.Thecarryingamountofdeferred taxassets is reviewedat theendofeachreportingperiodandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailabletoallowallorpartoftheassettoberecovered.Deferredtaxliabilitiesandassetsaremeasuredatthetaxratesthatareexpectedtoapplyintheperiodinwhichtheliabilityissettledortheassetrealised,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheendofthereportingperiod.

Current and deferred tax for the year

Currentanddeferred taxare recognised inprofitor loss,exceptwhen they relate to items thatare recognised inothercomprehensiveincomeordirectlyinequity,inwhichcase,thecurrentanddeferredtaxarealsorecognisedinothercomprehensiveincomeordirectlyinequityrespectively.

Minimum Alternate Tax (MAT)

MinimumAlternateTax (MAT) is payablewhen the taxable profit is lower than the book profit.Taxes paid underMATareavailableasasetoffagainstregularincometaxpayableinsubsequentyears.MATpaidinayearischargedtotheStatementofProfitandLossascurrenttax.TheCompanyrecognisesMATcreditavailableasanassetonlytotheextentthatthereisconvincingevidencethattheCompanywillpaynormalincometaxduringthespecifiedperiodi.etheperiodforwhichMATcreditisallowedtobecarriedforward.MATcreditisrecognisedasanassetandisshownas‘MATCreditEntitlement’.TheCompanyreviewsthe‘MATCreditEntitlement’assetateachreportingdateandwritedowntheassettotheextenttheCompanydoesnothaveconvincingevidencethatitwillpaynormaltaxduringthespecifiedperiod.

VI. Intangible Assets

Intangibleassetsaremeasuredatcostandbe recognizedwhen theprobableexpected futureeconomicbenefitsattributabletotheassetswillflowtotheentityandthecostoftheassetscanbemeasuredreliably.

VII. Property Plant & Equipment

Thecostofanitemofproperty,plantandequipmentshallberecognizedasanassetifandonlyifItisprobablethatfutureeconomicbenefitsassociatedwiththeitemswillflowtotheentityandthecostoftheitemcanbemeasuredreliably

Depreciation thereonshallbechargedbasedontheuseful lifeonanassetasper theuseful lifeof theassets itsresidualvalue.

VIII. Provisions

Aprovisionisrecognizedwhenacompanyhasapresentobligationasaresultofpastevent;itisprobablethatanoutflowof resourceswillberequired tosettle theobligation, in respectofwhichareliableestimatecanbemade.Provisionsarenotdiscountedtoitspresentvalueandaredeterminedonbestestimatebasisrequiredtosettletheobligationattheendofthereportingperiod.Thesearereviewedateachreportingperiodandadjustedtoreflectthe



currentbestestimates.Contingentliabilitiesarenotrecognizedbutaredisclosedunlessthepossibilityofanoutflowofresourcesembodyingeconomicbenefitsisremote.Contingentassetsnotrecognizedbutaredisclosedwhereaninfowofeconomicbenefitisprobable.

IX. Segment Reporting

InlinewiththeprovisionsofIndAS108-operatingsegmentsandonthebasisthereviewofoperationsbeingdonebytheBoardandthemanagement,theoperationsofthecompanyfallunderrealestatebusiness,whichisconsideredtobetheonlyreportablesegment.Thecompanyderivesitsmajorrevenuesfromrealestateservices.TheCompanyisoperatinginIndiawhichisconsideredasasinglegeographicalsegment.

X. Earning Per Share

Basicearningspersharearecalculatedbydividingthenetprofitorlossfortheperiodattributabletoequityshareholders(afterdeductingattributabletaxes)bytheweightedaveragenumberofequitysharesoutstandingduringtheperiod.Sincethereisnopotential;dilutiveequityshareshencethereisnoimpactonbasicEPSwhilecalculatingdilutiveEPS.

XI. Current and Non Current Classification

AlltheassetsandliabilitieshavebeenclassifiedascurrentornoncurrentaspertheCompany’snormaloperatingcycleandothercriteriasetoutintheRevisedScheduleIIItotheCompaniesAct,2013

Assets

Anassetisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

a) itisexpectedtoberealisedin,orisintendedforsaleorconsumptionin,theCompany’snormaloperatingcycle;

b) itisheldprimarilyforthepurposeofbeingtraded;

c) itisexpectedtoberealisedwithin12monthsafterthereportingdate;or

d) itiscashorcashequivalentunlessitisrestrictedfrombeingexchangedorusedtosettlealiabilityforatleast12monthsafterthereportingdate.

