Kush Industries Ltd Management Discussions.

a. Industry Structure and Developments:

The Company has installed second hand transfer printing paper machinery during the year and the operation has been started. The Company has restarted activity of Ceramic business and has an alliance with experienced agency for marketing these products and at present is focusing on increasing production of ceramic crockeries. The company has focused on developing its own marketing channel for increasing better margins.

b. Opportunities and Threats:

The Ceramics products of the Company are consumer retail products and desing & Quality development is highly needed. The Ceramics Products faces competition from small players. The T P Paper printing is expected to grow in demand in future.

c. Segment wise Performance:

The Company is operating in two segments. The Company is reporting its segment wise performance.

d. Recent Trend and Future outlook:

The newly restarted Ceramics activity needed design and quality upgradation. The Company needs machinery upgradation also. The T.P. Technology is expected to increase in future.

e. Risks and Concerns:

The Company operates in a competitive sector. The Company procures orders from market as per the recent trends. We may face competition in level of order quantity.

f. Internal Control Systems and their Adequacy:

The Company has adequate systems of Internal Controls commensurate with its size and operations to ensure orderly and efficient conduct of business. These controls ensure safeguarding of assets, reduction and detection of fraud and error, adequacy and completeness of the accounting records and timely preparation of reliable financial information.

g. Financial Performance with respect to Operational Performance:

The financial performance of the Company for the year 2017-18 is described in the Directors Report.

h. Material Developments in Human Resources and Industrial Relations Front:

The Company has continued to give special attention to Human Resources/Industrial Relations development. Industrial relations remained cordial throughout the year.

i. Cautionary Statement:

Statement in this Management Discussion and Analysis Report, describing the Companys objectives, estimates and expectations may constitute ‘Forward Looking Statements within the meaning of applicable laws or regulations. Actual results might differ materially from those either expressed or implied.


a. The Company has not entered into any transaction of material nature with the Promoters, the Directors or the Management that may have any potential conflict with the interest of the Company.

The Company has no subsidiary.

b. There has neither been any non compliance of any legal provision of applicable law, nor any penalty, stricture imposed by the Stock Exchange/s or SEBI or any other authorities, on any matters related to Capital Market during the last three years.

c. The Company has implemented Vigil Mechanism and Whistle Blower Policy and it is hereby affirmed that no personnel have been denied access to the Audit Committee.

d. The Company is generally in compliance with all mandatory requirements under Listing Regulations. Adoption of non-mandatory requirements of Listing Regulations is being reviewed by the Board from time to time.

e. The policy on related party transactions is disclosed on the Companys website viz. www.kushindustrieslimited.com

f. Disclosure of Accounting Treatment :

These Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 notified under Section 133 of the Companies Act, 2013 (the ‘Act) and other relevant provisions of the Act. The Financial Statements up to and for the year ended 31 March, 2017 were prepared to comply in all material aspects with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. The previous year figures have been regrouped/reclassified or restated as per Ind AS, so as to make the figures comparable with the figures of current year. As these are the first Financial Statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101 ‘First Time Adoption of Indian Accounting Standards has been applied.


There was no non-compliance during the year and no penalties were imposed or strictures passed on the Company by the Stock Exchanges, SEBI or any other statutory authority.

13. Non-Mandatory requirements of regulation 27 (1) & Part E of Schedule II of the Listing Regulations:

i. The Company has an Executive Chairman.

ii. The quarterly / half yearly results are not sent to the shareholders. However, the same are published in the newspapers and also posted on the Companys website.

iii. The Companys financial statements for the financial year 2017–2018 do not contain any audit qualification.

iv. The internal auditors report to the Audit Committee.

14. The Company is in compliance with the corporate governance requirements specified in Regulation 17 to 27 and Clause (b) to (i) of sub-regulation (2) of Regulation 46 of SEBI Regulations.

For and on behalf of the Board,
Place : Ankleshwar Mansukh K. Virani
Date : 20th July, 2018 Chairman