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Cranex Ltd.

BSE: 522001 Sector: Engineering
NSE: N.A. ISIN Code: INE608B01010
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NSE 05:30 | 01 Jan Cranex Ltd
OPEN 8.45
PREVIOUS CLOSE 8.36
VOLUME 1001
52-Week high 16.74
52-Week low 6.69
P/E 8.28
Mkt Cap.(Rs cr) 5
Buy Price 8.36
Buy Qty 1.00
Sell Price 8.36
Sell Qty 474.00
OPEN 8.45
CLOSE 8.36
VOLUME 1001
52-Week high 16.74
52-Week low 6.69
P/E 8.28
Mkt Cap.(Rs cr) 5
Buy Price 8.36
Buy Qty 1.00
Sell Price 8.36
Sell Qty 474.00

Cranex Ltd. (CRANEX) - Director Report

Company director report

TO

THE MEMBERS

The Directors have pleasure in presenting the 44thAnnual Report on thebusiness and operations of the Company together with the financial results for the periodended 31st March 2019.

FINANCIAL RESULTS

Financial results are presented in the table below:

(Amount in Rupees)

Particulars Standalone Consolidated
31-03-2019 31-03-2018 31-03-2019
31.03.2018
Revenue from 3111 64 033.00 259429093.00 311164033.00 259429093.00
operation
Total Revenue 315552526.00 267212287.00 315552526.00 266787162.00
Less: Total 307218028.00 259405785.00 307501922.00 259460831.00
Expenses
Profit before Exceptional and Extra ordinary items & tax Less: Exceptional 8334498.00 7806502.00 8050604.00 7326331.00
Items
Less: Extraordinary
Items
Profit or Loss before Tax 8334498.00 7806502.00 8050604.00 7326331.00
Less:
(a) Current tax expense for current year 1719883.00 1755320.00 1719883.00 1755320.00
(b) Deferred tax
(c) Prior Period Tax
Profit or Loss After Tax 6614615.00 6051182.00 6330721.00 5571011.00

STATE OF AFFAIRS AND OUTLOOK

The financial statements have been prepared as per the IND-ASprescribed by the Institute of Chartered Accountants of India (ICAI)

Standalone Financials: During the year under review your Companyhas achieved a turnover of Rs. 31 11 64 033.00 against Rs. 25 94 29093.00 duringprevious year. The Company reported a Net Profit of Rs. 66 14615.00 as against Rs. 6051 182.00 earned during previous year.

Consolidated Financials: During the year under review your Companyhas achieved a consolidated turnover of Rs. 31 11 64 033.00 against Rs. 25 94 29093.00 during previous year. The Company reported a Net profit of Rs. 63 30721.00against Rs. 55 71011.00 During previous year. However you're Directors areconfident that the Company will perform much better in future and will bring morepromising improvement in coming years.

The Operational performance of the Company has been extensively coveredin the Management Discussion and Analysis which form part of this Directors' Report.

DIVIDEND

Your Directors do not recommend any dividend for the financial yearended 31st March 2019.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Board ofDirectors to the best of their knowledge and ability confirm that:

i. in the preparation of the annual accounts the applicable accountingstandards have been followed and there are no material departures;

ii. they have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a going concern basis;

v. they have laid down internal financial controls to be followed bythe Company and such internal financial controls are adequate and operating effectively;

vi. they have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively. Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the internal statutory andsecretarial auditors and external consultants and the reviews performed by management andthe relevant board committees including the audit committee the board is of the opinionthat the Company's internal financial controls were adequate and effective during thefinancial year 2018-19.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Company's policy on directors' appointment and remuneration andother matters provided in Section 178(3) of the Act has been disclosed in website ofcompany.

INTERNAL FINANANCIAL CONTROL SYSTEM

According to Section 134(5) (e) of the Companies Act 2013 the termInternal Financial Control (IFC) means the policies and procedures adopted by the companyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information.

The Company has a well-placed proper and adequate internal financialcontrol system which ensures that all assets are safeguarded and protected and that thetransactions are authorised recorded and reported correctly. The Company's internalfinancial control system also comprises due compliances with Company`s policies andStandard Operating Procedures (SOPs) and audit and compliance by in-house Internal AuditDivision supplemented by internal audit checks from M/s. Kudsia & AssociatesChartered Accountants the Internal Auditors. The Internal Auditors independently evaluatethe adequacy of internal controls and concurrently audit the majority of the transactionsin value terms. Independence of the audit and compliance is ensured by direct reporting ofInternal Audit Division and Internal Auditors to the Audit Committee of the Board.

