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Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
BSE 15:26 | 24 May 30.90 1.45
(4.92%)
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28.50

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30.90

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NSE 05:30 | 01 Jan Kisan Mouldings Ltd
OPEN 28.50
PREVIOUS CLOSE 29.45
VOLUME 108102
52-Week high 210.35
52-Week low 28.50
P/E
Mkt Cap.(Rs cr) 105
Buy Price 30.90
Buy Qty 108744.00
Sell Price 30.70
Sell Qty 1.00
OPEN 28.50
CLOSE 29.45
VOLUME 108102
52-Week high 210.35
52-Week low 28.50
P/E
Mkt Cap.(Rs cr) 105
Buy Price 30.90
Buy Qty 108744.00
Sell Price 30.70
Sell Qty 1.00

Kisan Mouldings Ltd. (KISANMOULDINGS) - Director Report

Company director report

To

Dear Members

The Board of Directors (‘Board') have great pleasure in presenting the Company'sTwenty Ninth Annual Report on the business and operations of the Company togetherwith the Standalone and Consolidated Audited Financial Statements for the financial yearended March 31 2018.

1. FINANCIAL SUMMARY/ HIGHLIGHTS

The Company's financial performance for the Financial Year ended March 31 2018 issummarised below::

(Rs In Lakhs)

Particulars

Standalone

Consolidated

2017-18

2016-17

2017-18

2016-17

Revenue from operations 47360.00 43547.63 55929.55 47966.06
Add:- Other Income 534.08 183.25 534.08 191.75
Total Income 47894.08 43730.88 56463.63 48157.81
Total Expenses 48259.41 45041.43 56783.91 49453.84
Profit/ (loss) before tax (PBT) (365.33) (1310.55) (320.28) (1296.02)
Less:- Tax expense (376.91) (1213.68) (363.00) (1209.95)
Profit/ (loss) for the year (PAT) 11.58 (96.87) 42.72 (86.07)
Total Comprehensive income/ (loss) 16.16 (90.90) 47.30 (80.10)

Note: The above revenue from operation is net of excise duty and goods and service taxcollected on behalf of government.

2. INDIAN ACCOUNTING STANDARDS:

Pursuant to notification issued by Ministry of Corporate Affairs dated February 162015 notifying the Companies (Indian Accounting Standards) Rules 2015 the Company hasadopted Indian Accounting Standards (Ind-AS) with effect from April 1 2017. Consequentlyfigures of previous years are re-grouped as per Ind-AS. _

3. FINANCIAL PERFORMANCE:

On a consolidated basis the total revenue for FY 18 at Rs56463.63 lakhs was higher by17.25% over the previous year (Rs48157.81 lakhs in FY 17). Total earning after tax for FY18 Rs42.72 lakhs was higher by 150% against the loss of previous year B 86.07 lakhs inFY17. On standalone basis the total revenue of the Company increased to B 47894.08 lakhsfor FY 18 against B 43730.88 lakhs in FY 17. Your Company reported growth in total profitafter tax was B 11.58 lakhs for FY 18 against the loss of B 96.87 lakhs in FY 17.

In order to increase further sales in the near future the Company is planning to adoptvarious strategies and programmes which will boost the demand for the Company's products.The Company is of the view to focus on magnifying innovations in the marketplace throughbrilliant execution and on building markets of the future or what we call as ‘marketdevelopment' and thereby enhancing stakeholders value.

4. TRANSFER TO GENERAL RESERVE:

During the year under review the Company has not transferred any amount to the GeneralReserve.

5. DIVIDEND:

During the year under review your directors have not recommended any dividend.

6. SHARE CAPITAL:

During the year under review On October 17 2017 & October 23 2017 the Companyhas allotted 3855027 equity shares and 1144973 equity shares respectively. Total5000000 Equity Shares on preferential issue basis for cash at price of B 118.90/- pershare including premium of B 108.90/- per share to the strategic investors (Non -Promoter Group of the Company) in compliance with SEBI (Issue of Capital and DisclosureRequirements) Regulations 2009 and amendment thereof. Consequently Issue subscribed andpaid up equity share capital of the Company increased from B 288630650/- divided in to28863065 equity shares of face value of B 10/- each to B 338630650/- divided in to33863065 Equity shares of face value of B 10/- each.

