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Minal Industries Ltd.

BSE: 522235 Sector: Others
NSE: N.A. ISIN Code: INE097E01028
BSE 00:00 | 04 Mar Minal Industries Ltd
NSE 05:30 | 01 Jan Minal Industries Ltd
OPEN 1.20
PREVIOUS CLOSE 1.20
VOLUME 500
52-Week high 1.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 23
Buy Price 1.21
Buy Qty 25.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.20
CLOSE 1.20
VOLUME 500
52-Week high 1.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 23
Buy Price 1.21
Buy Qty 25.00
Sell Price 0.00
Sell Qty 0.00

Minal Industries Ltd. (MINALINDUS) - Director Report

Company director report

To

The Members

MINAL INDUSTRIES LIMITED

Your Directors have great pleasure in presenting their 29th Annual Reportalong with the Audited Balance Sheet and Profit and Loss Account for the year ended 31stMarch 2017.

FINANCIAL RESULTS:

The financial Results are briefly indicated below:

Year ended on 31.03.2017 Year ended on 31.03.2016
Rupees Rupees
Loss before Depreciation (9831379) (85743804)
Less: Depreciation 691847 700964
Net Loss before Tax (10523226) (86444768)
Less: Provision for Income Tax 417239
Add: Provision for Deferred Tax 19892 (3529)
Net Loss after Tax (10503334) (86858478)
Add: Previous year's profit/Loss brought forward
Balance Loss carried forward (10503334) (86858478)

REVIEW OF FINANCIAL OPERATIONS:

During the year the company reported a Revenue from operation amounting to Rs. 48749/-(Rupees Forty- Eight Thousand Seven Hundred and Forty-Nine Only) and other Income of Rs.48779/- (Rupees Forty-Eight Thousand Seven Hundred and Seventy-Nine Only).

The company incurred an expenditure of Rs. 10620754/- (One Crore Six Lakhs TwentyThousand Seven Hundred and Fifty-Four Only) for the current financial year.

During the year due to sluggish and adverse market trend your company has reported anet loss of Rs. 10503334/- (Rupees One Crore Five Lakhs Three Thousand Three Hundred andThirty-Four Only) as compared to previous year's net loss of Rs. 86858478/- (RupeesEight Crore Sixty-Eight Lakhs Fifty-Eight Thousand Four Hundred and Seventy-Eight Only)

CONSOLIDATED ACCOUNTS:

The Consolidated Financial Statements of your Company for the financial year 2016-17are not prepared due to company have foreign subsidiary and other practical problems.Further Company will prepare Consolidated Accounts in compliance with applicableprovisions of the Companies Act 2013 read with the Rules issued thereunder applicableAccounting Standards and the provisions of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 (hereinafter referred to as the "ListingRegulations") and upload on the Website of the Company in due course of time.

TRANSFER TO RESERVES:

There are no transfers to any specific reserves during the year.

SUBSIDIARIES:

A separate statement containing the salient features of financial statements of allsubsidiaries of your Company forms part of consolidated financial statements in compliancewith Section 129 and other applicable provisions if any of the Companies Act 2013. Thefinancial statements of the subsidiary companies and related information are available forinspection by the members at the Registered Office of your Company during business hourson all days except Saturdays Sundays and public holidays upto the date of the AnnualGeneral Meeting (‘AGM') as required under Section 136 of the Companies Act 2013. Anymember desirous of obtaining a copy of the said financial statements may write to theCompliance Officer at the Registered Office of Company. The financial statements includingthe consolidated financial statements financial statements of subsidiaries and all otherdocuments required to be attached to this report have been uploaded on the website of yourCompany (www.minalindustriesltd.com ).

The detail of financial performance of Subsidiary/ Joint Venture/Associate Company isfurnished in Annexure E and attached to this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed analysis of the Company's operations in terms of performance in marketsmanufacturing activities business outlook risks and concerns forms part of theManagement Discussion and Analysis a separate section of this report.

DIVIDEND

Your Directors do not recommend dividend for the year 31st March 2017 as the companyis incurring losses.

