SKS Textiles Ltd Directors Report.

Dear Shareholder,

The Directors of your Company are pleased to present 21" Annual Report together with the audited Financial Statement for the financial year ended on 31st March 2018.

1. Financial Result

Particulars

31.03.2018

31.03.2017

Revenue from Operations

1,62,64,27,750

1,56,88,13,642

Other Income

92,31,112

1,77,50,374

Less: Expenditure

1,60,56,33,188

1,56,09,49,793

Profit before Taxation

3,09,89,474

2,65,01,242

Provisions for Taxation

1,02,46,050

95,00,000

Deferred Tax Liability

11,44,267

9,81,558

Net Profit

1,95,99,157

1,60,19,683

2. Financial Performance:

The Company has earned revenue from operation of Rs. 1626 lacs during the year ended on 31st March, 2018 as against Rs 1568 lacs earned during the previous year ended on 31st March, 2017. The Companys total revenue registered a growth of 3.70%. The Company has also earned other income of Rs 92 lacs during the year under review as against Rs 177 lacs earned during the previous year.

The Net profit of the Company during the year under review has increased to Rs.195 lacs as compared to net profit of Rs 160 lacs in the previous year. Net profit margin has been increased by 21.88% against the

previous year.

3. Dividend

The Board of Directors of the Company has not recommended any dividend during the year under review.

4. Transfer to Reserves:

During the financial year, the Company was not statutorily required to transfer any amount to any reserves. The description of reserves and surplus are given in Note No. 4, forming part of financial statements.

5. Conversion of Company from Private Limited to Public Limited

Pursuant to section 14 and other applicable provisions and rules, of the Companies Act 2013, approval of members was accorded to the conversion of the status of Company from "SKS Textiles Private Limited" to SKS Textiles Limited" in the Extra Ordinary Meeting of the Company held on 21st August, 2017. The Registrar of Companies, Mumbai on 08/09/2017 issued Fresh Certificates of Incorporation consequent upon conversion from Private Company to Public Company and the CIN allotted to the Company by the Fresh Certificates of Incorporation post conversion is U17000MH1997PLCI11406.

6. Change in Capital Structure of the Company:

Authorized Share Capital -During the year under review, the authorized share capital of the Company was increased from Rs. 1,20,00,000 (Rupees One crore Twenty Lakhs Only) )to Rs. 3,30,00,000 (Rupees Three Crores Thirty Lakhs Only) by passing Ordinary Resolution in the Extraordinary Resolution of the Members of the Company held on 26th July 2017.

Bonus Shares:

As approved by the members in the extra ordinary general meeting of the Company held on 26th July, 2018, the Board has allotted 17,95,460 Equity shares of Rs. 10/- each to the members as Bonus shares by way of capitalizing the free reserves of the Company in the ratio of 7:4 i.e 7 fully paid up shares of Rs. 10/- each against 4(Equity shares of Rs.l0/-each held by shareholders in the Company as on 26,h July 2017.

7. Initial Public offer

During the year under review your Company entered into capital market with an initial public issue of 888,000 equity shares of Rs. 10 each for cash at a price of Rs 150/- aggregating to Rs. 13,32,00,000/- consisting of fresh issue of 438,000 equity shares and offer for sale by promoters of 450,000 equity shares of which 48000 equity shares were reserved for Market Makers.

Your Directors are pleased to inform that Company had successfully completed Initial Public Offer. The issue was oversubscribed by 14.19 times.

The Company has received the trading approval for total 32, 59,437 Equity Shares on SME Platform of NSE Limited with effect from 17th January, 2018 having the symbol "SKSTEXTILE".

The Company confirms that the annual listing fees to NSE Limited for the financial year 2018-19 has been paid.

8. Listing of shares:

The Company has been listed on EMERGE platform of National Stock Exchange (NSE) on January 19th January, 2018.

9. Classes of Shares:

As on date, the Company has only one class of share capital i.e. Equity Shares of Rs. 10/- each.

10. Details of Subsidiary/Joint Ventures/Associate Companies:

Since your Company is neither having any subsidiary or associate Company nor has entered into any joint ventures with any other Company.

