Equity Analysis

To,

The Members,

Oasis Tradelink Limited (In Liquidation)

(CIN: L51909GJ1996PLC031163)

Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal - Ahmedabad Bench at Ahmedabad (“NCLT Order”), Corporate Insolvency Resolution Process (“CIRP Process”) has been initiated for the Company in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, (“Code”) and related rules and regulations issued there under with effect from 26-02-2019 (Corporate Insolvency Resolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. Ramchandra Dallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which was confirmed by the Board on 26-07-2019. Further, the Hon'ble NCLT, Ahmedabad had on 04-12-2019, in the matter C.P. (I.B) No. 433/NCLT/AHM/2018, passed an order for initiation of Liquidation against the Corporate Debtor, M/s. Oasis Tradelink Limited (In liquidation). In the same order, Mr. Ramchandra Dallaram Choudhary have been appointed as the Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code, 2016 (the Code).

Further, the Hon'ble NCLT, Ahmedabad Bench has vide order dated 21-03-2022 in IA/224(AHM) 2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the Corporate Debtor as a going concern to the interested buyer namely Mr. Niranjan Jain. Further, vide order dated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim order dated 20-04-2022 the Hon'ble NCLT, Ahmedabad Bench have ordered that the applicant is entitled to the reliefs and concessions subject to the Provisions of Law relating to them and Rulings of the Apex Court in case of 'Ghanshyam Mishra".

The powers of the Board of Directors of the Company stand suspended effective from the Liquidation Process commencement date and such powers along with the management of affairs of the Company are vested with the Liquidator. In view hereof, Annual General Meeting is being called and convened by the Order of Liquidator.

During the year period under review, the total revenue from the operation of the company is Nil and Profit/(Loss) after tax is (8.64) lakhs.

Your Company is under Liquidation and incurring losses, therefore does not recommend any dividend for the year 2022-23.

The issued Equity Share capital as on 31^st March, 2023 is Rs. 10,87,46,360. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. Paid up Equity capital of the company as on 31st March, 2023 stands at Rs. 10,87,46,360.

Since there was no unpaid/ unclaimed dividend, the provisions of Section 125 of the Companies Act, 2013 does not apply during the financial year.

The Company has not transferred any amount to reserves during the year under review.

During the year, there is no change in the nature of the business of the Company.

Your Company's shares are listed on BSE Limited.

The directors and KMP of the company as on March 31, 2023, are as under:

Pursuant to the NCLT order for commencement of the CIRP/ initiation of the Liquidation process and in line with the provisions of the Code, the powers of the Board of Directors stand suspended and exercised by Liquidator.

During the year under review, no board meeting was held as the power of the board remain suspended and vested with the liquidator as per the provisions of the Insolvency and Bankruptcy Code, 2016.

During the financial year, no evaluation of the board is being carried out as the power of the board remains suspended and vested with the liquidator as per the provisions of The Insolvency and Bankruptcy Code, 2016.

Pursuant to Section 134(5) of the Companies Act, 2013, based on internal financial controls, work performed by the internal, statutory, cost, and secretarial auditors and external agencies, the reviews performed by the management and with the concurrence of the Liquidator that for the year ended 31st March 2023, the confirmation is hereby given for the Company having:

a. Followed in the preparation of the annual accounts, and the applicable accounting standards with proper explanation relating to material departures.

b. Selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the

state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period.

c. Taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. Prepared the annual accounts on a going concern basis.

e. Laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f. Devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate, operating effectively and the same is being strengthened on a continuous basis from time to time.

The power of the board including the Independent directors remain suspended and vested with the liquidator as per the provisions of the Insolvency and Bankruptcy Code, 2016.

As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the provisions of corporate governance are not applicable to the company as company has not fall under the prescribed limit as mentioned hereunder:

The Corporate Governance norms shall not be mandatory for companies having paid up capital not exceeding Rs. 10 Crores and net worth not exceeding Rs. 25 Crores as on the last day of the previous financial year.

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchange, the Management Discussion and Analysis report form part of the Annual Report and is annexed herewith as Annexure A.

The Company's internal financial control systems are commensurate with the nature of its business and the size and complexity of its operations, However the operations of the company remain suspended and during the year under review there is no sale/ purchase transaction.

Your Company has neither invited not accepted any fixed deposit from the public during the year under review.

No related party transactions had taken place during the year under review.

Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal - Ahmedabad Bench at Ahmedabad (“NCLT Order”), Corporate Insolvency Resolution Process (“CIR Process”) has been initiated for the Company in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, (“Code”) and related rules and regulations issued there under with effect from 26-02-2019 (Corporate Insolvency Resolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. Ramchandra Dallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which was confirmed by the Board on 26-07-2019. Further, the Hon'ble NCLT, Ahmedabad had on 04-12-2019, in the matter C.P. (I.B) No. 433/NCLT/AHM/2018, passed an order for initiation of Liquidation against the Corporate Debtor, M/s. Oasis Tradelink Limited (In liquidation). In the same order, Mr. Ramchandra Dallaram Choudhary have been appointed as the Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code, 2016 (the Code).

Further, the Hon'ble NCLT, Ahmedabad Bench has vide order dated 21-03-2022 in IA/224(AHM)2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the Corporate Debtor as a going concern to the interested buyer namely Mr. Niranjan Jain. Further, vide order dated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim order dated 20-04-2022 the Hon'ble NCLT, Ahmedabad Bench have ordered that the applicant is entitled to the reliefs and concessions subject to the Provisions of Law relating to them and Rulings of the Apex Court in case of 'Ghanshyam Mishra".

During the year under review, the Company has not given any loan, guarantee or provided security in connection with the loan to any other body corporate or person or made any investments. hence no particulars of the loans, guarantees or investments falling under the provisions of Section 186 of the Companies Act, 2013 are provided by the Board.

As per Section 92(3) read with 134(3)(a) of the Companies Act, 2013, the Annual return as on March 31, 2023, is available on the website of the Company i.e. http://oasistradelink.com/Investors.html.

The main objective of Risk Management is risk reduction and avoidance as also identification of the risks faced by the business and optimize the risk management strategies. The Company has put in place a well-defined Risk Management framework for drawing up, implementing, monitoring and reviewing the Risk Management.

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

The Liquidator has filed application for seeking necessary directions against respondents under section 43, 66 and 68 of the Insolvency and Bankruptcy Code, 2016 in the matter of Shri Ramchandra D. Choudhary Liquidator of M/s Oasis Tradelink Limited Vs. Snehal Bharatbhai Patel & Ors. The said matter is pending before the Hon'ble NCLT, Ahmedabad Bench.

Except as disclosed in this report, there were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this report.

The particulars as required under the provisions of Section 134(m) of the Companies Act, 2013 in respect of conservation of energy and technology absorption have not been furnished as the operation of the company remain suspended. Further, during the year under review, the Company has neither earned nor used any foreign exchange.

There are no employees during the year under review.

Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with rules made thereunder, as amended from time to time, the company in its 26th annual general meeting held on Friday, 30th September, 2022 has appointed M/s. Prakash Tekwani & Associates (FRN: 120253W), “the Auditor” as statutory auditors of the Company for its first term of 5 years from the conclusion of 26^th Annual General Meeting till the conclusion of the Annual General Meeting of the Company to be held in the calendar year 2027, on such remuneration (including fees for certification) and reimbursement of out of pocket expenses for the purpose of audit as may be fixed by the Company in consultation with the said Statutory Auditor.

Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Act. The Auditors' Report is enclosed with the financial statements in this Annual Report.

Further on 05/09/2023, the auditor resigned and to fill the casual vacancy of the retiring auditor the Liquidator of the company have recommended the appointment of new auditors as detailed in the notice of this annual report.

The Statutory Auditor M/s. Purushottam Khandelwal & Co., (FRN: 123825W), Chartered Accountants, Ahmedabad will be appointed in the 27^th Annual General Meeting which is to be held on 29^th September 2023, for the Term of One Year from the conclusion of this annual general meeting till the conclusion of annual general meeting to be held in the year 2024.

The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, as the provisions of the cost audit are not applicable to the Company.

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Liquidator has appointed M/s Anisha Jhunjhunwala & Associates, Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is attached herewith as Annexure B.

The Remarks given by the Secretarial Auditor & its reply is mentioned hereunder:

Further, reported during the financial year the power of the Board stood suspended as the Company is undergoing the liquidation process vide the order of the Hon'ble National Company Law Tribunal, Ahmedabad Bench dated Dec 4, 2019 and Mr. Ramchandra Dallaram Chaudhary is being appointed as Liquidator. The power of the Board is being exercised by Liquidator and no Board Meeting/Committee Meeting/Independent Director meeting held during the financial year under review.

During the year under review, there have been no instances of fraud reported by the Statutory Auditors under Section 143(12) of the Act and Rules framed thereunder, either to the Company or to the Central Government.

No committee meetings were held during the year under review, as the power of the Board of directors stood suspended as per the provisions of Insolvency & Bankruptcy Code, 2016.

The following are the members of the Committee,

Not applicable during the financial year under review as there is no employee in the company during the year.

Liquidator place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.