During the year under review the Company has neither issued any shares withdi_erential voting rights nor granted any stock options or sweat equity and does not haveany scheme to fund its employees to purchase the shares of the Company.

7. CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements of the Company are prepared in accordance withthe relevant Indian Accounting Standards issued by the Institute of Chartered Accountantsof India and forms as an integral part of this Report.

8. DEPOSITS:

During the year under review the Company has not accepted any deposits within themeaning of Section 73 and Section 76 of the Companies Act 2013 read with Companies(Acceptance of Deposits) Rules 2014.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION BETWEEN THEEND OF FINANCIAL YEAR AND DATE OF REPORT AND CHANGE IN NATURE OF BUSINESS OF THE COMPANY:

There are no material changes and commitments a_ecting the financial position of theCompany between the end of the financial year and the date of this Report. Further therewas no change in the nature of business of the Company during the financial year.

10.DETAILS IN RESPECT OF FRAUD REPORTED BY AUDITORS:

Pursuant to provisions of Section 143 (12) of the Companies Act 2013 there were nofrauds reported by the Auditors of the Company during the year under review to the AuditCommittee or the Board of Directors as such there is nothing to report under Section 134(3) (ca) of the Companies Act 2013.

11. DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to section 134(5) of the Companies Act 2013 the Board of Directors make thefollowing statements to the best of their knowledge and ability: a. That in thepreparation of the annual financial statements the applicable accounting standards havebeen followed along with proper explanation and that no material departures have been madefrom the same; b. That such accounting policies as mentioned in Notes to the FinancialStatements have been selected and applied consistently and made judgments and estimatesthat are reasonable and prudent so as to give a true and fair view of the state ofAffairs of the Company as at March 31 2018 and of the profit and loss of the Company forthe year ended on that date; c. That the Directors have taken proper and sufficient carefor the maintenance of adequate accounting records in accordance with the provisions ofthe Companies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; d. That the annual financial statements havebeen prepared on a going concern basis; e. That the directors had laid down properinternal financial controls to be followed by the Company and such internal financialcontrols are adequate and operating effectively; and f. That the directors had devisedproper systems to ensure compliance with the provisions of all applicable laws and thatsuch systems were adequate and operating effectively.

12. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of Section 152 of the Companies Act 2013 and that ofArticles of Association of the Company Mr. Sunil Goyal (DIN: 00503570) Non-ExecutiveNon-Independent Director of the Company being longest in the office shall retire byrotation at 29th Annual General Meeting of the Company and being eligible has offeredhimself for re-appointment. Appointments and cessations of Directors & Key ManagerialPersonnels are as under:

Appointments:

• Mr. Rishav Aggarwal (DIN: 05155607) – Whole-time Director and Mr. H.S.Upendra Kamath (DIN: 02648119) – Independent Director were appointed on August 222017 respectively and the same has been approved by members of the Company in 28th AnnualGeneral Meeting held on September 30 2017.

• Mr. Praveen kumar Tripathi (DIN: 03154381) was appointed as an AdditionalDirector (Non-Executive- Independent Director) with effect from January 10 2018 to holdoffice upto the date of ensuing Annual General Meeting of the Company by way of circularresolution which was approved by the Board on

January 11 2018. The Company has received a notice in writing from a member of theCompany under Section 160 of the Companies Act 2013 proposing his candidature for theoffice of Independent Director of the Company for a term of 5 (Five) years w.e.f. January10 2018.

• Mr. Amit Sudhakar was appointed as the Chief Financial Officer with effect fromNovember 16 2017 and Mrs. Snehal Pawar as the Company Secretary & Compliance Officerof the Company with effect from November 15 2017.

