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Your Directors have pleasure in presenting Sixteenth Annual Report on the operations of the Company together with the Audited Financial Statements for the financial year ended 31st March, 2018.
1. FINANCIAL STATEMENTS & RESULTS:
a. FINANCIAL RESULTS:
The Companys performance for the year ended 31st March, 2018 as compared to the previous financial year, is summarized below:
(Amount in Lakhs)
|Particulars||Year Ended on 31st March, 2018||Year Ended on 31st March, 2017||Year Ended on 31st March, 2018||Year Ended on 31st March, 2017|
|revenue from operations||19,286.71||15,839.47||65,160.19||45,171.46|
|Cost of materials consumed / sold||4,624.22||4,005.41||16,538.58||12,809.76|
|Changes in inventories||-||-||(8,697.25)||(6,723.28)|
|Employee benefits expense||2,382.56||2,063.92||4,532.33||3,857.45|
|Depreciation and amortisation expense||483.86||545.41||799.53||769.59|
|Sub Contract/Labour Charges||6,319.79||5,406.33||21,478.35||16,505.95|
|Cost of Land/Development rights/ premium||-||-||2,813.80||2,803.67|
|Profit before exceptional Items , share of profit / (loss) of associates / joint venture and Tax||10,221.41||8,866.69||18,002.19||10,700.38|
|Share of Profit / (loss) of associates / joint ventures (Net of tax)||-||-||(125.56)||527.65|
|Profit before exceptional items and tax||-||-||17,876.63||11,228.03|
|Profit before tax||10,221.41||8,866.69||17,876.63||11,228.03|
|Current tax (including current tax of earlier year)||2,774.52||2,507.13||6,925.76||4,371.25|
|Profit for the period||7,367.04||5,962.15||10,915.89||6,551.39|
|Profit after Tax and Non-Controlling Interest||7,367.04||5,962.15||6,652.58||5,301.13|
|Other Comprehensive Income (net of tax)|
|Items that will not be reclassified subsequently to profit or loss||16.74||30.14||26.53||33.15|
|attributable to owners of the parent||-||-||24.44||31.27|
|attributable to non-Controlling interest||-||-||2.09||1.88|
|Total Comprehensive Income (after tax)||7,383.78||5,992.29||6,677.02||6,532.40|
|attributable to non-Controlling interest||-||-||4,265.40||1,252.14|
|Particulars||Year Ended on 31st March, 2018||Year Ended on 31st March, 2017||Year Ended on 31st March, 2018||Year Ended on 31st March, 2017|
|Paid-up Equity Share Capital||4,950.01||4,950.01||4,950.01||4,950.01|
|(Face Value of Share 2/- each)|
|Earnings Per Share (EPS) (Face Value of 2 /- each) (not annualized for quarters) :|
|a) Basic (in )||2.98||2.41||2.69||2.14|
|b) Diluted (in )||2.98||2.41||2.69||2.14|
The financial statements for the year ended 31st March, 2018 have been prepared in accordance with ind AS (indian Accounting Standards).
The Companys business is mix of Engineering, Procurement and Construction (EpC) & asset ownership/ Real Estate. Various development/re-development projects are also being executed by Company and its subsidiaries/associates in mumbai.
c. OPERATING PERFORMANCE, ONGOING PROJECTS & STATE OF AFFAIRS:
Despite the challenging environment of the global as well as the indian economy, the Company has performed exceptionally well and the performance highlights are as under:
The Company achieved a turnover (net of VAT) of 19,286.71 Lakhs (on consolidated basis 65,160.19 Lakhs) during the year as against previous years turnover (net of Vat) of 15,839.47 Lakhs (on consolidated basis 45,171.46 Lakhs) showing increase by 21.76% (on consolidated basis 44.25%) and has earned a Profit after Tax (PAT) of 7,367.04 Lakhs (on consolidated basis 6,652.58 Lakhs) as against previous years Profit of 5,962.15 Lakhs (on consolidated basis 5301.13 Lakhs) showing increase by 23.56% (on consolidated basis 25.49%).
d. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:
A report on the performance and financial position of each of the subsidiaries, associates and joint venture entities for the financial year ended 31st march, 2018 as per the Companies Act, 2013 is provided as Annexure A to the consolidated financial statement and hence not repeated here for the sake of brevity. The Policy for determining material subsidiaries as approved may be accessed on the Companys website at the link:
Additional information on subsidiaries/Associates / Joint venture Companies:
Man Vastucon LLP (Man Vastucon): man Vastucon is engaged in the business of real Estate. man Vastucon is undertaking a mega real estate development project at mahajanwadi within the jurisdiction of mira Bhayandar Municipal Corporation. The Company holds 99.99% stake in man Vastucon.
