DRAFT PROSPECTUS

Dated: October 21, 2019

Please read Section 26 of the Companies Act, 2013
(This Draft Prospectus will be updated
upon filing with the RoC)
Fixed Price Issue

MANGALAM GLOBAL ENTERPRISE LIMITED

Our Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited Company under the provisions of the Companies Act, 1956 vide Certificate
of Incorporation dated September 27, 2010, bearing Corporate Identification Number U24224GJ2010PTC062434, issued by Registrar of Companies, Gujarat, Dadra and Nagar Havelli.
Further, the name of our company was changed to “Mangalam Global Enterprise Private Limited” to signify the change in Company’s operations, pursuant to shareholders resolution
passed at Extra-Ordinary General Meeting of our company held on June 28, 2014 vide a fresh Certificate of Incorporation dated July 31, 2014 issued by Registrar of Companies,
Ahmedabad. Subsequently, our Company was converted into a Public Limited Company pursuant to a special resolution passed by the shareholders at Extra-Ordinary General Meeting of
our Company held September 17, 2019 consequent to which the name of our Company was changed to “Mangalam Global Enterprise Limited” vide a fresh Certificate of Incorporation dated
September 30, 2019 issued by the Registrar of Companies, Ahmedabad. The Corporate Identification Number of our Company is U24224GJ2010PLC062434.
Registered Office: 101, Mangalam Corporate House, 19/B Kalyan Society near M.G. International School, Mithakhali, Ahmedabad -380006, Gujarat, India;
Tel: +91 79 26442555; E-mail: info@groupmangalam.com; Website: www.groupmangalam.com
Contact Person: Rutu Shah, Company Secretary and Compliance officer;
PROMOTERS OF OUR COMPANY: VIPIN PRAKASH MANGAL, CHANAKYA PRAKASH MANGAL AND CHANDRAGUPT PRAKASH MANGAL
THE ISSUE
INITIAL PUBLIC OFFER CONSISITING OF FRESH ISSUE OF 42,30,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID
OF MANGALAM GLOBAL ENTERPRISE LIMITED (“THE ISSUER” OR “OUR COMPANY”) FOR CASH AT A PRICE OF RS. 51/- PER
EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 41/- PER EQUITY SHARE) (THE “ISSUE PRICE”) AGGREGATING UPTO RS.
2157.30/- LAKHS (THE“ISSUE”) OF WHICH 2,12,000 EQUITY SHARES OF FACE VALUE RS. 10/- EACH FOR CASH AT A PRICE OF RS. 51/-
PER EQUITY SHARE, AGGREGATING RS. 108.12/- LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO
THE ISSUE (THE “MARKET MAKER RESERVATION PORTION”). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E.
ISSUE OF 40,18,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 51/- PER EQUITY SHARE IS
HEREINAFTER REFERRED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.34% AND 25.02%,
RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.
THE FACE VALUE OF THE EQUITY SHARES IS RS. 10/- EACH AND THE ISSUE PRICE OF RS. 51/- IS 5.1 TIMES OF THE FACE VALUE OF
THE EQUITY SHARES
In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”) the Issue is being made for at least 25% of the
post- issue paid-up Equity Share capital of our Company. This is a Fixed Price Issue in compliance with Chapter IX of the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended the (“SEBI ICDR Regulations”) and allocation in the net issue to the public will be
made in terms of regulation 253 of the SEBI (ICDR) Regulations, as amended. All Applicants, shall only participate in the issue through the Application Supported
by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID for RIIs using UPI Mechanism) (UPI ID, RIIs and
UPI Mechanism are defined hereinafter) wherein the Application Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to
the extent of respective Application Amounts. For details, see “Issue Procedure” on page 241 of this Draft Prospectus.
RISK IN RELATION TO FIRST ISSUE
This being the first public Issue of Equity Shares of our Company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is
RS. 10/- each. The Issue Price as stated in “Basis for Issue Price” on page 92 of this Draft Prospectus should not be taken to be indicative of the market price of
the Equity Shares after the Equity Shares are listed on the EMERGE Platform of the National Stock Exchange of India Limited. No assurance can be
given regarding an active and/or sustained trading in the Equity Shares nor regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISKS
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to take
the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue. For taking an
investment decision, investors must rely on their own examination of our Company and the Issue including the risks involved. The Equity Shares issued in the
Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of
the contents of this Draft Prospectus. Specific attention of the investors is invited to the section “Risk Factors” beginning on page 35 of this Draft Prospectus.
ISSUER’S ABSOLUTE RESPONSIBILITY
The issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Prospectus contains all information with regard to our
Company and the Issue, which is material in the context of the Issue; that the information contained in this Draft Prospectus is true and correct in all material aspects
and is not misleading in any material respect; that the opinions and intentions expressed herein are honestly held; and that there are no other facts, the omission of
which makes this Draft Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect.
LISTING
The Equity Shares of our Company offered through this Draft Prospectus are proposed to be listed on the EMERGE Platform of National Stock Exchange of
India Limited (‘NSE EMERGE’), in terms of the Chapter IX of the SEBI ICDR Regulations, 2018, as amended from time to time. Our Company has received
an in-principle approval letter dated [●] from National Stock Exchange of India Limited for using its name in the Offer document for listing of our shares on the
EMERGE Platform of National Stock Exchange of India Limited. For the purpose of this Issue, National Stock Exchange of India Limited shall be the Designated
Stock Exchange.
LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE
PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED LINK INTIME INDIA PRIVATE LIMITED
406-408, Keshava Premises, Behind Family Court, C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West),
Bandra Kurla Complex, Bandra East, Mumbai – 400 051, Mumbai – 400 083, Maharashtra , India
Maharashtra, India Tel: +91 22 4918 6200
Tel: +91-22 6194 6700
Fax: +91 22 4918 6195
Fax: +91-22 2659 8690
Website:www.pantomathgroup.com Website: www.linkintime.co.in
Email: ipo@pantomathgroup.com Email: mangalam.ipo@linkintime.co.in
Investor Grievance Id: ipo@pantomathgroup.com Investor Grievance Id: mangalam.ipo@linkintime.co.in
Contact Person: Unmesh Zagade Contact Person: Shanti Gopalkrishnan
SEBI Registration No:INM000012110 SEBI Registration Number: INR000004058
ISSUE PROGRAMME
ISSUE OPENS ON : [●] ISSUE CLOSES ON: [●]
SECTION I: GENERAL ........................................................................................................................... 3
DEFINITIONS AND ABBREVIATIONS .............................................................................................. 3
PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ........................................ 20
FORWARD LOOKING STATEMENT ................................................................................................ 21
SECTION II – OFFER DOCUMENT SUMMARY ............................................................................. 22
SECTION III – RISK FACTORS........................................................................................................... 35
SECTION IV – INTRODUCTION ......................................................................................................... 54
SUMMARY OF FINANCIAL STATEMENTS.................................................................................... 54
THE ISSUE ............................................................................................................................................ 55
GENERAL INFORMATION ................................................................................................................ 57
CAPITAL STRUCTURE....................................................................................................................... 67
OBJECTS OF THE ISSUE .................................................................................................................... 85
BASIS FOR ISSUE PRICE ................................................................................................................... 92
STATEMENT OF POSSIBLE TAX BENEFITS .................................................................................. 97
SECTION V – ABOUT THE COMPANY ........................................................................................... 100
OUR INDUSTRY ................................................................................................................................ 100
OUR BUSINESS ................................................................................................................................. 121
KEY INDUSTRY REGULATIONS AND POLICIES ....................................................................... 141
OUR HISTORY AND CERTAIN OTHER CORPORATE MATTERS ............................................ 151
OUR MANAGEMENT ....................................................................................................................... 159
OUR PROMOTERS AND PROMOTER GROUP ............................................................................. 174
OUR GROUP COMPANIES ............................................................................................................... 180
RELATED PARTY TRANSACTION ................................................................................................ 190
DIVIDEND POLICY ........................................................................................................................... 191
SECTION VI – FINANCIAL INFORMATION ................................................................................. 192
FINANCIAL STATEMENT AS RESTATED .................................................................................... 192
OTHER FINANCIAL INFORMATION ............................................................................................. 193
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION ............................................................................................................... 194
FINANCIAL INDEBTEDNESS ......................................................................................................... 212
SECTION VII – LEGAL AND OTHER INFORMATION ............................................................... 216
OUTSTANDING LITIGATIONS AND MATERIAL DEVELOPMENTS ....................................... 216
GOVERNMENT AND OTHER STATUTORY APPROVALS ......................................................... 220
OTHER REGULATORY AND STATUTORY DISCLOSURES ...................................................... 227
SECTION VIII – ISSUE RELATED INFORMATION ..................................................................... 233
TERMS OF THE ISSUE ..................................................................................................................... 233
ISSUE STRUCTURE .......................................................................................................................... 239
ISSUE PROCEDURE .......................................................................................................................... 241
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ................................... 262
SECTION IX - MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION.......................... 265
SECTION X – OTHER INFORMATION ........................................................................................... 291
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ............................................ 291
DECLARATION ................................................................................................................................. 292

Page 1 of 295
The Equity Shares have not been and will not be registered under the U.S Securities Act of 1933, as
amended (“U.S. Securities Act”) or any state securities laws in the United States of America and may not
be offered or sold within the United States or to, or for the account or benefit of, “U.S. Persons (as defined
in Regulation S), except pursuant to exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities laws. Accordingly the Equity Shares are being offered and sold only
outside the United States in offshore transaction in reliance on Regulation S under the U.S Securities Act
and the applicable laws of the jurisdiction where those offers and sale occur.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other
jurisdiction outside India and may not be offered or sold, and application may not be made by persons
in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

Page 2 of 295
 SECTION I: GENERAL

DEFINITIONS AND ABBREVIATIONS

Unless the context otherwise indicates, requires or implies, the following terms shall have the following
meanings in this Draft Prospectus. References to statutes, rules, regulations, guidelines and policies will be
deemed to include all amendments, modifications or reenactments notified thereto.
Notwithstanding the foregoing, terms in “Main Provisions of the Articles of Association”, “Statement of Special
Tax Benefits”, “Industry Overview”, “Key Industry Regulations and Policies”, “Financial Statements”,
Outstanding Litigation and Other Material Developments”, will have the meaning ascribed to such terms in
these respective sections.

Term Description
“Mangalam Global Enterprise Mangalam Global Enterprise Limited, a public limited company
Limited”, “our Company”, “the incorporated under the Companies Act, 1956 and having its registered office
Company”, “the Issuer at 101, Mangalam Corporate House, 19/B Kalyan Society Near M.G.
Company”, and “the Issuer” International School, Mithakhali, Ahmedabad- 380006, Gujarat.
“We”, “our”, “us” or “Group” Unless the context otherwise indicates or implies, refers to our Company
together with its Subsidiaries.

COMPANY RELATED TERMS

Term Description
AOA/Articles / Articles of The Articles of Association of our Company, as amended from time to time
Association
Audit Committee The committee of the Board of Directors constituted as the Company’s
Audit Committee in accordance with Section 177 of the Companies Act,
2013 and rules made thereunder vide Board Resolution dated September
23, 2019.
Banker to the Company Such banks which are disclosed as bankers to the Company in the chapter
titled “General Information” on page 57 of this Draft Prospectus.
Board of Directors / the Board The Board of Directors of our Company, including all duly constituted
/ Our Board / Directors Committees thereof.
Chairman/ Chairperson The Chairman/ Chairperson of Board of Directors of Mangalam Global
Enterprise Limited being Vipin Prakash Mangal.
Chief Financial Officer / CFO The Chief Financial Officer of our Company being Ashutosh Mehta
CIN Corporate Identification Number of our Company
U24224GJ2010PLC062434
Company Secretary and The Company Secretary and Compliance Officer of our Company being
Compliance Officer / (CS) Rutu Shah
Equity Shares/Shares The The equity shares of our Company of a face value of Rs. 10/- each unless
equity shares of our Company otherwise specified in the context thereof
of a face value of Rs. 10/- each
unless
Equity The holders of the Equity Shares of the Company
Shareholders/Shareholders
Group Companies/Entities Such companies as are included in the chapter titled “Our Group
Companies” beginning on page 180 of this Draft Prospectus.

Page 3 of 295
Term Description
Independent Director A non-executive, Independent Director as per the Companies Act, 2013 and
the Listing Regulations
ISIN International Securities Identification Number. In this case being
INE0APB01016
Joint Managing Directors The Joint Managing Director of our Company are Chanakya Prakash
Mangal and Chandragupt Prakash Mangal.
Key Management Personnel / Key management personnel of our Company in terms of Section 2(51) of
KMP the Companies Act, 2013 and Regulation 2(1)(bb) of the SEBI (ICDR)
Regulations. and as identified in chapter titled “Our Management” on page
159 of this Draft Prospectus
Materiality Policy The policy adopted by our Board on September 25, 2019 for identification
of Group Companies, material outstanding litigation and material dues
outstanding to creditors in respect of our Company, pursuant to the
disclosure requirements under the SEBI ICDR Regulations.
MoA/ Memorandum The Memorandum of Association of our Company, as amended from time
of Association to time
Nomination & Remuneration The committee of the Board of Directors constituted as the Company’s
Committee Nomination& Remuneration Committee in accordance with Section 178(1)
of the Companies Act, 2013 and rules made thereunder vide Board
resolution dated September 23, 2019 and disclosed as such in the chapter
titled “Our Management” on page 159 of this Draft Prospectus
Promoter(s) Promoters of our company being Vipin Prakash Mangal, Chanakya Prakash
Mangal and Chandragupt Prakash Mangal.
Promoter Group Persons and entities constituting the promoter group of our Company,
pursuant to Regulation 2(1)(pp) of the SEBI (ICDR) Regulations and as
enlisted in the chapter titled “Our Promoters and Promoter Group”
beginning on page 174 of this Draft Prospectus.
Registrar of Companies/ RoC Office of Registrar of Companies, situated at ROC Bhavan , Opp. Rupal
Park Society, Behind Ankur Bus Stop, Naranpura, Ahmedabad-380013
Gujarat
Registered Office The registered office of our Company situated at 101, Mangalam Corporate
House, 19/B Kalyan Society Near M.G. International School, Mithakhali,
Ahmedabad- 380006, Gujarat.
Stakeholders’ Relationship The committee of the Board of Directors constituted as the Company’s
Committee Stakeholders’ Relationship Committee in accordance with Section 178(5)
of the Companies Act, 2013 and rules made thereunder vide Board
resolution dated September 23, 2019.
Statutory Auditors or Auditors The Statutory Auditors of our Company being M/s. Keyur Shah & Co.
holding a valid peer review certificate dated July 30, 2018.
“you”, “your” or “yours” “you”, “your” or “yours” Prospective Investors in this Issue
Prospective Investors in this
Issue

Page 4 of 295
ISSUE RELATED TERMS

Term Description
Acknowledgement Slip The acknowledgement slips or document issued by the Designated
Intermediary to an Applicant as proof of registration of Application.
Allot / Allotment /Allotted Unless the context otherwise requires, allotment of the Equity Shares
pursuant to the Issue of Equity Shares to the successful Applicants.
Allotment Advice Note or advice or intimation of Allotment sent to each successful Applicant
who has been or is to be Allotted the Equity Shares after approval of the
Basis of Allotment by the Designated Stock Exchange
Allottee(s) A successful Applicants to whom the Equity Shares are being Allotted
Applicant Any prospective investor who makes an application pursuant to the terms of
the Prospectus and the Application Form and unless otherwise stated or
implied, includes an ASBA Applicant
Application An indication to make an issue during the Issue Period by an Applicant,
pursuant to submission of Application Form, to subscribe for or purchase
our Equity Shares at the Issue Price including all revisions and modifications
thereto, to the extent permissible under the SEBI (ICDR) Regulations.
Application Amount The number of Equity Shares applied for and as indicated in the Application
Form multiplied by the price per Equity Share payable by the Applicants on
submission of the Application Form.
Application Supported by An application for subscribing to the Issue, along with an authorization to
Blocked Amount/ ASBA self-certified syndicate bank to block the application money in the specified
bank account maintained with such SCSB and will include amounts blocked
by RIIs using the UPI mechanism.
ASBA / Location(s) / Specified Locations at which ASBA Applications can be uploaded by the SCSBs,
Cities namely Mumbai, New Delhi, Chennai, Kolkata, Ahmedabad.
ASBA Account Account maintained with an SCSB and specified in the Application Form
which will be blocked by such SCSB or account of the RIIs blocked upon
acceptance of UPI Mandate request by RIIs using the UPI mechanism to the
extent of the appropriate Application Amount in relation to an Application
by an ASBA Applicant.
ASBA Applicants Any Applicant except Anchor Investor
ASBA Form/Application Form An application form (with or without UPI ID, as applicable), whether
physical or electronic, used by ASBA Applicants to submit Applications
which will be considered as the application for Allotment in terms of the
Prospectus
Banker to the Issue/ Refund The banks which are clearing members and registered with SEBI as Banker
Banker/ Public Issue Bank / to an Issue with whom the Public Issue Account and Refund Account will
Escrow collection bank be opened and in this case being [●]
Bankers to the Issue Agreement Banker to the Issue Agreement entered on [●] amongst our Company, Lead
/ Cash Escrow Agreement / Manager, the Registrar to the Issue and Public Issue Bank/ Banker to the
Escrow Agreement Issue for collection of the Application Amount on the terms and conditions
thereof.
Basis of Allotment The basis on which the Equity Shares will be allotted to successful
Applicants under the Issue, described in “Issue Procedure” on page 241 of
this Draft Prospectus

Page 5 of 295
 Term Description
Broker Centers Broker centers notified by the Stock Exchanges, where the Applicants can
submit the Application Forms to a Registered Broker. The details of such
broker centers, along with the name and contact details of the Registered
Brokers, are available on the website of the National Stock Exchange of
India Limited on the following link- www.nseindia.com
CAN/ Confirmation of The note or advice or intimation sent to each successful Applicant indicating
Allocation Note the Equity Shares which will be Allotted, after approval of Basis of
Allotment by the Designated Stock Exchange.
Client ID Client identification number of the Applicant’s beneficiary account
Collecting Depository A depository participant as defined under the Depositories Act, 1996,
Participant registered with SEBI and who is eligible to procure applications at the
Designated CDP Locations in terms of circular no.
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 and
SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018 issued by
SEBI issued by SEBI
Collecting Registrar and Share Registrar to an issue and share transfer agents registered with SEBI and
Transfer Agent eligible to procure Applications at the Designated RTA Locations in terms
of circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015
issued by SEBI
Collection Centers Centers at which the Designated intermediaries shall accept the Application
Forms, being the Designated SCSB Branch for SCSBs, specified locations
for syndicate, broker center for registered brokers, designated RTA
Locations for RTAs and designated CDP locations for CDPs
Controlling Branches of the Such branches of the SCSBs which coordinate with the Lead Manager, the
SCSBs Registrar to the Issue and the Stock Exchange and a list of which is available
at www.sebi.gov.in or at such other website as may be prescribed by SEBI
from time to time
Demographic Details The details of the Applicants including the Applicants address, names of the
Applicants father/husband, investor status, occupations and bank account
details
Depository / Depositories A depository registered with SEBI under the SEBI (Depositories and
Participants) Regulations, 1996
Depository Participant / DP A depository participant as defined under the Depositories Act.
Designated CDP Locations Such centers of the CDPs where Applicants can submit the Application
Forms. The details of such Designated CDP Locations, along with names
and contact details of the Collecting Depository Participants eligible to
accept Application Forms are available on the website of the Stock
Exchange (www.nseindia.com) and updated from time to time
Designated Date The date on which the Collection Banks transferred funds from the public
issue accounts, and the SCSBs issue instructions for transfer of funds from
the ASBA Accounts including the accounts linked with UPI ID, to the Public
Issue Account or the Refund Account, as appropriate, in terms of the
Prospectus.
Designated Intermediaries / An SCSB with whom the bank account to be blocked, is maintained, a
Collecting Agent syndicate member (or sub-syndicate member), a Registered Broker,
Designated CDP Locations for CDP, a Registrar to an Issue and Share

Page 6 of 295
 Term Description
Transfer Agent (RTA) (whose names are mentioned on website of the stock
exchange as eligible for this activity).
Designated RTA Locations Such locations of the RTAs where Applicants can submit the Application
Forms to RTAs. The details of such Designated RTA Locations, along with
names and contact details of the RTAs eligible to accept Application Forms
are available on the website of the Stock Exchange (www.nseindia.com)
Designated SCSB Branches Such branches of the SCSBs which shall collect the Application Forms, a
list of which is available on the website of SEBI at (www.sebi.gov.in) or at
such other website as may be prescribed by SEBI from time to time
Designated Stock Exchange/ National Stock Exchange of India Limited.
Stock Exchange
Draft Prospectus / DP This Draft Prospectus dated October 21, 2019, filed with Emerge Platform
of National Stock Exchange of India Limited.
Eligible NRI NRIs from jurisdictions outside India where it is not unlawful to make an
Issue or invitation under the Issue and in relation to whom the Prospectus
constitutes an invitation to subscribe to the Equity Shares offered herein
Equity Shares or Ordinary The ordinary shares of our Company having a face value of Rs. 10/-, unless
Shares otherwise specified in the context thereof
FII/Foreign Institutional Foreign Institutional Investor (as defined under SEBI (Foreign Institutional
Investors Investors) Regulations, 1995, as amended) registered with SEBI under
applicable laws in India
First Applicant/ Applicant Applicant whose name shall be mentioned in the Application Form or the
Revision Form and in case of joint applications, whose name shall also
appear as the first holder of the beneficiary account held in joint names
First Applicant/ Applicant Applicant whose name shall be mentioned in the Application Form or the
Revision Form and in case of joint application, whose name shall also appear
as the first holder of the beneficiary account held in joint names
Fresh Issue Fresh issue of 42,30,000 Equity Shares aggregating to Rs. 2157.30 lakhs
Fugitive Economic Offender An individual who is declared a fugitive economic offender under Section
12 of the Fugitive Economic Offenders Act, 2018.
General Information Document The General Information Document for investing in public issues prepared
and issued in accordance with the circulars (CIR/CFD/DIL/12/2013) dated
October 23, 2013, notified by SEBI and updated pursuant to the circular
(CIR/CFD/POLICYCELL/11/2015) dated November 10, 2015 and
(SEBI/HO/CFD/DIL/CIR/P/2016/26) dated January 21, 2016 and
SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018 notified
by the SEBI. and included in “Issue Procedure” on page 241 of this Draft
Prospectus
Non- Institutional Portion The portion of the Issue being not more than 50% of the Net Issue consisting
of upto 20,80,000 Equity Shares, available for allocation to Non-
Institutional Applicants, on a proportionate basis.
Issue / Issue Size/ Public Issue Initial public issue of 42,30,000 equity shares of face value of Rs. 10/- each
of the Company for cash at a price of Rs. 51/- per equity share (including a
premium of Rs. 41/- per equity share) aggregating upto Rs. 2157.30 lakhs
comprises a reservation of upto 2,12,000 Equity Shares aggregating upto Rs.
108.12 lakhs for market maker (“the market maker reservation portion”).

Page 7 of 295
 Term Description
The Issue and the Net Issue constituted 26.34 % and 25.02 % of the post-
issue paid-up Equity Share capital of our Company, respectively.
Issue Agreement The agreement dated October 17, 2019 between our Company and the Lead
Manager, pursuant to which certain arrangements are agreed to in relation to
the Issue.
Issue Closing Date The date after which Designated Intermediary will not accept any
Application for this issue, which shall be the date notified in an English
national newspaper, Hindi national newspaper and a regional newspaper
each with wide circulation as required under the SEBI (ICDR) Regulations.
In this case being [●].
Issue Opening Date The date on which the Designated Intermediary shall start accepting
Application for this Issue, which shall be the date notified in an English
national newspaper, Hindi national newspaper and a regional newspaper
each with wide circulation as required under the SEBI (ICDR) Regulations.
In this case being [●].
Issue Period The period between the Issue Opening Date and the Issue Closing Date,
inclusive of both days, during which Applicants can submit their
Applications, including any revisions thereof.
Issue Price The Price at which the Equity Shares are being issued by our Company under
this Draft Prospectus being Rs. 51/- per equity share.
Issue Proceeds The proceeds of the Issue. For further information about use of the Issue
Proceeds refer to the chapter titled “Objects of the Issue” beginning on page
85 of this Draft Prospectus.
Lead Manager/ LM Lead Manager to the Issue in this case being Pantomath Capital Advisors
Private Limited, SEBI Registered Category I Merchant Banker.
Listing Agreement Unless the context specifies otherwise, this means the Listing Agreement to
be signed between our Company and the National Stock Exchange of India
Limited.
Lot size Lot size 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereof
Mandate Request Mandate request means a request initiated on the RII by sponsor bank to
authorize blocking of funds equivalent to application amount and subsequent
debit of funds in case of allotment.
Market Maker Market Maker appointed by our Company from time to time, in this case
being Pantomath Stock Brokers Private Limited who has agreed to receive
or deliver the specified securities in the market making process for a period
of three years from the date of listing of our Equity Shares or for any other
period as may be notified by SEBI from time to time
Market Maker Reservation 2,12,000 Equity Shares of Rs. 10/- each at Rs. 51/- per Equity Share
Portion aggregating to Rs. 108.12 Lakhs reserved for subscription by the Market
Maker
Market Making Agreement Market Making Agreement dated October 17, 2019 between our Company,
Lead Manager and Market Maker
Mobile App(s) The mobile applications listed on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=
yes&intmId=40 or such other website as may be updated from time to time,

Page 8 of 295
 Term Description
which may be used by RIBs to submit Applications using the UPI
Mechanism.
Mutual Fund A mutual fund registered with SEBI under the SEBI (Mutual Funds)
Regulations, 1996, as amended from time to time
National Payments NPCI, a Reserve Bank of India (RBI) initiative, is an umbrella organization
Corporation of India (NPCI) for all retail payments in India. It has been set up with the guidance and
support of the Reserve Bank of India (RBI) and Indian Banks Association
(IBA).
Net Issue The Issue less the Market Maker reservation portion.
Net Proceeds Proceeds from the Fresh Issue after deduction of Issue expenses.
NIF National Investment Fund set up by resolution F. No. 2/3/2005-DD-II dated
November 23, 2005 of Government of India published in the Gazette of
India
Non Resident A person resident outside India, as defined under FEMA Regulations
Non-Institutional Investors / All Applicants, including Category III FPIs that are not QIBs or Retail
NIIs Individual Investors, who have apply for Equity Shares for an amount of
more than Rs. 2,00,000/- but not including NRIs other than Eligible NRIs
Non-Resident Indian/ NRI A person resident outside India, who is a citizen of India or a Person of
Indian Origin as defined under FEMA Regulations, as amended
OCB/Overseas Corporate Body A company, partnership, society or other corporate body owned directly or
indirectly to the extent of at least 60% by NRIs, including overseas trusts in
which not less than 60% of beneficial interest is irrevocably held by NRIs
directly or indirectly as defined under the Foreign Exchange Management
(Deposit) Regulations, 2000, as amended from time to time. OCBs are not
allowed to invest in this Issue
Payment through electronic Payment through NECS, NEFT or Direct Credit, as applicable
transfer of funds
Person/ Persons Any individual, sole proprietorship, unincorporated association,
unincorporated organization, body corporate, corporation, company,
partnership, limited liability company, joint venture, or trust or any other
entity or organization validly constituted and/or incorporated in the
jurisdiction in which it exists and operates, as the context requires
Prospectus The Prospectus to be filed with RoC on or after Pricing Date in accordance
with Section 26 of the Companies Act, 2013, and the SEBI ICDR
Regulations containing inter alia, the Issue Price, the size of the Issue and
certain other information
Public Issue Account(s) The account to be opened with the Banker to the Issue under Section 40 of
the Companies Act, 2013 to receive monies from the ASBA Accounts and
from the Escrow Accounts.
Refund Account Account to which Application monies to be refunded to the Applicants in
case of failure of the Issue
Refund Bank(s)/Refund The Bankers to the Issue with whom the Refund Accounts will be opened,
Banker(s) in this case being [●].
Refund through electronic Refunds through NECS, direct credit, RTGS or NEFT, as applicable

Page 9 of 295
 Term Description
transfer of funds
Registered Brokers Individuals or companies registered with SEBI as “Trading Members” who
hold valid membership of NSE having right to trade in stocks listed on Stock
Exchanges, through which investors can buy or sell securities listed on stock
exchanges, a list of which is available on www.nseindia.com
Registrar Agreement The Agreement between the Registrar to the Issue and the Issuer Company
dated October 17, 2019 in relation to the responsibilities and obligations of
the Registrar to the Issue pertaining to the Issue
Registrar and Share Transfer Registrar and share transfer agents registered with SEBI and eligible to
Agents or RTAs procure Applications at the Designated RTA Locations in terms of circular
no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 and
SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018 issued by
SEBI issued by SEBI
Registrar/ Registrar to the Issue/ Registrar/ Registrar to the Issue, in this case being Link Intime India Private
RTI Limited.
Restated Financial Information Restated consolidated financial statements of assets and liabilities as at
March 31, 2019 and for period ended June 30, 2019 and Restated
consolidated statement of profit and loss and cash flows at and for each of
the year ended March 31, 2019 and for period ended on June 30, 2019
together with the annexures and notes thereto prepared in terms of the
requirements of the Companies Act, 2013, as amended read with SEBI
ICDR Regulations as amended from time to time.
Restated standalone financial statements of assets and liabilities as at March
31, 2019, 2018 & 2017 and for period ended June 30, 2019 and Restated
standalone statement of profit and loss and cash flows at and for each of the
years ended March 31, 2019, 2018 & 2017 and for period ended on June 30,
2019 together with the annexures and notes thereto prepared in terms of the
requirements of the Companies Act, 2013, as amended read with SEBI
ICDR Regulations as amended from time to time.
Retail Individual Applicants / Individual Applicants, submitting Applications, who have Application for
RIBs / Retail Individual Equity Shares for an amount not more than Rs. 200,000 in any of the
Investors/ RIIs applying options in the Net Issue (including HUFs applying through their
Karta and Eligible NRIs and does not include NRIs other than Eligible
NRIs).
Retail Portion The portion of the Issue being not less than 50% of the Net Issue, consisting
of 20,10,000 Equity Shares, available for allocation to Retail Individual
Applicants.
Revision Form The form used by the Applicants to modify the quantity of Equity Shares or
the Application Amount in any of their Application Forms or any previous
Revision Form(s), as applicable. QIBs and Non-Institutional Investors are
not allowed to withdraw or lower their Applications (in terms of quantity of
Equity Shares or the Application Amount) at any stage.
SEBI (Foreign Portfolio Securities and Exchange Board of India (Foreign Portfolio Investor)
Investor) Regulations Regulations, 2014
SEBI Listing Regulations Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended from time to time

Page 10 of 295
 Term Description
Securities Law The Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996
and the rules and regulations made thereunder and the general or special
orders, guidelines or circulars made or issued by the Board thereunder and
the provisions of the Companies Act, 2013 or any previous company law
and any subordinate legislation framed thereunder, which are administered
by the Board
Self-Certified Syndicate Banks registered with SEBI, offering services in relation to ASBA, a list of
Banks/SCSB’s/SCSB which is available on the website of SEBI at (www.sebi.gov.in) and updated
from time to time and at such other websites as may be prescribed by SEBI
from time to time
SME Exchange Emerge Platform of National Stock Exchange of India Limited
Specified Locations Collection centers where the SCSBs shall accept application form, a list of
which is available on the website of the SEBI (www.sebi.gov.in) and
updated from time to time
Specified Securities The equity shares Offered through this Draft Prospectus/ Prospectus
Sponsor Bank Sponsor Bank means a Banker to the Issue registered with SEBI which is
appointed by the Issuer to act as a conduit between the Stock Exchanges and
NPCI (National in order to push the mandate collect requests and / or
payment instructions of the retail investors into the UPI.
Transaction Registration The slip or document issued by the Syndicate or SCSB (only on demand), to
Slip/TRS the Applicant as proof of registration of the Application
Underwriter Pantomath Capital Advisors Private Limited
Underwriting Agreement The agreement dated October 17, 2019 entered into between the
Underwriters, our Company.
Unified Payments Interface UPI is an instant payment system developed by the NPCI. It enables merging
(UPI) several banking features, seamless fund routing & merchant payments into
one hood. UPI allows instant transfer of money between any two persons’
bank accounts using a payment address which uniquely identifies a person's
bank a/c.
UPI ID ID created on Unified Payment Interface (UPI) for single-window mobile
payment system developed by the National Payments Corporation of India
(NPCI).
UPI ID Linked bank Account of the RIIs, Applying in the Issue using the UPI mechanism, which
account will be blocked upon acceptance of UPI Mandate request by RIIs to the
extent of the appropriate Application Amount and subsequent debit of funds
in case of Allotment.
UPI Mandate Request Mandate request means a request initiated on the RII by sponsor bank to
authorize blocking of funds equivalent to application amount and subsequent
debit of funds in case of allotment.
UPI Mechanism The mechanism using UPI that may be used by an RII to make an
Application in the Issue in accordance with SEBI Circular
(SEBI/HO/CFD/DIL2/CIR/P/2018/138) dated November 1, 2018
UPI PIN Password to authenticate UPI transaction
Wilful defaulter A wilful defaulter, as defined under Regulation 2(1)(lll) of the SEBI ICDR
Regulations, means a person who or which is categorized as a wilful

Page 11 of 295
 Term Description
defaulter by any bank or financial institution (as defined under Companies
Act, 2013) or consortium thereof, in accordance with the guideline on wilful
defaulter issued by the RBI.
Working Day(s) In accordance with Regulation 2(1)(mmm) of SEBI ICDR Regulations,
working days means, all days on which commercial banks in the city as
specified in the Draft Prospectus are open for business
1. However, in respect of announcement of price band and application/
Issue period, working day shall mean all days, excluding Saturdays,
Sundays and public holidays, on which commercial banks in the city as
notified in the Draft Prospectus are open for business
2. In respect to the time period between the application/ Issue closing date
and the listing of the specified securities on the stock exchanges,
working day shall mean all trading days of the stock exchanges,
excluding Sundays and bank holidays in accordance with circular issued
by SEBI.

TECHNICAL / INDUSTRY RELATED TERMS

Term Description
AUTFS Amended Technology Upgradation Fund Scheme
CAD Current Account Deficit
CCEA Cabinet Committee on Economic Affairs
CP Continuous Polymerisation
CPI Consumer Prices Index
DGFT Directorate General of Foreign Trade
EMDEs Emerging Market and Developing Economies
FDI Foreign Direct Investment
GAV Gross Value Added
GDP Gross Domestic Product
IIP Index of Industrial Production
IWDP Integrated Wool Development Programme
MEIS Merchandise Exports from India Scheme
NBFC Non-Banking Financial Companies
NEER Nominal Effective Exchange Rate
PMP Phased Manufacturing Programme
PPP Purchasing Power Parity
TUFS Technology Up-gradation Fund Scheme
USDA’s U.S. Department of Agriculture’s
WEO World Economic Outlook
WPI Wholesale Price Index

Page 12 of 295
CONVENTIONAL AND GENERAL TERMS AND ABBREVIATIONS

Term Description
A/c Account
ACS Associate Company Secretary
AGM Annual General Meeting
AIF(s) Alternative Investment Funds as defined in and registered with SEBI under
SEBI AIF Regulations
Air Act The Air (Prevention and Control of Pollution) Act, 1981
AoA Articles of Association
Accounting Standards as issued by the Institute of Chartered Accountants of
AS
India
ASBA Applications Supported by Blocked Amount
Associate A person who is an associate of the issuer and as defined under the
Companies Act, 2013
Authorized Dealers Authorized Dealers registered with RBI under the Foreign Exchange
Management (Foreign Currency Accounts) Regulations, 2000
AY Assessment Year
BG/ LC Bank Guarantee / Letter of Credit
Bn Billion
CAGR Compounded Annual Growth Rate
Category I Foreign Portfolio FPIs registered as Category I Foreign Portfolio Investors under the SEBI FPI
Investor(s) Regulations.
Category II Foreign Portfolio An FPI registered as a Category II Foreign Portfolio Investor under the SEBI
Investor(s) FPI Regulations
Category III Foreign Portfolio FPIs registered as category III FPIs under the SEBI FPI Regulations, which
Investor(s) shall include all other FPIs not eligible under category I and II foreign
portfolio investors, such as endowments, charitable societies, charitable
trusts, foundations, corporate bodies, trusts, individuals and family offices.
CC Cash Credit
CCI The Competition Commission of India
CDSL Central Depository Services (India) Limited
CFO Chief Financial Officer
CGST Central GST
CIN Corporate Identification Number
CIT Commissioner of Income Tax
Companies Act Companies Act, 1956 (without reference to the provisions thereof that have
ceased to have effect upon notification of the Notified Sections) and the
Companies Act, 2013, to the extent in force pursuant to the notification of
the Notified Sections, read with the rules, regulations, clarifications and
modifications thereunder

Page 13 of 295
 Term Description
Companies Act, 1956 Companies Act, 1956 (without reference to the provisions thereof that have
ceased to have effect upon notification of the Notified Sections)
Companies Act, 2013 Companies Act, 2013, to the extent in force pursuant to the notification of
the Notified Sections, read with the rules, regulations, clarifications and
modifications thereunder
Consolidated FDI Policy The current consolidated FDI Policy, effective from August 28, 2017, issued
by the Department of Industrial Policy and Promotion, Ministry of
Commerce and Industry, Government of India, and any modifications thereto
or substitutions thereof, issued from time to time
CMP Current Market Price
Contract Act The Indian Contract Act, 1872
COPRA The Consumer Protection Act, 1986
CSR Corporate Social Responsibility
CST Central Sales Tax
Depositories Act The Depositories Act, 1996
DIN Director Identification Number
DIPP Department of Industrial Policy and Promotion, Ministry of Commerce and
Industry, GoI
DP Depository Participant
DP ID Depository Participant’s identity number
DTC Direct Tax Code, 2013
EBITDA Revenue from operations (net) less total expenses (expenses other than
finance cost, and depreciation and amortization).
EBITDA Margin EBITDA divided by revenue from operations (net).
ECS Electronic Clearing System
EGM Extraordinary General Meeting
Electricity Act The Electricity Act, 2003
EPA The Environment Protection Act, 1986
EPF Act The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
EPS Earnings per share
ER Act The Equal Remuneration Act, 1976
ESI Act The Employees’ State Insurance Act, 1948
ESIC Employee State Insurance Corporation
ESOP Employee Stock Option Plan
ESPS Employee Stock Purchase Scheme
FCNR Account Foreign Currency Non Resident (Bank) account established in accordance
with the FEMA
FDI Foreign direct investment

Page 14 of 295
 Term Description
FEMA The Foreign Exchange Management Act, 1999 read with rules and
regulations there under
FEMA Regulations The Foreign Exchange Management (Transfer or Issue of Security by a
Person Resident Outside India) Regulations, 2017, as amended time to time
FI Financial Institutions
FII(s) Foreign Institutional Investors as defined under SEBI FPI Regulations
Financial Year / Fiscal Year / The period of 12 months commencing on April 1 of the immediately
FY preceding calendar year and ending on March 31 of that particular calendar
year
FIPB Foreign Investment Promotion Board
Foreign Portfolio Investor or A foreign portfolio investor, as defined under the SEBI FPI Regulations and
FPIs registered with SEBI under applicable laws in India.
Fugitive economic offender An individual who is declared a fugitive economic offender under section 12
of the Fugitive Economic Offenders Act, 2018
FV Face Value
FVCI Foreign Venture Capital Investors (as defined under the Securities and
Exchange Board of India (Foreign Venture Capital Investors) Regulations,
2000) registered with SEBI
GAAP Generally Accepted Accounting Principles
GIR Number General Index Registry Number
GoI/Government Government of India
Gratuity Act The Payment of Gratuity Act, 1972
GST Act The Central Goods and Services Tax Act, 2017
Hazardous Wastes Rules Hazardous Wastes (Management, Handling and Trans boundary Movement)
Rules, 2008
HNI High Net worth Individual
HUF Hindu Undivided Family
ICAI The Institute of Chartered Accountants of India
ICDR/ ICDR Regulations/ The Securities and Exchange Board of India (Issue of Capital and Disclosure
SEBI ICDR/ SEBIs (ICDR) Requirements) Regulations, 2018, as amended, including instructions and
Regulations clarifications issued by SEBI from time to time
ICSI The Institute of Company Secretaries of India
ID Act The Industrial Disputes Act, 1947
IDRA The Industrial (Development and Regulation) Act, 1951
IE Act The Indian Easements Act, 1882
IEM Industrial Entrepreneurs Memorandum
IFRS International Financial Reporting Standards
IFSC Indian Financial System Code

Page 15 of 295
 Term Description
IGST Integrated GST
Indian GAAP Generally Accepted Accounting Principles in India
INR or Rupee or Rs. or Rs. Indian Rupee, the official currency of the Republic of India
Insider Trading Regulations The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, as amended.
IPO Initial Public Offering
IT Act Income Tax Act, 1961
KMP Key Managerial Personnel
LM Lead Manager
Ltd. Limited
M. A Master of Arts
M. Com Master of Commerce
M.B.A Master of Business Administration
Maternity Benefit Act Maternity Benefit Act, 1961
MCA The Ministry of Corporate Affairs, GoI
MCI Ministry of Commerce and Industry, GoI
Mn Million
MoEF Ministry of Environment and Forests
MoF Ministry of Finance, Government of India
MOU Memorandum of Understanding
MSME Micro, Small and Medium Enterprise
Mutual Funds Mutual funds registered with the SEBI under the Securities and Exchange
Board of India (Mutual Funds) Regulations, 1996
MWA Minimum Wages Act, 1948
NA Not Applicable
NAV Net asset value
NBFC Non-Banking Finance Company
NI Act The Negotiable Instruments Act, 1881
No. Number
Noise Regulation Rules The Noise Pollution (Regulation & Control) Rules 2000
Notified Sections The sections of the Companies Act, 2013 that have been notified by the MCA
and are currently in effect
NPV Net Present Value
NRE Account Non-Resident External Account established and operated in accordance with
the FEMA
NRO Account Non-Resident Ordinary Account established and operated in accordance with
the FEMA

Page 16 of 295
 Term Description
NSDL National Securities Depository Limited
NSE National Stock Exchange of India Limited
OCB Overseas Corporate Bodies
p.a. Per Annum
P/E Ratio Price/Earnings Ratio
PAN Permanent account number
PAT Profit after Tax
PBT Profit Before Tax
Pcs Pieces
PIL Public Interest Litigation
POB Act Payment of Bonus Act, 1965
Public Liability Act/PLI Act The Public Liability Insurance Act, 1991
Pvt./(P) Private
QFI(s) Qualified Foreign Investor(s) as defined under the SEBI FPI Regulations
QIB Qualified Institutional Buyer
R&D Research & Development
RBI The Reserve Bank of India
Registration Act The Indian Registration Act, 1908
RoC or Registrar of Companies The Registrar of Companies
ROE Return on Equity
RONW Return on Net Worth
RTGS Real Time Gross Settlement
Rule 144A Rule 144A under the U.S. Securities Act, 1933
SCRA Securities Contracts (Regulation) Act, 1956, as amended from time to time
SCRR Securities Contracts (Regulation) Rules, 1957, as amended from time to time.
SEBI The Securities and Exchange Board of India constituted under the SEBI Act
SEBI (LODR) Regulations Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, including instructions and
clarifications issued by SEBI from time to time
SEBI Act The Securities and Exchange Board of India Act, 1992
SEBI AIF Regulations Securities and Exchange Board of India (Alternate Investment Funds)
Regulations, 2012
SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2014
SEBI FVCI Regulations Securities and Exchange Board of India (Foreign Venture Capital Investors)
Regulations, 2000

Page 17 of 295
 Term Description
SEBI SBEB Regulations Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014.
SEBI Takeover Regulations The Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 2011, as amended from time to time.
SEBI VCF Regulations Securities and Exchange Board of India (Venture Capital Funds)
Regulations, 1996 as amended from time to time.
SGST State GST
SHWW/SHWW Act The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013
SICA Sick Industrial Companies (Special Provisions) Act, 1985
SME Small and Medium Enterprise
STT Securities Transaction Tax
TAN Tax Deduction Account Number
TIN Taxpayers Identification Number
TM Act The Trademarks Act, 1999
TRS Transaction Registration Slip
U.S. GAAP Generally Accepted Accounting Principles in the United States of America
U.S. Securities Act The United States Securities Act, 1933
u/s Under Section
UIN Unique Identification Number
UPI Unified Payments Interface
US$ or USD or US Dollars United States Dollar, the official currency of the United States of America
USA or U.S. or US United States of America
VAT Value Added Tax
VCF/ Venture Capital Fund Foreign Venture Capital Funds (as defined under the Securities and
Exchange Board of India (Venture Capital Funds) Regulations, 1996)
registered with SEBI under applicable laws in India.
w.e.f. With effect from
Wages Act Payment of Wages Act, 1936
Water Act The Water (Prevention and Control of Pollution) Act, 1974
WCA The Workmen’s Compensation Act, 1923
WDV Written Down Value
WTD Whole-time Director
YoY Year over year

Notwithstanding the following: -

i. In the section titled “Main Provisions of the Articles of Association” beginning on page 265 of this
Draft Prospectus, defined terms shall have the meaning given to such terms in that section;

Page 18 of 295
 ii. In the section titled “Financial Information” beginning on page 192 of this Draft Prospectus, defined
terms shall have the meaning given to such terms in that section;
iii. In the section titled “Risk Factor” beginning on page 35 of this Draft Prospectus, defined terms shall
have the meaning given to such terms in that section;
iv. In the chapter titled “Statement of Possible Tax Benefits” beginning on page 97 of this Draft
Prospectus, defined terms shall have the meaning given to such terms in that chapter; and
In the chapter titled “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” beginning on page 194 of this Draft Prospectus, defined terms shall have the meaning
given to such terms in that chapter.

Page 19 of 295
 PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA

All references to “India” are to the Republic of India and all references to the “Government” are to the
Government of India.
FINANCIAL DATA
Unless stated otherwise, the financial data included in this Draft Prospectus are extracted from the restated
financial statements of our Company, prepared in accordance with the applicable provisions of the Companies
Act, Indian GAAP and restated in accordance with SEBI (ICDR) Regulations, as stated in the report of our Peer
Reviewed Auditors, set out in the section titled ‘Financial Information beginning on page 192 of this Draft
Prospectus. Our restated financial statements are derived from our audited financial statements prepared in
accordance with Indian GAAP and the Companies Act, and have been restated in accordance with the SEBI
(ICDR) Regulations.
Our fiscal year commences on April 1st of each year and ends on March 31st of the next year. All references to
a particular fiscal year are to the 12 month period ended March 31st of that year. In this Draft Prospectus, any
discrepancies in any table between the total and the sums of the amounts listed are due to rounding-off. All
decimals have been rounded off to two decimal points.
There are significant differences between Indian GAAP, IFRS and US GAAP. The Company has not attempted
to quantify their impact on the financial data included herein and urges you to consult your own advisors
regarding such differences and their impact on the Company’s financial data. Accordingly to what extent, the
financial statements included in this Draft Prospectus will provide meaningful information is entirely dependent
on the reader’s level of familiarity with Indian accounting practices / Indian GAAP. Any reliance by persons
not familiar with Indian Accounting Practices on the financial disclosures presented in this Draft Prospectus
should accordingly be limited.
Any percentage amounts, as set forth in “Risk Factors”, “Our Business”, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and elsewhere in this Draft Prospectus unless
otherwise indicated, have been calculated on the basis of the Company’s restated financial statements prepared
in accordance with the applicable provisions of the Companies Act, Indian GAAP and restated in accordance
with SEBI (ICDR) Regulations, as stated in the report of our Peer Reviewed Auditor, set out in the section titled
‘Financial Information” beginning on page 192 of this Draft Prospectus.
CURRENCY OF PRESENTATION
In this Draft Prospectus, references to “Rupees” or “Rs.” or “INR” or ”₹” are to Indian Rupees, the official
currency of the Republic of India. All references to “$”, “US$”, “USD”, “U.S. $”or “U.S. Dollars” are to United
States Dollars, the official currency of the United States of America.
All references to ‘million’ / ‘Million’ / ‘Mn’ refer to one million, which is equivalent to ‘ten lacs’ or ‘ten lakhs’,
the word ‘Lacs / Lakhs / Lac’ means ‘one hundred thousand’ and ‘Crore’ means ‘ten million’ and ‘billion / bn./
Billions’ means ‘one hundred crores’.
INDUSTRY & MARKET DATA
Unless otherwise stated, Industry & Market data used throughout this Draft Prospectus has been obtained from
publically available information and Industry publications inter alia Planning Commission of India, Economic
Survey, Industry Chambers and Associations etc. Industry publications generally state that the information
contained in those publications has been obtained from sources believed to be reliable but their accuracy and
completeness are not guaranteed and their reliability cannot be assured. Although we believe that industry data
used in this Draft Prospectus is reliable, it has not been independently verified. Similarly, internal Company
reports, while believed by us to be reliable, have not been verified by any independent sources.
Further the extent to which the market and industry data presented in this Draft Prospectus is meaningful
depends on the reader’s familiarity with and understanding of the methodologies used in compiling such data.
There are no standard data gathering methodologies in the industry in which we conduct our business, and
methodologies and assumptions may vary widely among different industry sources.

Page 20 of 295
 FORWARD LOOKING STATEMENT

This Draft Prospectus contains certain “forward-looking statements”. These forward looking statements can
generally be identified by words or phrases such as “aim”, “anticipate”, “believe”, “expect”, “estimate”,
“intend”, “objective”, “plan”, “project”, “shall”, “will”, “will continue”, “will pursue” or other words or phrases
of similar meaning. Similarly, statements that describe our strategies, objectives, plans or goals are also forward-
looking statements. All forward looking statements are subject to risks, uncertainties and assumptions about us
that could cause actual results and property valuations to differ materially from those contemplated by the
relevant forward looking statement.
Important factors that could cause actual results to differ materially from our expectations include, but are not
limited to the following:-
General economic and business conditions in the markets in which we operate and in the local, regional, national
and international economies;
 Changes in laws and regulations relating to the sectors/areas in which we operate;
 Increased competition in industry which we operate;
 Factors affecting the industry in which we operate;
 Our ability to meet our capital expenditure requirements;
 Fluctuations in operating costs;
 Our ability to attract and retain qualified personnel;
 Changes in political and social conditions in India, the monetary and interest rate policies of India and other
countries;
 Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
 The performance of the financial markets in India and globally;
 Any adverse outcome in the legal proceedings in which we are involved;
 Our failure to keep pace with rapid changes in technology;
 The occurrence of natural disasters or calamities;
 Other factors beyond our control;
 Our ability to manage risks that arise from these factors;
 Conflict of Interest with affiliated companies, the promoter group and other related parties; and
 Changes in government policies and regulatory actions that apply to or affect our business.
For a further discussion of factors that could cause our actual results to differ, refer to section titled “Risk
Factors” and chapter titled “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” beginning on pages 35 and 194 respectively of this Draft Prospectus. By their nature, certain market
risk disclosures are only estimates and could be materially different from what actually occurs in the future. As
a result, actual future gains or losses could materially differ from those that have been estimated.
Future looking statements speak only as of the date of this Draft Prospectus. Neither we, our Directors, Lead
Manager, Underwriters nor any of their respective affiliates have any obligation to update or otherwise revise
any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying
events, even if the underlying assumptions do not come to fruition. In accordance with SEBI requirements, the
LM and our Company will ensure that investors in India are informed of material developments until the grant
of listing and trading permission by the Stock Exchange.

Page 21 of 295
 SECTION II – OFFER DOCUMENT SUMMARY

OVERVIEW OF INDUSTRY
Production of castor oil has played a very crucial role in the cosmetic and chemical industry. Key players of
castor oil market are anticipating strong performance. Manufacturers are entering new markets through the
acquisition of major regional players of castor oil, in order to enhance their product offerings and manufacturing
facilities. Companies are investing significantly in research & development to gain competitive advantage.
Cotton plays an important role in the Indian economy as the country's textile industry is predominantly cotton
based. India is one of the largest producers as well as exporters of cotton yarn. The textile industry is also
expected to reach US$ 223 billion by the year 2021. Cotton yarn and fabrics exports accounts for about 23 per
cent of India’s total textiles and apparel exports
For further details please see the chapter titled “Our Industry” beginning on page 100 of this Draft Prospectus.
OVERVIEW OF BUSINESS
We are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.),
Castor De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as well as for exports to
international markets. We have also diversified our business operations into manufacturing of Cotton Bales
(Lint Cotton) and Delineate Cotton Seeds. Company has one cotton processing unit at Harij, Gujarat and two
well-equipped Castor processing units at Harij and Palanpur, Gujarat respectively for undertaking
manufacturing operations of abovementioned two product segments. We are also engaged in the trading of
Castor Seeds and Raw Cotton.
For, further details regarding risk involved in Business of the Company and risk in relation to the Issue, refer
to chapter titled “Risk Factor” and “Our Business” beginning on page 35 and 121 of this Draft Prospectus.
PROMOTERS OF OUR COMPANY
Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal are the Promoters of our
Company.
DETAILS OF THE ISSUE
Initial Public Offer consisiting of fresh issue of upto 42,30,000 equity shares of face value of Rs. 10/- each fully
paid of Mangalam Global Enterprise Limited (“the issuer” or “our company”) for cash at a price of Rs. 51/- per
equity share (including a share premium of Rs. 41/- per equity share) (the “issue price”) aggregating upto Rs.
2157.30/- lakhs (the“issue”) of which 2,12,000 equity shares of face value Rs. 10/- each for cash at a price of
Rs. 51/- per equity share, aggregating Rs. 108.12/- lakhs will be reserved for subscription by the market maker
to the issue (the “market maker reservation portion”). The issue less market maker reservation portion i.e. Issue
of 40,18,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 51/- per equity share is
hereinafter referred to as the “Net Issue”. The issue and the net issue will constitute 26.34 % and 25.02 %,
respectively of the fully diluted post issue paid up equity share capital of our company.
OBJECTS OF THE ISSUE
Our Company intends to utilize the Net Proceeds of the Issue (Issue proceeds less the issue expenses) towards
the following Objects:
(Rs. in lakhs)

Sr. Estimated Percentage of Percentage of Net

Particulars
No. Amount Gross Proceeds Proceeds
1. Funding the working capital 1,700.00 78.80% 80.57%
requirements of our Company
2. General Corporate Purposes 410.00 19.01% 19.43%

PRE-ISSUE SHAREHOLDING OF PROMOTERS AND PROMOTER GROUP

Page 22 of 295
Our Promoter and Promoter Group are collectively holding 1,13,98,790 equity shares of our Company
aggregating to 96.38% of the pre-issue paid-up share capital of our Company. Following are the details of
shareholding of Promoters and promoter group:

Pre-Issue
S. No. Name of Shareholder No. of Equity % of Pre-Issue
Shares Capital

(I) (II) (III) (IV)

Promoters

1. Vipin Prakash Mangal 9,56,940 8.09%

2. Chanakya Prakash Mangal 20,74,100 17.54%

3. Chandragupt Prakash Mangal 21,98,875 18.59%

Sub-Total (A) 52,29,915 44.22%

Promoter-Group

4. Rashmi Mangal 9,06,890 7.67%

5. Hemlata Mangal 69,045 0.58%

6. Om Prakash Mangal 14,28,575 12.08%

7. Mangalam Worldwide Pvt Ltd 17,50,005 14.80%

8. Zaddoc Nutrition Pvt Ltd 20,14,360 17.03%

Sub-Total (B) 61,68,875 52.16%

TOTAL (A)+(B) 1,13,98,790 96.38%

SUMMARY OF FINANCIAL INFORMATION

Following are the details as per the Restated Consolidated Financial Information for the period ended June 30,
2019 and as at and for the Financial Year ended on March 31, 2019 and as per the Restated Standalone Financial
Information as at and for the period ended on June 30, 2019 the Financial Years ended on March 31, 2019, 2018
and 2017:
Based on Restated Standalone Financial Information:
(Rs. in lakhs)

Particulars June 30, 2019 March 31, March 31, March 31,
2019 2018 2017
Share Capital 232.55 232.55 54.50 4.50
Net Worth 3,348.22 3,242.83 534.52 8.62
Revenue* 14,570.98 32,949.72 2,689.36 268.51
Profit after tax 105.39 216.98 25.89 9.41
Earnings per share (in Rs.) 0.91 2.20 0.28 0.10
Net asset value per share (in Rs.) 28.80 27.89 5.43 0.09

Page 23 of 295
 Particulars June 30, 2019 March 31, March 31, March 31,
2019 2018 2017
Total borrowings (as per balance 5,306.80 1,116.16 238.56 619.65
sheet)**

*Revenue from operations

**inclusive of current maturities
Based on Restated Consolidated Financial Information:
(Rs. in lakhs)

Particulars June 30, 2019 March 31, 2019

Share Capital 232.55 232.55
Net Worth 3,535.35 3,432.91
Revenue* 14,627.89 38,980.52
Profit after tax 102.11 227.31
Earnings per share (in Rs.) 0.88 2.31
Net asset value per share (in Rs.) 30.41 29.52
Total borrowings (as per balance sheet)** 7,518.15 2,873.93

*Revenue from operations

**inclusive of current maturities
AUDITOR QUALIFICATIONS
There are no Auditor qualification which have not been given effect to in the Restated Financial Statements.
SUMMARY OF OUTSTANDING LITIGATIONS
Our Company, Subsidiaries, Promoters and Directors are currently involved in certain litigation which is Our
Group Companies are involved in certain Income tax related proceedings. They have been issued notices under
Income Tax Act, 1961 and related proceedings are pending with relevant statutory authorities at various
jurisdictions. They are also involved in certain indirect tax (Service Tax) related proceedings which are pending
with relevant tax authority. Certain stamp duty related proceedings involving our Group Company is currently
pending at relevant stamp authority.
Except as mentioned above, there are no legal proceedings by or against our Company, Directors, Promoters,
Subsidiary Company, Group Companies. A classification of legal proceedings is mentioned below:
Name of Entity Criminal Actions by Tax Proceedings Other Material Aggregate amount
Proceedings Regulatory Proceedings involved
Authorities (Rs. in lakhs)
By the Company Nil Nil Nil Nil Nil
Against the
Nil Nil Nil Nil Nil
Company
By the Promoter Nil Nil Nil Nil Nil
Against the
Nil Nil Nil Nil Nil
Promoter
By the Directors Nil Nil Nil Nil Nil
Against the
Nil Nil 1 Nil 0.002
Directors

Page 24 of 295
 By Group
Nil Nil Nil Nil Nil
Companies
Against Group
Nil Nil 3 1 174.32
Companies
By the
Nil Nil Nil Nil Nil
Subsidiaries
Against the
Nil Nil Nil Nil Nil
Subsidiaries

For further details in relation to legal proceedings involving our Company, Promoters, Directors, Subsidiary
Companies, Group Companies please refer the chapter titled ― “Outstanding Litigations and Material
Developments” on page 216 of this Draft Prospectus.
RISK FACTORS
Please see the chapter “Risk factors” beginning on page 35 of this Draft Prospectus.
SUMMARY OF RELATED PARTY TRANSACTION
Following are the summary detail of the related party transactions of the Company as per the Restated
Consolidated Financial Information for the period ended on June 30, 2019 and as at and for Financial Year
ended on March 31, 2019, 2018 and 2017 and the details as per the Restated Standalone Financial Information
for the period ended on June 30, 2019:
a. Based on Restated Standalone Financial
(Rs. In Lakhs)

Amount Amount
Amount Amount Amount Amount Amount Amount
debited credited
Name of Nature of debited credited debited credited debited credited
upto upto
Party Transaction in 2018- in 2018- in 2017- in 2017- in 2016- in 2016-
30.06.20 30.06.20
19 19 18 18 17 17
19 19

Foreign
travelling - - - - - - 0.49 0.49
exps

Share Issue - - 135.22 135.22 31.00 31.00 - -

Vipin
Prakash Reimbursem
4.14 4.14 - - - - - -
Mangal ent Expense

Interest on
- 14.16 - - - - - -
Borrowing

Loan 229.25 762.25 199.23 192.00 32.04 13.00 - 11.00

Share Issue - - 135.22 135.22 - - - -

Om Prakash
Mangal Unsecured
- - 452.50 450.00 - 2.50 - -
Loans

Salary - 0.88 4.50 4.50 6.00 6.00 - -

Hemalata
Omprakash Share Issue - - - - 4.00 4.00 - -
Mangal
Loan - - 50.00 50.00 - - - -

Page 25 of 295
 Amount Amount
Amount Amount Amount Amount Amount Amount
debited credited
Name of Nature of debited credited debited credited debited credited
upto upto
Party Transaction in 2018- in 2018- in 2017- in 2017- in 2016- in 2016-
30.06.20 30.06.20
19 19 18 18 17 17
19 19

Sanjay
Prakash Salary - 0.99 - - - - - -
Mangal

Salary - 2.35 4.50 4.50 6.00 6.00 - -

Interest on
- 0.67 - - - - - -
Borrowing

Loan - 47.50 155.12 151.00 174.00 3.50 32.00 112.00

Rashmi
Mangal Share Issue - - 101.61 101.61 155.00 155.00 - -

foreign
travelling - - - - - - 1.09 1.09
exps

Rent - - 0.05 0.05 0.62 0.62 - -

Rent 4.39 4.39 - - 1.34 1.34 2.00 1.80

Rent Deposit 2.70 - - - - - - -

Investment - - 0.50 0.50 - - - -

Interest on
- 0.08 - - - - - -
Borrowing
Chanakya
Prakash
loan 7.00 10.00 665.63 556.05 179.67 67.50 - 98.00
Mangal

Share Issue - - 351.43 351.43 155.00 155.00 - -

foreign
travelling - - - - - - 0.25 0.25
exps

Salary 6.00 9.31 4.50 4.50 6.09 6.09 - -

Salary - 2.31 - - - - - -

foreign
Chandragup
travelling - - - - - - 0.25 0.25
t Prakash
exps
Mangal

Interest on
- 0.12 - - - - - -
Borrowing

Page 26 of 295
 Amount Amount
Amount Amount Amount Amount Amount Amount
debited credited
Name of Nature of debited credited debited credited debited credited
upto upto
Party Transaction in 2018- in 2018- in 2017- in 2017- in 2016- in 2016-
30.06.20 30.06.20
19 19 18 18 17 17
19 19

loan - 13.00 507.12 451.00 166.88 75.00 - 98.00

Share Issue - - 386.37 386.37 155.00 155.00 - -

Consultancy
6.50 6.50 10.25 10.25 - - - -
Fees

Reimbursem
- - - - - - 0.02 0.02
Mangalam ent Expense
Worldwide
Private Share Issue - - 645.00 645.00 - - - -
Limited
Sales (Rent) - - 1.30 1.30 - - - -

Advances for
- - 868.43 868.43 - - - -
Goods

Sales - - 660.21 660.21 - - - -

Rent Deposit - - 20.00 - - - - -

Hindprakas
h Castor
Rent 32.40 33.17 59.57 54.00 - - - -
Derivatives
Private
Loans and
Limited 32.80 190.00 404.50 238.00 - - - -
Advance

Interest on
- 4.25 23.40 25.76 - - - -
advance

Purchase 159.82 159.82 4,801.79 4,801.79 - - - -

Shanker
Global Pvt. - - - - - - - 49.00
Ltd.

