To, The Members MAHALAXMI FABRIC MILLS LIMITED
The Groups financial performance, for the year under review, along with the previous years figures are given hereunder:
(? in Lakhs)
| Particulars | Standalone 2025-26 | Standalone 2024-25 | Consolidated 2025-26 | Consolidated 2024-25 |
| Income from Operations & other Income | 5543.26 | 6488.96 | 13905.68 | 15518.98 |
| Profit before Depreciation | (976.28) | 856.83 | 270.95 | 1444.71 |
| Less: - Depreciation | 257.09 | 373.30 | 277.02 | 387.67 |
| Profit before Tax | (1233.37) | 483.53 | (6.07) | 1057.04 |
| Less: Provision for Tax | - | - | 214.43 | 143.75 |
| Less: Provision for Deferred Tax | (216.43) | 121.94 | (218.11) | 122.22 |
| Profit after Tax | (1016.94) | 361.59 | (2.39) | 791.07 |
The Company has witnessed decline in the total Income from Operations, during the F.Y. ended on 31st March, 2026. During the year under review, your Company has reported on a Standalone basis, Income from Operations & other Income Rs. 5543.26 Lakhs as against Rs. 6488.96 Lakhs in the previous year, Profit before Tax Rs. (1233.37) Lakhs as against Rs. 483.53 Lakhs in the previous year, Net Profit after Tax Rs. (1016.94) Lakhs as against Rs. 361.59 Lakhs in the previous year. During the year under review, your Company has reported on a Consolidated basis, Income from Operations & other Income Rs. 13905.68 Lakhs as against Rs. 15518.98 Lakhs in the previous year, Net Profit before Tax Rs. (6.07) Lakhs as against Rs. 1057.04 Lakhs in the previous year, Net Profit after Tax Rs. (2.39) Lakhs as against Rs. 791.07 Lakhs in previous year.
The Board of Directors has not recommended any dividend for the financial year 2025-26. Further, the Board does not propose to transfer any amount to the reserves for the financial year 2025-26. The loss incurred during the financial year ended 31st March 2026 has been carried forward and adjusted against the retained earnings of the Company.
The Company has not invited/accepted any Deposit from the Public within the meaning of the provisions of Section 73 and 76 of the Companies Act, 2013 and Rules framed there under, and the Directives issued by the Reserve Bank of India. Hence, the requirement for furnishing details of Deposit covered under Chapter V of the Companies Act, 2013 and details of Deposit which are not in compliance with the requirement of Chapter V of the Companies Act, 2013, is not applicable. The details of loan received from the Directors of the Company not considered as Deposit under the Companies (Acceptance of Deposit) Rules, 2014, are disclosed in Note No. 42 of the Audited (Standalone) Financial Statements of the Company.
During the year under review, the Company has not issued any Shares with differential rights as to dividend, voting or otherwise nor has granted any Stock Options or Sweat Equity. As on 31st March 2026, none of the Directors of the Company hold instruments convertible into the Equity Shares of the Company. As on date of this Report, the paid-up Equity Share Capital of the Company stood at Rs. 10,62,02,750/- consisting of 1,06,20,275 Equity Shares of Rs. 10/- each.
There is no material changes in the nature of business during the year.
Your Company is engaged in the manufacturing and marketing of products falling under the segment of Traditional Textiles. A detailed analysis on the performance of the industry, Company, internal control systems, risk and concerns are specified in the Management Discussion and Analysis Report, forming part of this Annual Report, as required under Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015.
Your Company has complied with the Corporate Governance requirements as specified under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. A separate section on Corporate Governance under the SEBI (LODR) Regulations, 2015 along with the Certificate from the Companys Auditors confirming compliance thereof is annexed and forming part of this Annual Report.
During the year under review, total 08 (Eight) Meetings of the Board of Directors were conveyed and held. Details of the composition of the Board, Meetings held and attendance of the Directors at such Meetings are provided in the Corporate Governance Report, forming part of this Annual Report. The intervening gap between the Board Meetings were within the period, prescribed under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015.
a. Appointment of Directors: During the year under review, no Director has been appointed as the Director of the Company.
b. Cessation of Directors: During the year under review, no Director has ceased to be the Director of the Company.
