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Globalspace Technologies Ltd.

BSE: 540654 Sector: IT
NSE: N.A. ISIN Code: INE632W01016
BSE 00:00 | 02 Aug Globalspace Technologies Ltd
NSE 05:30 | 01 Jan Globalspace Technologies Ltd
OPEN 55.50
PREVIOUS CLOSE 55.50
VOLUME 4000
52-Week high 66.00
52-Week low 55.50
P/E 55.50
Mkt Cap.(Rs cr) 64
Buy Price 48.00
Buy Qty 2000.00
Sell Price 52.00
Sell Qty 2000.00
OPEN 55.50
CLOSE 55.50
VOLUME 4000
52-Week high 66.00
52-Week low 55.50
P/E 55.50
Mkt Cap.(Rs cr) 64
Buy Price 48.00
Buy Qty 2000.00
Sell Price 52.00
Sell Qty 2000.00

Globalspace Technologies Ltd. (GLOBALSPACE) - Director Report

Company director report

To

The Members

GLOBALSPACE TECHNOLOGIES LIMITED

(Formerly known as "GlobalSpace Technologies Private Limited")

(Formerly known as "GlobalSpace Tech Private Limited")

Your Directors take the pleasure of presenting the 8th Annual Report of yourCompany together with the Audited Statement of Accounts for the year ended 31stMarch 2018.

1. FINANCIAL STATEMENTS & RESULTS:

Financial Results

The Company's performance during the year ended 31st March 2018 as comparedto the previous financial year is summarized below:

Particular For the financial year ended 31st March 2018 For the financial year ended 31st March 2017
(in Rupees) (in Rupees)
Revenue from Operation 291826060.00 172782420.00
Other Income 1433281.00 -
Total Revenue 293259341.00 172782420.00
Less: Expenses (259372447.00) (157029029.00)
Profit/ (Loss) before tax 33886894.00 15753391.00
Less:

1. Current Tax

8050000.00 6029062.00
2. Tax adjustment of earlier years (net) 343630.00 512780.00
3. Deferred Tax 2280053.00 (1035482.00)
Profit after Tax 23213211.00 10247031.00
APPROPRIATION
Interim Dividend NIL NIL
Final Dividend NIL NIL
Tax on distribution of dividend NIL NIL
Transfer of General Reserve NIL NIL
Balance carried to Balance sheet 23213211 10247031

2. OPERATIONS

During the year under review the Company has reported a Profit of Rs. 23213211/- ascompared to a profit of Rs. 10247031/- .

The Company reported Profit before Tax at Rs. 33886894 /- as against Rs. 15753391/-in the previous year.

The Company continues to be engaged in the activities pertaining to InformationTechnology and Communication industry including providing of customized softwaresolutions and other support services to enterprises.

There was no change in nature of the business of the Company during the year underreview.

3. TRANSFER TO RESERVES

The Company has not transferred any amount to General Reserve. However the entireprofit amount has retained by the Company in their Profit and Loss Account of the Company.

4. DIVIDEND

With a view to conserve resources your Directors have thought it prudent not torecommend any dividend for the financial year under review.

5. REPORT ON PERFORMANCE OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES

During the year under review your Company did not have any subsidiary associate andjoint venture company.

6. INITIAL PUBLIC OFFER

During year 2017-18 Company went for Intial Public Offer (IPO) of its shares on SMEPlatform of BSE Limited (BSE Emerge) for listing its shares; pursuant to it shares ofcompany were listed on 7th August 2017.

7. DEPOSITS

The Company has not accepted or renewed any amount falling within the purview ofprovisions of Section 73 of the Companies Act 2013 ("the Act") read with theCompanies (Acceptance of Deposit) Rules 2014 during the year under review. Hence therequirement for furnishing of details relating to deposits covered under Chapter V of theAct or the details of deposits which are not in compliance with the Chapter V of the Actis not applicable.