Purchase - - - - 1,168.56 1,168.56 - -

Hindprakas Sales - - - - 398.06 398.06 134.23 134.23

h Tradelink
Private Interest on
- 0.87 6.92 6.92 - - - -
Limited Borrowing

Loan - 160.00 980.75 980.75 0.09 95.09 95.00 -

Shirshak Reimbursem
0.03 0.03 - - - - - -
Exim LLP ent Expense

Page 27 of 295
 Amount Amount
Amount Amount Amount Amount Amount Amount
debited credited
Name of Nature of debited credited debited credited debited credited
upto upto
Party Transaction in 2018- in 2018- in 2017- in 2017- in 2016- in 2016-
30.06.20 30.06.20
19 19 18 18 17 17
19 19

Purchase - - 272.03 272.03 - - - -

Share Issue - - 564.02 564.02 - - - -

Zaddoc
Nutrition Interest on
- - 19.19 19.19 - - - -
Private Borrowing
Limited
Loans - - 1,434.02 1,434.02 - - - -

Ecofine Loans - - 8.10 - - - - -

Colourchem
Private Interest on
- - 0.50 - - - - -
Limited advance

Purchase of
- - 1.83 1.83 - - - -
ECS fixed asset
Environmen
t Private Rent Income - - 0.61 0.55 - - - -
Limited
Sales - 23.06 125.54 9.00 - - - -

b. Based on Restated Consolidated Financial

Amount of
Amount of Amount of Amount of
Transaction
Nature of Nature of Transaction Transaction Transaction
Name of Party credited
Relation Transaction debited upto debited in credited in
upto
30.06.2019 2018-19 2018-19
30.06.2019

Foreign
- - - -
Travelling Exps.

Share Issue - - 135.22 135.22

Vipin Prakash
Mangal Reimbursement
Promoter 4.14 4.14 - -
Expense
(Holding Co.)
Interest on
- 14.16 - -
Borrowing

Loan 229.25 762.25 199.23 192.00

Om Prakash Mangal Relative of Share Issue - - 135.22 135.22

(Holding Co.) Promoter Unsecured Loans - - 452.50 450.00

Salary - 0.88 4.50 4.50

Hemalata
Omprakash Mangal Relative of
Share Issue - - - -
Promoter
(Holding Co.)
Loan - - 50.00 50.00

Page 28 of 295
 Amount of
Amount of Amount of Amount of
Transaction
Nature of Nature of Transaction Transaction Transaction
Name of Party credited
Relation Transaction debited upto debited in credited in
upto
30.06.2019 2018-19 2018-19
30.06.2019

Sanjay Prakash
Mangal Relative of
Salary - 0.99 - -
Promoter
(Holding Co.)

Salary - 2.35 4.50 4.50

Interest on
- 0.67 - -
Borrowing

Loan - 47.50 155.12 151.00

Rashmi Mangal Relative of
(Holding Co.) Promoter
Share Issue - - 101.61 101.61

Foreign
- - - -
Travelling Exps.

Rent - - 0.05 0.05

Rent 4.39 4.39 - -

Rent Deposit 2.70 - - -

Investment - - 0.50 0.50

Interest on
Chankya Prakash - 0.08 - -
Borrowing
Mangal Promoter
(Holding Co.) loan 7.00 10.00 665.63 556.05

Share Issue - - 351.43 351.43

Foreign
- - - -
Travelling Exps.

Salary 6.00 9.31 4.50 4.50

Salary - 2.31 - -

Foreign
- - - -
Travelling Exps.

Chandragupt Interest on
Prakash Mangal - 0.12 - -
Promoter Borrowing
(Holding Co.)
loan - 13.00 507.12 451.00

Share Issue - - 386.37 386.37

Consultancy Fees 6.50 6.50 10.25 10.25

Page 29 of 295
 Reimbursement
Mangalam - - - -
Expense
Worldwide Private Associate
Limited Company Share Issue - - 645.00 645.00
(Holding Co.)
Sales (Rent) - - 1.30 1.30

Sales & Purchase 159.82 159.82 5,193.30 5,172.80

Rent Deposit - - 20.00 -

Rent Expenses
Hind Prakash Castor
Derivatives Pvt Ltd Subsidiary
Rent Income 32.40 33.17 0.57 0.57
Company
(Holding Co.)
Loans and
32.80 190.00 404.50 238.00
Advance

Interest on
3.83 - 3.81 -
advance

Purchase - - - -

Hindprakash Sales - - - -
Tradelink Private Associate
Limited Company Interest on
- 0.87 6.92 6.92
(Holding Co.) Borrowing

Loan - 160.00 980.75 980.75

Reimbursement
Shirshak Exim LLP 0.03 0.03 - -
Associate Expense
(Holding Co.) Company
Purchase - - 272.03 272.03

Share Issue - - 564.02 564.02

Zaddoc Nutrition
Private Limited Associate Interest on
- - 19.19 19.19
Company Borrowing
(Holding Co.)
Loans - - 1,434.02 1,434.02

Associate
Ecofine Colourchem Loans - - 8.10 -
Company
Private Limited
(Holding Co.) Associate Interest on
- - 0.50 -
Company advance

Purchase of fixed
- - 1.83 1.83
ECS Environment asset
Private Limited Associate
Company Rent Income - - 0.61 0.55
(Holding Co.)
Sales - 23.06 125.54 9.00

Brijesh Rajgor Unsecured Loan - 12.00 595.00 827.52

Director
(Subsidiary Co.) Int on loan - 5.26 - -

Page 30 of 295
 Share issue - - 0.50 0.50

salary - - 4.00 4.00

Purchase - - 4,742.84 4,734.40

Salary - - 4.20 4.20

Int on loan - 0.77 - -

Chankya Prakash Rent 0.32 0.32 - -

Mangal Director
(Subsidiary Co.) Rent Deposit 0.18 - - -

Share issue - - 0.50 0.50

Loan - - 51.00 104.00

Shirshak Exim LLP Share issue - - 59.50 59.50

Associate
(Subsidiary Co.) Concern
Loan - - 0.50 0.50

Loan 1.62 19.14 22.93 -

Om Oil Industries Fixed Asset

Associate - - 1,689.25 1,918.74
Purchase
(Subsidiary Co.) Concern
Lease rent
2.00 - - 2.00
Expense

Salary - - 4.10 4.10

Rashmi Mangal Relative of
Int on Loan - 0.77 - -
(Subsidiary Co.) Director
Loan - - 51.00 74.00

Salary - - 4.10 4.10

Vipin Prakash
Mangal Relative of
Int on loan - 0.77 - -
Director
(Subsidiary Co.)
Loan - - 51.00 99.00

Loan - - 51.00 74.00

Chandragupt
Prakash Mangal Relative of Int on loan - 0.77 - -
Director
(Subsidiary Co.) Consulting
- - 5.00 5.00
Expenses

Fixed Asset
Shankarlal Rajgor - - 15.50 15.50
Relative of Purchase
(Subsidiary Co.) Director
Loan - - - 15.50

Salary - - 2.00 2.00

Vasantkumar
ShankarLal Rajgor Relative of
Share issue - - 17.00 17.00
Director
(Subsidiary Co.)
Loan - - - -

Page 31 of 295
 Fixed Asset
- - 52.56 52.56
Purchase

Unsecured loan - - - 35.00

Induben rajgor Relative of
Share issue - - 16.50 16.50
(Subsidiary Co.) Director
Salary - - 2.00 2.00

Fixed Asset
- - 46.74 46.74
Anilkumar Vasudev Purchase
Rajgor Relative of
Director Share issue - - 17.00 17.00
(Subsidiary Co.)
salary - - 2.00 2.00

salary - - 2.00 2.00

Zenishaben Rajgor Relative of
Loan - - - 35.00
(Subsidiary Co.) Director
Share issue - - 17.00 17.00

Salary - - 2.00 2.00

Maheshkumar
Shankarlal Rajgor Relative of Fixed Asset
- - 37.27 37.27
Director Purchase
(Subsidiary Co.)
Share issue - - 17.00 17.00

Kiranben Salary - - 2.00 2.00

Maheshkumar Relative of
Rajgor loan - - - 35.00
Director
(Subsidiary Co.) Share issue - - 17.00 17.00

salary - - 2.00 2.00

Pareshkumar
Vasudev Rajgor Relative of Share issue - - 17.00 17.00
Director
(Subsidiary Co.) Fixed Asset
- - 46.26 46.26
Purchase

salary - - 2.00 2.00

Jagruti P Rajgor Relative of
Loan - - - 35.00
(Subsidiary Co.) Director
Share issue - - 17.00 17.00

Rahul Rajgor Relative of

Loan - - - 40.61
(Subsidiary Co.) Director

SUMMARY OF CONTINGENT LIABILITIES

Following is the summary of the Contingent Liabilities of the Company for the period ended June 30, 2019 and
for the financial years ended on March 31, 2019, 2018 and 2017:

Page 32 of 295
Based on Restated Standalone Financial Information:
(Rs.in lakhs)
Particulars For the Year ended on
June 30, 2019 March 31, March 31, March 31,
2019 2018 2017
Bank guarantees / Letter of Credit 791.39 2,756.90 - -
Total 791.39 2,756.90 - -

Based on Restated Consolidated Financial Information:

(Rs. in lakhs)
Particulars For the Year ended on
June 30, 2019 March 31, March 31, March 31,
2019 2018 2017
Bank guarantees / Letter of Credit 791.39 2,756.90 - -
Total 791.39 2,756.90 - -
For further details regarding the same, refer the Chapter titled “Financial Statement as Restated” beginning
on page 192 of this Draft Prospectus.
DETAILS OF FINANCING ARRANGEMENTS
There are no financing arrangements whereby the Promoters, member of Promoter Group, the Directors of our
company and their relatives have financed the purchase by any other person of securities of our Company other
than in the normal course of the Business of the financing entity during the period of six months immediately
preceding the date of filing of this Draft Prospectus.
WEIGHTED AVERAGE PRICE AT WHICH THE EQUITY SHARES ACQUIRED BY EACH OF
OUR PROMOTERS
The weighted average price of the Shares acquired by our Promoters within last 1 (One) year from the date of
filing of this Draft Prospectus are set forth in the table below:

No. of equity share Weighted average price of

Name of Promoters
acquired shares acquired (in Rs.)

Vipin Prakash Mangal 9,17,140 20.74

Chanakya Prakash Mangal 19,10,303 18.40

Chandragupt Prakash Mangal 20,35,076 18.99

AVERAGE COST OF ACQUISITION OF SHARES

The average cost of acquisition of or subscription to Equity Shares by our Promoters is set forth in the table
below:

Name of promoter No. of Shares held Average Cost of Acquisition (In Rs.)

Vipin Prakash Mangal 9,56,940 23.21

Chanakya Prakash Mangal 20,74,100 24.46

Chandragupt Prakash Mangal 21,98,875 24.66

Page 33 of 295
DETAILS OF PRE-IPO PLACEMENT
Our Company does not contemplate any issuance or placement of Equity Shares from the date of this Draft
Prospectus till the listing of the Equity Shares.
EQUITY SHARES ISSUED FOR CONSIDERATION OTHER THAN CASH IN LAST ONE YEAR
Except as mentioned below, we have not issued any Equity Shares for consideration other than cash during last
one year from the date of this Draft Prospectus:

Date of Issue
No. of Equity Face Value Price Reasons for Benefits accrued to
Allotment / Fully
Shares allotted (in Rs.) allotment our Company
Paid - up (in Rs.)
Conversion of
March 31, 2019 13,37,593 10 140 Right Issue
Unsecured Loan
September 03, Capitalization of
93,01,928 10 Nil Bonus Issue
2019 reserves

For further details please see the chapter titled “Capital Structure” beginning on page 67 of this Draft
Prospectus.
SPLIT / CONSOLIDATION OF EQUITY SHARES IN THE LAST ONE YEAR
Our Company has not undertaken any split or consolidation of Equity Shares during the last one year from the
date of this Draft Prospectus.

Page 34 of 295
 SECTION III – RISK FACTORS

An investment in Equity Shares involves a high degree of risk. You should carefully consider all the information
in this Draft Prospectus, including the risks and uncertainties described below, before making an investment in
our Equity Shares. In making an investment decision, prospective investors must rely on their own examination
of our Company and the terms of this Issue including the merits and risks involved. Any potential investor in,
and subscriber of, the Equity Shares should also pay particular attention to the fact that we are governed in India
by a legal and regulatory environment in which some material respects may be different from that which prevails
in other countries. The risks and uncertainties described in this Section are not the only risks and uncertainties
we currently face. Additional risks and uncertainties not known to us or that we currently deem immaterial may
also have an adverse effect on our business. If any of the following risks, or other risks that are not currently
known or are now deemed immaterial, actually occur, our business, results of operations and financial condition
could suffer, the price of our Equity Shares could decline, and you may lose all or part of your investment.
Additionally, our business operations could also be affected by additional factors that are not presently known
to us or that we currently consider as immaterial to our operations.
Unless otherwise stated in the relevant risk factors set forth below, we are not in a position to specify or quantify
the financial or other implications of any of the risks mentioned herein. Unless otherwise stated, the financial
information of our Company used in this Section is derived from our restated financial statements prepared in
accordance with Indian GAAP, the Companies Act and which have been restated in accordance with the SEBI
ICDR 2018 Regulations. To obtain a better understanding, you should read this Section in conjunction with the
chapters titled “Our Business” beginning on page 121, “Our Industry” beginning on page 100 and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on page
194 respectively, of this Draft Prospectus as well as other financial information contained herein.
Materiality:
The Risk Factors have been determined on the basis of their materiality. The following factors have been
considered for determining the materiality.
• Some events may not be material individually but may be found material collectively;
• Some events may have material impact qualitatively instead of quantitatively; and
• Some events may not be material at present but may have material impact in future.
The financial and other related implications of risks concerned, wherever quantifiable, have been disclosed in
the risk factors mentioned below. However, there are risk factors where the impact may not be quantifiable and
hence the same has not been disclosed in such risk factors. Unless otherwise stated, we are not in a position to
specify or quantify the financial or other risks mentioned herein. For capitalized terms used but not defined in
this chapter, refer to the chapter titled “Definitions and Abbreviation” beginning on page 3 of this Draft
Prospectus. The numbering of the risk factors has been done to facilitate ease of reading and reference and does
not in any manner indicate the importance of one risk factor over another.
In this Draft Prospectus, any discrepancies in any between total and the sums of the amount listed are due to
rounding off.
The risk factors are classified as under for the sake of better clarity and increased understanding:

Page 35 of 295
 Business Risk
Internal
Risk Factor Issue Related

Industry Related
External
Others

INTERNAL RISKS FACTORS:

BUSINESS RELATED RISKS
1. Our business is subject to seasonal volatility, which may contribute to fluctuations in our results of
operations and financial condition.
The major raw materials used in our manufacturing operations are Castor Seeds and Raw Cotton. Due to
the seasonal availability of these two items, our business is seasonal in nature. The period during which
our business may experience higher revenues varies from season to season depending upon the availability
and thereafter harvesting of these raw materials. During the crop season, we are able to procure these raw
materials at reasonable terms and in substantial quantities, whereas during the off-season their availability
is less and also there are price variations. Accordingly, our revenue in one quarter may not accurately
reflect the revenue trend for the whole Financial Year. The seasonality of Castor Seeds and Raw Cotton
and its impacts may cause fluctuations in our result of operations and financial conditions.
2. Our cost of production is exposed to fluctuations in the prices of our raw materials such as Castor
Seeds and Raw Cotton.
We are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.),
Castor De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as well as for exports
to international markets. We also manufacture Cotton Bales (Lint Cotton) and Delineate Cotton Seeds.
Castor Seeds and Raw Cotton are two important raw materials required in the manufacturing of
abovementioned finished products. We source required raw materials as mentioned above through
domestic market. We are exposed to fluctuations in the price of the raw materials such Castor Seeds and
Raw Cotton and may be unable to control factors affecting the price directly or indirectly at which we
procure such materials, particularly as we do not enter into any supply agreements with our suppliers. We
also face the risks associated with compensating for or passing on such increase in our cost of production
on account of such fluctuations in price to our customers. Particularly, we do pass on the increase in the
cost of production to our customers through a corresponding increase in the price of our products in order
to maintain our historical margins.
3. We have a very limited operating history of our manufacturing operations, which may make it
difficult for investors to evaluate our historical performance or future prospects.
Our Company was originally incorporated in the year 2010. Our Company was converted into a Public
Limited Company on September 30, 2019. However, we started commercial manufacturing activities for
Refined Castor Oil and Cotton Bales and Cotton Seeds in the year 2018 only. We were engaged in the
trading business before starting commercial manufacturing of our abovementioned products. Given our
Company's limited operating history as a manufacturer, we may not have sufficient experience to address
the risks frequently encountered by early stage manufacturing companies, including our ability to
successfully complete our orders or maintain adequate control of our costs and expenses.

Page 36 of 295
 Given the fragmented nature of the industry in which we operate, we often do not have complete
information about accurate government data regarding crop output, total sowing, total dealings etc. and
accordingly we may underestimate supply in the market. If we are unsuccessful in addressing such risks,
our business may be materially and adversely affected. Accordingly, investors should consider our business
and prospects in light of the risks, losses and challenges that we face as an early stage manufacturing
company and should not rely on our results of operations for any prior periods as an indication of our future
performance. For further details, see the section titled “Our History and Certain Corporate
Matters” and “Financial Statements as Restated” at page 151 and 192 respectively of this Draft
Prospectus.
4. We generally do business with our customers on purchase order basis and do not enter into long-
term contracts with most of them.
Our business is dependent on our continuing relationships with our customers. Our Company neither has
any long-term contract with any of customers nor has any marketing tie up for our products. Further, our
Company has not appointed any exclusive agents for handling its operations. Any change in the buying
pattern of our end users or disassociation of major customers can adversely affect the business of our
Company. The loss of or interruption of work by, a significant customer or a number of significant
customers or the inability to procure new orders on a regular basis or at all may have an adverse effect on
our revenues, cash flows and operations.
5. Our top 10 customers contribute majority of our revenues from operations. Any loss of business
from one or more of them may adversely affect our revenues and profitability.
Our top 10 and top 5 customers contributed 83.36 % and 68.09 % of our revenues for the period ended
June 30, 2019 based on restated financial statements respectively. Further, our top 10 and top 5 customers
contributed 86.49 % and 71.89 % of our revenues for the year ended March 31, 2019 based on restated
financial statements respectively. However, our top customers may vary from period to period depending
on the demand and thus the composition and revenue generated from these clients might change as we
continue to add new customers in normal course of business. Since our business is concentrated among
relatively few significant customers, we could experience a reduction in our results of operations, cash
flows and liquidity if we lose one or more of these customers or the amount of business we obtain from
them is reduced for any reason, including but not limited on account of any dispute or disqualification.
Accordingly, we cannot assure you that the customers which contribute to the major part of our revenue
stream will pay us the amounts due to us on time, or at all. In the event any of our significant customers
fail to fulfil their respective obligations, our business, financial condition and results of operations would
be adversely affected. While we believe we have maintained good and long term relationships with our
customers. However, there can be no assurance that we will continue to have such long term relationship
with them. We cannot assure that we shall generate the same quantum of business, or any business at all,
from these customers, and loss of business from one or more of them may adversely affect our revenues
and profitability.
6. Ours is a high volume-low margin business.
Ours is a high volume low margin business. Our financial operations are largely dependent on the volume
of the business we generate which will add to profits in absolute terms. We need to generate higher volume
in terms of quantity to increase our profitability to make our products commercially feasible. Our inability
to regularly grow our turnover and effectively execute our key business processes could lead to lower
profitability and hence adversely affect our operating results, debt service capabilities and financial
conditions. Due to the nature of the products we sell, we may not be able to charge higher margins on our
products. Hence, our business model is heavily reliant on our ability to effectively grow our turnover and
manage our key processes including but not limited to procurement of raw material/ traded goods, timely
sales / order execution and continuous cost control of non-core activities. For further details regarding the
discussions and explanations for our past results, please refer to the chapter titled –“Management’s
Discussions and Analysis of Financial Condition and Results of Operations” on page 194 of this Draft
Prospectus.

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7. Cotton is a highly flammable commodity. Any fire, or such mishaps or accidents at the Company’s
facilities could lead to property damages, property loss and accident claims.
Cotton being a highly flammable commodity, every stage from procurement, processing, storage and
transportation to trading is fraught with an imminent danger of an instant fire. The risk of fire hazard is
increased due to increased automation and use of large volume of air for material handling. Any spark
generated at these places can not only generate fire but also the same could propagate to other machines
through cotton conveying. Any fire, or such mishaps or accidents at the Company’s facilities could lead to
property damages, property loss and accident claims.
8. The raw materials and the finished products stored at our factory premises may be subject to
distortion and colour fading due to lapse of time.
The raw materials and the finished products of our Company are stored at the warehouse located in the
factory of our Company. Cotton is subject to change in colour simply through their own natural aging
process. In case the raw materials remained unused or the finished products remained unsold for a period
of time they may fade their colour which may render them useless or reduce their usefulness. In case of
any such incidence we may be required to either scrap the said product or we may be not be able to realize
proper price of the said products which could have an adverse effect on the profitability and production
schedule of the Company.
9. We require a number of approvals, NOCs, licenses, registrations and permits in the ordinary course
of our business. Any failure or delay in obtaining the same in a timely manner may adversely affect
our operations.
We require a number of approvals, licenses, registrations and permits in ordinary course of our business.
Additionally, we need to apply for renewal of approvals which expire, from time to time, as and when
required in the ordinary course. In case of delay or failure to obtain the same, it could affect our business
operations.
Pursuant to our conversion from a private limited company to a public limited company in the year 2018,
our Company has yet to make applications for all its approvals except PAN and TAN for the change of
name from its previous name to the current name which are yet to be received. License to import and store
petroleum in an installation under Petroleum Rules 2002 for Unit 2 is in the previous name of the Company
and the same is also required to be made in the new name of the Company. Unit II of the Company is leased
by our Company from one of its Subsidiaries; certificates for a) use of Boiler for Unit 2 under Indian
Boilers Act and b) consent to operate issued by State Pollution Control Board are currently in the name of
a third party which are currently pending to be transferred in the name of our Subsidiary.
Also, certain approvals as mentioned below are currently not traceable by the Company: 1) Tax Deduction
Account Number Certificate bearing number AHMH03561F; 2) Employees State Insurance Certificate
under Employees State Insurance Act, 1948 bearing code 37001133010001099; 3) Consent to Establish
for a product at a particular production capacity issued by State Pollution Control Board for Unit 2; 4)
Consent to Establish for a product at a particular production capacity issued by State Pollution Control
Board for Unit 3.
Additionally, our Company has yet to apply for the following material licenses: 1) Renewal of license to
work a factory under the Factories Act 1948 for all 3 Units; 2) Consent to Establish for a product at a
particular production capacity issued by State Pollution Control Board for Unit 1; 3) Consent to Operate
for a product at a particular production capacity issued by State Pollution Control Board for Unit 1 4)
Certificate of Stability for all 3 Units 5) Boiler Certificate under Indian Boilers Act, 1923 for Unit 3.
Any failure to renew the approvals that have expired, or to apply for and obtain the required approvals,
licences, registrations or permits, or any suspension or revocation of any of the approvals, licences,
registrations and permits that have been or may be issued to us, could result in delaying the operations of
our business, which may adversely affect our business, financial condition, results of operations and
prospects. For more information, see chapter “Government and Other Statutory Approvals” on page 220
of this Draft Prospectus.

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10. Our Group Companies are currently involved in certain direct tax and indirect tax related
proceedings which are pending at various stages with relevant tax authorities. Certain stamp duty
related proceedings involving our Group Company are currently pending at relevant Stamp
authority. Any adverse decision in these proceedings may render them liable to liabilities and
penalties and may adversely affect our business and results of operations.
Our Group Companies are involved in certain Income tax related proceedings. They have been issued
notices under Income Tax Act, 1961 and related proceedings are pending with relevant statutory authorities
at various jurisdictions. They are also involved in certain indirect tax (Service Tax) related proceedings
which are pending with relevant tax authority. Certain stamp duty related proceedings involving our Group
Company is currently pending at relevant stamp authority.
Except as mentioned above, there are no legal proceedings by or against our Company, Directors,
Promoters, Subsidiary Company, Group Companies. A classification of legal proceedings is mentioned
below:
Name of Entity Criminal Actions by Tax Proceedings Other Material Aggregate amount
Proceedings Regulatory Proceedings involved
Authorities (Rs. in lakhs)
By the
Nil Nil Nil Nil Nil
Company
Against the
Nil Nil Nil Nil Nil
Company
By the
Nil Nil Nil Nil Nil
Promoter
Against the
Nil Nil Nil Nil Nil
Promoter
By the
Nil Nil Nil Nil Nil
Directors
Against the
Nil Nil 1 Nil 0.002
Directors
By Group
Nil Nil Nil Nil Nil
Companies
Against Group
Nil Nil 3 1 174.32
Companies
By the
Nil Nil Nil Nil Nil
Subsidiaries
Against the
Nil Nil Nil Nil Nil
Subsidiaries

Also, we cannot assure you that, we, our promoters, our directors, our subsidiary Companies, Group
Companies may not face legal proceedings in future; any adverse decision in such legal proceedings may
impact our business and results of operations. For further details in relation to legal proceedings involving
our Company, Promoters, Directors, Subsidiary Companies, Group Companies please refer the chapter
titled ― “Outstanding Litigations and Material Developments” on page 216 of this Draft Prospectus.
11. Our Company exports our products to countries such as Thailand and Oman. Any adverse events
affecting these countries could have a significant adverse impact on our results from operations.
As per the restated standalone financial information of the Company, our revenues from exports are Rs.
459.14 Lakhs for the period ended on June 30, 2019 and Rs. 310.19 Lakhs in the FY 2018-19. Our
Company exports its products to many countries namely Thailand and Oman. Consequently, any adverse
changes in these economies such as slowdown in the economy, appreciation of the Indian Rupee vis-à-vis
the currencies of these economies or US Dollar, acts of terrorism or hostility targeting these countries, etc.
would directly impact our revenues and results from operations. In the event of change in policies or laws
in these regions with respect to Environment, Health and Safety (EHS) norms, quality standards, branding
or restrictions on usage of certain products/raw materials, our financial condition and business operations
may be adversely affected. In case of any contingencies in future due to which we are unable to operate

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 effectively in these markets, our results from operations, revenues and profitability may be adversely
affected.
12. Changes in technology may render our current technologies obsolete or require us to make
substantial capital investments.
Our business is significantly dependent on the efficient and uninterrupted operation of our technology
infrastructure that ensures smooth operations through various automated machines. Changes in technology
may render our current technologies obsolete or require us to make substantial capital investments. Our
technology and machineries may become obsolete or may not be upgraded timely, hampering our
operations and financial conditions and we may lose our competitive edge. Although we believe that we
have installed latest technology and that the chances of a technological innovation are not very high in our
sector we shall continue to strive to keep our technology, plant and machinery in line with the latest
technological standards. In case of a new found technology, we may be required to implement new
technology or upgrade the machineries and other equipment’s employed by us. Further, the costs in
upgrading our technology and modernizing the plant and machineries are significant which could
substantially affect our finances and operations.
13. There have been some instances of non-filing/ delays /incorrect filings in the past with certain
statutory authorities. If the authorities impose monetary penalties on us or take certain punitive
actions against our Company in relation to the same, our business, financial condition and results of
operations could be adversely affected.
In the past, there have been some instances of non-filings or incorrect filings or delays in filing statutory
forms with the RoC, which have subsequently been filed along with the payment of additional fees, as
specified by RoC. Except as mentioned in this Draft Prospectus, till date, there has been no penalty levied
on the Company for such delays/defaults. However, it cannot be assured that even in future no such penalty
will be levied. Therefore, if the authorities impose monetary penalties on us or take certain punitive actions
against our Company or its Directors / Officers in relation to the same, our business, financial condition
and results of operations could be adversely affected.
14. We are subject to foreign currency exchange rate fluctuations which could have a material and
adverse effect on our results of operations and financial conditions.
We export our products to different countries and receive sale proceeds in foreign currency. Changes in
value of currencies with respect to the Rupee may cause fluctuations in our operating results expressed in
Rupees. The exchange rate between the Rupee and other currencies is variable and may continue to
fluctuate in future. Fluctuations in the exchange rates may affect our Company to the extent of cost of
goods and sales in foreign currency terms. Any adverse or unforeseen fluctuations with respect to the
unhedged exchange rate of any foreign currency for Indian Rupees may affect our Company‘s results of
operations.
15. Our manufacturing facilities are located at Harij and Palanpur, Gujarat. Any delay in production
at, or shutdown of, or any interruption for a significant period of time, in these facilities may in turn
adversely affect our business, financial condition and results of operations.
Our Company has its manufacturing facilities located at Harij and Palanpur, Gujarat. Though, we get
uninterrupted power supply, skilled and semi-skilled labour, basic raw materials from the suppliers as
specified by our customers, our success depends on our ability to successfully utilize these manufacturing
facilities to its utmost capacities and deliver our products in order to meet our customer demands in a timely
manner. Our manufacturing facilities are susceptible to damage or interruption or operating risks, such as
human error, power loss, breakdown or failure of equipment, plant and machinery, power supply or
processes, performance below expected levels of output or efficiency, obsolescence, terrorist attacks, acts
of war, break-ins, natural disasters such as earthquakes and industrial accidents and other similar events
beyond our control. Further, our manufacturing facility is also subject to operating risks arising from
compliance with the directives of government authorities. Operating risks may result in personal injury and
property damage and in the imposition of civil and criminal penalties. If our Company experiences delays
in production or shutdowns due to any reason, including disruptions caused by disputes with its workforce

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 or any external factors, our Company‘s operations will be significantly affected, which in turn would have
a material adverse effect on its business, financial condition and results of operations.
Further, the activities carried out at our manufacturing facilities may be potentially dangerous to our
employees/labours. While we employ safety procedures in the operation of our manufacturing facilities
and maintain what we believe to be adequate insurance, there is a risk that an accident may occur at our
manufacturing facilities. An accident may result in personal injury to our employees or the labour deployed
at our facilities, destruction of property or equipment, manufacturing or delivery delays, environmental
damage, or may lead to suspension of our operations and/ or imposition of liabilities. Any such accident
may result in litigation, the outcome of which is difficult to assess or quantify, and the cost of defending
such litigation can be significant. As a result, the costs to defend any action or the potential liability
resulting from any such accident or death or arising out of any other litigation, and any negative publicity
associated therewith, may have a negative effect on our business, financial condition, results of operations,
cash flows and prospects.
16. Our inability to maintain distribution network can adversely affect our Revenues.
We sell our products with the help of distribution network of various dealers, distributors. The distribution
network sells our products to end users. Our inability to maintain our existing distribution network or to
expand it further as per the requirement of our proposed increased capacities, can adversely affect our
Revenues. In case, if we are not able to market our manufactured products, it may affect our operations
and profitability adversely.
17. Any defects in our products could make our Company liable for customer claims, which in turn
could affect our Company’s results of operations.
Our Company is bound by the terms and conditions as stated in the purchase order placed by its customers.
There are no specific regulations governing the supply of the same, other than the general law of contracts.
Any claims made by these customers for defects in the products, would be subject to these terms and
conditions, which are in the nature of normal contractual obligations in India. Any violation of these
obligations could impact our Company’s results of operations and financial conditions.
18. We depend on certain brand names and our corporate name and logo that we may not be able to
protect and/or maintain.
Our ability to market and sell our products depends upon the recognition of our brand names and associated
consumer goodwill. We have not yet applied trademark registration for our Corporate Logo and Corporate
Name. Consequently, we do not enjoy the statutory protections accorded to registered trademarks in India
for our Company. There is no guarantee that the application for registration of our logo will be accepted in
favour of the Company. This may affect our ability to protect our trademark in the event of any
infringement of our intellectual property. In the absence of such registrations, competitors and other
companies may challenge the validity or scope of our intellectual property right over these brands or our
corporate name or logo. As a result, we may be required to invest significant resources in developing new
brands or names, which could materially and adversely affect our business, financial condition, results of
operations and prospects. In addition to same, our failure to comply with existing or increased regulations,
or the introduction of changes to existing regulations, could adversely affect our business, financial
condition, results of operations and prospects.
19. Our promoters i.e. Chanakya Prakash Mangal and Chandragupt Prakash Mangal have limited
experience in the industry in which our company is operating.
Our Promoters, Chanakya Prakash Mangal aged 24 years and Chandragupt Prakash Mangal aged 21 years
became Additional Directors of the Company on November 15, 2013 and January 18, 2016 respectively
and associated with the company since then. Prior to this, they did not have business exposure in the
industry in which our Company is operating. However, since then our Promoters have gained a good
amount of experience and an understanding of market dynamics of respective industry. Although they
have been successfully running the business operations, lack of vintage experience to address the risks
frequently encountered by industry, may adversely affect our operations.

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20. Compliance with, and changes in, safety, health and environmental laws and regulations may
adversely affect our business, prospects, financial condition and results of operations.
Due to the nature of our business, we expect to be or continue to be subject to extensive and increasingly
stringent environmental, health and safety laws and regulations and various labour, workplace and related
laws and regulations. We are also subject to environmental laws and regulations, including but not limited
to:
 Environment (Protection) Act, 1986
 Air (Prevention and Control of Pollution) Act, 1981
 Water (Prevention and Control of Pollution) Act, 1974
 Hazardous Waste Management & Handling Rules, 2008
 Public Liability Insurance Act, 1991
 National Environment Policy, 2006
 The Indian Boilers Act, 1923
 Legal Metrology Act, 2009
 Other regulations promulgated by the Ministry of Environment and Forests and the Pollution Control
Boards of the state of Gujarat
which govern the discharge, emission, storage, handling and disposal of a variety of substances that may
be used in or result from the operations of our business. The scope and extent of new environmental
regulations, including their effect on our operations, cannot be predicted and hence the costs and
management time required to comply with these requirements could be significant. Amendments to such
statutes may impose additional provisions to be followed by our Company and accordingly the Company
needs to incur clean-up and remediation costs, as well as damages, payment of fines or other penalties,
closure of production facilities for non - compliance, other liabilities and related litigation, could adversely
affect our business, prospects, financial condition and results of operations.
21. Our Company’s failure to maintain the quality standards of the products could adversely impact
our business, results of operations and financial condition.
Quality Control Inspection is an integral part of our operations. We are required to implement quality
management system in respect of all our Products. Our products depend on customer’s specifications. Any
failure to maintain the quality standards of our products may affect our business. Although we have put in
place strict quality control procedures, we cannot assure that our products will always be able to satisfy our
customers’ quality standards. Any negative publicity regarding our Company, or products, including those
arising from any deterioration in quality of our products from our vendors, or any other unforeseen events
could adversely affect our reputation, our operations and our results from operations.
22. Our business is dependent on the adequate and uninterrupted supply of electrical power and water
at a reasonable cost. Failure on account of unavailability of electrical power and water may restrict
us in utilizing our full capacity and hence, may impact our business and results of operations.
Adequate and cost effective supply of electrical power is critical to our operations, which entails significant
consumption of electrical power. Currently, we source power requirements by purchasing electricity from
Uttar Gujarat Vij Company Limited (UGVCL) but there can be no assurance that electricity supplied by
them will be sufficient to meet our requirements or that we will be able to procure adequate and interrupted
power supply in the future at a reasonable cost. Further, if the per unit cost of electricity is increased by the
state electricity board, our power costs will increase and it may not be possible to pass on any increase in
our power costs to our customers, which may adversely affect our profit margins. We require ample water
for various manufacturing activities. We source our water requirements by procuring the same from bore
well. Lack of sufficient water resources or an increase in the cost of such water used in manufacturing
facilities could adversely affect our business, financial condition and results of operations.
23. We operate in a competitive business environment, both globally and domestically. Competition
from existing players and new entrants and consequent pricing pressures may adversely affect our
business, financial condition and results of operations.

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 Both castor oil and cotton product segments are highly competitive. Increasing competition may subject us
to pricing pressures and require us to reduce the prices of our products and services in order to retain or
attract customers, which may have a material adverse effect on our revenues and margins. Further, many
of our competitors are larger international and domestic companies and have access to greater resources or
may be able to develop or acquire technology or partner with innovators or customers at terms which are
not presently feasible for us, due to our current scale of operations. Any failure to keep abreast with
technological advancements might place our competitors at an advantageous position in terms of cost,
efficiency and timely delivery of final products. While we are focused on developing cost and time
efficiencies and to broaden our product range, in particular in certain niche segments, in the event our
competitors develop better process technology or improved process yield or are able to source raw materials
at competitive prices, and are therefore able to create new products or substitutes for our products at
competitive prices, we may not be able to maintain our growth rate and revenues and our profitability may
decline. Any of these factors may have a material adverse effect on our business and prospects.
24. Our Company requires significant amounts of working capital for a continued growth. Our inability
to meet our working capital requirements may have an adverse effect on our results of operations.
Our business is working capital intensive. A significant portion of our working capital is utilized towards
inventories, trade receivables and trade payables. A brief summary of our working capital position based
on our Restated Standalone Financials is given below:-
Amount (Rs. In lakhs)
For the period For the year ended
Particulars ended June March 31, March 31, March 31,
30, 2019 2019 2018 2017
A. Current Asset
(a) Inventories 5,418.19 1,477.24 - 2.11
(b) Trade receivables 1,030.01 887.07 175.78 15.33
(c) Cash and cash equivalents 5.25 3.50 9.81 10.69
(d) Short-term loans and advances 1,334.51 1,192.12 27.95 116.23
B. Other Current Liabilities
(a) Trade payables 216.67 127.31 126.69 2.11
(b) Other current liabilities 74.31 55.39 18.89 46.23
(c) Short-term provisions 111.95 149.61 10.15 3.227
Working Capital (A-B) 7,385.03 3,227.86 57.95 92.90
Trade Receivables as % of total 13.23% 24.92% 82.32% 10.62%
current assets
Inventories as % of total 69.57% 41.50% - 1.46%
current assets
We intend to continue growing by reaching out to new customers and also increasing sales to the existing
customers and thereby reaching to other geographical areas. All these factors may result in increase in the
quantum of current assets. Our inability to maintain sufficient cash flow, credit facility and other sources
of fund, in a timely manner, or at all, to meet the requirement of working capital could adversely affect our
financial condition and result of our operations. For further details regarding working capital requirement,
please refer to the chapter titled “Objects of the Issue” beginning on page 85 of this Draft Prospectus.
25. Our Company has negative cash flows from its operating activities in the past 3 years, details of
which are given below. Sustained negative cash flow could impact our growth and business.
Our Company had negative cash flows from its operating activities in the previous three years as per the
Restated Standalone Financial Statements and the same are summarized as under:

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 Amount (Rs. In lakhs)

For the period For the year ended

Particulars ended June 30,
2019 Mar-19 Mar-18 Mar-17
Cash Flow from / (used in) Operating
(3,947.37) (2712.09) 69.95 (304.39)
Activities

Cash flow of a company is a key indicator to show the extent of cash generated from operations to meet
capital expenditure, pay dividends, repay loans and make new investments without raising finance from
external resources. If we are not able to generate sufficient cash flows in future, it may adversely affect our
business and financial operations.
26. The industry in which we operate is labour intensive and our operations may be materially adversely
affected by strikes, work stoppages or increased wage demands by our employees.
Our industry being labour intensive is dependent on labour force for carrying out its operations. Shortage
of skilled/unskilled personnel or work stoppages caused by disagreements with employees could have an
adverse effect on our business and results of operations. We have not experienced any major disruptions
in our business operations due to disputes or other problems with our work force in the past; however there
can be no assurance that we will not experience such disruptions in the future. Such disruptions may
adversely affect our business and results of operations and may also divert the management‘s attention and
result in increased costs.
India has stringent labour legislation that protects the interests of workers, including legislation that sets
forth detailed procedures for the establishment of unions, dispute resolution and employee removal and
legislation that imposes certain financial obligations on employers upon retrenchment. We are also subject
to laws and regulations governing relationships with employees, in such areas as minimum wage and
maximum working hours, overtime, working conditions, hiring and terminating of employees and work
permits. Although our employees are not currently unionized, there can be no assurance that they will not
unionize in the future. If our employees unionize, it may become difficult for us to maintain flexible labour
policies, and we may face the threat of labour unrest, work stoppages and diversion of our management's
attention due to union intervention, which may have a material adverse impact on our business, results of
operations and financial condition.
27. Our Company does not own the land on which our Registered Office, Manufacturing facilities are
situated which we have taken on lease.
Our Company does not own the land on which our Registered Office at Mithakhali, Ahmedabad and
Manufacturing Facilities at Harij and Palanpur at Gujarat are situated. These premises have been taken on
lease from Chanakya Prakash Mangal, Hindprakash Castor Derivatives Private Limited and certain other
independent third parties on lease basis. If any such agreement under which we occupy the premises is not
renewed on terms and conditions that are favourable to us, or at all, we may suffer a disruption in our
operations which could have a material adverse effect on our business, financial condition and results of
operations. If we do not comply with certain conditions of the lease, the lessor may terminate the lease,
which could have an adverse effect on our operations and there can be no assurance that renewal of lease
agreement with the owner will be entered into. In the event of non-renewal of lease, we may be required
to shift our Registered Office, Manufacturing facilities to a new location and there can be no assurance that
the arrangement we enter into in respect of new premises would be on such terms and conditions as the
present one.
28. Our Company is dependent on third party transportation for the procurement of raw materials and
delivery of finished products and any disruption in their operations or a decrease in the quality of
their services could affect our Company's reputation and results of operations.
Our Company uses third party transportation for procurement of raw materials and delivery of our finished
products. Though our business has not experienced any disruptions due to transportation strikes in the past,
any future transportation strikes may have an adverse effect on our business. These transportation facilities

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 may not be adequate to support our existing and future operations. In addition goods may be lost or
damaged in transit for various reasons including but not limited to occurrence of accidents or natural
disasters. There may also be delay in delivery of products which may also affect our business and results
of operation negatively. An increase in the freight costs or unavailability of freight for transportation of our
goods may have an adverse effect on our business and results of operations. Further, disruptions of
transportation services due to weather-related problems, strikes, lockouts, inadequacies in the road
infrastructure and port facilities, or other events could impair ability to procure goods on time. Any such
disruptions could materially and adversely affect our business, financial condition and results of operations.
29. Our success depends in large part upon the strength of our management team and other skilled
professionals. If we fail to attract, retain and manage transition of these personnel, our business may
be unable to grow and our revenue could decline.
The continued efforts of the senior members of our management team and other skilled professionals are
critical to our success. Our ability to execute engagements and to obtain new clients depends in large part
on our ability to attract, train, motivate and retain skilled and unskilled professionals, especially senior
management personnel, senior technical personnel, project managers and engineers etc. If we cannot hire
and retain additional qualified personnel, our ability to obtain new projects and to continue to expand our
business will be impaired and our revenue could decline. We believe that there is significant competition
within our industry for professionals with the skills necessary to perform the services we offer, particularly
in the locations in which we have operations. We may not be able to hire and retain enough skilled and
experienced employees to replace those who leave. Increasing competition for technology professionals
may also impact our ability to retain personnel. Changes in government policies may also affect our ability
to attract hire and retain personnel. If we are unable to offer them higher compensation, we may be unable
to attract or retain them. Our business, financial condition and results of operations could be adversely
affected if we are unable to manage employee hiring and attrition to achieve a stable and efficient workforce
structure.
30. Our operations may be adversely affected in case of industrial accidents at our production facility.
Usage of heavy machinery, handling of sharp parts of machinery by labour during production process or
otherwise, handling process, short circuit of power supply for machines, etc. may result in accidents and
fires, which could cause indirect injury to our labour, employees, other persons on the site and could also
damage our properties thereby affecting our operations. Further, our plant and machinery and personnel
may not be covered under adequate insurance for occurrence of particular types of accidents which could
adversely hamper our cash flows and profitability.
31. We may be held liable for the payment of wages to the contract labour we engage in our business.
In order to retain flexibility and ensure timely availability of a pool of skilled and non-skilled workers, our
Company engages contract labour throughout our manufacturing facilities. Although our Company does
not employ such contract labour directly, we may be held responsible for any wage payments to be made
to such contract labour in the event of default by the third-party agencies, who employ them. If we are
required to pay the wages of the independent contract labour, our results of operations and financial
condition could be adversely affected. Further, we could be held liable for the acts committed by, or
omission on the part of, personnel engaged by us on a contract basis.
32. If we are unable to source business opportunities effectively, we may not achieve our financial
objectives.
Our ability to achieve our financial objectives will depend on our ability to identify, evaluate and
accomplish business opportunities. To grow our business, we will need to hire, train, supervise and manage
new employees, expand our distribution network and to implement systems capable of effectively
accommodating our growth. However, we cannot assure you that any such employees will contribute to
the success of our business or that we will implement such systems effectively. Our failure to source
business opportunities effectively could have a material adverse effect on our business, financial condition
and results of operations. It also is possible that the strategies used by us in the future may be different
from those presently in use. No assurance can be given that our analyses of market and other data or the
strategies we use or plans in future to use will be successful under various market conditions.

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33. We may not be successful in implementing our business strategies.
The success of our business depends substantially on our ability to implement our business strategies
effectively. Even though we have successfully executed our business strategies in the past, there is no
guarantee that we can implement the same on time and within the estimated budget going forward, or that
we will be able to meet the expectations of our targeted clients. Changes in regulations applicable to us
may also make it difficult to implement our business strategies. Failure to implement our business strategies
would have a material adverse effect on our business and results of operations.
34. We could be harmed by employee misconduct or errors that are difficult to detect and any such
incidences could adversely affect our financial condition, results of operations and reputation.
Employee misconduct or errors could expose us to business risks or losses, including regulatory sanctions
and cause serious harm to our reputation and goodwill of our Company. There can be no assurance that we
will be able to detect or deter such misconduct. Moreover, the precautions we take to prevent and detect
such activity may not be effective in all cases. Our employees may also commit errors that could subject
us to claims and proceedings for alleged negligence, as well as regulatory actions on account of which our
business, financial condition, results of operations and goodwill could be adversely affected.
35. We have certain contingent liabilities that have not been provided for in our Company’s financials
which if materialized, could adversely affect our financial condition.
As on June 30, 2019, our Company has following contingent liabilities as per restated financial statements,
the details for which are as under:
Amount (Rs. in. Lakhs)

Particulars Amount Outstanding as on June 30, 2019

Bank Guarantees 791.39
Total 791.39
In the event any such contingencies mentioned above were to materialize or if our contingent liabilities
were to increase in the future, our financial condition could be adversely affected. For further details, see
the section entitled “Financial Information” on page 192 of this Draft Prospectus.
36. The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue
price.
Our Promoters average cost of acquisition of Equity Shares in our Company could be lower than the Issue
Price as decided by the Company in consultation with the Lead Manager. For further details regarding
average cost of acquisition of Equity Shares by our Promoters in our Company and build-up of Equity
Shares by our Promoters in our Company, please refer chapter title “Capital Structure” beginning on page
67 of this Draft Prospectus.
37. Our insurance coverage may not be adequate.
Our Company has obtained insurance coverage in respect of certain risks. We have taken insurance policies
such as Standard Fire and Special Perils Policy, Burglary Policy etc. for our manufacturing facilities and
products. While we believe that we maintain insurance coverage in adequate amounts consistent with size
of our business, our insurance policies do not cover all risks, specifically risks like loss of profits, losses
due to terrorism, etc. Further, there can be no assurance that our insurance policies will be adequate to
cover the losses in respect of which the insurance has been availed. If we suffer a significant uninsured loss
or if insurance claim in respect of the subject-matter of insurance is not accepted or any insured loss
suffered by us significantly exceeds our insurance coverage, our business, financial condition and results
of operations may be materially and adversely affected. For further details, please refer chapter titled “Our
Business” beginning on page 121 of this Draft Prospectus.
38. Our lenders have charge over our movable and immovable properties in respect of finance availed
by us.

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 We have secured our lenders by creating a charge over our movable and immovable properties in respect
of loans / facilities availed by us from banks and financial institutions. The total amounts outstanding and
payable by us as secured loans were Rs. 4,469.47 Lakhs as per restated financials for year ended June 30,
2019. In the event we default in repayment of the loans / facilities availed by us and any interest thereof,
our properties may be forfeited by lenders, which in turn could have significant adverse effect on business,
financial condition or results of operations. For further information on the “Financial Indebtedness” please
refer to page 212 of this Draft Prospectus.
39. Our lenders have imposed certain restrictive conditions on us under our financing arrangements.
Under our financing arrangements, we are required to obtain the prior, written lender consent for, among
other matters, changes in our capital structure, formulate a scheme of amalgamation or reconstruction and
entering into any other borrowing arrangement. Further, we are required to maintain certain financial ratios.
There can be no assurance that we will be able to comply with these financial or other covenants or that
we will be able to obtain the consents necessary to take the actions we believe are necessary to operate and
grow our business. Our level of existing debt and any new debt that we incur in the future has important
consequences. Any failure to comply with these requirements or other conditions or covenants under our
financing agreements that is not waived by our lenders or is not otherwise cured by us, may require us to
repay the borrowing in whole or part and may include other related costs. Our Company may be forced to
sell some or all of its assets or limit our operations. This may adversely affect our ability to conduct our
business and impair our future growth plans. For further information, see the chapter titled “Financial
Indebtedness” on page 212 of the Draft Prospectus.
Though these covenants are restrictive to some extent for us, however it ensures financial discipline, which
would help us in the long run to improve our financial performance.
40. The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency
and shall be purely dependent on the discretion of the management of our Company.
Since, the Issue size is less than Rs.10,000 lakh, there is no mandatory requirement of appointing an
independent Monitoring Agency for overseeing the deployment of utilization of funds raised through this
Issue. The deployment of funds raised through this Issue, is hence, at the discretion of the management and
the Board of Directors of our Company and will not be subject to monitoring by any independent agency.
Any inability on our part to effectively utilize the Issue proceeds could adversely affect our financials.
41. Within the parameters as mentioned in the chapter titled ‘Objects of this Issue’ beginning on page 85
of this Draft Prospectus, our Company’s management will have flexibility in applying the proceeds
of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not
been appraised by any bank or financial institution.
We intend to use Issue Proceeds towards financing the Working capital requirements of the Company,
General Corporate Purpose and to meet the issue expenses. We intend to deploy the Net Issue Proceeds in
FY 2019-20. The deployment of the fund is based on certain assumptions and strategy which our Company
believes to implement in future. The funds raised from the Issue may remain idle on account of change in
assumptions, market conditions, strategy of our Company, etc. For further details on the use of the Issue
Proceeds, please refer chapter titled “Objects of the Issue” beginning on page 85 of this Draft Prospectus.
The deployment of funds for the purposes described above is at the discretion of our Company’s Board of
Directors. The fund requirement and deployment is based on internal management estimates and has not
been appraised by any bank or financial institution. Accordingly, within the parameters as mentioned in
the chapter titled ‘Objects of the Issue’ beginning on page 85 of this Draft Prospectus, the Management
will have significant flexibility in applying the proceeds received by our Company from the Issue. Our
Audit Committee will monitor the proceeds of this Issue.
However, Audit Committee will monitor the utilization of the proceeds of this Issue and prepare the
statement for utilization of the proceeds of this Issue. However in accordance with Section 27 of the
Companies Act, 2013, a company shall not vary the objects of the Issue without our Company being
authorised to do so by our shareholders by way of special resolution and other compliances in this regard.
Our Promoters and controlling shareholder shall provide exit opportunity to such shareholders who do not

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 agree to the proposal to vary the objects, at such price, and in such manner, as may be prescribed by SEBI,
in this regard.
42. We have not made any alternate arrangements for meeting our capital requirements for the Objects
of the issue. Further we have not identified any alternate source of financing the ‘Objects of the
Issue’. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations
and financial performance.
As on date of this Draft Prospectus, we have not made any alternate arrangements for meeting our capital
requirements for the objects of the issue. We meet our capital requirements through our bank finance,
owned funds and internal accruals. Any shortfall in our net owned funds, internal accruals and our inability
to raise debt in future would result in us being unable to meet our capital requirements, which in turn will
negatively affect our financial condition and results of operations. Further, we have not identified any
alternate source of funding and hence any failure or delay on our part to raise money from this issue or any
shortfall in the issue proceeds may delay the implementation schedule and could adversely affect our
growth plans. For further details please refer to the chapter titled “Objects of the Issue” beginning on page
85 of this Draft Prospectus.
43. Our Promoters and members of the Promoter Group will continue jointly to retain majority control
over our Company after the Issue, which will allow them to determine the outcome of matters
submitted to shareholders for approval.
After completion of the Issue, our Promoters and Promoter Group will collectively own 70.99% of the
Equity Shares. As a result, our Promoters together with the members of the Promoter Group will be able
to exercise a significant degree of influence over us and will be able to control the outcome of any proposal
that can be approved by a majority shareholder vote, including, the election of members to our Board, in
accordance with the Companies Act, 2013 and our AoA. Such a concentration of ownership may also have
the effect of delaying, preventing or deterring a change in control of our Company.
In addition, our Promoters will continue to have the ability to cause us to take actions that are not in, or
may conflict with, our interests or the interests of some or all of our creditors or minority shareholders, and
we cannot assure you that such actions will not have an adverse effect on our future financial performance
or the price of our Equity Shares.
44. Our Company has unsecured loans which are repayable on demand. Any demand loan from lenders
for repayment of such unsecured loans, may adversely affect our cash flows.
Based on Restated Financial Statement, our Company has unsecured loans as at June 30, 2019, amounting
to Rs. 837.33 lakhs from Promoters and members of Promoter Group that are repayable on demand to the
relevant lenders as per restated financial statements. Further, some of these loans are not repayable in
accordance with any agreed repayment schedule and may be recalled by the relevant lender at any time.
Any such unexpected demand or accelerated repayment may have a material adverse effect on the business,
cash flows and financial condition of the borrower against which repayment is sought. Any demand from
lenders for repayment of such unsecured loans, may adversely affect our cash flows. For further details of
unsecured loans of our Company and its subsidiary company, please refer the chapter titled “Financial
Statements as Restated” beginning on page 192 of this Draft Prospectus.
45. Our future funds requirements, in the form of issue of capital or securities and/or loans taken by us,
may be prejudicial to the interest of the shareholders depending upon the terms on which they are
eventually raised.
We may require additional capital from time to time depending on our business needs. Any issue of shares
or convertible securities would dilute the shareholding of the existing shareholders and such issuance may
be done on terms and conditions, which may not be favourable to the then existing shareholders. If such
funds are raised in the form of loans or debt, then it may substantially increase our interest burden and
decrease our cash flows, thus prejudicially affecting our profitability and ability to pay dividends to our
shareholders.

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46. Our ability to pay dividends in the future will depend upon our future earnings, financial condition,
cash flows, working capital requirements, capital expenditure and restrictive covenants in our
financing arrangements.
We may retain all our future earnings, if any, for use in the operations and expansion of our business. As a
result, we may not declare dividends in the foreseeable future. Any future determination as to the
declaration and payment of dividends will be at the discretion of our Board of Directors and will depend
on factors that our Board of Directors deem relevant, including among others, our results of operations,
financial condition, cash requirements, business prospects and any other financing arrangements.
Accordingly, realization of a gain on shareholders investments may largely depend upon the appreciation
of the price of our Equity Shares. There can be no assurance that our Equity Shares will appreciate in value.
For details of our dividend history, see “Dividend Policy” on page 191 of this Draft Prospectus.
47. Our success depends largely upon the services of our Directors, Promoters and other Key Managerial
Personnel and our ability to attract and retain them. Demand for Key Managerial Personnel in the
industry is intense and our inability to attract and retain Key Managerial Personnel may affect the
operations of our Company.
Our success is substantially dependent on the expertise and services of our Directors, Promoters and our
Key Managerial Personnel (“KMP”). They provide expertise which enables us to make well informed
decisions in relation to our business and our future prospects. Our future performance will depend upon
the continued services of these persons. Demand for KMP in the industry is intense. We cannot assure you
that we will be able to retain any or all, or that our succession planning will help to replace, the key members
of our management. The loss of the services of such key members of our management team and the failure
of any succession plans to replace such key members could have an adverse effect on our business and the
results of our operations.
48. In addition to normal remuneration or benefits and reimbursement of expenses, our Directors,
Promoters and Key Managerial Personnel (KMPs) are interested in our Company to the extent of
their shareholding and dividend entitlement in our Company.
Our Directors, Promoters and Key Managerial Personnel (“KMPs”) are interested in our Company to the
extent of remuneration paid to them for services rendered and reimbursement of expenses payable to them.
In addition, our Directors, Promoters and KMPs may also be interested to the extent of their shareholding
and dividend entitlement in our Company. For further information, see “Capital Structure” and “Our
Management” on pages 67 and 159, respectively, of this Draft Prospectus.
49. We have taken guarantees from Promoters and members of Promoter Group in relation to debt
facilities provided to us.
We have taken guarantees from Promoters and members of Promoter Group in relation to our secured debt
facilities availed from our Bankers. In an event any of these persons withdraw or terminate its/their
guarantees, the lender for such facilities may ask for alternate guarantees, repayment of amounts
outstanding under such facilities, or even terminate such facilities. We may not be successful in procuring
guarantees satisfactory to the lender and as a result may need to repay outstanding amounts under such
facilities or seek additional sources of capital, which could adversely affect our financial condition. For
more information please see the chapter titled “Financial Indebtedness” beginning on page 212 of this
Draft Prospectus.
50. We have issued Equity Shares in the last twelve months, the price of which is lower than the Issue
Price.
We have issued equity shares in the last twelve months at a price which is lower than the Issue Price.
Details of such issuance is given in the table below:

Date of Allotment No. of Equity Face Value Issue Price Nature of

Shares (In Rs.) (In Rs.) Allotment
October 16, 2019 2,00,000 10 28 Further Allotment

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 The issue is above the Issue Price, which has been discovered through fixed price process and finalized by
our Company in consultation with the Lead Manager. For further details of Equity Shares issued, please
refer to chapter titled, ‘Capital Structure’ beginning on page 67 of this Draft Prospectus.
51. We have in the past entered into related party transactions and may continue to do so in the future.
Our Company has entered into transactions with our Promoter, Promoter Group Entities and Group
Companies. While we believe that all such transactions are conducted on arm’s length basis, there can be
no assurance that we could not have achieved more favourable terms had such transactions were not entered
into with related parties. Furthermore, it is likely that we will enter into related party transactions in future.
There can be no assurance that such transactions, individually or in aggregate, will not have an adverse
effect on our financial condition and results of operation. For details on the transactions entered by us,
please refer to chapter “Related Party Transactions” in Section “Financial Statements as Restated”
beginning on page 192 of the Draft Prospectus.
52. Industry information included in this Draft Prospectus has been derived from industry reports.
There can be no assurance that such third-party statistical, financial and other industry information
is either complete or accurate.
We have relied on the reports of certain independent third party for purposes of inclusion of such
information in this Draft Prospectus. These reports are subject to various limitations and based upon certain
assumptions that are subjective in nature. We have not independently verified data from such industry
reports and other sources. Although we believe that the data may be considered to be reliable, their
accuracy, completeness and underlying assumptions are not guaranteed and their dependability cannot be
assured. While we have taken reasonable care in the reproduction of the information, the information has
not been prepared or independently verified by us, or any of our respective affiliates or advisors and,
therefore, we make no representation or warranty, express or implied, as to the accuracy or completeness
of such facts and statistics. Due to possibly flawed or ineffective collection methods or discrepancies
between published information and market practice and other problems, the statistics herein may be
inaccurate or may not be comparable to statistics produced for other economies and should not be unduly
relied upon. Further, there is no assurance that they are stated or compiled on the same basis or with the
same degree of accuracy as may be the case elsewhere. Statements from third parties that involve estimates
are subject to change, and actual amounts may differ materially from those included in this Draft
Prospectus.
ISSUE SPECIFIC RISKS:
53. The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may
experience price and volume fluctuations, and an active trading market for the Equity Shares may
not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell
the Equity Shares at or above the Issue Price, or at all.
Prior to the Issue, there has been no public market for the Equity Shares, and an active trading market on
the Stock Exchanges may not develop or be sustained after the Issue. Listing and quotation does not
guarantee that a market for the Equity Shares will develop, or if developed, the liquidity of such market for
the Equity Shares. The Issue Price of the Equity Shares is proposed to be determined through a fixed price
process in accordance with the SEBI ICDR Regulations and may not be indicative of the market price of
the Equity Shares at the time of commencement of trading of the Equity Shares or at any time thereafter.
The market price of the Equity Shares may be subject to significant fluctuations in response to, among
other factors, variations in our operating results of our Company, market conditions specific to the industry
we operate in, developments relating to India, volatility in securities markets in jurisdictions other than
India, variations in the growth rate of financial indicators, variations in revenue or earnings estimates by
research publications, and changes in economic, legal and other regulatory factors.
54. The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares
after the Issue and the market price of our Equity Shares may decline below the issue price and you
may not be able to sell your Equity Shares at or above the Issue Price.