• Mr. Dharak Mehta was appointed as the Company Secretary & Compliance Officerof the Company with effect from August 10 2018.

Cessation:

• Mr. Ashok Aggarwal (DIN: 00061943) ceased to be Director with effect from May29 2017.

• Mr. T.V. Rao (DIN: 05273533) ceased to be Director with effect from July 012017.

• Mrs. Anjana Motwani (DIN: 02650184) ceased to be Directors with effect fromAugust 10 2018.

• Mr. Suresh Purohit was re-designated as Commercial Head of the Company andaccordingly he ceased to be Chief Financial Officer and Key Managerial Personnel of theCompany with effect from 15th November 2017.

• Ms. Priyanka Chauhan had resigned from the post of Company Secretary andCompliance Officer of the Company with effect from 11th September 2017 due to herpersonal reason.

• Mrs. Snehal Pawar had resigned from the post of Company Secretary and ComplianceOfficer of the Company with effect from 18th April 2018 due to her personal reason.

13.DECLARATION BY INDEPENDENT DIRECTORS:

All Independent Directors of the Company have submitted a declaration and confirmedthat they meet the criteria of independence as mentioned under the provisions ofsub-section (6) of Section 149 of the Companies Act 2013 and Regulation 16 of SEBI(Listing obligations and Disclosure Requirements) Regulations 2015.

14.NOMINATION AND REMUNERATION POLICY:

Pursuant to the provisions of Section 178 of the Act and Regulation 19 of SEBI(Listing Obligations & Disclosure Requirements) Regulations 2015 and on therecommendation of the Nomination & Remuneration Committee the Board has adopted theNomination & Remuneration Policy for selection and appointment of Directors SeniorManagement including Key Managerial Personnel (KMP) and their remuneration. The details ofRemuneration Policy are stated in the Corporate Governance Report. The details of thispolicy have been posted on the website of the Company viz. http://www.kisangroup.com/investorrelations/code-policies.php

15.BOARD EVALUATION:

Pursuant to the applicable provisions of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board has carried out anannual evaluation of its own performance Board Committees and Individual Directors andChairperson. The evaluation process inter alia considers attendance of Directors at Boardand committee meetings acquaintance with business communicating inter se board memberseffective participation domain knowledge compliance with code of conduct vision andstrategy etc. which is in compliance with applicable laws regulations and guidelines.The Chairman of the respective Board Committees shared the report on evaluation with therespective Committee members. The performance of each Committee was evaluated by theBoard based on the report of evaluation received from respective Board Committees.

TheperformanceevaluationoftheIndependentDirectors was also carried out by the entireBoard excluding the Director being evaluated. The performance evaluation of the Chairmanand the Non Independent Directors was carried out by the Independent Directors. The Boardof Directors expressed their satisfaction with the evaluation process.

16.POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

Pursuant to provision of Section 178 (3) of the Companies Act 2013 the policy forappointment and selection of director and their remuneration including criteria fordetermining qualification positive attributes independence of director and other mattersare adopted by the Board of Directors of the Company.

17. NUMBER OF MEETINGS OF THE BOARD:

Six (6) meetings of the Board were held during the Financial Year 2017-18. For detailsof the meetings of the Board and attendance of directors kindly refer to the CorporateGovernance Report which is part of this report.

18.NUMBER OF MEETINGS OF THE AUDIT COMMITTEE:

Four (4) meetings of the Audit Committee were held during the Financial Year 2017-18.For details of the meetings and members of the Audit Committee kindly refer to theCorporate Governance Report which forms part of this report. All recommendations of theAudit committee has been accepted by the Board.

19.AUDITORS: a. Statutory Auditors:

M/s. A D V & Associates Chartered Accountants Mumbai (Firm Registration No.128045W) were appointed as the Statutory Auditors in 27th Annual General Meeting(‘AGM') to hold office from the conclusion of 27th AGM for a term of consecutive fiveyears till conclusion of 32nd AGM (subject to ratification of the appointment by themembers at every AGM). MCA vide circular dated May 7 2018 omitted the requirement ofratification of term of Statutory Auditor every year. The Audit Committee and Board hasnoted the same at their meeting held on May 21 2018. However the Auditors have confirmedtheir eligibility limits as prescribed in the Companies Act 2013 and that they are notdisqualified for such appointment.