PUBLIC DEPOSITS:

During the year under review your Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014 (including any statutory modification(s) orre-enactment(s) for the time being in force).

CORPORATE GOVERNANCE REPORT:

In compliance with Regulation 34(3) of the LODR Regulation 2015 a separate report onCorporate Governance along with a certificate from the Practicing Company Secretary on itscompliance forms an integral part of this report.

INDUSTRIAL RELATIONS:

Your Company has always considered its workforce as its valuable asset and continues toinvest in their excellence and development programs. Your Company has taken severalinitiatives for enhancing employee engagement and satisfaction.

CHANGE OF REGISTRAR AND SHARE TRANSFER AGENT:

The Board of Directors in its meeting passed a Boards resolution for change of RTA from"MCS Limited - Delhi" to "MCS SHARE TRANSFER AGENTS LIMITED-KOLKATTA"having its Registered office at 12/15 Manoharpukur Road Kolkatta West Bengal- 700026.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Retirement by rotation and subsequent re-appointment:

Mr. Shrikant Parikh Managing Director is liable to retire by rotation at the ensuingAGM pursuant to the provisions of Section 152 of the Companies Act 2013 read with theCompanies (Appointment and Qualification of Directors) Rules 2014 and the Articles ofAssociation of your Company and being eligible have offered themselves for reappointment.Appropriate resolutions for their re-appointment are being placed for your approval at theensuing AGM. Your Directors recommend his re-appointment as Executive Director of yourCompany.

The Independent Directors of your Company hold office upto 31st March 2019 and are notliable to retire by rotation.

Shri. Shrikant Parikh Managing Director & CEO is the Key Managerial Personnel ofyour Company in accordance with the provisions of Sections 2(51) 203 of the CompaniesAct 2013 read with Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 (including any statutory modification(s) or re-enactment(s) for the time beingin force).

Disclosure Relating to Remuneration of Directors Key Managerial Personnel andparticulars of Employees:

The remuneration paid to the Directors is in accordance with the Nomination andRemuneration Policy formulated in accordance with Section 178 of the Companies Act 2013and Regulation 19 of the Listing Regulations (including any statutory modification(s) orre-enactment(s) for the time being in force). The salient aspects covered in theNomination and Remuneration Policy have been outlined in the Corporate Governance Reportwhich forms part of this report.

The Managing Director & CEO of your Company does not receive remuneration from anyof the subsidiaries of your Company.

The information pursuant to Section 197 of the Act read with Rule 5 (1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 relating tomedian employee's remuneration will be made available at the registered office of theCompany during working hours for a period of twenty-one (21) days before the date of themeeting i.e. from 01st September 2016 till 21st September 2017

Directors Responsibility Statement:

Pursuant to Section 134(3)(c) of the Companies Act 2013 (including any statutorymodification(s) or re-enactments) for the time being in force) the Directors of yourCompany confirm that:

(1) in the preparation of the annual accounts for the financial year ended 31st March2017 the applicable Accounting Standards and Schedule III of the Companies Act 2013(including any statutory modification(s) or re-enactment(s) for the time being in force)have been followed and there are no material departures from the same;

(2) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of your Company as at 31st March 2017 and of the profitand loss of the Company for the financial year ended 31st March 2017;

(3) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 (includingany statutory modification(s) or re-enactment(s) for the time being in force) forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

(4) the annual accounts have been prepared on a ‘going concern' basis;

(5) proper internal financial controls laid down by the Directors were followed by yourCompany and that such internal financial controls are adequate and operating effectively;and

(6) proper systems to ensure compliance with the provisions of all applicable laws werein place and that such systems were adequate and operating effectively.

