new microsoft office word document · 2019. 10. 15. · companies act, 2013 from a member proposing...

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ESKAY K’N’IT (INDIA) LIMITED ANNUAL REPORT-2018-19

NOTICENoticeisherebygiventhat32ndAnnualGeneralMeetingoftheShareholdersofESKAYK’n’IT(INDIA)LIMITEDwillbeheld on Saturday, 28th September, 2019 at 03:15 p.m., at Plot No. 65, Krishna Nagar, Samarvani, Silvassa, (UnionTerritory)‐396230,totransactthefollowingbusiness:ORDINARYBUSINESS:

1. Toreceive,considerandadopttheAuditedBalanceSheetason31stMarch,2019andProfitandLossAccountfortheyearendedasonthatdateandtheReportoftheBoardofDirectorsandtheAuditorsthereon.

2. To appoint aDirector in place ofMrs.Manasi IndrajitWadkar (DIN: 05309693),who retires by rotation and, beingeligible,offersherselfforre‐appointment.SPECIALBUSINESS:

3. ToapprovetheremunerationofMr.PradipDamania,CostAuditorforthefinancialyearending31stMarch2020andinthis regard to consider and if thought fit, to pass, with or without modification(s), the following resolution as anOrdinaryResolution:“RESOLVEDTHATpursuanttotheprovisionsofSection148andallotherapplicableprovisionsoftheCompaniesAct,2013and theCompanies (AuditandAuditors)Rules,2014 (includinganyStatutorymodification(s)or re‐enactmentthereof, for the time being in force), the Cost Auditor Re‐appointed by the Board of Directors of the Company, toconducttheauditoftheCompanyforthefinancialyearending31stMarch2020,bepaidtheremunerationassetoutintheStatementannexedtotheNoticeconveningthisMeeting.RESOLVEDFURTHERTHATanyoftheDirectorsoftheCompanybeandisherebyauthorisedtodoallactsandtakeallsuchstepsasmaybenecessary,properorexpedienttogiveeffecttothisresolution.”

4. Re‐appointmentofShriNarayanGhumatkar(DIN01717979)asanIndependentDirectoroftheCompanyTo consider and if thought fit, to pass with or without modification(s), the following resolutions as SpecialResolutions:“RESOLVED THAT pursuant to the provisions of Section 149, 150 and 152 read with Schedule IV and all otherapplicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors)Rules, 2014 (including any Qualification of Directors) Rules, 2014 and Applicable provisions of the SEBI (ListingObligationsandDisclosureRequirements)Regulations,2015(hereinafterreferredas“ListingRegulations”)(Includingany statutorymodification(s)or re‐ enactment thereof for the timebeing in force),TheapprovalofMembersof theCompanybeandisherebyaccordedforre‐appointmentofShriNarayanGhumatkar(DIN:01717979)whosecurrentperiodofofficeisexpiredandwhohassubmittedadeclarationconfirmingthecriteriaofIndependenceundersection149(6)oftheCompaniesAct,2013readwiththeListingRegulations,asamendedfromtimetotimeandwhoiseligibleforre‐appointmentfortheSecondtermundertheprovisionsoftheCompaniesAct,2013,RulesmadethereunderandListingRegulations and in respect ofwhom the companyhas received, a notice inwritingunder Section160of theCompaniesAct,2013fromamemberproposinghiscandidaturefortheofficeofIndependentNon‐ExecutiveDirector,whosetermshallnotbesubjecttoretirementbyrotation,toholdofficeforasecondtermof5(five)consecutiveyears.

5. RegularisationofShriJaiprakashMishra(DIN07190590)whowasappointedasAdditionalIndependentDirectorTo consider and if thought fit, to pass with or without modification(s), the following resolutions as OrdinaryResolutions:“RESOLVED THAT pursuant to the provisions of Section 149, 150 and 152 read with Schedule IV and all otherapplicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors)Rules, 2014 (including any Qualification of Directors) Rules, 2014 and Applicable provisions of the SEBI (ListingObligationsandDisclosureRequirements)Regulations,2015(hereinafterreferredas“ListingRegulations”)(Includingany statutory modification(s) or re‐ enactment thereof for the time being in force), Shri Jaiprakash Mishra (DIN:07190590), who was appointed as an Additional Director pursuant to the provisions of Section 161(1) of theCompaniesAct,2013andtheArticlesofAssociationoftheCompanyandwhoholdsofficeuptothedateofthisAnnualGeneral Meeting and in respect of whom the Company has received a notice in writing under Section 160 of theCompaniesAct,2013fromamemberproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforafixtermof5(five)consecutiveyears.NOTES:

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votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

(xi) ForMembersholdingsharesinphysicalform,thedetailscanbeusedonlyfore‐votingontheresolutionscontainedinthisNotice.(xii) ClickontheEVSNfortherelevantEskayK’n’IT(India)Limitedonwhichyouchoosetovote.

(xiii) Onthevotingpage,youwillsee “RESOLUTIONDESCRIPTION”andagainst thesametheoption“YES/NO”forvoting.SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.

(xiv) Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.(xv) Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.If

youwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.(xvi) Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.

(xvii) Youcanalsotakeoutprintofthevotingdonebyyoubyclickingon“Clickheretoprint”optionontheVotingpage.(xviii) IfDemataccountholderhasforgottenthechangedpasswordthenEntertheUserIDandthe imageverification

codeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.(xix) Shareholderscanalsocast theirvoteusingCDSL’smobileappm‐Votingavailable forandroidbasedmobiles.Them‐VotingappcanbedownloadedfromGooglePlayStore.AppleandWindowsphoneuserscandownloadtheappfromtheAppStoreandtheWindowsPhoneStorerespectively.Please followthe instructionsaspromptedbythemobileappwhilevotingonyourmobile.

(xx) NoteforNon–IndividualShareholdersandCustodians Non‐Individualshareholders(i.e.otherthanIndividuals,HUF,NRIetc.)andCustodianarerequiredtologontowww.evotingindia.comandregisterthemselvesasCorporates. A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed [email protected]. AfterreceivingthelogindetailsaComplianceUsershouldbecreatedusingtheadminloginandpassword.TheComplianceUserwouldbeabletolinktheaccount(s)forwhichtheywishtovoteon. Thelistofaccountslinkedintheloginshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote. AscannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissuedinfavouroftheCustodian,ifany,shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame.

(xxi) Incaseyouhaveanyqueriesorissuesregardinge‐voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande‐voting manual available at www.evotingindia.com, under help section or write an email [email protected].

(xxii) M/s.Priyavrat&Associates,CharteredAccountantinwholeTimePractice,hasbeenappointedasScrutinizer,whointheopinionoftheBoardcanscrutinizethee‐votingprocessinfairandtransparentmanner.Incaseofmembersreceivingthephysicalcopy:

(A) Pleasefollowallstepsfromsl.no.(i)tosl.no.(xix)abovetocastvote.(B) ThevotingperiodbeginsonWednesday,25thSeptember,2019at9:00a.m.andendsonFriday,27thSeptember,2019at

5:00p.m.Duringthisperiodshareholders’oftheCompany,holdingshareseitherinphysicalformorindematerializedform,asonthecut‐offdate(recorddate)ofSaturday21stSeptember,2019,maycasttheirvoteelectronically.Thee‐votingmoduleshallbedisabledbyCDSLforvotingthereafter.

(C) Incaseyouhaveanyqueriesorissuesregardinge‐voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande‐voting manual available at www.evotingindia.com under help section or write an email [email protected].

ForandBehalfoftheBoardofDirectors Sd/‐ TrivendraSingh ManagingDirector

(DIN:05240052)Place:MumbaiDate:13thAugust,2019


ANNEXURETOTHENOTICE

ExplanatoryStatementPursuanttosection102(1)oftheCompaniesAct,2013ITEMNO.3:TheBoard,ontherecommendationoftheAuditCommittee,hasapprovedtheappointmentofMr.PradipDamaniaasaCostAuditoroftheCompanytoconducttheauditofthecostrecordsoftheCompanyforthefinancialyearending31stMarch,2020onaremunerationofRs.10000/‐P.A.InaccordancewiththeprovisionsofSection148oftheActreadwiththeCompanies(AuditandAuditors)Rule,2014,theremunerationpayabletotheCostAuditorhastoberatifiedbytheshareholdersoftheCompany.Accordingly,consentofthemembersissoughtforpassinganOrdinaryResolutionassetoutatitemNo.3oftheNoticeforratificationoftheremunerationpayabletotheCostAuditorforthefinancialyearending31stMarch,2020.None of the Directors/ Key Managerial Personnel of the Company/ their relative are, in any way, concerned orinterested,financiallyorotherwise,intheresolutionsetoutatItemNo.3oftheNotice.TheBoardrecommendstheOrdinaryResolutionsetoutatItemNo3oftheNoticeforapprovalbytheshareholders.ITEMNO:4TheapprovalofMembersoftheCompanybeandisherebyaccordedforre‐appointmentofShriNarayanGhumatkar(DIN:01717979)whosecurrentperiodofofficeisexpiredandwhohassubmittedadeclarationconfirmingthecriteriaofIndependenceundersection149(6)oftheCompaniesAct,2013readwiththeListingRegulations,asamendedfromtime to timeandwho iseligible forre‐appointment for theSecond termunder theprovisionsof theCompaniesAct,2013,RulesmadethereunderandListingRegulationsand inrespectofwhomthecompanyhasreceived,anotice inwriting under Section 160 of the Companies Act, 2013 from amember proposing his candidature for the office ofIndependentNon‐ExecutiveDirector, whosetermshallnotbesubject toretirementbyrotation, toholdoffice forasecondtermof5(five)consecutiveyears.ITEMNO:5Shri JaiprakashMishra(DIN:07190590),whowasappointedasanAdditionalDirectorpursuanttotheprovisionsofSection161(1)oftheCompaniesAct,2013andtheArticlesofAssociationoftheCompanyandwhoholdsofficeuptothedateofthisAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedanoticeinwritingunderSection160oftheCompaniesAct,2013fromamemberproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforafixtermof5(five)consecutiveyears.

