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GB Global Ltd.

BSE: 533204 Sector: Industrials
NSE: GBGLOBAL ISIN Code: INE087J01028
BSE 00:00 | 27 Nov 5.48 0.25
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NSE 00:00 | 27 Nov 5.15 0.20
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5.15

HIGH

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OPEN 5.49
PREVIOUS CLOSE 5.23
VOLUME 912
52-Week high 12.45
52-Week low 4.30
P/E
Mkt Cap.(Rs cr) 2
Buy Price 4.98
Buy Qty 200.00
Sell Price 5.48
Sell Qty 300.00
OPEN 5.49
CLOSE 5.23
VOLUME 912
52-Week high 12.45
52-Week low 4.30
P/E
Mkt Cap.(Rs cr) 2
Buy Price 4.98
Buy Qty 200.00
Sell Price 5.48
Sell Qty 300.00

GB Global Ltd. (GBGLOBAL) - Director Report

Company director report

Dear Shareholders

The Directors present the 35th Annual Report and the Financial Statements of theCompany for the year ended 31st March 2019.

FINANCIAL HIGHLIGHTS

2019 - 2018
Total Turnover 29236.74 32783.87
Other Income 462.99 562.28
Profit/(Loss) before Finance Cost Depreciation &Amortisation and Taxation -136.15 -58015.01
Less: 1. Finance Cost 52.61 16806.69
2. Depreciation &Amortisation 3917.60 5895.78
Profit/ (Loss) Before Taxation -3834.06 -80717.48
Less: Provision for Taxation
Current Tax
Deferred Tax 560.46 807.90
Net Profit/(Loss) for the Year -3273.59 -79909.57
Less: Income Tax paid for earlier year 963.86
Profit/(Loss) after Taxation -4237.45 -79909.57
Add: Other Comprehensive Income -51.68
Total Comprehensive Income -4289.13 -79909.57
Add : Balance of Profit (Loss) from earlier years 112013.69 -32104.12
Amount available for Appropriations -116302.82 -112013.69
Add: Transfer from Debenture Redemption Reserve
Less: Dividend
Tax on distributed Profits
Balance carried forward -116302.82 -112013.69

Notes: Previous years' figures have been reclassified/regrouped wherever necessary tocorrespond with those of the current year.

COMPANY PERFORMANCE AND BUSINESS OVERVIEW

The total revenue from operations for the year 2018-19 was Rs. 29236.74 Lakh. Thetotal loss before tax was Rs. 3834.06 Lakh. The Corporate Insolvency Resolution Process(CIRP) was initiated by the lenders of the Company and Resolution Professional (RP) wasappointed to look after the business of the Company and for better half RP managed theoperations of the Company.

Further discussion of operations for the year ended 31st March 2019 is provided in theManagement Discussion and Analysis Report which is presented in a separate sectionforming part of this Annual Report.

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2018-19

Corporate Insolvency Resolution Process (CIRP) had been initiated under the Insolvencyand Bankruptcy Code 2016 by the National Company Law Tribunal (NCLT) Mumbai vide itsorder dated 29th September 2017 owing to defaults in repayment of principal debt andinterest thereon by the Company. Further vide the above mentioned NCLT order and pursuantto Section 17 of the IBC the powers of the Board of Directors of the Company stoodsuspended and such powers were vested with the Interim Resolution Professional Mrs. CharuDesai (IP Registration no. IBBI/IPA-001/IP-P00434/2017-18/10757). Her appointment wassubsequently confirmed by the Committee of Creditors (COC) as the Resolution Professional(the "RP"). Accordingly Mrs. Charu Desai in her capacity as RP took control andcustody of the management and operations of the Company with effect from 11th October2017.