DECLARATION OF INDEPENDENCE:

In terms of provisions of Section 149(7) of the Companies Act 2013 all theIndependent Directors of the Company have furnished a declaration to the ComplianceOfficer of the Company at the meeting of the Board of Directors stating that they fulfillthe criteria of Independent Director as prescribed under Section 149(6) of the CompaniesAct 2013 and are not being disqualified to act as an Independent Director. In terms ofRegulation 25 sub-regulation 7 of the SEBI (LODR) Regulations 2015 the Company hasadopted a familiarization programme for Independent Directors. Link to file http://minalindustriesltd.com/01.%20Familiarisation%20Programme%20for%20Independent%20Directors.PDF

*POLICY ON DIRECTORS'APPOINTMENT AND REMUNERATION:

The remuneration paid to the Directors is in accordance with the Nomination andRemuneration Policy formulated in accordance with Section 178 of the Companies Act 2013and Regulation 19 of the Listing Regulations (including any statutory modification(s) orre-enactment(s) for the time being in force). The salient aspects covered in theNomination and Remuneration Policy have been outlined in the Corporate Governance Reportwhich forms part of this report. The Managing Director & CEO of your Company does notreceive remuneration from any of the subsidiaries of your Company.

KEY MANAGERIAL PERSONNEL:

The Board of Directors of the Company has designated following Director(s)/Official(s)of the Company as Key Managerial Personnel (KMP) of the Company in terms of provisions ofSection 203 of the Companies Act 2013:

1. Mr. Shrikant J Parikh Managing Director.

No Key Managerial Personnel (KMP) of the Company has resigned during the financial yearended 31st March 2017.

EVALUATION PROCESS:

The Board of Directors of the Company has established a framework for the evaluation ofits own performance and that of its committees and individual Directors of the Company.The certain parameters covering the evaluation of the Chairman Executive Directors andIndependent Directors have been fixed by the Board on the basis of which the evaluation isbeing carried out on annual basis in terms of provisions of the Companies Act 2013.

NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES:

The details of the meetings of the Board of Directors and its Committees convenedduring the financial year 2016-17 are given in the Corporate Governance Report which formsa part of this report.

AUDITORS AND AUDITORS' REPORT:

Statutory Auditors:

The period of appointment of M/s. R. H. Modi & Company Chartered Accountants asthe auditors of the Company expired at this Annual General Meeting. Pursuant to theprovisions of Section 139(2) of the Companies Act 2013 the existing auditors cannot bereappointed at the ensuing Annual General Meeting and the Board recommends the appointmentof M/s. S. C. Kabra & Co. Chartered Accountants as Statutory Auditors to holdoffice for a period of five consecutive financial years from the conclusion of 29thAnnual General Meeting subject to ratification of the appointment at every Annual GeneralMeeting. Necessary certificate has been obtained from the Auditors as per Section 139(1)of the Companies Act 2013.

REPORT ON FINANCIAL STATEMENTS

There are Nine (9) qualifications reservations or adverse remarks or disclaimers madeby M/s. R. H. MODI and Company Chartered Accountants Statutory Auditors in their report.The Statutory Auditors have not reported any incident of fraud to the Audit Committee ofthe Company in the year under review. The said qualifications are self-explanatory.

DIRECTORS COMMENTS ON AUDITORS QUALIFICATION:

a) Attention is invited to Note No. 26 to the standalone financial statement relatingto valuation of inventories in respect of stock of polished diamonds at lower of cost ornet realizable value cost or net realizable value is based in technical estimate by themanagement and certified by the approved valuer. The basis of computing cost used on theconsistent basis though in line with generally accepted industry practice is a deviationfrom the method prescribed by Accounting Standard (AS)-2 ‘Valuation of Inventories'.The impact on loss for the year reserves and surplus and inventories as at 31stMarch 2017 if any due to above deviation is not ascertainable.

