Chandni Machines Ltd Directors Report.

To

The Members

Chandni Machines Limited,

(formerly known as Chandni Machines Limited)

Your Directors have pleasure in presenting the 3rd Annual Report on the business and operations of the Company together with the audited accounts for the financial year ended on 31st March, 2019.

1. FINANCIAL SUMMARY /PERFORMANCE OF THE COMPANY

Financial performance of your Company for the financial year ended 31st March, 2019 is summarized below:

(In Rs.)

Particulars Standalone
March 31, 2019 March 31, 2018
Revenue from Operations 11,25,23,244 19,74,87,177
Other Income 47,27,738 11,14,841
Total Revenue 11,72,50,982 19,86,02,018
Profit before Depreciation, Interest and Tax (PBDIT) 14,48,541 1,11,04,779
Less: Depreciation (99,194) (12,932)
Less: Finance Cost - (77,290)
Profit Before Tax 13,49,347 1,10,14,557
Provision for Tax :
Current Tax 2,85,104 (30,50,000)
Deferred tax 1,43,299 2,49,600
Profit/(Loss) After Tax 9,20,943 82,14,157
Add: Profit of Demerged undertaking from 01/07/2016 i.e. Appointed Date to 31/03/2017 transferred from CTEIL in pursuance to scheme of demerger - 55,02,216
Balance brought forward from previous year 1,37,16,373
Balance carried to Balance sheet 1,46,37,316 1,37,16,373

2. REVIEW OF OPERATIONS

During the year under review, the Revenue of the company decreased to 11,25,23,244/- as compared to 19,86,02,018 in previous year. The Profit before Tax has also decreased to 13,49,347 /- as compared to 1,10,14,557 in previous year. The Net Profit of the Company decreased from 82,14,157/- in previous year to 9,20,943 in the current year.

3. IMPLEMENTATION OF INDIAN ACCOUNTING STANDARDS (Ind AS)

The Financial Statement for the year ended 31st March, 2019 have been prepared in accordance with the Indian Accounting Standard (Ind AS) notified under Section 133 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 and other relevant provisions of the Act.

4. DIVIDENDS

The Directors of your Company after considering holistically the relevant circumstances has decided that it would be prudent not to recommend any dividend for the year under review.

5. TRANSFER TO RESERVES

The Directors have decided to retain the entire amount of 1,46,37,316 in the retained earnings.

6. SCHEME OF ARRANGEMENT - DEMERGER

The composite Scheme of Arrangement (Demerger) (“Scheme”) between Chandni Textiles Engineering

Industries Limited (“CTEIL”) (“Demerged Company”) and Chandni Machines Private Limited (“CMPL”) (“Resulting Company”) and their respective shareholders and creditors was sanctioned by the National Company Law Tribunal , Bench at Mumbai vide its order dated 04th January, 2018. The Scheme became effective from 24th January, 2018 and the appointed date was 1st July, 2016.

Pursuant to the Scheme, the Resulting Company got converted from private limited company to public limited company i.e. from Chandni Machines Private Limited to Chandni Machines Limited (CML) vide fresh certificate of incorporation issued by Registrar of Companies, Mumbai dated 26th day of July, 2018.

Further, in consideration of the Scheme, the Demerged Company had fixed 20th August, 2018 as the record date to determine its shareholder who would be entitled to the shares of the Resulting Company in the share entitlement ratio of 1:5 i.e., 1 (One) equity share of 10/- (Rupees Ten Only) each in CML for every 5 (Five) equity shares of 10/- (Rupees Ten Only) each held by them in CTEIL. Accordingly, the Board of Directors of the Resulting Company on 22nd August, 2018 had allotted 32,27,433 equity shares of Rs. 10/- each to the shareholders of CTEIL whose names appeared in the Register of Members as on the Record date.

Subsequently, application for listing of equity shares of CML was made to BSE. Your company received in principle approval from BSE on 9th January, 2019 and letter confirming relaxation from Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 from Securities and Exchange Board of India (“SEBI”) on 25th February, 2019. The final listing and trading approval for the equity shares of CML was received from BSE on 04th April, 2019.

The Directors of your company are pleased to inform you that the equity shares of your company got listed on BSE with effect from 05th April, 2019 pursuant to the Scheme.