NUMBER OF MEETINGS OF THE BOARD

During the Financial Year 2018-19 the Company hold 16 (Sixteen)meetings of the Board of Directors as per Section 173 of Companies Act 2013 which issummarized below. The provisions of Companies Act 2013 were adhered to while consideringthe time gap between two meetings.

S. No Date of the meeting
1. 17-04-2018
2. 04-05-2018
3. 11-05-2018
4. 21.05.2018
5. 30-05-2018
6. 16.06.2018
7. 14-08-2018
8. 31-08-2018
9. 28-09-2018
10. 01-10.2018
11. 06-11-2018
12. 14-11-2018
13. 24.12.2018
14. 16.01.2019
15. 14-02-2019
16. 26-03-2019

ATTENDANCE OF DIRECTORS

S. Name of Director No Number of meeting Held Meeting of Board Number of Meeting to be entitled to attend Number of Meeting attendant %
1 PIYUSH AGRAWAL 16 16 16 100%
2 MAMAN CHAND JAIN 16 16 16 100%
3 SURESH CHANDRA AGRAWAL 16 16 16 100%
4 ASHWANI KUMAR JINDAL 16 16 05 31.25%
5 CHAITANYA AGRAWAL 16 16 13 81.25%
6 ASHA AGARWAL )Ceased w.e.f. 11.01.2019 16 13 04 30.77%
7 SHILPY CHOPRA w.e.f. 16.01.2019 16 03 03 100%

COMMITTEES OF THE BOARD

Detailed information on the Committees is given below.

MANDATORY COMMITTEES

Audit Committee: (Section 177 of Companies ACT 2013) and Companies(Meetings of Board and its Powers) Rules 2014 and other applicable provision.

During the year under review The Committee was reconstituted in theBoard Meeting held on 16 January 2019 due to Resignation of Mrs. Asha Agrawal from thepost of independent director w.e.f. 11 January 2019 and appointment of Ms. Shilpy Chopraas an independent director w.e.f 16 January 2019.

Now the Audit Committee comprised of Three Independent Directorsnamely Mr. Maman Chand Jain Mr. Ashwani Kumar Jindal and Mrs. Shilpy Chopra Mr. MamanChand Jain is the Chairman of the Audit Committee. All the recommendations made by theAudit Committee were accepted by the Board.

The composition of the audit committee and the details of meetingsattended by its members are given below:

S. No. Name of Director Designation Category Total meeting held during the year Number of Meeting to be entitled to attend Number of meeting attended %
1 Mr. Maman Chand Jain Independent Director Chairman 4 4 4 100
2 Mrs. Asha Agrawal ceased w.e.f. 11.01. 19 Independent Director Member 4 3 3 100
3. 100
4
Mr. Ashwani Kumar Jindal Independent Director Member 4 4
Ms. Shilpy Copra 4. appointed w.e.f.16.01.19 Independent Director Member 4 1 1 100

v. Four audit committee meetings were held during the year and the gapbetween two meetings did not exceed four months. The dates on which the said meetings wereheld are as follows:

May 30 2018; August 14 2018; November 14 2018 and February14 2019.

The necessary quorum was present for all the meetings.

Nomination and Remuneration Committee (Section 178 of Companies Act2013 and Companies (Meetings of Board and its Powers) Rules 2014 and other applicableprovision.

During the year under review The Committee was reconstituted in theBoard Meeting held on 16 January 2019 due to Resignation of Mrs. Asha Agrawal from thepost of independent director w.e.f. 11 January 2019 and appointment of Ms. Shilpy Chopraas an independent director w.e.f 16 January 2019.

Now the Nomination and Remuneration Committee comprised of threeIndependent Directors namely Mr.

Maman Chand Jain Mr. Ashwani Kumar Jindal and Ms. Shilpy Chopra. Mr.Maman Chand Jain is the Chairman of the Nomination and Remuneration Committee. Twonomination & remuneration committee meetings were held on May 30 2018 and February14 2019 during the year.