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 The Issue Price of our Equity Shares has been determined by fixed price method. This price is based on
numerous factors (For further information, please refer chapter titled “Basis for Issue Price” beginning on
page 92 of this Draft Prospectus) and may not be indicative of the market price of our Equity Shares after
the Issue. The market price of our Equity Shares could be subject to significant fluctuations after the Issue,
and may decline below the Issue Price. We cannot assure you that you will be able to sell your Equity
Shares at or above the Issue Price. Among the factors that could affect our share price include without
limitation. The following:
 Half yearly variations in the rate of growth of our financial indicators, such as earnings per share, net
income and revenues;
 Changes in revenue or earnings estimates or publication of research reports by analysts;
 Speculation in the press or investment community;
 General market conditions; and
 Domestic and international economic, legal and regulatory factors unrelated to our performance.
55. Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the
trading price of the Equity Shares.
Any instance of disinvestments of equity shares by our Promoters or by other significant shareholder(s)
may significantly affect the trading price of our Equity Shares. Further, our market price may also be
adversely affected even if there is a perception or belief that such sales of Equity Shares might occur.
EXTERNAL RISK FACTORS:
INDUSTRY RISKS
56. Changes in government regulations or their implementation could disrupt our operations and
adversely affect our business and results of operations.
Our business and industry is regulated by different laws, rules and regulations framed by the Central and
State Government. These regulations can be amended/ changed on a short notice at the discretion of the
Government. If we fail to comply with all applicable regulations or if the regulations governing our
business or their implementation change adversely, we may incur increased costs or be subject to penalties,
which could disrupt our operations and adversely affect our business and results of operations.
OTHER RISKS
57. Significant differences exist between Indian GAAP and other accounting principles, such as U.S.
GAAP and IFRS, which may be material to the financial statements prepared and presented in
accordance with SEBI ICDR Regulations contained in this Draft Prospectus.
As stated in the reports of the Auditor included in this Draft Prospectus under chapter “Financial
Statements as restated” beginning on page 192, the financial statements included in this Draft Prospectus
are based on financial information that is based on the audited financial statements that are prepared and
presented in conformity with Indian GAAP and restated in accordance with the SEBI ICDR Regulations,
and no attempt has been made to reconcile any of the information given in this Draft Prospectus to any
other principles or to base it on any other standards. Indian GAAP differs from accounting principles and
auditing standards with which prospective investors may be familiar in other countries, such as U.S. GAAP
and IFRS. Significant differences exist between Indian GAAP and U.S. GAAP and IFRS, which may be
material to the financial information prepared and presented in accordance with Indian GAAP contained
in this Draft Prospectus. Accordingly, the degree to which the financial information included in this Draft
Prospectus will provide meaningful information is dependent on familiarity with Indian GAAP, the
Companies Act and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian GAAP
on the financial disclosures presented in this Draft Prospectus should accordingly be limited.
58. Changing laws, rules and regulations and legal uncertainties, including adverse application of tax
laws, may adversely affect our business and financial performance.
The regulatory and policy environment in India is evolving and subject to change. Such changes in
applicable law and policy in India, including the instances described below, may adversely affect our

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 business, financial condition, results of operations, performance and prospects in India, to the extent that
we are not able to suitably respond to and comply with such changes.
For instance, in November 2016, the Government of India demonetized certain high-value denominations
of currency. Trading and retail businesses in India were impacted for a limited period of time on account
of such demonetization. Such businesses have subsequently needed to introduce additional point of sale
instruments to improve their collection process.
The Government of India implemented a comprehensive national goods and services tax (“GST”) regime
that combines taxes and levies by the central and state governments into a unified rate structure from July
1, 2017, which we believe will result in fundamental changes. However, given its recent introduction, there
is no established practice regarding the implementation of, and compliance with, GST. The implementation
of the new GST regime has increased the operational and compliance burden for Indian companies and has
also led to various uncertainties. Any future increases and amendments to the GST regime may further
affect the overall tax efficiency of companies operating in India and may result in significant additional
taxes becoming payable. Our business and financial performance could be adversely affected by any
unexpected or onerous requirements or regulations resulting from the introduction of GST or any changes
in laws or interpretation of existing laws, or the promulgation of new laws, rules and regulations relating
to GST, as it is implemented. Further, as GST is implemented, there can be no assurance that we will not
be required to comply with additional procedures and/or obtain additional approvals and licenses from the
government and other regulatory bodies or that they will not impose onerous requirements and conditions
on our operations. Any such changes and the related uncertainties with respect to the implementation of
GST may have a material adverse effect on our business, financial condition and results of operations.
Further, the General Anti Avoidance Rules came into effect on April 1, 2017. The effect of the application
of these provisions to our business in India is at present uncertain. Furthermore, the Finance Act, 2018
instituted a number of amendments to the existing direct and indirect tax regime which includes the
withdrawal of long-term capital gains exemptions on equity shares, long term capital gains applicability in
the hands of Foreign Institutional Investors and applicability of dividend distribution tax for certain
transactions with shareholders, among others.
59. Political instability or a change in economic liberalization and deregulation policies could seriously
harm business and economic conditions in India generally and our business in particular.
The GoI has traditionally exercised and continues to exercise influence over many aspects of the economy.
Our business and the market price and liquidity of our Equity Shares may be affected by interest rates,
changes in Government policy, taxation, social and civil unrest and other political, economic or other
developments in or affecting India. The rate of economic liberalization could change, and specific laws and
policies affecting the information technology sector, foreign investment and other matters affecting
investment in our securities could change as well. Any significant change in such liberalization and
deregulation policies could adversely affect business and economic conditions in India, generally, and our
business, prospects, financial condition and results of operations, in particular.
60. Global economic, political and social conditions may harm our ability to do business, increase our
costs and negatively affect our stock price.
Global economic and political factors that are beyond our control, influence forecasts and directly affect
performance. These factors include interest rates, rates of economic growth, fiscal and monetary policies
of governments, inflation, deflation, foreign exchange fluctuations, consumer credit availability,
fluctuations in commodities markets, consumer debt levels, unemployment trends and other matters that
influence consumer confidence, spending and tourism. Increasing volatility in financial markets may cause
these factors to change with a greater degree of frequency and magnitude, which may negatively affect our
stock prices.
61. Foreign investors are subject to foreign investment restrictions under Indian law that limits our
ability to attract foreign investors, which may adversely impact the market price of the Equity
Shares.

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 Under the foreign exchange regulations currently in force in India, transfers of shares between non-
residents and residents are freely permitted (subject to certain exceptions) if they comply with the pricing
guidelines and reporting requirements specified by the RBI. If the transfer of shares, which are sought to
be transferred, is not in compliance with such pricing guidelines or reporting requirements or fall under
any of the exceptions referred to above, then the prior approval of the RBI will be required. Additionally,
shareholders who seek to convert the Rupee proceeds from a sale of shares in India into foreign currency
and repatriate that foreign currency from India will require a no objection/ tax clearance certificate from
the income tax authority. There can be no assurance that any approval required from the RBI or any other
government agency can be obtained on any particular terms or at all.
62. The extent and reliability of Indian infrastructure could adversely affect our Company’s results of
operations and financial condition.
India’s physical infrastructure is in developing phase compared to that of many developed nations. Any
congestion or disruption in its port, rail and road networks, electricity grid, communication systems or any
other public facility could disrupt our Company’s normal business activity. Any deterioration of India’s
physical infrastructure would harm the national economy, disrupt the transportation of goods and supplies,
and add costs to doing business in India. These problems could interrupt our Company’s business
operations, which could have an adverse effect on its results of operations and financial condition.
63. Any downgrading of India’s sovereign rating by an independent agency may harm our ability to
raise financing.
Any adverse revisions to India’s credit ratings for domestic and international debt by international rating
agencies may adversely impact our ability to raise additional financing, and the interest rates and other
commercial terms at which such additional financing may be available. This could have an adverse effect
on our business and future financial performance, our ability to obtain financing for capital expenditures
and the trading price of our Equity Shares.
64. Natural calamities could have a negative impact on the Indian economy and cause our Company’s
business to suffer.
India has experienced natural calamities such as earthquakes, tsunami, floods etc. in recent years. The
extent and severity of these natural disasters determine their impact on the Indian economy. Prolonged
spells of abnormal rainfall or other natural calamities could have a negative impact on the Indian economy,
which could adversely affect our business, prospects, financial condition and results of operations as well
as the price of the Equity Shares.
65. Terrorist attacks, civil unrests and other acts of violence or war involving India or other countries
could adversely affect the financial markets, our business, financial condition and the price of our
Equity Shares.
Any major hostilities involving India or other acts of violence, including civil unrest or similar events that
are beyond our control, could have a material adverse effect on India’s economy and our business. Incidents
such as the terrorist attacks, other incidents such as those in US, Indonesia, Madrid and London, and other
acts of violence may adversely affect the Indian stock markets where our Equity Shares will trade as well
the global equity markets generally. Such acts could negatively impact business sentiment as well as trade
between countries, which could adversely affect our Company’s business and profitability. Additionally,
such events could have a material adverse effect on the market for securities of Indian companies, including
the Equity Shares.

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 SECTION IV – INTRODUCTION

SUMMARY OF FINANCIAL STATEMENTS

Particulars Page No.

Summary of Restated Financials A-1 to A-6

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Mangalam Global Enterprise Limited

Annexure 1: Consolidated Statement of Assets and Liabilities

(Amount in Lakhs)
Consolidated Consolidated
Particulars Annexure
30.06.2019 31.03.2019
Equity and liabilities
Shareholders’ funds
Share capital 5 232.55 232.55
Reserves and surplus 6 3,302.80 3,200.37
Minority Interest 211.12 213.63
3,746.47 3,646.55

Non‐current liabilities
Long‐term borrowings 7 2,116.65 1,677.61
Deferred tax liabilities (net) 8 20.36 23.34
Other long‐term liabilities 9 17.51 16.90
Long‐term provisions 10 2.27 1.62
2,156.79 1,719.48

Current liabilities
Short‐term borrowings 7 5,266.33 1,071.62
Trade payables 11 284.41 156.97
Other current liabilities 12 559.41 410.64
Short‐term provisions 10 113.55 153.12
6,223.70 1,792.34

Total 12,126.96 7,158.37

Assets
Non‐current assets
(i) Property, plant and equipment 13 2,838.02 2,424.48
(ii) Intangible assets 14 2.21 0.63
(iii) Capital work‐in‐progress 13 40.38 436.25
(iv) Goodwill on Consolidation 13A 176.54 176.54
Non‐current investments 15 364.05 242.45
Long‐term loans and advances 16 473.09 169.67
3,894.29 3,450.02

Current assets
Trade receivables 17 1,170.60 889.56
Inventories 18 5,430.03 1,477.24
Cash and bank balances 19 43.04 78.49
Short‐term loans and advances 16 1,589.00 1,263.06
8,232.67 3,708.36

Total 12,126.96 7,158.37

A-1
Mangalam Global Enterprise Limited

Annexure 2: Consolidated Statement of Profit and Loss

(Amount in Lakhs)
Consolidated Consolidated
Particulars Annexure
30.06.2019 31.03.2019
Revenue
Revenue from operations 20 14,627.89 38,980.52
Other income 21 22.04 14.70
Total revenue 14,649.93 38,995.21
Expenses
Cost of materials consumed 22 13,281.35 18,294.58
Purchase of stock‐in‐trade 23 750.62 19,614.86
Changes in inventories of Finished Goods or Traded Goods (264.76) (865.81)
Employee benefits expense 24 123.69 254.15
Finance costs 25 154.54 340.63
Depreciation and amortisation expense 13 35.97 81.92
Other expenses 26 436.12 930.85
Total expenses 14,517.53 38,651.17

Profit before tax 132.40 344.04

Tax expense
Current tax 35.79 91.55
MAT Credit ‐ (9.61)
Deferred tax (credit)/charge (2.99) 17.14
‐
Profit for the period / year 99.60 244.95

Profit Transferred to Minority Interest (2.51) 17.64

Profit /(Loss) for the period / year (after adjustment of

Minority Interest) 102.11 227.31

A-2
Mangalam Global Enterprise Limited

Annexure 3: Consolidated Statement of Cash Flows

(Amount in Lakhs)
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
A. Cash flow from operating activities

Profit before tax, as restated 132.40 344.04

Adjustments for :
Depreciation and amortisation expense 35.97 81.92
Loss/(Gain) on Sale of Investment ‐ (1.18)
Foreign Exchange Gain / Loss (8.30) (2.71)
Finance costs 154.44 340.63
Interest & Dividend Income (13.49) (10.42)
Gratuity Provision 0.92 1.83
Leave Encashment Provision ‐ 4.23
Operating profit before working capital changes 301.94 758.33

Changes in working capital:

(Increase) / decrease Inventories (3,952.79) (1,477.24)
(Increase) / decrease in Trade Receivables (281.04) (713.78)
(Increase) / decrease in Loans and Advances and Other Assets (325.94) (1,235.11)
Increase / (decrease) in Trade Payables 127.45 30.28
Increase / (decrease) in Other Liabilities 148.77 391.75
Increase / (decrease) in Long Term Liabilities 0.61 2.70
Increase / (decrease) in Short Term Provision (39.84) 139.38
Cash generated from / (utilised in) operations (4,021) (2,104)

Less : Income tax paid (35.79) (81.94)

Net cash flow generated from/ (utilised in) operating activities (A) (4,057) (2,186)

B. Cash flow from investing activities

Purchase of property, plant and equipment (including intangible assets (55.23) (2,236.16)
and Assets under WIP)
Net of Purchase/ Proceeds from Sale of Investments (121.60) (242.45)
Interest and Dividend Received 13.49 10.42
(Increase) / decrease in Long Term Loans and Advances (303.42) (155.25)
Income from Investment ‐ 1.18

Net cash flow utilised in investing activities (B) (466.75) (2,622.26)

C. Cash flow from financing activities

Proceeds from issuance of shares ‐ 178.05
Proceeds from Security Premium ‐ 2,512.63
Foreign Exchange Gain / Loss 8.30 2.71
Net of Repayment/Proceeds from Short Term Borrowings 4,194.71 1,071.62
Net of Repayment/Proceeds from Long Term Borrowings 439.04 1,453.52
Interest/Finance Charges Paid (154.44) (340.63)
Other Adjusment (Including Dividend & Dividend Distribution Tax) 0.33 (1.31)
Net cash flow generated from/ (utilised in) financing activities (C) 4,487.93 4,876.58
Net (decrease)/ increase in cash & cash equivalents (A+B+C) (35.46) 68.69
Cash and cash equivalents at the beginning of the period/ year 78.49 9.81
Cash and cash equivalents at the end of the period/ year 43.04 78.49

A-3
Mangalam Global Enterprise Limited
(Amount in ₹ Lakhs)
Annexure 1: Restated Standalone Summary Statement of Assets and Liabilities

As at As at 31 March
Particulars Annexure
30 June, 2019 2019 2018 2017
Equity and liabilities
Shareholders’ funds
Share capital 5 232.55 232.55 54.50 4.50
Reserves and surplus 6 3,115.67 3,010.29 480.02 4.12
3,348.22 3,242.84 534.52 8.62

Non‐current liabilities
Long‐term borrowings 7 24.43 28.90 224.09 570.65
Deferred tax liabilities (net) 8 9.84 9.36 6.20 4.11
Other long‐term liabilities 9 41.54 28.16 14.20 14.20
Long‐term provisions 10 2.27 1.62 ‐ ‐
78.08 68.04 244.49 588.96

Current liabilities
Short‐term borrowings 7 5,266.33 1,071.62 ‐ 49.00
Trade payables 11 216.66 127.31 126.69 2.11
Other current liabilities 12 74.31 55.39 18.89 46.23
Short‐term provisions 10 111.95 149.61 10.16 3.27
5,669.25 1,403.93 155.74 100.61

Total 9,095.55 4,714.81 934.75 698.19

Assets
Non‐current assets
(i) Property, plant and equipment 13 708.19 707.35 706.65 552.38
(ii) Intangible assets 14 2.21 0.63 0.15 0.02
(iii) Capital work‐in‐progress 13 40.38 16.09 ‐ ‐
Non‐current investments 15 516.85 395.57 ‐ ‐
Long‐term loans and advances 16 39.96 35.24 14.41 1.43
1,307.59 1,154.88 721.21 553.83

Current assets
Trade receivables 17 1,030.01 887.07 175.78 15.33
Inventories 18 5,418.19 1,477.24 ‐ 2.11
Cash and bank balances 19 5.25 3.50 9.81 10.69
Short‐term loans and advances 16 1,334.51 1,192.12 27.95 116.23
7,787.96 3,559.93 213.54 144.36

Total 9,095.55 4,714.81 934.75 698.19

A-4
Mangalam Global Enterprise Limited

Annexure 2: Restated Standalone Summary Statement of Profit and Loss (Amount in ₹ Lakhs)

1 April 2019 For the year ended 31 March,

Particulars Annexure to
2019 2018 2017
30 June 2019
Revenue
Revenue from operations 20 14,570.98 32,949.72 2,689.36 268.51
Other income 21 21.79 54.01 0.47 0.20
Total revenue 14,592.77 33,003.73 2,689.83 268.71

Expenses
Cost of materials consumed 22 13,215.59 18,294.58 ‐ ‐
Purchase of stock‐in‐trade 23A 750.62 14,138.27 2,578.65 182.17
Changes in inventories of Finished Goods, WIP and
23B (252.91) (865.81) 2.11 35.90
Traded Goods
Employee benefits expense 24 123.69 187.00 18.00 4.22
Finance costs 25 105.78 266.70 1.59 0.01
Depreciation and amortisation expense 13 4.40 15.49 6.76 2.42
Other expenses 26 503.98 665.45 48.82 29.77
Total expenses 14,451.14 32,701.67 2,655.94 254.49

Profit before tax 141.63 302.06 33.89 14.22

Tax expense
Current tax 35.76 81.92 6.46 2.71
MAT Credit ‐ ‐ (0.55) (2.01)
Deferred tax (credit)/charge 0.48 3.16 2.09 4.11

Profit for the period / year 105.39 216.98 25.89 9.41

A-5
Mangalam Global Enterprise Limited

Annexure 3: Restated Standalone Summary Statement of Cash Flows (Amount in ₹ Lakhs)

As at At at 31 March
Particulars 30 June, 2019 2019 2018 2017
A. Cash flow from operating activities
Profit before tax, as restated 141.63 302.06 33.89 14.22
Adjustments for :
Depreciation and amortisation expense 4.40 15.49 6.76 2.42
Loss/(Gain) on Sale of Investment ‐ (1.18) (0.42) ‐
Foreign Exchange Gain / Loss (8.30) (2.71) ‐ ‐
Finance costs 105.78 266.70 1.59 0.01
Interest & Dividend income (13.49) (49.99) (0.05) (0.20)
Gratuity Provision 0.92 1.83 ‐ ‐
Leave Encashment Provision ‐ 4.23 ‐ ‐
Operating profit before working capital changes 230.94 536.42 41.78 16.44

Changes in working capital:

(Increase) / decrease Inventories (3,940.95) (1,477.24) 2.11 35.90
(Increase) / decrease in Trade Receivables (142.94) (711.29) (160.44) (15.33)
(Increase) / decrease in Loans and Advances and Other Assets (142.39) (1,164.17) 88.28 (115.07)
Increase / (decrease) in Trade Payables 89.35 0.62 124.58 (281.55)
Increase / (decrease) in Other Liabilities 18.92 36.50 (27.34) 45.06
Increase / (decrease) in Long Term Provision ‐ ‐ ‐ ‐
Increase / (decrease) in Long Term Liabilities 13.38 13.96 ‐ 8.00
Increase / (decrease) in Short Term Provision (37.93) 135.03 6.89 2.86
Cash generated from / (utilised in) operations (3,911.60) (2,630.17) 75.86 (303.69)
Less : Income tax paid (35.76) (81.92) (5.91) (0.70)
Net cash flow generated from/ (utilised in) operating activities (A) (3,947.37) (2,712.09) 69.95 (304.39)

B. Cash flow from investing activities

Purchase of property, plant and equipment (including intangible
assets and intangible assets under development) (31.12) (32.76) (161.17) (316.23)
Net of Purchase/ Proceeds from Sale of Investments (121.28) (395.57) ‐ ‐
Interest and Dividend Received 13.49 49.99 0.05 0.20
(Increase) / decrease in Long Term Loans and Advances (4.73) (20.82) (12.98) 3.05
Income from Investment ‐ 1.18 0.42 ‐
‐ ‐ ‐ ‐
Net cash flow utilised in investing activities (B) (143.63) (397.99) (173.68) (312.98)

C. Cash flow from financing activities

Proceeds from issuance of shares ‐ 178.05 50.00 ‐
Proceeds from Security Premium ‐ 2,314.60 450.00 ‐
Foreign Exchange Gain / Loss 8.30 2.71 ‐ ‐
Net of Repayment/Proceeds from Short Term Borrowings 4,194.71 1,071.62 (49.00) 49.00
Net of Repayment/Proceeds from Long Term Borrowings (4.47) (195.20) (346.56) 570.65
Interest/Finance Charges Paid (105.78) (266.70) (1.59) (0.01)
Dividen and Dividend Tax Paid ‐ (1.31) ‐ ‐
Net cash flow generated from/ (utilised in) financing activities (C) 4,092.75 3,103.77 102.85 619.65
Net (decrease)/ increase in cash & cash equivalents (A+B+C) 1.76 (6.31) (0.89) 2.27
Cash and cash equivalents at the beginning of the period/ year 3.50 9.81 10.69 8.42
Cash and cash equivalents at the end of the period/ year 5.25 3.50 9.81 10.69

A-6
 THE ISSUE

The following table summarizes the Issue details:

Particulars Details of Equity Shares
Issue of 42,30,000 Equity Shares of face value of Rs. 10/- each fully
Issue of Equity Shares by our
paid up of the Company for cash at price of Rs. 51/- per Equity Share
Company
aggregating Rs. 2,157.30 lakhs
Of which:
2,12,000 Equity Shares of face value of Rs. 10/- each fully paid up of
Market Maker Reservation Portion the Company for cash at price of Rs 51/- per Equity Share aggregating
Rs. 108.12 lakhs
40,18,000Equity Shares of face value of Rs. 10/- each fully paid up of
the Company for cash at price of Rs. 51/- per Equity Share aggregating
Rs. 2049.18 lakhs
Of Which
20,10,000 Equity Shares of face value of Rs. 10/- each fully paid up
Net Issue to the Public* of the Company for cash at price of Rs. 51/- per Equity Share
aggregating Rs. 1025.10 lakhs will be available for allocation for
allotment to Investors of up to Rs. 2.00 lakhs
20,08,000 Equity Shares of face value of Rs. 10 /- each fully paid up
of the Company for cash at price of Rs. 51/- per Equity Share
aggregating Rs. 1024.08 lakhs will be available for allocation to
investors above Rs. 2.00 lakhs
Pre and Post Issue Equity Shares
Equity Shares outstanding prior to
1,18,27,410 Equity Shares of face value of Rs. 10/- each
the Issue
Equity Shares outstanding after the
1,60,57,410 Equity Shares of face value of Rs. 10/- each
Issue
For details, please refer chapter titled “Objects of the Issue” beginning
Use of Proceeds on page 85 of this Draft Prospectus for information on use of Issue
Proceeds
* The allocation in the net Issue to the public category shall be made as follows:
(a) Minimum fifty percent to retail individual investors; and
(b) Remaining to
i. Individual applicants other than retail individual investors; and
ii. Other investors including corporate bodies or institutions, irrespective of the number of specified
securities applied for;
(c) The unsubscribed portion in either of the categories specified in (a) or (b) above may be allocated to
the applicants in the other category.
Notes
1. This Issue is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, 2018, as amended from
time to time.
2. The Issue has been authorized by the Board of Directors vide a resolution passed at its meeting held on
September 18, 2019 and by the shareholders of our Company vide a special resolution passed pursuant to
section 62(1)(c) of the Companies Act, 2013 at the Extra Ordinary General Meeting held on September 23,
2019.

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3. Allocation to investors in all categories, except the Retail Portion, shall be made on a proportionate basis
subject to valid application received. The allocation to each Retail Individual Investor shall not be less than
the minimum Application Lot, and subject to availability of Equity Shares in the Retail Portion, the
remaining available Equity Shares, if any, shall be allocated on a proportionate basis. Also, pursuant to the
SEBI ICDR Regulations in case if the Retail Individual Investors category is entitled to more than the
allocated portion on proportionate basis, the Retail category shall be allotted that higher percentage.
4. Subject to valid Application being received at or above the Issue Price, under-subscription, if any, in any
category, would be allowed to be met with spill-over from other categories or a combination of categories at
the discretion of our Company, in consultation with the LM and the Designated Stock Exchange.
5. This being fixed price issue under Chapter 253(2) of the SEBI (ICDR) Regulations, 2018. However
QIB can apply under HNI category.
For further details please refer to section titled ‘Issue related Information’ beginning on page 233 of this Draft
Prospectus.

Page 56 of 295
 GENERAL INFORMATION

Our Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited
Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September
27, 2010 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Further, in order to signify
the change in company’s operations, the name of our company was changed to “Mangalam Global Enterprise
Private Limited” pursuant to shareholders resolution passed at Extra-Ordinary General Meeting of our company
held on June 28, 2014 and a fresh Certificate of Incorporation dated July 31, 2014 was issued by Registrar of
Companies, Ahmedabad. Subsequently, our Company was converted into a Public Limited Company pursuant
to shareholders resolution passed at Extra-ordinary General Meeting of our Company held on September 17,
2019 and the name of our Company was changed to “Mangalam Global Enterprise Limited”. A fresh Certificate
of Incorporation consequent upon Conversion from Private Limited Company to Public Limited Company dated
September 30, 2019 was issued by the Registrar of Companies, Ahmedabad. The Corporate Identification
Number of our Company is U24224GJ2010PLC062434.
For details of Business, Incorporation, Change of Name and Registered Office of our Company, please refer to
chapter titled “Our Business” and “Our History and Certain Other Corporate Matters” beginning on page 121
and 151 of this Draft Prospectus.
REGISTERED OFFICE OF OUR COMPANY
MANGALAM GLOBAL ENTERPRISE LIMITED
101, Mangalam Corporate House,
19/B Kalyan Society near M.G. International School,
Mithakhali, Ahmedabad -380006, Gujarat, India
Tel: 079 26442555
Email: info@groupmangalam.com
Website: www.groupmangalam.com
CIN: U24224GJ2010PLC062434
MANUFACTURING UNITS

MANGALAM GLOBAL ENTERPRISE LIMITED

Unit: I - Cotton Unit Unit: II - Castor Oil Unit Unit: III - Castor Oil Unit
Survey No. 124 And 122, Harij- Survey No. 355/P1 And 355P1/1, Survey No. 175/P3/P2, Village-
Kukrana Road, Village – Jaska, Harij-Kukrana Road, Village – Jagana, Taluka- Palanpur, Dist:
Taluka- Harij, District-Patan -- Jaska, Taluka -Harij, District- Banaskantha-385520, Gujarat,
384240, Gujarat, India. Patan -- 384240, Gujarat, India India.

REGISTRAR OF COMPANIES
REGISTRAR OF COMPANIES, AHMEDABAD, GUJARAT
ROC Bhavan, Opp. Rupal Park Society,
Behind Ankur Bus Stop, Naranpura,
Ahmedabad-380013, Gujarat.
Website: www.mca.gov.in
DESIGNATED STOCK EXCHANGE
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
Exchange Plaza, Plot no. C/1, G Block,
Bandra - Kurla Complex, Bandra (E),
Mumbai - 400051,

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Maharashtra, India
Website: www.nseindia.com
BOARD OF DIRECTORS OF OUR COMPANY
The following table sets out details regarding our Board as on the date of this Draft Prospectus:

Sr. Age (In

Name DIN Address Designation
No. Years)
Bungalow No. 1, Bharti Society, Near Chairman &
Vipin Prakash
1. 51 02825511 Nagri Hospital, Mithakhali Executive
Mangal
Ahmedabad - 380006 Gujarat, India Director
Bungalow No. 1, Bharti Society, Near Joint Managing
Chanakya
2. 24 06714256 Nagri Hospital, Mithakhali Director &
Prakash Mangal
Ahmedabad - 380006 Gujarat, India COO
Bungalow No. 1, Bharti Society, Near Joint Managing
Chandragupt
3. 21 07408422 Nagri Hospital, Mithakhali Director &
Prakash Mangal
Ahmedabad - 380006 Gujarat, India CEO
32/A Jupiter Tower, Bh. Grand Independent
4. Manish Bagadia 52 02009864 Bhagwati Hotel, Bodakdev, Director
Ahmedabad 380054 Gujarat, India
5, Agarwal Colony, Street/ Independent
Road/Lane Civil Lines, Near City Director
5. Praveen Gupta 51 00415491 Palace, Village/ Town/ City: Ajmer,
P.O. Ajmer, Rajasthan 305001
Gujarat India
E-72, Galaxy Tower, Near Hotel Non-Executive
6. Sarika Modi 40 08320453 Grand Bhagwati, Bodakdev, Director
Ahmedabad 380054, Gujarat, India

For further details of our Directors, please refer to the chapter titled “Our Management” beginning on page 159
of this Draft Prospectus.
CHIEF FINANCIAL OFFICER
ASHUTOSH MEHTA
MANGALAM GLOBAL ENTERPRISE LIMITED
101, Mangalam Corporate House,
19/B Kalyan Society near M.G. International School,
Mithakhali, Ahmedabad -380006, Gujarat, India
Tel: 079 26442555
Email: cfo@groupmangalam.com
COMPANY SECRETARY & COMPLIANCE OFFICER
RUTU SHAH
MANGALAM GLOBAL ENTERPRISE LIMITED
101, Mangalam Corporate House,
19/B Kalyan Society near M.G. International School,
Mithakhali, Ahmedabad -380006, Gujarat, India
Tel: 079 26442555
Email: cs@groupmangalam.com

Page 58 of 295
Investors can contact the Company Secretary and Compliance Officer, the Lead Manager or the
Registrar to the Issue in case of any pre-Issue or post-Issue related problems, such as non-receipt of letters
of Allotment, non-credit of Allotted Equity Shares in the respective beneficiary account, non-receipt of
refund orders and non-receipt of funds by electronic mode. For all the issue related queries and for
redressal of complaints, Applicants may also write to the Lead Manager or the Registrar in the following
manner:
All issue related grievances relating to the ASBA process may be addressed to the Registrar to the Issue with a
copy to the relevant Designated Intermediary with whom the ASBA Form was submitted. The Applicant should
give full details such as name of the sole or first Applicant, ASBA Form number, Applicant DP ID, Client ID,
PAN, date of the ASBA Form, address of the Applicant, number of Equity Shares applied for and the name and
address of the Designated Intermediary where the ASBA Form was submitted by the ASBA Applicant and
ASBA Account number (for Applicants other than RIBs Applying through the UPI Mechanism) in which the
amount equivalent to the Application Amount was blocked or UPI ID in case of RIBs applying through the UPI
Mechanism
All issue related grievances relating to the UPI mechanism may be addressed to the Registrar to the Issue with
a copy to the relevant Sponsor Bank or the Self Certified Syndicate Banks if the Application was submitted to
a SCSBs at any of the Specified Locations, or the Registered Broker if the Application was submitted to a
Registered Broker at any of the Brokers Centres, as the case may be, quoting the full name of the sole or first
Applicant, Application Form number, address of the Applicant, Applicant’s DP ID, Client ID, PAN, number of
Equity Shares applied for, date of Application Form, name and address of the SCSBs or the Designated Branch
or the Registered Broker or address of the RTA or address of the DP, as the case may be, where the Application
was submitted, and the UPI ID of the UPI ID Linked Bank Account in which the amount equivalent to the
Application Amount was blocked.
Further, the investor shall also enclose the Acknowledgment Slip from the Designated Intermediaries in
addition to the documents/information mentioned hereinabove.
In terms of SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/22, dated February 15, 2018, any ASBA
Applicant whose Application has not been considered for Allotment, due to failure on the part of any SCSB,
shall have the option to seek redressal of the same by the concerned SCSB within three months of the date of
listing of the Equity Shares. SCSBs are required to resolve these complaints within 15 days, failing which the
concerned SCSB would have to pay interest at the rate of 15% per annum for any delay beyond this period of
15 days.
For all issue related queries and for redressal of complaints, Applicant may also write to the Lead Manager. All
complaints, queries or comments received by Stock Exchange/ SEBI shall be forwarded to the Lead Manager,
who shall respond to the same.
STATUTORY AUDITOR OF OUR COMPANY
KEYUR SHAH & CO. Chartered Accountants
303, Shitiratna, B/s. Radisson Blue Hotel, Nr. Panchvati Circle,
Ambawadi, Ahmedabad – 380006, Gujarat, India
Tel: 079 48999595
Email: ca.keyurshah2015@gmail.com
Website: www.keyurshahca.com
Contact Person: Mr. Keyur Shah
Firm Registration No: 141173W
Membership No: 153774
Peer Review Number: 011267
M/s. Keyur Shah & Co., Chartered Accountants holds a peer review certificate dated July 30, 2018 issued by
the Institute of Chartered Accountants of India.

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LEAD MANAGER(S)
Pantomath Capital Advisors Private Limited
406-408, Keshava Premises, Behind Family Court,
Bandra Kurla Complex, Bandra (East)
Mumbai 400051, Maharashtra, India
Tel: +91 22 6194 6700
Fax: + 91 22 2659 8690
Email: ipo@pantomathgroup.com
Website: www.pantomathgroup.com
Contact Person: Unmesh Zagade
SEBI Registration No: INM000012110
REGISTRAR TO THE ISSUE
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park,
L.B.S. Marg, Vikhroli (West),
Mumbai - 400083, Maharashtra, India.
Tel: +91 22 49186200
Fax: +91 22 49186195
Email: mangalam.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance E-mail: mangalam.ipo@linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Registration Number: INR000004058
CIN: U67190MH1999PTC118368
LEGAL ADVISOR TO THE ISSUE
M V KINI, LAW FIRM
Kini House 261/263, Near Citi Bank,
D.N. Road, Fort, Mumbai - 400001,
Maharashtra, India
Tel: +91 22 66664298/99
Fax: +91 22 22612530
E-mail: vidisha@mvkini.com
Contact Person: Vidisha Krishan
Website: www.mvkini.com
BANKER TO THE COMPANY
HDFC BANK LIMITED
Shilp II, Next to Vikram Chambers,
Ashram Road, Ahmedabad- 380009
Tel: 079- 27542779
E-mail: vikas.kalaria@hdfcbank.com
Contact Person: Vikas Kalaria
Website: www.hdfcbank.com
PUBLIC ISSUE BANK/ BANKER TO THE ISSUE AND REFUND BANKER

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[]*
*The banker to the Issue will be appointed prior to registering Prospectus with the RoC
SPONSOR BANK
[]*
*The Sponsor Bank will be appointed prior to registering Prospectus with the RoC
DESIGNATED INTERMEDIARIES
Self-Certified Syndicate Banks
The lists of banks that have been notified by SEBI to act as SCSB for the Applications Supported by Blocked
Amount (ASBA) Process are provided on the website of SEBI on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes. For details on Designated
Branches of SCSBs collecting the Application Forms, please refer to the above mentioned SEBI link.
A list of the Designated SCSB Branches with which an ASBA Applicants (other than an RII using the UPI
Mechanism), not Applying through a Registered Broker, may submit the ASBA Forms, is available at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34, and at such other
websites as may be prescribed by SEBI from time to time.
Further, the branches of the SCSBs where the Designated Intermediaries could submit the ASBA Form(s) of
Applicants (other than RIIs) is provided on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 which may be
updated from time to time or at such other website as may be prescribed by SEBI from time to time.
Investors Banks or Issuer Banks for UPI
The list of Self Certified Syndicate Banks that have been notified by SEBI to act as Investors Bank or Issuer
Bank for UPI mechanism are provide on the website of SEBI on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40. For details on
Designated Branches of SCSBs collecting the Application Forms, please refer to the above mentioned SEBI
link.
Registered Brokers
Applicants can submit Application Forms in the Issue using the stock brokers network of the Stock Exchanges,
i.e., through the Registered Brokers at the Broker Centres. The list of the Registered Brokers, including details
such as postal address, telephone number and e-mail address, is provided on the website of the SEBI
(www.sebi.gov.in) and updated from time to time. For details on Registered Brokers, please refer
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes.
Registrar to Issue and Share Transfer Agents
The list of the RTAs eligible to accept Applications forms at the Designated RTA Locations, including details
such as address, telephone number and e-mail address, are provided on the website of the SEBI on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes, as updated from time to time.
Collecting Depository Participants
The list of the CDPs eligible to accept Application Forms at the Designated CDP Locations, including details
such as name and contact details, are provided on the website of Stock Exchange. The list of branches of the
SCSBs named by the respective SCSBs to receive deposits of the Application Forms from the Designated
Intermediaries will be available on the website of the SEBI (www.sebi.gov.in) on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes and updated from time to time.
CREDIT RATING
This being an issue of Equity Shares, credit rating is not required.
IPO GRADING

Page 61 of 295
Since the Issue is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, 2018, there is no
requirement of appointing an IPO Grading agency.
APPRAISAL AGENCY & MONITORING AGENCY
As per regulation 262(1) of the SEBI ICDR Regulations, the requirement of Monitoring Agency is not
mandatory if the Issue size, is below Rs. 10,000 Lakhs. Since the Issue size is only of Rs. 2157.30 lakhs, our
Company has not appointed any monitoring agency for this Issue. However, as per Section 177 of the
Companies Act, 2013, the Audit Committee of our Company, would be monitoring the utilization of the
proceeds of the Issue. Further, our Company has not appointed any appraisal agency for this Issue.
INTER-SE ALLOCATION OF RESPONSIBILITIES
Since Pantomath Capital Advisors Private Limited is the sole Lead Manager to this Issue, a statement of inter
se allocation of responsibilities among Lead Manager is not applicable.
EXPERT OPINION
Except the report of the Peer Reviewed Auditor on statement of tax benefits and report on restated Standalone
and Consolidated financials for the period ended June 30, 2019 and for the financial years ended March 31,
2019, 2018 and 2017 as included in this Draft Prospectus, our Company has not obtained any expert opinion.
DEBENTURE TRUSTEE
Since this is not a debenture issue, appointment of debenture trustee is not required.
FILING OF OFFER DOCUMENT
The Draft Prospectus has not been filed with SEBI, nor has SEBI issued any observation on the Offer Document
in terms of Regulation 246 of SEBI (ICDR), 2018. However, pursuant to sub regulation (5) of regulation 246,
the copy of Draft Prospectus shall also be furnished to the board in a soft copy. Pursuant to SEBI Circular
Number SEBI/HO/CFD/DIL1/CIR/P/2018/011 dated January 19, 2018, a copy of the Prospectus will be filed
online through SEBI Intermediary Portal at https://siportal.sebi.gov.in.
A copy of the Prospectus along with the documents required to be filed under Section 26 of the Companies Act,
2013 will be delivered to the RoC situated at ROC Bhavan, Opp. Rupal Park Society, Behind Ankur Bus Stop,
Naranpura, Ahmedabad-380013, Gujarat, India.
ISSUE PROGRAMME
An indicative timetable in respect of the Issue is set out below:

Event Indicative Date

Issue Opening Date [●]
Issue Closing Date [●]
Finalization of Basis of Allotment with the Designated Stock Exchange [●]
Unblocking of funds from ASBA Accounts On or before [●]
Credit of Equity Shares to demat accounts of Allottees On or before [●]
Commencement of trading of the Equity Shares on the Stock Exchange On or before [●]

The above timetable is indicative and does not constitute any obligation on our Company or the Lead Manager.
Whilst our Company shall ensure that all steps for the completion of the necessary formalities for the listing and
the commencement of trading of the Equity Shares on the Stock Exchange are taken within 6 Working Days of
the Issue Closing Date, the timetable may change due to various factors, such as extension of the Issue Period
by our Company, or any delays in receiving the final listing and trading approval from the Stock Exchange. The
Commencement of trading of the Equity Shares will be entirely at the discretion of the Stock Exchange and in
accordance with the applicable laws.

Page 62 of 295
Application and any revision to the same shall be accepted only between 10.00 a.m. and 5.00 p.m. (IST) during
the Issue Period. On the Issue Closing Date, the Applications and any revision to the same shall be accepted
between 10.00 a.m. and 5.00 p.m. (IST) or such extended time as permitted by the Stock Exchanges, in case of
Applications by Retail Individual Applicant after taking into account the total number of Applications received
up to the closure of timings and reported by the Lead Manager to the Stock Exchanges. It is clarified that
Applications not uploaded on the electronic system would be rejected. Applications will be accepted only on
Working Days. Neither our Company nor the Lead Manager is liable for any failure in uploading the
Applications due to faults in any software/hardware system or otherwise.
Non-Retail Applicants shall not be allowed to either withdraw or lower the size of their Application at any stage.
Non-Retail Applicants may revise their Applications upwards (in terms of quantity of Equity Shares) during the
Issue Period. Such upward revision must be made using the Revision Form.
In case of discrepancy in the data entered in the electronic book vis-à-vis the data contained in the physical or
electronic Application Form, for a particular Applicants, the Registrar to the Issue shall ask the relevant SCSBs
/ RTAs / DPs / Stock Brokers, as the case may be, for rectified data.
UNDERWRITER
Our Company and Lead Manager to the Issue hereby confirm that the Issue is 100% Underwritten. The
underwriting agreement is dated October 17, 2019 and pursuant to the terms of the underwriting agreement;
obligations of the underwriter is subject to certain conditions specified therein. The underwriter have indicated
their intention to underwrite following number of specified securities being offered through this Issue.

Name and Address of the Underwriter Indicative Amount

Number of Underwritten % of the Total
Equity Shares Issue size
to be (Rupees in Underwritten
Underwritten* Lakhs)

PANTOMATH CAPITAL ADVISORS

PRIVATE LIMITED
406-408, Keshava Premises Co-Op Soc. Ltd.,
Behind Family Court, Bandra Kurla Complex,
Bandra East, Mumbai 400051
Tel: +91 22 61946700 42,30,000 2157.30 100%
Fax: + 91 22 26598690
Email: ipo@pantomathgroup.com
Contact Person: Unmesh Zagade
SEBI Registration Number: INM000012110
Total 42,30,000 2157.30 100%
*Includes 2,12,000 Equity shares of the Market Maker Reservation Portion which are to be subscribed by the
Market Maker in order to claim compliance with the requirements of Regulation 261of the SEBI (ICDR)
Regulations, 2018, as amended.
In the opinion of the Board of Directors of the Company, the resources of the above mentioned underwriters are
sufficient to enable them to discharge their respective underwriting obligations in full.
CHANGES IN AUDITORS DURING LAST THREE FINANCIAL YEARS
Except as mentioned below there has been no change in the Auditors in last three financial years preceding the
date of this Draft Prospectus.

Sr. Name of Auditors Date of change Reason

No.

Page 63 of 295
 1. Kedia & Kedia Associates September 11, Completion of the term as
205, Kaling, 2nd Floor, Near Mount Carmel 2019 statutory auditors of our
School, Off Ashram Road, Navrangpura, Company in compliance with
Ahmedabad – 380009, Gujarat, India Section 139(2) of the Companies
Act, 2013
Tel: 079 26589941
Email: kediaca@kediaca.com
Website: www.keyurshahca.com
Contact Person: Mr. Subodh Kedia
Firm Registration No: 104954W
Membership No: 043381
Peer Review Number: 008942
2. Keyur Shah & Co. September 11, Appointment as Statutory
303, Shitiratna, B/s. Radisson Blue Hotel, 2019 Auditors of our Company
Nr. Panchvati Circle, Ambawadi,
Ahmedabad – 380006, Gujarat, India
Tel: 079 48999595
Email: ca.keyurshah2015@gmail.com
Website: www.keyurshahca.com
Contact Person: Mr. Keyur Shah
Firm Registration No: 141173W
Membership No: 153774
Peer Review Number: 011267

DETAILS OF THE MARKET MAKING ARRANGEMENT

Our Company and the Lead Manager have entered into an agreement dated October 17, 2019, with the following
Market Maker, duly registered with National Stock Exchange of India Limited to fulfil the obligations of Market
Making.
PANTOMATH STOCK BROKERS PRIVATE LIMITED
108, Madhava Premises, Behind Family Court,
Bandra Kurla Complex, Bandra (East), Mumbai 400051,
Maharashtra, India
Tel: +91 22 42577000
Fax: +91 22 2659 8690
Email: broking@pantomathgroup.com
Website: www.pantomathbroking.com
Contact Person: Mahavir Toshniwal
SEBI Registration Number: INZ000068338
Pantomath Stock brokers Private Limited, registered with EMERGE platform of National Stock Exchange of
India Limited will act as the Market Maker and has agreed to receive or deliver of the specified securities in the
market making process for a period of three years from the date of listing of our Equity Shares or for a period
as may be notified by any amendment to SEBI (ICDR) Regulations.
The Market Maker shall fulfil the applicable obligations and conditions as specified in the SEBI (ICDR)
Regulations, as amended from time to time and the circulars issued by National Stock Exchange of India Limited
and SEBI in this matter from time to time.
Following is a summary of the key details pertaining to the Market Making arrangement:

Page 64 of 295
1. The Market Maker (individually or jointly) shall be required to provide a 2-way quote for 75% of the time
in a day. The same shall be monitored by the Stock Exchange. The spread (difference between the sell and
the buy quote) shall not be more than 10% or as specified by the stock exchange from time to time and the
same shall be updated in Prospectus. Further, the Market Maker(s) shall inform the Exchange in advance
for each and every black out period when the quotes are not being offered by the Market Maker(s).
2. The prices quoted by Market Maker shall be in compliance with the Market Maker Spread Requirements
and other particulars as specified or as per the requirements of National Stock Exchange of India Limited
and SEBI from time to time.
3. The minimum depth of the quote shall be Rs. 1,00,000/-. However, the investors with holdings of value less
than Rs. 1,00,000/- shall be allowed to Issue their holding to the Market Maker (individually or jointly) in
that scrip provided that he sells his entire holding in that scrip in one lot along with a declaration to the
effect to the selling broker. Based on the IPO price of 51/- the minimum lot size is 2,000 Equity Shares thus
minimum depth of the quote shall be Rs. 1.02 lakhs until the same, would be revised by National Stock
Exchange of India Limited.
4. After a period of three (3) months from the market making period, the Market Maker would be exempted
to provide quote if the Shares of Market Maker in our Company reaches to 25% of Issue Size (including
the 2,12,000 Equity Shares out to be allotted under this Issue). Any Equity Shares allotted to Market Maker
under this Issue over and above 25% Equity Shares would not be taken in to consideration of computing
the threshold of 25% of Issue Size. As soon as the Shares of Market Maker in our Company reduce to 24%
of Issue Size, the Market Maker will resume providing 2-way quotes.
5. There shall be no exemption / threshold on downside. However, in the event the Market Maker exhausts his
inventory through market making process, National Stock Exchange of India Limited may intimate the same
to SEBI after due verification.
6. Execution of the order at the quoted price and quantity must be guaranteed by the Market Maker, for the
quotes given by him.
7. There would not be more than five Market Makers for the Company’s Equity Shares at any point of time
and the Market Makers may compete with other Market Makers for better quotes to the investors. At this
stage, Pantomath Stock Brokers Private Limited is acting as the sole Market Maker.
8. On the first day of the listing, there will be pre-opening session (call auction) and there after the trading will
happen as per the equity market hours. The circuits will apply from the first day of the listing on the
discovered price during the pre-open call auction. The securities of the company will be placed in SPOS
and would remain in Trade for Trade settlement for 10 days from the date of listing of Equity share on the
Stock Exchange.
9. The shares of the company will be traded in continuous trading session from the time and day the company
gets listed on EMERGE Platform of National Stock Exchange of India Limited and market maker will
remain present as per the guidelines mentioned under National Stock Exchange of India Limited and SEBI
circulars.
10. Price Band and Spreads: SEBI Circular bearing reference no: CIR/MRD/DP/ 02/2012 dated January 20,
2012, has laid down that for Offer size up to Rs. 250 crores, the applicable price bands for the first day shall
be:
i. In case equilibrium price is discovered in the Call Auction, the price band in the normal trading session
shall be 5% of the equilibrium price.
ii. In case equilibrium price is not discovered in the Call Auction, the price band in the normal trading
session shall be 5% of the Offer price.
Additionally, the trading shall take place in TFT segment for first 10 days from commencement of trading.
The following spread will be applicable on the SME Exchange Platform.
No. Market Price Slab (In Rs.) Proposed spread (in
% to sale price)
1 Upto 50 9
2 50 to 75 8
3 75 to 100 6

Page 65 of 295
 4 Above 100 5
11. There will be special circumstances under which the Market Maker may be allowed to withdraw temporarily
/ fully from the market – for instance due to system problems, any other problems. All controllable reasons
require prior approval from the Exchange, while force-majeure will be applicable for non-controllable
reasons. The decision of the Exchange for deciding controllable and non-controllable reasons would be
final.
12. The Market Maker shall have the right to terminate said arrangement by giving one month notice or on
mutually acceptable terms to the Lead Manager, who shall then be responsible to appoint a replacement
Market Maker(s).
In case of termination of the above mentioned Market Making agreement prior to the completion of the
compulsory Market Making period, it shall be the responsibility of the Lead Manager to arrange for another
Market Maker(s) in replacement during the term of the notice period being served by the Market Maker but
prior to the date of releasing the existing Market Maker from its duties in order to ensure compliance with
the requirements of regulation 261 of the SEBI (ICDR) Regulations. Further the Company and the Lead
Manager reserve the right to appoint other Market Maker either as a replacement of the current Market
Maker or as an additional Market Maker subject to the total number of Designated Market Makers does not
exceed 5 (five) or as specified by the relevant laws and regulations applicable at that particulars point of
time. The Market Making Agreement is available for inspection at our Registered Office from 11.00 a.m.
to 5.00 p.m. on working days.
13. EMERGE platform of National Stock Exchange of India Limited will have all margins which are applicable
on the NSE Main Board viz., Mark-to-Market, Value-At-Risk (VAR) Margin, Extreme Loss Margin,
Special margins and Base Minimum Capital etc. National Stock Exchange of India Limited can impose any
other margins as deemed necessary from time-to-time.
14. National Stock Exchange of India Limited will monitor the obligations on a real time basis and punitive
action will be initiated for any exceptions and / or non-compliances. Penalties / fines may be imposed by
the Exchange on the Market Maker, in case he is not able to provide the desired liquidity in a particular
security as per the specified guidelines. These penalties / fines will be set by the Exchange from time to
time. The Exchange will impose a penalty on the Market Maker in case he is not present in the market
(offering two way quotes) for at least 75% of the time. The nature of the penalty will be monetary as well
as suspension in market making activities / trading membership.
15. The Department of Surveillance and Supervision of the Exchange would decide and publish the penalties /
fines / suspension for any type of misconduct / manipulation / other irregularities by the Market Maker from
time to time.
16. Pursuant to SEBI Circular number CIR/MRD/DSA/31/2012 dated November 27, 2012, limits on the upper
side for Market Makers during market making process has been made applicable, based on the issue size
and as follows:
Buy quote exemption threshold Re-Entry threshold for buy quote
Issue size (including mandatory initial (including mandatory initial
inventory of 5% of the Issue Size) inventory of 5% of the Issue Size)
Up to Rs. 20 Crore 25% 24%
Rs. 20 crore to Rs. 50
20% 19%
crore
Rs. 50 to Rs. 80 crore 15% 14%
Above Rs. 80 crore 12% 11%
The Market Making arrangement, trading and other related aspects including all those specified above shall
be subject to the applicable provisions of law and / or norms issued by SEBI / National Stock Exchange of
India Limited from time to time.
All the above mentioned conditions and systems regarding the Market Making Arrangement are subject to
change based on changes or additional regulations and guidelines from SEBI and Stock Exchange from
time to time.

Page 66 of 295
 CAPITAL STRUCTURE

Our Equity Share capital, as on the date of this Draft Prospectus and after giving effect to the Issue is set forth
below:
Amount (Rs. in lakhs, except share data)

Aggregate
Aggregate
Particulars Value at Issue
Nominal Value
Price
A. Authorised Share Capital
1,70,00,000 Equity Shares of Rs. 10/- each. 1,700.00 -
B. Issued, Subscribed And Paid-Up Share Capital Before The
Issue
1,18,27,410 Equity Shares of Rs. 10/- each 1,182.74 -
C. Present Issue In Terms Of This Draft Prospectus
Issue of 42,30,000 Equity Shares of Rs. 10/- each at a price of
423.00 2,157.30
Rs. 51/- per Equity Share
Consisting:
Reservation for Market Maker –
2,12,000 Equity Shares of face value of Rs. 10/- each reserved 21.20 108.12
as Market Maker Portion at a price of Rs. 51/- per Equity Share
Net Issue to Public –
40,18,000 Equity Shares of face value of Rs. 10/- each at a 401.80 2,049.18
price of Rs. 51/- per Equity Share
Of the Net Issue to the Public
Allocation to Retail Individual Investors of 20,10,000 Equity
201.00 1,025.10
Shares
Allocation to other than Retails Individual Investors of
200.80 1,024.08
20,08,000 Equity Shares
D. Issued, Subscribed And Paid-Up Share Capital After The
Issue
Equity Shares of Rs. 10/- each 1,605.74
E. Securities Premium Account
Before the Issue 1,870.41
After the Issue 3,604.71

The Issue has been authorized by the Board of Directors vide a resolution passed at its meeting held on
September 18, 2019 and by the shareholders of our Company vide a special resolution passed pursuant to
section 62(1)(c) of the Companies Act, 2013 at the Extra-ordinary General Meeting held on September 23,
2019.
The Company has only one class of share capital i.e. Equity Shares of face value of Rs. 10/- each only. All
Equity Shares issued are fully paid-up.
Our Company has no outstanding convertible instruments as on the date of this Draft Prospectus.

Page 67 of 295
Notes to Capital Structure
1. Details of change in authorised share capital since incorporation
Since the incorporation of our company, the authorised share capital of our company has been altered in the
manner set forth below: -

Particulars of change Date of AGM/E

shareholder’s GM
Meeting
Increased / Reclassified from Increased / Reclassified to
The authorized share capital of our Company on incorporation comprised of Rs. On
-
5,00,000 divided into 50,000 Equity Shares of Rs. 10 each Incorporation
Rs. 5,00,000 consisting of 50,000 Rs. 55,00,000 consisting of 5,50,000 March 20,
EGM
Equity Shares of Rs.10 each Equity Shares of Rs. 100 each 2018
Rs. 55,00,000 consisting of 5,50,000 Rs. 3,00,00,000 consisting of 30,00,000 March 12,
EGM
Equity Shares of Rs. 100 each Equity Shares of Rs. 10 each 2019
Rs. 3,00,00,000 consisting of Rs. 17,00,00,000 consisting of
September 03,
30,00,000 Equity Shares of Rs. 10 1,70,00,000 Equity Shares of Rs. 10 EGM
2019
each each

2. History of Equity Share Capital of our Company

Date of allotment No. of Face Issue Nature Nature of Cumulativ Cumulative
/fully paid up Equity value price of allotment e no. of Paid-up
Shares (Rs.) (Rs.) consider Equity capital(Rs.)
allotted ation Shares
On Incorporation 10,000 10 10 Cash Subscription to 10,000 1,00,000
the MOA (1)
January 18, 2011 35,020 10 10 Cash Further 45,020 4,50,200
Allotment(2)
March 31, 2018 5,00,000 10 100 Other Right Issue(3) 5,45,020 54,50,200
than Cash
March 31, 2019 17,80,462 10 140 Other Right Issue (4) 23,25,482 23,254,820
than Cash
September 03, 93,01,928 10 Nil Other Bonus Issue (5) 1,16,27,410 11,62,74,100
2019 than cash
October 16, 2019 2,00,000 10 28 Cash Further 1,18,27,410 1,18,27,41,00
Allotment (6)

(1) Initial Subscribers to Memorandum of Association subscribed 10,000 Equity Shares of face value of Rs. 10
each fully paid at par as per the details given below:

S. No. Name of Subscribers No. of Shares Subscribed

1. Abhinav Agrawal 5,000
2. Rashmi Mangal 5,000
Total 10,000
(2) Further allotment of 35,020 Equity Shares of face value of Rs. 10 each fully paid up at par on January 18,
2011, as per the details given below:

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 S. No. Name of Allottee No. of Shares Allotted
1. Anilkumar Agrawal 5,000
2. Dimple Mangal 5,000
3. Hemlata Mangal 5,000
4. Manju Agrawal 5,000
5. Rachna Agrawal 5,000
6. Sajjankumar Agrawal 5,000
7. Sonali Agrawal 5,000
8. Shrishank Securities Private Limited 10
9. Suman Finstocks Private Limited 10
Total 35,020
(3) Right Issue* of 5,00,000 Equity Shares of face value of Rs. 10 each fully paid at a premium of Rs. 90 per
Equity Share on March 31, 2018 as per the details given below:

S. No Name of Allottee No. of Shares Allotted

1. Chanakya Prakash Mangal 1,55,000
2. Chandragupt Prakash Mangal 1,55,000
3. Hemlata Mangal 4,000
4. Rashmi Mangal 1,55,000
5. Vipin Prakash Mangal 31,000
Total 5,00,000
* All the existing shareholders have been allotted shares pursuant to conversion of their unsecured loan
outstanding with the company on the date of allotment.
(4) Right Issue of 17,80,462 Equity Shares of face value of Rs. 10 each fully paid at a premium of Rs. 130 per
Equity Share on March 31, 2019 as per the details given below:

S. No Name of Allottee No. of Shares Allotted

1. Vipin Prakash Mangal* 96,588
2. Chanakya Prakash Mangal* 2,51,023
3. Chandragupt Prakash Mangal* 2,75,976
4. Rashmi Mangal* 72,578
5. Om Prakash Mangal* 2,85,714
6. Manglam Woldwide Private Limited* 3,50,000
7. Zaddoc Nutritions Private Limited 4,02,871
8. Anilkumar Rajgor 5,714
9. Induben Rajgor 5,714
10. Jagrutiben Rajgor 5,714
11. Kiranben Rajgor 5,714

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 S. No Name of Allottee No. of Shares Allotted
12. Mahesh kumar Rajgor 5,714
13. Paresh kumar Rajgor 5,714
14. Vasant kumar Rajgor* 5,714
15. Zenishaben Rajgor 5,714
Total 17,80,462
* Existing shareholders have been allotted shares pursuant to conversion of their unsecured loan outstanding
with the company on the date of allotment. Further, their remaining entitlement has been renounced in favour
of new shareholders who has infused fresh funds.
(5) Bonus Issue of 93,01,928 Equity Shares of face value of Rs. 10 each fully paid in the ratio of 4:1 i.e. four
equity share for every one equity share held, allotted on September 03, 2019, as per the details given below:

S. No Name of Allottee No. of Shares Allotted

1. Rashmi Mangal 7,25,512
2. Hemlata Mangal 55,236
3. Vipin Prakash Mangal 7,65,552
4. Chanakya Prakash Mangal 16,59,280
5. Chandragupta Prakash Mangal 17,59,100
6. Om Prakash Mangal 11,42,860
7. Manglam Woldwide Private Limited 14,00,004
8. Zaddoc Nutritions Private Limited 16,11,488
9. Anilkumar Rajgor 22,860
10. Induben Rajgor 22,860
11. Jagrutiben Rajgor 22,860
12. Kiranben Rajgor 22,860
13. Mahesh Kumar Rajgor 22,860
14. Paresh Kumar Rajgor 22,860
15. Vasant Kumar Rajgor 22,860
16. Zenishaben Anilkumar Rajgor 22,860
17. Anil Dharamdarshi 4
18. Eureka International 4
19. Kanchanben Jesalpura 4
20. Rekha Sheladia 4
Total 93,01,928
(6) Preferential Allotment of 2,00,000 equity shares of Rs. 10 each fully paid at a premium of Rs. 18 per equity
share on October 16, 2019 as per the details given below:

S. No Name of Allottee No. of Shares Allotted

1. Romal Bafna 10,000

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 S. No Name of Allottee No. of Shares Allotted
2. Chandrark Kothadia 10,000
3. Rahul Mehta 10,000
4. Vasant Mehta 10,000
5. Saritadevi Tibrewala 8,000
6. Radhakrishan Kunhaboo Nair 2,000
7. Rajesh Teli 2,000
8. Krunal Kadiya 2,000
9. Vaishaliben Patel 2,000
10. Fulchandrabhai Parekh 2,000
11. Ashish Jethaliya 2,000
12. Virendra Parmar 2,000
13. Pradip Kuril 2,000
14. Darney Pullarkot 2,000
15. Thamban Nanu Ezhava 2,000
16. Manas Kiran Shah 2,000
17. Vikas Singh Panwar 2,000
18. Bipendra Singh Shekhawat 2,000
19. Shekhavat Shaitan Singh 2,000
20. Jatin Mahesh Viyala 2,000
21. Kunal Shah 2,000
22. Rutu Shah 2,000
23. Maulik Vekariya 500
24. Rajguru Ekta Hasmukhbhai 500
25. Kailashchandra Agrawal 8,000
26. Sachin Rajendra Modi 55,500
27. Shashi Modi 53,500
Total 2,00,000
3. We have not issued any Equity Shares for consideration other than cash except as mentioned below:
Date of Issue
No. of Equity Face Value Price Reasons for Benefits accrued to
Allotment / Fully
Shares allotted (in Rs.) allotment our Company
Paid - up (in Rs.)
Conversion of
March 31, 2018* 5,00,000 10 100 Right Issue
Unsecured Loan
Conversion of
March 31, 2019** 13,37,593 10 140 Right Issue
Unsecured Loan
September 03, Capitalization of
93,01,928 10 Nil Bonus Issue
2019*** reserves

Page 71 of 295
.*For list of allottees, see note 3 of paragraph titled “History of Equity Share Capital of our Company”
mentioned above.
** For list of allottees, see note 4 of paragraph titled “History of Equity Share Capital of our Company”
mentioned above
*** For list of allottees, see note 5 of paragraph titled “History of Equity Share Capital of our Company”
mentioned above
4. As on date of this Draft Prospectus, our Company has not allotted any Equity Shares pursuant to any scheme
approved under sections 391-394 of the Companies Act, 1956 and/or sections 230-232 of the Companies
Act, 2013.
5. Our company has not issued any shares pursuant to an Employee Stock Option Scheme.
6. Our Company has not revalued its assets since inception and have not issued any Equity Shares (including
bonus shares) by capitalizing any revaluation reserves.