7. MATERIAL CHANGES AND COMMITMENTS

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which financial statement relate and the date of the report.

8. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Name of Director Designation Appointment Date Resignation Date
1. Jayesh Ramniklal Mehta Chairman & Managing Director 16.04.2016 -
2. Amita Jayesh Mehta Non- Executive Director 16.04.2016 -
3. Vasant Gaurishankar Joshi Additional Director (Independent Director) 20.09.2018 -
4. Bharat Sugnomal Bhatia Additional Director (Independent Director) 20.09.2018 -
5. Rameshchand Garg Additional Director (Independent Director) 20.09.2018 -
6. Bharat Keshavlal Shah Director & Chief Financial Officer 07.02.2018 -
7. Ekta Kheria Company Secretary & Compliance Officer 20.08.2018 -

As on 31st March, 2019, the following were the Key Managerial Personnel of the Company as per Section 203 of the Companies Act, 2013 and the rules made thereunder:

• Jayesh Ramniklal Mehta- Chairman & Managing Director

• Bharat Keshavlal Shah Director & Chief Financial Officer

• Ekta Kheria Company Secretary & Compliance Officer

In accordance with the provisions of section 152 of the Companies Act, 2013 and the Articles of Association of the company, Mrs. Amita Jayesh Mehta, Director retires by rotation at the ensuing Annual General Meeting and become eligible, offers herself for re-appointment. The Board of Directors recommends her re-appointment.

The Board of Directors of your Company at its meeting held on 20th September, 2018 had approved the appointment of Mr. Vasant Gaurishankar Joshi (DIN: 0019105), Mr. Bharat Sugnomal Bhatia (DIN: 00195275) and Mr. Rameshchand Garg (DIN: 03346742) as an Additional & Independent Directors (Non-Executive) and recommends the same for the approval by the shareholders of the Company at the ensuing Annual General Meeting (AGM).

During the year under review, Mr. Bharat Keshavlal Shah has been appointed as a Chief Financial Officer of the Company with effect from 20th September, 2018.

The Board of Directors has proposed the appointment of Mr. Jayesh Ramniklal Mehta (DIN:00193029), subject to the approval of the Members of the Company at the ensuing AGM for a period of 5 years commencing from 20th September, 2018 to 19th September, 2023.

During the year under review, Ms Ekta Kheria was appointed as Company Secretary and Compliance Officer of the Company with effect from 20th September, 2018.

The details of Directors being recommended for appointment as required under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 are contained in the accompanying Notice convening ensuing AGM of the Company. Appropriate Resolution(s) seeking your approval for appointment of Directors are also included in the Notice.

None of the directors is disqualified for appointment/ re-appointment under section 164 of the

Companies Act, 2013. As required by the law, this position is also reflected in the Auditors report.

9. DECLARATION BY INDEPENDENT DIRECTORS

All the Independent Directors have submitted their disclosures to the Board that they fulfil all the requirements as stipulated under Section 149(6) of the Companies Act, 2013.

There has been no change in the circumstances affecting their status as Independent Directors of the Company so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant regulations.

10. MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors duly met 8 (eight) times during the financial year from 01st April, 2018 to 31st March, 2019. The dates on which meetings were held are 30th May, 2018, 06th August, 2018, 16th August, 2018, 22nd August, 2018, 20th September, 2018, 20th November, 2018, 01st March, 2019 and 29th March, 2019.

The gap between two Board Meetings didnt exceed 120 days as per Section 173 of the Companies

Act, 2013.

11. ATTENDANCE OF DIRECTORS

Attendance of Directors at the Board Meetings held during the financial year ended 31st March, 2019 and at last AGM are as under:

Name of Director Category Number of Meetings Attendance at the last AGM
Held Attended Held on 18.08.2018
Mr. Jayesh Ramniklal Mehta Chairman & Managing Director 8 8 Yes
Mrs. Amita Jayesh Mehta Non- Executive Director 8 5 Yes
Mr. Bharat Keshavlal Shah Chief Financial Officer, Executive Director 8 8 No
Mr. Vasant Gaurishankar Joshi * Additional, Non-Executive, Independent Director 3 3 No
Mr. Bharat Sugnomal Bhatia * Additional, Non-Executive, Independent Director 3 3 No
Mr. Rameshchand Garg * Additional, Non-Executive, Independent Director 3 3 No

* Appointed as an additional director w.e.f. 20th September, 2018.