The composition of the Nomination and Remuneration Committee and thedetails of meetings attended by its members are given below:

S.No. Name Nature of Directorship Designation in Committee Total meeting held during the year Number of Meeting to be entitled to attend Number of meeting attended
Mr. Maman Chand 1 Jain Non- Executive Independent Director Chairman 2 2 2
Mr. Ashwani 2 Kumar Jindal Non- Executive Independent Director Member 2 2 2
Mrs. Asha Agrawal 3 ceased w.e.f. 11.01. 19 Non- Executive Independent Director Member 2 1 1
Ms. Shilpy Copra 4. appointed w.e.f.16.01.19 Non- Executive Independent Director Member 2 1 1

Stakeholders Relationship Committee (Section 178 of Companies Act 2013and Companies (Meetings of Board and its Powers) Rules 2014 and other applicableprovision.

During the year under review The Committee was reconstituted in theBoard Meeting held on 16 January 2019 due to Resignation of Mrs. Asha Agrawal from thepost of independent director w.e.f. 11 January 2019 and appointment of Ms. Shilpy Chopraas an independent director w.e.f 16 January 2019.

Now the Stakeholders Relationship Committee comprised of threeIndependent Directors namely Mr. Maman Chand Jain Mr. Ashwani Kumar Jindal and Mrs.Shilpy Chopra. Mr. Ashwani Kumar Jindal is the Chairman of the Stakeholders RelationshipCommittee.

One meeting of the stakeholders' relationship committee was held on14th February 2019 during the financial year 2018-19.

The composition of the Stakeholders' Relationship Committee and thedetails of meetings attended by its members are given below:

S.No. Name Nature of Directorshi p Designation in Committee Total meeting held during the year Number of Meeting to be entitled to attend Number of Meeting Attended %
1 Mr. Ashwani Kumar Jindal Non- Executive Independent Director Chairman 1 1 1 100
2 Mr. Maman Chand Jain Non- Executive Independent Director Member 1 1 1 100
3. Mrs. Asha Agrawal ceased w.e.f. 11.01. 19 Non-Executive Independent Director Member 1 0 0 NA
4. Ms. Shilpy Copra appointed w.e.f.16.01.19 Non- Executive Independent Director Member 1 1 1 100

NON MANDATORY COMMITTEES

MANAGEMENT COMMITTEE

As at March 31 2019 the Management Committee comprised of Mr. SureshChandra Agrawal Executive Director Mr. Piyush Agrawal Managing Director Mr. ChaitanyaAgrawal Whole Time Directors and Mr. Ashwani Kumar Jindal Independent Director of theCompany. Mr. Piyush Agrawal is the Chairman of the Management Committee.

SEPARATE MEETING OF THE INDEPENDENT DIRECTORS

The Independent Directors of the Company met separately on 14thFebruary 2019 without the presence of Non-Independent Directors and the members ofmanagement. The meeting was attended by all the Independent Directors. The meeting wasconducted informally to enable the Independent Directors to discuss matters pertaining tothe Company's affairs and put forth their combined views to the Board of

Directors of the Company. In accordance with the Listing Agreementfollowing matters were inter-alia discussed in the meeting:

? Performance of Non-Independent Directors and Board as a whole.

? Performance of the Chairman of the Company after taking intoconsideration the views of Executive and Non-Executive Directors. ? Assessment of thequality quantity and timeliness of flow of information between the Company Management andthe Board that is necessary for the Board to effectively and reasonably perform theirduties.

E XTRACT OF ANNUAL RETURN

As provided under Section 92(3) of the Act the extract of annualreturn is given in Annexure I in the prescribed Form MGT-9 which forms part ofthis report.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures pertaining to remuneration and other details as requiredunder Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 form part of this Report and are annexedas Annexure II. There are no employees who are drawing remuneration in excess ofthe limits as set out in provisions of Section 197(12) of the Act and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

EMPLOYEES BENEFITS

Retirement benefit in the form of provident fund is a definedcontribution scheme. The contributions to the provident fund are charged to the statementto the profit and loss for the year when the contributions are due. Pending determinationof liability for gratuity payable no provision has been made in the accounts for expensesof gratuity. The expenditure on account of gratuity is accounted in the year of payment.On account of non-provision of gratuity payable the profit has been over stated but thesame cannot be quantified in absence of exact amount payable under this account.

