mangalam global enterprise ltd share price Management discussions

The Global Economic shocks in the past were severe but spaced out in time. This changed in the third decade of this millennium. At least three shocks have hit the global economy since 2020. It all started with the pandemic-induced contraction of the global output, followed by the Russian-Ukraine conflict leading to a worldwide surge in inflation. Then, the Central banks across economies led by the Federal Reserve responded with synchronized policy rate hikes to curb inflation. Despite these, agencies worldwide continue to project India as the fastest-growing major economy at 6.5% -7.0% in FY23. These optimistic growth forecasts stem in part from the resilience of the Indian economy seen in the rebound of private consumption seamlessly replacing the export stimuli as the leading driver of growth.


The Global Economy was on the path of recovery after waning of the COVID-19 pandemic until the Russia- Ukraine conflict broke out in February 2022. The conflict further disrupted the global supply chains and led to a spike in prices of critical commodities, leading to uptick in inflationary pressures. To restrain the consequent inflation, major central banks around the world undertook monetary tightening resulting in tightening of financial conditions. As a result, increased borrowing costs and stubbornly high inflation is now getting reflected in multiple leading indicators of global economic activity. Global developments have posed downside risks to Indias growth and overall macroeconomic stability as well.

The global growth is forecasted to fall to 2.8%* in 2023 from 3.4%* in 2022, before settling at 3.0%* in 2024. Advanced economies are expected to see an especially pronounced growth slowdown to 1.3 %* in 2023 from 2.7%* in 2022. Global real GDP is forecasted to grow by 2.3 %# in 2023 down, from 3.3 %# in 2022. Most of the weakness will be concentrated in Europe, Latin America, and the US. Asian economies are expected to drive most of global growth in 2023, as they benefit from ongoing reopening dynamics and less intense inflationary pressures compared to other regions.

*World Economic Outlook, April 2023

# The Conference Board, Global Economic Outlook, May 2023


The Indian Economy, however, appears to have moved on after its encounter with the pandemic, staging a full recovery in FY-2022 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY-2023. However, the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed.

As per the Second Advance Estimates (SAE) by the National Statistical Office (NSO), Indias Real GDP and Nominal GDP are projected to grow by 7% (Year-on-Year) and 15.9% (Year-on-Year), respectively, in FY 2022-23. Persistently high inflation, tightening financial conditions, supply chain disruptions due to ongoing geopolitical tensions and a slowdown in China have resulted in a downward revision of the real GDP growth rate in FY 2022-23 as compared to FY 2021-22. However, despite the unfavorable developments, as per the latest IMF World Economic Outlook estimates, the Indian economy continues to be one of the fastest growing major economies in FY 2022-23. Indias economic growth in FY 2022-2023 has been principally led by private consumption and capital formation. It has helped generate employment as seen in the declining urban unemployment rate. The growth moderation for India in FY2023 is premised on an ongoing global economic slowdown, tight monetary conditions, and elevated oil prices. (Source: AR-Ministry of Economic Affairs & Economic Survey 2022-2023).


As per Economic Survey 2022-2023, the agriculture sector in India has grown at an average annual growth rate of 4.6 % during the last six years. This growth is partly attributable to good monsoon years and partly to the various reforms undertaken by the government to enhance agricultural productivity. The Economic Survey 2022-23 said that the agriculture sector needs re-orientation given challenges like adverse impacts of climate change, fragmented landholdings and rising input costs. India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for ~55% of Indias population.

Agriculture sector in India holds the record for second-largest agricultural land in the world generating employment for about half of the countrys population. India has the worlds largest area planted to wheat, rice, and cotton. In recent years, India has rapidly emerged as the net exporter of agricultural products. India is the 4th largest oilseeds producer in the world. It has 20.8% of the total area under cultivation globally, accounting for 10% of global production of oil seeds. The country produces groundnut, soybean, sunflower, sesamum, niger seed, castor, mustard and safflower oilseeds. Oilseeds cultivation is undertaken across the country in about 27 million hectares mainly on marginal lands, of which 72% is confined to rainfed farming. India is the largest producer of cotton globally. Cotton grows over 11.7 million hectares in India compared to 31.2 million hectares globally. The Indian cotton industry provides livelihood to about 60 million people in the country.