Atmosphere Realty Private Limited (ARPL): ARPL is engaged into the business of Real Estate. The construction work of its real estate project namely Atmosphere in mulund (W), mumbai is in full swing and Phase i is nearing Completion. ARPL has received good response to the Project. The Company holds 17.50% stake in ARPL.
Man Aaradhya Infraconstruction LLP (Man Aaradhya): man
Aaradhya is engaged into the business of Real Estate. The Company has completed the construction of new buildings in Ghatkopar West, mumbai and has received good response. The Company holds 98.00% stake in Man Aaradhya.
Manmantra Infracon LLP (Manmantra): manmantra is engaged in the business of real estate development and has completed a residential project namely "Aaradhya Signature" at Sion (W), Mumbai. The Company holds 60.00% stake in manmantra.
MICL Realty LLP (MICL Realty): MICL Realty LLP is engaged into the business of Real Estate and is undertaking redevelopment project(s) at Ghatkopar (E), Mumbai. The Company has commenced the construction of new buildings. The Company holds 46.00% stake in MICL Realty.
MICL Developers LLP (MICL Developers): MICL Developers LLP is engaged into the business of Real Estate and is undertaking redevelopment project(s) at Vikhroli, mumbai. The Company holds 99.99% stake in MICL Developers.
Man Projects Limited (MPL): MPL is engaged into the business of providing Civil Construction Services. The Company holds 51% stake in Man Projects Limited. MPL is efficiently executing work for development of the fourth container terminal at Jawaharlal Nehru Port (JNPT), Mumbai, india for Bharat Mumbai Container terminal private Limited as per order received.
Manaj Tollway Private Limited (MTPL): MTpL was executing a 41 km road project being four lanning of Hadapsar Saswad Belsar Phata Road project at S.H. 64, Taluka Purandar, District pune and such other additional or incidental works on Design - Build - Finance - Operate - Transfer (DBFOT) basis for Public Works Department (PWD), Government of Maharashtra. in March 2015, MTPL has submitted a Termination Notice to PWD on account of failure of PWD to acquire and hand over land for road construction and unresolved matters on forest clearance and has stopped the work. MTPL has claimed costs incurred and compensation in line with the terms and conditions of the Concession Agreement from PWD. MTPL had filed arbitration petition before the Arbitral Tribunal and the Honourable High Court has appointed a Sole Arbitrator. The arbitration process is in progress. MTPL has been legally advised that it has a strong case on merits to recover such claims.
Man Realtors and Holdings Private Limited (MRHPL): During the financial year under review, the Company transferred 8,05,616 Equity Shares comprising of 18.75% voting rights of MRHPL, resulting to reduction in its shareholding to 66%. MRHPL is engaged in business of real estate and is undertaking a redevelopment project(s) at Naidu Colony, Ghatkopar (E), Mumbai.
During the year under review, Man Chandak Realty LLP was incorporated to undertake Real Estate business. The Company holds 50% stake in the said LLP.
The Board in its Meeting held on 29th May, 2017 declared an interim Dividend 0.54 per share (i.e. 27 %) on the Equity Shares of 2/-which was paid to the entitled Shareholders on 16th June, 2017. The dividend payout including dividend distribution tax was 1,452.85 Lakhs. The Companys dividend policy is based on the need to balance the twin objectives of appropriately rewarding the shareholders with dividend and conserving the resources to meet the Companys growth.
e. TRANSFER OF UNPAID/ UNCLAIMED DIVIDEND AND EQUITY SHARES TO IEPF:
in terms of the provisions of i nvestor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 / investor Education and Protection Fund (Awareness and Protection of investors) Rules, 2001, 0.66 Lakhs of unpaid/
unclaimed dividends and 1,994 equity shares on which dividend for seven consecutive years was unpaid/ unclaimed; were transferred during the year to the investor Education and Protection Fund.
f. CONSOLIDATED FINANCIAL STATEMENTS:
in accordance with the provisions of Section 129(3) of the Companies Act, 2013 and Regulation 34 of the Listing Regulations, the Consolidated Financial Statements forms part of this Annual Report and shall also be laid before the ensuing Annual General Meeting of the Company. The Consolidated Financial Statements have been prepared in accordance with the indian Accounting Standards (ind AS) notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.
g. REVISION OF FINANCIAL STATEMENT:
There was no revision of the financial statements for the year under review.
h. TRANSFER TO RESERVES:
The Board hasnt recommended any amount to be transferred to the reserves for the financial year under review.