During the year under review, no Director has ceased to be the Director of the Company.
In accordance with the provisions of Section 152 of the Companies Act, 2013, at the forthcoming AGM, Shri Anand Jeetmal Parekh (DIN: - 00500384), will retire by rotation and being eligible, offers himself for re-appointment. The Board recommends his re-appointment. The Notice convening the AGM includes the proposal for his re-appointment as a director. A brief profile of Shri Anand Jeetmal Parekh has also been provided therein.
During the year under review, Smit. Heer Yuvraj Pandya, Company Secretary and Compliance Officer of the Company, tendered her resignation vide her resignation letter dated March 03, 2026. Her resignation became effective from the close of business hours on March 31, 2026.
Subsequent to the close of the financial year 2025-26, the Board of Directors, at its meeting held on May 14, 2026, appointed Ms. Hilery Mashrani as the Company Secretary and Compliance Officer of the Company with effect from May 14, 2026.
All the Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015. In the opinion of the Board, they fulfil the conditions specified in the SEBI (LODR) Regulations, 2015 and are independent of the Management.
The Company has adopted the Governance Guidelines on the Board effectiveness. The Governance Guidelines cover aspects related to the composition and role of the Board, Chairman & Directors, Board diversity, definition of independence, Directors terms, retirement age and the Board Committees. It also covers aspects relating to nomination, appointments, induction and development of the Directors, Directors remuneration, Subsidiary oversight, Code of Conduct, Board effectiveness, reviews and mandates of the Board Committees.
The Nomination and Remuneration Committee is responsible for developing competency requirements for the Board, based on the industry and strategy of the Company. The Board composition analysis reflects in-depth understanding of the Company, including its strategies, environment, operations, financial condition and compliance requirements.
The Nomination and Remuneration Committee conducts a gap analysis to refresh the Board on a periodic basis, including each time a directors appointment or re-appointment is required. The Committee is also responsible for reviewing and vetting the resumes of potential candidates vis-a-vis the required competencies and meeting potential candidates, prior to making recommendations of their nomination to the Board. At the time of appointment, specific requirements for the position, including expert knowledge expected, is communicated to the appointee.
The Nomination and Remuneration Committee has formulated the criteria for determining qualifications, positive attributes and independence of Directors, in terms of provisions of Section 178(3) of the Companies Act, 2013 and Regulation 19 read with Schedule II Part D - Para A of the SEBI (LODR) Regulations, 2015.
Independence: In accordance with the above criteria, a Director will be considered as an Independent Director if he/she meets with the criteria for Independent Director, as laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015.
A transparent Board nomination process is in place that encourages diversity of thought, experience, knowledge, perspective, age and gender. It is also ensured that the Board has an appropriate blend of functional and industry expertise. While recommending the appointment of a Director, the Nomination and Remuneration Committee considers the manner in which the function and domain expertise of the individual will contribute to the overall skill-domain mix of the Board.
In addition to the duties as prescribed under the Companies Act, 2013, the Directors on the Board of the Company are also expected to demonstrate high standards of ethical behaviour, strong interpersonal & communication skills and soundness of judgment. Independent Directors are also expected to abide by the Code for Independent Directors, as outlined in Schedule IV of the Companies Act, 2013.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the SEBI (LODR) Regulations, 2015, the Board has carried out an evaluation of its own performance, the Directors individually as well as of the working of the Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report, forming part of this Annual Report.
During the year under review, a separate Meeting of the Independent Directors was held. In the said Meeting, the Independent Directors assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board and expressed that the current flow of information and contents were adequate for the Board to effectively and reasonably perform their duties. They also reviewed the performance of the Non-Independent Directors & the Board as a whole and the performance of the Chairman of the Company, taking into account the views of the Executive Directors and Non-Executive Directors.