Castor is one of the oldest cultivated crops; however, it contributes to only 0.15% of the vegetable oil produced in the world. Castor oil is widely used in the manufacture of various products, including soaps, cosmetics, lubricants, and biofuels. Castor plant is grown in arid and semi-arid regions. India is the largest producer of castor oil in the world. Gujarat is the leading producer of castor plant followed by Rajasthan in India. However, it is also grown in Andhra Pradesh, Odisha, Telangana, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh and Uttar Pradesh. The important castor growing districts in Gujarat are Mehsana, Sabarkantha, Banaskantha, Kutch, Ahmedabad, Kheda, Vadodara, Jamnagar, and Gandhinagar. As per the Ministry of Agriculture First Crop Advance Estimates 2022-23, Castor seed production 2022-23 is estimated to decline by 6 % at 15.08 lakh tonnes as compared to 16.11 lakh tonnes last year in 2021-22. The castor industry is set to play a key role in Indias economic growth, thanks to its many applications in agriculture, industry, and energy. The Indian government has declared green growth as one of its priorities, and castor is emerging as a key player in this area. Castor is a green product that is used as fertilizer and as a fuel for energy.


Castor oil is becoming an essential bio-based raw material which makes it ideal for various industrial applications. As a result, its demand is rising as a potential alternative to petroleum-based chemicals.

On account of its distinctive chemical structure, castor oil acts as a major raw material which is used in the production of various end products such as biodiesel, polyurethane adhesives, machining oils, refrigeration lubricants, etc. This versatile nature of castor oil has been contributing towards the propelling growth of the market. As compared to other vegetable oils, castor oil is a healthier and less expensive alternative. Owing to this, food grade castor oil has gained a momentum in the food industry in the form of flavourings, mould inhibitor, food additives and packaging.

The castor oil market is being hindered by the unstable prices of castor beans which is the result of their fluctuating supply. This supply highly depends upon the weather conditions of the region and a long harvesting process of castor beans.


Cotton is one of the most important fiber and cash crop of India and plays a dominant role in the industrial and agricultural economy of the country. It provides the basic raw material (cotton fibre) to cotton textile industry. Cotton comprises of 40% fibre and 60% seed by weight. Cotton in India provides direct livelihood to 6 million farmers and about 40 -50 million people are employed in cotton trade and its processing. Among all the countries in the world, India has the largest area i.e. 37% of the worlds total area under cotton cultivation. Gujarat is the largest producer of cotton in India. In India, there are ten major cotton growing states which are divided into three zones, viz. north zone, central zone and south zone. North zone consists of Punjab, Haryana, and Rajasthan. Central zone includes Madhya Pradesh, Maharashtra and Gujarat. South zone comprises Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Cotton production reported in 2022-23 is 341.91 lakh bales compared to 312.03 lakh bales produced in 2021-22.


The emerging textile markets worldwide rely on the cotton processing market for raw materials, which is driving the market, globally. The increasing awareness about the benefits associated with cotton will enhance the markets growth rate. The rising usage of cotton across the medical sector is the primary factor driving the growth of the market. Cotton can be an important food source for humans and animal. Cottonseed is obtained from cotton which is rich in oil and high protein and is also a common ingredient in various food items. The rising regulations regarding the use of pesticides on cotton have increased the sales and demands for the organic cotton which have boosted the growth of the market.

The lowered export rates of cotton across the globe, majorly U.S. is the major factor obstructing the growth of the market over the forecasted period. Further, the high costs of investments and manufacturing plants along with the equipment related to the infrastructures will act as market restraint and further challenge the market growth rate


Rice is the most common staple food in many Asian countries including India. Rice is Indias most significant food crop. India the second-largest rice producer in the world after China, with more than 11.0% of the global production share. The leading states of India producing rice are West Bengal, Uttar Pradesh, Andhra Pradesh, Punjab, Tamil Nadu, Bihar, Chhattisgarh, and Odisha. Rice production in the country has increased by 3.5 times in the last 60 years. As per Second Advance Estimates, the total production of Rice during 2022-23 is estimated at 1308.37 lakh tonnes, which is higher by 13.65 lakh tonnes as compared to previous year.

India is the worlds largest rice exporter, followed by Thailand and Vietnam. India had the highest export volume of rice worldwide, at 21.5 million metric tons as of 2022-23. More than half of the population of India consume rice. The Indian rice market is projected to register a CAGR of 2.7% during the forecast period.


The growing utilization of rice in the food and beverage (F&B) industry to prepare various cuisines is driving the global market. The increasing shift of consumers towards healthy eating habits is propelling the growth of the rice market.

Numerous major companies are focusing on introducing new varieties and developing innovative packaging solutions that provide flexibility and convenience to consumers, which are acting as other growth-inducing factors.