i. DISCLOSURES UNDER SECTION 134(3)(l) OF THE COMPANIES ACT, 2013:
No material changes and commitments which could affect the Companys financial position have occurred between the end of the financial year of the Company and date of this report.
j. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:
The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the internal Auditors of the Company for inefficiency or inadequacy of such controls.
k. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:
All Related Party Transactions entered by the Company during the financial year were in the ordinary course of business and on an arms length basis. The details of material related party transactions i.e. transactions exceeding 10% of the annual consolidated turnover as per the last audited financial statements are furnished in Annexure I and forms part of this Report. Further details of related party transactions entered by the Company as required under Ind AS 24, are available in notes to the standalone financial statements section of the Annual Report and forms part of this Report. in addition to the same the related party transaction(s) entered into by the Company in ordinary course of business is with respect to
purchase of ready mix concrete of 193.92 lakhs from Nuvoco Vistas Corporation Limited (formerly known as Lafarge (india) Limited and proposed purchase of residential flat in Trump Tower, Mumbai for 1,450.00 Lakhs from Lodha Developers Limited; wherein Mr. Berjis Desai is Director.
As per the requirement under the Securities and Exchange Board of india (Listing obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations"), approval of the Audit Committee was received for all the Related party transactions. As per the Regulation 23(8) of the SEBI regulations, the Company has sought approval of shareholders for passing necessary resolution through postal ballot, the results of which have been declared on 20th September, 2017. The Policy on dealing with Related Party transactions may be accessed on the Companys website at the link:
1. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES:
particulars of loans given, investments made, guarantees given and securities provided as covered under the provisions of Section 186 of the Companies act, 2013 have been disclosed in the notes to the standalone financial statements forming part of the annual report. (please refer to 2.02 and 2.04 to the standalone financial statement).
2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:
a. BOARD OF DIRECTORS:
The constitution of the Board of Directors is in accordance with Section 149 of the Companies act, 2013 and regulation 17 of the Listing regulations. During the year under review, no changes occurred in the composition of the Board of Directors of the Company.
pursuant to the provisions of Section 152 of the Companies act, 2013, Mc parag K. Shah (DiN: 00063058) is liable to retire by rotation at the ensuing annual General meeting of the Company and being eligible has offered himself for re-appointment.
necessary resolution for his re-appointment is included in the notice of 16th AGM for seeking approval of Members. The Directors recommend his re-appointment for your approval.
a brief resume and particulars relating to him is given separately as an annexure to the AGM notice.
b. DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
The Company has received and taken on record the declarations received from the independent Directors of
the Company in accordance with the Section 149(6) of the Companies Act, 2013 confirming their independence and pursuant to regulation 25 of the Listing regulations.
3. DISCLOSURES RELATED TO BOARD, COMMITTEES AND
a. BOARD MEETINGS:
The Board of Directors met four times during the financial year under review. The details of the Board meetings and the attendance of Directors thereat are provided in the Corporate Governance report forming part of the Annual report.
Additionally, a separate meeting of independent Directors was held on 29th may 2017 in compliance with the requirements of Schedule IV of the Companies Act, 2013 and the provisions of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015.
b. DIRECTORS RESPONSIBILITY STATEMENT:
in terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31st march, 2018, the Board of Directors hereby confirms that:
a. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation and there was no material departures;
b. such accounting policies have been selected and applied consistently and the Directors 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 as at 31st march, 2018 and of the profit of the Company for that year;
c. proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the annual accounts of the Company have been prepared on a going concern basis;
e. internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and were operating effectively;
f. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
c. AUDIT COMMITTEE:
The Audit Committee constituted by the Board of Directors of the Company, in accordance with the provisions of Section 177 of the Companies Act, 2013 read with Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) regulation, 2015 comprises of:
|1.||Mr. Sivaramakrishnan S.Iyer||Independent
|2.||Mr. Kamlesh Vikamsey||Independent
|3.||Mr. Dharmesh Shah||Independent
|4.||Ms. Shruti Udeshi||Non-Executive
The Members of the Audit Committee are financially literate and have requisite accounting and financial management expertise. The terms of reference of the audit Committee and the particulars of meetings held and attendance thereat are mentioned in the Corporate Governance report forming part of the annual report.
d. NOMINATION AND REMUNERATION COMMITTEE:
The composition of the Nomination and Remuneration Committee is in conformity with the provisions of the Section 178 of the Companies act, 2013 and pursuant to Regulation 19 of the Listing Regulations. The Nomination and remuneration Committee comprises:
|1.||Mr. Dharmesh Shah||Non-Executive and Independent Director||Chairman|
|2.||Mr. Kamlesh Vikamsey||Non-Executive and Independent Director||Member|
|3.||Mr. Berjis Desai||Non-Executive and Independent Director||Member|
The terms of reference of the Nomination and remuneration Committee and the particulars of meetings held and attendance thereat are mentioned in the Corporate Governance report forming part of the annual report.