Liabilities

Aliabilityisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

a) itisexpectedtobesettledintheCompany’snormaloperatingcycle;

b) itisheldprimarilyforthepurposeofbeingtraded;

c) itisduetobesettledwithin12monthsafterthereportingdate;or

d) theCompanydoesnothaveanunconditionalrighttodefersettlementoftheliabilityforatleast12monthsafterthereportingdate.Termsofaliabilitythatcould,attheoptionofthecounterparty,resultinitssettlementbytheissueofequityinstrumentsdonotaffectitsclassification.

XII. Cash Flow Statement

Thecashflowsfromoperating,investingandfinancingactivitiesoftheCompanyaresegregatedbasedontheavailableinformation.Cashflowsfromoperatingactivitiesarereportedusingtheindirectmethod,wherebyprofit/(loss)beforeextraordinaryitemsandtaxisadjustedfortheeffectsoftransactionsofnon-cashnatureandanydeferralsoraccrualsofpastorfuturecashreceiptsorpayments.

XIII. Impairment

Thecarryingamountsare reviewedateachbalancesheetdate if there isany indicationof impairmentbasedoninternal/external factors.An impairment loss is recognizedwherever thecarryingamountofanassetexceeds itsrecoverableamount.Therecoverableamountisgreateroftheasset’snetsellingpriceandvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueattheweightedaveragecostofcapital.

XIV. Inventory

Inventories are stated at cost or net realizable value, whichever is lower. Net realisable value (NRV) is theestimatedsellingpriceintheordinarycourseofthebusiness,lesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.Costofinventoriescomprisesallcostofpurchase,costofconversionandothercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.Thecostofallcategoriesofinventoryisdeterminedusingweightedaveragecostmethod.Thecostisarrivedatfirstinfirstoutbasis(FIFO).



Notes forming part of Financial Statements for the period ended on March 31, 2018NOTE NO. 2

OTHER INTANGIBLE ASSETS

PARTICULARS Figures as at the end of the current reporting

period 31st March, 2019



Brands or Trademarks 143,000 143,000TOTAL 143,000 143,000

2.1 ExpensesofRs1,43,000/-incurred for registering trademark “BioNaturals” for itshealth food&beautyproductsbusinessisshowasintangibleassetsatcost.

NOTE - 3

DEFERRED TAX ASSETS (NET)

PARTICULARS Figures as at the end of the previous


Movement During the year (net)

Figures as at the end of the current


Deferred Tax Asset 782,910 51,481 834,391(Broughtforwardlosses&Unabsorbeddepreciation)Net Deferred Tax Asset/(Liability) 782,910 51,481 834,391

NOTE - 4OTHER NON CURRENT ASSETS

PARTICULARS Figures as at the end of the current reporting




i) Advances other than capital advancesa)SecurityDeposits(Note4.1) 4,375,000 4,375,000b)Otheradvances(Note4.2) 4,188,608 4,688,608ii) Prepaid taxes 866,346 1,136,018

9,429,954 10,199,626UnsecuredconsidereddoubtfulOtherLoansandAdvances 839,214 839,214

839,214 839,214Less:-Provisionfordoubtfuladvance 839,214 839,214TOTAL 9,429,954 10,199,626

4.1 - Security Deposits

UnsecuredConsideredGood-LitigationpendingbeforecourtsMsP.Jayamma&Ors-AirportRoadProject,Banglore 3,000,000 3,000,000Mr.AnilParashar-UshaNiketan,Jaipur 1,200,000 1,200,000TOTAL 4,200,000 4,200,000



