kanishk steel industries ltd Management discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Steel occupies n prominent place in Indian mejiLitectunng sectors. Indian Steel Industry nas been riding high on trio rosurgonl economy and nvsmg domanb for sled. World Sted Association has projected Indian steel demand to grew by 7.T% in 2013. ^per capita finished slee¹ consumption in 2013 was 22A .5 hg tor world and for India was 70. 9 kg in M1 fl_r

Government has releeaed ihe National Steel Policy 2017. which has leid dawn the breed roadmap lor encouraging long term growth for ihe Indian steal industry, both cm demand and supply sides, by 2090-31. The Government has elso announced a policy for providing preference (o domestically manulactured Fron & Steel products in Gcrvemmenl procurement. (Source: Ministry d Steel.) Kamshk Steel is a largest steel manufacturer In South India since 1953. The manufacturing unit Is situated ait Gummldipcondi In the state or Tam il Nadu and the unit comprises turnace unit and rcfllng mlH producing various front-line rofled steal products. The bnand name KANISHK STEELS remain deserved for Its quality, price, end delivery In Indien Klee; Market. The company has been consistent In locusotf improvements in qualify or Its products during ttw year and bo moving ahead with the right merkel strategy. The opportunities end threats ane briefly provided below:

Tne factors like fluctuating volatile miw matenals prices, regional demand & supply unbalances,arid IN Ft Value against global currencies, high cost of power may hamper the steel industrys production level. Cheap import of steals products from neighbouring countries make the market highly competitive This may improve in future-

steel Demand of steel is expected to rise in lutura with economic end Industrie! qrcwlh. Growing infrastriicijune like roods and highways, railways, aviation, shipping, energy, power or oil &. gas will boost lhe demand for specialized steal and ihe Companys growth seems better in the future with economic and industrial growth.

INDEPENDENT AUCR-ORS CERTIFICATE ON CORPORATE GOVERNANCE

TO THE MEMtiEftS 0F rtAMSHK STEEL IhDljSTHI ES LIMITED

[INDEPENDENT AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE

1. This certificate ? issueo it moordanw; wib> the (erne of our engagomcS Idler dated DrtoberDl.HHZ.

2. We, Chalufveoi & Partoare, Chartered Aooojnianta. the Statutory Auditors ?! KarahK Steel i.xJjstoes Lanitec (The company}, haw a*fudnetJ me compliance or wnflnions of Corporate Govarnance by toe Company, fur the year ended an March 31, 2U2J m stibuiftltd to regulators 17 to 27 ato druses (to to ffl of regulation 4G(2> trod para C and 0 ol Schedule V of the SEBI (Listing Obligation arvd Disclosure Recj.rementa) Regulations., 2015 (to* Listing Regulation*}.

Manege mc-nls Heaponelbllhy

J. The compianca ol conditions of Corporate Governance := 1ha eeponsi&Srty of tha Management Una responsibility itotudbrsihe design irncAtmontiiilon and mninttjnunMr ol internal eo-rrclrtml pruoedunis to eraure tha camplianoe wrlri the conditions of the Uo.pcate Governance atpL atad In Li9t-ng Regulations

AfltfUw* H(Mp?itlbllhy

4. Our responsibility ks limited 1o examining the piocedurae and implementation thereol. adopted by the Company for ensuring compliance with to* conditions ol tha Corporate Governance. IE la neither an audlr nor an expression or opinion on the financial s-alemenls of tha Company.

5- We iwe flailinfid [ho books *1 ftt?unt end olher relevant wands and dotjumcrili maintained by tie Company for the purposes cf providing reasonable assurance m the oorhpiiflntc vn(h CorporateOnwrun n^mminteby dm Ctenpiny,

e. We have carried our an examination of the relevant records ol tha Company r- itccprdHnce with Chp Guidance Note on CerliicaJton df Corporate Governance issued try tha Institute ol tha Chartered Accountants ot Ind-a (tie iCAIJ, tha Standards on Audit ng specified under Section 143(10} of the Companies Act 2013, in so far as applicable for 1he puiposa ot tola certificate and as par toe GuUftnca Note on Reports oi Certiltcalea for Spec a Pu poses Issued by the ICAl which requires that we comcty with Che ethical tequlranienl&orihfi Code of Elhles nwuedpy ihalCAt.

7. Wa have complied with toe raievBnt applicable requirements oF the Standard on -Quality Control (SQCl 1, O^Hfily COrrtrol tor Firms tost Portomi Audits and Re?*v*S of Historical Financial Information. and Other Asanrance and Related Services Engagements.

Opinion

fi. Eased on our (uttmtoaBori of tfie temvani words- and according to the tototraflilon and explanations provided to ua and toe represantallanE or-ovlded by tha ManE-aenant, we certify toot the Company has complied with tfie cepcWons Si Corporate Gcvgrnpncmos stipulated In regulations 17 Jo 27 and clauses (d) 1c \\\ ot regulation 4C(2> and para C and D of Schedtie V of iha Listing Regulations during toayaar-ended March 31,2029.

3. Wfl slate ihfll iiichtofflpfeum Isnmilhrtr an *s4UI3nt* *4 to Ira* lutvr* viabiilil-y -of thft Company opr tha effciancycjafBctiveness whh which the Management has coidjotedthe affairs of the Company.

	For Chafurvedi 1 Fanners
	Chartared Accountants.
	KHN 5075561*
	M Meheswai. AGA
Plppe: Channel	Partner
Date SMMDSa	Membarehip No. 341014
	UDlU df3Z4lfll4fiGWK0C7tE3