On 9th July 2018 in accordance with Section 30(6) of the IBC a resolution plan asapproved by the COC with the requisite majority as per Section 30(4) of the IBC was filedand approved by the Hon'ble National Company Law Tribunal vide its order dated 30thNovember 2018. As per the Resolution Plan as submitted by M/s. Formation Textiles LLC(`FTL') which authorised FTL to appoint new Directors on the Board of the Company so as toConstitute the new Board of Directors in compliance with applicable provisions of theCompanies Act 2013 read with SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

Pursuant to the Resolution Plan as submitted by M/s. Formation Textiles LLC ('FTL') andas approved by the Hon'ble National Company Law Tribunal ('NCLT') vide its order dated30th November 2018 ('approved Resolution Plan') all the Directors associated with theMandhana Industries Limited (`Company') as on the date of passing the order by the NCLTshall be deemed to have been resigned from their respective office with effect from thedate of reconstitution and takeover of management by the newly constituted Board ofDirectors.

FTL has vide its letter dated 30th January 2019 informed the Company of theappointment New Directors of the Company.

Consequent to the taking over of control and management of the Company by there-constituted Board of Directors Mr. Purushottam Mandhana Mr. Manish Mandhana and Mr.Monarch Gandhi shall deemed to have been resigned and vacated their office from theCompany with effect from 31stJanuary 2019.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

Except the changes occurred during and subsequent to the financial year 2018-19 statedhereinabove no material changes and commitments have occurred after the close of the yeartill the date of this report which affect the financial position of the Company.

DIVIDEND

In view of the losses your Company does not recommend any dividend for the year underreview.

TRANSFER TO RESERVE

Nil

CORPORATE GOVERNANCE

Reports on Corporate Governance and Management Discussion and Analysis in accordancewith SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015("Listing Regulations") along with a certificate from Auditors regardingcompliance of the Corporate Governance are given separately in this Annual Report.

PUBLIC DEPOSIT

Your Company has not accepted any Public deposits under Chapter V of Companies Act2013.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

M/s. Formation Textiles LLC ('FTL') has submitted Resolution Plan as approved by theHon'ble National Company Law Tribunal ('NCLT') vide its order dated 30th November 2018('approved Resolution Plan') and pursuant to of the approved Resolution Plan all theDirectors associated with the Mandhana Industries Limited ('Company') as on the date ofpassing the order by the NCLT shall be deemed to have been resigned from their respectiveoffice with effect from the date of reconstitution and takeover of management by the newlyconstituted Board of Directors.

FTL has vide its letter dated 30th January 2019 informed the Company of theappointment following persons asthe Directors of the Company:

Sr. No. Name of the Director Category of Director
1. Mr. Piyush Viradia Non-Executive Director
2. Ms. Cynthia Dibartolo Non-Executive & Independent Director
3. Mr. Todd Robinson Non-Executive & Independent Director
4. Mr. Lawrence Steckman Non-Executive & Independent Director
5. Mr. Nimesh Patel Non-Executive Director
6. Ms. Alka Patel Non-Executive Director
7. Mr. Chirayu Chhibber Non-Executive & Independent Director
8. Mr. Piyush Doshi Non-Executive & Independent Director

Consequent to the taking over of control and management of the Company by there-constituted Board of Directors Mr. Purushottam Mandhana Mr. Manish Mandhana and Mr.Monarch Gandhi shall deemed to have been resigned and vacated their office from theCompany with effect from 31stJanuary 2019.

Accordingly as the Board of the Company has been reconstituted and Control andManagement has been taken over by the new Board of Directors in compliance with applicableprovisions of the Companies Act 2013 read with SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 in board meeting held on 31stJanuary 2019 effective from30th January 2019.

Mr. Piyush Doshi has been appointed as the Managing Director of the Company pursuant tothe provision of Section 2(54) Section 196 of the Companies Act 2013 ('Act') for aperiod of 3 years in the board meeting held on 14th February 2019.

The Designation of Ms. Alka Patel has been re-categorized from Non-Executive Directorto the Non-Executive& Independent Director of the Company. A declaration ofIndependence has been received from her pursuant to Section 149(7) of the Companies Act2013.

Mr. Deepak Dhumal (DIN: 07897648) was appointed as an Additional Director of theCompany pursuant to the provision of Section 161 of the Companies Act 2013 and thenappointed as an Executive Director of the Company pursuant to the provision of Section2(94) Section 196 of the Companies Act 2013 ('Act') for a period of 3 years in the boardmeeting held on 14th February 2019.