ForandBehalfoftheBoardofDirectors

Sd/‐TrivendraSingh ManagingDirector (DIN:05240052)Place:MumbaiDate:13thAugust,2019


DIRECTORS’REPORTDearMembers,YourDirectorshavepleasureinpresentingthe32ndAnnualReportofESKAYK’n’IT(INDIA)LIMITEDalongwiththeAuditedStatementsofAccountsfortheFinancialYearended31stMarch,2019.FINANCIALHIGHLIGHTS:

(Rs.inLacs)Particulars 2018‐2019 2017‐2018Revenuefromoperations 803.24 3,095.04FinanceCost ‐ 4,350.01DepreciationandamortizationExpense 326.25 1,533.62Profit/(Loss)beforeexceptionalandextraordinaryitemsandtax (5,778.49) (5,778.49)Exceptionalitems ‐‐‐‐‐‐ ‐‐‐‐‐‐Extraordinaryitems ‐‐‐‐‐‐ ‐‐‐‐‐‐Profit/(Loss)beforetax (355.77) (5,778.49)DeferredTaxAssets/(Liabilities) (259.25) 40.90ProvisionforTaxation 0.00 0.00NetProfit/(Loss) (615.02) (5,737.59)

COMPANYPERFORMANCE:Duringtheyear,theRevenuefromoperationsoftheCompanyhassubstantiallydecreasedtoRs.803.24LacsasagainstRs.3095.04LacsinrespectofthepreviousFinancialYearended31stMarch,2018.TheCompanyhassufferedLossbeforeTaxRs355.77Lacsinthefinancialyearended31stMarch,2019asagainstlossofRs.5,778.49Lacsinthepreviousfinancialyearended31stMarch,2018.TheCompanyhasNetLossofRs.615.02LacsafterconsideringdeferredtaxofRs.(259.25)LacsasagainstNetLossofRs5,737.59Lacsinthepreviousfinancialyearended31stMarch,2018.However,thereisnocashlossduringtheyear.TheCompanyhasincurredSubstantiallossesduetomarketsresultinginpoorsales.Thecompanyexperienced that theefficiencyofplantandmachineries,especiallySpinningMachineshavegone down and set up an in house Expert Group to suggest measures for Technology up gradation andModernization.Aspertheirrecommendations,oldmachinesincludingRingFrames,requiringexpendituretowardsrepairsandmaintenanceconsuminghighpowerwithlowoutputhavebeenidentifiedandshiftedtoworkshop/godownsforappropriateaction.Further, the Company after incurring huge losses and eroding its net worth completely had made anapplicationtoberegisteredasaSickCompanywithBoardforIndustrialandFinancialReconstruction.DuringtheYearunderreview,theCompanydoesnothaveanysubsidiary,associateorjointventurecompanies.DIVIDEND:In viewof Loss of theCurrent year, yourDirectors areunable to recommend anydividendon the equitysharesfortheyearunderreview.DIRECTORSANDKEYMANAGERIALPERSONNEL:AsperprovisionsofSection149,150,152andanyotherapplicableprovisionsofCompaniesAct,2013andthe rule made thereunder read with schedule IV to the Companies Act, 2013, Shri Narayan Ghumatkar,existing Independent Directors of the Company, have been appointed as an Independent Directors ofCompanywhoshallholdofficefromthedateofthisAnnualGeneralMeetingtillAnnualGeneraltobeheldin2019.Theyshallnot,henceforthbeliabletodeterminationbyretirementofDirectorsbyrotation.


Further, the Board of Directors of the Company had appointed Shri Jaiprakash Mishra as an AdditionalDirectorsw.e.f.21stJune,2019.PursuanttotheprovisionsofSection160oftheCompaniesAct,2013,ShriJaiprakashMishrashallholdofficeuptothedateofensuingAnnualGeneralMeeting.TheNoticepursuanttoSection161oftheCompaniesAct,2013,hasbeenreceivedfromtheMemberproposingthecandidatureofShriJaiprakashMishraforappointedasDirectorsoftheCompany.All the Independent Directors have given declarations that theymeet the criteria of independence as laydownunderSection149(6)OftheActandSEBIListingRegulations.IntheopinionoftheBoard,theyfulfilltheconditionsofindependenceasspecifiedintheActandtheRulesmadethereunderandareindependentofthemanagement.ANNUALEVALUATIONOFBOARDPERFORMANCEANDPERFORMANCEOFITSCOMMITTEESANDOFDIRECTORS:PursuanttotheprovisionsoftheCompaniesAct,2013andRegulations17,19andotherapplicableprovisionofSecuritiesandExchangeBoardof India (ListingObligationsandDisclosureRequirements),Regulations,2015(“SEBIListingRegulations”),theBoardhascarriedoutanannualevaluationof itsownperformance,performanceoftheDirectorsaswellastheevaluationoftheworkingofitsCommittees.The Nomination and Remuneration Committee has defined the evaluation criteria, procedure and timescheduleforthePerformanceEvaluationprocessfortheBoard,itsCommitteesandDirectors.TheBoard’s functioningwasevaluatedonvariousaspects, including interaliadegreeof fulfillmentofkeyresponsibilities, Board structure and composition, establishment and delineation of responsibilities tovariousCommittees,effectivenessofBoardprocesses,informationandfunctioning.DirectorswereevaluatedonaspectssuchasattendanceandcontributionatBoard/CommitteeMeetingsandguidance/ support to themanagement outside Board/ CommitteeMeetings. In addition, the Chairpersonwas also evaluated on key aspects of his role, including setting the strategic agenda of the Board,encouraging active engagement by all Board members and motivating and providing guidance to theManagingDirector.Areas on which the Committees of the Board were assessed included degree of fulfillment of keyresponsibilities,adequacyofCommitteecompositionandeffectivenessofmeetings.TheperformanceevaluationoftheIndependentDirectorswascarriedoutbytheentireBoard,excludingtheDirector being evaluated. The performance evaluation of the Chairperson and the Non‐IndependentDirectorswascarriedoutbytheIndependentDirectorswhoalsoreviewedtheperformanceoftheBoardasawhole.TheNominationandRemunerationCommitteealsoreviewedtheperformanceoftheBoard,itsCommitteesandoftheDirectors.The Chairperson of the Board provided feedback to the Directors on an individual basis, as appropriate.Significanthighlights,learningandactionpointswithrespecttotheevaluationwerepresentedtotheBoard.CORPORATEGOVERNANCE:AsrequiredbyRegulation34readwithScheduleVof theSecuritiesandExchangeBoardof India (ListingObligationsandDisclosureRequirements)Regulations2015,areportoncorporategovernanceisappendedalong‐withacertificatefromtheAuditors.EXTRACTOFANNUALRETURN:PursuanttoSection92(3)oftheActandRule12(1)ofTheCompanies(ManagementandAdministration)Rules,2014,theextractofAnnualReturninformMGT‐9isannexedasAnnexureA.BOARDANDCOMMITTEEMEETINGS:AcalendarofBoardandCommitteeMeetings tobeheldduring theyearwascirculated inadvance to theDirectors.4(four)BoardMeetingswereconvenedandheldduringtheyear.


The Board has constituted an Audit Committee with Mr Narayan Ghumatkar as Chairman and Mr.ManmohanAhluwaliaandMr.TrivendraSinghastheMembers.TherehavenotbeenanyinstancesduringtheyearwhenrecommendationsoftheAuditCommitteewerenotacceptedbytheBoard.TheCompanyhasalsoconstitutedvariousotherCommitteesviz.Nomination&RemunerationCommittee,Stakeholder Relationship Committee, Management and Finance Committee and Sexual HarassmentCommittee.DetailsofthecompositionoftheBoardanditsCommitteesandoftheMeetingsheldandattendanceoftheDirectors at suchMeetings, are provided in the Corporate GovernanceReport Attached to this Directors’Report.TheinterveninggapbetweentheMeetingswaswithintheperiodprescribedundertheActandtheListingRegulations.DECLARATIONOFINDEPENDENTDIRECTORSThe Independent Directors have submitted their disclosures to the Board that they fulfill all therequirementsasstipulatedinSection149(6)oftheCompaniesAct,2013soastoqualifythemselvestobeappointedasIndependentDirectorsundertheprovisionsoftheCompaniesAct,2013andtherelevantrules.DIRECTORS’RESPONSIBILITYSTATEMENT:Pursuanttosection134(5)oftheCompaniesAct,2013,theBoardofDirectors,tothebestoftheirknowledgeandability,confirmthat:a. inthepreparationoftheannualfinancialstatementsfortheyearendedMarch31,2019,theapplicableaccountingstandardshavebeenfollowedandthereisnomaterialdepartures;b. they have selected such accounting policies and applied them consistently andmade judgment andestimates that are reasonable andprudent so as to give a true and fair viewof the state of affairs of theCompanyasatMarch31,2019andoftheprofitoftheCompanyfortheyearendedonthatdate;c. they have taken proper and sufficient care for the maintenance of adequate accounting records inaccordancewiththeprovisionsoftheCompaniesAct,2013forsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;d. theyhavepreparedtheannualfinancialstatementshavebeenpreparedonagoingconcernbasis;e. they have laid down internal financial controls to be followed by the Company and such internalfinancialcontrolsareadequateandoperatingeffectively;f. theyhavedevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.DETAILSOFSIGNIFICANTMATERIALORDERSPASSEDBYTHEREGULATORS/COURTS/TRIBUNALIMPACTINGTHEGOINGCONCERNSTATUSANDCOMPANY’SOPERATIONINFUTURETherearenosignificantmaterialorderspassedbytheRegulators/Courts/TribunalwhichwouldimpactthegoingconcernstatusoftheCompanyanditsfutureoperations.Hence,disclosurepursuanttoRule8(5)(vii)ofCompanies(Accounts)Rules,2014isnotrequired.PARTICULARSOFLOANS,GUARANTEESORINVESTMENTS:Detailsofloans,guaranteesandinvestmentscoveredundertheprovisionsofSection186oftheCompaniesAct,2013aregiveninNote12oftheNotestothefinancialstatements.FAMILIARIZATIONPROGRAMMEFORINDEPENDENTDIRECTORS:TheCompanyfamiliarizesitsIndependentDirectorswiththeCompany,theirroles,rights,responsibilitiesinthe company, natureof the industry inwhich the companyoperates, businessmodel of the company etc.throughvariousprogrammers.ThedetailsofsuchfamiliarizationprogrammedshallbedisclosedontheCompany’swebsiteatthefollowingweblink:http://eskayknitindia.com/wp/