4.2- Other Advances

UnsecuredConsideredGood-LitigationpendingbeforecourtsProjectCost&LegalExpenses-AirportRoadProject,Bangalore 1,765,678 1,765,678LitigationExpenses&StampFees-CIDCO,Mumbai 272,430 272,430L.GElectronicsPvtLtd-MCIE,Badarpur,Delhi 450,000 450,000Mr.R.LBaisawal&Sons(HUF),C-Scheme,Jaipur 1,700,000 1,700,000I.EContractor,Delhi - 500,000TOTAL 4,188,108 4,688,108

Notes forming part of Financial Statements for the period ended on March 31, 2019NOTE NO. 5TRADE RECEIVABLES

Particulars Figures as at the end of the current reporting




Unsecured,consideredgood(Note5.1) 1,961,969 3,310,729Doubtful(Note5.2) 425,426 -Less:ProvisonforDoubtfuldebts 425,426 -TOTAL 1,961,969 3,310,729

Note 5.1 Rs19,61,969/-recoverablefromNSEL(NationalSpotExchangeLimited)isunderlitigationpendingbeforecourts,howevermangementisoftheviewthatrecoveryoftheamountiscertain. Note 5.2 Rs4,25,426/-recoverablefromMrRakeshSharmaisdoubtful,despitehavingcourtdecree,beingnottracable NOTE NO. 6CASH AND CASH EQUIVALENTSParticulars Figures as

at the end of the current reporting




a)BalancewithBanksInCurrentAccounts 370,646 134,470Intermdepositaccounts(Maturitylessthan3months) 1,043,935 -InterestAccruedonBankFDRs 4.233 -b)CashonHand 2,408 4,985TOTAL 1,421,222 139,455



NOTE NO. 7

OTHER BANK BALANCES





Incurrentaccount(Note7.1) - 63,065Intermdepositaccount(Maturitymorethan3months)(Note7.2) 100,000 100,000InterestAccruedonBankFDRs 84,735 74,387TOTAL 184,735 237,452

Note 7.1 Thefollowingbankaccountwereseizedbystatutoryauthoritiesaround15yearsbackandcompanyisunabletogetanybalanceconfirmation.BalancesasperbooksofaccountsarenowbeingwrittenoffaseffectivebankbalanceswouldhavebecomeNILduetobankcharges

Name of Bank and Branch Account Number Amount Amount

CanaraBank,SaritaViharBranch,NewDelhi 75 43,879 43,879

CorporationBank,Bhopal 000909 5,901 5,901

CorporationBank,VasantVihar,Delhi 000156 9,215 9,215

ICICIBankB.M 004605001097 2,333 2,333

SyndicateBank,Mumbai 50001010007890 1,737 1,737

TOTAL 63,065 63,065 Note 7.2 TermdepositofRs1,00,000/-hasbeengivenassecurityagainstthebankguranteesubmittedtoDepartment

ofTradeandTaxesDelhi.The tenure of theBankGuaranteehasalreadybeenexpiredhowever theBankGuaranteeisyettobereleasedbytheDepartmentofTradeandTaxes,Delhi

NOTE NO. 8

OTHER CURRENT ASSETS





PrepaidExpenses 11,250 13,061

Total 11,250 13,061



NOTE NO. 9

EQUITY SHARE CAPITAL





Authorised

1,50,00,000(Previousyear1,50,00,000)EquityshareofRs10/-each 150,000,000 150,000,000

Issued

1,35,00,400(Previousyear1,35,00,400)EquitysharesofRs10/-each 135,004,000 135,004,000

Subscribed & fully paid up

1,35,00,400(Previousyear1,35,00,400)EquitysharesofRs10/-each 135,004,000 135,004,000

TOTAL 135,004,000 135,004,000

9.1 Details of reconciliation of equity shares outstanding at the beginning and at the end of the year.

Particulars As at March 31, 2019 As at March 31, 2018No. of shares Rupees No. of shares Rupees

Number of shares outstanding at thebeginningoftheyear

13,500,400 135,004,000 13,500,400 135,004,000

Add:Changesduringtheyear - - - - Number of shares outstanding at theendoftheyear

13,500,400 135,004,000 13,500,400 135,004,000

9.2 The details of Shareholders holding more than 5% equity shares in the company.

Particulars As at March 31, 2019 As at March 31, 2018No of Shares % No of Shares %