However Mr. Dhumal has resigned from the Board of Directors w.e.f. 15th March 2019.

Mr. Ashok Das (DIN: 08419056) has been appointed as an Additional Director of theCompany pursuant to the provision of Section 161 of the Companies Act 2013 and thenappointed as an Executive Director of the Company pursuant to the provision of Section2(94) Section 196 of the Companies Act 2013 (Act') for a period of 3 years in the boardmeeting held on 23rd May 2019.

Ms. Cynthia Dibartolo and Mr. Lawrence Steckman —Non-executive & IndependentDirectors have resigned and ceased to be Directors of the Company with effect from 25thJuly 2019 on account of their pre-occupation.

Brief details of Directors proposed to be appointed/reappointed as required underRegulation 36(3) of Listing Regulations are provided in the explanatory statement annexedto the notice of the AGM.

Mr. Hemant Gupta has been appointed as the Chief Financial Officer ('CFO') of theCompany and Chief Operating Officer ('COO') of the Company with effect from 1st June2019 on the board meeting held on 23rd May 2019.

Ms. Divya Manish Trivedi has resigned as Company Secretary and the Compliance Officerof the Company effective from 25th February 2019 and Mr. Vinay Sampat was appointed asthe Company Secretary and the Compliance Officer of the Company with effect from 1st June2019 on the board meeting held on 23rd May 2019.

BOARD EVALUATION

Evaluation of performance of Directors was not undertaken during this financial year onaccount of CIRP initiated against the Company w.e.f. 29th September 2017 where thepowers of the Board of Directors (including evaluating the performance of Board itsCommittee and individual Directors) stood suspended. The Board of the Company has beenreconstituted in board meeting held on 31st January 2019 effective from 30th January2019. Therefore the evaluation of the performance of the Board of Directors and of itsCommittees and individual Directors were not undertaken during the financial year 2018-19.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

Two (2) Board Meetings were convened and held during the financial year 2018-19 (thepowers of the Board of Directors stood suspended on account of initiation of CIRP againstthe Company and after the approval of resolution plan by Committee of Creditors (COC) andHon'ble National Company Law Tribunal vide its order dated 30th November 2018 the Boardreconstituted with effect from 30th January 2019 in board meeting held on 31st January2019). Details of meetings of the Board and its Committees alongwith the attendance of theDirectors therein have been disclosed in the Corporate Governance Report. (Annexedherewith)

VIGIL MECHANISM / WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES

The Company has established a Vigil Mechanism which includes a Whistle Blower Policyfor its Directors and Employees to provide a framework to facilitate responsible andsecure reporting of concerns of unethical behavior actual or suspected fraud or violationof the Company's Code of Conduct & Ethics. The Whistle Blower Policy is posted on thewebsite of the

Company and the web-link to the same ishttps://www.mandhana.com/codes-of-conduct-policies.php

AUDIT COMMITTEE

Consequent to the reconstitution of the Board of Directors in board meeting held on31st January 2019 and pursuant to the provisions of Regulation 18 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations") Section 177 of the Companies Act 2013 read with Companies (Meeting ofBoard and its Powers) Rules 2014 the following members are the members of auditcommittee reconstituted in the board meeting held on 14th February 2019 on account ofchange in directorship.

Sr. No. Name of the Member Designation
1. Ms. Alka Patel Chairperson
Non-Executive &
Independant Director
2. Ms. Cynthia Dibartolo @ Member
Non-Executive &
Independant Director
3. Mr. Todd Robinson Member
Non-Executive &
Independant Director
4. Mr. Chirayu Chhibber Member
Non-Executive &
Independant Director
5. Mr. Piyush Doshi Member
Non-Executive Director

@ Ms. Cynthia Dibartolo has resigned with effect from 25th July 2019.

Further details on the Audit Committee are provided in the Corporate Governance Report.(Annexed herewith)

NOMINATION AND REMUNERATION POLICIES

The Board of Directors has formulated a Policy which lays down a framework forselection and appointment of Directors and Senior Management and for determiningqualifications positive attributes and independence of Directors.