Lack of technical knowledge of crop cultivation, scarcity of Labour, insufficient funds to purchase inputs, unavailability of sufficient farm machineries and low yield of the crop causes constraints in the rice market.


Wheat is one of the main staple crops and is important for the food economy in India. It is the most consumed crop after rice by the Indian population. The wheat market is projected to register a CAGR of 4.5% during the forecast period, 20232027. As per Second Advance Estimates for the agriculture year 2022-23, the Wheat production in the country is estimated at 112.18 million tonnes which is higher by 4.44 million tonnes than the production achieved during 2021-22. It had sown wheat over 34 million hectares across the country, which is marginally higher than last year. During the current fiscal year (upto January, 2023), Rs. 11728.36 crore worth of wheat has been exported. A jump in exports following Russias invasion of Ukraine has pushed up local wheat prices, prompting India to ban exports of wheat in May 2022, but that failed to stop domestic prices rising, as a sudden spike in temperatures hit last years output. Although the export was banned, the government had said wheat export will be allowed in case of shipments where the Irrevocable Letter of Credit (ILOC) has been issued on or before May 13, 2022.


The global wheat market is being driven by the demand from the food sector, which is proliferating with increasing disposable income of the population across all regions, especially in developing countries such as India and China. Due to globalization, the prevalence of processed food has increased rapidly, and thus the demand for wheat has increased. In other Asian countries, especially India, the crop is the main food crop in many areas. The increasing import and export of wheat are accelerating the markets growth. Also, the market is expanding due to government initiatives to boost wheat production to make the country self-reliant and improve food security. Efforts to provide new and improved crop production technologies and distribution of high-yielding varieties/hybrid seeds are expected to drive market growth over the forecast period.

Wheat production constraints are manifold and vary from crop to crop and between regions. Wheat industry faces many challenges and the intensity gets magnified in the context of climate change owing to its vulnerability. Variability in climate is one of the biggest environmental threats to Indian agriculture, potentially impacting the wheat production and security. Price fluctuations create an uncertain farming situation threatening wheat market and have a negative impact on the welfare of wheat producers.


Mustard Oil refers to a type of vegetable oil, often have a pungent taste with irritating aroma, which is naturally extracted from the seeds of black, brown and white mustard. In India, it is widely available in different forms, including refined mustard oil, Grade I (Kacchi Ghani) mustard oil, and Grade II (non-edible) mustard oil. Mustard oils many activities, such as appetizer, stimulant, hair vitalizer, anti-bacterial, anti-fungal, and others, boost its market demand. It is traditionally a cooking oil, but it is also used in aromatherapy, medicines, and soaps, among other things. India is among the biggest consumers of mustard oil based on its high consumption in various culinary practices, such as cooking, frying, poaching, dressing, etc. Additionally, the expanding agriculture sector contributes to the increasing availability of high yielding mustard seeds, thereby catalyzing the mustard oil production. Furthermore, the Indian government has launched several initiatives for enhancing the production of oilseeds in the country to reduce imports and achieve self-sufficiency in edible oil production. As per the preliminary projections, mustard seed production is likely to cross 12.5 million tonnes in the 2022-23 crop year (July-June), which is 7% more than previous year.


Owing to the growing consumption of food in Asia-Pacific countries such as India, Thailand, and China, consumer demand for mustard oil is increasing. Mustard oil has long been used as a cooking oil and as a substitute for other seed oils that have better skin advantages. The wide presence of brick-and-mortar retail centers, including convenience stores, grocery stores, supermarkets, hypermarkets, etc., is propelling the demand for mustard oil in the country. In line with this, the increasing sales of mustard oil over e-commerce platforms supported by several discounted offers, cashback, doorstep delivery options, etc., are also catalyzing the market for mustard oil in India. Mustard oil and organic mustard seeds are the current trends that further boost the global mustard market. In addition, having therapeutic benefits, mustard herb & oil has been in rising demand.

However, complying with stringent regulations and varying standards around the world, growing competition, inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some of the Mustard Oil market restraints over the forecast period. Mustard oil is prohibited for human consumption in the European Union, the United States, and Canada, owing to its high erucic acid level.