8. LOAN FROM DIRECTOR

During the financial year under review the Company has borrowed the followingamount(s) from Directors and the respective director has given a declaration in writing tothe Company to the effect that the amount is not being given out of funds acquired by himby borrowing or accepting loans or deposits from others. Accordingly the followingamount(s) is / are excluded from the definition of Deposit as per Rule 2(1)(c)(viii) ofthe Companies (Acceptance of Deposits) Rules 2014:-

Name of Director giving loan Amount borrowed during 2017-18 Amount Repaid During 2017-2018 Amount

Oustanding

Krishna Murari Singh 5780000.00 8630000.00 3750000.00
Beauty Krishnamurari Singh 2800000.00 2800000.00 Nil

9. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES

All transactions/contracts/arrangements entered into by the Company with related party(ies) as defined under the provisions of Section 2(76) of the Companies Act 2013 duringthe financial year under review were in ordinary course of business and on an arm's lengthbasis. Further none of these contracts / arrangements / transactions with related partiescould be considered material in nature as per the thresholds given in Rule 15(3) of theCompanies (Meetings of Board and its Powers) Rules 2014 and hence no disclosure isrequired to be given in this regard.

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

The particulars as required under the provisions of Section 134(3)(m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 in respect ofconservation of energy technology absorption foreign exchange earnings and outgo etc.are furnished in "Annexure I" which forms part of this Report.

11. EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) of the Companies Act 2013 Extract ofthe Annual Return for the financial year ended 31st March 2018 made under theprovisions of Section 92(3) of the Act is attached as "Annexure II" whichforms part of this Report.

12. PARTICULARS OF INVESTMENTS LOANS GUARANTEES AND SECURITIES

The Company has not made any loans guarantees investment or securities covered underthe provisions of Section 186 of the Companies Act 2013.

13. MATERIAL CHANGES AND COMMITMENTS IF ANY; AFFECTING THE FINANCIAL POSITION OF THECOMPANY

Except as disclosed elsewhere in this report no material changes and commitments whichcould affect the Company's financial position have occurred between the end of thefinancial year of the Company and date of this report.

14. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. During the year under review no material orserious observation has been received from the Statutory Auditors of the Company forinefficiency or inadequacy of such controls.

15. CHANGE IN KEY MANAGERIAL PERSONNEL

During the year under review pursuant to the provision of Section 203 of the CompaniesAct 2013 read with Rule 8 of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rule 2014 and other application provisions if any of the Companies Act2013 (including any statutory modification or re-enactment thereof) Mr. ProdyotBhattacharyya was appointed as Chief Financial Officer w.e.f. 10th November2017.

Further Mr. Vishal Singh Raghuvanshi Chief Financial Officer of the Company resignedw.e.f. 21st August 2017 due to other personnel commitments.

Further Mr. Nurani Venkitakrishnan Kailasam Chief Executive Officer of the Companyresigned w.e.f. 8th January 2018 due to personal reason.

Pursuant to the provisions of Section 152 of the Companies Act 2013 Ms. BeautyKrishnamurari Singh (DIN: 03481024) is liable to retire by rotation at the ensuing AnnualGeneral Meeting of the Company and being eligible offers herself for re-appointment. Thesaid Director is not disqualified from being re-appointed as a Director of a Company asper the disclosure received from her pursuant to Section 164(2) of the Companies Act2013.

16. DECLARATION BY INDEPENDENT DIRECTORS

During the financial year under review declarations were received from all IndependentDirectors of the Company that they satisfy the "criteria of Independence" asdefined under Regulation 16(b) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 read with the provisions of Section 149(6) of the Companies Act 2013the Schedules and Rules framed there under.

17. NUMBER OF BOARD MEETINGS

The Board of Directors met 7 (Seven) times during the financial year ended 31stMarch 2018 in accordance with the provisions of the Companies Act 2013 and rules madethereunder.