The Policy also provides for remuneration of Directors Members of Senior Managementand Key Managerial Personnel.

Details of the Key Features of Nomination and Remuneration Policy are given underAnnexure - A' to this Report

RISK MANAGEMENT POLICY

The Company has in place a Risk Management framework to identify measure and mitigatebusiness risks and threats. This framework seeks to create transparency minimize adverseimpact on the business objective and enhance the Company's competitive advantage.

This risk framework thus helps in managing market credit and operations risks andquantifies exposure and potential impact at a Company level.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

No loans guarantees or Investments covered under sections 186 of the Companies Act2013 have been given or provided during the year. Details of the investments made andloans outstanding as of 31st March 2019 pursuant to Section 186 of the Act are providedunder note nos. 7 and 8 of the Financial Statements (annexed herewith).

RELATED PARTYTRANSACTIONS

All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in ordinary course of business and on arm's length basis.During the year the Company had not entered into any contract/arrangement/ transactionwith related parties which could be considered material under Regulation 23 of ListingRegulation. Accordingly the disclosure of Related Party Transactions as required underSection 134(3)(h) of the Companies Act 2013 in Form AOC - 2 is not applicable. The Policyon materiality of related party transactions and dealing with related party transactionsas approved by the Board may be accessed through the following link:http://www.mandhana.com/investorRelations.php. Your Directors draw attention of themembers to Note No. 33 to the financial statements which set out related partydisclosures.

Prior omnibus approval is obtained on an annual basis for the transactions with relatedparties which are of a foreseeable and repetitive nature. The transactions entered intopursuant to the omnibus approval so granted and a statement giving details of alltransactions with related parties are placed before the Audit Committee and Board ofDirectors for their review on a periodic basis.

MANAGERIAL REMUNERATION

Remuneration to Directors and Key Managerial Personnel

i. The percentage increase in remuneration of each Director and Company Secretaryduring FY 2018-19 and ratio of the remuneration of each Director to the medianremuneration of the employees of the Company for FY 2018-19 are as under:

Sr. No. Name of Director /KMP and Designation Remuneration of Director/ KMP for FY 2018-19 (In Rs.) % increase/ decrease in remuneration in FY 2018-19 Ratio of remuneration of each Whole-Time Director to median remuneration of employees
1. Mr. Piyush Viradia #
Non-Executive Chairman 40000/- N.A. N.A.
2. Mr. Piyush Doshi tt
Managing Director 138036/- N.A. 9:1
3. Mr. Todd Robinson # 40000/- N.A. N.A.
Non-Executive & Independent Director
4. Ms. Cynthia Dibartolo # @
Non-Executive Independent Director 40000/- N.A. N.A.
5. Mr. Lawrence Steckman # @
Non-Executive & Independent Director 40000/- N.A. N.A.
6. Mr. Nimesh Patel #
Non-Executive Director 20000/- N.A. N.A.
7. Ms. Alka Patel #
Non-Executive & Independent Director 40000/- N.A. N.A.
8. Mr. Chirayu Chhibber #
Non-Executive & Independent Director 60000/- N.A. N.A.
9. Mr. Deepak Dhumal 161290/- N.A. 26:1
Executive Director $
10. Mrs. Divya Trivedi *
Company Secretary & Compliance Officer 275000/- N.A. N.A.

# Appointed in board meeting held on 31stJanuary 2019 effective from 30th January2019.

@ Ms. Cynthia Dibartolo and Mr. Lawrence Steckman have resigned and ceased to beDirectors of the Company with effect from 25th July 2019.

Ms. Divya Manish Trivedi has resigned as Company Secretary and the Compliance Officerof the Company effective from 25th February 2019

Mr. Deepak Dhumal was appointed on 14th February 2019 as Executive Director andresigned on 15th March 2019.