The Board have, on the recommendation of the Nomination & Remuneration Committee, framed a Policy for selection and appointment of the Directors, Senior Management, Key Managerial Personnel and their remuneration, pursuant to the provisions of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. The philosophy for remuneration of the Directors, Key Managerial Personnel and all other employees of the Company is based on the commitment of fostering a culture of leadership with trust. The Nomination and Remuneration Committee has recommended to the Board a Policy aligned to this philosophy and the same may be accessed on the Companys website at the link: - .
The Nomination and Remuneration Committee has considered following factors while formulating the Policy: a. The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate the Directors of the quality required to run the Company successfully; b. Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and c. Remuneration to the Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.
It is affirmed that remuneration paid to the Directors, Key Managerial Personnel and all other employees is as per the Remuneration Policy of the Company.
The Board has constituted necessary Committees pursuant to the provisions of the Companies Act, 2013 & Rules framed thereunder and the SEBI (LODR), Regulations, 2015. The Committees of the Board are Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, Share Transfer Committee and Risk Management Committee.
The Board has accepted all recommendations of the above Committees. The details about Composition of Committees, Meetings and attendance are incorporated in the Corporate Governance Report, forming part of this Annual Report.
Pursuant to Section 134(3)(c) and 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and belief, state that:
I. In the preparation of the annual accounts, for the F.Y. ended on 31st March 2026, the applicable accounting standards had been followed and there are no material departures from the same; II. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company, at the end of the F.Y. ended on 31st March 2026 and of the profit of the Company for the F.Y. ended on 31st March 2026; III. The Directors had taken proper and sufficient care 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; IV. The Directors had prepared annual accounts on a going concern basis. V. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and VI. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
Your Company has an effective internal control and risk mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Companys internal control system is commensurate with its size, scale and complexities of its operations. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry.
The Audit Committee of the Board actively reviews the adequacy and effectiveness of the internal control systems and suggest improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism.
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the Statutory Auditors, including audit of the internal financial controls over financial reporting by the Statutory Auditors and the reviews performed by the Management, the Board is of the opinion that the Companys internal financial controls with reference to the Financial Statement were adequate and effective during the F.Y. 2025-26.
Details of internal controls system are given in the Management Discussion and Analysis Report, forming part of this Annual Report.
Although not mandatory, as a measure of good governance, the Company has constituted a Risk Management Committee of the Board. The Committee reviews the Companys performance against identified risks, formulates strategies towards identifying new and emergent risks that may materially affect the Companys overall risk exposure and reviews the Risk Management Policy and structure.
This robust risk management framework seeks to create transparency, minimize adverse impact on business objectives and enhance the Companys competitive advantage.
Risk management is embedded in your Companys operating framework. Your Company believes that managing risks helps in maximizing returns. The Companys approach to address business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanisms of such risks. The risk management framework is reviewed periodically by the Board and the Risk Management Committee.
The Company has adopted a Risk Management Policy, pursuant to Section 134 of the Companies Act, 2013.
The Risk Management Policy may be accessed on the Companys website at the link:
M/s. Jain Chowdhary & Co. (Firm Registration No.: - 113267W), Practicing Chartered Accountants, have been appointed as a Statutory Auditors of the Company, in the Board Meeting of the company held on 28th May 2025, for a period of 5 (Five) years commencing from the conclusion of the AGM held for the Financial Year 2024-25 till the conclusion of AGM to be held for the Financial Year 2029-30.
The Statutory Auditor Report of M/s. Jain Chowdhary & Co., for the F.Y. ended on 31st March 2026, does not contain any qualification, reservation, adverse remark or disclaimer.
2013 and therefore no detail is required to be disclosed under Section 134(3)(ca) of the Companies Act, 2013.