The Company has Nomination and Remuneration policy, which provides the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration for Directors, Key Managerialpersonnel and other employees in accordance with the provisions of Section 178 of the Companies act, 2013. The Nomination and Remuneration Policy of the Company is hosted on the Companys Website at:
e. STAKEHOLDERS RELATIONSHIP COMMITTEE:
During the year under review, Stakeholders relationship Committee is duly constituted comprising of Mr. Berjis Desai as its Chairman, Mr. Parag Shah and Mr. Suketu Shah as the Committee Members respectively. The Company Secretary acts as the Secretary of the Stakeholders Relationship Committee. The terms of reference of the Stakeholders relationship Committee and the particulars of meetings held and attendance thereat are mentioned in the Corporate Governance report forming part of the annual report.
f. VIGIL MECHANISM POLICY:
The Board of Directors of the Company has, pursuant to the provisions of Section 177(9) of the Companies act, 2013 read with rule 7 of the Companies (Meetings of Board and its Powers) rules, 2014 established Vigil Mechanism Policy-Whistle Blower Policy for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and/or reports, etc.
The employees of the Company have the right to report their concern or grievance to the Chairman of the audit Committee. The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations. The Whistle Blower Policy is hosted on the Companys website at:
g. RISK MANAGEMENT POLICY:
risks are events, situations or circumstances which may lead to negative consequences on the Companys businesses. risk management is a structured approach to manage uncertainty. The Board has adopted a Risk Management Policy for all its business divisions and corporate functions and the same have embraced in the decision making to ease the risk involved. Key business risks and their mitigation are considered in day-to-day working of the Company and also in the annual/strategic business plans and management reviews.
h. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
The Corporate Social Responsibility Committee (CSR Committee) is duly constituted comprising Mr. Berjis Desai as the Chairman, Mr. Parag Shah and Mr. Dharmesh Shah as other members. The said Committee has been entrusted with the responsibility of formulating and recommending to the Board, Corporate Social responsibility policy (CSR policy) indicating the activities to be undertaken by the Company, monitoring the implementation of the framework of the CSR policy and recommending the amount to be spent on CSR activities. The details in regards to CSR activities have been prescribed in Annexure II.
The CSR policy of the Company is available on the Companys web-site and can be accessed in the link provided herein below:
i. ANNUAL EVALUATION OF DIRECTORS, COMMITTEE AND BOARD:
Nomination and remuneration Committee of the Board has formulated a performance Evaluation Framework under which evaluation of the performance of Board as a whole, its committees and the individual directors was carried out. The Independent Directors at their meeting considered and evaluated the performance of Board and non-independent Directors. The Board subsequently evaluated performance of the Board, the Committees and Independent Directors; without participation of the concerned Director. The Nomination and Remuneration Committee has approved the policy relating to evaluation of every directors performance. Accordingly, evaluation of all directors was carried out.
j. DETAILS WITH RESPECT TO THE PROGRAMME FOR FAMILIARISATION OF INDEPENDENT DIRECTORS:
The familiarization programme aims to provide independent Directors with the industry scenario, the socio-economic environment in which the Company operates, the business model, the operational and financial performance of the Company, significant developments so as to enable them to take wel l informed decisions in a timely manner. The familiarization programme also seeks to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes.
The details of programme for familiarisation of independent Directors are put up on the website of the Company at the link:
k. INTERNAL CONTROL SYSTEMS:
Adequate internal control systems commensurate with the nature of the Companys business and size and complexity of its operations are in place has been operating satisfactorily. internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.
l. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 (the Rules) in respect of employees of the Company, is annexed and marked as Annexure III to this Report .
pursuant to the provisions of Section 136(1) of the Act, the financial statements are being sent to the Members and others entitled thereto, excluding the information on employees particulars specified under Rule 5(2) & (3) of the Rules. The same are available on the website of the Company viz. www.maninfra.com and for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Any Member interested in obtaining a copy thereof may write to the Company Secretary.
m. CODE OF CONDUCT:
pursuant to SEBi Regulation, the declaration signed by the Managing Director affirming the compliance of Code of Conduct by the Directors and senior management personnel for the year under review is annexed to and forms part of the Corporate Governance Report.
n. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as required pursuant to the provisions of Schedule V of the SEBI Regulations; forms part of this Annual Report.