Soybean has an important place in worlds oilseed cultivation scenario, due to its high productivity, profitability and vital contribution towards maintaining soil fertility. The crop also has a prominent place as the worlds most important seed legume, which contributes 25% to the global vegetable oil production, about two thirds of the worlds protein concentrate for livestock feeding and is a valuable ingredient in formulated feeds for poultry and fish. Soybean contributes significantly to the Indian edible oil pool. The changing consumer dietary habits are primarily augmenting the demand for soybean oil based on its neutral taste, high smoke point, and low saturated fat content. Moreover, soybean oil also finds several applications in the personal care industry based on its high content of vitamin E that prevents skin inflammation and helps in retaining skin moisture. Soybean prices dropped around 6% in 2023 to date on Indias higher soybean carryover stock of 3.00 million metric tons (MMT) and higher production of 12.33 MMT for the crop year 2022-23. As per Second Advance Estimates of production of soyabean for the year 2022-23 is estimated at 139.75 LMT which is higher by 9.89 LMT than the production of previous year 2021-22.


Soyabeans contain hormone-like substances called phyto estrogens which are associated with beneficial health effects. Eating soybean-based food items reduce the risk of health problems, including cardiovascular disease, stroke, coronary heart disease (CHD) and cancer and improves bone health. The rising awareness about all these advantages is encouraging consumers to opt for low-fat, low-cholesterol soybean feeds. In emerging economies like China and India, the government is introducing initiatives to promote soy-based protein consumption among consumers and its importance for healthy body growth.

The important problem faced by soyabean production was severe drought condition or long dry spell during crop season, high cost of chemical fertilizers and plant protection, shattering of pods after maturity, non-availability of credit facility in time, infestation of pests, high labour wages, poor availability of quality seed materials. In soyabean marketing the major constraint was commission agents or merchants take unauthorized deduction in produce, high transportation rate, instability in prices.


The Company is mainly engaged into:

(a) Manufacturing of Edible Oil/ Non-edible oil and Agricultural Products i.e. Soya Oil, Soya Meal, Soya De Oiled Cake, Mustard Oil, Mustard Meal, Mustard De Oiled Cake, Refined Soyabean Oil, Refined Vegetable Oil, Pungent Mustard Oil, Refined Castor Oil First Special Grade (FSG), Castor De-Oiled Cake and High Protein Castor De-Oiled Cake, Cotton Bales, Cotton Cake Cattle Feed, Cotton Wash Oil, processing of wheat and rice.

(b) Trading including domestic and export of Agricultural Products i.e. Wheat, Rice, etc.

The soya & mustard products manufactured by the Company have a wide application in confectionery, baking, pharmaceuticals and cattle feed, poultry, fisheries etc.

The Company has entered into B2C domestic market by launching new products in Edible Oil i.e. Refined Soyabean Oil, Refined Vegetable Oil and Pungent Mustard Oil under the Brand Name "LAGNAM".

Further, the Company has started its commercial operations/ production by launching of new products in the domestic market

i.e. Cotton Cake Cattle Feed which is the cattle feed and Cotton Wash Oil, which is the non-edible oil

Furthermore, Our Company availed an opportunity to acquire H.M. Industrial Private Limited, a Company under CIRP, situated at Kapadvanj, Gujarat. The Company submitted a Resolution Plan in the matter of H.M. Industrial Private Limited (HMIPL), alongwith the Composite Scheme of Arrangement in the nature of Demerger and Amalgamation. Honble National Company Law Tribunal, Ahmedabad Bench (NCLT) approved the resolution plan submitted by the Company vide its order dated September 20, 2022. Upon Scheme became effective;

As per Scheme of Arrangement, Steel division of HMIPL demerged and vested with Mangalam Worldwide Limited (MWL), one of the group Company and; HMIPL and the its rest business (i.e. Agri Division) amalgamated into Mangalam Global Enterprise Limited (MGEL) with effect from Appointed date (i.e. 20th September, 2022 - Date of Honble NCLT Order). By this acquisition of Agri Division of H.M. Industrial Private Limited, the Company acquired two units: 1) Castor Oil Unit and 2) Cotton Unit. Presently, the Company has started its Commercial Operations/production by manufacturing the Agri products i.e. Castor De-Oiled Cake, Castor Oil and allied by-products depending on its demand in the market by setting up the Castor Unit at Kapadvanj w.e.f. April 03, 2023.

The Companys plants are operated (i) Unit Bundi, Rajasthan - Soya & Mustard Oil, (ii) Unit Bavla, Sanand, Gujarat - Wheat & Rice Processing, (iii) Unit Kapadvanj, Kheda, Gujarat - Castor Oil and (iv) Unit Kapadvanj, Kheda, Gujarat - Cotton:


Compliance to growing regulatory norms is a continuing requirement which can lead to delays in obtaining necessary approvals.