INTERNALCONTROLSYSTEMSANDTHEIRADEQUACY:The Company has an Internal Control System, commensurate with the size, scale and complexity of itsoperations.ThescopeandauthorityoftheInternalAuditfunctionisdefinedintheInternalAuditManual.Tomaintainitsobjectivityandindependence,theInternalAuditfunctionreportstotheChairmanoftheAuditCommitteeoftheBoard&totheChairman&ManagingDirector.The Internal Audit Department monitors and evaluates the efficiency and adequacy of internal controlsystem in theCompany, its compliancewith operating systems, accountingprocedures andpolicies at alllocations of the Company. Based on the report of internal audit function, process owners undertakecorrectiveactionintheirrespectiveareasandtherebystrengthenthecontrols.SignificantauditobservationsandrecommendationsalongwithcorrectiveactionsthereonarepresentedtotheAuditCommitteeoftheBoard.CODEOFCONDUCT:TheBoardofDirectorshasapprovedaCodeofConductwhichisapplicabletotheMembersoftheBoardandall employees in the course of day to day business operations of the company. The Company believes in“ZeroTolerance”againstbribery,corruptionandunethicaldealings/behaviorsofanyformandtheBoardhaslaiddownthedirectivestocountersuchacts.ThecodelaiddownbytheBoardisknownas“codeofbusinessconduct”whichformsanAppendixtotheCode.TheCodehasbeenpostedontheCompany’swebsitewww.eskayknitindia.com.TheCode laysdownthe standard procedure of business conduct which is expected to be followed by the Directors and thedesignatedemployeesintheirbusinessdealingsandinparticularonmattersrelatingtointegrityintheworkplace,inbusinesspracticesandindealingwithstakeholders.TheCodegivesguidancethroughexamplesonthe expected behaviour from an employee in a given situation and the reporting structure. All theBoardMembersandtheSeniorManagementpersonnelhaveconfirmedcompliancewiththeCode.AllManagementStaffweregivenappropriatetraininginthisregard.MANAGEMENTDISCUSSION&ANALYSISREPORTSTheManagementDiscussion&AnalysisReport,which forman integralpartof thisReport, are setoutasseparateAnnexure, togetherwith theCertificate from the auditors of theCompany regarding compliancewiththerequirementsofCorporateGovernanceasstipulatedbySEBIListingRegulations.RELATEDPARTYTRANSACTIONS:AlltransactionsenteredbytheCompanywithRelatedPartieswereintheOrdinaryCourseofBusinessandatArm’sLengthpricingbasis.TherewerenomateriallysignificanttransactionswithRelatedPartiesduringthefinancialyear2018‐19whichwereinconflictwiththeinterestoftheCompany.SuitabledisclosuresasrequiredunderAS‐18havebeenmadeinNotestothefinancialstatements.TheCompanyhasalsoadoptedRelatedPartyTransactionPolicyas requiredunderRegulation23ofSEBIListingRegulations.TheBoardhasapprovedthepolicyonRelatedPartyTransactionsandMaterialSubsidiary.ThepolicieshavebeenuploadedontheCompany’swebsite,undertheweblink:http://eskayknitindia.com/wp/related‐party‐transactions.Material changes and commitments affecting the financial position of the Company which haveoccurredbetween31stMarch2019and13thAugust,2019.TherewerenomaterialchangesandcommitmentsaffectingthefinancialpositionoftheCompanybetweentheendoffinancialyear(31stMarch,2019)andthedateoftheReport13thAugust,2019.PARTICULARSOFCONTRACTSORARRANGEMENTSMADEWITHRELATEDPARTIES:ParticularsofcontractsorarrangementswithrelatedpartiesreferredtoinSection188(1)oftheCompaniesAct,2013,intheprescribedFormAOC‐2,isappendedasAnnexure‐BtotheBoard’sreport.


PARTICULARSOFEMPLOYEESANDRELATEDDISCLOSURES:TheDirectorsarehappytostatethattherelationsbetweentheCompanyanditsEmployeeremainedcordialthroughouttheyear.TheDirectorsacknowledgeandexpresstheirappreciationforthecontributionsmadebytheemployeesatalllevels.Focusedattentionwasgivenforknowledgeupdatingandapplicationofnewtechnologiesavailabletoreducecostsandtomeetthebusinesschallenges.IntermsoftheprovisionsofSection197(12)oftheCompaniesAct,2013readwithRule5(2)and5(3)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014,noneoftheemployeesdrewremunerationofRs10,200,000/‐ormoreperannum/Rs.8,50,000/‐ormorepermonthduring theyear or drew remuneration in excess of the remuneration drawn by Managing Director or Whole‐timeDirectorsorManageranddoesnotholdeitherbyhimselforthroughhisspouseordependentchildren2percent ormore equity shares of the company. Disclosures pertaining to remuneration and other details asrequired under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annexure–CformingapartofAnnualReport.IntermsoftheprovisionsofSection136(1)readwithitsrelevantprovisooftheCompaniesAct,2013,theAnnualReportexcludingtheaforesaidinformationisbeingsenttothemembersoftheCompany.Thesaidinformation isavailable for inspectionat theRegisteredOfficeof theCompanyduringworkinghoursandanymemberinterestedinobtainingsuchinformationmaywritetotheCompanySecretaryandthesamewillbefurnishedwithoutanyfeeandfreeofcost.CONSERVATIONOFENERGY:a) Companyensuresthatthemanufacturingoperationsareconductedinthemannerwherebyoptimumutilizationandmaximumpossiblesavingsofenergyisachieved.b) Nospecificinvestmenthasbeenmadeinreductioninenergyconsumption.c) As the impact of measures taken for conservation and optimum utilization of energy are notquantitative,itsimpactoncostcannotbestatedaccurately.TECHNOLOGYABSORPTION:Company’sproductsaremanufacturedbyusingin‐houseknowhowandnooutsidetechnologyisbeingusedfor manufacturing activities. Therefore no technology absorption is required. The Company constantlystrives formaintenance and improvement in quality of its products and entire Research & Developmentactivitiesaredirectedtoachievetheaforesaidgoal.FOREIGNEXCHANGEEARNINGSANDOUT‐GO:Duringtheperiodunderreviewtherewasnoforeignexchangeearningsoroutflow.REMUNERATIONPOLICY:TheRemunerationpolicyof theCompanycomprisingtheappointmentandremunerationof theDirectors,Key Managerial Personnel and Senior Executives of the Company including criteria for determiningqualifications,positiveattributes,independenceofaDirectorandotherrelatedmattershasbeenprovidedintheCorporateGovernanceReportwhichisattachedtothisReport.RISKMANAGEMENT:TheCompanyhasadoptedaRiskManagementPolicyinaccordancewiththeprovisionsoftheActandSEBIListingRegulations.ItestablishesvariouslevelsofaccountabilityandoverviewwithintheCompany,whilevestingidentifiedmanagerswithresponsibilityforeachsignificantrisk.TheInternalAuditDepartmentfacilitatestheexecutionofRiskManagementPracticesintheCompany,intheareasofriskidentification,assessment,monitoring,mitigationandreporting.Throughthisprogramme,eachFunction and Unit addresses opportunities and risks through a comprehensive approach aligned to theCompany’sobjectives.TheCompanyhaslaiddownprocedurestoinformtheAuditCommitteeaswellastheBoardofDirectorsaboutriskassessmentandmanagementproceduresandstatus.


VIGILMECHANISM/WHISTLEBLOWERPOLICYTheCompanyhasadoptedaVigilMechanism/WhistleBlowerPolicy,toprovideaformalmechanismtotheDirectorsandemployees toreport theirconcernsaboutunethicalbehaviour,actualorsuspected fraudorviolationof theCompany’sCodeof Conductor ethicspolicy.ThePolicyprovides for adequate safeguardsagainst victimizationof employeeswhoavail of themechanismandalsoprovides fordirect access to theChairpersonoftheAuditCommittee.ItisaffirmedthatnopersonneloftheCompanyhasbeendeniedaccesstotheAuditCommittee.PREVENTIONOFINSIDERTRADING:The Company has adopted a Code of Conduct for Prevention of Insider Tradingwith a view to regulatetrading in securities by theDirectors and designated employees of the Company. The Code requires pre‐clearancefordealingintheCompany’ssharesandprohibitsthepurchaseorsaleofCompanysharesbytheDirectorsandthedesignatedemployeeswhile inpossessionofunpublishedpricesensitive information inrelationtotheCompanyandduringtheperiodwhentheTradingWindowisclosed.TheBoardisresponsibleforimplementationoftheCode.AllBoardDirectorsandthedesignatedemployeeshaveconfirmedcompliancewiththeCode.POLICYONPREVENTION,PROHIBITIONANDREDRESSALOFSEXUALHARASSMENTATWORKPLACE:The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy onPrevention,ProhibitionandRedressalofSexualHarassmentattheWorkplace,inlinewiththeprovisionsoftheSexualHarassmentofWomenatWorkplace(Prevention,ProhibitionandRedressal)Act,2013andtheRules thereunder.ThePolicyaims toprovideprotection toemployeesat theworkplaceandpreventandredresscomplaintsofsexualharassmentandformattersconnectedorincidentalthereto,withtheobjectiveofprovidingasafeworkingenvironment,whereemployeesfeelsecure.TheCompanyhasnotreceivedanycomplaintofsexualharassmentduringthefinancialyear2018‐19.SAFETY,HEALTHANDENVIRONMENTSustained andmeticulous efforts continue to be exercised by the Company at all plants of the Company,towards greener production and environment conservation. The Company perseveres in its efforts toindoctrinatesafeandenvironmentallyaccountablebehaviorineveryemployee,aswellasvendors,byrigidcompulsoryannualtrainingandrefreshercourses,aswellasfrequentawarenessprogramme.MockdrillsofemergencypreparednessareregularlyconductedatalltheplantsshowingCompany’scommitmenttowardssafety,notonlyofitsownmenandplants,butalsoofthesocietyatlarge.Safety records, at all plants showed considerable improvement and accident statistics showeddownwardtrend.Thiswasmadepossiblebystrictadherenceto laiddownproceduresand followingof internationalguidelines.Involvementofworkersinallsafetymattershasbeenencouragedbytheirparticipationinshopfloorsafetymeetings.Toachievethegoals,environmentprotectionsystemsandprocessesarewellinplace.Tomeetthechallengeofenvironmentprotectioninaproactivemanner,unavoidablewastesaredealtwithinthemostefficientandscientificway.ThehealthofemployeesandtheenvironmentinandaroundthePlantareahavebeengivenduecareandattention.TheCompanycontinuedtocomplywiththeprescribedindustrialsafetyenvironmentprotectionandpollutioncontrolregulationatitsproductionplant,throughperiodicchecksofthesysteminvolvedandconstantmonitoringtomeetthestandardssetbythepollutioncontrolauthorities,etc.AllthemillsoftheCompanyareeco‐friendlyanddonotgenerateanyharmfuleffluents.Theyhavefacilitiesforcaptivepowergenerationasastand‐byarrangement,tomeetanycontingency.Safetydeviceshavebeeninstalledwherevernecessary,althoughboththespinningandknittingactivitiesareknowntobequitesafeandfreefromusualhazardsofwaterandairpollution.INDUSTRIALRELATIONS&HUMANRESOURCESMANAGEMENT:TheCompanyisoffirmbeliefthatgoodHumanResourceManagementwouldensuresuccessthroughhighperformance.HRstrategyandplansoftheCompanyaredeeplyembeddedwiththeorganizationalgoals.Inorder to enhance the manpower productivity the goal is set to increase the production capacity of thevariousplants and rationalize themanpower through scientific study.All theoperational goalsof the top