The Notes on Financial Statements referred to in the Auditors' Report areself-explanatory and there is no audit qualification reservation or adverse remark forthe year under review. b. Cost Auditors:

The Board on recommendation of Audit Committee has approved the appointment andremuneration of M/s. Bhanwarlal Gurjar & Co. Cost Accountants (FRN: 101540) as theCost Auditor for audit of cost accounting records of the Company for the financial year2018-19.

In accordance with the provisions of Section 148 of the Companies Act 2013 read withthe Companies (Audit and Auditors) Rules 2014 since the remuneration payable to the CostAuditors is required to be ratified by the shareholders; the Board recommends the same forapproval of shareholders at the ensuing AGM. c. Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsat their meeting held on February 12 2018 had appointed M/s. AVS & AssociatesCompany Secretaries in practice Mumbai in place of M/s. R. L. Associates to conductSecretarial Audit for the financial year 2017-18.

The report on secretarial audit for the Financial Year 2017-18 issued by M/s. AVS& Associates Company Secretaries in Form MR-3 forms integral part of this report as"Annexure- D" The observations given by Secretarial Auditor in their report forthe financial year ended March 31 2018 are self explanatory except the following:

Observations Reply to the observations
1. Composition of the Board of Directors and Audit Committee was not in accordance with the provisions of Section 149 and 177 of the Companies Act 2013 and applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations The Company was in the process of identifying suitable candidate having relevant knowledge qualification and experience for the post of Independent Director based on required criteria Mr. Praveen Kumar Tripathi was appointed on the Board of the Company w.e.f. January 10 2018. Subsequently he was also appointed as member of the Audit Committee of the Company.
2015. However the same has been in order as on March 31 2018. Hence the Composition of Board and Audit Committee as on March 31 2018 was in compliance with the provisions of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
2. Form – C pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015 for two transactions of gift made between promoters were not filed by the Company during the Audit period but the same was filed subsequently. As regard to filing of ‘Form C' pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015 the Company has inadvertently missed out the filing of disclosure to the BSE Limited. However upon professional advice the Company has filed the disclosure with the BSE Limited.

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 on recommendation ofAudit Committee the Board of Directors has appointed M/s. AVS & Associates a firm ofCompany Secretaries in practice to conduct Secretarial Audit for the financial year2018-19. d. Internal Auditors:

Pursuant to the provisions of Section 138 of the Companies Act 2013 and rules madethereunder (including any amendment(s) modification(s) or re-enactment(s) thereof for thetime being in force) the Board of Directors of the Company on recommendation of AuditCommittee at their meeting held on May 21 2018 have appointed M/s. K.M Tulsian &Associates Chartered Accountants as Internal Auditors of the Company for the FinancialYear 2018-19 to conduct Internal Audit of the Company.

20.INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has in place Internal Financial Control system commensurate with sizescale and complexity of its operations to ensure proper recording of financial andoperational information & compliance of various internal controls statutorycompliances and other regulatory compliances. During the year under review no material orserious observation has been received from the Internal Auditors of the Company forinefficiency or inadequacy of such controls.

M/s. K.M Tulsian & Associates Internal Auditors' comprising of professionalChartered Accountants monitor & evaluate the efficacy of Internal Financial Controlsystem in the company its compliance with operating system accounting procedures &policies at all the locations of the Company. Based on their report of Internal Auditfunction corrective actions in the respective area are undertaken & controls arestrengthened. Significant audit observations and recommendations along with correctiveaction suggested thereon are presented to the Audit Committee of the Board. The Company isperiodically following all the applicable Accounting Standards for properly maintainingthe books of account and reporting Financial Statements.