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7. We have not issued any shares at price below than issue price within last one year from the date of this Draft Prospectus except as given below:
No. of Equity Face Issue Nature of Reasons for Name of Allottee Number of Whether Forming part
Date of Shares allotted Value Price (in Considera allotment Shares of Promoter Group
Allotment (in Rs.) tion
Rs.)
Romal Bafna 10,000 No
Chandrark Kothadia 10,000 No
Rahul Mehta 10,000 No
Vasant Mehta 10,000 No
Saritadevi Tibrewala 8,000 No
Radhakrishan Kunhaboo Nair 2,000 No
Rajesh Teli 2,000 No
Krunal Kadiya 2,000 No
Vaishaliben Patel 2,000 No
Fulchandrabhai Parekh 2,000 No
Ashish Jethaliya 2,000 No
Virendra Parmar 2,000 No
Pradip Kuril 2,000 No
October 16, Preferential
2,00,000 10 28 Cash Darney Pullarkot 2,000 No
2019 Allotment
Thamban Nanu Ezhava 2,000 No
Manas Kiran Shah 2,000 No
Vikas Singh Panwar 2,000 No
Bipendrasingh Shekhawat 2,000 No
Shekhavat Shaitan Singh 2,000 No
Jatin Mahesh Viyala 2,000 No
Kunal Shah 2,000 No
Rutu Shah 2,000 No
Maulik Vekariya 500 No
Rajguru Ekta Hasmukhbhai 500 No
Kailashchandra Agrawal 8,000 No
Sachin Modi 55,500 No
Shashi Modi 53,500 No
Total 2,00,000

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8. As on the date of this Draft Prospectus, our Company does not have any preference Share Capital.
9. Build-up of Promoters’ shareholding, Promoter’s contribution and lock-in
i. Build - up of Promoters’ shareholdings:
As on the date of this Draft Prospectus, our Promoters Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal together hold 52,29,915
Equity Shares, constituting 44.22% of the issued, subscribed and paid-up Share capital of our Company.
1) Vipin Prakash Mangal

Date of Allotment/ No. of Face value Issue/ Acquisition/ Nature of transaction % Pre-Issue % Post-Issue Pledge
Transfer/ when made Equity per share Transfer price shareholding shareholding
fully paid up Shares (Rs.) (Rs.)*
June 15, 2012 4,400 10 10 Transfer from Abhinav Agrawal 0.04% 0.03% No
10 10 Transfer from Vedant Sanjay Prakash
October 24, 2013 4,400 0.04% 0.03% No
Mangal
October 24, 2013 4,400 10 10 Transfer from Sanjay Prakash Mangal 0.04% 0.03% No
October 24, 2013 (4,400) 10 10 Transfer to Chanakya Prakash Mangal (0.04%) (0.03%) No
March 31, 2018 31,000 10 100 Rights Issue 0.26% 0.19% No
October 22, 2018 55,000 10 100 Transfer from Rashmi Mangal 0.47% 0.34% No
March 31, 2019 96,588 10 140 Rights Issue 0.82% 0.60% No
September 03, 2019 7,65,552 10 Nil Bonus Issue 6.47% 4.77% No
Total 9,56,940 8.09% 5.96%
*Cost of acquisition excludes Stamp Duty and the shares were made fully paid on the date of allotment.

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2) Chanakya Prakash Mangal

Date of Allotment/ No. of Face Issue/ Acquisition/ Nature of transaction % Pre-Issue % Post-Issue Pledge
Transfer/ when made Equity value per Transfer price shareholding shareholding
fully paid up Shares share (Rs.)*
(Rs.)
June 15, 2012 4,400 10 10 Transfer from Rachna Agrawal 0.04% 0.03% No
October 24, 2013 4,400 10 10 Transfer from Vipin Prakash Mangal 0.04% 0.03% No
March 31, 2018 1,55,000 10 100 Rights Issue 1.31% 0.97% No
March 31, 2019 2,51,023 10 140 Rights Issue 2.12% 1.56% No
Transfer to Anil Dharramdarshi, No
Kanchanben Jesalpura and Rekha
May 04, 2019 (3) 10 (140) Sheladia Negligible Negligible
(1 share to each)
September 03, 2019 16,59,280 10 Nil Bonus Issue 14.03% 10.33% No
Total 20,74,100 17.54% 12.92%
*Cost of acquisition excludes Stamp Duty and the shares were made fully paid on the date of allotment.
3) Chandragupt Prakash Mangal

Date of Allotment/ No. of Face Issue/ Acquisition/ Nature of transaction % Pre-Issue % Post-Issue Pledge
Transfer/ when made Equity value per Transfer price shareholding shareholding
fully paid up Shares share (Rs.)*
(Rs.)
June 15, 2012 4,400 10 10 Transfer from Sajjankumar Agrawal 0.04% 0.03% No
October 24, 2013 4,400 10 10 Transfer from Omprakash Mangal 0.04% 0.03% No
March 31, 2018 1,55,000 10 100 Rights Issue 1.31% 0.97% No
March 31, 2019 2,75,976 10 140 Rights Issue 2.33% 1.72% No
May 04, 2019 (1) 10 (140) Transfer to Sridevi Yatin Shah Negligible Negligible No

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 Date of Allotment/ No. of Face Issue/ Acquisition/ Nature of transaction % Pre-Issue % Post-Issue Pledge
Transfer/ when made Equity value per Transfer price shareholding shareholding
fully paid up Shares share (Rs.)*
(Rs.)
September 03, 2019 17,59,100 10 Nil Bonus Issue 14.87% 10.96% No
Total 21,98,875 18.59% 13.69%
*Cost of acquisition excludes Stamp Duty and the shares were made fully paid on the date of allotment.

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ii) Details of Promoter’s Contribution locked in for three years:
Pursuant to Regulation 236 and 238 of SEBI ICDR Regulations, an aggregate of 20% of the
post-Issue capital held by our Promoters shall be considered as Promoter‘s Contribution
("Promoters Contribution") and shall be locked-in for a period of three years from the date of
allotment of equity shares issued pursuant to this Issue. The lock-in of the Promoters’
Contribution would be created as per applicable law and procedure and details of the same shall
also be provided to the Stock Exchange before listing of the Equity Shares.
Our Promoters have given written consent to include such number of Equity Shares held by
them and subscribed by them as a part of Promoters’ Contribution constituting 20% of the post
Issue Equity Shares of our Company and have agreed not to sell or transfer or pledge or
otherwise dispose of in any manner, the Promoters Contribution, for a period of three years
from the date of allotment in the Issue. The Equity Shares which are being locked in for 3
(three) years from the date of Allotment are as follows:
Date of Allotment/ No. of Face Issue Nature % of Post Lock in
transfer/ made fully Equity Value Price of Issue Period
paid up shares Allotme shareholdi
locked- nt ng
in*
Vipin Prakash Mangal
September 03, 2019 7,65,552 10 Nil Bonus 4.77% 3 Year
Chanakya Prakash Mangal
September 03, 2019 12,22,974 10 Nil Bonus 7.62% 3 Years
Chandragupt Prakash Mangal
September 03, 2019 12,22,974 10 Nil Bonus 7.62% 3 Years
Total 32,11,500 10 Nil Bonus 20.00% 3 Years

The Minimum Promoters’ Contribution has been brought in to the extent of not less than the
specified minimum lot and from the persons defined as ‘promoter’ under the SEBI ICDR
Regulations. The Equity Shares that are being locked in are not ineligible for computation of
Promoters’ Contribution in terms of Regulation 237 of the SEBI ICDR Regulations. In
connection, we confirm the following:
a) The Equity Shares offered for minimum 20% Promoters’ Contribution have not been
acquired in the three years preceding the date of this Draft Prospectus for consideration
other than cash and revaluation of assets or capitalization of intangible assets nor resulted
from a bonus issue out of the revaluation reserves or unrealized profits of the Company or
against Equity Shares which are otherwise ineligible for computation of Promoters’
contribution;
b) The minimum Promoters’ contribution does not include Equity Shares acquired during the
one year preceding the date of this Draft Prospectus at a price lower than the Issue Price;
c) No equity shares have been issued to our promoter upon conversion of a partnership firm
during the preceding one year at a price less than the Issue price.

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 d) The Equity Shares held by the Promoters and offered for minimum Promoters’ contribution
are not subject to any pledge;
e) All the Equity Shares of our Company held by the Promoters are in dematerialized form;
and
f) The Equity Shares offered for Promoter’s contribution do not consist of Equity Shares for
which specific written consent has not been obtained from the Promoter for inclusion of its
subscription in the Promoter’s contribution subject to lock-in.
iii) Details of Share Capital locked in for one year
Pursuant to regulation 238(b) and 239 of the SEBI (ICDR) Regulations, 2018, other than the
above Equity Shares that are locked in for three years, the entire pre-Issue Equity Share capital
of our Company shall be locked-in for a period of one year from the date of allotment in the
Public Issue.
iv) Other requirements in respect of lock-in:
Pursuant to Regulation 242 of the SEBI ICDR Regulations, the locked-in Equity Shares held
by the Promoters, as specified above, can be pledged only with scheduled commercial banks
or public financial institutions as collateral security for loans granted by such scheduled
commercial banks or public financial institution, provided that the pledge of the Equity Shares
is one of the terms of the sanction of the loan.
Provided that securities locked in as Promoters’ Contribution for 3 years under Regulation
242(a) of the SEBI ICDR Regulations may be pledged only if, in addition to fulfilling the above
requirement, the loan has been granted by such scheduled commercial bank or public financial
institution for the purpose of financing one or more of the objects of the Issue.
Provided that such lock-in shall continue pursuant to the invocation of the pledge and such
transferee shall not be eligible to transfer the specified securities till the lock-in period
stipulated in these regulations has expired.
The Equity Shares held by our Promoters which are locked-in may be transferred to and
amongst the Promoter Group entities or to any new promoter or persons in control of our
Company, subject to continuation of the lock-in in the hands of the transferees for the remaining
period and compliance with the Takeover Regulations, as applicable.
Further, pursuant to Regulation 243 of the SEBI ICDR Regulations, the Equity Shares held by
persons other than the Promoters prior to the Issue may be transferred to any other person
holding the equity shares which are locked-in as per Regulation 239 of the SEBI ICDR
Regulations, along with the equity shares proposed to be transferred, provided that lock-in on
such equity shares will continue for the remaining period with the transferee and such transferee
shall not be eligible to transfer such Equity Shares till the lock-in period stipulated under the
SEBI ICDR Regulations has ended and in compliance with the Takeover Code, as applicable.
We further confirm that our Promoters’ Contribution of 20.00 % of the post Issue Equity Share
capital does not include any contribution from Alternative Investment Fund, foreign venture
capital investors, scheduled commercial banks, public financial institutions or insurance
companies registered with Insurance Regulatory and Development Authority of India.
10. Except as mentioned below, there were no shares purchased/sold by the Promoter(s) and

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Promoter Group, directors of our Company and their relatives during last six months
Date of Name of Allot tee/ Party Number of Face Issue Reason of
Allotment/ Transferee Category Shares Value Price/ Allotment/
transfer Allotted/ Transfer Transfer
Transferred Price
May 04, Chanakya Prakash Promoter (3) 10 140 Transfer
2019 Mangal
May 04, Chandragupta Prakash Promoter (1) 10 140 Transfer
2019 Mangal
September Promoter
Rashmi Mangal 7,25,512
03, 2019 Group
September Promoter
Hemlata Mangal 55,236
03, 2019 Group
September
Promoter 7,65,552
03, 2019 Vipin Prakash Mangal
September Chanakya Prakash Promoter 16,59,280
03, 2019 Mangal Bonus
10 NA
September Chandragupta Prakash Promoter 17,59,100 Issue
03, 2019 Mangal
September Promoter 11,42,860
Om Prakash Mangal
03, 2019 Group
September Manglam Woldwide Promoter
14,00,004
03, 2019 Private Limited Group
September Zaddoc Nutritions Promoter
16,11,488
03, 2019 Private Limited Group

11. Our Shareholding Pattern:

The table below represents the shareholding pattern of our Company:-
Summary of shareholding pattern as on the date of this Draft Prospectus:

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 Number of Locked in

pledged or otherwise
Voting Rights
held in each

(as a percentage of diluted share capital)

No. of Partly paid-up equity shares held

Number of

Number of Shares
securities
shares (calculated as per SCRR, 1957)
No. of fully paid up equity shares held

class of
No. of shares underlying Depository

Shareholding, as a % assuming full

conversion of convertible securities
Outstanding convertible securities

encumbered
Shareholding as % of total no. of

Number of equity shares held in

shares
No. of Shares Underlying
Number of shareholders
Category of shareholder

Total no. of shares held

dematerialised form
Category

Total as a % of (A+B+C)
Receipts

Others Y
Equity X

As a % of total

As a % of total
Shares held(b)
Total
Class

Class

Shares held
No. (a)

No. (a)
(b)
(XI)=
(VII) = (VIII) As
(VII)+(X)
(I) (II) (III) (IV) (V) (VI) (IV)+(V) a % of (IX) (X) (XII) (XIII) (XIV)
As a % of
+ (VI) (A+B+C2)
(A+B+C2)
A Promoter
&
8 1,13,98,790 - - 1,13,98,790 96.38 1,13,98,790 - 1,13,98,790 96.38 - - - - - - 1,13,98,790
Promoter
Group
B Public 39 4,28,620 - - 4,28,620 3.62 4,28,620 - 4,28,620 3.62 - - - - - - 4,28,620
C Non-
Promoter - - - - - - - - - - - - - - - - -
Non Public
C1 Shares
Underlying - - - - - - - - - - - - - - - - -
DRs
C2 Shares
Held By
- - - - - - - - - - - - - - - - -
Employee
Trust
Total 47 1,18,27,410 - - 1,18,27,410 100 1,18,27,410 - 1,18,27,410 100 - - - - - - 1,18,27,410
*As on the date of this Draft Prospectus 1 Equity Shares holds 1 vote.
**All Equity Shares of our Company outstanding prior to the issue will be locked in as mentioned above prior to Listing of Shares on NSE EMERGE.
Note: PAN of shareholders will be provided to the Stock Exchange by our Company prior to listing of its Equity Shares on the Stock Exchange.

Page 80 of 295
 Our Company will file the shareholding pattern of our Company, in the form prescribed under Regulation 31 of
the SEBI (LODR) Regulations, one day prior to the listing of the Equity shares. The Shareholding pattern will
be uploaded on the website of National Stock Exchange of India Limited before commencement of trading of
such Equity Shares.
***In terms of SEBI Listing Regulations, our Company ensured that the Equity Shares held by the Promoters /
members of the Promoter Group are dematerialised.Following are the details of the holding of securities of
persons belonging to category “Promoter and Promoter Group”.
The details of the holding of securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoters and Promoter Group are as under:

Pre-Issue Post-Issue
S. No. of % of Pre-
Name of Shareholder No. of Equity % of Post -
No. Equity Issue
Shares Issue Capital
Shares Capital
(I) (II) (III) (IV) (V) (VI)
Promoters
1. Vipin Prakash Mangal 9,56,940 8.09% 9,56,940 5.96%
2. Chanakya Prakash Mangal 20,74,100 17.54% 20,74100 12.92%
3. Chandragupt Prakash Mangal 21,98,875 18.59% 21,98,875 13.69%
Sub-Total (A) 52,29,915 44.22% 52,29,915 32.57%
Promoter-Group
4. Rashmi Mangal 9,06,890 7.67% 9,06,890 5.65%
5. Hemlata Mangal 69,045 0.58% 69,045 0.43%
6. Om Prakash Mangal 14,28,575 12.08% 14,28,575 8.90%
7. Mangalam Worldwide Pvt Ltd 17,50,005 14.80% 17,50,005 10.90%
8. Zaddoc Nutrition Pvt Ltd 20,14,360 17.03% 20,14,360 12.54%
Sub-Total (B) 61,68,875 52.16% 61,68,875 38.42%
TOTAL (A)+(B) 1,13,98,790 96.38% 1,13,98,790 70.99%

12. The list of the shareholders of the company holding 1% or more of the paid up share capital aggregating
to 80% or more of the paid up share capital of the company:
a. As on the date of this Draft Prospectus:
% of the total Pre
Sr. Number of Equity
Name of Shareholders Issue Paid-up Share
No. Shares
Capital
1. Chandragupt Prakash Mangal 21,98,875 18.59
2. Chanakya Prakash Mangal 20,74,100 17.54
3. Zaddoc Nutritions Private Limited 20,14,360 17.03
4. Mangalam Worldwide Private Limited 17,50,005 14.80
5. Om Prakash Mangal 14,28,575 12.08

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 6. Vipin Prakash Mangal 9,56,940 8.09
7. Rashmi Mangal 9,06,890 7.67
Total 1,13,29,745 95.79%
b. Ten days prior to the date of the Draft Prospectus:

% of the total Pre

Sr. Number of Equity
Name of Shareholders Issue Paid-up Share
No. Shares
Capital
1. Chandragupt Prakash Mangal 21,98,875 18.91
2. Chanakya Prakash Mangal 20,74,100 17.84
3. Zaddoc Nutritions Private Limited 20,14,360 17.32
4. Mangalam Worldwide Private Limited 17,50,005 15.05
5. Om Prakash Mangal 14,28,575 12.29
6. Vipin Prakash Mangal 9,56,940 8.23
7. Rashmi Mangal 9,06,890 7.80
Total 1,13,29,745 97.44%
c. One year prior to the date of the Draft Prospectus:

Number of Equity % of the then existing

Sr. No. Name of Shareholders
Shares Paid-up Share Capital
1. Rashmi Mangal 1,08,800 19.96
2. Chanakya Prakash Mangal 1,63,800 30.05
3. Chandragupt Prakash Mangal 1,63,800 30.05
4. Vipin Prakash Mangal 94,800 17.39
5. Hemlata Mangal 8,420 1.54
Total 5,39,620 99.99
d. Two years prior to the date of the Draft Prospectus:
% of the total Pre
Sr. Number of Equity
Name of Shareholders Issue Paid-up Share
No. Shares
Capital
1. Chandragupt Prakash Mangal 8,800 19.55
2. Chanakya Prakash Mangal 8,800 19.55
3. Vipin Prakash Mangal 8,800 19.55
4. Rashmi Mangal 8,800 19.55
5. Hemlata Mangal 4,420 9.82
6. Vipin Prakash Mangal HUF 4,200 9.33
7. Om Prakash Mangal HUF 1,200 2.67
Total 45,020 100.00
13. Our Company does not have any Employee Stock Option Scheme / Employee Stock Purchase Plan for our
employees and we do not intend to allot any shares to our employees under Employee Stock Option Scheme

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 / Employee Stock Purchase Plan from the proposed issue. As and when, options are granted to our
employees under the Employee Stock Option Scheme, our Company shall comply with the SEBI (Share
Based Employee Benefits) Regulations, 2014.
14. Neither the Lead Manager viz. Pantomath Capital Advisors Private Limited, nor their associates hold any
Equity Shares of our Company as on the date of this Draft Prospectus. However, the associates and affiliates
of the Lead Manager may subscribe the Equity Shares in the Issue, in the Non-Institutional Category as
may be applicable to such Applicants, where the allocation is on a proportionate basis and such subscription
may be on their own account or on behalf of their clients.
15. There are no Equity Shares against which depository receipts have been issued.
16. There will be no further issue of capital, whether by way of issue of bonus shares, preferential allotment,
rights issue or in any other manner during the period commencing from the date of the Draft Prospectus
until the Equity Shares have been listed. Further, our Company does not intend to alter its capital structure
within six months from the date of opening of the issue, by way of split / consolidation of the denomination
of Equity Shares. However, our Company may further issue Equity Shares (including issue of securities
convertible into Equity Shares) whether preferential or otherwise after the date of the listing of equity
shares to finance an acquisition, merger or joint venture or for regulatory compliance or such other scheme
of arrangement or any other purpose as the Board may deem fit, if an opportunity of such nature is
determined by its Board of Directors to be in the interest of our Company.
17. None of the persons/entities comprising our Promoter Group or our Directors or their relatives or our
Company have financed the purchase by any other person of securities of our Company other than in the
normal course of the business of any such entity/individual or otherwise during the period of six months
immediately preceding the date of filing of this Draft Prospectus.
18. We shall ensure that transactions in Equity Shares by the Promoter and members of the Promoter Group,
if any, between the date of filing the Draft Prospectus and the Issue Closing Date shall be reported to the
Stock Exchanges within 24 hours of such transactions being completed.
19. Our Company, our Directors and the Lead Manager have not entered into any buy back or standby or
similar arrangements for the purchase of Equity Shares being offered through the issue from any person.
20. As on date of this Draft Prospectus there are no outstanding warrants, options or rights to convert
debentures loans or other financial instruments into our Equity Shares.
21. All the Equity Shares of our Company are fully paid up as on the date of the Draft Prospectus. Further,
since the entire issue price in respect of the Issue is payable on application, all the successful applicants
will be issued fully paid-up equity shares and thus all shares offered through this issue shall be fully paid-
up.
22. As per RBI regulations, OCBs are not allowed to participate in this Issue.
23. Our Company has not raised any bridge loans against the proceeds of the Issue.
24. Our Company undertakes that at any given time, there shall be only one denomination for our Equity
Shares, unless otherwise permitted by law.
25. Our Company shall comply with such accounting and disclosure norms as specified by SEBI from time to
time.
26. An applicant cannot make an application for more than the number of Equity Shares being issued through
this issue, subject to the maximum limit of investment prescribed under relevant laws applicable to each
category of investors.
27. No payment, direct or indirect in the nature of discount, commission, and allowance or otherwise shall be
made either by us or our Promoters to the persons who receive allotments, if any, in this issue.
28. Our Company has 47 shareholders as on the date of filing of this Draft Prospectus.
29. Our Promoters and the members of our Promoter Group will not participate in this Issue.
30. Our Company has not made any public issue since its incorporation.
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31. For the details of transactions by our Company with our Promoter Group, Group Companies during the
period ended on 30 June, 2019 and financial years ended March 31, 2019, 2018 and 2017, please refer to
paragraph titled Details of Related Parties Transactions as restated in the chapter titled “Restated Financial
Information” on page 192 of this Draft Prospectus.
32. None of our Directors or Key Managerial Personnel holds Equity Shares in our Company, except as stated
in the chapter titled “Our Management” beginning on page 159 of this Draft Prospectus.

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 OBJECTS OF THE ISSUE

Requirement of Funds
The proceeds of the Issue, after deducting Issue related expenses, are estimated to be Rs. 2,110.00 lakhs (the
“Net Proceeds”).
We intend to utilize the Net Proceeds from Issue towards the following objects:
1. Funding the working capital requirements of our Company; and
2. General corporate purposes.
(Collectively, herein referred to as the “Objects”)
The main objects clause of our Memorandum of Association and the objects incidental and ancillary to the main
objects enables us to undertake the activities for which funds are being raised in the Issue. The existing activities
of our Company are within the objects clause of our Memorandum of Association.
Also, we believe that the listing of Equity Shares will enhance our Company’s corporate image, brand name
and create a public market for our Equity Shares in India.
ISSUE PROCEEDS
The details of the Issue Proceeds are set out in the following table:
(Rs. in lakhs)
Particulars Estimated Amount
Gross Proceeds of the Issue 2,157.30
Less- Issue related expenses 47.30
Net Proceeds 2,110.00

UTILISATION OF NET PROCEEDS

The Net Proceeds are proposed to be utilised in the manner set out in in the following table:
(Rs. in lakhs)
Sr. Estimated Percentage of Percentage of Net
Particulars
No. Amount Gross Proceeds Proceeds
3. Funding the working capital 1,700.00 78.80% 80.57%
requirements of our Company
4. General Corporate Purposes 410.00 19.01% 19.43%

SCHEDULE OF IMPLEMENTATION & DEPLOYMENT OF FUNDS

We propose to deploy the Net Proceeds for the aforesaid purposes in accordance with the estimated schedule of
implementation and deployment of funds set forth in the table below. As on the date of this Draft Prospectus,
our Company had not deployed any funds towards the objects of the Issue.
(Rs. in lakhs)
Amount to be Estimated Utilisation of
Sr.
Particulars funded from the Net Proceeds
No.
Net Proceeds (Financial Year 2019-2020)
1. Funding the working capital requirements 1,700.00 1,700.00
of our Company
2. General Corporate Purposes 410.00 410.00

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To the extent our Company is unable to utilise any portion of the Net Proceeds towards the Objects, as per the
estimated schedule of deployment specified above, our Company shall deploy the Net Proceeds in the
subsequent Financial Years towards the Objects.
MEANS OF FINANCE
The fund requirement set out for the aforesaid objects will be met through the Net Proceeds to the extent of Rs.
1,700.00 lakhs and balance through internal accruals/ net worth/secured loans and short term bank finance.
Further details of funding of objects is given below:
(Rs. in lakhs)
Internal Accruals/ Net Short Term
Amount
Objects of the Issue IPO Proceeds worth/ Secured Loans/ Cash Credit
Required
Unsecured Loans Facility
Funding the working 8,000.17 1,700.00 3,300.17 3,000.00
capital requirements of our
Company
General Corporate Purpose 410.00 410.00 - -

Accordingly, we confirm that we are in compliance with the requirement to make firm arrangements of finance
under Regulation 230 (1) (e) of the SEBI ICDR Regulations through verifiable means towards at least 75% of
the stated means of finance, excluding the amount to be raised through the Net Proceeds and existing identifiable
internal accruals.
APPRAISAL BY APPRAISING AGENCY
The fund requirement and deployment is based on internal management estimates and has not been appraised
by any bank or financial institution.
The fund requirements are based on current circumstances of our business and our Company may have to revise
its estimates from time to time on account of various factors beyond its control, such as market conditions,
competitive environment, costs of commodities and interest or exchange rate fluctuations. Consequently, the
fund requirements of our Company are subject to revisions in the future at the discretion of the management. In
the event of any shortfall of funds for the activity proposed to be financed out of the Net Proceeds as stated
above, our Company may re-allocate the Net Proceeds to the activities where such shortfall has arisen, subject
to compliance with applicable laws. Further, in case of a shortfall in the Net Proceeds, our management may
explore a range of options including utilising our internal accruals or seeking debt financing.
Details of the Objects
The details of the objects of the Fresh Issue are set out below.
1. Funding the working capital requirements of our Company
We fund the majority of our working capital requirements in the ordinary course of our business from our
internal accruals, net worth and financing from various banks and financial institutions. Our Company’s
existing working capital requirement and funding on the basis of Restated Standalone Financial Statements
for Fiscal 2018 and for Fiscal 2019 are as stated below:
(Rs. in lakhs)
Fiscal 2018 Fiscal 2019
Particulars (Restated)
(Restated)
Current Assets
Inventories
- Raw Materials - 611.43
- Finished Goods - 636.27

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 - Semi-Finished Goods - 229.54
Trade Receivables 175.78 887.07
Cash and Bank Balance 9.81 3.50
Short term loans & advances 27.95 1,192.12
Total (A) 213.54 3,559.93

Current Liabilities
Trade Payables 125.93 59.36
Other Current Liabilities & Short Term Provision 29.81 272.95
Total (B) 155.74 332.31

Total Working Capital (A)-(B) 57.80 3,227.62

Existing Funding Pattern

Short-term borrowings from banks - 1,071.62
Internal Accrual/Networth 57.80 2,156.00
Basis of estimation of working capital requirement
On the basis of our existing working capital requirements and the projected working capital requirements, our
Board pursuant to its resolution dated October 18, 2019 has approved the business plan for the Fiscal 2020. The
projected working capital requirements for Fiscal 2020 is stated below:
(Rs. in lakhs)
Fiscal 2020
Particulars
(Estimated)
Current Assets
Inventories
- Raw Materials 2,698.70
- Finished Goods 1,438.56
- Semi-Finished Goods 189.25
Trade Receivables 2,535.13
Cash and Bank Balance 5.61
Short term loans & advances 1,408.42
Total (A) 8,275.67

Current Liabilities
Trade Payables 51.30
Other Current Liabilities & Short Term Provision 224.20

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 Total (B) 275.50

Total Working Capital (A)-(B) 8,000.17

Funding Pattern
Short-term borrowings from banks 3,000.00
Internal Accrual/Networth and Unsecured Loans 3,300.17
Proceeds from IPO 1,700.00

Assumption for working capital requirements:

(In months)
Holding Level Holding Level Holding Level
Particulars for Fiscal 2018 for Fiscal 2019 for Fiscal 2020
(Restated) (Restated) (Estimated)
Current Assets
Inventories
- Raw Materials - 0.40 1.00
- Semi Finished Goods - 0.08 0.04
- Finished Goods - 0.23 0.28
Trade Receivables 0.81 0.32 0.50
Current Liabilities
Trade Payables 0.59 0.02 0.01

Justification for “Holding Period” levels

The justifications for the holding levels mentioned in the table above are provided below:

Current Assets
Raw Material- We have assumed raw material inventory of 1.00 months for
the Fiscal 2020 as against raw material Inventory of 0.40 months for the Fiscal
2019 as we expect to increase our production which requires more level of raw
material in coming year.
Semi-Finished Goods- We have assumed almost similar Semi-Finished
Inventories
Goods Inventory period for the Fiscal 2020 as compared to Fiscal 2019 to keep
in line with our increase in business operation.
Finished Goods- We have assumed finished goods inventory of 0.28 months
for Fiscal 2020 as compared to 0.23 months for Fiscal 2019 to keep in line with
our expected increase in finished goods turnover in coming year.
Our Company shall give credit facility of around 0.50 months to our debtors
for Fiscal 2020 as compared to 0.32 months for Fiscal 2019. Going forward
Trade receivables
our Company intends to provide liberal credit facility to our debtors to increase
our business operation.

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 Current Liabilities
We have assumed trade payables period of 0.01 month for the Fiscal 2020 as
against credit period of 0.02 month for Fiscal 2019 and 0.59 month for Fiscal
2018 as we intend to decrease the credit period expected from our creditors
Trade Payables
due to fulfilment of our working capital requirements through our proposed
initial public Issue. This would help us in maintaining good relations with our
creditors.

Our Company proposes to utilize Rs. 1,700.00 lakhs of the Net Proceeds in Fiscal 2020 towards our working
capital requirements. The balance portion of our working capital requirement for the Fiscal 2020 will be
arranged from existing bank borrowings and internal accruals/ net worth.
2. General Corporate Purposes
The Net Proceeds will be first utilized towards the Objects as mentioned as mentioned above. The balance is
proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the
amount being raised by our Company, in compliance with the SEBI ICDR Regulations. Our Company intends
to deploy the balance Net Proceeds, if any, for general corporate purposes, subject to above mentioned limit, as
may be approved by our management, including but not restricted to, the following:
(i) strategic initiatives
(ii) brand building and strengthening of marketing activities; and
(iii) On-going general corporate exigencies or any other purposes as approved by the Board subject to
compliance with the necessary regulatory provisions.
The quantum of utilization of funds towards each of the above purposes will be determined by our Board of
Directors based on the permissible amount actually available under the head “General Corporate Purposes” and
the business requirements of our Company, from time to time. We, in accordance with the policies of our Board,
will have flexibility in utilizing the Net Proceeds for general corporate purposes, as mentioned above.
ISSUE RELATED EXPENSES
The expenses for this Issue include issue management fees, underwriting fees, registrar fees, legal advisor fees,
printing and distribution expenses, advertisement expenses, depository charges and listing fees to the Stock
Exchange, among others. The total expenses for this Issue are estimated not to exceed Rs. 47.30 Lakhs.
Expenses (% Expenses (%
Expenses
Expenses of total Issue of Gross Issue
(Rs in lakhs)
expenses) Proceeds)
Fees payable to the Lead Manager (including 38.00 80.34% 1.76%
Underwriting commission, Legal advisors, RTA,
printing & stationary and other marketing expenses)
Fees payable to the to the Regulators including 4.00 8.46% 0.19%
stock exchanges
Brokerage and selling commission payable to 3.50 7.40% 0.16%
Intermediaries1
Brokerage and selling commission payable to 0.20 0.42% 0.01%
Registered Brokers2
Processing fees to SCSBs for ASBA Applications 0.20 0.42% 0.01%
procured by the members of the Registered Brokers
and submitted with the SCSBs3
Processing fees to Issuer banks for UPI Mechanism 0.10 0.21% 0.00%
w.r.t application Forms procured by the members

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 Expenses (% Expenses (%
Expenses
Expenses of total Issue of Gross Issue
(Rs in lakhs)
expenses) Proceeds)
of the Registered Brokers, RTAs or the CDPs and
submitted to them4
Others (bankers to the Issue, auditor‘s fees etc.) 1.30 2.75% 0.06%
Total estimated Issue expenses 47.30 100.00% 2.19%
*As on the date of the Prospectus, Our Company has incurred [●] towards Issue Expenses out of internal
accruals.
1
Selling commission payable to the members of the CDPs, RTA and SCSBs, on the portion for RIIs and NIIs,
would be as follows:
Portion for RIIs [●]% ^ (exclusive of GST)
Portion for NIIs [●]% ^ (exclusive of GST)
^Percentage of the amounts received against the Equity Shares Allotted (i.e. the product of the number of Equity
Shares Allotted and the Issue Price).
Further, the Members of RTAs and CDPs will be entitled to application charges of Rs. [●]/- (plus applicable
GST) per valid ASBA Form. The terminal from which the application has been uploaded will be taken into
account in order to determine the total application charges payable to the relevant RTA/CDP.
2
Registered Brokers, will be entitled to a commission of Rs. [●]/- (plus GST) per Application Form, on valid
Applications, which are eligible for allotment, procured from RIIs and NIIs and submitted to the SCSB for
processing. The terminal from which the application has been uploaded will be taken into account in order to
determine the total processing fees payable to the relevant Registered Broker.
3
SCSBs would be entitled to a processing fee of Rs. [●]/- (plus GST) for processing the Application Forms
procured by the members of the Registered Brokers, RTAs or the CDPs and submitted to SCSBs.
4
Issuer banks for UPI Mechanism as registered with SEBI would be entitled to a processing fee of Rs. [●]/-
(plus GST) for processing the Application Forms procured by the members of the Registered Brokers, RTAs or
the CDPs and submitted to them.
BRIDGE FINANCING
We have not entered into any bridge finance arrangements that will be repaid from the Net Issue Proceeds.
However, we may draw down such amounts, as may be required, from an overdraft arrangement / cash credit
facility with our lenders, to finance the requirements until the completion of the Issue. Any amount that is drawn
down from the overdraft arrangement / cash credit facility during this period to finance project requirements
will be repaid from the Net Proceeds of the Issue.
INTERIM USE OF FUNDS
Pending utilization of the Issue Proceeds for the Objects of the Issue described above, our Company shall deposit
the funds only in Scheduled Commercial Banks included in the Second Schedule of Reserve Bank of India Act,
1934.
In accordance with Section 27 of the Companies Act, 2013, our Company confirms that, pending utilization of
the proceeds of the Issue as described above, it shall not use the funds from the Issue Proceeds for any investment
in equity and/or real estate products and/or equity linked and/or real estate linked products.
MONITORING UTILIZATION OF FUNDS
As the size of the Issue does not exceed Rs. 10,000 lakhs in terms of Regulation 262 of the SEBI (ICDR
Regulations, 2018, our Company is not required to appoint a monitoring agency for the purposes of this Issue.
Our Board and Audit Committee shall monitor the utilization of the Net Proceeds and will disclose the utilization

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of the Net Proceeds under a separate head in our balance sheet along with the relevant details, for all such
amounts that have not been utilized. Our Company will indicate investments, if any, of unutilized Net Proceeds
in the balance sheet of our Company for the relevant Fiscal subsequent to receipt of listing and trading approvals
from the Stock Exchanges.
Pursuant to Regulation 32(5) of the Listing Regulations, our Company shall disclose to the Audit Committee
the uses and applications of the Net Proceeds. Our Company shall prepare an annual statement of funds utilized
for purposes other than those stated in this Prospectus, certified by the statutory auditors of our Company and
place it before the Audit Committee, as required under applicable laws. Such disclosure shall be made only until
such time that all the Net Proceeds have been utilized in full. Furthermore, in accordance with the Regulation
32(1) of the Listing Regulations, our Company shall furnish to the Stock Exchanges on a quarterly basis, a
statement indicating (i) deviations, if any, in the utilization of the Net Proceeds of the Issue from the objects of
the Issue as stated above; and (ii) details of category wise variations in the utilization of the Net Proceeds of the
Issue from the objects of the Issue as states above. This information will also be published in newspapers
simultaneously with the interim or annual financial results, after placing the same before the Audit Committee
VARIATION IN OBJECTS
In accordance with Section 13(8) and Section 27 of the Companies Act, 2013 and applicable rules, our Company
shall not vary the objects of the Issue without our Company being authorized to do so by the Shareholders by
way of a special resolution through postal ballot. In addition, the notice issued to the Shareholders in relation to
the passing of such special resolution (the “Postal Ballot Notice”) shall specify the prescribed details as required
under the Companies Act and applicable rules. The Postal Ballot Notice shall simultaneously be published in
the newspapers, one in English and one in the vernacular language of the jurisdiction where the Registered
Office is situated. Our Promoters or controlling Shareholders will be required to provide an exit opportunity to
such Shareholders who do not agree to the proposal to vary the objects, at such price, and in such manner, as
may be prescribed by SEBI, in this regard.
OTHER CONFIRMATIONS
No part of the Net Proceeds will be paid by us to the Promoters and Promoter Group, the Directors, associates
or Key Management Personnel or Group Companies, except in the normal course of business and in compliance
with applicable law.

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 BASIS FOR ISSUE PRICE

The Price has been determined by our Company in consultation with the Lead Manager, on the basis of an
assessment of market demand for the Equity Shares and on the basis of the qualitative and quantitative factors
as described below.
Investors should also refer to the sections titled “Risk Factors”, “Financial Information” and chapter titled
“Our Business” beginning on pages 35, 192 and 121 respectively of this Draft Prospectus, to have a more
informed view before making an investment decision. The trading price of the Equity Shares of our Company
could decline due to these risk factors and you may lose all or part of your investments.
QUALITATIVE FACTORS
Some of the qualitative factors, which form the basis for computing the price are:
 Experienced Management Team;
 Quality Control & Quality Assurance;
 Diversified business model & customer base; and
 Scalable Business Model.
For further details, refer to heading “Our Competitive Strengths” under the chapter titled “Our Business”
beginning on page 121 of this Draft Prospectus.
QUANTITATIVE FACTORS
The information presented below relating to the Company is based on the restated standalone financial
information of the Company for the period ended June 30, 2019 and for the Financial Year 2019, 2018 and 2017
and restated consolidated financial information for the period ended June 30, 2019 and for the Financial Year
2019 prepared in accordance with Indian GAAP, the Companies Act, 2013 and restated in accordance with
SEBI ICDR Regulations. For details, refer section titled “Financial Information” beginning on page 192 of this
Draft Prospectus.
Some of the quantitative factors, which may form the basis for computing the Issue Price, are as follows:
1. Basic and Diluted Earnings per Share (“EPS”) as adjusted for changes in Capital
As per Restated Consolidated Financial Information:

Year/Period ended Basic & Diluted EPS (Rs.) Weight

March 31, 2017 N.A.* N.A.*
March 31, 2018 N.A.* N.A.*
March 31, 2019 2.31 N.A.*
June 30, 2019** 0.88
Weighted average N.A.*

*Since our Company has started preparing its consolidated financial statements from the financial year 2018-
19 onwards, Basic & Diluted EPS for the year ended March 31, 2018 & for the year ended March 31, 2017
and weighted average EPS on consolidated basis are not applicable.
**Not Annualised
As per Restated Standalone Financial Information:

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 Year/Period ended Basic & Diluted EPS (Rs.) Weight
March 31, 2017 0.10 1
March 31, 2018 0.28 2
March 31, 2019 2.20 3
June 30, 2019* 0.91
Weighted average 1.21

*Not Annualised
Note:-
1. Basic Earnings per share = Net profit/ (loss) after tax, as restated attributable to equity shareholders
/Weighted average number of equity shares outstanding during the year/period.
2. Diluted Earnings per share = Net profit after tax, as restated attributable to equity shareholders / Weighted
average number of potential equity shares outstanding during the year/period.
3. Weighted average EPS = Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e.
[(EPS x Weight) for each fiscal] / [Total of weights].
4. Weighted average number of Equity Shares are the number of Equity Shares outstanding at the beginning
of the period/ year adjusted by the number of Equity Shares issued during the period/ year multiplied by the
time weighing factor. The time weighing factor is the number of days for which the specific shares are
outstanding as a proportion of total number of days during the period/ year.
5. Basic EPS and Diluted EPS calculations are in accordance with Accounting Standard 20 (AS-20) 'Earnings
per Share', notified under Section 133 of Companies Act, 2013 read together along with paragraph 7 of the
Companies (Accounts) Rules, 2014
6. The above ratios has been adjusted for issuance of bonus of 93,01,928 Equity Shares on September 03,
2019.
7. The face value of each Equity Share is Rs. 10.
2. Price to Earnings (P/E) ratio in relation to the Issue Price Rs. 51/- per Equity Share of face value of
Rs. 10 each fully paid up

Particulars PE Ratio (no. of times)

P/E ratio based on Basic & Diluted EPS for FY 2018-19 based on a consolidated 22.08
basis
P/E ratio based on Basic & Diluted EPS for FY 2018-19 based on a standalone 23.16
basis
P/E ratio based on Weighted Average Basic & Diluted EPS based on a N.A.*
consolidated basis
P/E ratio based on Weighted Average Basic & Diluted EPS based on a standalone 42.14
basis

*Since our Company has started preparing its consolidated financial statements from the financial year 2018-
19 onwards, Basic & Diluted EPS for the year ended March 31, 2018 & for the year ended March 31, 2017
and weighted average EPS on consolidated basis are not applicable.
Industry P/E ratio

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 Particulars P/E ratio
Highest 36.18
Lowest 8.59
Average 22.39

3. Return on Net worth (RoNW)

As per Restated Consolidated Financial Information:

Year/Period ended RoNW (%) Weight

March 31, 2017 N.A.* N.A.*
March 31, 2018 N.A.* N.A.*
March 31, 2019 6.62 N.A.*
June 30, 2019** 2.89
Weighted average N.A.*

*Since our Company has started preparing its consolidated financial statements from the financial year 2018-
19 onwards, Return on Net Worth for the year ended March 31, 2018 & for the year ended March 31, 2017 and
weighted average Return on Networth on consolidated basis are not applicable.
**Not Annualised
As per Restated Standalone Financial Information:

Year/Period ended RoNW (%) Weight

March 31, 2017 109.05 1
March 31, 2018 4.84 2
March 31, 2019 6.69 3
June 30, 2019* 3.15%
Weighted average 23.14%

*Not Annualised
Notes:
1. Return on Net Worth (%) = Net Profit after tax attributable to equity shareholders, as restated / Net worth
as restated as at year end.
2. Weighted average RoNW = Aggregate of year-wise weighted RoNW divided by the aggregate of weights
i.e. (RoNW x Weight) for each year/Total of weights.
3. Net worth is aggregate value of the paid-up share capital of the Company and Reserve and Surplus,
excluding revaluation reserves if any, as per Restated Financial Information.
4. Net Asset Value (NAV) per Equity Share of Face Value of Rs 10 each
As per Restated Consolidated Financial Information:

Particulars Rs. per Equity Share

Net Asset Value per Equity Share as on March 31, 2019 29.52

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 Particulars Rs. per Equity Share
Net Asset Value per Equity Share as on June 30, 2019 30.41
Net Asset Value per Equity Share after the Issue 35.45
Issue Price per equity share 51.00

As per Restated Standalone Financial Information:

Particulars Rs. per Equity Share

Net Asset Value per Equity Share as on March 31, 2019 27.89
Net Asset Value per Equity Share as on June 30, 2019 28.80
Net Asset Value per Equity Share after the Issue 34.29
Issue Price per equity share 51.00

Notes:
1. Net Asset Value Per Equity Share = Restated net worth, attributable to equity holders of the Company at
the end of the year/period. / Number of equity shares outstanding as at the end of year/period.
2. Net worth is aggregate value of the paid-up share capital of the Company and Reserve and Surplus
(excluding revaluation reserves, if any) and attributable to equity holders of the Company, if any, as per
Restated Financial Information.
3. The above ratios has been adjusted for issuance of bonus of 93,01,928 Equity Shares on September 03,
2019.
5. Comparison with listed industry peers:

Companies CMP* Basic & PE RONW NAV Face Total

Diluted Ratio (%) (Rs. Value Income
EPS(Rs. (No. of per (Rs. (Rs. in
per times) share) per Lakhs)
share) share)
Mangalam Global
51.00 2.31 22.08 6.62 29.52 10 38,995.21
Enterprise Limited
Peer Group**
Gokul Agro Resources
14.05 0.39 36.18 2.44 15.89 2.00 4,28,041.02
Limited
Jayant Agro Organics
136.05 15.83 8.59 15.00 105.56 5.00 80,354.73
Limited

* CMP for our Company is considered as Issue Price

**Source: www.nseindia.com
Notes:
1. Considering the nature and size of business of the Company, the peers are not strictly comparable. However
the same has been included for broad comparison.
2. The figures for Mangalam Global Enterprise Limited is based on the restated consolidated financial
statements for the year ended March 31, 2019.

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3. The figures for the peers are based on the standalone audited results for the year ended March 31, 2019,
filled with NSE.
4. Current Market Price (CMP) is the closing price of peer’s script as on October 09, 2019 on NSE.
5. NAV per share is computed as the closing net worth divided by the closing outstanding number of paid up
equity shares. Net worth has been computed as the aggregate of share capital and reserves and surplus
(excluding Revaluation Reserve less miscellaneous expenditure not written off if any).
6. P/E Ratio has been computed based on the closing market price of peers group’s equity shares on October
09, 2019 on NSE, as divided by the Basic EPS provided.
7. RoNW has been computed as net profit after tax divided by closing net worth. Net worth has been computed
as the aggregate of share capital and reserves and surplus (excluding Revaluation Reserve less
miscellaneous expenditure not written off if any).
8. The Issue Price of Mangalam Global Enterprise Limited is Rs. 51.00/- per Equity Share.
Investors should read the above mentioned information along with “Our Business” “Risk Factors” and
“Financial Statements as Restated” beginning on pages 121, 35 and 192 of this Draft Prospectus, respectively,
to have a more informed view. The trading price of the Equity Shares of our Company could decline due to the
factors mentioned in “Risk Factors” or any other factors that may arise in the future and you may lose all or
part of your investments.

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 STATEMENT OF POSSIBLE TAX BENEFITS

To,
The Board of Directors
Mangalam Global Enterprise Limited
101, Mangalam Corporate House, 19/B Kalyan Society,
Nr. M.G. International School, Mithakhali,
Ahmedabad - 380006
Dear Sir/Ma’am,
Sub: Proposed Initial Public Offering (IPO) of the Equity Shares of the Mangalam Global Enterprise
Limited, (the “Company”), pursuant to Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (“SEBI Regulations”) and the Companies Act, 2013, as
amended (the “Act”).
1. This report is issued in accordance with the terms of our engagement letter dated September 11, 2019.
2. The accompanying Statement of Special Tax Benefits available to the Company and its Shareholders
(hereinafter referred to as “the Statement”) under the Income Tax Act, 1961 (read with Income Tax Rules,
Circulars and Notifications) as amended by the Finance Act, 2018 (hereinafter referred to as the “Income
Tax Regulations”) and under the Goods And Service Tax Act, 2017 (read with Goods And Service Tax
Rules, Circulars and Notifications) has been prepared by the management of the Company in connection
with the proposed Offer, which we have initialled for identification purposes.
Management’s responsibility
3. The preparation of this Statement as of the date of our report which is to be included in the Draft
Prospectus/Prospectus (the “Offer Document”) is the responsibility of the management of the Company
and has been approved by the Board of Directors for the purpose set out in paragraph 12 below. The
management’s responsibility includes designing, implementing and maintaining internal control relevant
to the preparation and presentation of the Statement, and applying an appropriate basis of preparation; and
making estimates that are reasonable in the circumstances. The Management is also responsible for
identifying and ensuring that the Company complies with the laws and regulations applicable to its
activities.
Auditor’s responsibility
4. Our work has been carried out in accordance with the ‘Guidance Note on Reports or Certificates for
Special Purposes’ (Revised 2016) and other applicable authoritative pronouncements issued by the
Institute of Chartered Accountants of India.
5. Pursuant to the SEBI Regulations and the Act, it is our responsibility to report whether the Statement
prepared by the Company, presents, in all material respects, the special tax benefits available as of June
30, 2019 to the Company and the shareholders of the Company, in accordance with the Income Tax
Regulations as at the date of our report.
6. Our work was performed solely to assist you in meeting your responsibilities in relation to your
compliance with the Act and the SEBI Regulations in connection with the Offering.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1,
‘Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and
Other Assurance and Related Services Engagements,’ issued by the ICAI.
Inherent Limitations
8. We draw attention to the fact that the Statement includes certain inherent limitations that can influence
the reliability of the information.

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9. Several of the benefits mentioned in the accompanying statement are dependent on the Company or its
shareholders fulfilling the conditions prescribed under the relevant provisions of the tax laws. Hence, the
ability of the Company or its shareholders to derive the tax benefits is dependent upon fulfilling such
conditions, which may or may not be fulfilled. The benefits discussed in the accompanying statement are
not exhaustive.
10. The Statement is only intended to provide general information to the investors and is neither designed nor
intended to be a substitute for professional tax advice. In view of the individual nature of the tax
consequences and the changing tax laws, each investor is advised to consult his or her own tax consultant
with respect to the specific tax implications arising out of their participation in the Issue.
Further, we give no assurance that the income tax authorities/ other indirect tax authorities/courts will concur
with our views expressed herein. Our views are based on the existing provisions of law and its interpretation,
which are subject to change from time to time. We do not assume responsibility to update the views consequent
to such changes.
Opinion
11. In our opinion, the Statement prepared by the Company presents, in all material respects, the special tax
benefits available as of June 30, 2019, to the Company and the shareholders of the Company, in
accordance with the Income Tax Regulations & other Indirect Tax Regulations as at the date of our report.
Considering the matter referred to in paragraph 5 above, we are unable to express any opinion or provide
any assurance as to whether:
(i) The Company or its shareholders will continue to obtain the benefits as per the Statement in future;
or
(ii) The conditions prescribed for availing the benefits as per the Statement have been/ would be met
with.
Restriction on Use
12. This report is addressed to and is provided to enable the Board of Directors of the Company to include
this report in the Offer Document, prepared in connection with the Offer to be filed by the Company with
the NSE.

For Keyur Shah & Co.

Chartered Accountants
Firm’s Registration No.: 141173W

Sd/-

Keyur Shah
Proprietor
Membership No.: 153774
UDIN - 19153774AAAADL4322

October 18, 2019

Ahmedabad

Page 98 of 295
ANNEXURE TO THE STATEMENT OF POSSIBLE TAX BENEFITS

A) Direct Taxation:
The information provided below sets out the possible special tax benefits available to the Company and the
Equity Shareholders under the Income Tax Act 1961 presently in force in India. It is not exhaustive or
comprehensive and is not intended to be a substitute for professional advice. Investors are advised to consult
their own tax consultant with respect to the tax implications of an investment in the Equity Shares particularly
in view of the fact that certain recently enacted legislation may not have a direct legal precedent or may have a
different interpretation on the benefits, which an investor can avail.
YOU SHOULD CONSULT YOUR OWN TAX ADVISORS CONCERNING THE INDIAN TAX
IMPLICATIONS AND CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF
EQUITY SHARES IN YOUR PARTICULAR SITUATION.
a. Special tax benefits to the company
There are no special tax benefits to the company.
b. Special tax benefit to the shareholder
There are no special tax benefits to the shareholders of the company.
Note:
1. All the above benefits are as per the current tax laws and will be available only to the sole / first name
holder where the shares are held by joint holders.
2. The above statement covers only certain relevant direct tax law benefits and does not cover any indirect
tax law benefits or benefit under any other law.
3. No assurance is given that the revenue authorities/courts will concur with the views expressed herein. Our
views are based on the existing provisions of law and its interpretation, which are subject to changes from
time to time. We do not assume responsibility to update the views consequent to such changes. We do not
assume responsibility to update the views consequent to such changes. We shall not be liable to any claims,
liabilities or expenses relating to this assignment except to the extent of fees relating to this assignment,
as finally judicially determined to have resulted primarily from bad faith or intentional misconduct. We
will not be liable to any other person in respect of this statement.
B) Indirect Taxation:
1) Benefits available under the Goods And Service Tax Act, 2017 (read with Goods And Service Tax
Rules, Circulars and Notifications) (together referred to as “GST Regime “or “GST Law”)
1.1. Special tax benefits to the company
There are no special tax benefits to the company.
1.2. Special tax benefit to the shareholder
There are no special tax benefits to the shareholders of the company.

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 SECTION V – ABOUT THE COMPANY

OUR INDUSTRY

The information in this section includes extracts from publicly available information, data and statistics and
has been derived from various government publications and industry sources. Neither we nor any other person
connected with the Issue have verified this information. The data may have been re-classified by us for the
purposes of presentation. Industry sources and publications generally state that the information contained
therein has been obtained from sources generally believed to be reliable, but that their accuracy, completeness
and underlying assumptions are not guaranteed and their reliability cannot be assured and, accordingly,
investment decisions should not be based on such information. You should read the entire Draft Prospectus,
including the information contained in the sections titled “Risk Factors” and “Financial Information” and
related notes beginning on page 35 and 192 respectively of this Draft Prospectus before deciding to invest in
our Equity Shares.
WHAT IS CASTOR OIL
Castor oil is unique among vegetable oils and accounted for less than a 0.5% share in the global vegetable oils
market. Castor oil is widely used in commercial segments, including the manufacturing of paints, cosmetics,
resins, fluids and lubricating greases, among others. Castor oil & its derivatives have the ability to replace
synthetic feedstock with bio-based products.
The oil which is extracted from the different plant and castor seeds identify as the castor oil. Castor oil is
colorless to pale yellow liquid with mild or no taste. Castor oil is used in various industries includes
Biopolymers, Personal care, Food, Lubricants, Plastic & Rubber, Paper, pharmaceuticals, paint, inks, and
additives. Owing to the various usages of castor oil in different industries and pharmaceutical applications, the
market demand for this unique chemical structure is escalated in past few years. All chemical derivatives of
castor oil provide numerous use in industrial applications, and their sustainability domains are increasing
rapidly. Castor oil key derivatives comprise of hydrogenated, dehydrated, ethylated, sulfonated, heptaldehyde,
sebacic acid, polyols, undecylenic acid, zinc ricinoleate, methyl ricinoleate, zinc undecylenate, calcium
undecylenate, and commercial grade castor oil.
Castor oil is a rich source of Ricinoleic Acid, which represents up to 90% of the total castor oil content. It also
consists up to 4% linoleic, 3% oleic, 1% stearic, and less than 1% linolenic fatty acids. Castor Oil contains 40-
55% Oil, 12-16% protein, 5% moisture, 3-7% NFE (Sugar, starches and others) and 27’% crude fiber. Castor
Oil has relatively high viscosity and thickness. Castor oil is high solubility in alcohol in any proportion. It has
relatively high shelf life.
(Source: – Transparency Market Research (www.transparencymarketresearch.com)
GLOBAL ECONOMIC OVERVIEW:
India continues to remain the fastest growing major economy in the world in 2018-19, despite a slight
moderation in its GDP growth from 7.2 per cent in 2017-18 to 6.8 per cent in 2018-19. On the other hand, the
world output growth declined from 3.8 per cent in 2017 to 3.6 per cent in 2018. The slowdown in the world
economy and Emerging Market and Developing Economies (EMDEs) in 2018 followed the escalation of US
China trade tensions, tighter credit policies in China, and financial tightening alongside the normalization of
monetary policy in the larger advanced economies. In 2019, when the world economy and EMDEs are projected
to slow down by 0.3 and 0.1 percentage points respectively, growth of Indian economy is forecast to increase
(Figure 1). Crucially, India forms part of 30 per cent of the global economy, whose growth is not projected to
decline in 2019 (World Economic Outlook (WEO), April 2019 of IMF).

Page 100 of 295

Page 101 of 295
India is the seventh largest economy in terms of Gross Domestic Product (GDP) in current US$ and has emerged
as the fastest growing major economy (Figure 2). The average growth rate of India was not only higher than
China’s during 2014-15 to 2017-18 but much higher than that of other top major economies (measured in terms
of GDP at current US$ terms) as well. With Purchasing Power Parity (PPP) adjustments, India’s GDP at current
international dollar, ranks third in the world (as shown by the size of circles in Figure 2).

The contribution of the Indian economy to the GDP of EMDEs and world economy has increased consistently
over the years (Figure 3). In a span of less than a decade, India’s contribution to EMDEs GDP has increased by
around 1.3 percentage points and to the world economy by around 0.7 percentage points. India’s share in GDP
of EMDEs stood at 8 per cent in 2018. As per the WEO, April 2019 of IMF, going forward, the growth of world
economy will be bolstered mainly by growth in China and India and their increasing weights in world income.
In EMDEs group, India and China are the major drivers of growth. The global economy in particular the global
growth powerhouse, China is rebalancing, leading to an increasing role for India. Hence, India’s contribution
has become much more valuable to the global economy.
(Source: Economic Survey 2018-19 Volume 2 www.indiabudget.nic.in)
INDIAN ECONOMIC OVERVIEW:
India’s growth of real GDP has been high with average growth of 7.5 per cent in the last 5 years (2014-15
onwards). The Indian economy grew at 6.8 per cent in 2018-19, thereby experiencing some moderation in
growth when compared to the previous year. This moderation in growth momentum is mainly on account of
lower growth in ‘Agriculture & allied’, ‘Trade, hotel, transport, storage, communication and services related to
broadcasting’ and ‘Public administration & defence’ sectors. Acreage in 2018-19 for the rabi crop was
marginally lower than last year, which affected agricultural performance. The contraction in food prices may
have contributed to inducing farmers to produce less. On the demand side, lower growth of GDP in 2018-19
was accounted for, by a decline in growth of government final consumption, change in stocks and contraction
in valuables.

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When we examine the growth pattern within the various quarters of 2018-19, we note that the moderation in
real GDP growth has been experienced in all quarters of 2018-19 (Figure 4) with the fourth quarter (Q4)
registering a growth of 5.8 per cent. The base effect arising from a high growth of 8.1 per cent in the Q4 of
2017-18 also led to this lower growth in Q4 of 2018-19. In this quarter, election related uncertainty may have
also contributed to growth moderation.

There was contraction in ‘Agriculture & allied’ sector in the last quarter of 2018-19, though growth was
reasonable in the previous three quarters. Growth of industry sector also experienced tempering in successive
quarters of 2018-19 mostly on account of growth deceleration in the manufacturing sector (Table 1). This is
also seen in Index of Industrial Production (IIP) of manufacturing sector, which grew at 0.3 per cent in Q4 of
2018-19, as compared to 7.5 per cent in the same quarter of previous year. Manufacturing sector was affected
by the slowdown in the auto sector as well, where the production growth for all categories, apart from
commercial vehicles declined in 2018-19, as compared to 2017-18. Sales growth decelerated in many segments
of the automobile sector, including passenger vehicles, tractor sales, three and two wheeler sales (Figure 5).
Stress in Non-Banking Financial Companies (NBFC) sector also contributed to the slow down by adversely
impacting consumption finance (Figure 6). Despite the moderation of manufacturing growth within 2018-19,
overall growth in the year was higher than in 2017-18, due to a high growth of 12.1 per cent in first quarter of
2018-19.

From the demand side, the decline in GDP growth during 2018-19 arose primarily from deceleration in private
final consumption in the final two quarters. This could have been due to low farm incomes in rural areas arising

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from low food prices and also due to the stress in NBFCs, which affected its lending. The Q4 of 2018-19 also
saw growth of exports declining.
Although growth rate of real GDP was high during the last few years, the coterminous decline in the nominal
GDP growth from 2010-11 onwards, points towards a secular decline in inflation. As seen in Figure 7, the gap
between nominal and real growth rate has reduced significantly. Thus, the GDP deflator, which is a weighted
average of Consumer Prices Index (CPI) and Wholesale Price Index (WPI), became smaller. This is reflected
in a consistent decline in CPI inflation during the last few years (Figure 8). In 2013-14, CPI headline inflation
was close to double digits, but gradually declined thereafter to be within the target of 4 (+/- 2) per cent. Headline
CPI declined to 3.4 per cent in 2018-19 from 3.6 per cent in 2017-18.

Headline WPI inflation stood at 4.3 per cent in 2018-19, higher as compared to 3.0 per cent in 2017-18. The
increase in WPI inflation was broad based, which saw increase in inflation of all the groups except food in 2018-
19. Increase in WPI led to marginal pick-up in GDP deflator from 3.8 per cent in 2017-18 to 4.1 per cent in
2018-19.

Core Gross Value Added (GVA) (measured as GVA except ‘Agriculture & allied’ activities, and ‘Public
administration & defence’) shows higher growth than that of overall GVA in 2018-19. Core GVA growth picked
up from 6.5 per cent in 2017- 18 to 7.0 per cent in 2018-19, whereas GVA growth slowed down marginally

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from 6.9 per cent in 2017-18 to 6.6 per cent in 2018-19. For all quarters of 2018-19, the core GVA growth was
higher than overall GVA growth, as ‘Agriculture & allied’ and ‘Public administration & defence’ experienced
the largest decline in growth rates relative to other sectors. But in Q4 of 2018-19, the growth of core GVA also
decelerated by 1 percentage point over previous quarter, largely on account of lower growth in manufacturing
sector (Figure 9).