managementemanatefromthebusinessplan.ThegoalsofMDaresharedwithhissubordinateswhointurnsharetheirgoalwiththeirrespectivesubordinatesandsoon.RegularvisitsbyHRteamarebeingmadetoalltheplantstomeettheemployeesandalsointeractionmeetingsareconductedtogettheirfeedback,basedonwhichHRpoliciesareimprovedcontinuously.Theprocesshasresultedinbetteremployeerelationship.The Company lays due emphasis on all round development of its human resource. Hence training of theemployees is aimed at systematic development of knowledge, skills, aptitude and teamwork. Training isdesigned for the development of personal skills necessary for the performance of the present job and toprepare them for future growth. Individual development is given top priority to groom high calibermanpower.FIXEDDEPOSITS:TheCompanyhasnotinvited/receivedanyFixedDepositsfromthePublicduringtheyearunderreport.INSURANCE:Theproperties/assetsofyourCompanyareadequatelyinsured.CompliancewithSecretarialStandardonBoardandGeneralMeetingTheCompanyhascompiledwithSecretarialStandardissuedbytheInstituteofCompanySecretariesofIndiaonBoardMeetingsandGeneralMeetings.AUDITORS:StatutoryAuditor:M/s. Rishi Sekhri & Associates, Chartered Accountants, (Membership No. 126656 & Firm RegistrationNo.128216W) was appointed as Statutory Auditors for a period of Five year commencing from theconclusion30thAGMtillThirtyFifthAnnualGeneralMeetingoftheCompanytobeheldon2022,subjecttoratificationoftheirappointmentateveryAGMifsorequiredundertheAct.CostAuditor:As per the requirements of Central Government and pursuant to the provisions of Section 148 of theCompaniesAct,2013andRulesmade thereunder, theBoardofDirectoron recommendationof theAuditCommitteeappointedMr.PradipDamania,CostAccountantoftheCompanyforthefinancialyear2019‐2020andhasrecommendedtheirremunerationtotheShareholdersfortheirratificationattheensuringAnnualGeneralMeeting.TheCompanycarriesoutanauditofcostrecordseveryyear.InternalAuditor:PursuanttotheprovisionsofSection138oftheCompaniesAct,2013,theBoardofDirectorsoftheCompanyhadappointedInternalAuditoroftheCompanyforthefinancialyear2019‐20andCompanycarriesoutanInternalAuditonquarterlybasis.ACKNOWLEDGEMENT:The Directors have pleasure in recording their appreciation of the assistance, co‐operation and supportextended toyourCompanyby the shareholders, allGovernmentAuthorities,Financial Institutions,Banks,Consultants,SolicitorsandCustomers. ForandBehalfoftheBoardofDirectors Sd/‐Place:Mumbai TrivendraSinghDate:13thAugust,2019 ManagingDirector Din:05240052


ANNEXUREATOTHEDIRECTORS’REPORTFORMNO.MGT.9

ExtractofAnnualReturnAsonthefinancialyearendedon31stMarch,2019

PursuanttoSection92(3)oftheCompaniesAct,2013andrule12(1)oftheCompany(Management&Administration)Rules,2014.

I. REGISTRATION&OTHERDETAILS:i CIN L18109DN1987PLC000034ii RegistrationDate 24/04/1987iii NameoftheCompany EskayK’n’IT(India)Ltd.iv

Category/Sub‐categoryoftheCompany PublicLimited

vAddressoftheRegisteredoffice&contactdetails

58‐B,DhanuUdyogIndustrialArea,PiperiaSilvassa,UTofDadra&

NagarHaveli‐396230.TelNo.0260‐3258845vi Whetherlistedcompany BSE

viiName,Address&contactdetailsoftheRegistrar

UniversalCapitalSecuritiesPvt.Ltd.21ShakilNiwas,Opp.Satya

&TransferAgent,ifany.SaibabaTemple,MahakaliCavesRoad,Mumbai‐400093.

I. PRINCIPALBUSINESSACTIVITIESOFTHECOMPANYAllthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated

SLName & Description of mainproducts/services

NIC Code of theProduct/Service

% to total turnoverofthecompany

1 TEXTILES 18/181 100%

II. PARTICULARSOFHOLDING,SUBSIDIARY&ASSOCIATECOMPANIES

III. SHAREHOLDINGPATTERN(EquitySharecapitalBreakupa%tototalEquity)

Category ofShareholders

No.ofSharesheldatthebeginningoftheyear No.ofSharesheldattheendoftheyear% changeduring theyear

Demat Physical Total % oftotalshares

Demat Physical Total % oftotalshares

A.Promoters (1)Indian a)Individual/HUF 2000940 0 2000940 0.71 2000940 0 2000940 0.71 0 0.00b) CentralGovt.or StateGovt. 0 0 0 0.00 0 0 0 0.00 0 0.00

SlNOName&AddressoftheCompany CIN/GLN

HOLDING/SUBSIDIARY/ASSOCIATE

% OFSHARESHELD

APPLICABLESECTION

1 ‐ ‐ ‐ ‐ ‐


c) BodiesCorporates

158971338 0

158971338 56.61

158971338 0 158971338 56.61 0 0.00

d)Bank/FI 0 0 0 0.00 0 0 0 0.00 00.00

e)Anyother 0 0 0 0.00 0 0 0 0.00 00.00

SUB TOTAL:(A)(1)

160972278 0

160972278 57.32

160972278 0

160972278 57.32 0

0.00

(2)Foreign a) NRI‐Individuals 0 0 0 0.00 0 0 0 0.00 0

0.00

b)OtherIndividuals 0 0 0 0.00 0 0 0 0.00 0

0.00

c)BodiesCorp. 0 0 0 0.00 0 0 0 0.00 00.00

d)Banks/FI 0 0 0 0.00 0 0 0 0.00 00.00

e)Anyother… 0 0 0 0.00 0 0 0 0.00 00.00

SUB TOTAL (A)(2) 0 0 0 0.00 0 0 0 0.00 0

0.00

TotalShareholdingofPromoter

160972278 0

160972278 57.32

160972278 0

160972278 57.32 0

0.00

(A)=(A)(1)+(A)(2) B. PUBLICSHAREHOLDING (1)Institutions a)MutualFunds 1000 1500 2500 0.00 1000 1500 2500 0.00 0

0.00

b)Banks/FI 1436695 10500 1447195 0.52 1436695 10500 1447195 0.52 00.00

c)Cenntralgovt 0 0 0 0.00 0 0 0 0.00 00.00

d)StateGovt. 0 0 0 0.00 0 0 0 0.00 00.00

e) VentureCapitalFund 0 0 0 0.00 0 0 0 0.00 0

0.00

f) InsuranceCompanies 7621443 0 7621443 2.71 7621443 0 7621443 2.71 0

0.00

g)FIIS 0 40000 40000 0.01 0 40000 40000 0.01 00.00

h) ForeignVenture CapitalFunds 0 0 0 0.00 0 0 0 0.00 0

0.00

i) Others(specify) 0 0 0 0.00 0 0 0 0.00 0

0.00

SUB TOTAL(B)(1): 9059138 52000 9111138 3.24 9059138 52000 9111138 3.24 0

0.00

(2) NonInstitutions a) Bodies


corporatesi)Indian 33690046 1335300 35025346 12.47 33599221 1335300 34934521 12.44 ‐90825

0.03

ii)Overseas 0 0 0 0.00 0 0 0 0.00 00.00

b)Individuals i)IndividualShareholdersholding nominalshare capitaluptoRs.1lakhs 31326919

23737714 55064633 19.61 30532106

23689434 54221540 19.31

‐843093

0.30

i)IndividualShareholdersholding nominalshare capital inexcess of Rs. 1lakhs 14067419 2443780 16511199 5.88 14296372 2443780 16740152 5.96

228953

0.08

c) Others(specify) i)NRI's/OCB's 386268 1696060 2082328 0.74 389112 1692060 2081172 0.74 ‐1156

0.00

ii) ClearingMembers 486424 0 486424 0.17 398433 0 398433 0.14 ‐87991

0.03

iii)LLP/PartnershipFirm 1000 0 1000 0.00 1000 0 1000 0.00 0

0.00

iv)HUF 1577506 0 1577506 0.56 2371618 0 2371618 0.84794112

SUB TOTAL(B)(2): 81535582

29212854

110748436 39.44 81587862

29160574

110748436 39.44 0

0.00

Total PublicShareholding 90594720

29264854

119859574 42.68 90647000

29212574

119859574 42.68 0

0.00

(B)=(B)(1)+(B)(2) C.SharesheldbyCustodianfor GDRs&ADRs Grand Total(A+B+C)

251566998

29264854

280831852 100.00

251619278

29212574

280831852 100.00 0 0

(ii) SHAREHOLDINGOFPROMOTERSSlNo.