21.PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS BY THE COMPANY:

Details of loans guarantees and investments under the provisions of Section 186 of theCompanies Act 2013 read with the Companies (Meetings of Board and its Powers) Rules2014 as on 31st March 2018 are set out in Notes to the Standalone Financial Statementsof the Company provided in this Annual Report.

22.VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Company has established and adopted Vigil Mechanism and the policy (Whistle BlowerPolicy) thereof for directors and employees of the Company in accordance with theprovisions of Companies Act 2013 as well as Regulation 22 of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015. During the year under review no personnelof the Company approached the Audit Committee on any issue falling under the said policy.The vigil mechanism policy is available on the website of the company vizhttp://www.kisangroup.com/investorrelations/code-policies.php

23.PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All transactions entered into by the Company with related parties were in the ordinarycourse of the business and at arm's length basis and are in accordance with the provisionsof the Companies Act 2013 Rules made thereunder and Regulation 23 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. The Company has obtainedapproval of the Audit Committee for entering into transactions with related parties. Astatement of all Related Party Transactions are placed before the Audit Committee and asalso before the Board approval for its review on a quarterly basis specifying thenature value and terms and conditions of the transactions.

During the year under review the Company has not entered into any contracts /arrangements / transactions with related parties which qualify as material in accordancewith the Policy of the Company on materiality of related party transactions. Accordinglythe disclosure of Related Party Transactions as required under Section 134 (3) (h) of theCompanies Act 2013 in Form AOC-2 is not applicable. The details of the related partytransactions as per Indian Accounting Standards (Ind AS) are set out in Note No. 43 of theStandalone Financial Statements of the Company and the policy on related partytransaction as formulated by the Board is available on the Company's website at http://www.kisangroup.com/investorrelations/code-policies.php

24.EXTRACT OF ANNUAL RETURN:

As provided under Section 92(3) of the Companies Act 2013 read with Companies(Management and Administration) Rules 2014 the details forming part of the extract ofAnnual Return prescribed in the Form MGT-9 is given in "Annexure- E" and formsan integral part of this report.

25.INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Pursuant to the provision of the Companies Act 2013 and rules made thereunder allunpaid or unclaimed dividends are required to be transferred by the Company to the IEPFAuthority as established by the Government of India after completion of seven years.Accordingly the Company has transferred the unclaimed and unpaid dividend of B 188438/-for the Financial Year 2009-10 to the IEPF Authority.

Further pursuant to the provision of Section 124 of the Companies Act 2013 read withthe Rule 6 of the Investor Education and Protection Fund Authority (Accounting AuditTransfer and Refund) Rules 2016 as amended from time to time) (IEPF Rules) shares ofthe Company in respect of which dividend entitlements have remained unclaimed and unpaidfor seven consecutive years or more are required to be transferred by the Company to thedemat account of the IEPF Authority within period of 30 days of such shares becoming dueto be so transferred. Communication was sent by the Company to the concerned Members whohad not claimed their dividend for seven consecutive years or more providing them anopportunity to claim such dividend. Accordingly the Company has transferred the 40133Equity shares on December 20 2017 to the IEPF Authority for the Financial Year 2009-10.

26.ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information related to conservation of energy technology absorption ForeignExchange Earnings and Outgo as required under Section 134 (3) (m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is annexed herewith as"Annexure – F" to this Report.

27.STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THECOMPANY:

As per provisions of the Companies Act 2013 and as part of good Corporate Governancethe Company has laid down the procedures to inform to the Board about the risk assessmentand minimization procedures and the Board shall be responsible for framing implementingand monitoring the risk management plan and policy for the Company. The main objective isto ensure sustainable business growth with stability and to promote a pro-active approachin reporting evaluating and resolving risks associated with the business.

The Audit Committee and the Board of Directors periodically review the report on Riskassociates with business of the Company. Such report includes risk identificationevaluation and mitigation of risk.