On the external front, current account deficit (CAD) increased from 1.9 per cent of GDP in 2017-18 to 2.6 per
cent in April-December 2018 (refer Figure 11). The widening of the CAD was largely on account of a higher
trade deficit driven by rise in international crude oil prices (Indian basket). The trade deficit increased from US$
162.1 billion in 2017-18 to US$ 184 billion in 2018-19. Nominal growth of both merchandise exports and
imports declined in US dollar terms in 2018-19, as compared to 2017-18. However, the decline was much
sharper in merchandise imports, which reduced from 21.1 per cent to 10.4 per cent. Growth of merchandise
imports declined as oil price driven increase in growth of oil imports was more than offset by contraction in
value of gold imports and lower growth in the value of non-oil non-gold imports. The crude oil prices, however,
showed movements in both the directions within the year. As the year commenced, crude prices increased and
reached above 80 US$/bbl. in October 2018. Thereafter, it started to decline before increasing again after
December 2018 (Figure 10). Overall the oil prices were substantially higher in 2018-19, as compared to previous
year.

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Growth in service exports and imports in US dollar terms declined to 5.5 per cent and 6.7 per cent respectively
in 2018-19, from 18.8 per cent and 22.6 per cent respectively in 2017-18. Rupee depreciated by 7.8 per cent
vis-à-vis US dollar, 7.7 per cent against Yen, and 6.8 per cent against Euro and Pound Sterling in 2018-19.
During 2018-19, Indian rupee traded with a depreciating trend against US dollar and touched 74.4 per US dollar
in October 2018 before recovering to `69.2 per US dollar at end March 2019. Rupee depreciated in the first half
of the year due to concerns related to widening of CAD owing to rising crude oil prices coupled with tighter
financial conditions in US caused by increase in Federal Funds rate by the US Federal Reserve. However, rupee
performed better than some of the other major emerging market currencies, such as, Argentine Peso, Turkish
Lira, Brazilian Real, and Russian Ruble, which depreciated more than 10 per cent vis-à-vis US dollar. Not only
in terms of bilateral exchange rate with US dollar, rupee also depreciated when measured as trade based
weighted exchange rates in 2018-19. Nominal Effective Exchange Rate (NEER) (36 currency trade based
bilateral weights) of rupee depreciated by 5.6 per cent in 2018-19. Correspondingly, Real Effective Exchange
Rate (REER) also depreciated by 4.8 per cent in 2018-19 (Figure 12).

The foreign exchange reserves in nominal terms (including the valuation effects) decreased by US$ 11.6 billion
at end-March 2019 over end-March 2018. Within the year, foreign exchange reserves were declining until
October 2018 due to RBI’s intervention to modulate exchange rate volatility. India’s foreign exchange reserves
continue to be comfortably placed at US$ 422.2 billion, as on 14th June 2019 (Figure 13).

Net Foreign Direct Investment (FDI) inflows grew by 14.2 per cent in 2018-19. Among the top sectors attracting
FDI equity inflows, services, automobiles and chemicals were the major categories. By and large, FDI inflows

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have been growing at a high rate since 2015-16 (Figure 14). This pick-up indicates the improvement in
confidence of the foreign investors in the Indian economy.
(Source: Economic Survey 2018-19 Volume 2 www.indiabudget.nic.in)
OUTLOOK FOR 2019-20:
The year 2019-20 has delivered a huge political mandate for the government, which augurs well for the
prospects of high economic growth. Real GDP growth for the year 2019-20 is projected at 7 per cent, reflecting
a recovery in the economy after a deceleration in the growth momentum throughout 2018-19. The growth in the
economy is expected to pick up in 2019-20 as macroeconomic conditions continue to be stable while structural
reforms initiated in the previous few years are continuing on course. However, both downside risks and upside
prospects persist in 2019-20. Investment rate, which was declining from 2011-12 seems to have bottomed out.
It is expected to pick up further in the year 2019-20 on the back of higher credit growth and improved demand.
The political stability in the country should push the animal spirits of the economy, while the higher capacity
utilization and uptick in business expectations should increase investment activity in 2019-20. Accommodative
monetary policy in the beginning of the year should help in decreasing real lending rates, more so, if the
transmission mechanism improves. There are signs of continuing resolution of stressed assets in the banking
sector as reflected in decline in NPA to gross advances ratio as on December 2018, which should push the capex
cycle.
The performance of consumption will be crucial in deciding the growth path of economy. Rural wages growth
which was declining seems to have bottomed out and has started to increase since mid-2018. Further growth in
rural wages should help spur rural demand. Pick up in food prices should help in increasing rural incomes and
spending capacity and hence rural consumption demand. PM-Kisan scheme was announced by the government
to provide an income support of `6000/- per year to small and marginal farmer families having combined land
holding/ownership of upto 2 hectares. The condition of minimum land holding has been subsequently removed
to benefit all farmers. This cash transfer scheme will also increase the rural incomes.
The oil prices increased in 2018-19 by around 14 $/bbl. However, oil prices are expected to decline in 2019-20
from the current level (based on the oil futures price for 2019-20). This should provide a positive push to
consumption. However, downside risks to consumption remain. The extent of recovery in farm sector and farm
prices will decide the push to rural consumption, which is also dependent on the situation of monsoon. The
meteorological department has predicted that the rainfall over the country as a whole is likely to be near normal
this year. This should lead to improvement in agriculture sector growth. However, according to IMD, some
regions are expected to receive less than normal rains. This could prove to be detrimental for crop production
in certain affected areas. If the impact of stress in the NBFC sector spills over to this year as well, it may lead
to lower credit offtake from NBFCs, which may dampen growth in consumption spending.
Prospects of export growth remain weak for 2019-20 if status quo is maintained. However, reorientation of
export policies to target countries/markets based on our own relative comparative advantage and the importing
country’s exposure to Indian goods can foster export performance. Under status quo, the outlook for the global
economy is bleak in 2019, with most of the countries projected to slow down. The major threat facing the world
economy is the increase in trade tensions between U.S. and China, which could lead to large disruptions in
global value chains, outcome of Brexit and downside risk to China’s growth. The lower global growth and the
increased uncertainty about trade tensions may negatively affect export demand, including that of India’s, which
in turn will further lower GDP growth rates of several countries. On balance, the prospects of the economy
should improve with growth of the economy expected to be 7 per cent in 2019-20.
(Source: Economic Survey 2018-19 Volume 2 www.indiabudget.nic.in)
GLOBAL MANUFACTURING SECTOR:
World Manufacturing Growth
World manufacturing output growth has been decelerating since 2018, and this trend has continued in the second
quarter of 2019 amid escalating trade tensions between the United States and China, with manufacturing output
growth down to a rate of 1.7 per cent following a rate of 2.2 per cent in the first quarter of the year. The

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manufacturing sector which plays dominant role in global merchandise trade has been hit hard by tariffs and
associated uncertainties.
Industrialized economies, which account for more than half of world industrial output, faced a contraction in
the second quarter of 2019. Manufacturing output decreased by a mere 0.4 per cent, compared to the second
quarter of 2018. North America’s manufacturing output rose by moderate 0.5 per cent, following a growth of
1.6 per cent in the preceding quarter, nearly entirely on account of weaker growth in the United States against
the backdrop of fading fiscal stimulus from last year. Negative year-onyear growth rates were recorded for
industrialized economies in Europe and East Asia (0.8 per cent and 1.3 per cent, respectively). China’s
seasonally adjusted manufacturing output growth rose by 5.8 percent in the second quarter of 2019. This is the
first time since UNIDO started compiling the quarterly index that China’s quarterly growth rate has dropped
below the landmark figure of 6.0 per cent.
Data on the growth performance of developing and emerging industrial economies (excluding China) indicated
a further tendency of stabilization at a low rate after the abrupt plunge in the fourth quarter of 2018. The
respective year-on-year output growth rate in the second quarter of 2019 is estimated at 1.0 per cent, following
0.9 per cent in the first quarter of 2019 and 0.6 per cent in the fourth quarter UNIDO Statistics 6 Statistics for
Quarter II, 2019 of 2018. However, several major manufacturers in this country group still seem to be struggling
with generally difficult economic conditions.

Latin America observed an expansion of manufacturing output with a growth rate of 0.4 per cent compared to
the second quarter of 2018. While in Argentina a deep recession was prolonged with a falling manufacturing
output of 8.9 per cent, Mexico and Brazil, the region’s two largest manufacturers, witnessed positive yearon-
year growth rates of 1.4 and 2.4 per cent, respectively. Brazil was able to return to the growth path, following
two consecutive quarters of declining year-on-year output rates (minus 1.5 per cent in the first quarter of 2019
and minus 2.6 per cent in the fourth quarter of 2018). Estimates based on limited data indicate a positive growth
rate of Africa’s manufacturing output at around 2.0 per cent. Developing economies in Asia and the Pacific
recorded a year-on-year growth rate of 2.0 per cent in the second quarter of 2019, primarily a result of India’s
increase in manufacturing output by 2.9 per cent, Indonesia’s by 3.8 per cent and Viet Nam’s by 6.8 per cent.
Among other developing economies, Poland’s manufacturing output rose by 4.6 per cent, while Turkey and
Romania experienced negative growth on a year-on-year basis of 3.5 per cent and 2.6 per cent, respectively. For
Romania this marked an end to a period of steady expansion lasting for almost a decade. Altogether, the
developing countries group witnessed a decline in manufacturing output growth of 0.7 per cent compared to the
second quarter of 2018.

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In summary, the year 2018 began with major downturn risks caused by a new wave of protectionism, and
UNIDO and other institutions like the OECD7 regularly pointed to uncertainties that could significantly affect
the world economy. One year later, global momentum, especially in manufacturing industries, has weakened
markedly and growth is set to remain subpar as trade tensions seem set to persist.
(Source: World Manufacturing Production- Statistics for Quarter II, 2019; United Nations Industrial
Development Organisation - www.unido.org )
Industrialized economies
The manufacturing output growth of industrialized economies has been continuously declining over the last two
quarters. According to UNIDO’s most recent seasonally adjusted estimates, the second quarter of 2019 even
showed a contracting manufacturing output for the first time after 14 consecutive quarters of expansion.
Compared to the same period of the previous year, manufacturing production decreased 0.4 per cent in the
second quarter of 2019, following a 0.4 per cent increase in the first quarter of 2019. A more detailed look at
selected industrialized regions provides further insights.
North America’s manufacturing output rose by moderate 0.5 per cent in the second quarter of 2019 compared
to the same period of the previous year. In the United States manufacturing activity has slowed against the
backdrop of fading fiscal stimulus. On a year-on-year basis, data show a modest increase of 0.4 per cent in the
second quarter, following an expansion of 1.6 per cent in the first quarter of 2019 and 2.5 per cent in the fourth
quarter of 2018.
Shrinking manufacturing output was widespread among East Asia’s industrialized countries, leading to a year-
on-year decline of altogether 1.3 per cent. In addition to a contraction in Singapore’s manufacturing output of
3.1 per cent, of 2.6 per cent in the Republic of Korea and of 0.6 per cent in Taiwan ROC, Japan, the largest
manufacturer of the region, registered a negative growth rate of 1.2 per cent. Compared to the same period of
the previous year, Hong Kong SAR and Malaysia were able to withstand this downward trend with growth rates
of 0.9 per cent and 4.1 per cent, respectively.
European industrialized economies faced another plunge in manufacturing production in the second quarter of
2019 with the rate falling UNIDO Statistics 8 Statistics for Quarter II, 2019 by 0.8 per cent. The first quarter of
2019 was characterized by a temporary year-on-year expansion of 0.2 per cent following a decrease of 0.5 per
cent in the fourth quarter of 2018. Experts once more point mainly to the proposed Brexit, as well as the Sino-
U.S. trade frictions, that introduce uncertainty for businesses and negatively affect the economy of export-
oriented countries when enterprises throttle production and investments. Disaggregated data on industrialized
economies in Europe revealed a comparatively lower manufacturing output growth of eurozone countries.
Data for the second quarter of 2019 indicated a decline of manufacturing output in two leading eurozone
economies. Manufacturing output in Italy fell by 1.5 percent, whereas Germany faced a decline at the rate of
5.0 per cent. The production of motor vehicles was one of the worst-affected sectors in both economies. By
contrast, compared to the second quarter of 2018, France and Spain witnessed an expansion of manufacturing
output by 1.0 per cent and by 1.4 per cent, respectively. Other eurozone economies also showed a mixed picture
of growth. Compared to the same period of the previous year, manufacturing output in the second quarter of
2019 rose by 5.6 per cent in Lithuania, by 5.4 per cent in Estonia, by 4.6 per cent in Belgium and by 3.2 per
cent in Finland and Slovenia, whereas manufacturing production growth fell in Austria, Malta, the Netherlands
and Portugal.
Beyond the eurozone, manufacturing output rose in Denmark by 7.4 per cent, Hungary by 5.3 per cent, Sweden
by 1.7 per cent and Czechia by 1.1 per cent. However, manufacturing output dropped in the United Kingdom
by around 1.0 per cent. Uncertainty over Brexit has made trade relations between the United Kingdom and the
European Union extremely vulnerable.
Among non-EU and other industrialized economies, year-on-year manufacturing output grew by 4.0 per cent in
Norway, by 2.5 per cent in Belarus, by 1.9 per cent in the Russian Federation and by 1.1 per cent in Israel.
Furthermore, Switzerland, one of the worlds most advanced economies, registered a growth rate of 5.3 per cent
compared to the second quarter of the previous year on the back of a two-digit growth in chemical as well as
pharmaceutical industries.

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(Source: World Manufacturing Production- Statistics for Quarter II, 2019; United Nations Industrial
Development Organisation - www.unido.org )
Developing and Emerging Industrial Economies
Consistent with previous quarterly reports, China is presented separately from other country groups due to its
size and the new characteristics of its economy, as the country’s extended high growth rate is rapidly
transforming China into an industrialized economy.

China
Compared to the same period in the previous year, in the second quarter of 2019 China’s manufacturing output
expanded at a rate of 5.8 per cent. This represents the lowest growth rate recorded across all the quarters covered
by the seasonally adjusted UNIDO estimates (calculated index growth rates are available from 2006 onwards).
Amid news of a de-escalation in the trade dispute between China and the United States at the end of 2018, the
first quarter 2019 was characterized by improved year-on year growth figures (6.6 per cent following 6.1 per
cent in the fourth quarter of 2018). However throughout the second quarter of 2019, there was less evidence
regarding a quick resolution in the trade dispute. Intensified trade pressures since May 2019 might further

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prompt some manufacturers to move capacity to neighbouring countries and rebuild supply chains outside of
China. Regarding specific industries, basic metals (11.5 per cent) and computer electronics (10.5 per cent)
continued to show high growth rates in the second quarter, while growth in machinery, another major industry
in Chinese manufacturing, slowed to 3.7 per cent following a growth of 8.7 per cent in the first quarter of 2019.
Developing and emerging industrial economies (excl. China)
After an accelerated slowdown in manufacturing output growth in the last quarter of 2018, developing and
emerging industrial economies showed a tendency to stabilize in the first as well as the second quarter of 2019,
resulting in a slightly improved year-on-year growth rate of 0.9 per cent in the first and 1.0 per cent in the second
quarter of the year after the plunge to 0.6 per cent in the fourth quarter of 2018.
The growth performance of Asia and the Pacific remained above this country group’s UNIDO Statistics 10
Statistics for Quarter II, 2019 erage and reached an overall 2.0 per cent compared to the same period of the
previous year. A closer look at particular countries of this region shows a diverse picture. While the rate of
India’s, Indonesia’s and Viet Nam’s manufacturing output growth, at 2.9, 3.8 and 6.8 per cent respectively,
contributed to the positive trend, Jordan, Thailand, Pakistan and the Philippines faced drops in their
manufacturing output of 2.4, 2.5, 5.7 and 8.2 per cent respectively.
On a year-on-year basis, Latin America’s manufacturing output moderately expanded by 0.4 per cent in the
second quarter of 2019 following two consecutive quarter of declining manufacturing production (1.3 per cent
in the fourth quarter of 2018 and 1.2 per cent in the first quarter of 2019). The region’s two biggest
manufacturers, Brazil and Mexico, contributed substantially to this return to the growth path, expanding by 2.4
per cent and by 1.4 per cent, respectively.
Compared to the second quarter of the previous year, growth estimates based on limited data for African
countries generally indicated a rise in manufacturing output of 2.0 per cent. Among others, Egypt’s and South
Africa’s manufacturing output expanded by 2.2 and 0.9 per cent respectively.
As regards other developing economies, the manufacturing output of Eastern European countries dropped by
0.7 per cent compared to the same period in the previous year. While manufacturing output rose by 4.6 per cent
in Poland and 2.6 per cent in Greece, two other large economies in this country group experienced negative
year-on-year growth. Compared to the same period of the previous year, Romania’s manufacturing output fell
by 2.6 per cent in the second quarter of 2019, representing a shrinking manufacturing output for the first time
in the aftermath of the financial crisis of 2007-2009. Turkey, the region’s largest manufacturer, had a negative
growth rate for the third consecutive quarter. However, the year-on-year contraction of 3.5 per cent in the second
quarter of 2019 represents the slowest pace since the begin of its currency crisis last year, following a decline
of 7.7 in the fourth quarter of 2018 and of 5.2 per cent in the first quarter of 2019. It remains to be seen if this
is already a substantial sign that the downturn in Turkey’s manufacturing sector is coming to an end.
(Source: World Manufacturing Production- Statistics for Quarter II, 2019; United Nations Industrial
Development Organisation - www.unido.org)
Findings by Industry Groups
Industries grouped according to technological intensity have seen varied growth patterns in recent periods.
Medium high- and high-technology industries had a significantly higher year-on-year growth rate, especially in
the first half of 2018, and contributed substantially to overall economic performance. In the second quarter of
2019, the year-on-year growth rate is estimated at 1.5 per cent, down from 5.5 per cent in the first quarter of
2018. Despite a gradual decline throughout 2018, structural change represented by a shift towards high-
technology manufacturing industries is evident and will play a key role in promoting innovation in the long
term. Investment in new sustainable technologies continues to represent a major component in the generation
of the innovation that is shaping the future of manufacturing in both advanced and emerging economies.
Figure 6 further illustrates the relative stability of the manufacturing output growth rates of medium-technology
industries, inter alia comprising basic metals. Compared to the same period of the previous year, this industry
group’s overall output rose by 2.9 per cent in the second quarter of 2019. This is to a significant extent
attributable to continued high growth of China, the world’s largest producer of basic metals, where output

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increased by 11.5 per cent compared to the second quarter of 2018. India, which according to the World Steel
Association8 recently bagged the tag of world’s second largest producer of crude steel from Japan, also
expanded its year-on-year output of basic metals in the second quarter of 2019, with a two digit growth rate of
15.4 per cent.
Among other industries, wearing apparel expanded by 2.4 per cent in the second quarter of 2019 on a year-over-
year basis. Wood products, paper products as well as coke and refined petroleum products, experienced negative
growth rates compared to the same period of the previous year, falling by 0.8 per cent, by 0.9 per cent and by
1.1 per cent, respectively.
Figure 7 presents detailed growth rates for various industries by country groups. In the second quarter of 2019,
only a few industries observed a positive year-on-year growth rate in all country groups, namely basic
pharmaceutical products, and computer, electronic and optical products. Food products also registered a positive
trend, showing a growth rate of 4.2 per cent in China, 2.4 per cent in other developing and emerging industrial
economies and 0.8 per cent in industrialized countries. Additional data on growth rates during the second quarter
of 2019 are available in the Statistical Tables.

(Source: World Manufacturing Production- Statistics for Quarter II, 2019; United Nations Industrial
Development Organisation - www.unido.org)
MANUFACTURING SECTOR IN INDIA:
Introduction
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra
Modi, had launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and
give global recognition to the Indian economy. India is expected to become the fifth largest manufacturing
country in the world by the end of year 2020*.
Market Size
The Gross Value Added (GVA) at basic current prices from the manufacturing sector in India grew at a CAGR
of 4.34 per cent during FY12 and FY18 as per the second advance estimates of annual national income published
by the Government of India. Under the Make in India initiative, the Government of India aims to increase the
share of the manufacturing sector to the gross domestic product (GDP) to 25 per cent by 2022, from 16 per cent,
and to create 100 million new jobs by 2022. Business conditions in the Indian manufacturing sector continue to
remain positive.
Investments
With the help of Make in India drive, India is on the path of becoming the hub for hi-tech manufacturing as
global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up

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manufacturing plants in India, attracted by India's market of more than a billion consumers and increasing
purchasing power.
As per Labour Bureau’s Quarterly Report on Employment Scenario, manufacturing sector added an estimated
89,000 jobs in the second quarter of 2017-18. Cumulative Foreign Direct Investment (FDI) in India’s
manufacturing sector reached US$ 73.70 billion during April 2000-December 2017. India has become one of
the most attractive destinations for investments in the manufacturing sector. Some of the major investments and
developments in this sector in the recent past are:
 As of May 2018, The Chatterjee Group (TCG) is planning to set up a Continuous Polymerisation (CP) unit
and a spinning unit, which will act as forward integrated units for its petrochemicals subsidiary MCPI.
 As of April 2018, Rallis India, a subsidiary of Tata Chemicals, is planning to undertake backward integration
as its inputs have become costlier and the move will help the company to ease pressure on its profit margins.
 For its Commercial Vehicles, Ashok Leyland is utilising machine learning algorithms and its newly created
telematics unit to improve the performance of the vehicle, driver and so on.
Government Initiatives
The Government of India has taken several initiatives to promote a healthy environment for the growth of
manufacturing sector in the country. Some of the notable initiatives and developments are:
 As of March 2018, Government of India is in the process of coming up with a new industrial policy which
envisions development of a globally competitive Indian industry.
 In Union Budget 2018-19, the Government of India reduced the income tax rate to 25 per cent for all
companies having a turnover of up to Rs 250 crore (US$ 38.75 million).
 Under the Mid-Term Review of Foreign Trade Policy (2015-20), the Government of India increased export
incentives available to labour intensive MSME sectors by 2 per cent.
 The Government of India has launched a phased manufacturing programme (PMP) aimed at adding more
smartphone components under the Make in India initiative thereby giving a push to the domestic
manufacturing of mobile handsets.
 The Government of India is in talks with stakeholders to further ease foreign direct investment (FDI) in
defence under the automatic route to 51 per cent from the current 49 per cent, in order to give a boost to the
Make in India initiative and to generate employment.
 The Ministry of Defence, Government of India, approved the “Strategic Partnership” model which will
enable private companies to tie up with foreign players for manufacturing submarines, fighter jets,
helicopters and armoured vehicles.
 The Union Cabinet has approved the Modified Special Incentive Package Scheme (M-SIPS) in which,
proposals will be accepted till December 2018 or up to an incentive commitment limit of Rs 10,000 crore
(US$ 1.5 billion).
Road Ahead
India is an attractive hub for foreign investments in the manufacturing sector. Several mobile phone, luxury and
automobile brands, among others, have set up or are looking to establish their manufacturing bases in the
country.
The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025 and India is expected to rank
amongst the top three growth economies and manufacturing destination of the world by the year 2020. The
implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of US$
2.5 trillion along with a population of 1.32 billion people, which will be a big draw for investors.
With impetus on developing industrial corridors and smart cities, the government aims to ensure holistic
development of the nation. The corridors would further assist in integrating, monitoring and developing a
conducive environment for the industrial development and will promote advance practices in manufacturing.

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Exchange Rate Used: INR 1 = US$ 0.0142 as on June 30, 2019
Notes: * - According to the Global Manufacturing Competitiveness Index published by Deloitte
(Source: Indian Manufacturing Industry Analysis - India Brand Equity Foundation - www.ibef.org)
CASTOR OIL MARKET: INTRODUCTION
Castor oil is a vegetable pressed oil derived from castor seeds which grow in Ricinus communis, a flowering
species of the spurge family, Euphorbiaceous. Castor is a native plant of India and eastern Africa where castor
oil is produced in large quantities. Castor oil is used in a wide variety of applications. The major use of castor
oil is found in the industrial application where it is used for the production of paints, soap, cosmetics, varnishes,
adhesives, lubricants etc. Castor oil is also used for the production of castor oil derivatives which again are
valuable chemicals used for industrial application. The Asia Pacific region is estimated to contribute around
46.7% value share as it is the major consumer of castor oil in the world. Owing to the supply chain system and
versatility in castor oil applications in the region, the demand for the castor oil is expected to grow significantly.
(Source: – Transparency Market Research (www.transparencymarketresearch.com)
CASTOR OIL: MARKET OUTLOOK
Production of hydrogenated castor oil has played a very crucial role in the cosmetic and chemical industry. The
purpose of hydrogenation of castor oil is not only to improve the keeping qualities, taste and odor of the castor
oil but also to raise the melting point of the oil. On the other hand, the use of Jamaican black castor oil has
witnessed an upsurge in sales, owing to its unadulterated method of processing and its antifungal and
antibacterial properties. Key players of castor oil market are anticipating strong performance in the Latin
America castor oil market. Several manufacturers of castor oil are entering new markets through the acquisition
of major regional players of castor oil, in order to enhance their product offerings and manufacturing facilities
for castor oil. Moreover, companies are currently focusing on opening new innovation centers for castor oil in
order to expand and boost their regional presence accordingly. Innovation and advancement to create a superior
product from castor oil have been a vital strategy implementation by major companies. Companies in the castor
oil market are investing significantly in research & development to gain competitive advantage and create novel
applications.
(Source: – Transparency Market Research (www.transparencymarketresearch.com)
HIGH AVAILABILITY OF CASTOR SEEDS FOR PRODUCTION OF CASTOR OIL
Gujarat is a small geographic region in India, where the global production of global castor oil is concentred.
Factors such as subtropical climate conditions and labour-intensive cultivation methods are favouring the
cultivation of castor seed and castor oil, which either way becomes a challenge for castor processors in the U.S.
and Latin America. Approximately 73% of the castor oil produced in India is concentrated in Gujarat itself.
According to data published by the Government of Gujarat, castor seed production in India increased by almost
10% to reach 1.5 million tonnes for the year 2016-17, which clearly signifies the fact that, the availability of
castor seeds is in copious, resulting in large production of castor oil, which is anticipated to boost the overall
growth of the castor oil market, globally.
(Source: – Transparency Market Research (www.transparencymarketresearch.com)
RISE IN THE REQUIREMENTS FOR BIODIESEL TO BOOST THE DEMAND FOR CASTOR OIL
Being a clean-burning, biodegradable, and renewable fuel, the demand for biodiesel is increasing across the
globe as a better replacement for petroleum or diesel. A majority of governments are encouraging the use of
biodiesel as a substitute for conventional, air-polluting fuels such as petroleum and diesel. Owing to its ease of
use, environmental benefits, increasing power generation applications, and government subsidies on biodiesel,
the consumption and requirements of biodiesels have grown substantially across the globe. Biodiesel is
produced by converting animal fats or castor oil into fatty acid methyl esters or FAME. FAME is referred to as
biodiesel when it is used as a source of fuel in various applications. Due to a wide range of benefits and
applications of biodiesel, its production and distribution has increased extensively, which will augment the
demand for castor oil in the near future.

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(Source: – Transparency Market Research (www.transparencymarketresearch.com)
GLOBAL COTTON INDUSTRY:

The U.S. Department of Agriculture’s (USDA’s) first 2019/20 world cotton projections anticipate that
production will exceed consumption, raising world stocks slightly, by 1 million bales. World cotton production
is expected to rise 6.8 percent with yields rebounding in a number of countries and area also rising. Global
consumption is expected to continue growing, but at a rate slightly below its long-run average. It is expected
that China will continue to gradually expand imports following years of significant limitations in import access
applied to facilitate disposal of surplus government-held stocks. The A Index is forecast to decline by 5 cents
to 80 cents per pound due to projected higher stocks outside of China. U.S. 2019/20 cotton production is
expected to rise to 22.5 million bales, based on a slight increase in planted area, and sharply lower abandonment.
Domestic mill use is projected marginally above the 2018/19 level, and exports are expected to rise, but ending
stocks are also projected higher.

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Global 2018/19 cotton production is expected lower by 4.2 percent from the previous year to 118.5 million
bales, as many major producing countries witnessed decreases excluding Brazil (up) and China (unchanged).
The United States saw a 12.1-percent decrease with severe storms affecting yields and dry weather encouraging
higher abandonment. Likewise, drought almost halved Australian production from the previous year as
problems with precipitation also drove production down in most of Central Asia, India, Pakistan, and the United
States. U.S. 2018/19 area harvested was down 5.1 percent to 4.3 million hectares with a yield of 939 kg/hectare,
down 7.4 percent from a year earlier. China’s 2018/19 crop is estimated at 27.5 million bales, unchanged from
last season. Lower area outside of Xinjiang province is offset by an increasing share of cotton planted in
Xinjiang, where yield is nearly twice the national average.
China’s 2018/19 harvested area is estimated at 3.35 million hectares, 1.5 percent below 2017/18, while yield is
expected to break the previous year’s record at 1,787 kg/hectare, up 1.5 percent. India’s 2018/19 production is
estimated at 27 million bales, down 6.9 percent from the preceding year on lower area and yield. As a result,
India’s crop dropped below China’s for the first time in five years. Harvested area is estimated at 12.3 million
hectares, marginally down 1.6 percent from 2017/18 as below-average monsoon rainfall and pink bollworm
infestation truncated harvesting. India’s 2018/19 yield is estimated at 480 kg/hectare, down 5.3 percent from
the Estimated Changes in World Production, 2018/19 compared with 2017/18 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 Mil.
bales previous season with deficient rainfall and pest infestation in the major cotton producing areas of Gujarat
and Maharashtra.

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World trade is expected to increase to 42.3 million bales in 2018/19, the highest level since 2012/13’s record.
A record crop in Brazil is driving its exports to a record-high, while importdependent countries, such as Vietnam
and Bangladesh, are also set to reach their highest level of imports. China imports are forecast to increase 31.0
percent, but the continued reduction in State Reserve stocks limits import opportunities. These import gains are
expected to more than offset slower demand from Turkey and Pakistan. Brazil has witnessed greater exportable
supplies with stagnating domestic demand and increasing production during the second crop (safrina) season.
Despite Australian production decreasing 44.7 percent, exports are down only 8.1 percent to 3.6 million bales
with significant carry-in stocks. West African countries’ exports are set to be a record at 5.5 million bales with
Benin, Mali, and Burkina Faso driving shipments and record production in Benin. This more than offsets a trend
of lower exports in Central Asia with lower exportable supplies, and expanded domestic use in Uzbekistan.
World ending stocks are estimated to be the lowest in seven years at 75.5 million bales, down 6.9 percent from
the previous year. Lower global production from the previous year coupled with higher consumption are the
primary drivers. The largest decline in stocks is in China, as the country continues to deplete State Reserves.
The decline there is estimated at 5.7 million bales from the previous year to 32.4 million bales, and Australia is
the second largest decline with a 35.2-percent decrease from 2017/18 to 1.9 million. Stocks outside of China
are marginally up 0.2 percent to 43.1 million bales, largely fueled by record production in Brazil.
(Source: USDA-United States Department of Agriculture www.usda.gov)
INDIAN COTTON INDUSTRY:
Cotton plays an important role in the Indian economy as the country's textile industry is predominantly cotton
based. India is one of the largest producers as well as exporters of cotton yarn. The textile industry is also
expected to reach US$ 223 billion by the year 2021. The states of Gujarat, Maharashtra, Telangana, Andhra
Pradesh, Karnataka, Madhya Pradesh, Haryana, Rajasthan, and Punjab are the major cotton producers in India.
Cotton yarn and fabrics exports accounts for about 23 per cent of India’s total textiles and apparel exports. In
2017-18, India’s cotton production was 34.86 million bales of 170 Kgs. Each Between Apr-Oct 2018, total
textile and clothing exports stood at Rs 1.52 trillion (US$ 21.95 billion). Between Apr-Oct 2018, exports of

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cotton raw including waste, cotton yarn, cotton fabrics and cotton made-ups grew by 26.01 per cent year-on-
year to US$ 6,893.05 million from US$ 5,470.20 million during the same period last year.
(Source: Indian Cotton Industry Analysis – India Brand Equity Foundation – www.ibef.org)
INTRODUCTION TO INDIAN TEXTILE INDUSTRY:
The textile and apparel industry can be broadly divided into two segments - yarn and fibre, and processed fabrics
and apparel. The domestic textile industry in India is estimated to reach US$ 223 billion by 2021F from US$
150 billion in November 2017, while cotton production in India is have reached 36.1 million bales in FY19. ^
In FY19, growth in private consumption is expected to create strong domestic demand for textiles.#
Increased penetration of organised retail, favourable demographics, and rising income levels are likely to drive
demand for textiles. Cloth production stood at 58.1 billion square metres (provisional) in FY19P (up to Jan 19).
India is the world's second largest exporter of textiles and clothing.
Textile and apparel exports from India are expected to increase to US$ 82 billion by 2021. In FY19, India's
textile and apparel exports increased 1.66 per cent to Rs 2,51,387 crore (US$ 35.969 billion) as compared to Rs
2,47,277 crore (US$ 35.381) in FY18. Manmade garments remain the largest contributor to total textile and
apparel exports from India.
Rising government focus and favourable policies is leading to growth in the textiles and clothing industry. The
Ministry of Textiles is encouraging investments through increasing focus on schemes such as Technology Up-
gradation Fund Scheme (TUFS). Under Union Budget 2019-20, the government has allocated Rs 700 crore
(US$ 100.16 million) for Amended Technology Upgradation Fund Scheme (ATUFS). In May 2018, textiles
sector recorded investments worth Rs 27,000 crore (US$ 4.19 billion) since June 2017.The Cabinet Committee
on Economic Affairs (CCEA), Government of India has approved a new skill development scheme named
'Scheme for Capacity Building in Textile Sector (SCBTS)'. The Government of India announced a Special
Package to boost exports by US$ 31 billion, create one crore job opportunities and attract investments worth Rs
80,000 crore (US$ 11.93 billion) during 2018-2020. As of August 2018, it generated additional investments
worth Rs 25,345 crore (US$ 3.78 billion) and exports worth Rs 5,728 crore (US$ 854.42 million). Cumulative
FDI in the Indian textiles reached US$ 31.2 billion between April 2000 to March 2019. Under Union Budget
2019-20, Government of India allocated around Rs 4,831.48 crore (US$ 691.29 million) for the Ministry of
Textiles. Integrated Wool Development Programme has been allocated Rs 29 crore (US$ 4.14 million) under
Union Budget 2019-20. The government has allocated Rs 20 crore (US$ 2.86 million) for the Scheme for
Integrated Textile Parks.
The National Handloom Development Programme will get Rs 456.80 crore (US$ 65.35 million) and the
Integrated Processing Development Scheme will get Rs 3.50 crore (US$ 0.50 million). Khadi Express train will
be run to create awareness about the Indian khadi.
The Directorate General of Foreign Trade (DGFT) has revised rates for incentives under the Merchandise
Exports from India Scheme (MEIS) for two subsectors of Textiles Industry - Readymade garments and Made
ups - from 2 per cent to 4 per cent. As of August 2018, the Government of India has increased the basic custom
duty to 20 per cent from 10 per cent on 501 textile products, to boost Make in India and indigenous production.
Note: P - Provisional, ^ - during the cotton season from October2018 to September 2019, # - India Ratings and
Research.
(Source: Indian Textile Industry Analysis – India Brand Equity Foundation – www.ibef.org)
INDIAN TEXTILE INDUSTRY ANALYSIS:
Introduction
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. India's
overall textile exports during FY 2017-18 stood at US$ 39.2 billion in FY18 and is expected to increase to US$
82.00 billion by 2021 from US$ 31.65 billion in FY19 (up to Jan 19).
The Indian textiles industry is extremely varied, with the hand-spun and hand-woven textiles sectors at one end
of the spectrum, while the capital intensive sophisticated mills sector at the other end of the spectrum. The

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decentralised power looms/ hosiery and knitting sector form the largest component of the textiles sector. The
close linkage of the textile industry to agriculture (for raw materials such as cotton) and the ancient culture and
traditions of the country in terms of textiles make the Indian textiles sector unique in comparison to the industries
of other countries. The Indian textile industry has the capacity to produce a wide variety of products suitable to
different market segments, both within India and across the world.
Market Size
The Indian textiles industry, currently estimated at around US$ 150 billion, is expected to reach US$ 250 billion
by 2019. India’s textiles industry contributed seven per cent of the industry output (in value terms) of India in
2017-18.It contributed two per cent to the GDP of India and employs more than 45 million people in 2017-
18.The sector contributed 15 per cent to the export earnings of India in 2017-18. The production of raw cotton
in India is estimated to have reached 36.1 million bales in FY19^.
Investment
The textiles sector has witnessed a spurt in investment during the last five years. The industry (including dyed
and printed) attracted Foreign Direct Investment (FDI) worth US$ 3.12 billion during April 2000 to March
2018. Some of the major investments in the Indian textiles industry are as follows:
In May 2018, textiles sector recorded investments worth Rs 27,000 crore (US$ 4.19 billion) since June 2017.
The Government of India announced a Special Package to boost exports by US$ 31 billion, create one crore job
opportunities and attract investments worth Rs 800.00 billion (US$ 11.93 billion) during 2018-2020. As of
August 2018, it generated additional investments worth Rs 253.45 billion (US$ 3.78 billion) and exports worth
Rs 57.28 billion (US$ 854.42 million).
Government Initiatives
The Indian government has come up with a number of export promotion policies for the textiles sector. It has
also allowed 100 per cent FDI in the Indian textiles sector under the automatic route.
Initiatives taken by Government of India are:
 The Directorate General of Foreign Trade (DGFT) has revised rates for incentives under the Merchandise
Exports from India Scheme (MEIS) for two subsectors of Textiles Industry - Readymade garments and
Made ups - from 2 per cent to 4 per cent.
 As of August 2018, the Government of India has increased the basic custom duty to 20 per cent from 10
per cent on 501 textile products, to boost Make in India and indigenous production.
 The Government of India announced a Special Package to boost exports by US$ 31 billion, create one crore
job opportunity and attract investments worth Rs 80,000 crore (US$ 11.93 billion) during 2018-2020. As
of August 2018 it generated additional investments worth Rs 25,345 crore (US$ 3.78 billion) and exports
worth Rs 57.28 billion (US$ 854.42 million).
 The Government of India has taken several measures including Amended Technology Up-gradation Fund
Scheme (A-TUFS), scheme is estimated to create employment for 35 lakh people and enable investments
worth Rs 95,000 crore (US$ 14.17 billion) by 2022.
 Integrated Wool Development Programme (IWDP) approved by Government of India to provide support
to the wool sector starting from wool rearer to end consumer which aims to enhance the quality and increase
the production during 2017-18 and 2019-20.
 The Cabinet Committee on Economic Affairs (CCEA), Government of India has approved a new skill
development scheme named 'Scheme for Capacity Building in Textile Sector (SCBTS)' with an outlay of
Rs 1,300 crore (US$ 202.9 million) from 2017-18 to 2019-20.
Achievements
Following are the achievements of the government in the past four years: I-ATUFS, a web-based claims
monitoring and tracking mechanism was launched on April 21, 2016. 381 new block level clusters were

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sanctioned. 20 new textile parks were sanctioned. Employment increased to 8.62 million in FY18 from 8.03 in
FY15.
Road Ahead
The future for the Indian textile industry looks promising, buoyed by both strong domestic consumption as well
as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a
rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and
Next into the Indian market. High economic growth has resulted in higher disposable income. This has led to
rise in demand for products creating a huge domestic market.
Exchange Rate Used: INR 1 = US$ 0.0159 in FY19.
References: Ministry of Textiles, Indian Textile Journal, Department of Industrial Policy and Promotion, Press
Information Bureau
Note: ^ - during the cotton season October–September
(Source: Indian Textile Industry Analysis – India Brand Equity Foundation – www.ibef.org)

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 OUR BUSINESS

Some of the information contained in the following discussion, including information with respect to our
business plans and strategies, contain forward-looking statements that involve risks and uncertainties. You
should read the chapter titled “Forward Looking Statements” beginning on page 21 of this Draft Prospectus,
for a discussion of the risks and uncertainties related to those statements and also the Section “Risk Factors”
beginning on page 35 of this Draft Prospectus for a discussion of certain factors that may affect our business,
financial condition or results of operations. Our actual results may differ materially from those expressed in or
implied by these forward-looking statements. Our fiscal year ends on March 31 of each year, so all references
to a particular fiscal are to the twelve-month period ended March 31 of that year.
The financial information used in this Section, unless otherwise stated, is derived from our Financial
Information, prepared in accordance with Indian GAAP and Companies Act and restated in accordance with
the SEBI Regulations. The following information is qualified in its entirety by, and should be read together
with, the more detailed financial and other information included in this Draft Prospectus, including the
information contained in the Sections titled “Risk Factors” and “Financial Information” beginning on pages
35 and 192 of Draft Prospectus respectively.
Unless otherwise stated, all references in this Section to “Mangalam” or “the Company” or “our Company” or
“we” or “our” or “us” are to Mangalam Global Enterprise Limited.
OVERVIEW:
Our Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited
Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September
27, 2010 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. The name of our company
was changed to “Mangalam Global Enterprise Private Limited” pursuant to shareholders resolution passed at
Extra-Ordinary General Meeting of our company held on June 28, 2014 and a fresh Certificate of Incorporation
dated July 31, 2014 was issued by Registrar of Companies, Ahmedabad. Subsequently, our Company was
converted into a Public Limited Company pursuant to shareholders resolution passed at Extra-ordinary General
Meeting of our Company held on September 17, 2019 and the name of our Company was changed to “Mangalam
Global Enterprise Limited”. A fresh Certificate of Incorporation consequent upon Conversion from Private
Limited Company to Public Limited Company dated September 30, 2019 was issued by the Registrar of
Companies, Ahmedabad. The Corporate Identification Number of our Company is U24224GJ2010PLC062434.
Incorporated in the year 2010, our Company Mangalam Global Enterprise Limited belongs to Ahmedabad based
Mangalam group of Companies set up by Mangal Family and led by the vision of Mr. Vipin Prakash Mangal.
In this dynamic and extremely competitive business environment, we have developed a diversified business
model with our offerings ranging from castor oil to cotton products. We have been successfully catering to these
two different sectors in our business operations.
We are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.),
Castor De-Oiled Cake and High Protein Castor De-Oiled Cake for the domestic market as well as for exports to
international markets. We have also diversified our business operations into manufacturing of Cotton Bales
(Lint Cotton) and Delineate Cotton Seeds. We were engaged in the trading business before starting commercial
manufacturing of our abovementioned products in the FY 2018-19. Company has one cotton processing unit at
Harij, Gujarat and two well-equipped Castor processing units at Harij and Palanpur, Gujarat respectively for
undertaking manufacturing operations of abovementioned two product segments. We are also engaged in the
trading of Castor Seeds and Raw Cotton.
Castor oil is a yellow viscous liquid free from suspended matter and insoluble in water. It is produced by refining
commercial grade Castor Oil after undertaking bleaching and filtering process. Castor oil has multiple industrial
applications and is extensively demanded in Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants,
Inks, Rubber and Textiles etc. It is also used to relief Constipation, Eyelashes grow, Hair grow, Skin moisturiser
ad to improve immunity function. It is also used for applying on food grains to protect from the insects/fungus.
Castor De-Oil Cake is fertilizer consisting of high content of Nitrogen, Phosphoric Acid, Potash and moisture

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retention and it is also an organic fertilizer which can be used as alternatives to chemical fertilizer. It is simple
manure, which acts progressively that encourages soil microbial activity. High Protein Castor De Oiled Cake is
an organic manure which enhances the fertility of the soil without causing any damage or decay.
Our Castor oil manufacturing facilities situated at Harij and Palanpur, Gujarat are installed with automated
machineries having crushing and processing capacity of 450 MT Castor Seeds per day at each facilities. The
said manufacturing units are equipped with installed capacity of producing 225 MT Castor Refined Oil (F.S.G.)
per day and 220 MT Castor De- Oiled Cake per day at each facilities. Both facilities also have solvent capacity
of 200 MT.
Our journey in the Cotton Manufacturing Industry started in the year 2018. With gaining an insight of the
industry coupled with an available opportunity, our Company ventured into manufacturing of Cotton Bales (Lint
Cotton) and Delineate Cotton Seeds. The main application of ginned cotton referred to as lint is for spinning
operations. The cotton moves through the Spinning machines and is then converted into Cotton yarn. Black
cottonseeds are used as feed products for livestock and are also crushed into the Oil mill to extract oil
(Cottonseed Oil).
Technology is a crucial aspect of the cotton industry. The level of advancement determines the productivity of
machines and labour, which in turn, determines the production and profitability of our Company. Our technical
team is equipped with modern ginning technology and processing techniques by virtue of which we are able to
ensure quality output. At present, we have a manufacturing unit well equipped with requisite ginning and
pressing machineries and with a processing capacity of 150 MT per day.
We have our Testing Laboratories within the premises of manufacturing units. Our manufacturing facility has
fully equipped quality control department with experienced staff to facilitate smooth manufacturing process.
We have in-house testing laboratory and necessary infrastructure to test our raw materials and finished products
to match the quality standards and as specified by the relevant customers. All the products are being
manufactured strictly as per quality norms using the expertise of our experienced team to provide quality output
to our customers at competitive prices.
Our Company has marked its presence in both domestic as well as global markets. We supply our products in
states such as Gujarat, Rajasthan, Delhi, Maharashtra, and West Bengal. In order to capture growing demand
for Castor Oil in international market and to create a more responsive and cost-effective supply chain, we started
our export operations. We export our products to countries such as Thailand, Oman.
The experience and trade relations developed by our promoters and management have been one of the key
instrumental factors in the growth of our Company. We have 51% holding in Hindprakash Castor Derivatives
Private Limited (HCDPL) and Farpoint Enterprise LLP (Farpoint), thus making them as our Subsidiary
Companies. HCDPL is engaged in the business of manufacturing of castor oil, castor oil derivatives, edible and
non-edible oils, oilseeds, oil cakes, kernels and by-products and trading of chemicals, dyes, dyestuff, colour
chemicals & intermediates. Farpoint is engaged in the business of Manufacturing and trading of all types of
articles, goods and commodities. We have recently started a separate business unit at Singapore by incorporating
Wholly Owned Subsidiary – Mangalprakash (Singapore) PTE. Limited. It is engaged in the business of Whole
Sale Trading of Goods. For further details of the same, please refer chapter titled “Our History and Certain
Other Corporate Matters” beginning on page 151 of the Draft Prospectus.
The promoters of our Company are Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash
Mangal. They have an adequate experience in the line of the business undertaken by the Company and look
after the strategic as well as day to day business operations. Our Promoters believe in the ideology of continuous
improvement and development. Also, we believe role of a management team is equally important as to that of
our employees for growth of a business, and accordingly we have placed an experienced management team to
look after various facets of operations.
We endeavour to satisfy customers by continuous improvement through process innovation and quality
maintenance. We focus on producing quality product to increase customer satisfaction and develop a positive
brand image in the industry. Our management and team has enable us to maintain continuing customer relations,

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ensuring repeat order flows. We aim to grow our operations on PAN India basis and make our brand as a
distinguished name in industry.
OUR LOCATIONAL PRESENCE:
Registered Office: 101, Mangalam Corporate House, 19/B Kalyan Society Near M.G. International School,
Mithakhali Ahmedabad -380006, Gujarat, India
Manufacturing Facility:
Unit I – Cotton Unit - Survey No. 124 and 122, Harij - Kukrana Road, Village – Jaska, Taluka - Harij, District
–Patan – 384240, Gujarat, India
Unit II – Castor Oil Unit - Survey No. 355/P1 and 355P1/1, Harij-Kukrana Road, Village – Jaska, Taluka -
Harij, District –Patan, 384240, Gujarat, India
Unit III – Castor Oil Unit - Survey No. 175/P3/P2, Village – Jagana, Taluka - Palanpur, District –Banaskantha,
- 385520, Gujarat, India
FINANCIAL SNAPSHOT:
Financial Snapshot of our Company as per Restated Standalone Financial Information is as under:
(Amount in Rs. Lakhs)

For period ended

Particulars FY 2018-19 FY 2017-18 FY 2016-17
June 30, 2019

Revenue from Operations 14,570.98 32,949.72 2,689.36 268.51

Total Revenue 14,592.77 33,003.73 2,689.83 268.71
EBITDA 251.8 584.24 42.25 16.65
EBITDA Margin (in %) 1.73% 1.77% 1.57% 6.20%
PAT 105.38 216.97 25.90 9.41
PAT Margin (in %) 0.72% 0.66% 0.96% 3.50%

Financial Snapshot of our Company as per Restated Consolidated Financial Information is as under:
(Amount in Rs. Lakhs)

Particulars For period ended June 30, FY 2018-19

2019
Revenue from Operations 14,627.89 38,980.52
Total Revenue 14,649.93 38,995.21
EBITDA 322.92 766.59
EBITDA Margin (in %) 2.20% 1.97%
PAT 102.11 227.31
PAT Margin (in %) 0.70% 0.58%
Note:
1. EBITDA Margin = (Restated profit before tax + Finance Cost + Depreciation and amortization expense)/
Total Revenue;

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2. PAT Margin = PAT/ Total Revenue

Activity wise break-up of our revenue as per Restated Financial Information is as under:-
(Amount in Rs. Lakhs)

Particulars For period ended June 30, FY 2018-19

2019
Manufacturing 13,835.39 18,044.00
Trading 592.25 14,247.91
Total Revenue 14,427.64 32,291.91

Geographical break-up of our revenue as per Restated Financial Information is as under:-

(Amount in Rs. Lakhs)

Particulars For period ended June 30, FY 2018-19

2019
Domestic Market 13,968.51 31,981.72
Export Market 459.14 310.19
Total Revenue from Sale of products 14,427.64 32,291.91

Break-up of Domestic Sales - State wise is detailed as per Restated Financial Statements:-
(Amount in Rs. Lakhs)

Sr. No Name of States For period ended June 30, FY 2018-19

2019
1 Gujarat 11,272.19 30,286.34
2 Rajasthan 7.94 7.35
3 New Delhi 2,525.32 1,688.03
4 Maharashtra 8.15 -
5 West Bangal 27.87 -
Total 13,841.47 31,981.72`

Break-up of Exports Country wise are detailed as Restated Financial Statements:-

(Amount in Rs. Lakhs)

Sr. No Name of Countries For period ended June 30, 2019 FY 2018-19
1 Thailand 113.72 310.19
2 Oman 345.42 -
Total 459.14 310.19

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Break-up of our Revenue product wise as per Restated Financial Statements:-
(Amount in Rs. Lakhs)

Sr. No Name of Product Segment For period ended June 30, 2019 FY 2018-19
1 Castor Oil 13,177.05 28,626.52
2 Cotton Bales 304.49 323.79
3 Cotton Seeds 132.72 2,120.35
4 DOC 777.80 1,091.67
5 Others 35.57 129.59
Total 14,427.64 32,291.91

OUR PRODUCTS AT MANUFACTURING UNIT I: (COTTON UNIT)

We manufacture Cotton Bales and Cotton Seeds at Manufacturing Unit I which is known as Cotton Unit.
Ginning is the first process involved in processing cotton. Ginning mill separates cotton fibres from the seed
bolls. These separated cotton lint is the raw material for spinning operations, where lint is converted to yarn.
We produce quality cotton in our fully automated Ginning and Pressing Unit located at Harij, Gujarat. The said
plant is equipped with latest quality 42 Ginning and Pressing machineries capable of processing 150 MT of
cotton per day. A brief description of our products is as follows:

Product Description

COTTON BALES/ LINT COTTON Cotton Bales or Lint Cotton are obtained through the process of
Ginning. The ginned fibre is pressed together and made into
dense bales to be called as Cottosn Bales. They are classified
according to the parameters such as fibre length (staple),
strength, micronaire, colour and cleanness.
The main application of ginned cotton referred to as lint is for
spinning operations. The cotton moves through the Spinning
machines and is then converted into Cotton yarn.

BLACK COTTON SEEDS/ Cottonseed is the seed of the cotton plant. Fibers grow from the
seed coat to form a boll of cotton lint. The boll is a protective
DELINEATE COTTON SEEDS
fruit and when the plant is grown commercially, it is stripped
from the seed by ginning and the lint is then processed into
cotton fibre.
Black cottonseeds are used as feed products for livestock. They
are also crushed into the Oil mill after removing lint from the
cotton to extract oil (Cottonseed Oil).

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MANUFACTURING PROCESS OF COTTON BALES AND COTTON SEED:
The manufacturing of Cotton bales and cotton seeds involves following steps:

Procurement of Raw Ginning of Raw Cleaning of Cotton

Material Cotton Lint

Branding, Packing
Dispatch Cotton Lint Pressing
and Storing

Step 1: Procurement of Raw Material:

The major raw material for our manufacturing operation is Raw Kapas (Seed Cotton). Our production process
starts with the procurement of raw cotton. This step involves identification of the vendor from whom the
material is to be procured and the quantity of the material required. Once the Kapas is received from the vendor,
it is tested for quality. The selection of raw material is based on factors like pricing, payment terms, availability,
and quality of Kapas. Grading and mixing of the raw material received from the vendor is done to get the desired
quality/customized product. Conveyors are used to feed the Kapas into the ginning machines.
Step 2: Ginning of Raw Cotton:
A Ginning machine uses the raw cotton (Kapas) received from the conveyors as Raw materials. Ginning is the
first mechanical process involved in processing of cotton. Ginning mill separates cotton fibres from the seed
bolls and dust particles. The first step in the ginning process is when the cotton is vacuumed into tubes that carry
it to a dryer to reduce moisture and improve the fibre quality. The separation process involves equipment such
as separator, feeding hopper and fan with tubular air ducts. Separation of cotton and cotton seed from cotton is
done with double roller ginning machine.
Cottonseeds are separated from the lint during the ginning process. The separated cotton seeds are then
transported out of the ginning Unit to the storage area and lint of cotton received from the ginning machine are
transported for further cleaning process through conveyors.

Ginning Cleaning

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Step 3: Cleaning:
The lint cotton received from the ginning machine is sent for further cleaning through conveyor. This process
involves cleaning of the impurities like leaf trash, sticks, and other foreign matters.
Step 4: Pressing:
Cotton fibres are pressed to Bales by using the Hydraulic pressing machine. This step involves pressing of Lint
cotton. In this process Lint cotton is used as Raw materials. After pressing, the bale is tightened and covered
fully with cloth, after which the bale is weighed and kept safely.
Step 5: Branding, Packaging and Storing:
Cotton bales are then covered by protective cloth. Label of the company along with the serial number and batch
number are affixed on the bales. The packed and labelled bales are then stored on platform for dispatch. Cotton
seeds are sold to customers generally packed in sacks. Packed seeds are then stored on platform for dispatch.

Cotton Bales Cotton Seeds

Step 6: Dispatch
The stored bales and Cotton Seeds are dispatched for delivery through trucks from the storage area depending
upon the orders received from the customers.
Raw Materials: Raw Cotton is the major raw material required in the manufacturing of Cotton Bales and Cotton
Seeds. We source required raw material from domestic market.
End users of Cotton Bales and Cotton Seeds: We supply Cotton bales and Cotton Seeds to Brokers, Merchant
Exporters, Distributors related textiles and in certain cases to the Textile Manufacturers.

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OUR PRODUCTS AT MANUFACTURING UNIT II AND UNIT III: (CASTOR OIL UNIT):
We manufacture Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake and High Protein Castor De-Oiled Cake at our manufacturing unit situated
at Harij and Palanpur, Gujarat. These manufacturing facilities are installed with high end automated machineries having crushing and processing capacity of
450 MT Castor Seeds per day at each facilities. The said manufacturing units are equipped with installed capacity of producing 225 MT Castor Refined Oil
(F.S.G.) per day and 220 MT Castor De- Oiled Cake per day at each facilities. Both facilities also have solvent capacity of 200 MT.

Product Description
REFINED CASTOR OIL FIRST STAGE F.S.G. Castor Oil is Castor Oil bleached to British Standard Specifications. Castor oil is a yellow viscous
GRADE (F.S.G.) liquid free from suspended matter and insoluble in water. It is produced by refining commercial grade
Castor Oil after undertaking bleaching and filtering process. Bleaching process is carried out using
bleaching earth and activated carbon, which helps to reduce colour and moisture content in the final
product. It is used in Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants, Inks, Rubber and
Textiles etc. It is also used to relief Constipation, Eyelashes grow, Hair grow, Skin moisturiser ad to
improve immunity function. It is also used for applying on food grains to protect from the insects/fungus.
Specification of Refined Castor Oil
Parameters Specification
Appearance Pale Yellow, Viscous, Clear Liquid
Moisture 0.25% Max
F.F.A. (as oleic) 0.80% Max
Acid Value 2% Max
Hydroxyl Value 160 – 163
Iodine Value 82 – 90
Saponification Value 177 – 185
Unsaponifiable Matter 1.0 Max
Specific Gravity @30 C 0
0.945 – 0.960
Refractive Index @400 C 1.4700 – 1.4740
Solubility Complete Soluble in Alcohol without turbidity

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 Product Description
CASTOR DE-OIL CAKE Castor De-Oil Cake is produced by crushing castor seeds in expeller to extract oil from it in a control
temperature with help of steam. The residue of expeller process is further processed in solvent extraction
plant to remove oil from it. Castor De-Oil Cake is an excellent fertilizer because of high content of Nitrogen,
Phosphoric Acid, Potash and moisture retention and it is also the prominent organic fertilizer can be used
to as alternatives to chemical fertilizer. It is simple manure, which acts progressively that encourages soil
microbial activity.

HIGH PROTEIN CASTOR DE-OILED High Protein Castor De Oiled Cake is an organic manure which enhances the fertility of the soil without
CAKE causing any damage or decay. It is enriched with the three big elements vital and conducive to the proper
growth of crops - Nitrogen, Phosphorus and Potassium. It also has traces of nutrients like Manganese, Zinc
and Copper, thus making it a balanced fertilizer. It has high nutritional value and rich in proteins.

Note: The Commercial Production is yet to start at Unit III

Raw Materials: Major raw material required for manufacturing Refined Castor Oil and Castor De Oiled Cake is Castor Seeds which we procure from domestic
market.
End Users: We supply Refined Castor Oil and De-oil Cake to Brokers, Distributors Merchant Exporters and in certain cases to manufacturers.

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MANUFACTURING PROCESS OF REFINED CASTOR OIL AND CASTER DE OIL CAKE:
The manufacturing process of refined castor oil is divided into two different activities namely Extraction of oil
and Refining of oil.

1. Extraction of Oil:
The oil is extracted from the Castor Seeds through two different process as follows:
a. Pressing:
The castor seeds are fed into a series of expellers consisting of heavy screws working in strong cages.
In this process, the seeds are warmed in a steam-jacketed press to remove moisture, and this hardening
process will aid in extraction. The cooked seeds are then dried before the extraction process begins. A
continuous screw is used to crush the castor oil seeds to facilitate removal of the oil. The machine used
in this process is called expeller.
b. Solvent Extraction:
The process in brief constitutes treating the pressed castor seeds cake with solvent hexane resulting in
a solution of solvent and oil. The said solution is further subjected to distillation and stripping to separate
the oil and the solvent. The extracted meal containing solvent is made free from its solvent contents by
a process called desolventisation and the solvent in vapor form from distillation, oil stripping and meal
desolventisation is condensed in condensers, collected and reused for further process.

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2. Refining of Oil:
Following extraction of the oil through the use of a press, there still remain impurities in the extracted oil.
To aid in the removal of the remaining impurities, filtration systems are usually deployed. The filtration
systems are able to remove large and small size particulates, any dissolved gases, acids, and even water
from the oil. The filtration system equipment normally used for this task is the filter press. Such purified oil
is called Castor Crude Oil. The Castor Crude Oil is then refined by “Decantation”, “Bleaching” and
“Filtering”

PROCESS FLOWCHART FOR PRODUCTION OF REFINING OF CASTOR OIL:

The first step in the castor oil refining process, called decantation, which is used to reduce the phosphatides and
the metal content of the crude oil. Depending upon the quality of Commercial Oil and Final Product required,
dosage of Tonsil, Carbon and Hyflow is provided to the raw oil. The resulting product after such dosages is
called Commercial Oil.
Castor Oil is used for many applications where the final product’s appearance is extremely important. Hence an
adsorption process called “bleaching” can be used to remove unrequired colour pigments and remaining
phospholipids, using activated earths under moderate vacuum conditions.
Upon completion of Bleaching process the bleached solution is sent for filtration where the purified Castor oil
is separated from the residues of the bleaching process called “Spent Earth”. The Spent Earth is a waste produce
and the same is discarded from the manufacturing unit.
The purified castor oil after filtration is called “Refined Castor Oil”. The said oil is stored in the tank and
depending upon the orders received, the same is dispatched to the client through trucks.