Director's Comment:

In respect of valuation of stock of polished diamonds at lower of cost or netrealizable value cost or net realizable value is based on technical estimate by themanagement and certified by an approved valuer. The basis of computing cost is onconsistent basis though in line with generally accepted industry practice.

b) i) Attention is invited to Note No. 30 to the standalone financial statementrelating to the extent of provision that may be required for diminution in the value oflong term investments amounting to Rs. 1837500/- in Minal International FZE (UAE)overseas wholly owned subsidiary of the company. Significant uncertainties exist inrelation to the recoverability of loans amounting to Rs. 19876930/- and interestaccured thereon Rs. 19876930/- and interest accrued thereon Rs. 4087631/- due fromabove wholly owned subsidiary.

b) ii) Attention is invited to Note No. 30 to the standalone financial statementrelating to no provision is made for interest on loan granted to Minal International FZE(UAE) overseas wholly owned subsidiary amounting to Rs. 1001495/- (Previous Year.Rs.Nil) as there is no certainty on recoverable of principle loan amount.

Director's Comment:

As Minal International FZE has incurred losses for the year interest on loan is notprovided as there is no certainty on recovery of principal amount.

c) In absence of audited/unaudited results of Minal Infojewels Limited associatecompany we were unable to obtain sufficient appropriate audit evidence about the carryingamount of Company's investments in associate company as at March 31 2017. Consequentlywe were unable to determine whether any adjustments to these amounts were necessary. Thesaid investments continue to be valued at cost. The impact on loss for the year reservesand surplus and investment as at 31st March 2017 if any not ascertainable.

Director's Comment:

Results of Minal Infojewels Ltd were in process to audit at this time.

d) We draw attention to Note No. 27 to the standalone financial statement relating tonon-receipt of bank statements and bank confirmations from three banks for which balancesas on 31st March 2017 amounts to Rs. 108286/-(balance as on 31stMarch 2016 amounts to Rs. 6180/-) for which the management had certified there being notransactions during the year and we have relied upon the same.

Director's Comment:

There being no transactions during the year in respect of the bank accounts mentionedand bank is not providing the statements.

e) We draw attention to Notes No. 32(a) to the standalone financial statement relatingto Trade Receivables amounting to Rs. 117743510/- (Previous Year Rs. 197125079) isoutstanding for more than three years. However the management classifies these debtsfully recoverable and good and accordingly does not consider it necessary to make anyprovision.

Director's Comment:

The management have classified these debts fully recoverable and good and accordinglydoes not consider it necessary to make any provision as they are in regular touch with thecustomers.

f) We draw attention to Note No. 32(b) to the standalone financial statement relatingto Loans and Advances amounting to Rs. 4104826/- (Previous Year Rs. 4104826) isoutstanding for more than three years which are doubtful of recovery. However themanagement classifies these debts fully recoverable and good and accordingly does notconsider it necessary to make any provison.

Director's Comment:

The management classifies these debts fully recoverable and good and accordingly doesnot consider it necessary to make any provision.

g) We draw attention to Note No. 34 to the standalone financial statement relating tothe balance confirmation from suppliers customers as well as to various loans andadvances given are not obtained. In view of the same the balances of receivables tradepayables as well as loans and advances have been takes as per the books of accountssubmitted by the company and are subject to availability of confirmation from therespective parties.

Director's Comment:

The management does not expect any material difference affecting the current periodfinancial statements on reconciliation/adjustments.

h) We draw attention to Note No. 39 to the standalone financial statement relating tothe Company has unabsorbed depreciation and carry forward losses under Tax Laws inabsence of virtual certainty of sufficient future taxable income Deferred Tax assets hasnot been recognized by way of prudence in accordance with Accounting Standard 22 -"Accounting for Taxes on Income" issued by the Institute of CharteredAccountants of India"

Directors Comment:

The management is of the view that in the absence of virtual certainty of sufficientfuture taxable income Deferred Tax assets has not been recognized in case of unabsorbeddepreciation and carry forward losses and has thus complied with Accounting Standard.

i) We draw attention to Note No.41 to the financial Statement relating tonon-appointment of whole time Company Secretary and Chief Financial Officer as per Section203 of the Companies Act 2013. Therefore these financials have not been authenticated bya whole time Company Secretary and Chief Financial Officer as per Section 134 of theCompanies Act 2013.