28.SUBSIDIARIES:

KML Tradelinks Private Limited is a wholly owned subsidiary of your Company. During theyear the Board of Directors (‘the Board') reviewed the Affairs of the Subsidiary. Inaccordance with Section 129(3) of the Act the Company has prepared consolidated financialstatements of the Company and its Subsidiary which form part of the Annual Report.Pursuant to Section 129(3) of the Companies Act 2013 read with Rule 5 of the Companies(Accounts) Rules 2014 a statement containing salient features of the financialstatements of Subsidiaries/ Associates Companies/ Joint Ventures is given in ‘FormAOC-I' and forms an integral part of this report as "Annexure- A". In accordancewith Section 136 of the Companies Act 2013 the audited financial statements includingthe consolidated financial statements and related information of the Company and auditedaccounts of its subsidiary are available on website of the Companyhttp://www.kisangroup.com/investorrelations/financialresults. php

29.MATERIAL SUBSIDIARY:

The Board of Directors of the Company had adopted a Policy for determining materialsubsidiary in line with the SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015. The Policy is posted on the Company's website at http://www.kisangroup.com/investorrelations/code-policies.php. Presently there is no material subsidiarycompany.

30.DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES:

As the Provisions of Corporate Social Responsibility under Section 135 of the CompaniesAct 2013 are not applicable to the Company and thus the Company has not developed orimplemented any Corporate Social Responsibility initiatives as on date.

31.MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

Management's Discussion and Analysis Report on the operations of the Company for theyear under review is provided in a separate section and forms an integral part of thisreport as "Annexure-C.

32.PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company strongly believes in zero tolerance towards sexual harassment at theworkplace and is committed to provide a healthy environment to each and every employee ofthe Company. Your Company has framed and adopted a policy in line with the provisions ofSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013and the Rules thereunder. All employees (permanent contractual temporary trainees) arecovered under the said policy. Details of the complaints as on 31.03.2018 are as under:

Number of Complaints pending as on the beginning of the year Nil
Number of complaints received during the year Nil
Number of complaints disposed o_ during the year Not applicable
Number of cases pending for more than 90 days Not applicable
Nature of action taken by the employer Not applicable
Number of Complaints pending as on end of the year Nil

33.PARTICULARS OF REMUNERATION TO DIRECTORS AND EMPLOYEES:

Pursuant to provisions of Section 197(12) of the Companies Act 2013 read with Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theparticulars of remuneration to the Directors and employees of the Company and the detailsof the ratio of remuneration of each director to the median employee's remuneration isannexed herewith as "Annexure- B" to this Report.

34.SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

During the year under review no significant or material orders were passed by theRegulators or Courts or Tribunals which would impact the Company's existence goingconcern status and future operations of the Company.

35.CORPORATE GOVERNANCE REPORT:

Pursuant to Regulations 34 read with Schedule V of SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 a separate report on Corporate Governancepractices followed by the Company together with a certificate from the Company'sSecretarial Auditors confirming compliance of conditions of Corporate Governance forms anintegral part of this report.

36.COMPLIANCE WITH SECRETARIAL STANDARDS:

The Institute of Company Secretaries of India a Statutory Body has issued SecretarialStandards on various aspects of corporate law and practices. The Company has devisedproper system to ensure compliance with the provisions of all applicable SecretarialStandards issued by the Institute of Company Secretaries of India and that such systemsare adequate and operating effectively.

37.ACKNOWLEDGEMENT:

The directors take this opportunity to express its gratitude and record its sincereappreciation towards its clients vendors investors Financial Institutions BankersBusiness Associates and the Government and other regulatory authorities for theircontinued support cooperation and professionalism during the year. The directors of theCompany thank all stakeholders for their valuable sustained support and encouragementtowards the conduct of the proficient operation of the Company and look forward to theircontinued support in the future. The Directors would like to place on record theirgratitude to all the employees who have continued their support during the year. Ourconsistent growth was made possible by their hardwork solidarity cooperation andsupport.

For and on behalf of the Board of Directors
Kisan Mouldings Limited
Sd/-
Sanjeev A. Aggarwal
Chairman & Managing Director
(DIN: 00064076)
Date: August 10 2018
Place: Mumbai