11. STATEMENT OF UTILISATION OF FUND RECEIVED FROM INITIAL PUBLIC OFFERING (IPO)

The Company has - spent / utilized the proceeds of the funds raised under the IPO towards the object of the Company. The disclosure in compliance with the SEB1 Regulation 32 of the SEB1 (Listing Obligation and Disclosure Requirement) Regulations, 2015 is as under:

Particulars : Proposed amount as per Prospectus (Amount in lakhs)

Actual utilization of funds till March, 2018

Deviations, if any

1. Funding Long term Working Capital Requirement

528.50

528.50

. 2. Expenditure for General Corporate Purpose

93.50

9350

-

Total

622.00

622.00

-

12. Deposits

During the financial year 2017-2018, your Company has not accepted any deposits within the meaning of section 73 & 74 of the Companies Act,2013 read together with the companies(Acceptance of Deposits)

Rules,2014.

13. Particulars of Loans, Guarantees or Investments

Particulars of loans & Investment as required under section 186 of the Companies Act 2013 read with Companies (Meeting of Board and its Powers) Rules, 2014 are given in Note No. 17, forming part of financial statements. There is no Guarantee given during the year under review.

14. Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The particulars as required under the provisions of Section 134(3Xm) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy, technolog) absorption, foreign exchange earnings and outgo etc. are furnished in Annexure 1 which forms part of this Report.

15. Dematerialization of Shares:

During the period under review, the Company has entered into Tripartite Agreements with the depositories,

National Securities Depository Limited dated 16th October 2017 and with Central Depositor) Service (India)Limited dated 26th September 2017 for providing Demat facility to its shareholders. For the purpose, the Company has appointed Sharex Dynamic India (PVT) Ltd as the Registrar and Share Transfer Agent.

16. Industrial Relations:

During the year under review, your Company enjoyed cordial relationship with the workers and employees at all levels.

17. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

9

1. Appointments:

In compliance with the provisions of Section 203 read with Rule 8 of companies (Appointment and remuneration of Managerial Personnel) Rules, 2014 and other applicable provisions, if any, of the Companies Act, Mrs. Naveena Singh, Company Secretary and compliance officer, of your Company was

Appointed on 3rd July, 2017.

In compliance with the provisions of Sections 149, 152, Schedule IV and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors)

Rules, 2014, Mr. Mihir M Manek (DIN: 07254045) and Mr. Satish Anand Sharma (DIN: 00897584) were appointed as Independent Directors on the Board of Directors of your Company at the Board Meeting of your Company held 3rd July, 2017 and confirmed by the shareholders in the Extra Ordinary General Meeting of the Company held on 26,h July, 2017 to hold office for 5 (five) consecutive years from 26,h July 2017 to 25* July 2022

In compliance with the provisions of Sections, 152, and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014, Mrs Sapna Vicky Shah (DIN: 07799058) was appointed as Non- Executive Director on the Board of Directors of your Company at the Board Meeting of your Company held 3,d July, 2017 and confirmed by the shareholders in the Extra Ordinary General Meeting of the Company held on 26th July, 2017.

In compliance with the provisions of Section 196,197,203 and other applicable provisions, if any, of the Companies Act 2013, with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 Mr. Sukanraj Shah (DIN:00034157) & Mr. Sahil Shall (DIN: 05144943 ) Director of the Company appointed as the Whole-Time Directors at the Board Meeting of your Company held on 3rd August 2017 and confirmed by the shareholders in the Extra Ordinary General Meeting of the Company held on 9th August, 2017 to hold office up to 5 (five) consecutive years from 9* August, 2017 to 8th August 2022.

In compliance with the provisions of Sections 196,197 & 203 read with Rule 8 of companies (Appointment and remuneration) Rules, 2014 and other applicable provisions, if any, of the Companies Act, Mr. Vicky Sukanraj Shah, Managing Director of your Company was appointed for a period of five years commencing from the date on which the Companies Act, 2013 came into force i.e. from Is* April, 2014 to 31st March, 2019. His re-appointment is recommended for approval of the members at the ensuing AGM.