M/s. Malay Desai & Associates (Membership No.: A48838 and CP No. 26051) Practicing Company Secretaries, have been appointed as a Secretarial Auditor of the Company, in the Board Meeting held on May 29, 2025, for a period of 5 (Five) years from F.Y. 2025-26 to F.Y. 2029-30
The Secretarial Auditor Report of Mr. Malay Desai, for the F.Y. ended on 31st March 2026, does not contain any qualification, reservation, adverse remark or disclaimer.
During the year under review, the Secretarial Auditors have not reported any matter under Section 143(12) of the Companies Act, 2013 and therefore no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.
The Secretarial Auditor Report for the F.Y. ended on 31st March 2026, is annexed herewith as an Annexure - I, forming part of this Annual Report.
M/s. D. Trivedi & Associates (Firm Registration No.: 0128309W), Practicing Chartered Accountants, have been appointed as an Internal Auditor of the Company, in the Board Meeting held on 27th May 2026, for the F.Y. 2026-27.
The Audit Committee, in consultation with the Internal Auditor, has formulated the scope, functioning, periodicity and methodology for conducting the internal audit.
During the year under review, the Internal Auditors have not reported any matter under Section 143(12) of the Companies Act, 2013 and therefore no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.
During the year under review, the Company is required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 and accordingly such accounts & records are made and maintained by the Company.
The Consolidated Financial Statements of the Company and its Wholly Owned Subsidiary Company, is prepared in accordance with the Indian Accounting Standards, notified under the Companies (Indian Accounting Standards) Rules, 2015, which is forming part of this Annual Report and are reflected in the Consolidated Financial Statements of the Company.
The annual Financial Statements of the Wholly Owned Subsidiary Company and related detailed information will be kept at the Registered Office of the Company and will be available to investors seeking information at any time.
The Company has adopted a Policy for determining Material Subsidiary in terms of Regulation 16(1)(c) of the SEBI (LODR) Regulations, 2015. The Policy for determining Material Subsidiary may be assessed on the Companys website at the link:
| Sr. No. Name of the Company | CIN | Registered Office of the Company | Holding/ Subsidiary/ Associate |
| 1 Mahalaxmi Exports Private Limited | U17299GJ2019PTC110673 | Mahalaxmi House, YSL Avenue, Opp. Ketan Petrol Pump, Polytechnic Road, Ambawadi, Ahmedabad \u2013 380 015, Gujarat. | Wholly Owned Subsidiary Company |
Pursuant to Regulation 24 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mahalaxmi Exports Private Limited continues to be a Material Subsidiary of the Company, based on the audited consolidated financial statements of the Company for the financial year ended March 31, 2026.
In compliance with Regulation 24(1) of SEBI (LODR) Regulations, 2015, Smt. Sangita S. Shingi (DIN: 06999605), Independent Director of the Company (appointed w.e.f. April 18, 2024), also serves as an Independent Director on the Board of Mahalaxmi Exports Private Limited.
Further, pursuant to Regulation 24A of the SEBI (LODR) Regulations, 2015, Mahalaxmi Exports Private Limited has undertaken the Secretarial Audit for the financial year 2025-26. The Secretarial Audit Report, issued by a Practicing Company Secretary, is annexed herewith as Annexure - II and forms part of this Annual Report.
The details required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 relating to conservation of energy, technology absorption and foreign exchange earnings & outgo, is annexed herewith as an Annexure - III, forming part of this Annual Report.
The Company has adopted the Vigil Mechanism/Whistle Blower Policy, to provide a formal mechanism to the Directors and employees to report their genuine concerns or grievances about illegal or unethical practices, actual or suspected fraud or violation of the Companys Code of Conduct or ethics policy. The Policy provides for adequate safeguards against victimization of persons who avail of the Vigil Mechanism and also provides for direct access to the Chairman of the Audit Committee, in appropriate and exceptional cases. It is affirmed that no personnel of the Company have been denied access to the Audit Committee. The Vigil Mechanism/Whistle Blower Policy may be accessed on the Companys website at the link: . The Audit Committee of your Company oversees the Vigil Mechanism.