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PROCESS OF PRODUCTION OF CASTOR FILTER OIL AND DE-OILED CAKE:
The Castor seeds are first fed into a series of expellers consisting of heavy screws working in strong cages. They
are first cooked in steam-jacketed press and then the cooked castor seeds are squeezed with high pressure. In
this pressure, the oil is squeezed out through the slits in the cage. Such squeezed oil is called crude oil. The
seeds which are pressed into cakes are called oil cakes. Such Oil Cakes contain about 7% to 8 % oil. Oil Cakes
are discharged through the cage from the Expeller.
The oil cake is further sent to solvent extraction plant. The oil cake is fed into extractor where it is treated with
low boiling petroleum solvent called normal hexane. The hexane dissolves the oil from the cake forming a
solution and the oil content of cake is reduced. The solution of oil in hexane is distilled in specially designed
distillation equipment under vacuum to evaporate the solvent from the oil. The oil thus separated is stored in
the tank and then sent for refining.
The crude oil extracted out of the press is then sent for filtering where the impurities like castor seeds residues
are removed from the crude oil. Such extracted castor oil residues are called honey. This honey contains oil upto
45%. Such retrieved honey is mixed with new bulk of the seeds to be loaded in the expeller for further process.
Castor seeds cakes are the solid matter that remains once oil has been extracted and pressed from Castor seeds
by using “Oil Expellers Machines”, these “De-oil cake or cotton seed cakes”, are widely used in the industry
for feeding cattle or as fertilizers. The left out residual oil cake in the expeller is further completely recovered
through solvent extraction process. The De-oiled Cake is further packed and sold in the market.
OUR COMPETITIVE STRENGTHS:
Experienced Management Team:
Our management team is experienced in the industry in which we are operating and has been responsible for
the growth of our operations and financial performance. Our Promoter Vipin Prakash Mangal leads the company
with his vision. They have an adequate experience in the line of the business undertaken by the Company and
look after the strategic as well as day to day business operations. The strength and entrepreneurial vision of our
Promoters and management have been instrumental in driving our growth and implementing our strategies.
We believe that a motivated and experienced employee base is essential for maintaining a competitive
advantage. Our technical operations at manufacturing facility are being managed by experienced personnel and
supervisors who are well versed with our Industry and business undertaken by our Company. We are dedicated
to the development of the expertise of employees and continue to invest in them to ensure that they have the
necessary training required to be successful in today’s challenging environment. Our motivated team of
management and key managerial personnel complement each other to enable us to deliver high levels of client
satisfaction.
Quality Control and Quality Assurance:
We believe that quality is an ongoing process of building and sustaining relationships. We have the practice of
testing the products for quality before they are dispatched to the customers and have the quality control
department which looks after the quality, strength and the durability of the products. All the products are being
manufactured strictly as per quality norms using the expertise of our experienced team. Our commitment of
providing quality products is boasted by our industry knowledge. Our manufacturing facility has fully equipped
quality control department with experienced and qualified staff to facilitate smooth manufacturing process. We
have in-house testing laboratory and necessary infrastructure to test our raw materials and finished products to
match the quality standards and as specified by the relevant customers.
Diversified business model and customer base:
In this dynamic and extremely competitive environment, we have developed a diversified business model with
our offerings ranging from cotton to castor oil. We have been successfully catering to these two different sectors
in our operations. Our revenue mix also signifies that we have been able to maintain a market in our products.
Such diversified business model reduces our dependency on a particular industry and ensures flow of revenues
throughout the year. Further a diversified business model gives us a competitive edge over the peers. Also we
serve a diverse mix of end markets across industry. We believe that our differentiated product offerings has
enables us to build a sustainable business model which is reflected in our growth in revenue.

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Scalable Business Model:
We believe that our business model is scalable. Our Business model is customer centric and order driven, and
requires optimum utilisation of our existing resources, assuring quality supply and achieving consequent
economies of scale. The business scale generation is basically due to development of new markets both domestic
and international by exploring customer needs and by maintaining the consistent quality output.
OUR BUSINESS STRATEGIES:
We envisage long term growth by supplying qualitative products and building long term relations with
customers. In line with this vision, our Company is implementing a business strategy with the following key
components. Our strategy will be to focus on capitalizing on our core strengths and expanding the operations of
our business. We intend to focus on our existing range of products with specific emphasis on the following
factors as business and growth strategy:
Increase our Global Presence through Exports:
Our Company has marked its presence in both domestic as well as global markets. In order to cater increasing
demands for Castor oil and to capitalize on the opportunities in the international market, Our Company has
decided to foray into export operations. We have recently started exporting our Castor products to countries
such as Thailand, Oman. As per the restated standalone financial information of the Company, our revenues
from exports are Rs. 459.14 Lakhs for the period ended on June 30, 2019 and Rs. 310.19 Lakhs in the FY 2018-
19. Our growth strategy for exports will vary from country to country. We may either form important
relationships with companies with strong local presence or alternatively appoint local distributors through which
we can undertake our business.
Leveraging our market skills and relationship:
The business of our Company is customer oriented and always strives to maintain good relationship with the
customers. Leveraging our market skills and relationships is a continuous process in our organization and the
skills that we impart in our people give importance to customers. We aim to do this by leveraging our marketing
skills and relationships and further enhancing customer satisfaction. Our Company provides quality products
and effective follow-ups with customers who ensure that the customers are satisfied with the product and do not
have any complain.
Improving functional efficiency through technology enhancements:
We understand curtailing cost without compromise on quality is an important factor to be considered. We intend
to improve efficiencies to achieve cost reductions and which will give us a competitive edge over our peers. We
believe that this can be achieved through detailed analysis of our processes and continuous process improvement
along with keeping pace with technology development. We continue to develop our technology systems to
increase asset productivity, operating efficiencies and strengthen our competitive position. We believe that our
in-house technology capabilities will continue to play a key role in effectively managing and expanding our
operations, maintain strict operational and fiscal controls and continue to enhance customer service levels. We
intend to continue to invest in our in-house technology capabilities to develop customized systems and processes
to ensure effective management control.
Brand image:
We would continue to associate ourselves with good quality customers and execute projects to their utmost
satisfaction. We are highly conscious about our brand image and intend to continue our brand building exercise
by providing excellent services to the satisfaction of the customers.
SWOT ANALYSIS:

Strengths Threats
 Experienced Management  Increasing Competition
 Diversified Business  Foreign Currency Fluctuations
 Locational Advantage  Changes in Government Policies

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 Weaknesses Opportunities
 Working Capital Intensive Business  Enhancing operational efficiency
 Timely Availability of Raw Materials  Exploring Export Market
 Labour Intensive business  Achieving Scale of Business Operations

CAPACITY AND CAPACITY UTILISATION:

Our Company deals into manufacturing of Refined Castor Oil F.S.G., Castor De-Oiled Cake and High Protein
Castor De-Oiled Cake for Industrial use. It is also engaged in the manufacturing of Cotton Bales and Cotton
Seeds.
We started commercial manufacturing of our abovementioned products in the FY 2018-19. The production and
utilisation capacities of our Company for these products are set forth in the following table:
Details of capacity utilization- Product-wise utilization:

Product Category Capacity Utilization

For period ended June 30, 2019 2018-19
Refined Castor Oil F.S.G.
Installed Capacity (MT Per Year) 1,64,250 1,27,750
Actual Production (MT Per Year) 11,354 15,837
Castor De-Oiled Cake
Installed Capacity (MT Per Year) 80,300 73,000
Actual Production (MT Per Year) 16,296 20,288
High Protein Castor De-Oiled Cake
Installed Capacity (MT Per Year) 7,300 -
Actual Production (MT Per Year) 323 -
Cotton Bales
Installed Capacity (MT Per Year) 18,700 18,700
Actual Production (MT Per Year) - 550
Cotton Seeds
Installed Capacity (MT Per Year) 36,050 36,050
Actual Production (MT Per Year) - 894

Notes:
1) Our business is seasonal in nature as the manufacturing activities are dependent on availability of Castor
Seeds and Raw Cotton.
2) We started commercial manufacturing of our abovementioned products in the FY 2018-19. Thus the
capacity and capacity utilization details are mentioned for FY 2018-19 and for the period ended June 30,
2019.
3) The Commercial Production is yet to start at Unit III
4) We started manufacturing of High Protein Castor De-Oiled Cake in the FY 2019-20.

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LIST OF MAJOR PLANT AND MACHINERY:
As on date of this Draft Prospectus, we have following major Plant and Machineries at our Manufacturing
facilities Unit wise:

Cotton Unit – Unit I

Sr. No. Plant & Machinery Quantity

1. 150 TPD Delinting Line
Ginning Machines 42
Bailing Press 1
Lint Cleaner 1
Seed Cleaner 2
Mote Machines 2
Elevators 4
2. Weighbridge 50 MT Capacity 1

Castor Oil Unit – Unit II

Sr. No. Plant & Machinery Quantity

1. Oil Expellers 10
2. Reddler Conveyers 7
3. Refinery
Filters 4
Bleacher 1
Decanter 2
4. Solvent Extraction (400 TPD)
Extractor 1
Drier Toaster 1
Distillation System 1
Condensing System 2
Miscellaneous Tanks 4
Hexane Tank 1
Cooling Tower 1
Oil Heater 1
Flasher 1
5. Separator Machines
Separator 1
Vessels 2
Water Tanks 3

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 Sr. No. Plant & Machinery Quantity
Soap Tank 1
6. Neutralizers 3
7. Soap Tank 1
8. Oil Tank for Miscellaneous use 1
9. Boiler 1
Chimney 1
Tank 1
10. RO Plant with 8000 Litres Per Hour Capacity 1
11. DOC High Protein Plant Separators 3
12. Transformer 2
13. Loader Tractor Machine 2
14. Oil Storage Tanks 4

Castor Oil Unit – Unit III*

Sr. No. Plant & Machinery Quantity

1. Silo 5000 MT capacity automated 1
2. Oil Expellers 5
3. Conveyers 4
4. Refinery
Filters 2
Bleacher (blaze type) 4
Decanter 1
Tanks 500 MT 2
5. Solvent Extraction (400 TPD)
Extractor 1
Drier Toaster 1
Distillation System 1
Condensing System 1
Miscellaneous Tank 1
Hexane Tank 1
Cooling Tower 1
Oil Heater 3
Flasher 1
6. Separator 1
Vessel 1

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 Sr. No. Plant & Machinery Quantity
Water Tank 1
Soap Tank 3
7. Neutralizer 4
Soap Tank 1
Oil Tank For Miscellaneous 1
8. Boiler 2
Chimney 1
Tank 1
9. RO Plant with 9000 Ltr Per Hour Capacity 1
10. Transformer 1
11. Loader Tractor Machine 1
12. Oil Storage Tank 5
*Note: The Commercial Production is yet to start at Unit III
COLLABORATIONS/ TIE UPS/ JOINT VENTURES:
As on date of this Draft Prospectus, our Company has not entered into any technical or other Collaboration /
Tie Ups / Joint Ventures.
EXPORT AND EXPORT OBLIGATIONS:
As on date of this Draft Prospectus, our Company does not have any export obligations Export Promotion
Capital Goods Scheme (EPCG) or any other scheme of Government of India.
HUMAN RESOURCES:
We believe that our employees are the Key contributors to our business success. We focus on training and
retaining the employees. We look for best possible talent with specific qualifications, interests, experience and
background. We train our employees on a regular basis to increase the level of operational excellence, improve
productivity and maintain compliance standards on quality and safety.
As on June 30, 2019 we have 122 employees at Manufacturing Facility and Registered Office. These employees
look after our manufacturing operations including production, quality controls, technical services, stores and
administration and also marketing, accounting, secretarial and other functions. Apart from these we also use
contract labour services and employ temporary labours on need basis.
Department wise bifurcation of our employees are as under:-

Department No. of Employees

Senior Management 20
Finance & Accounts Department 15
Human Resource Department 1
Sales & Marketing 4
Purchase Department 2
Legal & Compliance 2
Support Staff / Labour 78
Total Employees 122

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COMPETITION:
Our Company operates in the sector which faces competition from domestic as well as international players.
Competition emerges from both organized and unorganized sector. With the global demand for our products,
there is a growth in the competition level amongst the companies to market in a much faster and more cost
effective manner. The primary competitive factors consist of quality, price, size of product portfolio and
customer service. Moreover, as we seek to diversify into new geographical areas globally, we may face
competition local companies, multinational corporations and companies from other emerging markets operating
in such markets. We intend to continue competing vigorously to capture more market share and manage our
growth in an optimal way.
SALES AND MARKETING:
The efficiency of the sales and marketing network is critical to success of our Company. Our success lies in the
strength of our relationship with the clients who have been associated with our Company. Our team through
their experience and good rapport with these clients owing to timely and quality delivery of products plays an
instrumental role in creating and expanding a work platform for our Company. To get repeat orders from our
customers, our team having adequate experience and competencies, regularly interact with them and focus on
gaining an insight into the additional needs of customers.
TOP 5 CUSTOMERS:
Our top 5 customers for the FY 2018-19:-
(Amount in Rs. Lakhs)

Sr. No. Customer Name Amount % of Total Revenue

1 Adani Wilmar Limited 8,807.21 26.78%
2 Kandla Agro And Chemicals Private Limited 4,706.43 14.31%
3 D.R. Commodities Private Limited 4,459.53 13.56%
4 Ihsedu Agro Chem Private Limited 3,202.69 9.74%
5 Rama Cylinders Private Limited 2,466.60 7.50%

TOP 5 SUPPLIERS:
Our top 5 Suppliers for the FY 2018-19:-
(Amount in Rs. Lakhs)

Sr. No. Suppliers Name Amount % of Total Purchase

1 Brijesh Trading Co. 20,683.90 62.71%
2 Shree Mahakali Traders 5,335.12 16.17%
3 Hindprakash Castor Derivatives Pvt. Ltd. 4,557.39 13.82%
4 Khushiya Industries Pvt Ltd 419.64 1.27%
5 Dev Traders 362.15 1.10%

UTILITIES & INFRASTRUCTURE FACILITIES:

Infrastructure Facilities:
Our registered office and manufacturing facilities are well equipped with computer systems, internet
connectivity, other communications equipment, security, drainage, lighting, sanitation, emergency services and
other facilities, which are required for our business operations to function smoothly.
Power:

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Our Company meets its power requirements for manufacturing facilities by purchasing electricity from Uttar
Gujarat Vij Company Limited (UGVCL). It has sanctioned 831 KVA power load to the company.
Water:
We require ample water (Approximately 1,00,000 Ltr per day) for various manufacturing activities. We source
our water requirements from Bore-well.
Fuel:
We require fuels such as diesel and Furnace oil for our manufacturing processes. We source the same through
local vendors.
Fire Hydrant:
Manufacturing facility has Fire Hydrant Systems including all types of Fire Extinguishers, CO2 blanketing
system in its entire premises to control the fire hazard.
Environment, Health and Safety:
Environmental requirements are incorporated into the plant design right from the preliminary stage of a process.
The Effluent Water Treatment Plants are set up as per the guidance of State Pollution Control Board.
INSURANCE:
Our Company has insurance coverage which we consider reasonably sufficient to cover all risks associated with
our operations and to cover our assets, risks and liabilities which we believe is in accordance with the industry
standards. We have Burglary Policy, Standard Fire and Special Perils Policy etc. for our assets, stocks etc. at
our registered office and manufacturing facilities. Our policies are subject to customary exclusions and
customary deductibles. We constantly evaluate the risks in an effort to be sufficiently covered for all known
risks. We will continue to review our policies to ensure adequate insurance coverage is maintained.
INTELLECTUAL PROPERTY RIGHTS:
As on date of filing of Draft Prospectus, our Company does not own any intellectual property rights.

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LAND AND PROPERTY:
We have our properties located at following:
Leased Properties:
The details of our leased properties are as follows:

Sr. Address of the Property Lessor Area of the Consideration Lease Period Current
No. Property Usage

1. 101, Mangalam Corporate House, Chanakya Prakash 3,000 Sq. Ft. Rs. 1,35,000/- Per Five years Registered
19/B Kalyan Society Near M.G. Mangal Month and Interest commencing from Office
International School, Mithakhali free Security deposit April 01, 2019 to
Ahmedabad -380006, Gujarat, of Rs. 2,70,000/- March 31, 2024
India

2. Survey No. 124 and 122, Harij - Farpoint Enterprise LLP 8,072 Sq. Ft. Rs. 2,00,000/- Per Nine years Cotton
Kukrana Road, Village – Jaska, month and interest commencing from Unit –
Taluka - Harij, District –Patan – free Security Deposit September 01, 2019 Unit I
384240, Gujarat, India of Rs. 2,00,000/- to August 31, 2028

3. Survey No. 355/P1 and 355P1/1, Hindprakash Castor 6,727 Sq. Ft. Rs. 20,00,000/- Per Eight years and Castor Oil
Harij-Kukrana Road, Village – Derivatives Private Month and Interest Seven Months Unit –
Jaska, Taluka - Harij, District – Limited free Security Deposit commencing from Unit II
Patan, 384240, Gujarat, India of Rs. 20,00,000/- April 01, 2019 to
November 01, 2027

4. Survey No. 175/P3/P2, Village – Adarsh Agro Oil 12,138 Sq. Ft. Rs. 10,51,000/- Per Nine years Castor Oil
Jagana, Taluka - Palanpur, District Industries Month and Security commencing from Unit –
–Banaskantha, - 385520, Gujarat, Deposit of Rs. August 05, 2019 to Unit III*
(Proprietor Adambhai N
India 50,00,000/- August 04, 2028
Choudhary)

*Note: The Commercial Production is yet to start at Unit III.

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 KEY INDUSTRY REGULATIONS AND POLICIES

Except as otherwise specified in this Draft Prospectus, the Companies Act, 1956 / the Companies Act, 2013, We
are subject to a number of central and state legislations which regulate substantive and procedural aspects of
our business. Additionally, our operations require sanctions from the concerned authorities, under the relevant
Central and State legislations and local bye–laws. The following is an overview of some of the important laws,
policies and regulations which are pertinent to our business as a player in business of manufacturing of Refined
Castor Oil First Stage Grade (F.S.G.), Castor De Oiled Cake and High Protein Castor De Oiled Cake for the
domestic market as well as for exports to international markets. We have also diversified our business
operations into manufacturing of Cotton Bales (Lint Cotton) and Delineate Cotton Seeds. Taxation statutes such
as the I.T. Act, and applicable Labour laws, environmental laws, contractual laws, intellectual property laws
as the case may be, apply to us as they do to any other Indian company. The statements below are based on the
current provisions of Indian law, and the judicial and administrative interpretations thereof, which are subject
to change or modification by subsequent legislative, regulatory, administrative or judicial decisions. The
regulations set out below may not be exhaustive, and are only intended to provide general information to
Applicants and is neither designed nor intended to be a substitute for professional legal advice.

APPROVALS

For the purpose of the business undertaken by our Company, our Company is required to comply with various
laws, statutes, rules, regulations, executive orders, etc. that may be applicable from time to time. The details of
such approvals have more particularly been described for your reference in the chapter titled “Government and
Other Statutory Approvals” beginning on page number 220 of this Draft Prospectus.

APPLICABLE LAWS AND REGULATIONS

BUSINESS/TRADE RELATED LAWS/REGULATIONS

The Micro, Small and Medium Enterprises Development Act, 2006

In order to promote and enhance the competitiveness of Micro, Small and Medium Enterprise (MSME) the act
is enacted. A National Board shall be appointed and established by the Central Government for MSME
enterprise with its head office at Delhi in the case of the enterprises engaged in the manufacture or production
of goods pertaining to any industry mentioned in first schedule to Industries (Development and regulation) Act,
1951 as “micro enterprise”, where the investment in plant and machinery does not exceed twenty-five lakh
rupees; “Small enterprise”, where the investment in plant and machinery is more than twenty-five lakh rupees
but does not exceed five crore rupees; or a medium enterprise , where the investment in plant and machinery is
more than five crore but does not exceed ten crore rupees and in the case of the enterprise engaged in the
services, “Micro – enterprise” , where the investment in equipment does not exceed ten lakh rupees, “Small
Enterprise” where the investment in equipment is more than ten lakh rupees but does not exceed two crore
rupees, or “ Medium Enterprise” where the investment in equipment is more than two crore rupees but does
not exceed five crore rupees.

Industrial Policy of Relevant State

The New Industrial Policy, 2015

The policy aims to make Gujarat as an attractive “Total Business Destination” expedites the overall country’s
economic growth, thereby increasing the standard of living and prosperity among the people of Gujarat by
giving them the opportunity for skilled employment and availability of nurtured enterprise. This policy of
Gujarat is a framework than a detailed blueprint, aimed at defining the broad contours of the government’s
mission towards augmenting the industrial development of the state. The projects are classified into four
categories wherein less than Rs. 10 crores is termed as MSME. Further there was promotion of Cluster
Development in State. Clusters are geographic concentrations of competing and collaborating firms that tend to
speed up economic development in an area by improving competitiveness, developing synergies and introducing
innovation especially in the MSME sector. Being an industrialized state, Gujarat needs to have a strategy which

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can support industrialization through higher value addition. There is a provision for financial assistance
proposed in the New Industrial Policy which is as follows:
a) Assistance will be subject to preparation of a Comprehensive Development Plan for 5 years by the
project cluster group
b) Pecuniary assistance to nodal institutions/hiring of experts
c) Clusters will be eligible for financial assistance as available under the Scheme of Critical Infrastructure.
The policy aims at enhancing competitiveness in MSME sector. The state has witnessed strong growth in the
sector and envisages strengthening the sector and making it more technology driven. To motivate the
entrepreneurs the Gujarat government will constitute separate awards for MSMEs. The use of Enterprise
Resource Planning System (ERPS) will be encouraged in the sector. Financial assistance and training for ERPS
shall be provided by the government.
There are many incentive schemes provided for MSME sector like market development assistance, shed and
plot development, assistance to Industrial park, Logistics Park.

Anti-Trust Laws

Competition Act, 2002

An act to prevent practices having adverse effect on competition, to promote and sustain competition in markets,
to protect interest of consumer and to ensure freedom of trade in India. The act deals with prohibition of
agreements and Anti-competitive agreements. No enterprise or group shall abuse its dominant position in
various circumstances as mentioned under the Act.
The prima facie duty of the commission is to eliminate practices having adverse effect on competition,
promote and sustain competition, protect interest of consumer and ensure freedom of trade. The commission
shall issue notice to show cause to the parties to combination calling upon them to respond within 30 days in
case it is of the opinion that there has been an appreciable adverse effect on competition in India. In case a
person fails to comply with the directions of the Commission and Director General he shall be punishable with
a fine which may exceed to Rs. 1 lakh for each day during such failure subject to maximum of Rupees One
Crore.

GENERAL CORPORATE COMPLIANCE

The Companies Act 1956 and The Companies Act, 2013

The consolidation and amendment in law relating to Companies Act, 1956 made way to enactment of
Companies Act, 2013. The Companies act 1956 is still applicable to the extent not repealed and the Companies
Act, 2013 is applicable to the extent notified. The act deals with incorporation of companies and the procedure
for incorporation and post incorporation. The conversion of private company into public company and vice
versa is also laid down under the Companies Act, 2013. The procedure relating to winding up, voluntary winding
up, appointment of liquidator also forms part of the act. The provision of this act shall apply to all the companies
incorporated either under this act or under any other previous law. It shall also apply to banking companies,
companies engaged in generation or supply of electricity and any other company governed by any special act
for the time being in force. A company can be formed by seven or more persons in case of public company and
by two or more persons in case of private company. A company can even be formed by one person i.e., a One
Person Company. The provisions relating to forming and allied procedures of One Person Company are
mentioned in the act.
Further, Schedule V (read with sections 196 and 197), Part I lay down conditions to be fulfilled for the
appointment of a managing or whole time director or manager. It provides the list of acts under which if a person
is prosecuted he cannot be appointed as the director or Managing Director or Manager of the firm. The
provisions relating to remuneration of the directors payable by the companies is under Part II of the said
schedule.

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EMPLOYMENT AND LABOUR LAWS

Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“the EPF Act”) and the Employees
Provident Fund Scheme, 1952

The EPF Act is applicable to an establishment employing more than 20 employees and as notified by the
government from time to time. All the establishments under the EPF Act are required to be registered with the
appropriate Provident Fund Commissioner. Also, in accordance with the provisions of the EPF Act, the
employers are required to contribute to the employees’ provident fund the prescribed percentage of the basic
wages, dearness allowances and remaining allowance (if any) payable to the employees. The employee shall
also be required to make the equal contribution to the fund. The Central Government under section 5 of the EPF
Act (as mentioned above) frames Employees Provident Scheme, 1952.

Employees Deposit Linked Insurance Scheme, 1976

The scheme shall be administered by the Central Board constituted under section 5A of the EPF Act. The
provisions relating to recovery of damages for default in payment of contribution with the percentage of
damages are laid down under 8A of the act. The employer falling under the scheme shall send to the
Commissioner within fifteen days of the close of each month a return in the prescribed form. The register and
other records shall be produced by every employer to Commissioner or other officer so authorized shall be
produced for inspection from time to time. The amount received as the employer’s contribution and also
Central Government’s contribution to the insurance fund shall be credited to an account called as “Deposit-
Linked Insurance Fund Account.”

The Employees’ Pension Scheme, 1995

Family pension in relation to this act means the regular monthly amount payable to a person belonging to the
family of the member of the Family Pension Fund in the event of his death during the period of reckonable
service. The scheme shall apply to all the employees who become a member of the EPF or PF of the factories
provided that the age of the employee should not be more than 59 years in order to be eligible for membership
under this act. Every employee who is member of EPF or PF has an option of the joining scheme. The employer
shall prepare a Family Pension Fund contribution card in respect of the entire employee who is member of the
fund.

Employees’ State Insurance Act, 1948 (the “ESI Act”)

It is an act to provide for certain benefits to employees in case of sickness, maternity and ‘employment injury’
and to make provision for certain other matters in relation thereto. It shall apply to all factories (including
factories belonging to the Government other than seasonal factories. Provided that nothing contained in this
sub-section shall apply to a factory or establishment belonging to or under the control of the Government whose
employees are otherwise in receipt of benefits substantially similar or superior to the benefits provided under
this Act. This Act requires all the employees of the establishments to which this Act applies to be insured in the
manner provided there under. Employer and employees both are required to make contribution to the fund. The
return of the contribution made is required to be filed with the Employee State Insurance department.

Payment of Bonus Act, 1965

The Payment of Bonus Act, 1965 imposes statutory liability upon the employers of every establishment in which
20 or more persons are employed on any day during an accounting year covered to pay bonus to their employees.
It further provides for payment of minimum and maximum bonus and linking the payment of bonus with the
production and productivity.

Payment of Gratuity Act, 1972

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The Act shall apply to every factory, mine plantation, port and railway company; to every shop or establishment
within the meaning of any law for the time being in force in relation to shops and establishments in a State, in
which ten or more persons are employed, or were employed, on any day of the preceding twelve months; such
other establishments or class of establishments, in which ten or more employees are employed, on any day of
the preceding twelve months, as the Central Government, may by notification, specify in this behalf.. A shop
or establishment to which this act has become applicable shall be continued to be governed by this act
irrespective of the number of persons falling below ten at any day. The gratuity shall be payable to an employee
on termination of his employment after he has rendered continuous service of not less than five years on
superannuation or his retirement or resignation or death or disablement due to accident or disease. The five year
period shall be relaxed in case of termination of service due to death or disablement.

Minimum Wages Act, 1948

The Minimum Wages Act, 1948 (“MWA”) came into force with an objective to provide for the fixation of a
minimum wage payable by the employer to the employee. Under the MWA, every employer is mandated to pay
the minimum wages to all employees engaged to do any work skilled, unskilled, manual or clerical (including
out-workers) in any employment listed in the schedule to the MWA, in respect of which minimum rates of
wages have been fixed or revised under the MWA. Construction of Buildings, Roads, and Runways are
scheduled employments. It prescribes penalties for non-compliance by employers for payment of the wages thus
fixed.

Maternity Benefit Act, 1961

The Maternity Benefit Act, 1961 provides for leave and right to payment of maternity benefits to women
employees in case of confinement or miscarriage etc. The act is applicable to every establishment which is a
factory, mine or plantation including any such establishment belonging to government and to every
establishment of equestrian, acrobatic and other performances, to every shop or establishment within the
meaning of any law for the time being in force in relation to shops and establishments in a state, in which ten
or more persons are employed, or were employed, on any day of the preceding twelve months; provided that
the state government may, with the approval of the Central Government, after giving at least two months’ notice
shall apply any of the provisions of this act to establishments or class of establishments, industrial, commercial,
agricultural or otherwise.

Equal Remuneration Act, 1979

The Equal Remuneration Act 1979 provides for payment of equal remuneration to men and women workers
and for prevention discrimination, on the ground of sex, against Female employees in the matters of employment
and for matters connected therewith. The act was enacted with the aim of state to provide Equal Pay and Equal
Work as envisaged under Article 39 of the Constitution.

Child Labour Prohibition and Regulation Act, 1986

The Child Labour Prohibition and Regulation Act 1986 prohibits employment of children below 14 years of
age in certain occupations and processes and provides for regulation of employment of children in all other
occupations and processes. Employment of Child Labour in our industry is prohibited as per Part B (Processes)
of the Schedule.

Trade Union Act, 1926 and Trade Union (Amendment) Act, 2001

Provisions of the Trade Union Act, 1926 provides that any dispute between employers and workmen or between
workmen and workmen, or between employers and employers which is connected with the employment, or non-
employment, or the terms of employment or the conditions of labour, of any person shall be treated as trade
dispute. For every trade dispute a trade union has to be formed. For the purpose of Trade Union Act, 1926,
Trade Union means combination, whether temporary or permanent, formed primarily for the purpose of

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regulating the relations between workmen and employers or between workmen and workmen, or between
employers and employers, or for imposing restrictive condition on the conduct of any trade or business etc.

The Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013

In order to curb the rise in sexual harassment of women at workplace, this act was enacted for prevention and
redressal of complaints and for matters connected therewith or incidental thereto. The terms sexual harassment
and workplace are both defined in the act. Every employer should also constitute an “Internal Complaints
Committee” and every officer and member of the company shall hold office for a period of not exceeding three
years from the date of nomination. Any aggrieved woman can make a complaint in writing to the Internal
Committee in relation to sexual harassment of female at workplace. Every employer has a duty to provide a safe
working environment at workplace which shall include safety from the persons coming into contact at the
workplace, organising awareness programs and workshops, display of rules relating to the sexual harassment at
any conspicuous part of the workplace, provide necessary facilities to the internal or local committee for dealing
with the complaint, such other procedural requirements to assess the complaints.

TAX RELATED LEGISLATIONS

Value Added Tax (“VAT”)

VAT is a system of multi-point Levy on each of the purchases in the supply chain with the facility of set-off
input taxon sales whereby tax is paid at the stage of purchase of goods by a trader and on purchase of raw
materials by a manufacturer. VAT is based on the value addition of goods, and the related VAT Liability of the
dealer is calculated by deducting input tax credit for tax collected on the sales during a particular period. VAT
is a consumption tax applicable to all commercial activities involving the production and distribution of goods
and the provisions of services, and each state that has introduced VAT has its own VAT Act, under which,
persons Liable to pay VAT must register and obtain a registration number from Sales Tax Officer of the
respective State.
Note: The VAT Act now has been replaced by the Goods and Service Tax (GST) Act, 2017.

Service Tax

Chapter V of the Finance Act, 1994 as amended, provides for the levy of a service tax in respect of ‘taxable
services’, as specified in entry 39 defined therein. The service provider of taxable services is required to collect
service tax from the recipient of such services and pay such tax to the Government. Every person who is liable
to pay this service tax must register himself with the appropriate authorities. According to Rule 6 of the Service
Tax Rules, every assessee is required to pay service tax in TR 6 challan by the 5th / 6th of the month immediately
following the month to which it relates. Further, under Rule 7 (1) of Service Tax Rules, the Company is required
to file a half yearly return in Form ST 3 by the 25th of the month immediately following the half year to which
the return relates.
Note: The Service Tax now has been replaced by the Goods and Service Tax (GST) Act, 2017.

Central Sales Tax Act, 1956 (“CST”)

The main object of this act is to formulate principles for determining (a) when a sale or purchase takes place in
the course of trade or commerce (b) When a sale or purchase takes place outside a State (c) When a sale or
purchase takes place in the course of imports into or export from India, to provide for Levy, collection and
distribution of taxes on sales of goods in the course of trade or commerce, to declare certain goods to be of
special importance trade or commerce and specify the restrictions and conditions to which State Laws imposing
taxes on sale or purchase of such goods of special importance (called as declared goods) shall be subject. CST
Act imposes the tax on interstate sales and states the principles and restrictions as per the powers conferred by
Constitution.
Note: The CST Act now has been replaced by the Goods and Service Tax (GST) Act, 2017.

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Customs Act, 1962

The provisions of the Customs Act, 1962 and rules made there under are applicable at the time of import of
goods i.e. bringing into India from a place outside India or at the time of export of goods i.e. taken out of India
to a place outside India. Any Company requiring to import or export any goods is first required to get it
registered and obtain an IEC (Importer Exporter Code). Imported goods in India attract basic customs duty,
additional customs duty and education cess. The rates of basic customs duty are specified under the Customs
Tariff Act 1975. Customs duty is calculated on the transaction value of the goods. Customs duties are
administrated by Central Board of Excise and Customs under the Ministry of Finance.

The Central Excise Act, 1944

The Central Excise Act, 1944 (“Central Excise Act”) consolidates and amends the law relating to Central Duties
of Excise on goods manufactured or produced in India. Excisable goods under the Act means goods specified
in the Schedule to the Central Excise Tariff Act, 1985 as being subject to duty of excise. Factory means any
premises, including the precincts thereof, wherein or in any part of which excisable goods are manufactured, or
wherein or in any part of which any manufacturing process connected with the production of these goods being
carried on or is ordinarily carried out. Under the Act a duty of excise is levied on all excisable goods, which are
produced or manufactured in India as and at the rates, set forth in the First Schedule to the Central Excise Tariff
Act, 1985.
Note: The Central Excise Act now has been replaced by the Goods and Service Tax (GST) Act, 2017.

Goods and Service Tax (GST)

Goods and Services Tax (GST) is levied on supply of goods or services or both jointly by the Central and State
Governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017 and is
governed by the GST Council. GST provides for imposition of tax on the supply of goods or services and will
be levied by centre on intra-state supply of goods or services and by the States including Union territories with
legislature/ Union Territories without legislature respectively. A destination based consumption tax GST would
be a dual GST with the centre and states simultaneously levying tax with a common base. The GST law is
enforced by various acts viz. Central Goods and Services Act, 2017 (CGST), State Goods and Services Tax Act,
2017 (SGST), Union Territory Goods and Services Tax Act, 2017 (UTGST), Integrated Goods and Services
Tax Act, 2017 (IGST) and Goods and Services Tax (Compensation to States) Act, 2017 and various rules made
thereunder. It replaces following indirect taxes and duties at the central and state levels:
Central Excise Duty, Duties of Excise (Medicinal and Toilet Preparations), additional duties on excise – goods
of special importance, textiles and textile products, commonly known as CVD – special additional duty of
customs, service tax, central and state surcharges and cesses relating to supply of goods and services, state VAT,
Central Sales Tax, Luxury Tax, Entry Tax (all forms), Entertainment and Amusement Tax (except when levied
by local bodies), taxes on advertisements, purchase tax, taxes on lotteries, betting and gambling.
It is applicable on all goods except for alcohol for human consumption and five petroleum products.
Taxpayers with an aggregate turnover of Rs. 20 lakhs would be exempt from tax. The exemption threshold for
special category of states like North-East shall be Rs. 10 lakhs. Small taxpayers with an aggregate turnover in
preceding financial year upto Rs. 75 lakhs (50 lakhs in case of special category states) may opt for composition
levy. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% and 18%. There is a special
rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other
rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.
Export and supplies to SEZ shall be treated as zero-rated supplies. Import of goods and services would be treated
as inter-state supplies. Every person liable to take registration under these Acts shall do so within a period of 30
days from the date on which he becomes liable to registration. The Central/State authority shall issue the
registration certificate upon receipt of application. The Certificate shall contain fifteen digit registration number
known as Goods and Service Tax Identification Number (GSTIN). In case a person has multiple business
verticals in multiple location in a state, a separate application will be made for registration of each and every

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location. The registered assessee are then required to pay GST as per the rules applicable thereon and file the
appropriate returns as applicable thereon.

ENVIRONMENTAL LEGISLATIONS

The Environment Protection Act, 1986 (“Environment Protection Act”)

The purpose of the Environment Protection Act is to act as an "umbrella" legislation designed to provide a
framework for Central government co-ordination of the activities of various central and state authorities
established under previous laws. The Environment Protection Act authorizes the central government to protect
and improve environmental quality, control and reduce pollution from all sources, and prohibit or restrict the
setting and /or operation of any industrial facility on environmental grounds. The Act prohibits persons carrying
on business, operation or process from discharging or emitting any environmental pollutant in excess of such
standards as may be prescribed. Where the discharge of any environmental pollutant in excess of the prescribed
standards occurs or is apprehended to occur due to any accident or other unforeseen act, the person responsible
for such discharge and the person in charge of the place at which such discharge occurs or is apprehended to
occur is bound to (a) prevent or mitigate the environmental pollution caused as a result of such discharge and
should intimate the fact of such occurrence or apprehension of such occurrence; and (b) be bound, if called
upon, to render all assistance, to such authorities or agencies as may be prescribed.

Air (Prevention and Control of Pollution) Act, 1981 (“Air Act”)

The Air Act was enacted with an objective to protect the environment from smoke and other toxic effluents
released into the atmosphere by industries. With a view to curbing air pollution, the Air Act has declared several
areas as air pollution control area and also prohibits the use of certain types of fuels and appliances. Prior written
consent is required of the board constituted under the Air Act if a person intends to commence an industrial
plant in a pollution control area.

Water (Prevention and Control of Pollution) Act, 1974 (“Water Act”)

The Water Act was enacted with an objective to protect the rivers and streams from being polluted by domestic
and industrial effluents. The Water Act prohibits the discharge of toxic and poisonous matter in the river and
streams without treating the pollutants as per the standard laid down by the Pollution control boards constituted
under the Act. A person intending to commence any new industry, operation or process likely to discharge
pollutants must obtain the prior consent of the board constituted under the Water Act.

Hazardous Waste (Management and Handling) Rules, 1989 (“Hazardous Waste Rules”)

The Hazardous Waste Rules, as amended, impose an obligation on each occupier and operator of any facility
generating hazardous waste to dispose of such hazardous wastes properly and also imposes obligations in
respect of the collection, treatment and storage of hazardous wastes. Each occupier and operator of any facility
generating hazardous waste is required to obtain an approval from the relevant state pollution control board for
collecting, storing and treating the hazardous waste.

The Public Liability Insurance Act, 1991

This Act imposes liability on the owner or controller of hazardous substances for any damage arising out of an
accident involving such hazardous substances. A list of hazardous substances covered by the legislation has
been enumerated by the Government by way of a notification. The owner or handler is also required to take out
an insurance policy insuring against liability under the legislation. The rules made under the Public Liability
Act mandate that the employer has to contribute towards the environment relief fund, a sum equal to the
premium paid on the insurance policies. The amount is payable to the insurer.

National Environmental Policy, 2006

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This Policy seeks to extend the coverage and fill in gaps that still exist, in light of present knowledge and
accumulated experience. This policy was prepared through an intensive process of consultation within the
Government and inputs from experts. It does not displace but builds on the earlier policies. It is a statement of
India's commitment to making a positive contribution to international efforts. This is a response to our national
commitment to a clean environment, mandated in the Constitution in Articles 48 A and 51 A (g), strengthened
by judicial interpretation of Article 21. The dominant theme of this policy is that while conservation of
environmental resources is necessary to secure livelihoods and well-being of all, the most secure basis for
conservation is to ensure that people dependent on particular resources obtain better livelihoods from the fact
of conservation than from degradation of the resource. Following are the objectives of the National
Environmental Policy:
 Conservation of Critical Environmental Resources
 Intra-generational Equity: Livelihood Security for the Poor
 Intergenerational Equity
 Integration of Environmental Concerns in Economic and Social Development
 Efficiency in Environmental Resource Use
 Environmental Governance
 Enhancement of resources for Environmental Conservation

The Indian Boilers Act, 1923 (“Boilers Act”)

The Boilers Act states that the owner of any boiler (as defined therein), which is wholly or partly under pressure
when is shut off, shall under the provisions of the Boilers Act, apply to the Inspector appointed there under to
have the boiler registered which shall be accompanied by prescribed fee. The certificate for use of a registered
boiler is issued pursuant to such application, for a period not exceeding twelve months, provided that a certificate
in respect of an economiser or of an unfired boiler which forms an integral part of a processing plant in which
steam is generated solely by the use of oil, asphalt or bitumen as a heating medium may be issued for a period
not exceeding twenty-four months in accordance with the regulations made under Boilers Act. On the expiry of
the term or due to any structural alteration, addition or renewal to the boiler, the owner of the boiler shall renew
the certificate by providing the Inspector all reasonable facilities for the examination and all such information
as may reasonably be required of him to have the boiler properly prepared and ready for examination in the
prescribed manner.

OTHER LAWS

Shops and establishments laws in various states

Under the provisions of local Shops and Establishments laws applicable in various states, establishments are
required to be registered. Such laws regulate the working and employment conditions of the workers employed
in shops and establishments including commercial establishments and provide for fixation of working hours,
rest intervals, overtime, holidays, leave, termination of service, maintenance of shops and establishments and
other rights and obligations of the employers and employees.

INTELLECTUAL PROPERTY LEGISLATIONS

In general, the Intellectual Property Rights includes but is not limited to the following enactments:
 The Patents Act, 1970
 Indian Copyright Act, 1957
 The Trade Marks Act, 1999

Indian Patents Act, 1970

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A patent is an intellectual property right relating to inventions and is the grant of exclusive right, for limited
period, provided by the Government to the patentee, in exchange of full disclosure of his invention, for
excluding others from making, using, selling, importing the patented product or process producing that product.
The term invention means a new product or process involving an inventive step capable of industrial application.

The Copyright Act, 1957

Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers
of cinematograph films and sound recordings. In fact, it is a bundle of rights including, inter alia, rights of
reproduction, communication to the public, adaptation and translation of the work. There could be slight
variations in the composition of the rights depending on the work.

Trade Marks Act, 1999

The Trade Marks Act, 1999 (the “Trade Marks Act”) provides for the application and registration of trademarks
in India for granting exclusive rights to marks such as a brand, label and heading and obtaining relief in case of
infringement for commercial purposes as a trade description. The Trade Marks Act prohibits any registration of
deceptively similar trademarks or chemical compounds among others. It also provides for penalties for
infringement, falsifying and falsely applying for trademarks.

GENERAL LAWS

 Apart from the above list of laws – which is inclusive in nature and not exhaustive - general laws like
the Indian Contract Act 1872, Specific Relief Act 1963, Negotiable Instrument Act 1881, The
Information Technology Act, 2000, Sale of Goods Act 1930 and Consumer Protection Act 1986 are
also applicable to the company.

OTHER LAWS:

Foreign Trade (Development and Regulation) Act, 1992

The Development and Regulation of foreign trade by facilitating imports and exports from and to India. The
Import-Export Code number and licence to import or export includes a customs clearance permit and any other
permission issued or granted under this act. The Export and Import policy, provision for development and
regulation of foreign trade shall be made by the Central Government by publishing an order. The Central
Government may also appoint Director General of Foreign Trade (DGFT) for the purpose of Export-Import
Policy formulation.
If any person makes any contravention to any law or commits economic offence or imports/exports in a manner
prejudicial to the trade relations of India or to the interest of other person engaged in imports or exports then
there shall be no Import Export Code number granted by Director-General to such person and if in case granted
shall stand cancelled or suspended. Provision of search and seizure of Code of Criminal Procedure, 1973 shall
apply to every search and seizure made under this Act. In case of appeals in a case the order made by the
appellate authority shall be considered to be final. The powers of all the civil court under Code of Civil
Procedure, 1908 shall vest in him.
The EXIM Policy is a set of guidelines and instructions established by the DGFT in matters related to the
export and import of goods in India. This policy is regulated under the said act. Director General of Foreign
Trade (herein after referred to as DGFT) is the main governing body in matters related to the EXIM Policy. The
Act shall provide development and regulation of foreign trade by facilitating imports into, and augmenting
exports from India. Trade Policy is prepared and announced by the Central Government (Ministry of
Commerce).

Foreign Exchange Management Act, 1999

Foreign investment in India is primarily governed by the provisions of the Foreign Exchange Management Act,

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1999(“FEMA”) and the rules and regulations promulgated there under. The act aims at amending the law
relating to foreign exchange with facilitation of external trade and payments for promoting orderly
developments and maintenance of foreign exchange market in India. It applies to all branches, offices and
agencies outside India owned or controlled by a person resident in India and also to any contravention there
under committed outside India by any person to whom this Act applies. Every exporter of goods is required to
a) furnish to the Reserve Bank or to such other authority a declaration in such form and in such manner as may
be specified, containing true and correct material particulars, including the amount representing the full export
value or, if the full export value of the goods is not ascertainable at the time of export, the value which the
exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods in a
market outside India; b) furnish to the Reserve Bank such other information as may be required by the Reserve
Bank for the purpose of ensuring the realization of the export proceeds by such exporter. The Reserve Bank
may, for the purpose of ensuring that the full export value of the goods or such reduced value of the goods as
the Reserve Bank determines, having regard to the prevailing market conditions, is received without any delay,
direct any exporter to comply with such requirements as it deems fit. Every exporter of services shall furnish to
the Reserve Bank or to such other authorities a declaration in such form and in such manner as may be specified,
containing the true and correct material particulars in relation to payment for such services.

FEMA Regulations

As laid down by the FEMA Regulations, no prior consents and approvals are required from the Reserve Bank
of India, for Foreign Direct Investment under the automatic route within the specified sectoral caps. In respect
of all industries not specified as FDI under the automatic route, and in respect of investment in excess of the
specified sectoral limits under the automatic route, approval may be required from the FIPB and/or the RBI.
The RBI, in exercise of its power under the FEMA, has notified the Foreign Exchange Management (Transfer
or Issue of Security by a Person Resident Outside India) Regulations, 2017 ("FEMA Regulations") to prohibit,
restrict or regulate, transfer by or issue security to a person resident outside India. Foreign investment in India
is governed primarily by the provisions of the FEMA which relates to regulation primarily by the RBI and the
rules, regulations and notifications there under, and the policy prescribed by the Department for Promotion of
Industry and Internal Trade, Ministry of Commerce & Industry, Government of India.

The Foreign Direct Investment

The Government of India, from time to time, has made policy pronouncements on Foreign Direct Investment
(“FDI”) through press notes and press releases. The Department of Industrial Policy and Promotion, Ministry
of Commerce and Industry, Government of India (now known as Department for Promotion of Industry and
Internal Trade), has issued consolidated FDI Policy Circular of 2017(“FDI Policy 2017”), which with effect
from August 28, 2017, consolidates and supersedes all previous press notes, press releases and clarifications on
FDI Policy issued by the DIPP that were in force. The Government proposes to update the consolidated circular
on FDI policy once every year and therefore, FDI Policy 2017 will be valid until the DIPP issues an updated
circular.
The Reserve Bank of India (“RBI”) also issues Master Directions Foreign Investment in India and updates at
the same from time to time. Presently, FDI in India is being governed by Master Directions on Foreign
Investment No. RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18 dated January 4, 2018, as updated
from time to time by RBI. In terms of the Master Directions, an Indian company may issue fresh shares to
people resident outside India (who is eligible to make investments in India, for which eligibility criteria are as
prescribed). Such fresh issue of shares shall be subject to inter-alia, the pricing guidelines prescribed under the
Master Directions. The Indian company making such fresh issue of shares would be subject to the reporting
requirements, inter-alia with respect to consideration for issue of shares and also subject to making certain
filings.
Under the current FDI Policy of 2017, foreign direct investment in micro and small enterprises is subject to
sectoral caps, entry routes and other sectoral regulations. At present our company is in the business of
architectural engineering, consultancy services and other technical activities in the solar energy sector. As these
sectors/activities are not specifically listed in the Permitted Sectors, 100 % foreign direct investment through
automatic route is permitted subject to applicable laws/regulations, security and other conditionalities.

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 OUR HISTORY AND CERTAIN OTHER CORPORATE MATTERS

BRIEF HISTORY OF OUR COMPANY

Our Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited
Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September
27, 2010 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Further, in order to signify
the change in company’s operations, the name of our company was changed to “Mangalam Global Enterprise
Private Limited” pursuant to shareholders resolution passed at Extra-Ordinary General Meeting of our company
held on June 28, 2014 and a fresh Certificate of Incorporation dated July 31, 2014 was issued by Registrar of
Companies, Ahmedabad. Subsequently, our Company was converted into a Public Limited Company pursuant
to shareholders resolution passed at Extra-ordinary General Meeting of our Company held on September 17,
2019 and the name of our Company was changed to “Mangalam Global Enterprise Limited”. A fresh Certificate
of Incorporation consequent upon Conversion from Private Limited Company to Public Limited Company dated
September 30, 2019 was issued by the Registrar of Companies, Ahmedabad. The Corporate Identification
Number of our Company is U24224GJ2010PLC062434.
Abhinav Agrawal and Rashmi Mangal were the initial subscribers to the Memorandum of Association of our
Company.
Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal are the Promoters of our
Company. Promoters acquired shares by way of transfers on June 15, 2012 from Abhinav Agrawal, Rachna
Agrawal and Sajjankumar Agrawal. For further capital built up information, please refer to the chapter titled
“Capital Structure” beginning on Page 67 of this Draft Prospectus.
For information on our Company’s profile, activities, market, service, etc., market of each segment, capacity
built-up, standing of our Company in comparison with prominent competitors, with reference to its services,
management, managerial competence, technology, market, major suppliers and customers, environmental
issues, geographical segment, etc. wherever applicable, please refer to chapters titled “Our Business” ,”Our
Industry”, “Financial Statements as Restated”, “Management’s Discussion and Analysis of Financial
Condition and Results of Operation”, “Government and Other Statutory Approvals” beginning on page 121,
100, 192, 194, and 220 respectively of this Draft Prospectus.
CHANGES IN THE REGISTERED OFFICE OF OUR COMPANY
At present, the Registered Office of our Company is situated at 101, Mangalam Corporate House, 19/B Kalyan
Society, Near M.G. International School, Mithakhali, Ahmedabad – 380006 Gujarat. The details of the changes
in the Registered Office of our Company are set forth below:
Date From To Reasons
Upon Plot No - 3211, Phase IV, Nr. Benzo Products, G.I.D.C. Estate, Vatva, Ahmedabad -
Incorporation 382445 Gujarat
November 19, Plot No - 3211, Phase IV, 205, Hindprakash House, For administrative
2010 Nr. Benzo Products, Plot No, 10/6, Phase I, convenience
G.I.D.C. Estate, Vatva, G.I.D.C. Vatva,
Ahmedabad - 382445 Ahmedabad - 382445
Gujarat Gujarat
November 15, 205, Hindprakash House, Bunglow No. 1, Bharti For better business
2013 Plot No, 10/6, Phase I, Society, Near Nagri operations
G.I.D.C. Vatva, Hospital, Mithakhali,
Ahmedabad - 382445 Ahmedabad – 380006
Gujarat Gujarat
July 02, 2014 Bunglow No. 1, Bharti 19-B, Kalyan Society, Near Due to increase in
Society, Near Nagri M. G. International School, employee strength
Hospital, Mithakhali, Mithakhali, Ahmedabad –
Ahmedabad – 380006 380006 Gujarat

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 Date From To Reasons
Gujarat
April 01, 2016 19-B, Kalyan Society, Bungalow No. 1, Bharti For better connections and
Near M. G. International Society, Near Nagri administrative purpose
School, Mithakhali, Hospital, Mithakhali,
Ahmedabad – 380006 Ahmedabad – 380006
Gujarat Gujarat

April 01, 2017 Bungalow No. 1, Bharti Office No. 205, 2nd Floor, To distinguish the floor and
Society, Near Nagri Bunglow No. 1, Bharti office no, form has been
Hospital, Mithakhali, Society, Near Nagri filed with updated details.
Ahmedabad – 380006 Hospital, Mithakhali,
Gujarat Ahmedabad – 380006
Gujarat
June 26, 2017 Office No. 205, 2nd Floor, Office No. 205, 2nd Floor, To rectify typographical
Bunglow No. 1, Bharti Bungalow No. 1, Bharti error in the address
Society, Near Nagri Society, Near Nagri
Hospital, Mithakhali, Hospital, Mithakhali,
Ahmedabad – 380006 Ahmedabad – 380006
Gujarat Gujarat
May 01, 2018 Office No. 205, 2nd Floor, 201, Setu Complex, Girish For expansion and better
Bungalow No. 1, Bharti Cold Drinks Cross Road, administrative convenience
Society, Near Nagri Off. C.G. Road,
Hospital, Mithakhali, Navrangpura, Ahmedabad
Ahmedabad – 380006 – 380009 Gujarat
Gujarat
April 01, 2019 201, Setu Complex, Girish 101, Mangalam Corporate Due to increased employee
Cold Drinks Cross Road, House, 19/B Kalyan strength and business
Off. C.G. Road, Society, Near M.G. expansion plans
Navrangpura, Ahmedabad International School,
– 380009 Gujarat Mithakhali, Ahmedabad –
380006 Gujarat
KEY EVENTS AND MILESTONES IN THE HISTORY OF OUR COMPANY

Year Events
2010 Incorporation of Company
Pursuant to change of object of the company the name of the company was changed from
2014 “Hindprakash Colourchem Private Limited” to “Mangalam Global Enterprise Private
Limited”
2018 Set up of manufacturing facility at Harij- Unit 2
2018 Established Holding Subsidiary relationship with “Farpoint Enterprise LLP”
2019 Revenue crossed Rs. 300 crores
Established Holding Subsidiary relationship with “Hindprakash Castor Derivatives Private
2019
Limited”
Incorporation of Mangal Prakash (Singapore) PTE Limited, Subsidiary Company in
2019
Singapore
2019 Conversion of company into Public Limited company

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 2019 Set up of manufacturing facility at Palanpur- Unit 3

MAIN OBJECTS OF OUR COMPANY

The main objects of our Company, as contained in our Memorandum of Association, are as set forth below:
1. To carry on the business in India or elsewhere as buyers, sellers, merchant, exporter, importer, traders,
agents, dealers, distributors, commission agents, brokers, stockiest, preservers, factors, consignors,
collaborators, franchisers, concessionaire, consultants, advisors, manufacturers, manufacturer's
representative, job worker, assembler, repairers, facilitators, hirer, leaseholder, clearing and shipping
facilitators, custom house facilitators, wharfingers, charters, hirers, superintendents, representative,
facilitators and service providers for liaising and clearing service for and otherwise deal in all kinds,
classes, size, nature and description of industrial commercial, consumer capital goods, item, things,
articles, commodities, merchandise, products and allied activities;
2. To carry on the business in India or elsewhere to purchase, sale, rent, lease, hire, let-out or otherwise deal
in all kinds movable, immovable, owned, third party, commercial, non-commercial properties.
AMENDMENTS TO THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY IN THE LAST
TEN YEARS
The following changes have been made to our Memorandum of Association, in the last ten years from the date
of filing of this Draft Prospectus:
Date of shareholder’s
Amendments
Approval
Amendment in Clause III of MOA pursuant to change in object from “to
carry on the business as manufacturer, processor, importers, exporters,
dealers, sellers, buyers, consignors, consignees, agents, stockists, suppliers
of all classes, kinds, types and nature of chemicals, dyes, pigments and
auxiliaries, intermediates, catalyst, including but without limiting the
generality of the foregoing, heavy chemicals, fine chemicals, organic and
inorganic chemicals, pharmaceuticals, drugs and medicinal chemicals,
gum, allied chemicals and boiling agents for textiles, paints, cosmetics,
June 28, 2014 pharmaceuticals, paper, processing, leather, metal, food pigments and
other industries made from whether substance including mineral” to
“to carry on the business as buyers, sellers, merchant, exporter, importer,
traders, agents, dealers, distributors, commission agents, brokers, stockiest,
factors, consignors, collaborators, franchisers, concessionaire, consultant,
advisors, manufacturer's representative, job worker, assembler, repairers
and to deal in all kinds, classes, size, nature and description of Industrial,
Commercial, Consumer Capital Goods, Item, Things, Articles,
Commodities, Merchandise, Products”
Amendment in Clause I of MOA pursuant to change of name of the
June 28, 2014 company from “Hindprakash Cholourchem Private Limited” to
“Mangalam Global Enterprise Private Limited”
Amendment in Clause V of MOA pursuant to increase in Authorized Share
Capital of the Company from Rs. 5,00,000 consisting 50,000 Equity Shares
March 20, 2018
of Rs. 10/- each to Rs. 55,00,000 consisting 5,50,000 Equity Shares of Rs.
10/- each
Amendment in Clause V of MOA pursuant to increase in Authorized Share
Capital of the Company from Rs. 55,00,000 consisting 5,50,000 Equity
March 12, 2019
Shares of Rs. 10/- each to Rs. 3,00,00,000 consisting 30,00,000 Equity
Shares of Rs. 10/- each
Amendment in Clause V of MOA pursuant to increase in Authorized
September 3, 2019
Share Capital of the Company from Rs. 3,00,00,000 consisting 30,00,000

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 Equity Shares of Rs. 10/- each to Rs. 17,00,00,000 consisting 1,70,00,000
Equity Shares of Rs. 10/- each
Amendment in Clause I of MOA pursuant to conversion of Company from
Private Limited to Public Limited and the name of the Company was
September 17, 2019
changed from “Mangalam Global Enterprise Private Limited” to
“Mangalam Global Enterprise Limited”
Amendment in Clause III of MOA pursuant to adoption of new format of
MOA pursuant to Section 4 of Company Act, 2013
1. Existing heading of Clause III (A) was substituted and re-named as
“THE OBJECTS TO BE PURSUED BY THE COMPANY ON ITS
INCORPORATION”
2. Existing Clause III (A) “to carry on the business as buyers, sellers,
merchant, exporter, importer, traders, agents, dealers, distributors,
commission agents, brokers, stockiest, factors, consignors,
collaborators, franchisers, concessionaire, consultant, advisors,
manufacturer's representative, job worker, assembler, repairers and to
deal in all kinds, classes, size, nature and description of Industrial,
Commercial, Consumer Capital Goods, Item, Things, Articles,
Commodities, Merchandise, Products” was substituted to
a) “To carry on the business in India or elsewhere as buyers, sellers,
merchant, exporter, importer, traders, agents, dealers, distributors,
commission agents, brokers, stockiest, preservers, factors,
consignors, collaborators, franchisers, concessionaire,
consultants, advisors, manufacturers, manufacturer's
representative, job worker, assembler, repairers, facilitators, hirer,
leaseholder, clearing and shipping facilitators, custom house
September 23, 2019
facilitators, wharfingers, charters, hirers, superintendents,
representative, facilitators and service providers for liaising and
clearing service for and otherwise deal in all kinds, classes, size,
nature and description of industrial commercial, consumer capital
goods, item, things, articles, commodities, merchandise, products
and allied activities;
b) To carry on the business in India or elsewhere to purchase, sale,
rent, lease, hire, let-out or otherwise deal in all kinds movable,
immovable, owned, third party, commercial, non-commercial
properties.”
3. Existing heading of Clause III (B) was substituted and re-named as
“MATTERS WHICH ARE NECESSARY FOR THE
FURTHERANCE OF THE OBJECTS SPECIFIED IN CLAUSE III
(A)”
4. Existing sub-clause 1 to 43 of Clause III (C) was merged with altered
Clause III (B) and the same were renumbered as sub clauses 40 to 82 to
Clause III (B)
5. Clause IV was substituted to “The liability of the members is limited and
this liability is limited to the amount unpaid, if any, on shares held by
them.
HOLDING COMPANY/ (IES) OF OUR COMPANY
Our Company has no holding company as on the date of filing of this Draft Prospectus.
SUBSIDIARY/ (IES) COMPANY OF OUR COMPANY
As on the date of this Draft Prospectus, Hindprakash Castor Derivatives Private Limited, Mangalprakash
(Singapore) PTE Limited and Farpoint Enterprise LLP are the subsidiaries of our Company, details of which
are given below:

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1. Hindprakash Castor Derivatives Private Limited (“HDCPL”)
Corporate Information
HDCPL was incorporated as a Private Limited Company under the provisions of the Companies Act, 2013 vide
Certificate of Incorporation dated June 13, 2018 bearing Corporate Identification Number
U74995GJ2018PTC102810 issued by Deputy Registrar of Companies, Central Registration Centre.
Registered Office
The registered office is situated at 301, Mangalam Corporate House, 19/B Kalyan Society, Near M.G.
International School, Mithakhali, Ahmedabad - 380006, Gujarat, India.
Nature of Business
The main object of the Company is:
1. To carry on the business to manufacture, process, refine, buy, sell, export, import, trade & otherwise deal
in castor oil, castor oil derivatives, edible and non-edible oils, oilseeds, oil cakes, kernels and by-products.
2. To carry on the business to manufacture, process, buy, sell, export, import, trade & otherwise deal in all
sorts and categories of chemicals, dyes, dyestuff, color chemicals & intermediates.
Capital Structure
The Authorised share capital of HCDPL is Rs. 15,00,000/- divided into 1,50,000 equity shares of Rs. 10/- each
and the paid-up share capital is Rs. 11,78,330 divided into 1,17,833 equity shares of Rs. 10/- each.
Shareholding Pattern
The shareholding pattern of HCDPL, as on date of this Draft Prospectus is as mentioned below:
Sr. No. Name of the Shareholder No. of Shares Held Percentage
1. Mangalam Global Enterprise Private Limited 60,109 51.01
2. Shirshak Exim LLP 17,674 15.00
3. Anilkumar Vasudev Rajgor 4,595 3.90
4. Jagrutiben Pareshkumar Rajgor 4,595 3.90
5. Kiranben Maheshkumar Rajgor 4,595 3.90
6. Maheshkumar S. Rajgor 4,595 3.90
7. Pareshkumar V. Rajgor 4,595 3.90
8. Vasantkumar S. Rajgor 4,595 3.90
9. Zenishaben Anilkumar Rajgor 4,595 3.90
10. Induben Vasantkumar Rajgor 4,460 3.79
11. Brijesh Vasantlal Rajgor 3,392 2.88
12. Chanakya Prakash Mangal 33 0.03
Total 1,17,833 100
The Board of Directors of HCDPL as on the date of this Draft Prospectus are as follows -
1. Chanakya Prakash Mangal
2. Brijeshkumar Vasantlal Rajgor
Accumulated Profits or Losses of our Subsidiary not accounted for
There are no accumulated profits or losses of our subsidiary, not accounted for, by our company.
2. Mangalprakash (Singapore) PTE. Limited (“Mangalprakash”) – Wholly owned subsidiary
Corporate Information
Mangalprakash was incorporated as a Private Limited Company under the provisions of the Companies Act,
2006 on October 19, 2018. Registration Number of Mangalprakash is 201835786W.