Note:

i. Remuneration paid to KMP includes Salary allowances company's contribution toprovident fund and monetary value of perquisites if any. The remuneration paid toNon-Executive and/or Independent Directors comprises of sitting fees only. ii. The medianremuneration of employees of the Company during FY 2018-19 was Rs.138060./-;

iii. In the financial year under review there was an increase of 4.84 % in the medianremuneration of employees;

iv. There were 3376 permanent employees on the rolls of the Company as on 31st March2019;

v. Average percentage increase in the salaries of employees other than the managerialpersonnel in the FY 2018-19 was 11.45 % as compared to FY 2017-18.

vi. It is hereby affirmed that the remuneration paid is as per the Remuneration Policyfor Directors Key Managerial Personnel and other Employees.

Details of employee remuneration as required under

provisions of Section 197 of the Companies Act 2013 and Rule 5(2) & 5(3) ofCompanies (Appointment and

Remuneration of Managerial Personnel) Rules 2014 is

provided in a separate statement and forms part of the Annual Report. Further thisreport is being sent to the

Members excluding the said statement. The said statement is available for inspection ofmembers at the Registered/Corporate Office of the Company during

working hours upto the date of the Annual General Meeting and shall be made availableto any shareholder

on request. The said statement is also available on the website of the Company theweblink to which is

www.mandhana.com.

STATUTORY AUDITOR AND AUDITORS' REPORT

In accordance with Section 139 of the Companies Act 2013 the Members of the Companyin its 32nd Annual

General Meeting held on 30th December 2016 have appointed M/s. KPND & Co.Chartered Accountants (FRN: 133861W) as the Statutory Auditors of the Company to holdoffice till the conclusion of the 37th Annual General Meeting of the Company to be held incalendar year 2021.

However as envisaged in resolution plan M/s. KPND & Co. Chartered Accountants(FRN: 133861W) resigned as the Statutory Auditors of the Company and M/s. C N K &Associates LLP Chartered Accountants Mumbai were appointed in casual vacancy asStatutory Auditors of the Company in place of M/s. KPND & Co. Chartered Accountants.

The Auditors' Report and notes to the financial statements referred in the AuditorsReport are self- explanatory and therefore do not call for any further comments underSection 134 of the Companies Act 2013. The Auditors' Report is enclosed with thefinancial statements in this Annual Report. There is no incident of fraud requiringreporting by the auditors under Section 143(12) of the Companies Act 2013.

COST AUDITOR AND COST AUDIT REPORT

M/s. C.B. Modh & Co. Cost Accountants have been duly

appointed as Cost Auditors for conducting Cost Audit in respect of productsmanufactured by the Company which are covered under the Cost Audit Rules for currentfinancial year ending 31st March 2019. As required by Section 148 of the Companies Act2013 necessary

resolution has been included in the Notice convening the 35th Annual General Meetingseeking ratification by

Members to the remuneration proposed to be paid to the Cost Auditors for the financialyear ending 31st March 2020.

The Company is in process of filing the Cost Audit Report for the financial year ended31st March 2019 with the

Central Government.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Rulesmade thereunder the Company has appointed Mr. Nitin R. Joshi Practicing CompanySecretary (Certificate of Practice No. 1884 and Membership No.FCS-3137) as the SecretarialAuditor of the Company. The Secretarial Audit Report is annexed as Annexure- 'D' and formsan integral part of this Report. The Company has complied with all the applicablesecretarial standards.

The Company has made timely submissions of all the disclosures to the Stock Exchangespursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015(Listing Regulations).

The Secretarial Audit Report does not contain any other qualification reservation oradverse remark. The statements referred in the Secretarial Audit Report areself-explanatory and therefore do not call for any comments under Section 134 of theCompanies Act 2013.

CORPORATE SOCIAL RESPONSIBILITY

The Company is not falling under any of the applicability criteria's of CSR asmentioned under the provisions of Section 135 of the Companies Act 2013 as amended by theCompanies Amendment Act 2017. Reporting as required under the aforesaid section for theFY 2018-19 is enclosed as Annexure -'B'.

SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company has no subsidiary Joint Venture and Associate Company as on 31st March2019.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has adequate internal financial controls in place with reference tofinancial statements. These are continually reviewed by the Company to strengthen the samewherever required. The internal control systems are supplemented by internal audit carriedout by an independent firm of Chartered Accountants and periodical review by management.The Audit Committee of the Board addresses issues raised by both the Internal Auditorsand the Statutory Auditors.