Pursuant to the provisions of Section 135 of the Companies Act, 2013 (Act) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has not crossed the prescribed thresholds for applicability of the provisions relating to Corporate Social Responsibility during the immediately preceding financial year, i.e., Financial Year 2024-25. Accordingly, the provisions relating to constitution of a Corporate Social Responsibility Committee and undertaking of CSR expenditure are not applicable to the Company for the Financial Year 2025-26.
However, as a matter of good corporate governance and in keeping with its commitment towards responsible and sustainable business practices, the Board of Directors has constituted a CSR Committee, comprising the following Directors:
Shri Rahul J. Parekh - Chairman Shri Anand J. Parekh - Member Smt. Sangita S. Shingi - Member
Corporate Social Responsibility represents the Companys commitment towards the community and the environment in which it operates. The Company believes in conducting its business in a responsible, ethical, transparent and sustainable manner and strives to contribute towards the overall development and well-being of society.
The Company endeavours to create a positive and sustainable impact on the communities and environment associated with its operations and recognises the importance of responsible business practices as an integral part of its long-term objectives.
The CSR Policy of the Company has been formulated and adopted in accordance with the applicable provisions of Section 135 of the Act and the rules made thereunder, with the objective of providing a framework for undertaking CSR initiatives, wherever applicable.
The CSR Policy may be accessed on the Companys website at the link: -
CORPORATE SOCIAL RESPONSIBILITY (CSR) FOR WHOLLY OWNED SUBSIDIARY:
The provisions relating to Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 (Act) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, are applicable to the Companys wholly owned subsidiary, Mahalaxmi Exports Private Limited, as the subsidiary has crossed the prescribed threshold limits during the immediately preceding Financial Year 2024-25.
Accordingly, the Board of Directors of the subsidiary has constituted a Corporate Social Responsibility Committee in accordance with the applicable provisions of the Act. The CSR Committee comprises the following Directors:
Shri Rahul J. Parekh - Chairman Shri Anand J. Parekh - Member Smt. Sangita S. Shingi - Member
The CSR Committee is responsible for formulating and recommending the CSR Policy and CSR activities to be undertaken by the subsidiary, in accordance with the provisions of Section 135 of the Act and the rules made thereunder.
Corporate Social Responsibility represents the commitment of the Company and its subsidiary towards the community and environment in which they operate. The subsidiary believes in conducting its business in a responsible, ethical, transparent and sustainable manner and endeavours to contribute towards the overall development and well-being of society.
The CSR Policy has been formulated and adopted in accordance with the applicable provisions of Section 135 of the Act and the rules made thereunder, with the objective of providing a framework for undertaking CSR activities and initiatives in accordance with the applicable statutory requirements.
The subsidiary shall undertake CSR activities in accordance with its CSR Policy and the provisions of the Act and rules made thereunder, as may be applicable from time to time.
The Company has zero tolerance for sexual harassment of women at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment of Women at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company is in compliance with the Secretarial Standards on the Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Council of the Institute of Company Secretaries of India (ICSI) and approved by the Central Government.
Details of loans, investments, guarantees and securities covered under provisions of Section 186 of the Companies Act, 2013 are provided in the Standalone and Consolidated Financial Statement, forming part of this Annual Report.
Pursuant to the provisions of Section 129, 134 and 136 of the Companies Act, 2013 read with Rules made thereunder and pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015, the Company has prepared the Consolidated Financial Statements of the Company and its Wholly Owned Subsidiary Company and a separate statement containing the salient features of the Financial Statement of Subsidiary, Joint Ventures and Associates in Form AOC-1 is annexed herewith as an Annexure - IV, forming part of this Annual Report.
All contracts/arrangements/transactions, entered into by the Company, during the year under review, with the Related Parties were in the ordinary course of business and on an arms length basis. During the year under review, the Company has entered into contract/arrangement/transactions with the Related Parties, in accordance with the Policy on the Related Party Transactions. All the Related Party Transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the contracts/arrangements/transactions which are repetitive in nature. A statement of all the Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms & conditions of the transactions. The Policy on the Related Party Transactions may be accessed on the Companys website at the link: .