Sr. No. Date of meeting Names of Directors as on the date of meeting Directors Present Directors Absent
1. Mr.Krishna Murari Singh 1. Krishna Murari Singh 1.Mr. Venkatesh Shamanna
2. Ms.Beauty Krishnamurari Singh 2. Beauty Krishnamurari Singh Vastare 2.Mr. Yugal K. C. Sikri
1 24th May 2017 3. Mr. Nurani Venkitakrishnan Kailasam 4. Mr. Yugal K. C. Sikri 3. Mr. Nurani Venkitakrishnan Kailasam 4. Mr. M. V. Subramanian
5.Mr. M. V. Subramanian
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1.Mr. Venkatesh Shamanna Vastare
2. Ms.Beauty Krishnamurari Singh 2.Mr. Nurani Venkitakrishnan Kailasam 2.Mr. M. V. Subramanian
2 21st June 2017 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. Yugal K. C. Sikri 3. Ms.Beauty Krishnamurari Singh
4.Mr. Yugal K. C. Sikri
5.Mr. M. V. Subramanian
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1.Mr. Venkatesh Shamanna Vastare
2. Ms.Beauty Krishnamurari Singh 2.Mr. Nurani Venkitakrishnan Kailasam 2.Mr. Yugal K. C. Sikri
3 13th 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. M. V. Subramanian 3. Ms.Beauty Krishnamurari Singh
July 2017 4.Mr. Yugal K. C. Sikri
5.Mr. M. V. Subramanian
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1. Ms.Beauty Krishnamurari Singh
2. Ms.Beauty Krishnamurari Singh 2.Mr. Nurani Venkitakrishnan Kailasam
3rd 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. Yugal K. C. Sikri
4 August 2017 4.Mr. Yugal K. C. Sikri 4.Mr. M. V. Subramanian
5.Mr. M. V. Subramanian 5.Mr. Venkatesh Shamanna Vastare
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1. Ms.Beauty Krishnamurari Singh
2. Ms.Beauty Krishnamurari Singh 2.Mr. Nurani Venkitakrishnan Kailasam
5 1st September 2017 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. Yugal K. C. Sikri
4.Mr. Yugal K. C. Sikri 4.Mr. M. V. Subramanian
5.Mr. M. V. Subramanian 5.Mr. Venkatesh Shamanna Vastare
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1. Ms.Beauty Krishnamurari Singh
2. Ms.Beauty Krishnamurari Singh 2.Mr. Nurani Venkitakrishnan Kailasam 2.Mr. Venkatesh Shamanna Vastare
6 10th 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. Yugal K. C. Sikri
November 2017 4.Mr. Yugal K. C. Sikri 4.Mr. M. V. Subramanian
5.Mr. M. V. Subramanian
6.Mr. Venkatesh Shamanna Vastare
1. Mr.Krishna Murari Singh 1. Mr.Krishna Murari Singh 1.Mr. Venkatesh Shamanna
Vastare
2. Ms.Beauty Krishnamurari Singh 2. Ms.Beauty Krishnamurari Singh
7 27th February 3.Mr. Nurani Venkitakrishnan Kailasam 3.Mr. Nurani Venkitakrishnan Kailasam
2018 4.Mr. Yugal K. C. Sikri 4.Mr. Yugal K. C. Sikri
5.Mr. M. V. Subramanian 5.Mr. M. V. Subramanian
6.Mr. Venkatesh Shamanna Vastare

18. AUDIT COMMITTEE

The Audit Committee of Directors was constituted pursuant to the provisions of Section177 of the Companies Act 2013 ("the Act"). The composition of the AuditCommittee is in conformity with the provisions of the said section.

The scope and terms of reference of the Audit Committee have been framed in accordancewith the Act and the Listing Agreement entered into with the Stock Exchange read with theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

The Audit Committee was reconstituted vide a Circular Resolution passed on 16th June2017. Mr. M. V. Subramanian (Non-Executive -Independent Director) was appointed as theChairman of the Audit Committee w. e. f. 16th June 2017 2017. Mr. Krishna M. Singh(Executive Director) and Mr. Yugal Sikri (Non-Executive - Independent Director) are theother members of the Audit Committee.

Ms. Swati Arora the Company Secretary of the Company acts as the Secretary of theAudit Committee.