CODES STANDARDS AND POLICIES AND COMPLIANCES THERE UNDER

CODE OF CONDUCT FOR THE BOARD OF DIRECTORS AND THE SENIOR MANAGEMENTPERSONNEL

Your Company has adopted a Code of Conduct for its Board of Directorsand the Senior Management Personnel. The Code requires the Directors and employees of theCompany to act honestly ethically and with integrity and in a professional and respectfulmanner. Directors and Senior Management of the Company have confirmed compliance with thecode of conduct applicable to the Directors and employees of the Company and declarationin this regard made by Chief Financial Officer which forms part of this Annual Report.

CODE FOR PROHIBITION OF INSIDER TRADING PRACTICES

The Board of Directors adopted the Code of Conduct for Board Membersand Senior Managerial Personnel. The said code was communicated to the Directors andmembers of the senior management and they affirmed their compliance with the said code.The adopted Code is posted on the Company's website www.cranexltd.com. Pursuant tothe requirements of the SEBI (Prohibition of Insider Trading) Regulations 2015 yourCompany has adopted Code of practices and procedures for disclosure of unpublished pricesensitive information and Code of Conduct in order to monitor and report Insider Trading.

All Directors and the designated employees have confirmed compliancewith the Code.

PREVENTION PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMENAT WORKPLACE

The Company has in place a Policy on Prevention Prohibition &Redressal of Sexual Harassment of Women at Workplace. The primary objective of the saidPolicy is to protect the women employees from sexual harassment at the place of work andalso provides for punishment in case of false and malicious representations. The Policyprovides for protection against sexual harassment of woman at workplace and for preventionof such complaints.

Particulars No.
Number of complaints pending as on the beginning of the period Nil
Number of complaints filed during the Financial period Nil
Number of complaints pending as on the end of the period Nil

NOMINATION REMUNERATION & EVALUATION POLICY

The Board has on the recommendation of the Nomination &Remuneration Committee framed a Nomination Remuneration & Evaluation Policy whichinter-alia lays down the criteria for identifying the persons who are qualified to beappointed as Directors and/or Senior Management Personnel of the Company along with thecriteria for determination of remuneration of Directors KMPs and other employees andtheir evaluation and includes other matters as prescribed under the provisions of Section178 of Companies Act 2013.

DISCLOSURE ON WHISTLE-BLOWER POLICY /VIGIL MECHANISM

Pursuant to the provisions of Section 177 (9) & (10) of theCompanies Act 2013 read with Rule 7 of Companies (Meetings of Board and its Powers)Rules 2014 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015] the Company has adopted a Whistle Blower Policy which provides for avigil mechanism that encourages and supports its Directors and employees to reportinstances of unethical behaviour actual or suspected fraud or violation of theCompany's Code of Conduct or Ethics Policy. It also provides for adequate safeguardsagainst victimisation of persons who use this mechanism and direct access to the Chairmanof the Audit Committee in exceptional cases.

RISK MANAGEMENT POLICY

Your Company has formulated and adopted a Risk Management Policy. TheBoard of Directors is overall responsible for identifying evaluating and managing allsignificant risks faced by the Company. The Risk Management Policy approved by the Boardacts as an overarching statement of intent and establishes the guiding principles by whichkey risks are managed across the organisation.

SECRETARIAL AUDITORS AND THEIR REPORTS

M/s PARVEEN RASTOGI & CO. Practising Company Secretaries wereappointed as Secretarial Auditors of the Company for the financial year 2018-19 pursuantto Section 204 of the Companies Act 2013. The Secretarial Audit Report submitted by themin the prescribed Form MR- 3 is attached as `Annexure III` and forms part of thisreport. There are no qualifications or observations or other remarks of the SecretarialAuditors in the Report issued by them for the financial year 2018-19 which call for anyexplanation from the Board of Directors.

RELATED PARTY TRANSACTION POLICY

Related Party Transaction Policy as formulated by the Company definesthe materiality of related party transactions and lays down the procedures of dealing withRelated Party Transactions. The Policy on materiality of related party transactions anddealing with related party transactions as approved by the Board may be accessed on theCompany's website.

STATUTORY AUDITORS AND THEIR REPORTS

M/s PRYD & Associates Chartered Accountants (FRN: 011626N) wereappointed as statutory auditors of the Company in the Annual General Meeting held on22/09/2017 to hold office for a period of Five years from the conclusion of 42nd AnnualGeneral Meeting of the Company till the conclusion of 47th Annual General Meeting to beheld in 2022 on a remuneration that may be determined by the Audit Committee inconsultation with auditors.