Directors Comment:

In view of the Carried Forward Losses the Company Could not find a suitable candidateas Company Secretary and due to meager operations of the Company the Company was not in aposition to appoint an Internal Auditor and also the Board is of the opinion that theinternal Control of the Company are commensurate with the size of its operations.

SECRETARIAL AUDIT:

The Board has appointed Mrs. Samata Saraf Practicing Company Secretaries asSecretarial Auditor for the Financial Year 2016-17 in terms of provisions of Section 204of the Companies Act 2013. The Secretarial Audit Report of the Company for the financialyear ended 31st March 2017 in the prescribed form MR-3 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is enclosed as AnnexureA to this report.

DIRECTORS COMMENTS ON AUDITORS QUALIFICATION:

1. The company has not appointed Company Secretary as required under section 203 readwith rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 and thus the financial statements have not been authenticated by a whole time CompanySecretary under Section 203 of the Companies Act 2013.

2. Internal Auditor for the Financial Year 2016 - 2017 as required under section 138Companies Act 2013 was not appointed.

Comment for 1 & 2

In view of the Carried Forward Losses the Company Could not find a suitable candidateas Company Secretary and due to meager operations of the Company the Company was not in aposition to appoint an Internal Auditor and also the Board is of the opinion that theinternal Control of the Company are commensurate with the size of its operations.

3 The amount of Rs. 90888/- which was required to be transferred to the InvestorEducation and Protection Fund in accordance with the relevant provisions of the CompaniesAct 1956 (1 of 1956) and the rules made thereunder had not been transferred to the IEPF.

The Company is in the process of transferring the same to IEPF."

4. In the Absence of CFO the Company has authenticated the CEO/ CFO Certification asrequired by Corporate Governance by CEO.

Due to weak financial operations the Company is not in a position to appoint a CFO.

5. The Company has given loans to group concerns in contravention of Section 185 and186 of the Companies Act 2013.

Due to urgent necessity company has given and taken loans.

6. There has been ordinate delay in complying BSE and LODR Compliances.

The company received benpos late due to delay in payment of depository fees.

7. As per Regulation 31 of LODR 2015 65.94% Promoter holding is in Demat form.

The company is in process of Dematerialization of Shares.

8. The Financial Statements of the Company does not give true and fair view of thestate of affairs of the Company as per section 129 and compliance with accountingstandards notified under section 133.

The company does not have operations during the year and incurred losses. Furthercompany is in process to comply with Accounting Standard.

COST AUDIT:

In pursuant to Companies (Cost Records and Audit) Amendment Rules 2014 notified by theMinistry of Corporate Affairs (MCA) on 31 December 2014 the Company shall not bemandatorily required to get its Cost Records for the financial year 2016-2017 audited interms of provisions of Section 148 of the Companies Act 2013 as the Industry under whichthe Company falls has been exempted from the Cost Audit by MCA vide Companies (CostRecords and Audit) Amendment Rules 2014. Therefore the audit of cost records for thefinancial year ended on 31 March 2017 has not been undertaken in terms of the Companies(Cost Records and Audit) Amendment Rules 2014.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return as on 31st March 2017 inForm MGT - 9 in accordance with Section 92(3) of the Companies Act 2013 read withCompanies (Management and Administration) Rules 2014 are set out therewith as AnnexureC to this report.

LISTING OF SHARES:

The Equity Shares of the Company are listed on the BSE Limited Mumbai. However thetrading of Shares has been suspended by BSE. Your company has complied the compliances asrequired by the BSE and the requisite approval for resumption of trading is awaited.

RELATED PARTY CONTRACTS AND ARRANGEMENTS:

The particulars of the undergoing contracts or arrangements of the Company with relatedparties during the period under review referred to in Section 188(1) of the Company Act2013 were in ordinary course of business and on arm's length basis. During the year theCompany had not entered into any contract/ arrangement/ transaction with related partieswhich could be considered material in accordance with the related party transaction policyof the Company. The prescribed form AOC-2 of the Companies (Accounts) Rules 2014 isenclosed as Annexure D to this report.