During the year 2017-2018 4 (Four) meetings of the Audit Committee were held on 21stJune 2017 30th August 2017 10th November 2017 and 27thFebruary 2018.

Sr. No. Date of Board Meeting Mr. M. V. Subramanian Mr. Krishna M. Singh Mr. Yugal Sikri
2. 21st June 2017 N Y Y
3. 3rd August 2017 Y Y Y
4. 10th November 2017 Y Y Y
5. 27th February 2018 Y Y Y

During the year under review the Board of Directors of the Company had accepted allthe recommendations of the Committee.

19. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of Directors as constituted by the Board ofDirectors of the Company in accordance with the requirements of Section 178 of the Act.

The Board has in accordance with the provisions of sub-section (3) of Section 178 ofthe Companies Act 2013 formulated the policy setting out the criteria for determiningqualifications positive attributes independence of a Director and policy relating toremuneration for Directors Key Managerial Personnel and other employees.

Mr. Yugal Kishor Choturam Sikri (Non-Executive -Independent Director) was the Chairmanof the Nomination and Remuneration Committee. Mr. Mundamuka V. Subramanian (Non-Executive-Independent Director) and Ms. Beauty Krishna Murari Singh (Non-Executive Director) arethe other members of the Committee.

Ms. Swati Arora the Company Secretary of the Company act as the Secretary of theNomination and Remuneration Committee.

During the year 2017-2018 4 (Four) meetings of the Nomination and RemunerationCommittee were held on 24th May 2017 1st September 2017 10thNovember 2017 & 27th February 2018

Sr. No. Date of Board Meeting Mr. Yugal Kishor Choturam Sikri Mr. Mundamuka V. Subramanian Ms. Beauty Krishna Murari Singh
1. 24th May 2017 N Y Y
2. 1st September 2017 Y Y N
3. 10th November 2017 Y Y N
4. 27th February 2018 Y Y Y

The Remuneration Policy is attached as "Annexure IN"

20. STAKEHOLDERS RELATIONSHIP COMMITTEE

Pursuant to Section 178 (5) of the Companies Act 2013 the Board of Directors of theCompany has constituted the Stakeholder's Relationship Committee.

Ms. Beauty Krishna Murari Singh (Non-Executive Director) is the Chairman of theCommittee. Mr. Krishna Murari Singh (Executive) and Mr. Nirani Venkitkrishnan Kailasam(Executive) are the other members of the Committee.

Ms. Swati Arora the Company Secretary of the Company acts as the Secretary of theStakeholders' Relationship Committee.

During the year 2017-18 there were no meeting schedules of Stakeholders RelationshipCommittee.

The other relevant details are as under:

A. Number of complaints received from shareholders from 1st April 2017 to 31st March 2018 Nil
A. Number of complaints resolved Nil
A. Number of complaints not solved to the satisfaction of shareholders which were subsequently resolved post March 31st 2018 Nil

21. VIGIL MECHANISM

Pursuant to the provisions of Section 177(9) of the Companies Act 2013 read with Rule7 of the Companies (Meetings of Board and its Powers) Rules 2014 a listed Company andevery such class of companies as prescribed thereunder are required to frame a VigilMechanism to provide a mechanism which ensures adequate safeguards to employees andDirectors from any victimization on raising of concerns of any violations of legal orregulatory requirements incorrect or misrepresentation of any financial statements andreports etc.

The Company has established a mechanism for directors and employees to report concernsabout unethical behavior actual or suspected fraud or violation of our Code of Conductand Ethics. It also provides for adequate safeguards against the victimization ofemployees who avail of the mechanism and allows direct access to the chairperson of theaudit committee in exceptional cases.

22. RISK MANAGEMENT POLICY

The Board of Directors of the Company has designed Risk Management Policy andGuidelines to avoid events situations or circumstances which may lead to negativeconsequences on the Company's businesses and define a structured approach to manageuncertainty and to make use of these in their decision making pertaining to all businessdivisions and corporate functions. Key business risks and their mitigation are consideredin the annual/strategic business plans and in periodic management reviews.