Attendance of directors at the committee meetings held during the financial year ended 31st March, 2019:

Name of Director Audit Committee Meeting Nomination & Remuneration Committee Meeting
Held Attended Held Attended
Mr. Jayesh Ramniklal Mehta 2 2 NA NA
Mr. Vasant Gaurishankar Joshi 2 2 1 1
Mr. Bharat Sugnomal Bhatia 2 2 1 1
Mr. Rameshchand Garg NA NA 1 1

NA- Not Applicable

# During the year stakeholder relationship committee meeting was not held as the Company was not listed on any stock exchange as on 31.03.2019.

12. INDEPENDENT DIRECTORS MEETING

The Independent Directors met on Wednesday, 13th February, 2019, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of non-independent directors and the board as a whole, the performance of the Chairperson of the Company and assessed the quality, quantity and assessed the timeliness of flow of information between the Company Management and board to effectively and reasonably perform their duties.

13. COMMITTEES

Your company has duly constituted the following mandatory committees in terms of the provisions of the Companies Act, 2013 read with rules framed thereunder viz.

A. Audit Committee

The composition of Audit Committee is in alignment with provision of section 177 of the Companies Act, 2013 read with the rules issued thereunder and Regulation 18 of the SEBI Listing Regulations. The members of the Audit Committee are financially literate and have experience in financial management.

The composition of Audit committee is as under:

Name of the Director Designation Position on the Committee
Vasant Gaurishankar Joshi Additional & Independent Director Chairman
Bharat Sugnomal Bhatia Additional & Independent Director Member
Jayesh Ramniklal Mehta Managing Director Member

There have been no instances during the year when recommendations of the Audit Committee were not accepted by the Board.

During the year 2 meetings of Audit committee were held on 20.11.2018 and 01.03.2019.

B. Nomination and Remuneration Committee

The composition of Nomination & Remuneration Committee is as under:

Name of the Director Designation Position on the Committee
Bharat Sugnomal Bhatia Additional & Independent Director Chairman
Vasant Gaurishankar Joshi Additional & Independent Director Member
Rameshchand Garg Additional & Independent Director Member

During the year 1 meeting of Nomination and Remuneration committee was held on 21.09.2018

C. Stakeholders Relationship Committee

The composition of Stakeholder Relationship Committee is as under:

Name of the Director Designation Position on the Committee
Rameshchand Garg Additional & Independent Director Chairman
Vasant Gaurishankar Joshi Additional & Independent Director Member
Bharat Sugnomal Bhatia Additional & Independent Director Member

During the year, your company was not required to hold the Stakeholders Relationship Committee Meeting as the company was not listed on any stock exchange as on 31st March, 2019.

From financial year 2019-2020, the Committee meetings will be held as per the requirement of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

14. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

Your company has in place a policy which formulates the criteria for determining qualifications, competencies, positive attributes and Independence for the appointment of a director (executive or non- executive) and also the criteria for determining the remuneration of the directors, key managerial personnel and senior management and other employees. The Policy was adopted with effect from 20.11.2018.

The above policy along with the criteria for selection is available at the website of the Company at http://www.cml.net.in/pdf/9.%20Nomination%20&%20Remuneration%20policy.pdf

15. FAMILIARIZATION PROGRAMME

The details of programs for familiarization of Independent Directors with the Company, their roles, responsibilities, in the Company and related matters are put up on the website of the Company at the link http://www.cml.net.in/pdf/2.%20Familiarisation%20Programme%20for%20Independent%20Directors.pdf

16. BOARD EVALUATION

The Board of Directors have devised a policy for annual evaluation of the performance of the Board, its Committees and of individual directors (including Independent Directors) pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The performance of the Board is evaluated after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning etc. as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on 5th January, 2017.

The Board and the Nomination & Remuneration Committee review the performance of individual Directors on the basis of criteria such as the contribution of the individual Director to the Board and Committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. The performances of the Committees are evaluated by the Board after seeking inputs from the Committee Members on the basis of criteria such as the composition of Committees, effectiveness of Committee Meetings etc.