LOANS AND INVESTMENTS:

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 2017 are not given separately and forms part of the StandaloneFinancial Statement forming part of this report.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM:

In terms of provisions of Section 177 of the Companies Act 2013 the Company hasestablished an effective mechanism called Vigil Mechanism (Whistle Blower Mechanism). Themechanism under the Policy has been appropriately communicated within the organization.The purpose of this policy is to provide a framework to promote responsible whistleblowing by employees. It protects employees wishing to raise a concern about seriousirregularities unethical behavior actual or suspected fraud within the Company byreporting the same to the Audit Committee.

Protected disclosure can be made by the whistle blower in a closed and secured envelopeor send through e-mail to the Compliance Officer. During the year under review noemployee was denied access to the Audit Committee.

CORPORATE SOCIAL RESPONSIBILITY:

The company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable for the period under review.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS & OUTGO:

The information in accordance with the provisions of Section 134(3) (m) of theCompanies Act 2013 read with the Rule 8 of the Companies (Accounts) Rules 2014 is givenin Annexure B to this Report.

INTERNAL AUDITORS:

Due to weak Financial of the company has not appointed internal auditors as requiredunder Section 138 of the Companies Act 2013.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY:

Minal Industries Limited has a proper and adequate system of internal financialcontrols which includes the policies and procedures for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation.

PARTICULARS OF EMPLOYEES:

There are no employees in the Company who if employed throughout the financial yearwere in receipt of remuneration whose particulars if so employed are required to beincluded in the report of the Directors in accordance with the provisions of Rule 5 (2)and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014.

AUDIT COMMITTEE:

Pursuant to provisions of Section 177 of the Companies Act 2013 and Regulation 18 ofthe Listing Regulations the Audit Committee shall have minimum three directors as memberwith Independent Directors forming the majority. The Company has duly complied with thesaid provisions.

Following is the composition of Audit Committee: -

Name of the Member Designations
Mr. Amulbhai Patel Chairman & Independent Non-Executive Director
Mr. Shrikant J Parikh Member and Executive Director
Mr. Shankar Bhagat Member & Independent Non-Executive Director

RECONCILIATION OF SHARE CAPITAL AUDIT:

As per the directive of the Securities and Exchange Board of India (SEBI) theReconciliation of Share Capital Audit is undertaken by a firm of Practicing CompanySecretaries on quarterly basis. The audit is aimed at reconciliation of total shares heldin CDSL NSDL and in physical form with the admitted issued and listed capital of theCompany. The Reconciliation of Share Capital Audit Reports as submitted by the Auditor onquarterly basis was forwarded to the BSE Limited Mumbai where the original shares of theCompany are listed.

DISCLOSURES UNDER SECTION 134 OF THE COMPANIES ACT 2013:

Except as disclosed elsewhere in the Annual Report there have been no material changesand commitments which can affect the financial position of the Company between the end offinancial year and the date of this report.

COURT/TRIBUNAL ORDERS:

Except for suspension of Trading by BSE vide order date 21st December 2015there were no instances of any significant and material orders passed by the regulators orcourts or tribunals impacting the going concern status and company's operations in future.

RISK MANAGEMENT POLICY

The Board has adopted the Risk Management Policy based on the recommendation of theRisk Management Committee in order to assess monitor and manage risk throughout theCompany.

Risk is an integral part of the Company's business and sound risk management iscritical to the success of the organization.

Detailed information on risk management is provided in the Management Discussion andAnalysis Report. ACKNOWLEDGEMENTS

Your Directors take this opportunity to express their gratitude for the assistance andcontinued co-operation extended by Banks Government authorities clients and suppliers.The Directors are pleased to record their sincere appreciation for the devotion and senseof commitment shown by the employees at all levels and acknowledges their contributiontowards sustained progress and performance of your Company.

By Order of the Board

For MINAL INDUSTRIES LIMITED

Sd/-

SHRIKANT J PARIKH

(CHAIRMAN)

(DIN 00112642)

DATE: 31st August 2017.

PLACE: MUMBAI.