4. AUDITORS AND REPORTS:
The matters related to Auditors and their Reports are as
a. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2018:
The auditors report for the financial year ended 31st March 2018 does not contain any qualification, reservation or
adverse remark and therefore, do not call for any further explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.
b. FRAUD REPORTING:
During the year under review, there were no instances of fraud falling within the purview of Section 143 (12) of the Companies act, 2013 and rules made thereunder, by officers or employees reported by the Statutory Auditors of the Company during the course of the audit conducted.
c. SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED 31st MARCH 2018:
provisions of Section 204 read with Section 134(3) of the Companies act, 2013, mandates to obtain Secretarial audit Report from practicing Company Secretary. M/s. Rathi and associates, Company Secretaries had been appointed to undertake the Secretarial audit and issue Secretarial Audit Report for the financial year 201718. Secretarial audit report issued by M/s. Rathi and associates, Company Secretaries in Form Mr-3 for the financial year 2017-18 forms part of this report. The said report does not contain any observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies act, 2013.
d. STATUTORY AUDITORS:
pursuant to provisions of Section 139 of the Companies act, 2013, the shareholders of the Company at the 15th annual General meeting appointed M/s. Nayan parikh & Co., Chartered accountants as Statutory auditors for a period of Five years subject to ratification by Shareholders at each AGM.
As per Section 40 of the Companies (amendment) act, 2017 read with amendment to the Companies (audit and Auditors) Rules, 2014 as notified on 7th May, 2018 the first proviso of Sub Section 1 of Section 139 with respect to Ratification of Appointment of Auditor at each Annual General Meeting has been omitted. The Company has received their eligibility letter to act as Statutory auditors of the Company pursuant to the provisions of 139 of the Companies act, 2013.
e. COST AUDITORS:
pursuant to the provisions of Section 148 of the Companies Act, 2013 read with Notifications/Circulars issued by the Ministry of Corporate affairs from time to time, as per the recommendation of the audit Committee, the Board of Directors at their meeting dated 29th May, 2017, appointed M/s. Shekhar Joshi & Co. (firm Registration number 100448), Cost accountants, as the Cost Auditors of the Company for the financial year
2017-18. The Cost Audit Report for FY 2017-18 will be filed within the prescribed period under the Companies act, 2013.
in respect of FY 2018-19, the Board based on the recommendation of the audit Committee has approved the appointment of M/s. Shekhar Joshi & Co. (firm Registration number 100448), Cost accountants, as the cost auditors of the Company. A resolution for ratification of the remuneration to be paid for such appointment is included in the notice of the ensuing annual General Meeting.
f. INTERNAL AUDIT AND CONTROL:
M/s. aneja associates, Chartered accountants, internal auditors of the Company have carried out audit as per scope of work finalized with the Audit Committee. The findings of the Internal Auditors are discussed on an ongoing basis in the meetings of the audit Committee and corrective actions are taken as per the directions of the audit Committee.
5. OTHER DISCLOSURES:
other disclosures as per provisions of Section 134 of the act read with Companies (accounts) Rules, 2014 are furnished as under:
a. EXTRACT OF ANNUAL RETURN:
pursuant to the provisions of Section 134(3)(a) of the Companies act, 2013, Extract of the annual Return for the financial year ended 31st March 2018 made under the provisions of Section 92(3) of the act is attached as Annexure IV which forms part of this Report.
b. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars as required under the provisions of Section 134(3)(m) of the Companies act, 2013 read with Rule 8 of the Companies (accounts) Rules, 2014 in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo etc. are furnished in Annexure V which forms part of this Report.
Your Directors state that no disclosure or reporting is required in respect of the fol lowing items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the act.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.
4. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.
5. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.
Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (prevention, prohibition and redressal) Act, 2013.
Your Board wishes to thank all the shareholders for the confidence and trust they have reposed in the Company. Your Board similarly expresses gratitude for the co-operation extended by the banks, financial institutions, government authorities and other stakeholders. Your Board acknowledges with appreciation, the invaluable support provided by the Companys auditors, business partners and investors.
Your Board records with sincere appreciation the valuable contribution made by employees at all levels and looks forward to their continued commitment to achieve further growth and take up more challenges that the Company has set for the future.
For and on behalf of the Board of Directors of Man Infraconstruction Limited
|Place: mumbai||Parag Shah||Suketu Shah|
|Date: 17.05.2018||Managing Director||Whole-time Director|