17. PARTICULARS OF EMPLOYEES

The statement of particulars of appointment and remuneration of managerial personnel pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annexure - 1

Pursuant to Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, none of the employees of the Company was in receipt of the remuneration during the financial year 2018-19, which in aggregate was in excess of 1.02 crores per year or 8.5 lakhs per month or in excess of remuneration drawn by the Managing Director or Whole-Time Director or Manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the Company.

18. DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the financial year ended 31st March, 2019; the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. that such accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2019 and of the profit of the Company for the year ended as on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the annual financial statements for the financial year ended 31st March, 2019 have been prepared on a going concern basis;

e. that the Directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and are operating effectively; and

f. that the proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

19. INTERNAL FINANCIAL CONTROLS

The details of internal financial control and their adequacy are included in Management Discussion and Analysis, which forms part of this report.

20. PUBLIC DEPOSITS

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

21. LOAN FROM DIRECTOR

During the year under review, your Company has received loan of amount 58,50,000/- from Mr. Jayesh Ramniklal Mehta, Managing Director of the Company along with a declaration in writing to the effect that the amount given by him is not from the funds acquired by him by borrowing or accepting loans from others.

22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

During the year under review, your Company has not given any loans or guarantees or made any investments governed under the provisions of Section 186 of the Companies Act, 2013.

23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions are entered on arms length basis, in the ordinary course of business and are in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. The disclosure of Related Party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is given in Annexure-2 of this Report.

The details of transactions with Related Parties are also provided in the Companys Financial Statements in accordance with the Accounting Standards.

The policy on Related Party Transactions as approved by the Board of Directors has been uploaded on the Companys website and can be seen at the link: http://www.cml.net.in/pdf/5.%20Related%20Party%20Transaction%20Policy.pdf

24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO

Since your company does not own any manufacturing facility, the particulars relating to conservation of energy and technology absorption stipulated in section 134 (3) (m) of the Companies Act, 2013 and Rule 8 of Companies (Accounts) Rules, 2014 are not applicable.

During the year under review your company has following Foreign Exchange Earnings and Outgo:

Particulars F.Y. 2018-2019 F.Y. 2017-2018
Foreign Exchange Earnings NIL NIL
Foreign Exchange Outgo 7,85,21,937/- 3,04,38,443/-

25. RISK MANAGEMENT

The Company has developed and implemented a Risk Management Policy. The policy identifies the threat of such events as “Risks”, which if occurred will adversely affect value to shareholders, ability of Company to achieve objectives, ability to implement business strategies, the manner in which the company operates.

The framework defines the process for identification of risks, its assessment, mitigation measures, monitoring and reporting. While the Company, through its employees and Executive Management, continuously assess the identified risk, the Audit Committee reviews the identified Risks and its mitigation measures annually.

26. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

Your Company is committed to highest standards of ethics, moral and legal conduct of its business. In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standard of professionalism, honesty, integrity and ethical behaviour, the Company has adopted a comprehensive Vigil Mechanism/ Whistle Blower Policy in compliance with the applicable provision of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) regulations, 2015.The Vigil Mechanism/ Whistle Blower Policy is available on the Companys website link: http://cml.net.in/pdf/policies/Whistle%20Blower%20Policy.pdf

27. INSIDER TRADING REGULATIONS

Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 (as amended from time to time), the Company has formulated a Code of Practices and Procedures for Fair Disclosure of

Unpublished Price Sensitive Information (‘Fair Disclosure Code) which are in force. The Fair Disclosure

Code is available on the website of the Company at http://www.cml.net.in/pdf/policies/Policy%20on%20Code%20of%20Fair%20Disclosure.pdf

28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS /

TRIBUNALS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

29. STATUTORY AUDITOR AND STATUTORY AUDITORS REPORT

Pursuant to the provisions of Section 139 of the Companies Act, 2013, read with Companies (Audit and Auditors) Rules, 2014, as amended from time to time, M/s. Ambavat Jain & Associates LLP, Chartered Accountant (Firm Registration No.: 109681W) were appointed as the Statutory Auditors of the Company in the 1st Annual General Meeting of the Company held on 29th September, 2017 for term of five consecutive years to hold office till the consluion of the 6th Annual General Meeting of the Company.