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Registered Office
The registered office of Mangalprakash is situated at 10 Anson Road, #27-02, International Plaza, Singapore
(079903).
Nature of Business
Mangalprakash is engaged in wholesale trade of variety of goods without dominant products.
Capital Structure
The Issued share capital of Mangalprakash is 1,00,000 USD divided into 1,00,000 ordinary shares of 1 USD
each and the paid-up share capital 1,00,000 USD divided into 1,00,000 ordinary shares of 1 USD each.
Shareholding Pattern
As on the date of this Draft Prospectus, our company is holding 1,00,000 ordinary shares of Mangalprakash
constituting 100% of the total ordinary shares.
The Board of Directors of Mangalprakash as on the date of this Draft Prospectus are as follows -
1. Vipin Prakash Mangal
2. Chandragupt Prakash Mangal
Accumulated Profits or Losses of our Subsidiary not accounted for
There are no accumulated profits or losses of our subsidiary, not accounted for, by our company.
3. Farpoint Enterprise LLP (“Farpoint”)
Corporate Information
Farpoint was incorporated as a Limited Liability Partnership under the provisions of Limited Liability
Partnership Act, 2008 on August 8, 2018, bearing LLP Identification Number AAN-1205 issued by Deputy
Registrar of Companies, Ahmedabad.
Registered Office
The registered office of Farpoint is situated at 304, Mangalam Corporate House, 19/B Kalyan Society, Near
M.G. International School, Mithakhali, Ahmedabad - 380006, Gujarat, India.
Nature of Business
In terms of the LLP Agreement entered into amongst the partners of Farpoint, the LLP is inter alia, authorized
to carry on the Business of:
Manufacturer’s representatives, buyers, sellers, traders, agents, stockiest, importers, exporters, wholesalers,
dealers, consultants, advisors, packers, brokers and to deal in all kinds, types description and size of articles,
goods and commodities.
Capital contribution and Profit / Loss sharing ratio
The initial capital of the LLP is Rs. 10,000/- (Rupees Ten Thousand only). Following are the details of capital
contribution and profit /loss sharing ratio, as on the date of this Draft Prospectus:
Sr. No. Name of Partner Capital Contribution Sharing ratio
1. Mangalam Global Enterprise Ltd. 5100 51.00
2. Anilkumar Vasudev Rajgor 600 6.00
3. Induben Vasantkumar Rajgor 600 6.00
4. Jagrutiben Pareshkumar Rajgor 600 6.00
5. Kiranben Maheshkumar Rajgor 600 6.00
6. Maheshkumar S Rajgor 600 6.00
7. Pareshkumar V Rajgor 600 6.00
8. Vasantkumar S Rajgor 600 6.00

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 9. Zenishaben Anilkumar Rajgor 600 6.00
10. Vipin Prakash Mangal 50 0.5
11. Rashmi Mangal 50 0.5
Total 10,000 100
Designated Partners of Farpoint as on the date of this Draft Prospectus are as follows -
1. Vipin Prakash Mangal
2. Rashmi Prakash Mangal
Accumulated Profits or Losses of our Subsidiary not accounted for
There are no accumulated profits or losses of our subsidiary, not accounted for, by our company.
JOINT VENTURES OF OUR COMPANY
Our Company has not entered into any Joint Venture as on date of filing of this Draft Prospectus.
REVALUATION OF ASSETS
There has been no revaluation of assets of our company in last 10 years from the date of this Draft Prospectus.
MERGERS AND ACQUISITIONS IN LAST 10 YEARS
Our Company has not merged / amalgamated itself nor has acquired any business / undertaking, in the last 10
(ten) years from the date of this Draft Prospectus.
DIVESTMENT OF BUSINESS / UNDERTAKING BY COMPANY
Our company has not divested any of its business / undertaking in last 10 (ten) years from the date of this Draft
Prospectus.
SHAREHOLDER’S AGREEMENTS
Our Company has not entered into any Shareholder’s Agreements and other agreements prior to the date of this
Draft Prospectus.
OTHER MATERIAL AGREEMENTS
There are no material agreements or contracts, which have been entered into by our Company prior to the date
of this Draft Prospectus which are not in the ordinary course of business.
CAPACITY/ FACILITY CREATION, LOCATION OF PLANTS
For details pertaining to facility creation, location of plants, please see the chapter titled “Our Business”
beginning on page 121 of this Draft Prospectus.
TIME AND COST OVERRUNS IN SETTING UP PROJECTS
The nature of our business does not include implementation of projects and therefore there has been no time
and cost overruns as on the date of this Draft Prospectus.
STRATEGIC PARTNERS
As on the date of filing of this Draft Prospectus, our Company does not have any strategic partner.
FINANCIAL PARTNERS
Apart from the various arrangements with bankers and financial institutions which our Company undertake in
the ordinary course of business, our Company does not have any other financial partners as on the date of this
Draft Prospectus.
DEFAULTS OR RESCHEDULING OF BORROWINGS WITH FINANCIAL INSTITUTIONS /
BANKS
As on the date of this Draft Prospectus, there have been no defaults or rescheduling of borrowings with any
financial institutions / banks.

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LAUNCH OF KEY PRODUCTS OR SERVICES, ENTRY IN NEW GEOGRAPHIES OR EXIT FROM
EXISTING MARKETS
For details pertaining to launch of key products, entry in new geographies or exit from existing markets, please
see the chapter titled “Our Business” beginning on page 121 of this Draft Prospectus.

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 OUR MANAGEMENT

BOARD OF DIRECTORS
Under our Articles of Association, Our Company is required to have not less than 3 (Three) directors and not
more than 15 (Fifteen) directors, subject to the applicable provisions of the Companies Act 2013. Our Company
currently have 6 (Six) directors on our Board, including 3 (Three) Executive Directors, 3 (Three) Non-Executive
Directors out of which 2 (Two) are Independent Directors. Our Board includes 1 (One) Women Director.
The following table sets forth details regarding our Board of Directors as on the date of this Draft Prospectus:

Name, DIN, Date of Birth, Age, Date of Appointment /

Sr.
Designation, Address, Occupation, Reappointment as Other Directorships
No.
Term and Nationality Director

1. Name: Vipin Prakash Mangal Appointed as Chairman Public Limited Company

and Director on
DIN: 02825511  Hindprakash Industries
September 03, 2019
Date of Birth: December 25, 1967 Limited

Age: 51 years Private Limited Company

Designation: Chairman and  Mangalam Multi Businesses

Executive Director Private Limited
 Mangalam Acumen Private
Address: Bungalow No. 1, Bharti Limited
Society, Near Nagri Hospital,  Mangalam Finserv Private
Mithakhali Ahmedabad – 380006, Limited
Gujarat, India
Limited Liability Partnership
Occupation: Business
 Shirshak Exim LLP
Term: Liable to retire by rotation  Farpoint Enterprise LLP
Nationality: Indian  Paradisal Trade LLP
 Nitex Enterprise LLP

2. Name: Chanakya Prakash Mangal Appointed as Additional Public Limited Company

Director on November
DIN: 06714256 Nil
15, 2013
Date of Birth: August 09, 1995 Private Limited Company
Age: 24 years  Ecofine Colourchem Private
Reappointed as Joint
Designation: Joint Managing Limited
Managing Director &
Director & Chief Operating Officer Chief Operating Officer,  Mangalam Worldwide
on September 18, 2019 Private Limited
Address: Bungalow No. 1, Bharti  Hindprakash Castor
Society, Near Nagri Hospital, Derivatives Private Limited
Mithakhali Ahmedabad – 380006,
Gujarat, India Limited Liability Partnership
Occupation: Business  Shirshak Exim LLP
 Nitex Enterprise LLP
Term: 5 Years w.e.f. September 18,  Farpoint Enterprise LLP
and liable to retire by rotation
Nationality: Indian

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 Name, DIN, Date of Birth, Date of Appointment /
Sr.
Designation, Address, Occupation, Reappointment as Other Directorships
No.
Term and Nationality Director
3. Name: Chandragupt Prakash Mangal Appointed as Additional Public Limited Company
DIN: 07408422 Director on January 18, Nil
2016
Date of Birth: December 08, 1997 Private Limited Company
Age: 21 years  Ecofine Colourchem Private
Reappointed as Joint Limited
Designation: Joint Managing Managing Director &
Director & Chief Executive Officer  Ecs Environment Private
Chief Executive Officer Limited
Address: Bungalow No. 1, Bharti on September 18, 2019
 Mangalam Worldwide
Society, Near Nagri Hospital,
Mithakhali Ahmedabad – 380006, Private Limited
Gujarat, India Limited Liability Partnership
Occupation: Business  Shirshak Exim LLP
Term: 5 Years w.e.f. September 18,  Nitex Enterprise LLP
2019 and liable to retire by rotation
Nationality: Indian
4. Name: Sarika Sachin Modi Appointed as Non- Public Limited Company
DIN: 08320453 Executive Director on Nil
September 23, 2019
Date of Birth: May 29, 1979
Age: 40 years Private Limited Company
Designation: Non - Executive Nil
Director
Address: E-72, Galaxy Tower, Near Limited Liability Partnership
Hotel Grand Bhagwati, Bodakdev,
Ahmedabad 380054, Gujarat, India  Shirshak Exim LLP
 Nitex Enterprise LLP
Occupation: Business
Term: Liable to retire by rotation
Nationality: Indian
5. Name: Praveen Kumar Gupta Appointed as Public Limited Company
DIN: 00415491 Independent Director on Nil
September 23, 2019
Date of Birth: June 02, 1968
Age: 51 years Private Limited Company
Designation: Independent Director  Shagun Marbles Private
Address: 5, Agarwal Colony, Civil Limited
Lines, Near City Palace, Ajmer -
305001, Rajasthan India Limited Liability Partnership
Occupation: Business Nil
Term: 5 Years w.e.f. September 23,
2019
Nationality: Indian

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 Name, DIN, Date of Birth, Date of Appointment /
Sr.
Designation, Address, Occupation, Reappointment as Other Directorships
No.
Term and Nationality Director
6. Name: Manish Bagadia Appointed as Public Limited Company
DIN: 02009864 Independent Director on Nil
September 23, 2019
Date of Birth: October 13, 1967 Private Limited Company
Age: 52 years  Cinza Concrete Products
Designation: Independent Director Private Limited
 Grace Renewable Energy
Address: 32/A, Jupiter Tower, B/H
Private Limited
Grand Bhagwati Hotel, Bodakdev,
Ahmedabad 380054 Gujarat India Limited Liability Partnership
Occupation: Business Nil
Term: 5 Years w.e.f. September 23,
2019
Nationality: Indian

BRIEF BIOGRAPHIES OF OUR DIRECTORS

Vipin Prakash Mangal, Chairman and Executive Director
Vipin Prakash Mangal, aged 51 years, is the Promoter, Chairman and Director of our company. He has been
appointed as Director of the company w.e.f. September 03, 2019. He holds Bachelor’s degree in Commerce
from University of Ajmer. He has 30 years of business experience in manufacturing, trading of various
commercial commodities and affiliated consultancy services. He plays vital role in formulating business
strategies and effective implementation of the same. He is responsible for expansion and overall management
of the business of our company. His leadership abilities have been instrumental in leading the core team of our
Company.
Chanakya Prakash Mangal, Joint Managing Director and COO
Chanakya Prakash Mangal, aged 24 years, is Promoter and Joint Managing Director and COO of our company.
He has been appointed as Additional Director of our company w.e.f. November 15, 2013 and was designated
as Joint Managing Director of our company w.e.f. September 18, 2019. He holds Bachelor’s degree in
Commerce from Gujarat University. He has been actively involved in the day-to-day operations of our Company
and looks after the sales and administration department of our Company.
Chandragupt Prakash Mangal, Joint Managing Director and CEO
Chandragupt Prakash Mangal, aged 21 years, is Promoter and Joint Managing Director and CEO of our
company. He has been appointed as Additional Director of our company w.e.f. January 18, 2016 and was
designated as Joint Managing Director of our company w.e.f. September 18, 2019. He holds degree in Supply
Chain Management from Kelley School of Business, Indiana University and also holds level II badge in CFA
from CFA Institute. He has been actively involved in the day-to-day operations of our Company and looks after
the finance and overall administration of our Company.
Sarika Modi, Non-Executive Director
Sarika Modi, aged 40 years, is Non-Executive Director of our company. She has been appointed as Non-
Executive Director of our company w.e.f. September 23, 2019. She holds Bachelor’s degree in Arts from
Mumbai University. She had worked as admin executive for more than 5 years in M/s. Hindprakash Industries
Limited.
Praveen Kumar Gupta, Independent Director
Praveen Kumar Gupta, aged 51 years, is Independent Director of our company. He has been appointed as
Independent Director of our company w.e.f. September 23, 2019. He is a B.E. in Electronics from University

Page 161 of 295

of Poona. He has an experience of 25 years in stones & marbles industry. He was associated with Shagun
Marbles Private Limited as a Managing Director since 1994.
Manish Bagadia, Independent Director
Manish Bagadia, aged 52 years, is Independent Director of our company. He has been appointed as Independent
Director of our company w.e.f. September 23, 2019. He holds degree of Chartered Accountant from the Institute
of Chartered Accountants of India. He has an experience of 18 years in agri-business. He is currently working
with M/s. Cinza Concrete products Private Limited as Director since April, 2013 and M/s. Grace Renewable
Energy Private Limited since September, 2013 as a Managing Director.
CONFIRMATIONS
As on the date of this Draft Prospectus:
1. Except as stated below; none of the Directors of the Company are related to each other as per section 2(77)
of the Companies Act, 2013

Name of the Director Name of the other Director Relationship

Chanakya Prakash Mangal
Vipin Prakash Mangal Father – Son
Chandragupt Prakash Mangal
Chanakya Prakash Mangal Chandragupt Prakash Mangal Brothers

2. There are no arrangements or understanding with major shareholders, customers, suppliers or any other
entity, pursuant to which any of the Directors or Key Management Personnel were selected as a Director or
member of the senior management.
3. The Directors of our Company have not entered into any service contracts with our Company which
provides for benefits upon termination of employment.
4. None of our Directors are fugitive economic offender or are on the RBI List of wilful defaulters.
5. Further, none of our Directors are or were directors of any company whose shares have been / were:
a) Suspended from trading by any of the stock exchange(s) during his /her tenure in that company in the
last five years or;
b) Delisted from the stock exchange(s) during the term of their directorship in such companies.
6. None of the Promoters, or Directors has been or is involved as a promoter or director of any other Company,
which is debarred from accessing the capital market under any order or directions made by SEBI or any
other regulatory authority.
BORROWING POWERS OF THE BOARD
Pursuant to a special resolution passed at an Extra-Ordinary General Meeting of our Company held on
September 23, 2019 and pursuant to Section 180(1)(c) and any other applicable provisions, of the Companies
Act, 2013 and the rules made thereunder, consent of Members be and is hereby accorded to borrow from time
to time, any sum or sums of monies, which together with the monies already borrowed by the Company (apart
from temporary loans obtained from the Company’s bankers in the ordinary course of business), may exceed
the aggregate of the paid up capital of the company and free reserve, that is to say, reserves not set apart for any
specific purposes, provided that the total outstanding amount so borrowed, shall not at any time exceed the limit
of Rs. 1,00,000 Lakhs.
REMUNERATION/COMPENSATION/COMMISSION PAID TO DIRECTORS
Except as disclosed below, none of the Directors were paid any remuneration during the last financial year
ended on March 31, 2019:

Name of the Director Amount (Rs. in Lakhs)

Vipin Prakash Mangal* 6.40

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 Chanakya Prakash Mangal 15.55
Chandragupt Prakash Mangal# 10.25
* Salary paid as Employee of the Company
# Consultancy Fees paid for Advisory Services provided to company
Terms and conditions of employment of our Director:
Vipin Prakash Mangal
Vipin Prakash Mangal is the Promoter and Director of our Company. He has been appointed on the Board of
our Company w.e.f. September 3, 2019. The terms and conditions of his employment are as follows:

Remuneration Rs. 84.00 Lakh p.a.

Term 5 Years w.e.f. September 03, 2019
Perquisites a) Housing: rent free furnished residential accommodation with free gas, electricity, and
water as per Company’s policy. In case no accommodation is provided by the company
the Managing Director shall be entitled to such house rent allowance as may be decided
by the Board of Directors from time to time subject however to a maximum limit of
50% of basic salary.
b) Leave Travel Concession: Once for self and family every year to anywhere in India or
abroad incurred in accordance with the policy of the Company
c) Contribution to provident fund, superannuation fond or annuity fund to the extent these
either singly or put together are not taxable under the Income tax Act, 1961
d) Gratuity payable at a rate not exceeding half a month’s salary for each completed year
of service
e) Encashment of leave at the end of tenure
f) Insurance premium for medical and hospitalization and Personal Accident insurance
cover
g) Medical Reimbursement: Reimbursement of medical expenses incurred whether in
India or abroad for self and family including hospitalization, surgical charges, nursing
charges and domiciliary charges as per the rules of the Company
h) Club Fees: Fees payable subject to maximum two clubs
i) Use of Car with driver: One car with driver with reimbursement of running and
maintenance expenses
j) Telephone and mobile facility at residence for official purpose
k) Servant: reimbursement of servant’s salary subject to a maximum of four servants
l) Watchman: reimbursement of watchman’s salary subject to a maximum of two
watchman
m) Gardener: reimbursement of gardener’s salary subject to a maximum of one gardener
n) Other Perquisites and Amenities: Any other perquisites and/or amenities as per the
policy applicable to the senior executives of the Company and/or which may become
applicable in the future and/or any other perquisites and/or amenities as the board may
from time to time decide
o) Any other one time, periodic retirement allowances/ benefits as may be decided by the
board at the time of retirement.

Chanakya Prakash Mangal

Chanakya Prakash Mangal has been appointed as the Joint Managing Director & Chief Operating Officer of our
Company for a period of 5 years w.e.f. September 18, 2019. The terms and conditions of his employment are
as follows:

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 Remuneration Rs. 84.00 Lakh p.a.
Term 5 Years w.e.f. September 18, 2019
Perquisites a) Leave Travel Concession: Once for self and family every year to anywhere in India or
abroad incurred in accordance with the policy of the Company
b) Contribution to provident fund, superannuation fond or annuity fund to the extent these
either singly or put together are not taxable under the Income tax Act, 1961
c) Gratuity payable at a rate not exceeding half a month’s salary for each completed year
of service
d) Encashment of leave at the end of tenure
e) Insurance premium for medical and hospitalization and Personal Accident insurance
cover
f) Medical Reimbursement: Reimbursement of medical expenses incurred whether in
India or abroad for self and family including hospitalization, surgical charges, nursing
charges and domiciliary charges as per the rules of the Company
g) Club Fees: Fees payable subject to maximum two clubs
h) Use of Car with driver: One car with driver with reimbursement of running and
maintenance expenses
i) Other Perquisites and Amenities: Any other perquisites and/or amenities as per the
policy applicable to the senior executives of the Company and/or which may become
applicable in the future and/or any other perquisites and/or amenities as the board may
from time to time decide
j) Any other one time, periodic retirement allowances/ benefits as may be decided by the
board at the time of retirement

Chandragupt Prakash Mangal

Chandragupt Prakash Mangal has been appointed as the Joint Managing Director & Chief Executive Officer of
our Company for a period of 5 years w.e.f. September 18, 2019. The terms and conditions of his employment
are as follows:

Remuneration Rs. 84.00 Lakh p.a.

Term 5 Years w.e.f. September 18, 2019
Perquisites a) Leave Travel Concession: Once for self and family every year to anywhere in India or
abroad incurred in accordance with the policy of the Company
b) Contribution to provident fund, superannuation fond or annuity fund to the extent these
either singly or put together are not taxable under the Income tax Act, 1961
c) Gratuity payable at a rate not exceeding half a month’s salary for each completed year
of service
d) Encashment of leave at the end of tenure
e) Insurance premium for medical and hospitalization and Personal Accident insurance
cover
f) Medical Reimbursement: Reimbursement of medical expenses incurred whether in
India or abroad for self and family including hospitalization, surgical charges, nursing
charges and domiciliary charges as per the rules of the Company
g) Club Fees: Fees payable subject to maximum two clubs
h) Use of Car with driver: One car with driver with reimbursement of running and
maintenance expenses
i) Other Perquisites and Amenities: Any other perquisites and/or amenities as per the
policy applicable to the senior executives of the Company and/or which may become

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 applicable in the future and/or any other perquisites and/or amenities as the board may
from time to time decide
j) Any other one time, periodic retirement allowances/ benefits as may be decided by the
board at the time of retirement

The above said remuneration and perquisites are subject to the ceiling laid down in Section 197 and Schedule
V of the Companies Act, 2013 and all other applicable provisions, if any, as may be amended from time to time.
In case of payment of remuneration in excess of the prescribed limits, recovery of the excess amount may be
waived by the Board of Directors upon the recommendation of the Nomination and Remuneration Committee
and subject to the compliance of the applicable provisions, if any.
Remuneration for Non-Executive Directors and Independent Directors
Non-Executive and Independent Directors of our Company may be paid sitting fees, commission and any other
amounts as may be decided by our Board in accordance with the provisions of the Articles of Association, the
Companies Act, 2013 and other applicable laws and regulations.
No sitting fees has been paid by our Company to the Non-Executive Directors and Independent Directors for
the financial year ended March 31, 2019.
SHAREHOLDING OF DIRECTORS IN OUR COMPANY
As per the Articles of Association of our Company, a Director is not required to hold any qualification shares.
The following table details the shareholding of our Directors as on the date of this Draft Prospectus:
% of Pre % of Post Issue
Sr. No. of Equity
Name of the Director Issue Equity Equity Share
No. Shares
Share Capital Capital

1. Vipin Prakash Mangal 9,56,940 8.09% 5.96%

2. Chanakya Prakash Mangal 20,74,100 17.54% 12.92%
3. Chandragupt Prakash Mangal 21,98,875 18.59% 13.69%

INTERESTS OF OUR DIRECTORS

Interest in promotion of our Company
Our Directors, Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal may
deemed to be interested in the promotion of the Company to the extent of the Equity Shares held by them and
also to the extent of any dividend payable to them on their holding of such shares and other distributions in
respect of the aforesaid Equity Shares. For further details, refer to chapter titled “Related Party Transactions”
and “Our Promoters and Promoter Group” beginning on page 190 and 174 of this Draft Prospectus.
Interest in the property of our Company
Except as stated to in the heading titled “Immovable Properties” under the chapter titled “Our Business”
beginning on page 121 and chapter titled “Related Party Transaction” on page 190 of the Draft Prospectus, our
Directors have not entered into any contract, agreement or arrangements in which the Directors are interested
directly or indirectly and no payments have been made to them in respect of these contracts, agreements or
arrangements or are proposed to be made to them. Further our Directors do not have any interest in any
immovable property acquired or proposed to be acquired of the Company or by the Company except otherwise
disclosed in the heading titled “Immovable Properties” under the chapter titled “Our Business” beginning on
page 121 of the Draft Prospectus.
Interest by way of Remuneration from the Company
Our Directors may be deemed to be interested to the extent of remuneration paid to them for services rendered
as a Director of our Company and reimbursement of expenses payable to them. For details, see
“Remuneration/Compensation of Directors” above. Further, our Independent Directors are entitled to receive
sitting fees for attending meetings of our Board within the limits laid down in the Companies Act, 2013 and as

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decided by our Board subject to Articles of Association of our Company. Further, except as disclosed above,
none of our Directors hold any Equity Shares in our Company. Our Directors may also be interested to the
extent of Equity Shares, if any, held by them or held by the entities in which they are associated as promoters,
directors, partners, proprietors or trustees or held by their relatives or that may be subscribed by or allotted to
the companies, firms, ventures, trusts in which they are interested as promoters, directors, partners, proprietors,
members or trustees, pursuant to the Issue. All of our Directors may also be deemed to be interested to the extent
of any dividend payable to them and other distributions in respect of the said equity shares, if any. Except as
stated in the chapters “Our Management” and “Related Party Transactions” beginning on pages 159 and 190
respectively of this Draft Prospectus and described herein above, our Directors do not have any other interest in
the business of our Company.
Interest as member of our Company
As on date of this Draft Prospectus, none of our Directors except Vipin Prakash Mangal, Chandragupt Prakash
Mangal, Chanakya Prakash Mangal holds 9,56,940, 21,98,875 and 20,74,100 Equity Shares respectively in our
Company i.e. 44.22% of the pre issue paid up Equity Share capital of our Company. Therefore, they are
interested to the extent of his shareholding and the dividend declared, if any, on such holding of Equity Shares
by our Company.
Interest as a creditor of our Company
Except as mentioned in this Draft Prospectus, our Company has not availed loans from the Directors of our
Company. For further details, refer to chapter titled “Financial Indebtedness” and section titled “Related Party
Transactions” beginning on page 212 and 190 of this Draft Prospectus.
Other Indirect Interest
Except as stated in chapter titled “Financial Information” beginning on page 212 of this Draft Prospectus, none
of our sundry debtors or beneficiaries of loans and advances are related to our Directors.
Interest in the business of our company
Save and except as stated otherwise in “Related Party Transactions” in the chapter titled “Financial
Information” beginning on page 192 of this Draft Prospectus, our Directors do not have any other interests in
our Company as on the date of this Draft Prospectus.
SHAREHOLDING OF DIRECTORS IN SUBSIDIARIES AND ASSOCIATE COMPANIES
Our Company does not have any subsidiary or Associate Company as on date of filing this Draft Prospectus.
CHANGES IN OUR BOARD OF DIRECTORS DURING THE LAST THREE YEARS
Following are the changes in directors of our Company in last three years prior to the date of this Draft
Prospectus:

Name of Director Date of Event Nature of event Reason

Rashmi Mangal July 01, 2017 Resignation Resignation as Director

Appointed as Chairman &

Vipin Prakash Mangal September 03, 2019 Appointment
Executive Director

Designated as Joint Managing

Change in
Chanakya Prakash Mangal September 18, 2019 Director & Chief Operating
Designation
Officer

Designated as Joint Managing

Chandragupt Prakash Change in
September 18, 2019 Director & Chief Executive
Mangal Designation
Officer

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 Appointed as Independent
Praveen Kumar Gupta September 23, 2019 Appointment
Director

Appointed as Independent
Manish Bagadia September 23, 2019 Appointment
Director

Appointed as Non-Executive
Sarika Sachin Modi September 23, 2019 Appointment
Director

ORGANIZATIONAL STRUCTURE

CORPORATE GOVERNANCE
In addition to the applicable provisions of the Companies Act, 2013 with respect to corporate governance,
provisions of the SEBI (Listing Regulations and Disclosure Requirements) 2015 will also be complied with the
extent applicable to our Company immediately upon the listing of the Equity Shares on the Stock Exchange.
Our Company stands committed to good corporate governance practices based on the principles such as
accountability, transparency in dealings with our stakeholders, emphasis on communication and transparent
reporting. We have complied with the requirements of the applicable regulations, including Regulations, in
respect of corporate governance including constitution of the Board and Committees thereof. The corporate
governance framework is based on an effective independent Board, the Board’s supervisory role from the
executive management team and constitution of the Board Committees, as required under law.
The Board functions either as a full Board or through various committees constituted to oversee specific
operational areas.
Currently our Board has six directors out of which two are Independent Directors. Our Company is in
compliance with the corporate governance norms prescribed under the Companies Act, 2013, particularly, in
relation to appointment of Independent Directors to our Board and constitution of Board-level committees.
Our Company undertakes to take all necessary steps to continue to comply with all the requirements of the SEBI
Listing Regulations, the Listing Agreements and the Companies Act, 2013 to the extent applicable.
The following committees have been formed in compliance with the corporate governance norms:
A) Audit Committee
B) Stakeholders Relationship Committee
C) Nomination and Remuneration Committee

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A) Audit Committee
Our Company has constituted an audit committee ("Audit Committee"), as per section 177 of the Companies
Act 2013 vide resolution passed in the meeting of the Board of Directors dated September 23, 2019. The
constituted Audit Committee comprises following members:

Name of the Director Status Nature of Directorship

Manish Bagadia Chairman Independent Director

Praveen Kumar Gupta Member Independent Director

Chandragupt Prakash Mangal Member Joint Managing Director & CEO

The Company Secretary and Compliance Officer of the Company would act as the Secretary to the Audit
Committee.
The Audit Committee shall have following powers/responsibilities:
a. To investigate any activity within its terms of reference.
b. To seek information from any employee.
c. To obtain outside legal or other professional advice, and
d. To secure attendance of outsiders with relevant expertise if it considers necessary
The Audit Committee shall mandatorily review the following information:
a. Statement of significant related party transactions (as defined by the audit committee), submitted by
management;
b. Management letters / letters of internal control weaknesses issued by the statutory auditors;
c. Internal audit reports relating to internal control weaknesses; and
d. The appointment, removal and terms of remuneration of the Internal Auditor.
e. Quarterly / half yearly statement of deviation(s), if applicable, submitted to stock exchange(s) in terms of
Regulation 32(1);
f. Annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus.
The recommendations of the Audit Committee on any matter relating to financial management, including the
audit report, are binding on the Board. If the Board is not in agreement with the recommendations of the
Committee, reasons for disagreement shall have to be incorporated in the minutes of the Board Meeting and the
same has to be communicated to the shareholders. The Chairman of the Audit committee has to attend the
Annual General Meetings of the Company to provide clarifications on matters relating to the audit.
The role of the Audit Committee not limited to but includes:
1. The recommendation for the appointment, re-appointment and, if required, the replacement or removal of
the statutory auditor, their remuneration and fixation of terms of appointment of the Auditors of the
Company;
2. Review and monitor the auditors’ independence and performance, and effectiveness of audit process;
3. Examination of financial statement and auditors’ report thereon including interim financial result before
submission to the Board of Directors for approval, particularly with respect to;
a) Changes, if any, in accounting policies and practices and reasons for the same,
b) Major accounting entries involving estimates based on the exercise of judgment by management,
c) Significant adjustments made in the financial statements arising out of audit findings,
d) Compliance with listing and other legal requirements relating to financial statements,
e) Disclosure of any related party transactions,
f) Modified opinion(s) / Qualifications in the draft audit report.
4. Approval or any subsequent modification of transactions of the Company with related party;

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 Provided that the Audit Committee may make omnibus approval for related party transactions proposed to
be entered in to by the Company subject to such conditions provided under the Companies Act, 2013 or any
subsequent modification(s) or amendment(s) thereof;
Provided further that in case of transaction, other than transactions referred to in section 188 of Companies
Act 2013 or any subsequent modification(s) or amendment(s) thereof, and where Audit Committee does not
approve the transaction, it shall make its recommendations to the Board;
Provided also that in case any transaction involving any amount not exceeding one crore rupees is entered
into by a director or officer of the company without obtaining the approval of the Audit Committee and it
is not ratified by the Audit Committee within three months from the date of the transaction, such transaction
shall be voidable at the option of the Audit Committee;
5. Reviewing, with the management, and monitoring the statement of uses / application of funds raised through
an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other
than those stated in the offer document/ prospectus, and making appropriate recommendations to the Board
to take up steps in this matter;
6. Scrutiny of Inter-corporate loans and investments;
7. Reviewing and discussing the findings of any internal investigations by the internal auditors into matters
where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and
reporting the matter to the board;
8. To review the functioning of the Whistle Blower mechanism, in case the same is existing;
9. Valuation of undertakings or assets of the company, where ever it is necessary;
10. Evaluation of internal financial controls and risk management systems and reviewing, with the management,
performance of internal auditors, and adequacy of the internal control systems; and
11. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;
12. To monitor the end use of fund invested or given by the Company to Subsidiary Companies;
13. Carrying out any other function as assigned by the Board of Directors from time to time.
Explanation (i): The term "related party transactions" shall have the same meaning as contained in the
Accounting Standard 18, Related Party Transactions, issued by The Institute of Chartered Accountants of India.
Meeting of Audit Committee and relevant Quorum: The committee shall meet at least two times in a
financial year. The quorum for the meeting shall be either two members or one third of the members of the
committee, whichever is higher.
Tenure: The Audit Committee shall continue to be in function as a committee of the Board until otherwise
resolved by the Board, to carry out the functions of the Audit Committee as approved by the Board.
B) STAKEHOLDER’S RELATIONSHIP COMMITTEE
Our Company has constituted a shareholder / investors grievance committee ("Stakeholders’ Relationship
Committee") to redress complaints of the shareholders. The Stakeholders Relationship Committee was
constituted vide resolution passed at the meeting of the Board of Directors held on September 23, 2019.
The Stakeholder’s Relationship Committee comprises the following Directors:

Name of the Director Status Nature of Directorship

Sarika Sachin Modi Chairman Non-Executive Director

Manish Bagadia Member Independent Director

Chanakya Prakash Mangal Member Joint Managing Director & COO

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The Company Secretary of our Company shall act as a Secretary to the Stakeholder‘s Relationship Committee.
The scope and function of the Stakeholder‘s Relationship Committee and its terms of reference shall include
the following:
Tenure: The Stakeholder/ Investor Relationship Committee shall continue to be in function as a committee of
the Board until otherwise resolved by the Board, to carry out the functions of the Stakeholder / Investor
Relationship Committee as approved by the Board.
Meetings: The Stakeholder/ Investor Relationship Committee shall meet at least four times in a financial year
and shall report to the Board on a quarterly basis regarding the status of redressal of complaints received from
the shareholders of the Company. The quorum for the meeting shall be either two members or one third of the
members of the committee, whichever is higher
Terms of Reference: Redressal of shareholders’ and investors’ complaints, including and in respect of:
1) Efficient transfer of shares; including review of cases for refusal of transfer / transmission of shares;
2) Redressal of shareholder and investor complaints like transfer of Shares, non-receipt of balance sheet, non-
receipt of declared dividends etc.;
3) Issue duplicate/split/consolidated share certificates;
4) Dematerialization/ Rematerialization of Share;
5) Review of cases for refusal of transfer / transmission of shares and debentures;
6) Reference to statutory and regulatory authorities regarding investor grievances and to otherwise ensure
proper and timely attendance and redressal of investor queries and grievances; Provided that inability to
resolve or consider any grievance by the Stakeholders Relationship Committee in good faith shall not
constitute a contravention of Section 178 of Companies Act, 2013 or any subsequent modification(s) or
amendment(s) thereof.
7) Such other matters as may be required by any statutory, contractual or other regulatory requirements to be
attended to by such committee from time to time.
C) NOMINATION AND REMUNERATION COMMITTEE
Our Company has constituted a Nomination and Remuneration Committee in accordance section 178 of
Companies Act 2013. The constitution of the Nomination and Remuneration Committee was approved by a
Meeting of the Board of Directors held on September 23, 2019. The said committee is comprised as under:
The Nomination and Remuneration Committee comprises the following Directors:

Name of the Director Status Nature of Directorship

Sarika Sachin Modi Chairman Non – Executive Director

Praveen Kumar Gupta Member Independent Director

Manish Bagadia Member Independent Director

The Company Secretary of our Company shall act as a Secretary to the Nomination and Remuneration
Committee. The scope and function of the Committee and its terms of reference shall include the following:
Tenure: The Nomination and Remuneration Committee shall continue to be in function as a committee of the
Board until otherwise resolved by the Board.
Meetings: The committee shall meet at least one time in financial year and as and when the need arise for review
of Managerial Remuneration. The quorum for the meeting shall be one third of the total strength of the
committee or two members, whichever is higher. Meeting of the Nomination and Remuneration/Compensation
Committee shall be called by at least seven days’ notice in advance.
The quorum for the meeting shall be one third of the total strength of the committee or two members, whichever
is higher. Meeting of the Nomination and Remuneration Committee shall be called by at least seven days’ notice
in advance.

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Terms of Reference:
1. Formulation of the criteria for determining qualifications, positive attributes and independence of a director
and recommend to the Board a policy relating to the remuneration of the directors, key managerial personnel
and other employees;
2. Formulation of criteria for evaluation of independent directors and the Board;
3. To ensure that the relationship of remuneration to performance is clear and meets appropriate performance
benchmarks; and
4. Identifying persons who are qualified to become directors and who may be appointed in senior management
in accordance with the criteria laid down, and recommend to the Board their appointment and removal and
shall carry out evaluation of every director’s performance.
Policy on Disclosures and Internal Procedure for Prevention of Insider Trading
The provisions of Regulation 9(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 will be
applicable to our Company immediately upon the listing of its Equity Shares on Emerge Platform of National
Stock Exchange of India Limited. We shall comply with the requirements of the SEBI (Prohibition of Insider
Trading) Regulations, 2015 on listing of Equity Shares on stock exchanges.
Rutu Shah, Company Secretary and Compliance Officer, will be responsible for setting forth policies,
procedures, monitoring and adhering to the rules for the prevention of dissemination of price sensitive
information and the implementation of the code of conduct under the overall supervision of the Board.
KEY MANAGERIAL PERSONNEL
Our Company is managed by our Board of Directors, assisted by qualified and experienced professionals, who
are permanent employees of our Company.
Set forth below are the details of our Key Management Personnel as prescribed under the Companies Act, 2013,
in addition to Chanakya Prakash Mangal and Chandragupt Prakash Mangal as Joint Managing Director of our
Company. For details of our Joint Managing Director see – “Brief Profile of our Directors” on 161.
The details of our Key Managerial Personnel are set out below:
Ashutosh Mehta
Ashutosh Mehta, aged 62 years, is Chief Financial Officer of the company. He has been appointed as Chief
Financial Officer of our company w.e.f. September 23, 2019. He holds Bachelor’s degree in Commerce from
Gujarat University. Prior to joining our Company, he has worked in credit department at Bank of Baroda. He
has an experience of about 40 years in finance field. He is responsible for handling the financial operations of
the company. In the Fiscal year 2019, he was associated with the company as Accounts Officer and he has
received a remuneration of Rs. 3.58 Lakhs.
Rutu Shah
Rutu Shah, aged 26 years, is Company Secretary and Compliance Officer of our Company. She has been
appointed as Company Secretary and Compliance officer of our company w.e.f. September 23, 2019. She is a
qualified Company Secretary by profession and is an associate member of the Institute of Company Secretaries
of India. She is entrusted with the responsibility of handling corporate secretarial functions of our company. In
the Fiscal year 2019, she has not received remuneration from the company.
RELATIONSHIP BETWEEN KEY MANAGERIAL PERSONNEL
Except as mentioned below, none of the Key Managerial Personnel’s are related to each other within the
meaning of Section 2 (77) of the Companies Act, 2013. All of the Key Managerial Personnel are permanent
employees of our company.

Name of KMP Name of other KMP Relationship

Chanakya Prakash Mangal Chandragupt Prakash Mangal Brothers

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RELATIONSHIPS OF DIRECTORS/ AND PROMOTERS WITH KEY MANAGERIAL PERSONNEL
Except as mentioned below, none of our Directors of the Company are related to the Key Managerial Personnel
within the meaning of Section 2(77) of the Companies Act, 2013:

Name of Director/Promoter Name of KMP Relationship

Chanakya Prakash Mangal
Vipin Prakash Mangal Father - Son
Chandragupt Prakash Mangal

ARRANGEMENTS AND UNDERSTANDING WITH MAJOR SHAREHOLDERS / CUSTOMERS /

SUPPLIERS
None of our Key Managerial Personnel have been appointed as Key Managerial Personnel pursuant to any
arrangement with our major shareholders, customers, suppliers or others.
SHAREHOLDING OF THE KEY MANAGERIAL PERSONNEL
Except as mentioned below, none of our Key Managerial Personnel holds any Equity shares of our company as
on the date of this Draft Prospectus.

No. of Equity Shares

Sr. No. Name of the Director
held
1. Chanakya Prakash Mangal 20,74,100
2. Chandragupt Prakash Mangal 21,98,875

REMUNERATION/ COMPENSATION TO KEY MANAGERIAL PERSONNEL

Except as mentioned below, no other current KMPs have received compensation during the period ended on
March 31, 2019.

Sr. No. Name of the Director Compensation (Rs. in Lakhs)

1. Chanakya Prakash Mangal 15.55
2. Chandragupt Prakash Mangal* 10.25

* Consultancy Fees paid for Advisory Services provided to company

BONUS OR PROFIT SHARING PLAN OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL
Our Company has not entered into any Bonus or Profit Sharing Plan with any of the Directors, Key Managerial
Personnel.
CONTINGENT AND DEFERRED COMPENSATION PAYABLE TO KEY MANAGERIAL
PERSONNEL
None of our Key Managerial Personnel has received or is entitled to any contingent or deferred compensation.
LOANS TO KEY MANAGERIAL PERSONNEL
The Company has not given any loans and advances to the Key Managerial Personnel as on the date of this
Draft Prospectus.
INTEREST OF KEY MANAGERIAL PERSONNEL
The Key Managerial Personnel of our Company have interest in our Company to the extent of the remuneration
or benefits to which they are entitled to as per their terms of appointment and reimbursement of expenses
incurred by them during the ordinary course of business and to the extent of Equity Shares held by them in our
Company, if any and dividends payable thereon, if any.
Except as disclosed in this Draft Prospectus, none of our key managerial personnel have been paid any
consideration of any nature from our Company, other than their remuneration.

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Except as stated in the heading titled “Related Party Transactions” under the Section titled “Financial
Statements as Restated” beginning on page 192 of this Draft Prospectus and described herein above, our key
managerial personnel do not have any other interest in the business of our Company.
CHANGES IN KEY MANAGERIAL PERSONNEL IN THE LAST THREE YEARS
The Changes in the Key Managerial Personnel in the last three years are as follows:
Name Date of Event Nature of Event Reason
Change in Designated as Joint
Chanakya Prakash Mangal September 18, 2019
designation Managing Director

Appointment as Joint
Chandragupt Prakash Change in
September 18, 2019 Managing Director & Chief
Mangal designation
Executive Officer

Appointment as Chief
Ashutosh Mehta September 23, 2019 Appointment
Financial Officer

Appointment as Company
Rutu Shah September 23, 2019 Appointment Secretary & Compliance
Officer

Other than the above changes, there have been no changes to the KMP of our company that are not in the normal
cause of employment.
ESOP/ESPS SCHEME TO EMPLOYEES
As on date of this Draft Prospectus, our Company does not have any employee stock option plan or purchase
schemes for our employees.
PAYMENT OR BENEFIT TO OUR OFFICERS (NON SALARY RELATED)
Except as disclosed in the heading titled “Related Party Transactions” in the section titled “Financial
Statements as Restated” beginning on page 192 of this Draft Prospectus, no amount or benefit has been paid or
given within the three preceding years or is intended to be paid or given to any of our officers except the normal
remuneration for services rendered as officers or employees.

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 OUR PROMOTERS AND PROMOTER GROUP

OUR PROMOTERS:
The Promoters of our Company are Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt
Prakash Mangal. As on date of filing this Draft Prospectus, our Promoters hold 52,29,915 Equity Shares
representing 44.22% of the pre-issue Paid up Share Capital of our Company.
Brief profile of our Promoters are as under:

Vipin Prakash Mangal, Promoter, Chairman and Executive Director

Vipin Prakash Mangal, aged 51 years, is the Promoter, Chairman and
Executive Director of our Company. He plays a vital role in formulating
business strategies and effective implementation of the same. He is also
responsible for expansion and overall management of the business of our
company.

For details of his educational qualifications, experience, other directorships,

positions / posts held in the past and other directorships, see the chapter titled
“Our Management” on page 159 of this Draft Prospectus.

Date of Birth : December 25, 1967

PAN: ABLPM2843F
Passport No: Z2124770
Driving License No: GJ01 20090039708
Aadhaar Card No.: 404413123347
Address: Bungalow No. 1, Bharti Society, Near Nagri Hospital, Mithakhali,
Ahmedabad - 380006 Gujarat, India

Other ventures involving our Promoter, Vipin Prakash Mangal are as follows:
1. Mangalam Worldwide Private Limited
2. Ecs Environment Private Limited
3. Mangalam Finserv Private Limited
4. Mangalam Multi Businesses Private Limited
5. Hindprakash Tradelink Private Limited
6. Hindprakash Industries Limited
7. Zaddoc Nutrition Private Limited
8. Mangalam Acumen Private Limited
9. Shirshak Exim LLP
10. Farpoint Enterprise LLP
11. Paradisal Trade LLP
12. O.P.V.P Mangal HUF
13. Om Prakash Vipin Prakash HUF
14. Vipin Prakash HUF
15. Nitex Enterprise LLP

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Chanakya Prakash Mangal, Promoter, Joint Managing Director and
Chief Operating Officer
Chanakya Prakash Mangal, aged 24 years is the Promoter Joint Managing
Director and Chief Operating Officer of our Company. He has been actively
involved in the day-to-day operations of our Company and looks after the
sales and administration department of our Company.

For details of his educational qualifications, experience, other directorships,

positions / posts held in the past and other directorships, see the chapter titled
“Our Management” on page 159 of this Draft Prospectus.

Date of Birth: August 09, 1995

PAN: AKYPM6446Q
Passport No: K7598814
Driving License No: GJ01 20130056509
Aadhaar Card No.: 282522146018
Address: Bungalow No. 1, Bharti Society, Near Nagri Hospital, Mithakhali,
Ahmedabad - 380006 Gujarat, India

Other ventures involving our Promoter, Chanakya Prakash Mangal are as

follows:
1. Mangalam Worldwide Private Limited
2. Ecofine Colourchem Private Limited
3. Ecs Environment Private Limited
4. Mangalam Finserv Private Limited
5. Hindprakash Castor Derivatives Private Limited
6. Vipin Prakash HUF
7. O.P.V.P Mangal HUF
8. Om Prakash Vipin Prakash HUF
9. Shirshak Exim LLP
10. Nitex Enterprise LLP
11. Deluxe Paper Industries (Partnership firm)
Chandragupt Prakash Mangal, Promoter, Joint Managing Director and
Chief Executive Officer
Chandragupt Prakash Mangal, aged 21 years is the Promoter, Joint Managing
Director and Chief Executive Officer of our Company. He has been actively
involved in the day-to-day operations of our Company and looks after
Finance and overall administration of our Company.

For details of his educational qualifications, experience, other directorships,

positions / posts held in the past and other directorships , see the chapter titled
“Our Management” on page 159 of this Draft Prospectus

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 Date of Birth: December 08, 1997
PAN: AKYPM6437B
Passport No: K7598813
Driving License No: GJ01 20150025122
Aadhaar Card No.: 921443821493
Address: Bungalow No. 1, Bharti Society, Near Nagri Hospital, Mithakhali,
Ahmedabad - 380006 Gujarat, India

Other ventures involving our Promoter, Chandragupt Prakash Mangal are as

follows:-
1. Mangalam Worldwide Private Limited
2. Ecofine Colourchem Private Limited
3. Ecs Environment Private Limited
4. Mangalam Finserv Private Limited
5. Hindprakash Tradelink Private Limited
6. Vipin Prakash HUF
7. O.P.V.P Mangal HUF
8. Om Prakash Vipin Prakash HUF
9. Nitex Enterprise LLP
10. Shirshak Exim LLP

Declaration
Our Company confirms that the Permanent Account Number, Bank Account Number, Passport Number of our
Promoters, shall be submitted to the Stock Exchange at the time of filing of this Draft Prospectus.
INTEREST OF PROMOTERS:
Our Promoters are interested in our Company to the extent that they have promoted our Company and to the
extent of their shareholding and the dividend receivable, if any and other distributions in respect of the equity
shares held by them in our company. For details regarding shareholding of our Promoters in our Company,
please refer “Capital Structure” on page 67 of this Draft Prospectus.
Our Promoters are not interested as a member of a firm or company, and no sum has been paid or agreed to be
paid to our Promoters or to such firm or company in cash or otherwise by any person for services rendered by
our Promoters or by such firm or company in connection with the promotion or formation of our Company.
Our Promoters are also the Directors of our Company and may be deemed to be interested to the extent of
remuneration and/ or reimbursement of expenses payable to them for services rendered to us in accordance with
the provisions of the Companies Act and in terms of the agreements entered into with our Company, if any and
subject to Articles of Association of our Company. For details please refer to the chapter titled “Our
Management”, “Financial Statements” and “Capital Structure” beginning on pages 159, 192 and 67
respectively of this Draft Prospectus.
Further, certain members of our Promoter Group are also on the board of our Group Companies and they may
be deemed to be interested to the extent of the payments made by our Company, if any, to/from the Group
Company. For the payments that are made by our Company to certain Group Companies. For details of related
party transactions entered into by our Company during last financial year with our Promoters and Group
Companies, the nature of transactions and the cumulative value of transactions, see “Related Party Transactions
on page no 190 of this Draft Prospectus.
Further, our Promoters has given personal guarantees, respectively, towards financial facilities availed from
Bankers of our Company; therefore, they are interested to the extent of the said guarantees. Further, they have

Page 176 of 295

also extended unsecured loans and is therefore, interested to the extent of the said loans. For further information,
please refer to the details under the heading “Our Management – Interest of Directors” and “Financial
Indebtedness” on pages 159 and 212 of Draft Prospectus.
Further, none of our Promoters have given material guarantees to the third party (ies) with respect to the
specified securities of the Company.
INTEREST IN PROPERTY, LAND, CONSTRUCTION OF BUILDING, SUPPLY OF MACHINERY
Except as disclosed in the section titled“Our Management – Interest of Directors” and “Our Business” on
pages 159 and 121, our Promoters do not have any interest in any property acquired by our Company in the
three years preceding the date of this Draft Prospectus or proposed to be acquired by our Company or in any
transaction with respect to the acquisition of land, construction of building or supply of machinery or any other
contract, agreement or arrangement entered into by our Company and no payments have been made or are
proposed to be made in respect of these contracts, agreements or arrangements.
PAYMENT OR BENEFITS TO OUR PROMOTERS IN THE LAST TWO YEARS
Except as mentioned under the heading “Interest of Promoters” and in the sections titled “Financial Statements,
as restated – Annexure 30– Restated Standalone Statement of Related Parties Transactions” on pages 192 of
this Draft Prospectus, no amount or benefits were paid / given or were intended to be paid / given to our
Promoters during the last two years from the date of filing of this Draft Prospectus.
CHANGE IN THE MANAGEMENT AND CONTROL OF OUR COMPANY
There was no change in management of our Company during five years immediately preceding the
date of filing of this Draft Prospectus.

OUR PROMOTER GROUP:

Our Promoter Group in terms of Regulation 2(1) (pp) of the SEBI (ICDR) Regulations, 2018 includes the
following individuals and body corporates:
A. Individuals related to our Promoters:

Relationship with Vipin Prakash Chanakya Prakash Chandragupt

Promoters Mangal Mangal Prakash Mangal

Father Omprakash Mangal Vipin Prakash Mangal Vipin Prakash Mangal

Mother Hemlata Omprakash Rashmi Vipin Mangal Rashmi Vipin Mangal
Mangal
Brother Sanjay Prakash Chandragupt Prakash Chanakya Prakash
Mangal Mangal Mangal
Sister Kirti Goel* - -
Spouse Rashmi Vipin Mangal - -
Son Chanakya Prakash - -
Mangal
Chandragupt Prakash
Mangal
Daughter - - -
Spouse’s Father Ravindra Kumar - -
Agarwal*
Spouse’s Mother Pushpa Devi Agarwal* - -
Spouse’s Brother Sandeep Agarwal* - -
Spouse’s Sister Rekha Gupta* - -

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*Our Company has received declarations from relatives of our Promoter, Vipin Prakash Mangal i.e. Kirti Goel
(Sister of Vipin Prakash Mangal), Ravindra Kumar Agarwal (Father –in Law of Vipin Prakash Mangal), Pushpa
Devi Agarwal (Mother-in- Law of Vipin Prakash Mangal), Sandeep Agarwal (Brother-in- Law of Vipin Prakash
Mangal) and Rekha Gupta (Sister-in- Law of Vipin Prakash Mangal), stating that they do not hold any
financial/business interest in our company and that they are not willing to constitute part of promoter group of
our company. They have not shared any details of entity (ies) in which they severally or jointly have an interest.
Therefore, the disclosures made in this Draft Prospectus are limited to the extent of information that has been
made available by our Promoters in relation to Promoter Group.
B. Companies, firms, proprietorships and HUFs which form part of our Promoter Group are as follows:
1. O.P.V.P Mangal HUF
2. O.P.S.P. Mangal HUF
3. Om Prakash Vipin Prakash HUF
4. Om Prakash Sanjay Prakash HUF
5. Vipin Prakash HUF
6. Sanjay Prakash HUF
7. Deluxe Paper Industries (Partnership firm)
8. Hindprakash Industries Limited
9. Hindprakash Global Private Limited
10. Mangalam Worldwide Private Limited
11. Hindprakash Trade link Private Limited
12. Hindprakash Overseas Private Limited
13. Mangalam Multi Businesses Private Limited
14. Specific Worldwide Private Limited
15. Mangalam Acumen Private Limited
16. Mangalam Finserv Private Limited
17. Zaddoc Nutrition Private limited
18. Ecofine Colourchem Private Limited
19. Ecs Environment Private Limited
20. Hindprakash Castor Derivatives Private Limited (Subsidiary)
21. Mangalprakash (Singapore) PTE. LTD. (Subsidiary)
22. Shirshak Exim LLP
23. Farpoint Enterprise LLP (Subsidiary)
24. Paradisal Trade LLP
25. Nitex Enterprise LLP
RELATIONSHIP OF PROMOTERS WITH OUR DIRECTORS:
Except as disclosed herein, none of our Promoter(s) are related to any of our Company’s Directors within the
meaning of Section 2 (77) of the Companies Act, 2013.

Name of Promoter Name of Director Relationship

Vipin Prakash Mangal Chanakya Prakash Mangal Father- son

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 Name of Promoter Name of Director Relationship

Chandragupt Prakash Mangal

Chanakya Prakash Mangal Chandragupt Prakash Mangal Brother

DISASSOCIATION BY THE PROMOTERS IN THE LAST THREE YEARS:

None of our Promoters have disassociated themselves from any companies, firms or other entities during the
last three years preceding the date of the Draft Prospectus.
LITIGATION INVOLVING OUR PROMOTER:
For details of legal and regulatory proceedings involving our Promoters, refer to the chapter titled “Outstanding
Litigation and Material Developments” on page 216 of this Draft Prospectus.
CONFIRMATIONS:
None of our Promoters have been declared as a fugitive economic offender under the provisions of section 12
of the Fugitive Economic Offenders Act, 2018.
Our Promoters and members of our Promoter Group have not been declared as Wilful Defaulters.
None of the Promoters, Promoter Group entities, directors or Group Companies have been debarred or
prohibited from accessing or operating in capital markets or restrained from buying, selling or dealing in
securities under any order or direction passed by SEBI or any other regulatory or governmental authority. Our
Promoters and members of the Promoter Group are not and have never been promoters, directors or person in
control of any other company which is prohibited from accessing or operating in capital markets or debarred
from accessing or operating in capital markets under any order or direction passed by SEBI or any other
regulatory or governmental authority.
There are no violations of Securities Law committed by our Promoters in past and no proceedings for violation
of securities laws are pending against them.
Except as disclosed in “Related Party Transactions on page 190 of this Draft Prospectus, our Promoters are not
related to any of the sundry debtors or are not beneficiaries of Loans and Advances given by/to our Company.

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 OUR GROUP COMPANIES
In accordance with the provisions of the SEBI (ICDR) Regulations, for the purpose of identification of “Group
Companies”, our Company has considered companies as covered under the applicable accounting standards,
i.e. Accounting Standard 18 issued by the Institute of Chartered Accountant of India as per our Restated
Financial Information and such other companies as considered material by our Board.
Pursuant to a resolution of our Board dated September 25, 2019, for the purpose of disclosure in offer document
for the Issue, a company shall be considered material and disclosed as a ‘Group Company’ if the name of a
Company is included in the list of related parties transactions of the company as per Accounting Standard 18
and detailed in the Restated Financial statements.
Based on the above, the following are our Group Companies:
1. Hindprakash Tradelink Private Limited
2. Mangalam Worldwide Private Limited;
3. Zaddoc Nutrition Private Limited
4. ECS Environment Limited;
5. Ecofine Colourchem Private Limited
CONFIRMATIONS
Unless otherwise specifically stated in this section, none of the Group Companies: (i) are listed on any stock
exchange in India or abroad; (ii) have completed any public or rights issue in the preceding three years; (iii)
have become a sick company within the meaning of the erstwhile SICA; (iv) are under winding-up; (v) have
become defunct; (vi) have made an application to the relevant registrar of companies in India in whose
jurisdiction such Group Company is registered in the five years preceding the date of filing this Draft Prospectus
with SEBI, for striking off its name; (vii) have received any significant notes from the auditors; (viii) had a
negative net worth as of the date of their last audited financial statements, or (ix) have any pending litigation
which has material impact on our Company.
OUR GROUP COMPANIES
The Details of our Group Companies are provided below:
1. Hindprakash Tradelink Private Limited (“HTPL”)
Corporate Information
Hindprakash Tradelink Private Limited (HTPL) was originally incorporated as a Private Limited Company as
“Ahmedabad Chemicals Private Limited” under the provisions of the Companies Act, 1956 vide Certificate of
Incorporation dated on May 10, 1972 issued by Registrar of Companies, Gujarat. Subsequently the name of
“Ahmedabad Chemicals Private Limited was changed to “Hindprakash Tradelink Private Limited” vide
Certificate of Incorporation dated October 30, 2017 issued by Registrar of Companies, Gujarat, Dadra and Nagar
Haveli. The registered office of NTPL is situated at 101, 'Hindprakash' House, Plot No. 10/6, Phase-I, GIDC
Vatva, Ahmedabad – 382445, Gujarat India. The Corporate Identification Number of HTPL is
U24231GJ1972PTC002082. The current authorised capital is Rs. 2,125.00 Lakhs and paid up share capital is
Rs. 1,832.09 Lakhs.
Main Objects of the Company:
The main objects of HTPL are as follows:
1. To carry on the business of manufacturing of and dealers in Chemicals, Chemical Compounds and Chemical
Products of any nature and kind whatsoever, and as wholesale and retail chemists and druggists, chemical
engineers, analytical chemists, importers, exporters, manufacturers of and dealers in heavy chemical, acids,
alkalis, petro-chemicals, chemical compounds and element of all kinds solid, liquid and gaseous), drugs,
medicines, pharmaceuticals, antibiotics etc. tanners, tannin extracts, essences, solvents, plastics of all types,
dyes, dyestuff intermediates, textile auxiliaries, artificial silks, staple fibers, and synthetic fibers of all kinds

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 and types, regenerated fibers or filaments, cellophane, colours, plants, varnishes, disinfectants, insecticides,
fungicides, deodorants as well as biochemical, pharmaceutical, medicinal, siring, bleaching, photographical
and other preparations and articles of any nature and kind whatsoever.
2. To carry on the business of manufacturers, buyers, sellers, importers, exporters of and dealers in all kinds
and classes of paper, board and pulp including writing paper, printing paper, news printing paper, absorbent
paper, wrapping paper, tissue paper, cover paper, blotting gaper, filter paper, antique paper, ivory finish
paper, coated paper, art paper, bank or bond paper, badami, brown or buff paper, bible paper, cartridge
paper, cloth lined paper, azure-laid paper, cream laid, wove paper, glassine, waxed paper, grease-proof
paper, gummed paper, handmade paper, parchment paper, drawing paper, Kraft paper, manila paper,
envelope paper, tracing paper, velium paper, waterproof paper, carbon paper, sensitised paper, chemically
treated paper, litmus paper, photographic paper, glass paper, emery paper, pasteboard, card-board,
strawboard, plup board, leather board, mill board, corrugated board, cartons, paper bags, paper boxes, post-
cards, visiting cards, all other kinds of paper whatsoever, soda-pulp, mechanical pulp, sulphite pulp,
chemical and semi-chemical pulp etc. including such pulp as is manufactured from all types of raw materials
such as timber, bamboos, grasses, sugarcane bagasse, cotton-Linters, lint, cotton waste, etc. all kinds of
coated papers with all types of materials, resins and plastics.
3. To exploit and render fit for use, deposi1s of salt natron natural soda, Nitrates, natural brines and seawater,
and to manufacture therefrom any kind of chemicals and other products and by-products, and to carry on
the business of manufacturers, exporters and importers of and dealers in salt, table salt, potassium chloride,
magnesium chloride and substances.
4. To carry on business as dyers, bleachers and calico printers in a dye house or a textile mill and as wholesale
or retail chemists, druggists, analytical or pharmaceutical chemists, and as manufacturers of paints, oils and
varnishes and as dealers in Dyes and chemicals and as dealers in flavour and perfume materials and as
exporters and importers and to manipulate, prepare or market and otherwise deal in all goods, merchandise,
articles, things wares and manufacturers and also other products whatsoever of this Company.
5. To carry on the business as manufacturers of distillers, dye makers and to manufacture and deal in dyestuffs,
chemicals, auxiliaries etc.
6. To carry an business of pharmaceutical manufacturing, and general chemists and druggists, and manufacture
of and dealers in all kinds of toilet requisites, and manufacturers of all kinds of boxes and cases wholly of
card, wood, metal or otherwise and printers, colour printers publishers, stationers, candle makers,
manufacturers of perfumes, collectors of flowers and perfume producing vegetation.
7. To carry on all or any of the business following, namely, cotton spinner and doublers flax, hemp and jute
spinners, linen manufacturers, flax, hemp, jute and wool merchants, wool combers, worsted spinners,
woollen spinners, war knitters, yarn merchants, worsted stuff manufacturers, bleachers and dyers, and
makers of vitriol, bleaching and dyeing materials and to purchase, comb, prepare, spin, dye and deal in flax,
hemp, jute, woof, cotton silk and other fibrous, substances, and to weave or otherwise manufacture, buy and
sell and deal in linen, cloth and other goods and fabrics, whether textile, fribled knitted or copreld and to
supply power, and to carry on or be interested in the business of flour mill proprietors pressing and ginning
will proprietors and oil mill proprietors, paper mill proprietors and ice manufacturers in all their branches
and either in Ahmedabad or other parts of India.
Board of Directors:
1. Santosh Narayan Nambiar
2. Sanjay Prakash Mangal
3. Sachin Rajendra Modi
Nature and Extent of Interest of Promoters:
Our Promoters Vipin Prakash Mangal and Chandragupt Prakash Mangal together holds 2,04,606 Equity shares
of Rs. 10 each and 15,861 Preference Shares of Rs. 10 each aggregating to 1.20% of the total Share capital of
HTPL.