DIRECTORS' RESPONSIBILITY STATEMENT

The financial statements are prepared in accordance with Indian Accounting Standards(Ind AS) under the historical cost convention on accrual basis except for certainfinancial instruments which are measured at fair values the provisions of the Act (tothe extent notified) and guidelines issued by the Securities and Exchange Board of India(SEBI). The Ind AS are prescribed under Section 133 of the Companies Act 2013 ('theAct') read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 andCompanies (Indian Accounting Standards) Amendment Rules 2016. The Company has adopted allthe Ind AS standards and the adoption was carried out in accordance with applicabletransition guidance. Accounting policies have been consistently applied except where anewly issued accounting standard is initially adopted or a revision to an existingaccounting standard requires a change in the accounting policy hitherto in use.

i) In the preparation of the annual accounts for the financial year ended 31st March2019 the applicable Accounting Standards have been followed along with proper explanationrelating to material departures;

ii) Accounting policies have been selected and applied consistently and judgments andestimates made that were reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year and of the profit of theCompany for the year under review;

iii) Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provision of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

iv) The annual financial statements have been prepared on a going concern basis;

v) Internal financial controls to be followed by the Company have been laid down andensured that such internal financial controls are adequate and operating effectively; and

vi) Proper systems have been devised to ensure compliance with the provisions of allapplicable laws and that such systems are adequate and operating effectively.

PARTICULARS OF ENERGY CONSERVATION

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars of Conservation of Energy Technology

Absorption and Foreign Exchange Earnings and Outgo as per section 134(3)(2) of theCompanies Act 2013 read with the Companies (Accounts) Rules 2014 for the year ended31st March 2019 are provided under Annexure — 'C' to this report.

WEB-LINK OF THE ANNUAL RETURN

Pursuant to the provisions of Section 92(1) of the Companies Act 2013 as amended bythe Companies Amendment Act 2017 a copy of the Annual Return in Form No. MGT-9 isuploaded on the website of the Company and the web link of which is:https://www.mandhana.com/annual-reports.php

SHARE CAPITAL

During the year under review the number of equity shares existing as on record datehave been reduced to 1/10th (One Tenth) and any fractional share arising out suchreduction would be rounded to 1 (One) share pursuant to the terms of the Resolution Plan.

Consequently the share capital of the Company on the date of re-listing i.e. 4th June2019 stand reduced to Rs. 33142950/- consisting of 3314295 equity shares of theRs.10/- each.

NAME CHANGE

Members of the Company have passed Special Resolution for change of name of the Companyfrom "Mandhana Industries Limited" to "GB Global Limited" andconsequent amendment to Memorandum of Association and Articles of Association and otherdocuments of the Company through Postal Ballot on 9th July 2019. In this regard theCompany has filed the relevant form with Ministry of Corporate Affairs/ Registrar ofCompanies and is awaiting approval.

OTHERS

No disclosure or reporting is required in respect of the following items as they werenot applicable or there were no transactions on these items during the year under review:

1. The details relating to deposits covered under Chapter V of the Act since neitherhas the Company accepted deposits during the year under review nor were there any depositsoutstanding du ring the year.

2. Details relating to issue of equity shares including sweat equity shares stockoptions and shares with differential rights as to dividend voting or otherwise sincethere was no such issue of shares.

3. None of the Whole-Time Directors of the Company received any remuneration orcommission from any of its subsidiaries.

Further during the year under review there were no cases filed under the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

ACKNOWLEDGEMENT

The Management hereby take this opportunity to thank the Shareholders FinancialInstitutions Banks Customers Suppliers Regulators and Government Authorities- CentralState & Local.

The Management also wish to place on record their appreciation of the employees at alllevels for their hard work dedication and commitment.

For MANDHANA INDUSTRIES LIMITED
Piyush Vrajlal Doshi
Managing Director
DIN : 07597924
Place: Mumbai
Date: 13th August 2019
Registered Office:
Plot No. C-3 M.I.D.C. Tarapur Industrial Area
Boisar Dist. Palghar 401506

.