The Auditors Report on Standalone Financial Statements for the financial year 2018-2019, issued by M/s. Ambavat Jain & Associates LLP, Chartered Accountants, does not contain any qualification, observation, disclaimer, reservation or adverse remark.

30. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Ajay Anil Thorat & Associates, Practicing Company Secretaries were appointed as the Secretarial Auditor of the Company to issue the Secretarial Audit Report for the year ended 31st March, 2019. The Secretarial Audit Report for the financial year ended 31st March, 2019 is annexed to this report Annexure-3.

M/s. Ajay Anil Thorat & Associates, Practicing Company Secretaries, in their Secretarial Audit Report have made certain qualifications. The auditors qualifications and Boards explanation thereto are summarized as under:

Auditors Qualification Boards Explanation
1 Consent to act as director in Form DIR 2 taken . from Bharat Keshavlal Shah (DIN 08066115) on 27th January, 2018 however, his DIN was allotted on 07th February, 2018. So ideally he should have given his consent on or after obtaining DIN. Similary DIR 8 and MBP 1 declarations were given by him prior to obtaining DIN, it should be dated on or after the date of obtaining DIN. The Company inadvertently took Form DIR-2, MBP-1 and DIR-8 from Mr. Bharat Keshavlal Shah before the date of obtaining DIN by him.
2 Further, the company has appointed Bharat . Keshavlal Shah (DIN 08066115) as Additional Director on 7th February, 2018 under Section 161 of the Companies Act, 2013 and it is subject to office of director upto the date of subsequent Annual General Meeting and accordingly, if shareholders confirms in the Annual General Meeting then his designation can be changed from Additional Director to Director. However, the company has changed his designation from Additional Director to Director in the Extra- ordinary General Meeting held on 21st February, 2018. as an additional director on 7th February, 2018 by the Board & was regularised on 21st February, 2018 in Extra Ordinary General Meeting by the Shareholders. The Company then applied for listing of equity shares on BSE after complying with all the required Compliances for the Listed Company. The company will take care in future. Pursuant to the Scheme of Arrangement, the Resulting Company (Chandni Machines Private Limited) was required to issue shares to the shareholders of the Demerged Company (Chandni Textiles Engineering Industries Limited) in the Share Entitlement Ratio 1:5. Thus, the status of the Company was changed from Private Limited Company to Public Limited Company and in compliance with the provision of the Companies Act, 2013 & Stock Exchange requirement, the Company was required to appoint one more Director. Therefore, Mr. Bharat Keshavlal was appointed

31. SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

(ICSI)

Your Directors state that the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meetings, respectively, have been duly followed by the company.

32. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of Annual Report in Form MGT-9 as on March 31, 2019 is enclosed in Annexure-4.

33. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the financial year under review, as stipulated under Regulation 34 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 is presented in a separate section forming part of this Annual Report.

34. CORPORATE GOVERNANCE

Pursuant to the Regulation 15(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the compliance with the Corporate Governance provisions shall not apply to listed entities having paid up equity share capital not exceeding rupees ten crore and net worth not exceeding rupees twenty five crore, as on the last day of the previous financial year. In this connection, your Director state that the paid up equity capital and net worth of your company are Rs. 3,22,74,330 and Rs. 4,56,54,268/- respectively as per the last audited balance sheet as at 31.03.2019. Accordingly, the Corporate Governance Report is not applicable to your company.

35. DISCLOSURE IN RELATION TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of Sexual Harassment at the Workplace, in line with the provision of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the year under review, there were no complaints reported under the Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

36. ACKNOWLEDGEMENT

Your directors would like to express their appreciation for the assistance and co-operation received from the Companys customers, vendors, bankers, auditors, investors, Government authorities and stock exchange during the year under review. Your directors place on record their appreciation of the contributions made by employee at all levels. Your Companys consistent growth was made possible by their hard work, solidarity, co-operation and support.+

For & on behalf of the Board of Directors
For Chandni Machines Limited
(formerly known as Chandni Machines Private Limited)
Place: Mumbai Jayesh R Mehta
Date: 14th August, 2019 (DIN: 00193029)
Managing Director