In compliance with the provisions of Sections Section 203 read with Rule 8 of companies (Appointment and remuneration) Rules, 2014 and other applicable provisions, if any, of the Companies Act, Mr. Vicky Sukanraj Shah, Chief Financial Officer of your Company was appointed as on 3,d August,2017,

2. Independent Directors

The independent directors have submitted their declaration of independence, as required pursuant to the section .49(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in section 149(6) of the companies Act, 2013

V

3. Retirement by rotation:

In accordance with the provisions of Section 152(6) of the Companies Act 2013 and in terms of Articles of Association Mr. Sukanraj Bhabutmal Shah (DIN: 00034157) will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board recommends his reappointment.

18. Composition of the Board

The Board of Directors of S K S Textiles Limited is a balanced composition and optimum mix of executive and Non-Executive Directors. They Show active participation at the Board, which enhances the transparency and adds value to their decision making. The board of the Company is headed by an executive Chairman and a Managing Director.

The chairman takes the strategic decisions, frames the policy guidelines and extends wholehearted support to Executive Directors, Business Heads and associates.

As at 31st March 2018, the Directors and Key Managerial Personnel of the Company consisted of the following:

Particulars

Din/Pan

Designation
1. Mr. Sukanraj Bhabutmal Shah

00034157

Promoter, Chairman & Whole time Director
2. Mr. Vicky Sukanraj Shah

00033963

Promoter , Managing Director & Chief Financial Officer
3. Mr. Sahil Sukanraj Shah

05144943

Promoter & Whole time Director
4. Mr. Mihir M Manek

07254045

Non- executive Independent Director
5. Mr. Satish Anand Sharma

00897584

Non-Executive Independent Director
6. Mrs Sapna Vicky Shah

07799058

Non -Executive Director
7. Mrs. Naveena Singh

EIRPS3504Q

Company Secretary & Compliance officer

19. Auditors

a) Statutory Auditors

Pursuant to Section 139(2) of the Companies Act, 2013 read with rule 6 of Companies (Audit and Auditors) Rules, 2014, M/s. Bhatter & Co. Chartered Accountants, (FRN13109W) were appointed for period of 5 years in previous Annual General Meeting subject to ratification at every subsequent AGM. The Board recommends ratification of appointment of auditors to the members and Ihe same is mentioned in notice convening the AGM.

B) Secretarial Auditor:

Pursuant to provisions of section 204 of the Companies Act, 2013 and Rules made thereunder, M/s Sherlyn Rebello & Associates, Company Secretaries has been appointed as Secretarial Auditor of the Company for the Financial Years 2017-2018 and 2018-2019 in the meeting of Board of Directors held on 29,h May, 2018. A Secretarial Audit Report in Form MR-3 given by M/s Sherlyn Rebello & Associates for the Financial Year ended on 31s1 March, 2018 has been provided in Annexure -II which forms parts of this Directors Report.

C) Cost Auditor

As per the requirement of Central Government and pursuant to section 148 of the Companies Act,2013, read with Companies (Cost Records and Audit)Rules,2014 as amended from time to time your Company has appointed M/s Satish Kumar Gupta , Cost Accountants to carry cost Audit for the financial year 2017-2018.

D) Internal Auditor & Internal Audit Report

The provisions of section 138 of Companies Act, 2013 is now applicable to Company and Company has appointed M/s NNK & Co., Chartered Accountants, to carry out Internal Audit for the Financial Year 2017-2018 & 2018-2019 based on the recommendation of the Audit Committee

20. Explanation on any adverse remark and comment by the Auditors:

No adverse remark and comments are given by the auditors of the Company including the Statutory, Secretarial and internal Auditor of the Company. The Statutory Auditor has not reported any incident of fraud of the Company during the financial year 2017-2018

21. Extract of Annual return

Extract of Annual Return in form MGT-9 containing details as on the financial year ended 31st March 2018 as required under section 92(3) of the Companies Act ,2013 read with the Companies ( Management and Administratior.)Rules,2014, is annexed herewith as Annexure IV Which forms part of this report.