MrsSadhanaRai 10,000,000 74.07 - 74.07

9.3 Thecompanyhasnot reservedanyequityshares for issueunderoptions andcontracts/commitments forsaleofshares/disinvestment

9.4 ThecompanyfortheperiodoffiveyearsimmediatelyprecedingtheBalanceSheetdatehasnot

(i)allottedanyequitysharesasfullypaiduppursuanttocontract(s)withoutpaymentbeingreceivedincash

(ii)allotedanyfullypaidupsharesbywayofbonussharesnorhasboughtbackanyclassofequityshares

9.5 ThecompanyhasonlyoneclassofequityshareshavingaparvalueofRs.10/-pershare.Eachholderofequitysharesisentitledtoonevotepershare.Thedividend,ifany,proposedbytheBoardofDirectorsissubjecttotheapprovaloftheshareholders,intheensuingAnnualGeneralMeeting.Intheeventofliquidation,theequityshareholdersareentitledtoreceiveonlytheresidualassetsofthecompany.Thedistributionofdividend,ifany,isintheproportiontothenumberofequitysharesheldbytheshareholders.



NOTE NO. 10

OTHER EQUITY





Other Reserves RetainedEarnings (121,396,181) (120,627,992)TOTAL (121,396,181) (120,627,992)

NOTE NO. 11PROVISIONS





Provisionforemployeebenefits-Gratuity(Unfunded) 172,221 91,808

-Leave(Unfunded) 59,556 41,992TOTAL 231,777 133,800

11.1ThefollowingtablesetsoutthedisclosureinrespectofdefinedbenefitplansforEmployeebenefitsasrequiredunderIndAS19.

PARTICULARS Gratuity Leave EncashmentReconciliation of opening and closing balances of the presentvalue of the defined benefit obligation :Obligationsasat01.04.2018 98,658 45,326Servicecost 20,373 2,783InterestCost 7,492 3,442BenefitsPaid - 20,000Acturial(Gain)/Loss 54,834 31,403Obligations as at 31.03.2019 181,357 62,954 Reconciliation of present value of the obligation and the fairvalue of the plan assets :FairValueofplanassetsasat31.03.2019 - - Presentvalueofthedefinedbenefitobligationsasat31.03.2019 181,357 62,954(Asset)/Liability recognised in the balance sheet 181,357 62,954 ShortTermProvision 9,036 3,398LongTermProvision 172,221 59,556Total 181,257 62,954 AssumptionsAttritionrate 5% 5%Discountfactor 7.70% 7.70%Estimatedrateofreturnonplanassets N.A N.ASalaryIncrease 8% 8%Retirementage 60 60



NOTE - 12

OTHER CURRENT LIABILITIES





a) Other Advances DuetoStatutoryAuthorities 8,930 153,014b) Others AccruedExpenses 125,561 145,746TOTAL 134,491 298,760

NOTE NO. 13

PROVISIONS





Provisionforemployeebenefits-Gratuity(Unfunded) 9,036 6,850-Leave(Unfunded) 3,398 3,334TOTAL 12,434 10,184

NOTE 13.1 - Refer Note 11.1

NOTE NO. 14

CURRENT TAX LIABILITIES(NET)





ProvisionforIncomeTax - 7,481TOTAL - 7,481

NOTE NO. 15

REVENUE FROM OPERATIONS

Particulars Figures for the current reporting



reporting period

March 31, 2018 SaleofServices 2,966,700 2,267,500OtherOperatingRevenue - 8,796TOTAL 2,966,700 2,276,296