ShareholdersName

ShareholdingatthebeginningoftheYear

Shareholding at the end of theyear

%change inshareholdingduringtheyear

No. ofShares

% oftotalsharesof thecompany

%ofsharespledgedencumbered to totalshares

No. ofShares

% oftotalsharesof thecompany

%ofsharespledgedencumbered to totalshares


1 Navin KumarTayal 2000940 0.71 0.71 2000940 0.71 0.71 0.00

2 AkashFabrics Pvt.Ltd

32199122 11.47 11.47 32199122 11.47 11.47 0.003 Archana

Syntex Pvt.Ltd.

11269168 4.01 4.01 11269168 4.01 4.01 0.004 Delux

PolymersPvt.Ltd

33188840 11.82 11.82 33188840 11.82 11.82 0.005 Jayshree

PetroChemicalsPvt.Ltd.

41035232 14.61 14.61 41035232 14.61 14.61 0.00

6 KrishnaKnitwearTechnologyLtd

4065456 1.45 1.45 4065456 1.45 1.45 0.00

7 ShantiSynthetics &ProcessorsPvt.Ltd.

31304820 11.15 11.15 31304820 11.15 11.15 0.00

8 ShreeGaneshHosiery MillsPvt.Ltd.

5908700 2.10 2.10 5908700 2.10 2.10 0.00

Total160972278 57.32 57.32

160972278 57.32 57.32 0.00

(iii)CHANGEINPROMOTERS’SHAREHOLDING(SPECIFYIFTHEREISNOCHANGE)

Sl.No Shareholding at thebeginningoftheYear

Cumulativeshareholding duringtheYear

Atthebeginningoftheyear 160972278 57.32 160972278 57.32 Date wise increase/decrease in

Promoters Share holding duringthe year specifying the reasonsfor increase/decrease (e.g.allotment/transfer/bonus/sweatequityetc)

Attheendoftheyear 160972278 57.32 160972278 57.32(iv) ShareholdingPatternof top ten Shareholders (other thanDirectors,Promoters&HoldersofGDRs&ADRs)

SlNo. Name of the shareholder &DPidNo

Shareholding at thebeginningoftheyear

CumulativeShareholding duringtheyear

No. ofShares

% of totalshares ofthecompany

No. ofShares

% of totalshares ofthecompany

1 SovotexTextilesPvt.Ltd. DPIDNo 1202430000000934


AtthebeginningoftheYear 24081866 8.58 Transfer 0 0 24081866 8.58 AttheEndoftheYear(oronthe

date of separation, I separatedduringtheyear)

24081866 8.58 24081866 8.58

2 Life Insurance Corporation ofIndia

DPIDNo IN30081210000012 AtthebeginningoftheYear 4825843 1.72 Transfer 0 0 4825843 1.72 AttheEndoftheyear(oronthe

date of separation, if separatedduringtheyear)

4825843 1.72 4825843 1.72

3 DelhiIronandSteelCo(P)Ltd DPIDNo IN30002030133415 AtthebeginningoftheYear 4360000 1.55 Transfer 0 0 4360000 1.55 AttheEndoftheyear(oronthe


4360000 1.55 4360000 1.55

4 Life Insurance Corporation ofIndiaP&GSFund

DPIDNo IN30081210501340 Atthebeginningoftheyear 2795600 1.00 Transfer 0 0.00 2795600 1.00 AttheEndoftheyear(oronthe


2795600 1.00 2795600 1.00

5 GopalaHoldingsPvt.Ltd DPIDNo 1204800000004081 AtthebeginningoftheYear 2297580 0.82 Transfer 0 0.00 2297580 0.82 AttheEndoftheyear(oronthe


2297580 0.82 2297580 0.82

6 NitishNayak DPIDNo 1202430000001767 AtthebeginningoftheYear 2096500 0.75 Transfer 0 0.00 2096500 0.75 AttheEndoftheyear(oronthe


2096500 0.75 2096500 0.75

7 BankofIndia DPIDNo IN30081210488097 Atthebeginningoftheyear 1436695 0.51 Transfer 0 0.00 1436695 0.51 AttheEndoftheyear(oronthe


1436695 0.51 1436695 0.51

8 SovotexTextilesPvt.Ltd. FolioNo S016287 AtthebeginningoftheYear 1275548 0.45 Transfer 0 0.00 1275548 0.45


AttheEndoftheyear(oronthedate of separation, if separatedduringtheyear)

1275548 0.45 1275548 0.45

9 Kanishka Infrastructure Pvt.Ltd.

DPIDNo 1202430000008950 AtthebeginningoftheYear 1188932 0.42 Transfer 0 0.00 1188932 0.42 AttheEndoftheyear(oronthe


1188932 0.42 1188932 0.42

10 MARUTIKISHANRAODEORE DPIDNo 1201090006436008 AtthebeginningoftheYear 0 0.00 Acquired 967055 0.00 967055 0.34 AttheEndoftheyear(oronthe


967055 0.34 967055 0.34

(v)ShareholdingofDirectors&KMPSl.No

Shareholding at the end oftheyear

CumulativeShareholdingduringtheyear

ForEachoftheDirectors&KMPNo.OfShares

%oftotalsharesofthecompany

No ofshares

%oftotalsharesofthecompany

Atthebeginningoftheyear Nil Nil Nil Nil

Date wise increase/decrease inPromotersShare

holding during the year specifying thereasonsfor

increase/decrease (e.g.allotment/transfer/bonus/sweat

equityetc) Attheendoftheyear Nil Nil Nil Nil

IV. INDEBTEDNESSIndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment ESKAY SecuredLoans Unsecured Deposits Total

excludingdeposits Loans Indebtedness

Indebtness at the beginning of thefinancialyear i) PrincipalAmount

3,41,85,63,649 1,48,12,93,400 ‐ 4,89,98,57,049

ii) Interestduebutnotpaid 55,14,93,000 ‐ ‐ 55,14,93,000iii) Interestaccruedbutnotdue ‐ ‐ ‐ ‐Total(i+ii+iii) 3,97,00,56,649 ‐ ‐ 5,45,13,50,049Change in Indebtedness during thefinancialyear Additions ‐ ‐ ‐ ‐Reduction ‐ ‐ ‐ ‐


NetChange ‐ ‐ ‐ ‐Indebtedness at the end of the financialyear i) PrincipalAmount 3,41,80,88,153

1,48,12,93,400 ‐ 4,89,93,81,553

ii) Interestduebutnotpaid 1,59,08,81,408 ‐ ‐ 1,59,08,81,408iii) Interestaccruedbutnotdue ‐ ‐ ‐ ‐Total(i+ii+iii) 3,41,80,88,153

1,48,12,93,400 ‐ 4,89,93,81,553

A. RemunerationtoManagingDirector,Wholetimedirectorand/orManager:

Sl. ParticularsofRemuneration Mr.Trivendra TotalAmountNo Singh(MD) Lakhs1 Grosssalary

(a) Salary as per provisions contained in section 17(1) of theIncomeTax. 6.00 6.00

1961. (b)Valueofperquisitesu/s17(2)oftheIncometaxAct,1961 0 0

(c)Profitsinlieuofsalaryundersection17(3)oftheIncomeTaxAct,1961 0 0

2 Stockoption 0 03 SweatEquity 0 04 Commission 0 0 as%ofprofit 0 0 others(specify) 0 05 Others,pleasespecify 0 0 Total(A) 6.00 6.00 CeilingaspertheAct

B. Remunerationtootherdirectors:Sl.No ParticularsofRemunerationNameoftheDirectors Total

AmountLakhs1 IndependentDirectors Mr.NarayanGhumatkar

MrManmohanAhluwalia

(a) Feeforattendingboard/ 0.4 0.8 1.8 committeemeetings (b) Commission 0 0 0(c) Others,pleasespecify 0 0 0 Total(1) 0.4 0.8 1.8Sl.No ParticularsofRemunerationNameoftheDirectors

TotalAmountLakhs2

OtherNonExecutiveDirectorsMs.NehaPatil

Ms.ManasiWadkar

(a) Fee for attending board/committeemeetings 0.4 0.3 0.7

(b) Commission 0 0 0(c) Others,pleasespecify. 0 0 0 Total(2) 0.4 0.3 0.7 Total(B)=(1+2) 2.5

Total ManagerialRemuneration

OverallCeilingaspertheAct.


C. REMUNERATIONTOKEYMANAGERIALPERSONNELOTHERTHANMD/MANAGER/WTD

Sl.No. ParticularsofRemuneration KeyManagerialPersonnelTotalAmountLakhs

1 GrossSalary ‐ ‐

(a) Salary as per provisions contained insection17(1)ofthe 0 0

IncomeTaxAct,1961.