22 COMMITTEES OF THE BOARD

There are currently three committees of the Board, as follows:

1. Audit Committee

2. Nomination & Remuneration Committee

3. Stakeholders Relationship Committee

The Composition of the committees and relative compliances, are in line with the applicable provisions of the Companies Act, 2013 read with Rules and Listing Regulations. Details of term of reference of the Committees, Committees Membership and attendance at Meetings of the Committees are provided as follows:

1. Audit Committee:

The Company has constituted an Audit Committee in accordance with Section 177(1) of the Companies Act,2013 .During the financial year 2017-2018 one meeting of the Audit Committee was held on 14th March, 20 IS the details of the composition of the committee and attendance at its meeting are set out in the following table:

Name Designation

Meeting Held during the tenure

Meeting attended

1. Mr. Satish Anand Sharma Chairman

1

1

2. Mr. Mihir M Manek Member

1

1

3. Mr. Vicky Sukanraj Shah Member

IT-

1

All the members of the Audit Committee are financially literate and have relevant accounting financial management expertise as required under the companies Act,2013 and Regulation 18 of the listing Regulations. Mrs. Naveena Singh, Company Secretary of the Company, is the Secretary of the Audit Committee.

The primary objective of the Committee is to monitor and provide an effective supervision of the Managements financial reporting process, to ensure accurate and timely disclosures, with the highest level of transparency, integrity and quality of financial reporting and its Compliances with the legal and regulatory requirements. The committee oversees the work carried out in the financial reporting process by the Management and the Statutory Auditors and, note the process and safeguards employed by each of them.

Term of reference:

The term of reference, role, powers, rights, authority and obligations of the Audit Committee are in conformity with the applicable provisions of the Companies Act, 2013 and Listing Obligation Requirements (including any statutory modification(s) or re-enactment or amendment thereof.

2. Nomination and remuneration Committee:

The Company has formed Nomination and Remuneration Committee in line with provisions of Section 178 of the Companies Act 2013. The composition of the committee is given below:

Name Designation
1. Mr. Satish Anand Sharma Chairman
2. Mr. Mihir M Manek Member
3. Mr. Vicky Sukanraj Shah Member

The Company has duly formulated and has in place the Nomination and remuneration Policy for appointment and remuneration of Directors, Key Managerial Personnel and Employees of the Company and as required under section 134 the same is available at the Company website http://w\vw.groupsks.com/images/Nomination%20&%20Remuneration%20Policv.Ddf. The policy formulated by Nomination and Remuneration Committee includes Directors appointment and remuneration including qualifications, positive attributes, independence of a director and other matters as specified under section 178(3) of the Companies act,2013 and same was approved by the Board of Directors of the Company. All statutorily policies of the Company are available on the website of the Company for investors reference.

3. Stakeholder* Relationship Committcc-

The Company has constituted Stakeholders Grievance & Relationship Committee mainly to focus on the redressal of shareholders/Investors Grievance, if any, like Transfer/Transmission/Demat of shares, Loss of Certificates; Non-Receipt of Annual Report; Dividend Warrants etc. The composition of the committee is given below

Name Designation
1. Mr. Mihir M Manek Chairman
2. Mr. Satish An and Sharma Member
3. Mr. Vicky Sukanraj Shah Member

Details of Shareholders Complaints Received, Solved and Pending as on March 31,2017

The Company expresses satisfaction with the Companys performance in dealing with investor grievance. The Company has not received any complaints during the year under review. Hence, there were no complaints outstanding as on March 31, 2017.

23. Declaration of Independency by independent Director

The Independent Directors have given their declarations under Section 149(6) and Section 149(7) of the Companies Act, 2013 and the rules made there under. The independent Directors fulfill the conditions relating to their status as an Independent Director as specified in Section 149 of the Act and the Regulation 16(b) of the Listing Regulations.

24 Board Evaluation:

Pursuant to the Provisions of the Companies Act,2013 and SEBI (Listing Obligations and Disclosures Requirements)Regulations, 2015 ,the performance evaluation of the chairman and non -Independent Directors was carried out by the Independent Directors in their separate Meeting who also reviewed the performance of the Board as whole.