NOTE NO. 16

OTHER INCOME




reporting period

March 31, 2018

InterestIncome 78,368 33,938

TOTAL 78,368 33,938

NOTE NO. 17

EMPLOYEE BENEFITS EXPENSE




reporting period

March 31, 2018

Salariesandwages 1,303,553 1,186,437

ContributiontoProvidentandotherfunds 76,836 73,900

Staffwelfareexpenses 2,514 2,197

TOTAL 1,382,903 1,262,534

NOTE NO. 18

OTHER EXPENSES




reporting period

March 31, 2018Legal&ProfessionalExp 719,492 372,257

PaymentstoAuditor-AuditFees&Expenses 30,484 26,000

TravellingandConveyanceExpenses 6,363 1,628

FeetoStockExchanges 250,000 287,500

DepositoryFee(NSDL&CDSL) 69,086 143,000

StatutoryPublicationExpenses 63,120 52,548

Printing&Stationery 92,329 14,250

DirectorsSittingFees 44,000 31,200

Postage&Couriers 131,015 19,693

Rent 15,000 15,000

MiscExpenses 17,621 27,102

ProvisonforDoutfulDebts 425,426 -

AdvanceWrittenOff 500,000 -

BankBalancesWrittenOff 63,065 -

TOTAL 2,427,001 990,178



NOTE NO. 19

OTHER COMPREHENSIVE INCOME




reporting period

March 31, 2018A)Itemsthatwillnotbereclassifiedtoprofitorlossi)Remeasurementofthedefinedbenefitplans (54,834) (18,263)TOTAL (54,834) (18,263)



20. Commitment &Contingent Liabilities:-

a) LGElectronics IndiaPvt.Ltd (LG)hadfiledasuitagainst thecompany,Usha IndiaLtd.,andothers for therecoveryofRs.4,65,02,400/-givenassecuritydepositforthepremisesA-41,MohanCo-operativeIndustrialEstate,NewDelhi–110044 takenby it on lease fromUsha IndiaLtd.andagainst themaintenanceserviceagreementforthesamepremisesenteredintowiththecompany.ThecompanyhasdenieditsliabilityonthegroundthatithasalreadyassignedtheagreementtoLordMahadevTruston6thAugust,1997andtransferredthe security deposit ofRs. 87,19,200/- received by theCompany to the saidTrust.However,Hon’bleHighCourtofDelhihaspassedapartjointdecreeofRs.2,31,25,803/-infavourofLGandtheLGfiledanexecutionpetitionandsubsequentlytheCourtdirectedtheICICIBank,NewfriendsColony,NewDelhitotransferasumofRs.4,50,000/-toLG.Theliabilityonaccountofabovedecreehasnotbeenascertainedbythecourtamongthepartiestothesuit.

However,themanagementisoftheopinionbasedonlegaladvices,thattheCompanyshallnotbeliabletomakeanypaymenttoL.G,eventheamountofRs4,50,000/-shallberecoveredbythecompanyfromLGElectronicsIndiaPvt.Ltd(LG).PresentlyRs4,50,000/-sotransferredtoLGElectronicshasbeenshownundertheheadofLongtermLoanandAdvances.

(b) Other money for which the company is contingently liable

AssessingofficerhasfiledanappealbeforetheITAT,NewDelhiagainsttheorderofCommissionerofIncomeTax(Appeals)allowingtheappealfordeletingthedemandofRs6,51,050/-towardsthepenaltyimposedbytheAssessingOfficerU/s271(1)(C)relatingtotheassessmentyear2003-04.ThecasewasremandedbacktoCIT(Appeals)foradjudicationonmeritvideorderdated06-06-2008byITAT.HowevertheCIT(Appeals)hasnottakenthecasetilldate.

c) Commitments

Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountandnotprovidedfor(netofadvances)Nil(previousyearNil)

21. Details of the transactions with Related Parties as per the requirements of Ind AS-24 are as follows:-

Sl No. Name Relation

Nature of Transaction

Transaction for the period ended 31st March,2019

Transaction for the period ended 31st March,2018

1. Mr.GyanendraPrakash ManagingDirector DirectorRemuneration

2,40,000/- 2,40,000/-

2. Mr.SumeerNarainMathur CompanySecretary&ChiefFinancialOfficer

Salary 10,88,000/- 9,90,250/-

3 Mrs.SadhanaRai Promoter NIL NIL NIL

Sl No. As on31.03.2019

As on31.03.2018

A) No.ofSharesatthebeginningandattheendoftheyear 1,35,00,400 1,35,00,400B) NetProfitsafterTaxavailableforEquityShareholders (7,68,188) 21,669C) Basic&DilutedEarningspershare(Annualized) (0.06) 0.00

23. ValueofImportsonCIFbasis:NIL(P.YearNil)

24. Detailsofimportedandindigenousrawmaterials,spareparts,andcomponentsconsumed

RawMaterials:NIL(P.YearNil)

Stores&spares:NIL(P.YearNil)

25. Expenditureinforeigncurrency:NIL(PYearNil).

EarningInForeigncurrency:NIL(PYearNil).