Changes in guidelines or policies in various geographies may also lead to sudden disruption of business in specified products. Many Agricultural Industries have foreign exchange exposure either in the form of forex loans or exports and imports. For Companies which operate largely in the domestic arena, any major forex movement may affect profitability due to fluctuating import costs.

While on the one side input cost could increase, on the other side weak monsoon could reduce pricing flexibility, thereby affecting margins. To minimize the risk, a comprehensive and integrated risk management framework is followed by the Company.


The Company maintains an adequate and effective Internal Control System, equivalent with its size and complexity. It believes that these systems provide, among other things, a reasonable assurance that transactions are executed with management authorization. It also ensures that they are recorded in all material respects to permit preparation of financial statements in conformity with established accounting principles, along with the assets of the Company being adequately safeguarded against significant misuse or loss. This is supplemented through an internal audit programme and periodic review by the management and the Audit Committee. In terms of corporate governance, there are various Board and Committees in place, comprising majority of Independent Directors, for monitoring and governance over efficiency and effective internal controls. Details of these Committees are given in the Corporate Governance Report, which forms part of this Annual Report.


Safety at work places is of paramount importance to the Company. The aim is to maintain the higher standards of safety across factories and workplaces; and ensure the latest best practices are implemented across the business to bring operational efficiencies and save energy. The Company emphasis on placing safety as a pre-requisite across all its operations.


The Companys financial performance for the year ended March 31, 2023 is summarized below:

(Rs. in Lakhs)




31/33/2023 31/33/2022 31/03/2023 31/33/2022
I. Revenue from Operations 1,22,584.78 1,19,043.22 1,42,519.58 1,27,894.65
II. Other Income 559.04 650.49 524.45 427.38
III. Total Revenue (I+II) 1,23,143.82 1,19,693.71 1,43,044.03 1,28,322.03
IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense 3011.54 1758.89 3298.20 1879.66
V. Finance Cost 1213.78 926.62 1378.80 1054.31
VI. Depreciation and Amortization Expense 302.50 311.30 312.44 375.45
VII. Profit Before Tax (IV-V-VI) 1,495.26 520.97 1606.96 449.90
VIII. Tax Expense:
a) Current Tax (Adjusted) NIL 188.00 31.81 195.87
b) Deferred Tax (Asset)/Liabilities 300.17 (42.68) 300.17 (91.66)
c) Income Tax (Prior Period) 5.32 (15.63) 5.34 (15.77)
Total Tax Expense 305.49 129.69 337.32 88.44
IX. Profit After Tax (VII-VIII) 1189.77 391.28 1269.64 361.46

During the year under review, considering the standalone performance of the Company, the revenue from operations was increased by 2.97%, Financial cost was increased by 30.99%, depreciation expenses were decreased by 2.82%. The Profit Before Tax (PBT) and Profit After Tax (PAT) were increased by 187.01% and 204.07%, respectively.


Details of segment performance (geographical wise) of the Company is as under:

(Rs. in Lakhs)

Segments Revenue F.Y. 2022-23 F.Y. 2021-22
Indian Operations 1,09,663.33 1,08,886.77
Foreign Operations 12,921.45 10,156.45


S. N. Ratio Numerator Denominator As at 31 March, 2023 As at 31 March, 2022 % change Reason for Variance
A Current ratio (In times) Current Assets Current Liabilities 1.17 1.35 (13.33%) -
B Debt- Equity ratio (In times) Total Debt Shareholders Equity 2.44 2.05 19.02% -
C Debt Service Coverage ratio (In times) Earning Available for Debt Service = PAT + Depreciation + Interest Total Debt Service = Principal Repayments + Interest 1.95 1.49 30.87% Refer (i) below
D Return on Equity ratio (in %) Net Profit After Tax Average Shareholders Equity 12.52% 5.38% 132.74% Refer (ii) below
E Inventory Turnover ratio (In times) Cost of Goods Sold Average Inventory 12.50 16.45 (24.01%) -
F Trade Receivables turnover ratio (In times) Revenue from Operations Average Trade Receivable 11.55 22.21 (48.07%) Refer (iii) below
G Trade payables turnover ratio (In times) Purchase Average Trade Payable 30.76 50.52 (39.11%) Refer (iii) below
H Net capital turnover ratio (In times) Revenue from Operations Net Working Capital = Current Assets -Current Liabilities 29.71 24.52 21.02% -
I Net profit ratio (in %) Net Profit Revenue form Operation 0.97% 0.33% 193.94% Refer (iv) below
J Return on Capital employed (in %) Earning Before Interest and Taxes Capital Employed = Tangible Net worth + Debt + Lease Liability 7.61% 7.33% 4.10% -
K Return on investment (in %) Income Generated from Investment Funds Average Invested funds 0.53% (1.98%) (126.87%) Refer (v) below

Reason for Variance

(i) Ratio has improved on account of increased earnings available for servicing the debts.