The Nomination and Remuneration Committee has defined the evaluation criteria, procedure for the performance evaluation of the Board of Directors

The Boards functioning was evaluated on various aspects, including inter alia degree of fulfillment of key responsibilities, Board structure and Composition, effectiveness of Board process, information and functioning.

The Directors were evaluated on aspects such as attendance and contribution at Board/ Committee Meeting and guidance /support to the Management outside Board/Committee Meetings. In addition, the Chairman was also evaluated on key aspects of his role, including setting the strategic agenda of the Board, encouraging active engagement of all Board Members.

Evaluation of Independent Directors was done by the entire Board, excluding the director being evaluated.

25. Whistle Blower Policv/Vigil Mechanism:

The Company promotes ethical behaviors in all its business activities and has put in place a mechanism of reporting illegal or unethical behavior. The Company has a whistle blower policy wherein the directors and employees are free to report violations of law, rules, regulations or unethical conduct, actual or suspected fraud to their immediate supervisor and also have been provided direct access to the chairman of the Audit Committee in exceptional cases or such other persons as may be notified by the Board. The confidentiality of those reporting violations is maintained and they are not subjected to any discriminatory practice.

The Whistle Blower Policy of the Company is also available on the website of the Company at the link httn:/Avww.grounsks.com/iniagesA/igil-Mechanism.ndf

26. Prevention of Insider Trading:

The board of Directors has adopted the Insider Trading Policy in accordance with the requirement of the Securities & Exchange Board of India (Prohibition of Insider Trading) Regulation, 2015. The Insider Trading Policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with shares of the Company as well as consequences of violation. The Policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standard of dealing in the Companys Shares.

The insider trading Policy of the Company covering the code of practices and procedures for fair disclosures of unpublished price sensitive information and code of conduct for the prevention of Insider Trading is available on the website

http://kroupsks.com/admin/content/reports/reports_l 532328454_policy_for_insider_trading.pdf

27. Risk Management Policy: In line with regulatory requirements, the Company has framed risk management policy to identify and access with the regulatory risk areas and a risk mitigation process. A detailed exercise is being carried out at regular interval to identify, evaluate, manage and monitor all business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined frame work.

28. Disclosure under the Sexual Harassment of w omen at a Workplace (Prevention, Prohibition and Rcdrcssal), Act 2013

The Company is committed to provide a healthy environment to all the employees and thus does not tolerate any sexual harassment at workplace. The Company has in place, "Policy on prevention, Prohibition and Rcdressal of Sexual Harassment." The policy aims to provide protection to employees at the workplace and preventing and redressing complaints of sexual harassment and it covers matters connected or incidental thereto. The Company has complied with the provisions relating to the constitution of Internal Complaints Cammittee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company has not received any compliant of sexual harassment during the financial year 2017-2018.

29. Corporate Governance:

As per regulation 15(2) of the Listing Regulations, the compliance with the Corporate Governance provision shall not applicable in respect of the following cases of companies:

a. Listed Entity having paid- up equity share capital not exceeding Rs. 10 crore and net worth not exceeding Rs. 25 crore, as on the last day of the previous financial year,

b. Listed entity which has listed its specified securities on the SME Exchange.

Since, our Company falls in the ambit of aforesaid (b); hence compliance with the provisions of Corporate Governunoc 3hall not to apply to the Company and it also does not form pait of ihc Annual Report for the financial year 2017-2018.

30. Corporate Social Responsibility:

As per Section 135 and applicable Rules of the Companies Act 2013, every company having Net Worth of Rs. 500 Crores or more or Turnover of Rs. 1000 Crores or Net Profit of Rs. 5 Crores or more during any FY will be required to constitute CSR Committee of Board consisting 3 or more directors and at least 1 out these shall be Independent Director.

Since, our Company does not falls in the ambit of aforesaid; hence compliance with the provisions of Corporate Social Responsibility does not to apply to the Company and thus disclosure related to CSR does not form part of Annual Report for the financial year 2017-2018.