There are no qualifications or adverse remarks in the Auditors'Report which require any clarification/explanation. The Notes on financial statements areself-explanatory and needs no further explanation.

TRANSACTIONS WITH RELATED PARTIES

Related party transactions entered during the financial year underreview are disclosed in Note No. 28 (6) of the financial statements for the financial yearended March 31 2019. These transactions entered were at an arm's length basis and in theordinary course of business. There were no materially significant related partytransactions with the Company's Promoters Directors Management or their relatives whichcould have had a potential conflict with the interests of the Company. Form AOC-2containing the note on the aforesaid related party transactions is enclosed herewith as Annexure-IV

The Policy on materiality of related party transactions and dealingwith related party transactions as approved by the Board may be accessed on the Company'swebsite.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

There were no loans guarantees or investments made by the Companyunder Section 186 of the Companies Act 2013 during the year under review hence the saidprovision is not applicable.

SUBSIDIARY ASSOCIATED AND JOINT VENTURE

The Company does not have any subsidiary and joint venture whereas theCompany has one associated Company. Details of associated Company are given below.

Sr. Name And Address Of The Company CIN % of shares Applicable
No. held Section
1. IFE CRANEX ELEVATORS AND ESCALATORS INDIA PRIVATE U93090DL2017FTC319415 26 % Section 2(6) of Companies Act 2013
9 DDA Market Katwaria Sarai New Delhi New Delhi DL 110016

EMPLOYEES STOCK OPTION SCHEME

During the year under review the Company has not allotted any sharesunder Employee Stock Option Scheme (ESOS) and hence no disclosure is required to be madein compliance with Securities and Exchange Board of India (Share Based Employee BenefitSchemes) Regulations 2014.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGS AND OUTGO

Pursuant to provisions of Section 134 of the Companies Act 2013 readwith Rule 8(3) of the Companies (Accounts) Rules 2014 the details of Conservation ofEnergy Technology Absorption Foreign Exchange Earnings and Outgo are as follows:

A. Conservation of Energy

a) Energy conservation measures taken :

The Company has always been conscious of the need for the conservationof energy and optimum utilisation of available resources and has been steadily makingprogress towards this end.

The company has taken lot of initiatives for reduction in power cost byimproving the production processes. Production process of the company does not requiremuch power.

There is an optimum ratio of glass windows to utilise natural light andproper insulation / ventilation to balance temperature and reduce heat.

b) Impact of above measures:

The above measures will results in lower energy consumptionsignificant reduction in Carbon emissions and hedge against continuous energy rateincrease.

B. Technology Absorption Adaptation And Innovation

The company has successfully absorbed the technology for thedevelopment of various new models of the cranes. Your company is constantly improving itstechnology to match world standards which is reflected in the new orders being receivedfrom very quality conscious customers.

C. Foreign Exchange Earnings and Outgo.

Current Financial Year 2018- Previous Financial Year
S. No. Particulars 19 Amount (in Rs.) 2017-18 Amount (in Rs.)
1. Foreign Exchange Earned 3892850 3359978
2. Foreign Exchange Outgo 27222748 8318963

MANAGEMENT DISCUSSION AND ANALYSIS

As per Regulation 34 and schedule V of the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 the Management Discussion and Analysis for theyear is separately given and forms part of this Annual Report as Annexure V whichprovides a more detailed analysis on the performance of individual businesses and theiroutlook.

GREEN INITIATIVE

In accordance with the "Green Initiative" the Company hasbeen sending Annual Report/Notice of AGM in electronic mode to those Shareholders whoseemail ids are registered with the Company and/or the Depository Participants.

DEMATERAILIZATION OF SHARES

The shares of your company are being traded in electronic form and theCompany has established connectivity with Central Depository Services (India) Limited andNational Securities Depository Limited (NSDL). In view of the numerous advantages offeredby the Depository system members are requested to avail the facility to dematerializationof shares either of the Depositories as aforesaid. Directors are thankful to theShareholders for actively participating in the Green Initiative.

PERFORMANCE EVALUATION OF NON INDEPENDENT DIRECTORS:

The performance evaluation of chairman and the non-independentdirectors were carried out by the independent directors considering aspects such aseffectiveness as chairman in developing and articulating the strategic vision of thecompany; demonstration of ethical leadership displaying and promoting throughout thecompany a behaviour consistent with the culture and values of the organization;contribution to discussion and debate through thoughtful and clearly stated observationsand opinions; creation of a performance culture that drives value creation withoutexposing the company to excessive risks.