(ii) Ratio has improved on account of increased earnings during the year.

(iii) The company is in the process of regularisation of its operating/ manufacturing cycle for new business units viz. Castor & Cotton at Kapadvanj, and introduction of new business vertical viz. consumer packing division.

(iv) On account of improved margins and regularisation of operating/ manufacturing cycle of the company.

(v) The ratio has improved on account of returns on investments and withdrawal of erstwhile contribution in a LLP.

The Key Financial Ratios has not witnessed a significant change i.e. a change of 25% or more as compared to Financial Year 202122 except Debt Service Coverage Ratio, Return on Equity Ratio, Trade Receivables Turnover Ratio, Trade payables Turnover Ratio, Net Profit Ratio and Return on Investment.

Explanations related to change of 25% or more as compared to Financial Year 2021-22, in Key Financial Ratios are given as under:

1. Debtors Turnover:

During the Financial Year 2022-23, Debt Service Coverage Ratio was improved on account of Increase in Net Profit (Earnings available to Service the debt) in proportion to increase in debts.

2. Return on Equity Ratio:

Net Profit was increased substantially in FY 2022-23 as compared to previous FY 2021-22 due to improved margins. Hence, the Ratio has improved.

3. Trade Receivable Turnover Ratio:

The Company has introduced a new business vertical (Consumer Packing Department) where Debtor realization cycle is longer which has impacted the overall Debtor Turnover Ratio.

4. Trade Payable Turnover Ratio:

The Company is in process of regularization of its Operating/ manufacturing cycle for new business unit acquired at Kapadvanj viz. Castor & Cotton Unit which has impacted the overall Trade Payable Turnover Ratio.

5. Net Profit Ratio:

On account of improved margins, the Net Profit Ratio was improved accordingly.

6. Return on Investment Ratio:

The Ratio was improved on account of Return on Investment and withdrawal of erstwhile Contribution in a LLP.

Explanations related to change in Return on Networth as compared to Financial Year 2021-22:

Due to swift decision making and utilizing available opportunities in the market, Return on Networth has increased despite capital infusion in the Company by way of Preferential Allotment. Achieving higher topline and better fund management has helped us to provide better Return on Networth.


The Companys relations with the employees continued to be cordial and harmonious. Your Company considers manpower as its assets and understands that people have been driving force for growth and expansion of the Company. The Company acknowledge that its principal assets is its employees. The Company has continued its efforts in building a diverse and inclusive workforce. Mangalam Global Enterprise Limited is committed to provide a robust learning platform and at the same time building the capability of its employees. The Company is into process of continuous improvements based on feedback and inputs from multiple stakeholders, past experiences and industrys best practices (Recruitment and Selection, Leave & Attendance Management) for giving better employee experiences. The Company believes that the quality of the employees is the key to its success and is committed to equip them with skills, enabling them to seamlessly evolve with ongoing technological advancements.

As on March 31, 2023, there were 170 permanent employees employed by the Company. The Company will continue to create opportunity and ensure recruitment of diverse candidates without compromising on meritocracy.


The Companys endeavour is to maintain regular engagement with all its stakeholders to ensure that their concerns are addressed and expectations are met. Dynamic processes are in place within the Company to ensure integration of feedback from various stakeholders such as suppliers, customers, employees, and investors on a routine basis. By trusting employees, partnering with suppliers and dealers, and engaging with local communities, we work towards serving and delighting our customers.


Statements in this Management Discussion and Analysis contains "Forward Looking Statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Companys future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forwardlooking statements to reflect future/ likely events or circumstances.

Registered office: For and on behalf of Board of Directors
101, Mangalam Corporate House, Mangalam Global Enterprise Limited
42, Shrimali Society, Netaji Marg, CIN: L24224GJ2010PLC062434
Mithakhali, Navrangpura,
Ahmedabad-380009, Gujarat.
Vipin Prakash Mangal
Date : July 26, 2023 Chairman
Place : Ahmedabad (DIN: 02825511)