Your directors draw attention of the Members to the Financial Statement which sets out Related Party Transactions disclosures. Details of contracts/arrangements/transactions with the Related Parties have been reported in Form AOC-2 is annexed herewith as an Annexure - V, forming part of this Annual Report.
In terms of Section 134(3)(i) of the Companies Act, 2013, there have not been any material changes and commitments affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company as on March 31, 2026 and the date of the Report i.e. June 11, 2026.
Disclosures with respect to the remuneration of the Directors and employees as required under Section 197(12) of the Companies Act, 2013 and Rule 5(1) Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as an Annexure - VI, forming part of this Annual Report.
However, as per the provisions of Section 136 of the Companies Act, 2013, the Boards Report and Financial Statements are being sent to the Members after excluding the disclosure on particulars of the employees, as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any Member interested in obtaining such information may address their e-mail to: - cs@mahalaxmigroup.net.
As required under Section 134(3)(a) of the Companies Act, 2013, the Draft Annual Return for F.Y. 2025-26 has been disclosed on the Companys website and the same may be accessed on the Companys website at the link:
The Securities of your Company are listed with two Stock Exchanges i.e. the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). Pursuant to Regulation 14 of the SEBI (LODR) Regulations, 2015, the Annual Listing fees of the BSE and NSE, for the F.Y. 2026-27, have been paid within due date. The annual custodian fees to NSDL & CDSL have been paid for the Securities of the Company held in dematerialized mode with them, for F.Y. 2026-27.
The SEBI vide its Master Circular dated 07th May, 2024, has mandated Listed Companies to issue securities in demat form only while processing any service requests viz. issue of Duplicate Securities Certificate; claim from Unclaimed Suspense Account; Renewal/Exchange of Securities Certificate; Endorsement; Sub-Division/Splitting of Securities Certificate; Consolidation of Securities Certificates/Folios; Transmission and Transposition. In view of the same and to eliminate all risks associated with physical Shares and to avail various benefits of dematerialisation, the Members are advised to dematerialise the Shares held by them in physical form.
All the assets of the Company including the inventories, buildings and plants & machinery, are adequately insured.
As a responsible corporate citizen and as a textiles Processing Unit, environment safety has been one of the key concerns of the Company. It is the constant endeavour of the Company to strive for compliance of stipulated pollution control norms.
Your Company believes that its members are among its most important Stakeholders. Accordingly your Companys operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness, consolidating & building for growth, enhancing the productive asset & resource base and nurturing overall corporate reputation. Your Company is also committed for creating value for its other Stakeholders by ensuring that its corporate actions positively impact the socio economic and environmental dimensions and contribute to sustainable growth and development.
As the Members are aware, the Companys Equity Shares are tradable in electronic form. In view of the numerous advantages offered by the Depository System, the Members holding Shares in physical form are advised to avail themselves of the facility of dematerialization.
Your directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items, during the year under review:
I. Significant or material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and the Companys operations in future. II. Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016). III. Details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Bank or Financial Institution. IV. Giving of loan to person in employment of the Company with a view to enabling him/her to purchase or subscribe for fully Paid-up Equity Shares in the Company. V. Revision of Financial Statement and Boards Report. VI. Pledge of Equity Shares of the Directors of the Company with any Bank or Financial Institution.
Your Directors thanks various Central and State Government Departments, Organizations and Agencies, for the continued help and co-operation extended by them.
The Directors also gratefully acknowledge all the Stakeholders of the Company viz. Customers, Members, Dealers, Vendors, Banks and other Business Partners, for the excellent support received from them during the year under review and look forward to their continued support in future. The Directors place on record their sincere appreciation to all the employees of the Company for their unstinted commitment and continued contribution to the Company.
| FOR, MAHALAXMI FABRIC MILLS LIMITED |
| SD/- |
| SHRI JEETMAL B. PAREKH |
| CHAIRMAN |
| DIN:- 00512415 |
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