26. ExceptionalitemsNIL(P.YNIL)

27. TheMicroandSmallEnterpriseshavebeenidentifiedbytheCompanyfromtheavailableinformation,whichhasbeenrelieduponbytheauditors.Accordingtosuchidentification,theinformationasrequiredtobereportedasperMicro,SmallandMediumEnterpriseDevelopmentAct,2006asatMarch31,2019areasunder:-

(a) theprincipalamountandtheinterestduethereonremainingunpaidtoanysupplierattheendof31.03.2019:CurrentYearNIL(PreviousYearNIL)

(b) theamountof interestpaidby thebuyer in termsofsection16of theMicro,SmallandMediumEnterprisesDevelopmentAct,2006(27of2006),alongwiththeamountofthepaymentmadetothesupplierbeyondtheappointeddayduringaccountingyear2018-19:CurrentYearNIL(PreviousYearNIL)

(c) theamountof interestdueandpayablefortheperiodofdelayinmakingpayment(whichhasbeenpaidbutbeyondtheappointeddayduringtheyear)butwithoutaddingtheinterestspecifiedundertheMicro,SmallandMediumEnterprisesDevelopmentAct,2006:CurrentYearNIL(PreviousYearNIL)

(d) theamountofinterestaccruedandremainingunpaidattheendof31.03.2019:CurrentYearNIL(PreviousYearNIL)

(e) theamountoffurtherinterestremainingdueandpayableeveninthesucceedingyears,untilsuchdatewhentheinterestduesaboveareactuallypaidtothesmallenterprise,forthepurposeofdisallowanceofadeductibleexpenditureundersection23oftheMicro,SmallandMediumEnterprisesDevelopmentAct,2006:CurrentYearNIL(PreviousYearNIL)

28. PendingLitigations-

a) Thecontingentliabilitiesinrespectoflitigationsandtheirimpactonfinancialpositionisdisclosedinbriefatnoteno:20.

b) AdvancesandSecurityDepositsextended forvariousprojectsalongwithexpenses incurredon themby thecompanyareunderLitigationasdetailedinNoteno:4.1&4.2.TheCompany’sManagementreasonablyexpectthatuponfinaljudgementofeach&everycase,therewouldbeverypositiveimpactonthecompany’sfinancialposition.

29. Previousyear’sfigureshavebeenregrouped/rearrangedwherevernecessary.

30. Figuresinbracketsdenotenegativefigures.

Seeaccompanyingnotestothefinancialstatements 1 Asperourreportofevendateattached ForandonbehalfoftheBoardofDirectorsFOR M.K JAIN & CO. CHARTEREDACCOUNTANTS Director :SadhanaRai(FirmRegnNo009694N) Din :01585720 Director :VishnuGopalRajgarhia Din :00480125 Managing Director:GyanendraPrakash Din :01444823 SAKSHI ARORA Company:PARTNER Secretary & M NO:F-528300 Chief Financial Officer :SumeerNarainMathur Place: NewDelhi Membership no : FCS-9042 Date:29thMay,2019



Notes:



Form No. MGT-11Proxy Form

(Pursuanttosection105(6)oftheCompaniesAct,2013andrule19(3)ofthe CompaniesAct(ManagementandAdministration)Rules,2014CIN:L45202UR1991PLC000604 Nameofthecompany:WELLESLEYCORPORATIONLIMITEDRegisteredoffice:Shop#1,CountryInn,Mehragaon,Bhimtal,Uttarakhand-248179

Nameofthemember(s):Registeredaddress

Emailid.FolioNo./Clientid:DPID:

I/We,beingthemember(s)of____________sharesoftheabovenamedcompany,herebyappoint:-1. Name: Address: Emailid: Signatures____________________,orfallinghim2. Name: Address: Emailid: Signatures____________________,orfallinghim3. Name: Address: Emailid: Signatures____________________,orfallinghimAsmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfAtthe28thAnnualGeneralMeetingofthecompany,tobeheldontheWednesday,28thAugust,2019at10:00AMat“CountryInnHotel&Resorts”,Mehragaon,Bhimtal,Uttarakhand-248179,andattheanyadjournmentsthereofinrespectofsuchresolutionsasareindicatedbelow:

Ordinary Business For Against1 AdoptionofAuditedFinancialStatementsoftheCompanyforthefinancialyearendedMarch31,2019and

theReportsoftheBoardofDirectorsandAuditorsthereon2 Re-appointmentofMrs.SadhanaRai,Director,(DIN:01585720),whoisliabiletoretirebyrotationatthe28th

AnnualGeneralMeeting.Special Business

3 AppointmentofMrSaurbhKedia,AdditionalDirector(DIN:02476376),asdirectorofthecompany4 Re-appointmentofMr.VishnuGopalRajgarhia(DIN:00480125)asanIndependentDirectorforasecond

termoffiveconsecutiveyears,intermsofSection149oftheCompaniesAct,2013.

Signedthis___________dayof_______2019

Signaturesofshareholder______________________SignaturesofProxyholder(s)___________________________Note:

1) This formofproxy inorder tobeeffectiveshouldbedulycompletedandDepositedat theRegisteredofficeof theCompany,notlessthan48hoursbeforetheCommencementoftheMeeting

2) For theResolutions,ExplanatoryStatementsandNotes,pleaserefer to theNoticeof theTwentySeventhAnnualGeneralMeeting.

3) Itisoptionaltoputaintheappropriatecolumnagainsttheresolutionsindicatedabove.Ifyouleave“For”or“Against”column blank against any or all resolutions, your Proxy will be entitled to vote in the manner as he/she thinksappropriate.

Attendance SlipII,certifythatIamregisteredshareholder/proxyfortheregisteredshareholderoftheCompany.IherebyrecordmypresenceattheAnnualGeneralMeetingoftheCompanyon28thAugust,2019at“CountryInnHotel&Resorts”,Mehragaon,Bhimtal,Uttarakhand-248179.

Clintid/FolioNumber_________________________SignatureofattendingMember/Proxy_________________________

AffixRevenueStamp



ROUTEMAPOF28thAGMVENUE



These directions are for planning purposes only. You may �nd that construction projects, tra�c, weather, or other events may cause conditions to differ from the mapresults, and you should plan your route accordingly. You must obey all signs or notices regarding your route.

Bhowali-Bhimtal-Haldwani Road, Mehragaon, Nainital, Uttarakhand 263136

13. Continue straight to stay on NH109 Pass by KMVN Tourist Guest House (on the left)

14. Turn right onto Bhowali-Bhimtal-Haldwani Rd/Haldwani-Bhowali Rd Continue to follow Bhowali-Bhimtal-Haldwani Rd Pass by Haidakhaan Babaji Ashram (on the left in 400 m)

15. Turn left Destination will be on the left

Country Inn Bhimtal

2.9 km

21.1 km

27 s (120 m)

Ranibagh - Haldwani Rd, Kathgodam, Haldwani, Uttar akhand263126

Kathgodam Railway Station

1. Head southwest on Railwa y Colony Rd towardNH109

2. Turn right at Kumaun t our and tr avels onto NH109 Pass b y Tadka Hotel (on the left)

3. Continue str aight past Om Hari Phot o Studio tosta y on NH109

Pass b y jugmug laundr y (on the left)

4. Turn right at Ranibag Nurser y onto Bhowali-Bhimtal-Haldwani Rd /Haldwani-Bhowali Rd

Continue to follow Bhowali-Bhimtal-Haldwani Rd

Pass b y Bisht Chick en Shop (on the left)

5. Turn left at Hill F ood Restaur ant Destination will be on the left

170 m

300 m

2.9 km

21.1 km

120 m


WELLESLEY CORPORA TION LIMITED

B- 210, Ansal Chamber - I, 3, Bhikaji Cama Place, New Delhi - 110 066

WELLESLEYC LORPORATION IMITED

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WELLESLEY CORPORATION LIMITEDB-210,AnsalChamber-I,3,BhikajiCamaPlace,NewDelhi-110066 P

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