23. ANNUAL EVALUATION OF DIRECTORS COMMITTEE AND BOARD

The Board has carried out an annual performance evaluation of its own performance andof the Directors individually as well as the evaluation of all the committees i.e. AuditNomination and Remuneration Stakeholders Relationship Committee of Directors.

The Board adopted a formal evaluation mechanism for evaluating its performance and aswell as that of its Committees and individual directors including the Chairman of theBoard the exercise was carried out by feedback survey from each Directors covering Boardfunctioning such as composition of Board and its Committees experience and competenciesgovernance issues etc. Separate Exercise was carried out to evaluate the performance ofindividual directors including the Chairman of the Board who were evaluated on parameterssuch as attendance contribution at the meeting etc.

24. MANAGEMENT DISCUSSION & ANALYSIS

A separate report on Management Discussion & Analysis is appended to this AnnualReport as an "Annexure IV" and forms part of this Directors' Report.

25. AUDITORS

At the 6th Annual General Meeting held on 26th September 2016the Members approved appointment of M/s. Tolia & Associates Chartered Accountants(Firm Registration No.110017W) to hold office for a period of Five Years commencing fromthe conclusion of that Annual General Meeting (subject to ratification of the appointmentby the Members at every Annual General Meeting) on such remuneration as may be fixed bythe Board in consultation with M/s. Tolia & Associates Chartered Accountants apartfrom reimbursement of out of pocket expenses as may be incurred by them for the purpose ofaudit.

However on May 7th 2018 Section 40 of the Companies Amendment Act 2017(amending Section 139 of the Companies Act 2013) has been notified whereby ratificationof Statutory Auditor's appointment is not required at every Annual General Meeting.

26. AUDITORS REPORT

There are no qualifications reservations or adverse remarks or disclaimers made by theAuditors in their report on the Financial Statements of the Company for the Financial Yearended March 31st 2018.

27. SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act 2013 the Companyappointed M/s Makarand M. Joshi & Co. Practising Company Secretaries to undertake theSecretarial Audit of the Company for the financial year ended 31st March 2018.

The Secretarial Audit Report is annexed herewith as "Annexure V":

The replies to the comments of Secretarial Auditors in Auditors Report are as follows:

The Company has not filed Form MGT-14 for three resolutions passed in the Board Meetingheld on September 1 2017.

The Company failed to file the above mentioned forms due to inadvertence and to complywith the provisions of the Companies Act 2013 the Company is in process to make anapplication to the concerned authority to condone the delay in filing of the form.

28. MAINTENANCE COST RECORDS

Pursuant to the provisions of Section 148 of the Companies Act 2013 read with theCompanies (Cost Records and Audit) Rules 2014 as amended from time to time the Companyis not required to maintain Cost Records under said Rules.

29. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No orders have been passed by any Regulator or Court or Tribunal which can have impacton the going concern status and the Company's operations in future.

30. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act 2013 in relation to the auditedfinancial statements of the Company for the year ended 31st March 2018 theBoard of Directors hereby confirms that:

a) In the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departures.

b) The Directors 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 profits of the Company for that period.

c) The Directors 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.

d) The Directors have prepared the annual accounts on a going concern basis.

e) The Directors have laid down internal financial controls (as required byExplanation to Section 134(5)(e) of the Act) to be followed by the Company and suchinternal financial controls are adequate and are operating effectively.

f) The Directors have devised proper systems to ensure compliance with theprovisions of applicable laws and such systems are adequate and operating effectively.

31. DISCLOSURE UNDER SECTION 43(A)(II) OF THE COMPANIES ACT 2013

The Company has not issued any shares with differential rights and hence no informationas per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies(Share Capital and Debenture) Rules 2014 is furnished.

32. CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Act read with Companies (Corporate SocialResponsibility Policy) Rules 2014 is not applicable to Company for the financial year2017-18.

33. DISCLOSURE UNDER SECTION 54(1)(D) OF THE COMPANIES ACT 2013

The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13)of the Companies (Share Capital and Debenture) Rules 2014 is furnished.