(b) Value of perquisites u/s 17(2) of theIncomeTaxAct,1961 0 0

(c) Profits in lieu of salary under section17(3)oftheIncomeTax 0 0

Act,19612 StockOption 0 03 SweatEquity 0 04 Commission 0 0 as%ofprofit 0 others,specify 0 05 Others,pleasespecify 0 Total 0 0VII PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES

Type SectionoftheCompaniesAct BriefDescriptionDetailsofPenalty/Punishment/Compoundingfeesimposed

Authority(RD/NCLT/Court)

Appealmadeifany (givedetails)

A.COMPANYPenalty Nil Nil Nil Nil NilPunishmentNil Nil Nil Nil NilCompounding Nil Nil Nil Nil NilB.DIRECTORSPenalty Nil Nil Nil Nil NilPunishmentNil Nil Nil Nil NilCompounding Nil Nil Nil Nil NilC.OTHEROFFICERSINDEFAULTPenalty Nil Nil Nil Nil NilPunishmentNil Nil Nil Nil NilCompounding Nil Nil Nil Nil Nil


ANNEXUREBTOTHEDIRECTORS’REPORT

FORMNO.AOC‐2(Pursuant to clause (h) of sub‐section (3) of Section 134 of the Act and Rule 8(2) of the Companies(Accounts)Rules,2014)Form for disclosure of particulars of contracts/arrangements entered into by the Company with relatedparties referred to in sub‐section (1) of Section 188 of the Companies Act, 2013 including certain arm’slengthtransactionsunderthirdprovisothereto:1. Detailsofcontractsorarrangementsortransactionsnotatarm’slengthbasis:

a) Name(s)oftherelatedpartyandnatureofrelationship : NILb) Natureofcontracts/arrangements/transactions : NILc) Durationofthecontracts/arrangements/transactions : NIL

d) Salienttermsofthecontractsorarrangementsortransactionsincludingthevalue,ifany

e)Justificationforenteringintosuchcontractsorarrangementsortransactions : NIL

f) Date(s)ofapprovalbytheBoard : NILg) Amountpaidasadvances,ifany : NIL

h) Date onwhich the special resolutionwas passed in generalmeeting as required under firstprovisotoSection188 : NIL

2. Detailsofmaterialcontractsorarrangementsortransactionsatarm’slengthbasis:

a)Nameoftherelatedpartyandnatureofrelationship : NILb)Natureoftransaction : NILc)Durationoftransaction : NILd)Salienttermsofthetransactionincludingthevalue,ifany : NILe)DateofapprovalbytheBoard,ifany : NILf) Amountpaidasadvances,ifany : NIL

ForandBehalfoftheBoardofDirectors Sd/‐

TrivendraSingh ManagingDirectorPlace:Mumbai (DIN:05240052) Date:13thAugust,2019


ANNEXURECTOTHEDIRECTORS’REPORT[PursuanttoRule5oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,

2014]

1. TheratiooftheremunerationofeachDirectortothemedianremunerationoftheEmployeesoftheCompanyforthefinancialyear:(Explanation: (i) the expression ‘median’means the numerical value separating the higher half of apopulationfromthelowerhalfandthemedianofafinitelistofnumbersmaybefoundbyarrangingalltheobservations from lowestvalue tohighestvalueandpicking themiddleone. (ii) If there isanevennumberofobservations,themedianshallbetheaverageofthetwomiddlevalues.)TheratioofeachDirectortotheMedianRemunerationofallemployeeswhowereonthepayrolloftheCompanyduringfinancialyear2018‐2019aregivenbelow:

*Non‐ExecutiveDirectors RatiotoMedianNehaPatil ‐ManasiWadkar ‐Executive Director (ManagingDirector)andKMP RatiotoMedianTrivendraSingh(MD) 2.5:1

* Non‐Executive Directors of the Company are paid only sitting fees. They are not paid anyremunerationotherthansittingfees.

2. The percentage increase in the remuneration of each Director, Chief Financial officer, CompanySecretaryorManager,ifanyinthefinancial:

TheratioofeachDirectortotheMedianRemunerationofallemployeeswhowereonthepayrolloftheCompany and the percentage increase in remuneration of the Directors during financial year 2018‐2019aregivenbelow:

*Non‐ExecutiveDirectors RatiotoMedian

Percentage Increase inRemuneration

NehaPatil ‐ ‐ManasiWadkar ‐ ‐ ExecutiveDirector(ManagingDirector)andKMP RatiotoMedian

Percentage Increase inRemuneration

TrivendraSingh(MD) 2.5:1 ‐

* Non executive Directors of the Company are paid only sitting fees. They are not paid anyremunerationotherthansittingfees.3. Thepercentageincreaseinthemedianremunerationofemployeesinthefinancialyear:0%

4. ThenumberofpermanentemployeesontherollsoftheCompany:28

5. The explanation on the relationship between average increase in remuneration and Companyperformance:Remuneration of employees has a close linkagewith the performance of the Company. The AnnualPerformanceAward(APA),whichisavariablecomponentintheremunerationforallthemanagementstaff, has direct correlation with the Company’s performance. APA is calculated based on bothindividual and Company performance. Company performance has a higher weightage for seniorpositionsandlowerweightageforjuniorpositions.


6. Comparison of the remuneration of theKeyManagerial Personnel against the performance of theCompany:TheCompany’sperformanceduring2018‐19wasconsideredwhileapprovingthevariablepayandtheincreaseinremunerationfortheKeyManagerialPersonnel,whichwasincreasedbyanaverageof0%duringtheyear.

7. Comparisonofeachremunerationof theKeyManagerialPersonnelagainst theperformanceof theCompany:During the year, the Revenue from operations of the Company has substantially decreased to Rs.803.24LacsasagainstRs.3,095.04Lacs inrespectof thepreviousFinancialYearended31stMarch,2018. The Company has suffered Loss before Tax Rs 355.77 Lacs in the financial year ended 31stMarch,2019asagainstlossofRs.5,778.49Lacsinthepreviousfinancialyearended31stMarch,2018.TheCompanyhasNetLossofRs. 615.02Lacs after consideringdeferred taxofRs. (259.25)Lacs asagainstNetLossofRs5,737.59Lacsinthepreviousfinancialyearended31stMarch,2018.However,thereisnocashlossduringtheyear.NoComparisondonebyCompanyofeachremunerationoftheKeyManagerialPersonnelagainsttheperformanceoftheCompany.

8. The Key parameters for any variable component of remuneration availed by the directors: NoVariableComponentofremuneration.

9. The ratio of the remuneration of the highest paid director to that of the employeeswho are notdirectorsbutreceiveremunerationinexcessofthehighestpaiddirectorduringtheyear:ThehighestpaiddirectoristheManagingDirector.NoemployeehasreceivedremunerationinexcessoftheManagingDirectorduringtheyear.

10. AffirmationthattheremunerationisaspertheRemunerationpolicyoftheCompany:It is affirmed that the remuneration paid is as per the Remuneration Policy for Directors, KeyManagerialPersonnelandotheremployees,adoptedbytheCompany.

ForandBehalfoftheBoardofDirectors Sd/‐ TrivendraSinghPlace:Mumbai ManagingDirectorDate:13thAugust,2019 (DIN:05240052)


CORPORATEGOVERNANCEREPORT

ThisbriefreportonmattersrequiredtobestatedonCorporateGovernancepursuanttoRegulation34readwithScheduleVofSEBIListingRegulationsisasunder:

1. COMPANY’SPHILOSOPHYONCODEOFCORPORATEGOVERNANCE

The concept of our Company, of Corporate Governance hinges on total transparency, integrity andaccountability of themanagement team. Themain goal of Corporate Governance ismaximization ofshareholder’svalueandprotectionoftheinterestsofallthestakeholders.Itincludesthepoliciesandprocedures adopted by the Company in achieving its objective in relation to its shareholders,employees,customers,suppliers,regulatoryauthoritiesandsocietyatlarge.

TheCompanyhasensuredthattheDirectorsoftheCompanyaresubjecttotheirduties,obligationsandresponsibilitiestothebestinterestoftheCompany,togivedirectionandremainaccountabletotheirshareholdersandotherbeneficiariesfortheiractions.TheresponsibilitiesoftheBoardincludessettingouttheCompany’sstrategicaims,providingtheleadershiptoputthemintoeffect,supervisionofthemanagementofthebusinessandreportingtotheshareholdersontheirstewardship.

ItisarecognizedphilosophyoftheCompanythateffectiveandgoodCorporateGovernanceisamust,not only in order to gain credibility and trust, but also as a part of strategic management for thesurvival,consolidationandgrowth.

2. BOARDOFDIRECTORS

2.1)Composition:The Board of Directors, along with its Committees, provides leadership and guidance to themanagement and directs and supervises the performance of the Company, thereby enhancingstakeholdervalue.TheBoardhasafiduciaryrelationshipinensuringthattherightsofallstakeholdersareprotected.

TheBoardofDirectors,ason31.03.2019,comprisedFiveDirectors,ofwhichFourwereNon‐ExecutiveDirectors.TheCompanyhasthreeIndependentDirectorsason31.03.2019comprisedwithone‐halfofthe totalnumberofDirectors.AllDirectorspossessrelevantqualificationsandexperience ingeneralcorporate management, finance, banking and other allied fields which enable them to effectivelycontributetotheCompanyintheircapacityasDirectors.

AllIndependentDirectorsoftheCompanyhavebeenappointedaspertheprovisionsoftheCompaniesAct, 2013 and the Governance Guidelines for Board Effectiveness adopted by the Company. Formalletters of appointment have been issued to the Independent Directors. The terms and conditions oftheir appointment are disclosed on the Company’swebsite. None of theDirectors on theBoard is aMemberofmorethan10CommitteesandChairpersonofmorethan5Committees(CommitteesbeingAudit Committee and Stakeholders Relationship Committee, as per SEBI (Listing Obligations andDisclosureRequirements)Regulations,2015(“SEBIListingRegulations”),acrossalltheCompaniesinwhichhe/sheisaDirector.ThenecessarydisclosuresregardingcommitteepositionshavebeenmadebyalltheDirectors.NoneoftheDirectorsholdsofficeinmorethan20companiesandinmorethan10publiccompanies.