CORPORATE GOVERNANCE

The Company is not required to mandatorily comply with the provision ofRegulation 17 to Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015(Listing Regulations 2015) as its equity share capital is less thanRs.10 Crore and Net Worth is not exceeding Rs.25 crores as on the last day of theprevious financial year. However the Company has voluntarily adopted various practices ofgovernance conforming to highest ethical and responsible standard of business globallybenchmarked.

DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors have confirmed and declared that they are notdisqualified to act as an Independent Director in compliance with the provisions ofSection 149 of the Companies Act 2013 and the Board is also of the opinion that theIndependent Directors fulfil all the conditions specified in the Companies Act 2013making them eligible to act as Independent Directors

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting thefinancial position of the Company which have occurred between the end of the financialyear of the Company and the date of this Report.

CAPITAL STRUCTURE

The authorised share capital as on 31st March 2019 was Rs.100000000/- (Rupees Ten Crore) comprising 10000000 (One Crore) Equity Shares of Rs. 10(Rupees Ten) each

The Issued Subscribed and paid up equity share capital as on31stMarch 2019 was Rs.60000000/- (Rupees Six Crores) comprising 6000000 (Sixty Lakhs)Equity Shares of Rs. 10 (Rupees Ten) each.

There was no public issue rights issue bonus issue or preferentialissue etc. during the year. The Company has not issued shares with differential votingrights sweat equity shares nor has it granted any stock options

The Company's shares are listed on the Bombay Stock Exchange Limited(BSE) and are actively traded. The company has paid the listing fees to Bombay StockExchanges for the year 2019-20.

DIRECTOR AND KEY MANAGERIAL PERSONNEL (KMP)

Appointments & Reappointments/ Cessations

Appointments & Reappointments

1.1 According to Article of Association of the Company Mr. PiyushAgrawal (DIN 01761004) Managing Director retired by rotation and being eligible offershimself for reappointment at the 44th coming AGM scheduled on 30 August. 2019.

1.2 Ms. Shilpy Chopra was appointed as an Additional Director(DIN: 07161915) (Non-Executive & Independent) in Meeting of the Board ofDirector w.e.f. 16th January 2019 to hold office till the conclusion of the next AnnualGeneral Meeting and subject to the approval of the members in the ensuing AGM forappointment as an Independent Director to hold office for a term upto five (5) consecutiveyears.

1.3 Mr. Prakash Kedia was appointed as a Company Secretary &Compliance office in the Meeting of Board of Director held on 11th May 2018. 1.4 Subjectto the approval of the Members in the AGM:

1.4(1) Mr. Maman Chand Jain (DIN: 01958391) was reappointed as anIndependent Director effective 30 the September 2019 for a second term of 5 consecutiveyears

1.4(2) Mr. Ashwani Kumar Jindal (DIN: 01958501) was reappointed as anIndependent Director effective 30 the September 2019 for a second term of 5 consecutiveyears Cessations

1.1 Mrs. Asha Agarwal resigned the post of independent directoreffective 11th January 2019.

1.2 Ms. Siddhi Jain resigned the post of Company Secretary andCompliance officer effective 04th May 2018

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public and as such noamount on account of principal or interest on deposits from public was outstanding as onthe date of the balance sheet.

LISTING OF SHARES

The equity shares of the Company are listed on the Bombay StockExchange Ltd (BSE). The listing fee for the year 2018-19 has been already been paid to thestock exchanges.

INDUSTRIAL RELATION

The Company maintained healthy cordial and harmonious industrialrelations at all levels. The enthusiasm and unstinting efforts of Employees have enabledthe Company at good position in the industry. It has taken various steps to improveproductivity across organization.

ACKNOWLEDGEMENTS

Your Directors place on record their gratitude to the CentralGovernment State Governments and Company's Bankers for the assistance co-operation andencouragement they extended to the Company. Your Directors also wish to place on recordtheir sincere thanks and appreciation for the continuing support and unstinting efforts ofinvestors vendors dealers business associates and employees in ensuring an excellentall around operational performance.

By Order of the Board of Directors
For Cranex Limited
Sd/- Sd/-
Chaitanya Agrawal Piyush Agarwal
Place: New Delhi Whole Time Director Managing Director
Date: 30.08.2019 DIN: 05108809 DIN: 01761004