31. Code of Conduct

The board of director of the Company has laid down a code of Conduct for all the Board Members and senior Management Personnel of the Company. The Board Members and the Senior Management personnel have to affirm compliance with the code for the year 2017-2018.The said code of conduct has been posted on the website of the Company. A declaration to this effect, is annexed and forms part of this report.

32. Meeting of the Board:

During the year, sixteen meetings of the Board of Directors were convened and held on the following dates as mentioned in the table given below:

Date of Meeting

Board Strength

No. of Directors Present

1.

03.04.2017

3

3

2.

10.04.2017

3

3

3.

03.07.2017

3

3

4.

01.08.2017

6

6

5.

03.08.2017

6

6

6.

14.08.2017

6

6

7.

04.09.2017

6

6

8.

11.09.2017

6

6

9.

16.09.2017

6

6

10

21.09.2017

6

6

11.

15.11.2017

6

4

12.

22.12.2017

6

4

13.

30.12.2017

6

4

14.

17.01.2018

6

4

15.

01.03.2018

6

4

16.

14.03.2018

6

4

33. Particulars of contracts or arrangements with related parties. The Company does not have any contract or arrangement or transaction with related party in terms of Section 188 of the Companies Act, 2013. Hence, the disclosure required to be provided under Section 134(3) (h) of die Companies Act, 2013, in Form AOC - 2 is not applicable and need not be furnished.

The Disclosures as required under Accounting Standard - 18 (AS-18) ‘Related Part} Disclosures" notified under Rule 7 of the Companies (Accounts) Rules, 2014 have been provided in Note No. 28,29 & 30 of the Notes forming part of the Financial Statements

34. Material Changes and commitments, if any, affecting the financial Position of the Company which have occurred between the end of the Financial Year of the Company to which the Financial Statements Relate and the date of Report.

The Paic-up Equity share Capital of the Company has increased to Rs. 3, 25,94,370/ - after the bonus issue and Initial Public Offer of the Company which took place during the year under review.

During the year under review, the Company converted from Private Limited to Public Company.

35. Particulars of employees;

During tie year under report, none of the employees of the Company was in receipt of remuneration for any part of the year, in excess of the amount of remuneration prescribed in section 197 of the Companies Act 2013 read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014, as amended up to date.

The information required under section 197 of the act read with Rule 5(1) of the companies (Appointment and Remuneration) Rules,2014 is annexed as Annexure III and forms a part of this report.

36. Internal Finance control

The Company has in place adequate internal financial controls with reference to the Financial Statements. The Audit Committee of the Board reviews the internal control systems, the adequacy of internal audit function and significant internal audit findings with the management, Internal Auditors and Statutory Auditors

37. Management Discussion Analysis Report

The operations of the Company are reviewed in a detailed report on the Management Discussions and Analysis Report is provided as a sparate section in the Annual Report which forms the part of the Board Report as Annexure V

38. Certification from Chief Financial Officer/Chief Executive Officer of the Company:

The Company has obtained a compliance certificate in accordance with Regulation 17(8) of listing Regulations from Mr. Vicky Sukanraj Shah, Chief Financial Officer and Managing Director of the Company. The same forms a part of this Annual Report.

39. Insurance:

All assets of the Company including inventories, building plant and machineries are adequately insured. DIRECTORS* RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors, based on the representations received from the operating management and after due enquiry, confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) they 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 financial year 31st March, 2018 and of the profit and loss of the Company for that period;

(c) they 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;

(d) they had prepared the annual accounts on a going concern basis;

(e) they 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

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

40. Appreciation and Acknowledgement:

Your Directors would like to express their appreciation for the assistance and co-operation received from the Banks, customers, business associates and members during the year under review. Your

Directors also wish to place on record their deep sense of appreciation for the committed services by the executives, employees, staff and workers of the Company.

For and on behalf of the Board

5d:-

Vicky Sukanraj Shah Managing Director Din: 00033963

Date: 30.08.2017 Place: Mumbai

Sci(-

Sukanraj Bhabutaml Shah Whole time Director

Din: 00034157