2.2)CategoryandAttendanceofDirectors:

ThenameandcategoriesoftheDirectorsontheBoard,theirattendanceatBoardMeetingsduringtheyear and at the 32nd Annual General Meeting held on Saturday, 28th September, 2019 as also thenumber of Directorships and CommitteeMemberships held by them in other Public Companies aregivenbelow:


Name Category Attendance

Number Directorships and TotalCommitteemember/Chairpersonships(includingEskayK‘n’it(India)Ltd.)ason31.03.2019

BoardMeetings

32ndAGM

DirectorshipinallCompanies

CommitteeMembership

CommitteeChairpersonship

Mr.NarayanGhumatkar(Chairperson)DIN01717979

Independent,Non‐Executive 4 Yes 6 6 3

Mr.TrivendraSingh(ManagingDirector)DIN05240052

Non‐Independent,Executive 4 No 8 10 4

Ms.ManasiWadkarDIN05309693

Non‐Independent,Non‐Executive 3 No 8 2 1

Mr.ManmohanAhluwaliaDIN00049219

Independent,Non‐Executive 4 No 1 2 1

Ms.NehaPatilDIN07114205

Non‐Independent,Non‐Executive 4 No 6 5 1

Only Audit Committee and Stakeholders Relationship Committee of Indian Public Companies have beenconsideredforcommitteepositions. 2.3)BoardMeetings:

During theyear2018‐19, theBoardmet4 timeson the followingdatesnamely25thMay2018,09thAugust,2018,13thNovember,2018and12thFebruary,2019.Therewasnotimegapoffourmonthsormorebetweenanytwomeetings.

A separate meeting of the Independent Directors of the Company, without the attendance of Non‐Independent Directors andmembers ofmanagement, was held on 16th February, 2019 as requiredunderScheduleIVtotheCompaniesAct(CodeforIndependentDirectors)andRegulation25(3)oftheListing Regulation. All the Independent Directors were present at the meeting. The IndependentDirectors, inter‐alia, reviewed the performance of non‐independent directors, Chairman of theCompanyandtheBoardasawhole.

2.4)Non‐ExecutiveDirectorsCompensationDisclosures:

Details of Sitting Fees paid toNon‐Executive and IndependentDirectors of the Company during theFinancial Year 2018‐2019, for attending the Board Meetings and Audit Committee Meetings is asfollows:

S. NameofDirectors Category SittingFees(inRs.)BoardNo. MeetingsCommitteeMeetings1. Mr.NarayanGhumatkar Independent,Non‐Executive 40,000 20,0003. Mr.ManmohanAhluwalia Independent,Non‐Executive 40,000 20,0005. Ms.NehaPatil

Non‐Independent, Non‐Executive 40,000 ‐

6. Ms.ManasiWadkarNon‐Independent, Non‐Executive 30,000 ‐

Total 1,50,000 40,000


2.5)BoardProcedure:

The annual calendar of BoardMeetings is agreed upon at the beginning of the year. The agenda iscirculatedwell inadvancetotheBoardmembers,alongwithcomprehensivebackgroundinformationontheitemsintheagendatoenabletheBoardtoarriveatappropriatedecisions.TheinformationasrequiredunderRegulation17ofSEBIListingRegulationsmadeavailabletotheBoard.TheBoardalsoreviewsthedeclarationsmadebytheManagingDirectorregardingcompliancewithallapplicablelaws,onaquarterlybasis.

2.6)CodeofConduct:

Your Company has adopted a Code of Conduct for members of the Board (incorporating duties ofIndependentDirectors)andtheSeniorManagement.TheCodeaimsatensuringconsistentstandardsofconductandethicalbusinesspracticesacrosstheCompany.ThefulltextoftheCodeisalsohostedontheCompany’swebsite.AllBoardmembersandseniormanagementpersonnel(asperSEBIListingRegulations)haveaffirmedcompliancewith theapplicableCodeofConduct.Adeclaration to thiseffect, signedby theManagingDirectorformspartofthisReport.

Apart from receiving remuneration that they are entitled tounder theCompaniesAct, 2013asNon‐ExecutiveDirectorsandreimbursementofexpensesincurredinthedischargeoftheirduties,noneofthe Non‐Executive Directors has any othermaterial pecuniary relationship or transactions with theCompany,itspromoters,itsDirectors,itsseniormanagementoritssubsidiariesandassociates.NoneoftheDirectorsareinter‐serelatedtoeachother.TheDirectorsandseniormanagementoftheCompanyhavemadedisclosurestotheBoardconfirmingthattherearenomaterialfinancialand/orcommercialtransactions between them and the Company that could have potential conflict of interest with theCompanyatlarge.

2.7)CodeofConductforprohibitionofinsidertrading:

Your Company has adopted a Code of Conduct as per Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations, 2015. All Directors, Designated Employees who couldhaveaccesstotheUnpublishedPriceSensitiveInformationoftheCompanyaregovernedbytheCode.Duringtheyearunderreview,therehasbeenduecompliancewithandSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015.

2.8)VigilMechanism/WhistleBlowerPolicy

Your Company has established a Vigil Mechanism/ Whistle Blower Policy to enable stakeholders(includingDirectorsandemployees)toreportunethicalbehavior,actualorsuspectedfraudorviolationof theCompany’sCode of Conduct. ThePolicyprovides adequate safeguards against victimizationofDirector(s)/employee(s)anddirectaccess to theChairpersonof theAuditCommittee inexceptionalcases. The Protected Disclosures, if any reported under this Policy will be appropriately andexpeditiously investigated by the Chairperson. Your Company hereby affirms that no Director/employeehasbeendeniedaccess to theChairpersonof theAuditCommitteeand thatnocomplaintswerereceivedduringtheyear.TheWhistleBlowerPolicyhasbeendisclosedontheCompany’swebsite

2.9)AppointmentandRe‐appointmentofDirectorsThe details of Director seeking appointment / re‐appointment at the forthcoming Annual Generalmeeting as required under SEBI (Listing Obligations and Disclosure Requirements) Requirements,2015 and Secretarial Standard ‐2 issued by Institute of Company Secretary of India are furnishedbelow‐


NameofDirector Mrs.ManasiWadkarDIN 05309693DateofBirth 06/01/1977DateofAppointment 14/11/2014Expertise in specificprofessionalareas

She has more than 8 years ofWorking Experience in the Textileindustry

Qualifications ShecompletedgraduationList of other Indian PublicLimitedCompaniesinWhich 1. KSLandIndustriesLimitedDirectorshipheld 2. AsahiIndustriesLimited 3. K‐Lifestyle&IndustriesLimited 4. ActifCorporationLimited 5. GlobalSoftechLimited 6. JaybharatTextilesandRealEstateLimited 7. KrishnaKnitwearTechnologyLimited 8. KGCorporationLimitedChairman/Member of theCommitteeofBoardinotherPublicLimitedCompanies NILRelationshipBetweendirectorsinterse. NilNumber of Shares held in theCompany Nil

3. BOARDCOMMITTEES:TherequirementthataDirectorshallnotbeamemberofmorethan10committeesandChairpersonofmorethan5CommitteeshavebeencompliedwithwhileconstitutingtheCommitteesofDirectors.

3.1)AuditCommitteeCompositionTheAuditCommitteecomprisesofMr.NarayanGhumatkarastheChairman,Mr.TrivendraSinghandMr.ManmohanAhluwaliaasthemembersoftheAuditCommittee.TheconstitutionofAuditCommitteemeetswiththerequirementsofSection177oftheCompaniesAct,2013andRegulation18ofSEBIListingRegulations.AllmembersoftheAuditCommitteearefinanciallyliterateandone‐halfofthemembershaveexpertisein accounting/ financial management. The representatives of Statutory Auditors are permanentinviteestotheAuditCommitteeMeetings.TheyhaveattendedalltheAuditCommitteemeetingsheldduringtheyear.

Termsofreference:The scope of the activities of the Audit Committee is as set out in Regulation 18 of SEBI ListingRegulations,readwiththe

Section177of theCompaniesAct, 2013.Thebrief termsof referenceof theAudit committee are asfollows:

a. Oversight of the company’s financial reporting process and the disclosure of its financialinformationtoensurethatthefinancialstatementiscorrect,sufficientandcredible.

b. Recommendation for appointment, remuneration and terms of appointment of auditors oftheCompany.


c. ApprovalofpaymenttoStatutoryAuditorsforanyotherservicesrenderedbytheStatutoryAuditors.

d. Reviewingwithmanagement, theannual financial statementsandAuditor’s report thereonbeforesubmissiontotheboardforapproval,withparticularreferenceto:

Ø Matters required to be included in the Director’s Responsibility Statement to beincludedintheBoard’sReportintermsofclause(c)ofsub‐section3ofsection134ofAct.

Ø Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame.

Ø Major accounting entries involving estimates basedon the exercise of judgment byManagement.

Ø Significantadjustmentsmadeinthefinancialstatementsarisingoutofauditfindings.

Ø Compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements.

Ø Disclosureofanyrelatedpartytransaction.

Ø Qualificationsinthedraftauditreport.

e. ReviewingwiththeManagement,thequarterlyfinancialstatementsbeforesubmissiontotheBoardforapproval.

f. Reviewing,withtheManagement,thestatementofuses/applicationoffundsraisedthroughan issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized forpurposes other than those stated in the offer document/prospectus/notice and the reportsubmittedby themonitoringagencymonitoring theutilizationofproceedsof apublicor rightsissue,andmakingappropriaterecommendationstotheBoardtotakeupstepsinthismatter.

g. Reviewing with themanagement, external and internal auditors, the adequacy of internalcontrolsystems.

h. Reviewingtheadequacyofinternalauditfunctions.

i. Discussionwithinternalauditorsanysignificantfindingsandfollowupthereon.

j. Reviewing the findings of any internal investigations by the internal auditors intomatterswherethereissuspectedfraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheboard.

k. Discussionwithexternalauditorsbeforetheauditscommencesnatureandscopeofauditaswellashaspost‐auditdiscussiontoascertainanyareaofconcern.

l. Tolookintothereasonsforsubstantialdefaultsinthepaymenttothedepositors,debentureholders,shareholders(incaseofnonpaymentofdeclareddividends)andcreditors.m. ToreviewthefunctioningoftheWhistleBlowermechanism;

n. ApprovalofappointmentofCFO(i.e., thewhole‐timeFinanceDirectororanyotherpersonheading the finance function or discharging that function) after assessing the qualifications,experienceandbackground,etc.ofthecandidate;

o. And, generally, all items listed in SEBI Listing Regulations and in Section 177 of theCompaniesAct,2013.