34. DISCLOSURE UNDER SECTION 62(1)(B) OF THE COMPANIES ACT 2013

The Company has not issued any equity shares under Employees Stock Option Scheme duringthe year under review and hence no information as per provisions of Section 62(1)(b) ofthe Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014 isfurnished.

35. DISCLOSURE UNDER SECTION 67(3) OF THE COMPANIES ACT 2013

During the year under review there were no instances of non-exercising of votingrights in respect of shares purchased directly by employees under a scheme pursuant toSection 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)Rules 2014 is furnished.

36. POLICY ON SEXUAL HARASSMENT AT WORKPLACE

The Company is committed to create and maintain an atmosphere in which employees canwork together without fear of sexual harassment and exploitation. Every employee is madeaware that the Company is strongly opposed to sexual harassment and that such behavior isprohibited both by law and the Company. During the year under review there was nocomplaint of any sexual harassment at work place. The Company has complied with theprovisions relating to the constitution of Internal Complaints Committee under the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013.

37. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 AND OTHER DISCLOSURESAS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES 2014

The disclosures as per Rule 5 of Companies (Appointment & Remuneration) Rules 2014have been marked as "Annexure VI".

38. APPRECIATION

Your Directors express their sincere thanks to all customers vendors investorsshareholders bankers consultant and advisors for their continued support throughout theyear. Your Directors also sincerely acknowledge the significant contribution made by allthe employees through their dedicated service to the Company. Your Directors look forwardto their continued support.

FOR GLOBALSPACE TECHNOLOGIES LIMITED

Sd/- Sd/-
KRISHNA MURARI SINGH NURANI VENKITAKRISHNAN KAILASAM
MANAGING DIRECTOR WHOLETIME DIRECTOR
DIN : 03160366 DIN : 06672569
Address : F/702 Hawre Panchwati Plaza Address : Flat No. 8 3rd Floor Mumba Devi CHS.
Plot no. 92-96 Sector-5 Ltd St. Anthony Rd Sai Nagar Colony
Opp Police Station Ghansoli Chembur Mumbai-400071
Navi Mumbai - 400701.
Date : August 4th 2018
Place : Navi Mumbai

ANNEXUREI

Disclosure pursuant to Section 134(3)(m) of the Companies Act 2013 read with Rule 8 ofthe

Companies (Accounts) Rules 2014

A. Conservation of energy

Steps taken or impact on conservation of energy
Steps taken by the company for utilizing alternate sources of energy The Company has not spent any substantial amount on Conservation of Energy to be disclosed here.
Capital investment on energy conservation equipments

B. Technology absorption

Efforts made towards technology absorption
Benefits derived like product improvement cost reduction product development or import substitution The Company has not spent any substantial amount on Conservation of Energy to be disclosed here.
In case of imported technology (imported during the last three years reckoned from the beginning of the financial year):
Details of technology imported Nil
Year of import Not Applicable
Whether the technology has been fully absorbed Not Applicable
If not fully absorbed areas where absorption has not taken place and the reasons thereof Not Applicable
Expenditure incurred on Research and Development Nil

C. Foreign exchange earnings and Outgo

For the financial year ended 31st March 2018 For the financial year ended 31st March 2017
(in Rupees) (in Rupees)
Actual Foreign Exchange earnings Actual Foreign Exchange outgo 11669790.00 76837929.00

FOR GLOBALSPACE TECHNOLOGIES LIMITED

Sd/- Sd/-
KRISHNA MURARI SINGH NURANI VENKITAKRISHNAN KAILASAM
MANAGING DIRECTOR WHOLETIME DIRECTOR

 

DIN : 03160366 DIN : 06672569
Address : F/702 Hawre Panchwati Plaza Address : Flat No. 8 3rd Floor Mumba
Plot no. 92-96 Sector-5 Devi CHS. Ltd St. Anthony Rd
Opp Police Station Ghansoli Sai Nagar Colony Chembur
Navi Mumbai - 400701. Mumbai-400071

 

Date : August 4th 2018
Place : Navi Mumbai