Meetingsheldduringtheyear&Attendance:During theyear2018‐19, theAuditCommitteemet4 timeson the followingdatesnamely25thMay2018,09thAugust,2018,13thNovember,2018and12thFebruary,2019.ThecompositionoftheAuditCommittee and the details of Audit Committee Meetings attended by the Members are givenhereunder:


NameofMember Designation Attendance Mr,NarayanGhumatkar Chairman 4 Mr.ManmohanAhluwalia Member 4 Mr.TrivendraSingh Member 4

3.2)Nomination&RemunerationCommittee:Composition:TheNomination&RemunerationCommitteecomprisesof:

Mr.NarayanGhumatkar ChairmanMs.ManasiWadkar MemberMr.ManmohanAhluwalia Member

The constitution of Nomination & Remuneration Committee meets with the requirements ofRegulation19ofSEBIListingRegulations,readwithSection178oftheAct.

Termsofreference:

a. FormulateRemunerationPolicyandapolicyonBoardDiversityb. FormulatecriteriaforevaluationofDirectorsandtheBoard.c. To ensure that the Remuneration Policy shall also include the criteria for determiningqualifications,positiveattributesandindependenceofaDirectorandrecommendtotheBoardapolicy, relating to the remuneration for the Directors, Key Managerial Personnel and otheremployees.d. IdentifypersonswhoarequalifiedtobecomeDirectorsandwhomaybeappointedinSeniorManagement in accordance with the criteria laid down, recommend to the Board theirappointmentandremovalandshallcarryoutevaluationofeveryDirector’sperformance.

e. To ensure that the level and composition of remuneration is reasonable and sufficient toattract,retainandmotivate

f. Directors of the quality required to run the Company successfully; relationship ofremunerationtoperformanceisclearandmeetsappropriateperformancebenchmarks.

g. Remuneration to Directors, KeyManagerial Personnel and SeniorManagement involves abalancebetween fixedand incentivepay reflecting short and long termperformanceobjectivesappropriatetotheworkingoftheCompanyanditsgoals.

Meetingsheldduringtheyear&Attendance:During the year 2018‐19 theNomination& Remuneration Committeemet 1 time on 11th February2019 The composition of the Nomination & Remuneration Committee and the details of Nomination &RemunerationCommitteeMeetingsattendedbytheMembersaregivenhereunder:

NameofMember Designation AttendanceMr.NarayanGhumatkar Chairman 1Mr.ManmohanAhluwalia Member 1Ms.ManasiWadkar Member 1Remuneration:Details of Remuneration paid toManaging Director andNon‐Executive Directors for the year 2018‐2019areasfollows:


Name Salary Commission SittingFees TotalMr.TrivendraSingh(M.D.) 6,00,000 Nil Nil 6,00,000Non‐Executive Directors (AselaboratedinPt. NIL Nil 2,50,000 2,50,0002.4above) TOTAL 6,00,000 Nil 2,50,0000 8,50,000

3.3)StakeholderRelationshipCommittee:

Composition:The Committee comprises of Mr. Manmohan Ahluwalia, Chairman and Mr. Narayan Ghumatkar,DirectorandMr.TrivendraSingh,DirectorastheMembersoftheCommittee.

In terms of Regulation 20 of SEBI Listing Regulations read with section 178 of the Act, theShareholders’/Investors’GrievanceCommitteewasrenamedasStakeholdersRelationshipCommittee.

Termsofreference:FollowingarethetermsofreferenceoftheStakeholdersRelationshipCommittee:

a. Consider and resolve the grievances of the security holders of the Company, includingcomplaints related to transfer of shares, non receipt of annual report, non receipt of declareddividends,etc.

b. Set forththepoliciesrelatingtoandtooverseetheimplementationoftheCodeofConductforPreventionofInsiderTradingandtoreviewtheconcernsreceivedundertheCodeofConduct.

The Company has adopted the Code of Conduct for Prevention of Insider Trading, under the SEBI(Prohibition of Insider Trading) Regulations. The Code lays down guidelines for procedures to befollowedanddisclosurestobemadewhiledealingwiththesharesoftheCompany.

Meetingsheldduringtheyear&Attendance:Duringtheyear2018‐19,theStakeholdersRelationshipCommitteemet4timesonthefollowingdatesnamely 24th May 2018, 08th August 2018, 12th November 2018 and 11th February, 2019. Thecompositionof theStakeholdersRelationshipCommitteeandthedetailsof theMeetingsattendedbytheMembersaregivenhereunder:

NameofMember Designation AttendanceMr.ManmohanAhluwalia Chairman 4Mr.NarayanGhumatkar Member 4Mr.TrivendraSingh Member 4

No.ofShareholder’sComplaintreceivedsofar : 26Numbersolvedtothesatisfactionofshareholders : 26Numberofpendingcomplaints : NIL

3.4)ManagementandFinanceCommittee

TheBoardofDirectorsoftheCompanyhasconstitutedManagementandFinanceCommitteeattheirmeetingheldon29thApril,2011.

TheCommitteecomprisesof:Mr.NarayanGhumatkar ChairmanMr.ManmohanAhluwalia MemberMr.TrivendraSingh Members


TheCommitteeisformedtotakethedecisionsandtopassthenecessaryResolutionsontheday‐to‐daymattersoftheCompany,onbehalfoftheBoardofDirectors.

Furtherduringtheyearthecommitteehasre‐constitutedon14thNovember2016.TheCommitteewasreconstitutedwiththeFollowingmembers:

Mr.TrivendraSingh Chairma

Ms.ManasiWadkar MemberMs.NehaPatil Members

Duringtheyear2018‐19theManagementandFinanceCommitteemet5timesonthefollowingdatesnamely20thJuly2018,19thNovember2018,29thJanuary2018,19thMarch2019and27thMarch2019.ThecompositionoftheManagementandFinanceCommitteeandthedetailsoftheMeetingsattendedbytheMembersaregivenhereunder:

NameofMember Designation AttendanceMr.TrivendraSingh Chairman 5Ms.ManasiWadkar Member 5Ms.NehaPatil Member 5

4.GENERALBODYMEETINGSThelastthreeAnnualGeneralMeetingsoftheCompanywereheldasunder:‐Year Location Date Time2017‐18 65,KrishnaNagar,Samarvani,Silvassa(U.T.) 28thSeptember,2018 03:15P.M.2016‐2017 65,KrishnaNagar,Samarvani,Silvassa(U.T.) 29thSeptember,2017 03.15P.M.2015‐2016 65,KrishnaNagar,Samarvani,Silvassa(U.T.) 28thSeptember,2016 03.15P.M.TheChairpersonoftheAuditCommitteewaspresentatalltheaboveAGMs.

NoEGMwasheldinthelastthreeyears.5. DISCLOSURES:

(a) Disclosuresonmateriallysignificantrelatedpartytransactionsi.e.transactionsofthecompanyofmaterialnature,with itspromoters, thedirectorsof themanagement, theirsubsidiaries or relatives etc. thatmay have potential conflictwith the interests of theCompanyatlarge.

NoneofthetransactionswithanyoftherelatedpartieswereinconflictwiththeinterestsoftheCompany.

(b) Details of non‐compliance by the Company, penalties, strictures imposed on theCompanybyStockExchangeorSEBIoranystatutoryauthority,onanymatterrelated tocapitalmarkets,duringthelastthreeyears.Therewerenoinstancesofnon‐complianceofanymatterrelatedtothecapitalmarketsduringthelastthreeyears

(c) Disclosureofaccountingtreatment:TheCompanyhasfollowedAccountingStandardsasapplicableandproperexplanationhasbeen given in the Financial Statement relating to any treatment different from thatprescribedinAccountingStandards.(d) ProceedsfromPublicissues,Rightissues,PreferentialIssues,etc.The Company has not raised any money through Public Issues, Right Issues and PreferentialIssuesetc.duringtheyearunderreport.


(e) RemunerationtoDirectors:TheCompanyhasnotpaidanyremunerationexpectsittingfeestotheNonExecutiveDirectors.None of the Non Executive Directors of the Company hold any Shares of the Company. TheCompany has paid a sum of Rs. 6.00 Lacs asmanagerial remuneration toMr. Trivendra Singh,ManagingDirectoroftheCompanyfromApril1,2018toMarch31,2019.

(f) TheCompanyhasadoptedaWhistleBlowerPolicyandhasestablished thenecessaryvigilmechanism as defined under Regulation 22 of SEBI Listing Regulations for directors andemployeestoreportconcernsaboutunethicalbehavior.NopersonhasbeendeniedaccesstotheChairmanoftheauditcommittee

(g) TheCompanyhasalsoadoptedPolicyonDeterminationofMaterialityforDisclosures,PolicyonArchivalofDocumentsandPolicyforPreservationofDocuments.(h) ManagementManagementDiscussion andAnalysisReport comprisingof all information asprescribedunderRegulation34of SEBIListingRegulations is attached to theDirectors’Report.Disclosureshavebeen made by the Senior Management relating to all material, financial and commercialtransactionswithpersonalinterests,ifany.Basedonthedeclarationsmade,notransactionwasinconflictwiththeinterestoftheCompany.

6. MEANSOFCOMMUNICATION

(a) TheCompanyhaspublisheditsNoticeof theBoardMeetings,Noticeof theAnnualGeneralMeeting and Book Closure, Quarterly Financial Results, Half yearly Statement of Assets andLiabilities in the following newspapers: Free Press Journal – English; Gujarat Pravah‐Gujarati;Navshakti‐Marathi.

(b) ManagementDiscussionandAnalysisformsintegralpartofthisAnnualReport.Allmatterspertainingtoindustrystructureanddevelopments,opportunitiesandthreats,outlook,risksandconcerns,etc.,arediscussedinthesaidreport.

7. GENERALSHAREHOLDERINFORMATION

7.1) AnnualGeneralMeeting: Dateandtime :

Saturday 28th September, 2019 at03.15p.m.

Venue : 65,KrishnaNagar,Samarvani,Silvassa

(Union Territory of Dadra & NagarHaveli)

7.2) FinancialYear : 1stAprilto31stMarch FinancialCalendar2019‐2020 : AnnualGeneralMeeting(NextYear) (Tentative) : September,2020 BoardMeetings:‐

Results for the Quarter ending June 30,2019 : SecondweekofA