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Our Promoters have no interest in the company except to the extent of shareholding in HTPL.
Financial Information:
(Rs. in lakhs except per share figures)
Particulars FY 2018 – 19 FY 2017 – 18 FY 2016 – 17
Share Capital 1,832.09 1,832.09 125.00
Reserves and Surplus (excluding revaluation 6,797.60 6,475.30 6,277.02
reserves)
Revenue from Operations 76,124.10 59,685.75 55,545.22
Profit After Tax 324.38 200.35 192.02
Earnings Per Share (Basic) 1.89 1.17 15.36
Earnings Per Share (Diluted) 1.89 1.17 1.12
Net Asset Value (In Rs.) 47.10 45.34 512.16

Significant Notes of Auditor

There are no significant notes of the Auditors in relation to the aforementioned financial statements.
2. Mangalam Worldwide Private Limited (“MWPL”)
Corporate Information
Mangalam Worldwide Private Limited (MWPL) was originally incorporated as “Temchem Exports Private
Limited” as a Private Company under the provisions of the Companies Act, 1956 vide Certificate of
Incorporation dated on December 11, 1995 issued by Asstt. Registrar of Companies, Gujarat, Dadra and Nagar
Haveli. Subsequently the name of “Temchem Exports Private Limited” was changed to “Hindprakash Exim
Private Limited” vide Certificate of Incorporation dated April 30, 2007 issued by Registrar of Companies,
Gujarat, Dadra and Nagar Havelli. Further the name of company was changed from “Hindprakash Exim Private
Limited” to “Mangalam Worldwide Private Limited” vide Certificate of Incorporation dated October 13, 2014
issued by Registrar of Companies, Ahmedabad, Gujarat. The registered office of MWPL is situated at 102,
Mangalam Corporate House, 19/B, Kalyan Society, Near M.G. International School, Mithakhali, Ahmedabad
– 380006, Gujarat, India. The Corporate Identification Number of MWPL is U51500GJ1995PTC028381. The
current authorised capital is Rs. 42.50 Lakhs and paid up share capital is Rs. 20.13 Lakhs.
Main Objects of the Company:
The main objects of MWPL are as follows:
1. To carry on business ass dealers, importers, exporters, traders, distributors and manufacturers
representatives of all classes, kinds, types, nature and description of goods, commodities, articles and things
whether of capital nature or otherwise including but without limiting the generality of the foregoing.
(i). Textile machineries and components and accessories;
(ii). Dyes and intermediates;
(iii). Chemicals and chemical compounds;
(iv). Pharmaceuticals and bulk drugs;
(v). Ferrous, non-ferrous metals, castings and components.
2. To carry on the business as recognised export and import house.
Board of Directors:
1. Chandragupt Prakash Mangal
2. Chanakya Prakash Mangal
Nature and Extent of Interest of Promoters:

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Our Promoters Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal together
holds 1,42,500 Equity shares of Rs. 10 each aggregating to 58.50% of the total issued Equity Share capital of
MWPL. Further Chandragupt Prakash Mangal and Chanakya Prakash Mangal are also the directors of MWPL.
Our Promoters have no interest in the company except to the extent of their directorships and shareholding in
MWPL.
Financial Information:
(Rs. in lakhs except per share figures)
Particulars FY 2018 - 19 FY 2017 - 18 FY 2016 – 17
Share Capital 20.13 4.75 4.75
Reserves and Surplus (excluding revaluation reserves) 855.67 112.79 112.10
Revenue from Operations 3,458.72 3,136.61 2,662.44
Profit After Tax 23.36 0.77 5.96
Earnings Per Share (Basic and Diluted) 114.00 3.76 30.58
Net Asset Value (In Rs.) 435.00 247.45 246.01

Significant Notes of Auditor

There are no significant notes of the Auditors in relation to the aforementioned financial statements.
3. Zaddoc Nutrition Private Limited (“ZNPL”)
Corporate Information
Zaddoc Nutrition Private Limited (ZNPL) is a Private Limited Company incorporated under the provisions of
the Companies Act, 1956 vide Certificate of Incorporation dated on March 14, 2013 issued by Registrar of
Companies, Gujarat, Dadra and Nagar Haveli. The registered office of ZNPL is situated at 205, Hindprakash
House, Plot No. 10/6, Phase-1, GIDC, Vatva, Ahmedabad – 382445, Gujarat India. The Corporate Identification
Number of ZNPL is U15400GJ2013PTC073986. The current authorised capital is Rs. 1,037 Lakhs and paid up
share capital is Rs. 48.81 Lakhs.
Main Objects of the Company:
The main objects of ZNPL are as follows:
1. To carry on business of manufactur ing, trading, buying, selling, import and export. store, forward,
distribute, develop, mar ket, supply and to act as agent, broker, representative, consultant collaborator,
stockists, liasioner, middleman, jobworker or otherwise to deal in all types, descriptions, specifications,
strengths and applications of dietary and nutraceutical supplement products like protein powder, energy
drinks, multivitamin tablets, syrups and drops, pharmaceutical and chemical products of me-dicaments in
all its branches such as healthcare products used for diet and fitness, including, basic drugs, intermediates,
tonics , antibiotics , enzymes, steroids , vitamins, hormones, biological and immunological chemicals,
contraceptives, vaccines, toxins, ferments, oils and tinctures; medicinal products in all forms such as
capsules, tablets, powders, ointments, injectibles , pills fluids, granules, sprayers, inhalers , food products,
Juice, mineral waters, removers, veterinary medicines, fitness supplements, nutritional supplements, leucine
product, isoleucine product, valine products, aloevera antacid, aloevera health drink, amla candy, anti
fungal drugs, arm sling, ayurvedic hair oil, ayurvedic health care products, body fat analyzer, body massager
, calcium supplements, calcium supplements, nutritional supplements, fat burning supplements, weight
gaining supplements, slimming supplement, women slimming supplement , creatine supplement,
carbohydrate supplement and weight gaining supplements, protein supplements, dietary supplements,
digital blood pressure monitor herbal products, their by-products, intermediates , residues, mixtures,
compounds and other allied goods, and also to deal in over the counter (OTC) products, cosmetics, toiletries,
shampoo, skin care and healthcare products , birth control medicines and devices and lubricants and to do
all such acts and things necessary for the attainment of the above objects.
2. To carry on all or any of the business in India and/or elsewhere as buyers, sellers, importers, exporters,

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 dealers, representative either on own account of the company or on account of constituent of buyers,
sellers, importers, exporters, distributors, dealers, manufacturers, producers, refiners and developers in all
kind of goods, merchandise, materials, including but not Limited to stationeries, papers, books, paper
boards, hard boards, binders, cards, artisan, work of art, paintings, antique pieces or articles, handicraft,
fabrics, castings, hardware including barbed wire and chain links, mesh and wire mesh, textiles, garments,
apparels, sports goods, precious and semiprecious metals, jewellery, diamonds and other natural and
synthetic stones, ferrous and non ferrous metals, minerals, electrical goods, electronic goods including
computer hardware, data and software, electronic and other toys, shoes, lather, leather goods, chemicals,
chemical compound , dyes, intermediates , textile chemicals, pigments, paints, colours, thinners, varnishes,
synthetics resin, inks, natural and synthetic fiber , yarns, edible, non-edible oil, oil fasts, cream, butter, ghee,
pharmaceuticals , cosmetics, plastic, plants, equipments, machineries, agricultural produces and products
thereof, marine products, groceries , grains, salt, sugar, spices, forest products, timber, woods, rubber, glass,
herbal products, fertilizers, pesticides, agro-chemicals, paper pulps, petroleum products and petro-chemical
products.
3. To act as agents and/brokers for sellers, buyers, exporters, importers, designers, merchants, tradesmen,
hirers located in India and/or elsewhere and to undertake and carry out agency work and commission
business in respect of all items including items specified in herein above.
Board of Directors:
1. Dimple Sanjay Prakash Mangal
2. Sanjay Prakash Mangal
Nature and Extent of Interest of Promoters:
Our Promoter Vipin Prakash Mangal holds 92,736 Equity shares of Rs. 10 each aggregating to 19.00% of the
total issued and paid up Equity Share capital of ZNPL.
Our Promoters have no interest in the company except to the extent of aforesaid shareholding in ZNPL.
Financial Information:
(Rs. in lakhs except per share figures)
Particulars FY 2018-19 FY 2017 - 18 FY 2016 – 17
Share Capital 48.81 1.00 1.00
Reserves and Surplus (excluding revaluation reserves) 3,973.87 (6.22) (5.70)
Revenue from Operations 742.26 - -
Profit/Loss After Tax (4.05) (0.52) (1.97)
Earnings Per Share (Basic and Diluted) (0.83) (5.20) (19.75)
Net Asset Value (In Rs.) 824.18 (52.20) (47.00)

Significant Notes of Auditor

There are no significant notes of the Auditors in relation to the aforementioned financial statements.
4. ECS Environment Private Limited (“ECPL”)
Corporate Information
ECS Environment Private Limited (EEPL) was originally incorporated as a Public Limited Company as “ECS
Environment Limited” under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated
on August 23, 2011issued by Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Subsequently the
Company was converted into a Private Limited Company and the name of EEPL was changed to “ECS
Environment Private Limited” vide Certificate of Incorporation dated November 21, 2013 issued by Registrar
of Companies, Gujarat, Dadra and Nagar Haveli. The registered office of EEPL is situated at Block No 24, Paiki
Village Vautha, Taluka Dholka, Ahmedabad – 382225, Gujarat India. The Corporate Identification Number of

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EEPL is U30000GJ2011PTC066849. The current authorised capital is Rs. 800.00 Lakhs and paid up share
capital is Rs. 682.24 Lakhs.
Main Objects of the Company:
The main objects of EEPL are as follows:
1. To carry on the business in India or any part of the world of Recovery and recycling of manufacturing
rejects, various metals and non metals from obsolete electronic devices such as Computer, Servers, main
frames, Monitors, TVs, CRT & LCD display devices, Telecommunication devices, Cellular phones,
Calculators, audio and video devices, printers, scanners, copiers and fax machines besides refrigerators, air
conditioners, washing machines, and microwave ovens, E-Waste also covers used audio video storage
devices such as DVDs, CDs, Floppies, Tapes, Printing Cartridges, Electronic Components such as ICs,
Processors, Mother boards, Printed Circuit boards, Transistors, Resistors, Capacitors, Transformers,
Industrial electronics, automobile electronic devices, catalytic converters, metal soltiex, copper sulfate,
silver chloride, military electronics, spare and aviation electronics and to manufacture, develop, import,
export, buy, sell, distribute, transfer, lease, hire, research, license, use, dispose off, operate, assemble,
record, maintain, convert, improve, procure, install, alter, modify all kinds of Computer, computer
peripherals, Networking component, Information Technology product, Online ( Website) services, Data
Center, Network Operating Center (NOC) , Online Help Desk, all Center. Various other services related to
Information Technology, repairing of IT Products, training and education on IT Subjects, lease of IT setup,
Consultancy of Information Technology projects, software, hardware, and to provide Information
Technology enabled services like medical transcription, medical billing & coding, insurance billing, legal
transcription, G.I.S. mapping, call center, back office support, E-commerce, web content, software
development, running BPO Centers, cyber café, M. T. (Medical Transcription), I. T. enabled services, FMC
(Facility Management Centre), E Mail, E Commerce, Mobile Computing, Mobile E – Mail Services, Web
Designing, Web hosting, call centers, WAP and to undertake the turnkey projects for the same on BOOM
(Build, Own, Operate and Maintain) and BOLT (Build, Operate, Lease and Transfer) basis and/or similar
new technology in this field and to provide programming services and the business of providing resources
on site to clients, enterprise resource planning solutions & to undertake IT related recruitment & placement
services either by own or jointly with others and to carry on the business of technology in India or abroad
by establishing small scale units or 100% export oriented undertakings (EOU), or by setting up unit in
Software Technology Park (STP), Special Economic Zone (SEZ) or setting up of 100% wholly owned
subsidiary in India or abroad or in joint venture with any other units in India or any part of the world using
information technology, satellite data transfer link or internet services or any other technology developed
or to be developed in India or any part of the world and to act as consultant, outsourcing agent, trainer,
franchiser, job worker, representative, adviser, or otherwise to deal in all kinds of transcription services
using state of the art equipments with development of information technologies. The operations would be
ranging from reusing the old/new used/unused IT and other electrical and electronics products, repairing or
refurbishing them using old or new components, parts and spares, recovering or retrieving components,
parts and spares from unusable or unrepeatable equipments. Eco-friendly e-waste recycling would cover
many mechanical and chemical processes like shredding, crushing, cutting, grinding, magnetic separation,
heat exchange, eddy current separation, density separation, cyclone separation, near infrared or infrared
separation, electrolysis and other electrochemical processes, chemical leaching and separation.
2. To carry on the business in India or any part of the world operations like storage, sorting, separation and
segregation, component removal and classification would also take place. The machines, equipments, tools
required for processes can be designed and developed in-house, imported from other countries or purchased
locally. Many of the technologies would be patented, approved and verified by various authorities. Various
dedicated processing lines for ICT Products, CRTs, Refrigerators & ACs, Washing machines & Dish
washers, CFLs & FLs, operational in parallel. Primary level operations would also include testing and
analyzing each and every component for possibility of reuse and also R&D to analyze its compositions and
possibility of recovery of different types of metals and materials. Ratio and purity of recovery would also
be determined by R&D process. Different Mechanical processes would allow recovery of different metals
and materials like various types of plastics, Glass, Aluminum, copper, iron, Lead, Tin, Nickel, Zinc,
generate by products like phosphorus, sulpher, mercury, Freon gas, that would be controlled and stored by
effective filtering processes. Various chemical processes would recover PMG metals, remaining byproducts

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 like rubber, epoxy resin, silicon are treated to be neutralized and disposed. sophisticated measures be taken
and adequate technology like wet scrubbers, filters, washers and ETP system would be deployed to avoid
or reduce pollution in any forms like solid, liquid or gas. The metals and materials received as output from
various processes can further be processed for purification, refining or molding in various forms or shapes
or can be sold/provided to different vendors/processors to process/market it further. E waste would be
procured from the market as raw material from Government and nongovernment agencies, Industries,
commercial and domestic dispose. Utility requirements like electricity would be addressed by either using
conventional sources of electricity or by generating electricity using renewable sources like solar and wind.
Water also be treated to be reused multiple times for various processes and for domestic use or watering the
plantation.
Board of Directors:
1. Chandragupt Prakash Mangal
2. Seema Vijay Mandora
3. Ghanshyam Tansukhlal Pandya
Nature and Extent of Interest of Promoters:
Our Promoters Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash Mangal together
holds 8,30,265 Equity shares of Rs. 10 each aggregating to 12.58% of the total issued and paid up Equity Share
capital of EEPL. Further Chandragupt Prakash Mangal is also the director of EEPL.
Our Promoters have no interest in the company except to the extent of the aforesaid directorship and
shareholding in the EEPL.
Financial Information:
(Rs. in lakhs except per share figures)
Particulars FY 2018 - 19 FY 2017 - 18 FY 2016 – 17
Share Capital 659.74 592.24 592.24
Reserves and Surplus (excluding revaluation reserves) 982.71 1989.24 2090.11
Revenue from Operations 470.59 326.63 225.68
Profit/Loss After Tax (514.78) (100.87) 287.82
Earnings Per Share (Basic and Diluted) (8.30) (1.70) 4.86
Net Asset Value (In Rs.) 24.90 43.59 45.29

Significant Notes of Auditor

There are no significant notes of the Auditors in relation to the aforementioned financial statements.
5. Ecofine Colourchem Private Limited (“ECPL”)
Corporate Information
Ecofine Colourchem Private Limited (ECPL) was originally incorporated as a Limited Liability Partnership in
the name of “BR Colourchem LLP” having LLPIN AAD-8284 registered under Limited Liability Partnership
Act, 2008. Further the LLP was converted in a Private Company as “BR Colourchem Private Limited” under
the provisions of the Companies Act, 2013 vide Certificate of Incorporation dated on April 25, 2018 issued by
Registrar of Companies, Central Registration Centre, Manesar. Subsequently the name of “BR Colourchem
Private Limited” was changed to “Dazzling Colourchem Private Limited vide Certificate of Incorporation dated
June 28, 2018 issued by Registrar of Companies, Delhi. Further the name of company was changed from
“Dazzling Colourchem Private Limited” to “Ecofine Colourchem Private Limited” vide Certificate of
Incorporation dated August 25, 2018 issued by Registrar of Companies, Delhi. The registered office of ECPL
is situated at House No 1792-1793, Basement Floor Kingsway Camp, Outram Line, House No. 1792-1793,
Basement Floor Kingsway Camp, Outram Line, Landmark Na New Delhi North Delhi 110009, India. The

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Corporate Identification Number of ECPL is U24304DL2018PTC333055. The current authorised capital is Rs.
500.00 Lakhs and paid up share capital is Rs. 62.57 Lakhs.
Main Objects of the Company:
The main objects of ECPL are as follows:
1. The Company is being formed as a Part-I Company, by the Conversion of an existing LLP i.e. B R
Colorchem LLP having LLPIN: AAD-8284 and registered office at 1902, Outram Line, Kingsway Camp,
Delhi 110009 into a Private Limited Company under the provisions of Chapter-XXI, of the Companies Act,
2013.
2. To carry on the business in India and outside India of manufacturers, formulators, processors, blenders,
mixers, packers, re-packers, branders, jobbers, traders, dealers, distributors, liaison, agency, consultancy,
brokerage, indenting in all types of dyestuffs, pigments powder & pastes, dye intermediates, chemicals,
printing ink and textile auxiliaries and its allied products.
3. To carry on the business of manufacturing of and dealers in Chemicals, Chemical Compounds and Chemical
Products of any nature and kind whatsoever, chemical engineers, importers, exporters, manufacturers of
and dealers in heavy chemicals, acids, alkalis, petro-chemicals, chemical\ compounds and elements of all
kinds (solid, liquid and gaseous), dyes, dyestuff intermediates, textile auxiliaries, artificial silks and other
preparations and articles of any nature and kind whatsoever.
4. To carry on the business as dyers, bleachers and calico printers in a dye house or textile mill as wholesaler
or retailer and as dealers in dyes and chemicals and otherwise deal in all goods, merchandise, articles, things
wares and manufacturers and also other products whatsoever of this Company.
5. To carry on the business as manufacturers of chemicals, distillers, dye makers and to manufacture and deal
in all kinds of dyestuffs, chemicals, auxiliaries etc.
6. To carry on in India and elsewhere in any place or places in the world the trade or the business of traders,
exporters, importers, dealers, merchants, shippers, indentors, distributor, wholesalers, retailers,
shopkeepers, hirers, commission agents, muccadums, brokers, stockists, mercantile agents, direct selling,
forwarding agents, warehousemen, in a wide range of dyestuffs, pigments powder & pastes, dye
intermediates, chemicals, printing ink and textile auxiliaries and its allied products and to carry on all the
above business in all or any of their respective branches.
Board of Directors:
1. Chandragupt Prakash Mangal
2. Chanakya Prakash Mangal
3. Mansukhbhai Haribhai Vekaria
4. Hitesh Garg
5. Rajan Garg
Nature and Extent of Interest of Promoters:
Our Promoters Chanakya Prakash Mangal and Chandragupt Prakash Mangal are directors of ECPL.
Our Promoters do not hold any Equity shares in ECPL.
Our Promoters have no interest in the company except to the extent of their directorships in the ECPL.
Financial Information:
(Rs. in lakhs except per share figures)
Particulars FY 2018-19 FY 2017-18 FY 2016-17
Share Capital 62.56 NA NA
Partner’s Contribution NA 62.57 79.08
Reserves and Surplus (excluding revaluation reserves) 6.81 0.00 (0.11)

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 Particulars FY 2018-19 FY 2017-18 FY 2016-17
Reevnue from Operations 20.00 0.15 0.00
Profit/Loss After Tax 6.80 0.11 (0.11)
Earnings Per Share (Basic and Diluted) 1.09 NA NA
Net Asset Value (In Rs.) 11.09 NA NA

Note: As the ECPL was converted in Private Limited Company in FY 2018-19, so the Financials of FY 2016-
17 and 2017-18 are for the BR Colourchem LLP.
Significant Notes of Auditor
There are no significant notes of the Auditors in relation to the aforementioned financial statements.
LITIGATION AGAINST GROUP COMPANIES
Except as mentioned in the chapter titled ‘Outstanding Litigation and Material Developments’ beginning on
page 216 of this Draft Prospectus, Our Group Companies are not involved in any litigations which have a
material impact on our Company.
LOSS MAKING GROUP COMPANIES
Our Group Companies ‘Zaddoc Nutrition Private Limited’ & ‘ECS Environment Private Limited’ have incurred
losses during the year immediately preceding the date of filing the Draft Prospectus with Stock exchange. Please
refer the details mentioned under the head “Financial Information” of ‘Zaddoc Nutrition Private Limited’ &
‘ECS Environment Private Limited’ mentioned in this Chapter.
DEFUNCT/ STRUCK-OFF COMPANY
None of Our Group Companies have remained defunct and no application has been made to the Registrar of
Companies for striking off its name during the five years preceding the date of filing the Draft Prospectus with
Stock exchange.
NATURE AND EXTENT OF INTEREST OF OUR GROUP COMPANIES
Interest in the promotion of our Company
Except as disclosed in “Related Party Transactions” on page 190, our Group Companies do not have any
interest in the promotion or any business or other interests in our Company. For further details in relation to the
shareholding of our Group Companies in our Company, please refer to the chapter titled “Capital Structure”
on page 67 of this Draft Prospectus.
Interest in the properties acquired or proposed to be acquired by our Company in the past three years
or proposed to be acquired
Except as mentioned in the chapter titled "Our Business" under the heading Land & Property beginning on page
121 of this Draft Prospectus, our Group Companies do not have any interest in the properties acquired or
proposed to be acquired by our Company in the three years preceding the filing of Draft Prospectus or proposed
to be acquired by our Company as of the date of this Draft Prospectus.
Interest in the transactions for acquisition of land, construction of building and supply of machinery
Our Group Companies are not interested in any transaction for acquisition of land, construction of building or
supply of machinery.
COMMON PURSUITS
Our group companies do not have any interest in any venture that is involved in any activities similar to those
conducted by our Company. Our Group Companies are having common pursuits with our Company as they are
authorised to carry on similar activities as those conducted by Company. These Companies do not have any
non-compete agreements in place amongst themselves. Our Company will adopt the necessary procedures and
practices as permitted by law to address any conflict situations as and when it arises.

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Related Business transactions between our Company & Group Companies and significance on the
financial performance of our Company
Except as disclosed in “Related Party Transactions” on page 190of this Draft Prospectus, there are no related
business transactions of our Company with its Group Companies and significance of the same on the financial
performance of our Company.
Business interests of group companies/ subsidiaries/ associate companies in our Company
Other than as disclosed in “Related Party Transactions” on page 190 of this Draft Prospectus, our Group
Company/ subsidiaries/associate companies does not have any interests in the business of our Company or
interest of any other nature as on the date of this Draft Prospectus.
Payment or benefit to our Group Companies
Except as stated in chapter titled "Related Party Transactions" beginning on page 190 of this Draft Prospectus,
there has been no payment of benefits to our group companies during the period ended June 30, 2019 and
financial years ended, March 31, 2019, March 31, 2018 and March 31, 2017.
OTHER DISCLOSURE
Further our Group Companies have not been debarred from accessing the capital market for any reasons by the
SEBI or any other authorities.
Our Group Companies have not been identified as willful defaulter as defined under the SEBI ICDR
Regulations.

Page 189 of 295

 RELATED PARTY TRANSACTION
For details on related party transactions please refer to Annexure 30 of restated financial statement under the
section titled, “Financial Statements” beginning on page 192 of this Draft Prospectus.

Page 190 of 295

 DIVIDEND POLICY
The declaration and payment of dividends will be recommended by our Board of Directors and approved by our
shareholders, at their discretion, subject to the provisions of the Article of Association, the Companies Act 2013.
In addition, our ability to pay dividends may be impacted by a number of factors, including the results of
operations, financial condition, contractual restrictions, and restrictive covenants under the loan or financing
arrangements we may enter into to finance our various projects and also the fund requirements for our projects.
Our Company may also, from time to time, pay interim dividends. Our Company has no formal dividend policy.
Our Company has declared dividends during the last three Fiscals.
Details of dividends distributed on the Equity Shares are as follows:-

For the period post Fiscal

For the
June 30, 2019 to the
Particulars period ended
date of filing of this 2019 2018 2017
June 30, 2019
Draft Prospectus
Face value per share (in Rs.) 10 10 10 10 10
Dividend (in Rs.) - - 4,65,097 1,09,004 -
Dividend per share (in Rs.) - - 0.20 0.20 -
Rate of Dividend (%) - - 0.2% 0.2% -
Dividend Tax (%) - - 20.56 20.56 -

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 SECTION VI – FINANCIAL INFORMATION

FINANCIAL STATEMENT AS RESTATED

Particulars Page No.

Restated Consolidated Financial Statements F-1 to F-39
Restated Standalone Financial Statements F-40 to F-72

Page 192 of 295

 `

Auditor’s Report on the Restated Consolidated Statement of Assets and Liabilities as at June 30,
2019 and March 31, 2019 Profit and Loss and Cash Flows for each of the years/Period ended on
June 30, 2019 and March 31, 2019 of Mangalam Global Enterprise Limited (collectively, the
“Restated Consolidated Summary Statements”)
To,
The Board of Directors
Mangalam Global Enterprise Limited
101, Mangalam Corporate House, 19/B Kalyan Society,
Nr. M.G. International School, Mithakhali,
Ahmedabad - 380006
Dear Sir/Ma’am,
1. We have examined the attached Restated Consolidated Summary Statements along with
significant accounting policies and related notes of Mangalam Global Enterprise Limited (the
“Company”) as at and for the period /each of the years ended June 30, 2019 and March 31, 2019,
annexed to this report and prepared by the Company for the purpose of inclusion in the Offer
Document in connection with its proposed Initial Public Offer (“IPO”) on the EMERGE Platform
of National Stock Exchange of India Limited.
2. These Restated Summary Statements have been prepared in accordance with the requirements of:
(i) Part I of Chapter III to the Companies Act, 2013(“the Act”) read with Companies (Prospectus
and Allotment of Securities) Rules 2014;
(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations 2018 (“ICDR Regulations”) issued by the Securities and Exchange Board of India
(“SEBI”) in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992
and related amendments / clarifications from time to time;
(iii) The terms of reference to our engagements with the Company requesting us to carry out the
assignment, in connection with the Draft Prospectus/Prospectus being issued by the Company
for its proposed IPO of equity shares on EMERGE Platform of NSE Limited.; and
(iv) The Guidance Note on Reports in Company Prospectus (Revised 2016) issued by the Institute
of Chartered Accountants of India (“Guidance Note”).
3. The Restated Consolidated Summary Statements of the Company have been extracted by the
management from the Audited Financial Statements of the Company for the period/financial years
ended on June 30, 2019 and March 31, 2019.
4. In accordance with the requirements of Part I of Chapter III of Act including rules made therein,
ICDR Regulations, Guidance Note and Engagement Letter, we report that:
(i) The “Restated Consolidated Summary Statement of Assets and Liabilities” as set out in
Annexure 1 to this report, of the Company as at June 30, 2019 and March 31, 2019 are prepared
by the Company and approved by the Board of Directors. These Restated Consolidated
Summary Statement of Assets and Liabilities, have been arrived at after making such
adjustments and regroupings to the individual financial statements of the Company, as in our
opinion were appropriate and more fully described in Significant Accounting Policies and Notes
to Accounts as set out in Annexure 4 to this Report.
(ii) The “Restated Consolidated Summary Statement of Profit and Loss” as set out in Annexure 2
to this report, of the Company for the period/years ended June 30, 2019 and March 31, 2019
are prepared by the Company and approved by the Board of Directors. These Restated Summary
Consolidated Statement of Profit and Loss have been arrived at after making such adjustments
and regroupings to the individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to Accounts
as set out in Annexure 4 to this Report.
(iii) The “Restated Summary Consolidated Statement of Cash Flow” as set out in Annexure 3 to
this report, of the Company for the period/years ended June 30, 2019 and March 31, 2019, are
prepared by the Company and approved by the Board of Directors. These Statement of Cash

F-1
 Flow, as restated have been arrived at after making such adjustments and regroupings to the
individual financial statements of the Company, as in our opinion were appropriate and more
fully described in Significant Accounting Policies and Notes to Accounts as set out in
Annexure 4 to this Report.
5. Based on the above and also as per the reliance placed by us on the audited financial statements
of the Company and report thereon given by the Statutory Auditor of the Company for the
financial years ended June 30, 2019 and March 31, 2019 we are of the opinion that:
a) the Restated Consolidated Summary Statements have been made after incorporating
adjustments for the changes in accounting policies retrospectively in respective financial
period/years to reflect the same accounting treatment as per the changed accounting policy
for all reporting periods, if any;
b) the Restated Consolidated Summary Statements have been made after incorporating
adjustments for prior period and other material amounts in the respective financial
years/period to which they relate and there are no qualifications which require adjustments;
c) Extra-ordinary items that needs to be disclosed separately in the accounts has been disclosed
wherever required;
d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the
financial period/year ended on June 30, 2019 and March 31, 2019, which would require
adjustments in this Restated Financial Statements of the Company;
e) profits and losses have been arrived at after charging all expenses including depreciation and
after making such adjustments/restatements and regroupings as in our opinion are appropriate
and are to be read in accordance with the Significant Accounting Polices and Notes to
Accounts as set out in Annexure 4 to this report;
f) adjustments in Restated Consolidated Summary Statements have been made in accordance
with the correct accounting policies, which includes the impact of provision of gratuity made
on actuarial valuation basis in the Restated Consolidated Summary Statements;
g) there was no change in accounting policies, which needs to be adjusted in the Restated
Consolidated Summary Statements except mentioned in clause (f) above;
h) there are no revaluation reserves, which need to be disclosed separately in the Restated
Consolidated Financial Statements;
i) The company has proposed and paid dividend(s) as per the dividend policy of the company
effective for the said period.
6. Opinion:
In our opinion and to the best of information and explanation provided to us, and also as per the
reliance placed on reports submitted by previous auditors, the restated financial information of
the Company, read with significant accounting policies and notes to accounts as appearing in
Annexure 4 are prepared after providing appropriate adjustments and regroupings as considered
appropriate and disclosed in Annexure 4.
7. Audit for the Holding company for the period April 01, 2019 to June 30, 2019 has been conducted
by M/s. Keyur Shah & Co., Chartered Accountants and for the financial year 2018-19 has been
conducted by M/s. Kedia & Kedia Associates., Chartered Accountants. Financial statements for
the financial year ended March 31, 2019 have been re audited by us as per the relevant guidelines.
8. Audit of the Subsidiary Companies Far Point Enterprise LLP & Hind Prakash Caster Derivatives
Private Limited for the period April 01, 2019 to June 30, 2019 has been conducted by M/s. Keyur
Shah & Co., Chartered Accountants and for the financial year 2018-19 has been conducted by
M/s. Kedia & Kedia Associates., Chartered Accountants. Audit of the Subsidiary Company
Mangalprakash (Singapore) Pte. Lte. for the period April 01, 2019 to June 30, 2019 and for the
financial year ended March 31, 2019 has been conducted by CSL & Co. PAC. Financial
statements for the financial year ended March 31, 2019 for all the subsidiaries and for the period
April 01, 2019 to June 30, 2019 for Mangalprakash (Singapore) Pte. Lte. have been re audited by
us as per the relevant guidelines

F-2
 `
9. We have also examined the following other financial information relating to the Company
prepared by the Management and as approved by the Board of Directors of the Company and
annexed to this report relating to the Company for the financial period/year ended on June 30,
2019 and March 31, 2019, proposed to be included in the Draft Prospectus/Prospectus.
10. Prospectus (“Offer Document”) for the proposed IPO.
Annexure of Restated Financial Statements of the Company:-
a. Significant Accounting Policies and Notes to Accounts as restated in Annexure 4;
b. Reconciliation of Restated Consolidated Profit as appearing in Annexure 4 to this report.
c. Reconciliation of Restated Consolidated Equity/Net worth as appearing in Annexure 4 to this
report.
d. Details of Consolidated Share Capital as Restated as appearing in Annexure 5 to this report;
e. Details of Consolidated Reserves and Surplus as Restated as appearing in Annexure 6 to this
report;
f. Details of Consolidated Long Term/Short Term Borrowings as Restated as appearing in
Annexure 7 to this report;
g. Nature of Security and Terms of Repayment for Consolidated Long term/Short Term
Borrowings as appearing in Annexure 7A/7B to this report
h. Details of Consolidated Deferred Tax Liabilities (Net) as Restated as appearing in Annexure 8
to this report;
i. Details of Consolidated Other Long Term Liabilities as Restated as appearing in Annexure 9
to this report;
j. Details of Consolidated Long Term/Short Term Provisions as Restated as appearing in
Annexure 10 to this report;
k. Details of Consolidated Trade Payables as Restated as appearing in Annexure 11 to this report;
l. Details of Consolidated Other Current Liabilities as Restated as appearing in Annexure 12 to
this report;
m. Details of consolidated Property Plant & Equipment as Restated as appearing in Annexure 13
to this report;
n. Details of Consolidated Intangible Assets as Restated as appearing in Annexure 14 to this
report;
o. Details of Consolidated Non-Current Investments as Restated as appearing in Annexure 15 to
this report;
p. Details of Consolidated Long/Short Term Loans and Advances as Restated as appearing in
Annexure 16 to this report;
q. Details of Consolidated Trade Receivables as Restated enclosed as Annexure 17 to this report;
r. Details of Consolidated Inventories as Restated as appearing in Annexure 18 to this report;
s. Details of Consolidated Cash and Cash Equivalents as Restated enclosed as Annexure 19 to
this report;
t. Details of Consolidated Revenue from operations as Restated as appearing in Annexure 20 to
this report;
u. Details of Consolidated Other Income as Restated as appearing in Annexure 21 to this report;
v. Details of Consolidated Cost of material consumed as restated as appearing in Annexure 22 to
this report
w. Details of Consolidated Purchase of Stock in Trade as appearing in Annexure 23A
x. Details of Consolidated Change in Inventory of Finished Goods, Stock in Trade and WIP as

F-3
 appearing in Annexure 23B
y. Details of Consolidated Employee Benefit Expense as restated as appearing in Annexure 24 to
this report
z. Details of Consolidated Finance Cost as restated as appearing in Annexure 25 to this report
aa. Details of Consolidated Other Expense as restated as appearing in Annexure 26 to this report
bb. Details of Consolidated Accounting and Other Ratios as appearing in Annexure 27 to this
report.
cc. Consolidated Capitalization Statement as Restated as at June 30, 2019 as appearing in
Annexure 28 to this report;
dd. Details of Consolidated Related Parties Transactions as Restated as appearing in Annexure 29
to this report;
11. We, Keyur Shah & Co., Chartered Accountants have been subjected to the peer review process
of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review
certificate issued by the “Peer Review Board” of the ICAI.
12. The preparation and presentation of the Financial Statements referred to above are based on the
Audited financial statements of the Company and are in accordance with the provisions of the Act
and ICDR Regulations. The Financial Statements and information referred to above is the
responsibility of the management of the Company.
13. The report should not in any way be construed as a re-issuance or re-dating of any of the previous
audit reports issued by any other Firm of Chartered Accountants nor should this report be
construed as a new opinion on any of the financial statements referred to therein.
14. We have no responsibility to update our report for events and circumstances occurring after the
date of the report.
15. In our opinion, the above financial information contained in Annexure 1 to 30 of this report read
with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure
4 are prepared after making adjustments and regrouping as considered appropriate and have been
prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note.
16. Our report is intended solely for use of the management and for inclusion in the Offer Document
in connection with the IPO. Our report should not be used, referred to or adjusted for any other
purpose except with our consent in writing.

For Keyur Shah & Co.

Chartered Accountants
Firm’s Registeration No.: 141173W

Sd/-
Keyur Shah
Proprietor
Membership No.: 153774
UDIN - 19153774AAAADK4206

Date: October 18, 2019

Place: Ahmedabad

F-4
Mangalam Global Enterprise Limited

Annexure 1: Consolidated Statement of Assets and Liabilities

(Amount in Lakhs)
Consolidated Consolidated
Particulars Annexure
30.06.2019 31.03.2019
Equity and liabilities
Shareholders’ funds
Share capital 5 232.55 232.55
Reserves and surplus 6 3,302.80 3,200.37
Minority Interest 211.12 213.63
3,746.47 3,646.55

Non‐current liabilities
Long‐term borrowings 7 2,116.65 1,677.61
Deferred tax liabilities (net) 8 20.36 23.34
Other long‐term liabilities 9 17.51 16.90
Long‐term provisions 10 2.27 1.62
2,156.79 1,719.48

Current liabilities
Short‐term borrowings 7 5,266.33 1,071.62
Trade payables 11 284.41 156.97
Other current liabilities 12 559.41 410.64
Short‐term provisions 10 113.55 153.12
6,223.70 1,792.34

Total 12,126.96 7,158.37

Assets
Non‐current assets
(i) Property, plant and equipment 13 2,838.02 2,424.48
(ii) Intangible assets 14 2.21 0.63
(iii) Capital work‐in‐progress 13 40.38 436.25
(iv) Goodwill on Consolidation 13A 176.54 176.54
Non‐current investments 15 364.05 242.45
Long‐term loans and advances 16 473.09 169.67
3,894.29 3,450.02

Current assets
Trade receivables 17 1,170.60 889.56
Inventories 18 5,430.03 1,477.24
Cash and bank balances 19 43.04 78.49
Short‐term loans and advances 16 1,589.00 1,263.06
8,232.67 3,708.36

Total 12,126.96 7,158.37

Note:
The above statement should be read with the Statement of Notes to the Restated Financial
Information in Annexure 4.
As per our report of even date attached
For and on behalf of the Board of Directors
For, Keyur Shah & Co.
Chartered Accountants
Firm Registration No.: 141173W Sd/‐
Chanakya Prakash Mangal
(Director)
DIN: 06714256

Sd/‐ Sd/‐
Keyur B Shah Chandragupt Prakash Mangal
Proprietor (Director)
M. No. 153774 DIN: 07408422
Place : Ahmedabad Place : Ahmedabad
Date : 18‐10‐2019 Date : 18‐10‐2019

F-5
Mangalam Global Enterprise Limited

Annexure 2: Consolidated Statement of Profit and Loss

(Amount in Lakhs)
Consolidated Consolidated
Particulars Annexure
30.06.2019 31.03.2019
Revenue
Revenue from operations 20 14,627.89 38,980.52
Other income 21 22.04 14.70
Total revenue 14,649.93 38,995.21
Expenses
Cost of materials consumed 22 13,281.35 18,294.58
Purchase of stock‐in‐trade 23 750.62 19,614.86
Changes in inventories of Finished Goods or Traded Goods (264.76) (865.81)
Employee benefits expense 24 123.69 254.15
Finance costs 25 154.54 340.63
Depreciation and amortisation expense 13 35.97 81.92
Other expenses 26 436.12 930.85
Total expenses 14,517.53 38,651.17

Profit before tax 132.40 344.04

Tax expense
Current tax 35.79 91.55
MAT Credit ‐ (9.61)
Deferred tax (credit)/charge (2.99) 17.14
‐
Profit for the period / year 99.60 244.95

Profit Transferred to Minority Interest (2.51) 17.64

Profit /(Loss) for the period / year (after adjustment of

Minority Interest) 102.11 227.31
Note:
The above statement should be read with the Statement of Notes to the Restated Financial Information of the
Company in Annexure 4

As per our report of even date attached

For, Keyur Shah & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No.: 141173W
Sd/‐
Chanakya Prakash Mangal
(Director)
DIN: 06714256

Sd/‐
Keyur B Shah Sd/‐
Proprietor Chandragupt Prakash Mangal
M. No. 153774 (Director)
DIN: 07408422
Place : Ahmedabad Place : Ahmedabad
Date : 18‐10‐2019 Date : 18‐10‐2019

F-6
Mangalam Global Enterprise Limited

Annexure 3: Consolidated Statement of Cash Flows

(Amount in Lakhs)
As at
Particulars As at 31 March, 2019
30 June, 2019
A. Cash flow from operating activities

Profit before tax, as restated 132.40 344.04

Adjustments for :
Depreciation and amortisation expense 35.97 81.92
Loss/(Gain) on Sale of Investment ‐ (1.18)
Foreign Exchange Gain / Loss (8.30) (2.71)
Finance costs 154.44 340.63
Interest & Dividend Income (13.49) (10.42)
Gratuity Provision 0.92 1.83
Leave Encashment Provision ‐ 4.23
Operating profit before working capital changes 301.94 758.33

Changes in working capital:

(Increase) / decrease Inventories (3,952.79) (1,477.24)
(Increase) / decrease in Trade Receivables (281.04) (713.78)
(Increase) / decrease in Loans and Advances and Other Assets (325.94) (1,235.11)
Increase / (decrease) in Trade Payables 127.45 30.28
Increase / (decrease) in Other Liabilities 148.77 391.75
Increase / (decrease) in Long Term Liabilities 0.61 2.70
Increase / (decrease) in Short Term Provision (39.84) 139.38
Cash generated from / (utilised in) operations (4,021) (2,104)

Less : Income tax paid (35.79) (81.94)

Net cash flow generated from/ (utilised in) operating activities (A) (4,057) (2,186)

B. Cash flow from investing activities

Purchase of property, plant and equipment (including intangible (55.23) (2,236.16)
assets and Assets under WIP)
Net of Purchase/ Proceeds from Sale of Investments (121.60) (242.45)
Interest and Dividend Received 13.49 10.42
(Increase) / decrease in Long Term Loans and Advances (303.42) (155.25)
Income from Investment ‐ 1.18

Net cash flow utilised in investing activities (B) (466.75) (2,622.26)

C. Cash flow from financing activities

Proceeds from issuance of shares ‐ 178.05
Proceeds from Security Premium ‐ 2,512.63
Foreign Exchange Gain / Loss 8.30 2.71
Net of Repayment/Proceeds from Short Term Borrowings 4,194.71 1,071.62
Net of Repayment/Proceeds from Long Term Borrowings 439.04 1,453.52
Interest/Finance Charges Paid (154.44) (340.63)
Other Adjusment (Including Dividend & Dividend Distribution Tax) 0.33 (1.31)
Net cash flow generated from/ (utilised in) financing activities (C) 4,487.93 4,876.58
Net (decrease)/ increase in cash & cash equivalents (A+B+C) (35.46) 68.69
Cash and cash equivalents at the beginning of the period/ year 78.49 9.81
Cash and cash equivalents at the end of the period/ year 43.04 78.49

Note:
The above statement should be read with the Statement of Notes to the Restated Financial Information of the
Company in Annexure 4.
The Cash Flow Statement has been prepared under indirect method as set out in Accounting Standard 3, 'Cash
Flow Statements' notified under Section 133 of the Companies Act, 2013
As per our report of even date attached
For and on behalf of the Board of
Directors

For, Keyur Shah & Co. Sd/‐

Chartered Accountants Chanakya Prakash Mangal
Firm Registration No.: 141173W (Director)
DIN: 06714256

Sd/‐ Sd/‐
Keyur B Shah Chandragupt Prakash Mangal
Proprietor (Director)
M. No. 153774 DIN: 07408422
Place : Ahmedabad Place : Ahmedabad
Date : 18‐10‐2019 Date : 18‐10‐2019

F-7
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Consolidated Financial Information

A. Background of the Company

The Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited Company
under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September 27, 2010 issued by
the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. The name of our company was changed to “Mangalam
Global Enterprise Private Limited” pursuant to shareholders resolution passed at Extra‐Ordinary General Meeting of our
company held on June 28, 2014 and a fresh Certificate of Incorporation dated July 31, 2014 was issued by Registrar of
Companies, Ahmedabad. Subsequently, our Company was converted into a Public Limited Company pursuant to
shareholders resolution passed at Extra‐ordinary General Meeting of our Company held on September 17, 2019 and the
name of our Company was changed to “Mangalam Global Enterprise Limited”. A fresh Certificate of Incorporation
consequent upon Conversion from Private Limited Company to Public Limited Company dated September 30, 2019 was
issued by the Registrar of Companies, Ahmedabad. The Corporate Identification Number of our Company is
U24224GJ2010PLC062434.

The Company are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor
De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as well as for exports to international
markets. The Company have also diversified their business operations into manufacturing of Cotton Bales (Lint Cotton)
and Delineate Cotton Seeds. Company has two separate dedicated well‐equipped manufacturing units at Harij, Gujarat
for undertaking manufacturing operations of abovementioned two product segments and they are also engaged in the
trading of Castor Seeds and Raw Cotton.
B. Summary of significant accounting policies

a) Basis of preparation of financial statements

The Consolidated Statement of Assets and Liabilities of the Company as at 30 June 2019, 31 March 2019, the
Consolidated Statement of Profit and Loss and the Restated Summary Statement of Cash Flows for the period/ years
ended 30 June 2019, 31 March 2019, and the annexures thereto (herein collectively referred to as 'Consolidated
Restated Financial Information') have been compiled by the management of the Company from the audited financial
statements of the Company for the period/ years ended 30 June 2019, 31 March 2019, and have been prepared
specifically for the purpose of inclusion in the Offer Document to be filed by the Company with the SME portal of
National Stock Exchange of India Limited ('NSE')

These aforementioned audited financial statements were prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) under the historical cost convention on accrual basis. These audited financial
statements have been prepared to comply in all material aspects with the Accounting Standards prescribed by the Central
Government, Section 133 of the Companies Act, 2013 (the "Act"), read with Rule 7 of the Companies (Accounts) Rules,
2014 (as amended) and the relevant provisions of the Act/ Companies Act, 1956, as applicable.

The Consolidated Restated Financial Information have been prepared to comply in all material aspects with the
requirements of Section 26(1)(b) of the Act read with Rules 4 to 6 of Companies (Prospectus and Allotment of Securities)
Rules, 2014 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2009 (as amended from time to time).

All assets and liabilities have been classified as current and non‐current as per normal operating cycle of the Company
and other criteria set out in the Schedule III to the Companies Act, 2013. Based on nature of products/services, the
Company has ascertained its operating cycle as 12 months for the purpose of current and non‐current classification of
assets and liabilities.

The aforementioned Consolidated Financial Information have been prepared in Indian Rupee (INR).

b) Use of estimates
The preparation of Consolidated Financial Information in conformity with GAAP requires that the management of the
Company to make estimates and assumptions that affect the reported amounts of income and expenses of the period,
the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. Examples of such estimates include the useful lives of property, plant and equipment and intangible
assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans, etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

c) Depreciation
The Company provides pro‐rata depreciation on additions and disposals made during the year.

Prior to 1 April 2014, depreciation on property, plant and equipment has been provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act, 1956.
With effect from 1 April 2014, pursuant to the notification of Schedule II to the Companies Act, 2013, depreciation on
property, plant and equipment is provided under the straight
F-8 line method over the useful lives of assets as prescribed
under Part C of Schedule II to the Companies Act, 2013.
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Consolidated Financial Information

d) Revenue recognition
(a) Revenue is recognised to the extent it is possible that economic benefits will flow to the company and the revenue
can be reliably measured and there is a reasonable certainty regarding ultimate collection.
(b) Revenue from sale of products is recognised on transfer of all significant risks and rewards of ownership of the goods
to the customers, which generally coincides with the dispatch of goods. Sales are stated exclusive of GST/ VAT, trade
discounts and sales returns.

(c) Export benefits / incentives are accounted on accrual basis in accordance with various government schemes in respect
thereof and are shown under “Other Operating Revenue”. Benefits available under the Export Licenses and in the nature
of duty drawback are accounted for based on eligibility and when there is no significant uncertainty as to its ultimate
collection

(d) Interest income is recognised on a time proportionate basis taking into account the amount outstanding and the rate
applicable.

(e) Revenue in respect of other income is recognised when no significant uncertainty as to its determination or
realization exists.

(f) Dividend income is recognised when the right to receive the dividend is established.

e) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment (if any).
The cost of a property, plant and equipment comprises its purchase price and any attributable cost of bringing the asset
to its working condition for its intended use. Expenditure on addition, improvements and renewals is capitalized and
expenditure for maintenance and repair is charged to Profit and Loss account.

f) Foreign Currency Transactions

The reporting currency of the Company is Indian Rupee.
i) Foreign currency transactions are recorded on initial recognition in the reporting currency using the exchange rates
prevailing at the date of the transaction.
ii) Monetary assets and monetary liabilities denominated in foreign currencies are converted at rate of exchange prevailing
on the date of the Balance Sheet.
iii) Exchange differences on settlement/conversion are included in the Statement of Profit and Loss in the period in which
they arise.
iv) The premium or discount on forward exchange contract is recognised in the Statement of Profit & Loss over the period of
the contract

g) Investments
Investments are classified into current investments and non‐current investments. Current investments, i.e. investments
that are readily realisable and intended to be held for not more than a year are valued at lower of cost and net realisable
value. Any reduction in the carrying amount or any reversal of such provision towards reductions are charged or credited
to the Statement of Profit and Loss.
Non‐current investments are stated at cost. Provision for diminution in the value of these investments is made only if
such decline is other than temporary, in the opinion of the management.
On disposal of investment, the difference between its carrying amount and net disposal proceeds is charged or credited
to the statement of Profit and Loss

h) Employee benefits

I. Short‐term employee benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as short‐term
employee benefits. Benefits such as salaries, wages, expected cost of bonus and short term compensated absences etc.
are recognised in the period in which the employee renders the related service.

II. Post‐employment benefits:

i) Defined contribution plans:
The Company contributes on a defined contributiobn basis to employees' provident fund towards post employement
banefits, all of which are administered by the respective governments Authorities, and it has no further obligation
beyond making its contribution, which is expensed in the period to which it pertains

F-9
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Consolidated Financial Information

ii) Defined benefit plans:

The Company has defined benefit plan in the form of gratuity and compensated absenses. The same is determined by
actuarial valuation carried out by an independent actuary as at the Balance Sheet date and shortfall/ excess, if any, has
been provided for/ considered as prepaid.
Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions and are
recognised immediately in the Statement of Profit and Loss as income or expense.

i) Borrowing Costs
Borrowing Cost includes interest and amortization of ancilliary costs incurred in connection with the arrangement of
Borrowings. General and specific borrowing costs directly attributable to the acquisition/ construction of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to
the cost of those assets, until such time the assets are substantially ready for their intended use. All other borrowing
costs are recognised as an expense in Statement of Profit and Loss in the period in which they are incurred.

j) Taxes on income

Tax expenses comprise of current and deferred tax

(a) Current tax is measured at the amount expected to be paid on the basis of relief and deductions available in
accordance with the provisions of Indian Income Tax Act, 1961 and includes Minimum Alternate Tax (“MAT”) paid by the
company on book profits in accordance with the provisions of the Income Tax Act, 1961. MAT credit is recognised as an
asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the
specified period and will be able to set off such MAT credit entitlement.
(b) Deferred income tax reflects the impact of the current year reversible timing differences between the taxable income
and accounting income for the Year and reversal of timing differences of the earlier Year. Deferred tax is measured based
on the tax rates and tax laws enacted or substantively enacted as at the balance sheet date. Deferred tax assets are
recognised only to the extent there is virtual certainty that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
k) Inventories

Inventories consisting of Raw Materials, Work‐in‐Process, Finished Goods and Traded Goods are valued at lower of cost
and net realizable value. For this purpose, the cost of raw material, finished goods and work‐in‐process is determined
using FIFO/average cost method (net of Input Tax Credit availed) as the case may be
Inventories consisting of Stores, Consumables, Spare Parts, and Packing Materials etc. are valued at lower of cost and net
realizable value. For this purpose direct costs, and appropriate relevant overheads are apportioned using the FIFO
method.
l) Impairment of assets
Management evaluates at regular intervals, using external and internal sources, the need for impairment of any asset.
Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the
continuing use of the asset and its net realisable value on its eventual disposal. Any loss on account of impairment is
expensed as the excess of the carrying amount over the higher of the asset’s net sales price or present value as
determined.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However, the
carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual
depreciation if there was no impairment.

F-10
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Consolidated Financial Information

m) Government Grant
Government Grants are recognized when there is a reasonable assurance that the same will be received. Revenue grants
are recognized in the Statement of Profit and Loss. Capital grants relating to specific fixed assets are reduced from the
gross value of the respective Fixed Assets. Other capital grants are credited to Capital Reserve.

n) Earning Per Share

Basic Earning per Share is calculated by dividing the net profit after tax for the year attrituable to Equity Shareholders of
the Company by the weighted average number of Equity Shares outstanding at the end of the year. Diluted earning per
share is calculated by dividing net profit attrituable to equity shareholders (after adjustment for diluted earnings) by
average number of weighted equity share outstanding at the end of the year.

o) Current Assets, Loans and Advances

The balance under item of Sundry Debtors, Loans and Advances and Current liabilities are subject to confirmation and
reconciliation and consequential adjustments, wherever applicable. However in the opinion of the Management, the
realisable value of the current assets, loans and advances in the ordinary course of business will not be less than the value
at which they are stated in the Balance Sheet.

p) Provisions and Contingent Liabilities

Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the
amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance Sheet date and are not discounted to their present value.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non‐occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent Assets are not recognised in the financial statements since this may result in the recognition of income that
may never be realized

F-11
Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to the Restated Financial Information

C. Contingent liabilites and commitments

(Amount in Lakhs)
(i) Contingent liabilities
As at As at 31 March,
Particulars
30 June, 2019 2019

Claims against the Company not acknowledged as debt

Bank guarantees 791.39 2,756.90

791.39 2,756.90

D. Segment Reporting

The Company are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage
Grade (F.S.G.), Castor De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as
well as for exports to international markets. The Company have also diversified their business
operations into manufacturing of Cotton Bales (Lint Cotton) and Delineate Cotton Seeds.In view of the
above, both primary and secondary additional reporting disclosures for business / geographical
segments as envisaged in Accounting Standard 17, "Segment Reporting" are not applicable to the
Company.

E. Earning in foreign currency on accrual basis

For the year

Particulars 1 April 2019 to ended March 31,
30 June 2019 2019
Foreign Currency Earnings (Net off Remmitance Charges) 6.66 4.41

The year end foreign currency exposures that have not been hedged by a derivative instrument or
F.
otherwise are given below:

1 April 2019 to As at March 31,

Particulars
30 June 2019 2019
Foreign Currency Exposure that have not been Hedged by
Nill
Derivative Instruments

G. Changes in Accounting Policies in the Periods/Years Covered In The Consolidated Financials

There is no change in significant accounting policies adopted by the Company.

H. Notes On Restatement Made In The Consolidated Financials

1) The financial statements including financial information have been prepared after making such
regroupings and adjustments, considered appropriate to comply with the same. As result of these
regroupings and adjustments, the amount reported in the financial statements/information may not
necessarily be same as those appearing in the respective audited financial statements for the relevant
years.
2) Contingent liabilities and commitments (to the extent not provided for) ‐ A disclosure for a
contingent liability is also made when there is a possible obligation that may, require an outflow of the
Company's resources.
3) Figures have been rearranged and regrouped wherever practicable and considered necessary.
4) The management has confirmed that adequate provisions have been made for all the known and
determined liabilities and the same is not in excess of the amounts reasonably required to be provided
for.
5) The balances of trade payables, trade receivables, loans and advances are unsecured and
considered as good are subject to confirmations of respective parties concerned.
6) Realizations: In the opinion of the Board and to the best of its knowledge and belief, the value on
realization of current assets and loans and advances are approximately of the same value as stated.
7) Contractual liabilities: All other contractual liabilities connected with business operations of the
Company have been appropriately provided for.
8) Amounts in the financial statements: Amounts in the financial statements are rounded off to
nearest Rupees. Figures in brackets indicate negative values.

F-12
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to the Consolidated Financial Information (Amount in Lakhs)

K. Restatement adjustments, Material regroupings and Non‐adjusting items

(a) Impact of Consolidated adjustments

Below mentioned is the summary of results of restatement adjustments made to the audited financial
statements of the respective period/years and its impact on profits.

As At As At
Particulars
30.06.2019 31.03.2019

Profit after tax as per audited financial statements 99.60 250.99

Adjustments to net profit as per audited financial statements

Increase / Decrease in Expenses (Note : 1) ‐ (3.81)
Increase / Decrease Depreciation (Note : 1) ‐ (0.10)
Excess / Short Provision for Tax (Note : 2) ‐ 5.35
Differed Tax Liability / Assets Adjustments (Note : 3) ‐ (7.47)
Total adjustments ‐ (6.03)
Restated profit before tax for the period/ years 99.60 244.95
Note:
A positive figures represents addition and figures in brackets represents deletion in the corresponding
head in the audited financial statements for respective reporting periods to arrive at the restated

(b) Explanatory notes for the restatement adjustments

(i) The Amount relating to the prior period & other Income / Expenses have been adjusted in the year to
which the same realted to & under which head the same realtes to

(ii) The Company has provided Excess or Short Provision in the year in which the Income Tax Return has
been filled for the respective financial year But in the Restated Financial Information the company has
provided Excess or Short Provision in the year to which it relates to.

(iii) There is change in deferred tax assets / liabilities as per audited books of accounts and as per restated
books for respective financial covered under the restated financial information and the same has been
given effect in the year to which the same realtes to.

F-13
 To give Explanatory Notes Regarding Adjustment :‐
Appropriate adjustment have been made in the Consolidated financial statement, wherever required, by
reclassification of the corresponding item of income, expenses, assets and liabilities, in order to bring
them I line with the groupings asper audited financail of the company for all the years and teh
requirements of teh Securities and Exchange Board of India ( Issue of Capital and Disclosure
) l
(c) Reconciliation of restated Equity / Networth:
Particulars As at June 30, As at March 31,
2019 2019

Equity / Networth as per Audited Financials 3,535.83 3,449.40

Adjustment for:
Difference Pertaining to changes in Profit / Loss due to Restated
Effect for the period covered in Restated Financial 0.64 (15.40)
Prior Period Adjustments (1.12) (1.09)

Equity / Networth as Restated 3,535.35 3,432.91

To give Explanatory Notes Regarding Adjustment :‐

Appropriate adjustment have been made in the restated financial statement, wherever required, by
reclassification of the corresponding item of income, expenses, assets and liabilities, in order to bring
them I line with the groupings asper audited financail of the company for all the years and teh
requirements of teh Securities and Exchange Board of India ( Issue of Capital and Disclosure
Requirements) Regulation 2018.

F-14
 Mangalam Global Enterprise Limited

Annexure 5: Consolidated Statement of Share capital

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Authorised share capital
Equity shares of ₹ 10 each
‐ Number of shares 30,00,000 30,00,000
‐ Amount in ₹ 300.00 300,00,000
300.00 300,00,000

Issued, subscribed and fully paid up

Equity shares of ₹ 10 each
‐ Number of shares 23,25,482 23,25,482
‐ Amount in ₹ 232.55 232,54,820
232.55 232,54,820

a) Reconciliation of Consolidated equity share capital

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Balance at the beginning of the period/year
‐ Number of shares 23,25,482 5,45,020
‐ Amount in ₹ 232.55 54.50
Add: Shares issued during the period/year
‐ Number of shares ‐ 17,80,462
‐ Amount in ₹ ‐ 178.05
Balance at the end of the period/year
‐ Number of shares 23,25,482 23,25,482
‐ Amount in ₹ 232.55 232.55

F-15
 c) Consolidated Shareholders holding more than 5% of the shares of the Company
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Equity shares of ₹ 10 each
Chanakayaprakash V Mangal
‐ Number of shares 4,14,820 4,14,820
‐ Percentage holding (%) 17.84% 17.84%

Chandraguptprakash V Mangal
‐ Number of shares 4,39,775 4,39,775
‐ Percentage holding (%) 18.91% 18.91%

Rashmi V Mangal
‐ Number of shares 1,81,378 1,81,378
‐ Percentage holding (%) 7.80% 7.80%

Vipinprakash O Mangal
‐ Number of shares 1,91,388 1,91,388
‐ Percentage holding (%) 8.23% 8.23%

Om Prakash Mangal
‐ Number of shares 2,85,715 2,85,715
‐ Percentage holding (%) 12.29% 12.29%

Mangalam Worldwide Pvt Ltd

‐ Number of shares 3,50,001 3,50,001
‐ Percentage holding (%) 15.05% 15.05%

Zaddoc Nutrition Pvt Ltd

‐ Number of shares 4,02,872 4,02,872
‐ Percentage holding (%) 17.32% 17.32%

d) Terms & Rights attached to Equity Shares.

The Company has equity shares, having par value of ₹ 10 per share. Each holder of equity share is
entitled for one vote per share and has a right to receive dividend as recommended by the Board
of Directors subject to the necessary approval from the shareholders. In the event of liquidation,
the equity share holders are eligible to rreceive the remaining assets of the company after
distributation of all preferential amounts in proportionate to their shareholding.
Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets
& liabilities of the company .
2 The above statememnt should be read with the Restated Consolidated statement of assets &
liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of
Cashflow, significant accounting policies & notes to restated Consolidated summary statements as
appearing in annexures 1 , 2 , 3 & 4 respectively.

F-16
Mangalam Global Enterprise Limited
Annexure 6: Consolidated Statement of Reserves and surplus (Amount in Lakhs)
Consolidated Consolidation
Particulars
30.06.2019 31.03.2019

A. Securities premium account

Balance at the beginning of the period / year 2,962.63 450.00
Add : On shares issued ‐ 2,512.63
Less : Utilisation of premium for redemption of ‐
‐
preference shares
Balance at the end of the period/year 2,962.63 2,962.63

B. Surplus in the Restated Summary Statement of Profit

and Loss
Balance at the beginning of the period/year 237.74 30.02
Adjustment of Opening Difference ‐ ‐
Less: Pre acquisition /Capital Profit transferred ‐Goodwill ‐
(18.28)
on Consolidation
Add/Less: Prior Period Adjustment 0.33 ‐
Add: Capital Reserve Created Due to Consolidation ‐ ‐
Add : Transferred from the Restated Summary Statement
of Profit and Loss 102.11 227.31
Less: Dividend paid on equity (F.Y. 2017‐18) ‐ (1.09)
Less: Tax on dividend (F.Y. 2017‐18) ‐ (0.22)
Balance at the end of the period/year 340.17 237.74
‐
3,302.80 3,200.37

*Pursuant to amendment in Accounting Standard (AS) – 4, ‘Contingencies and Events

Occurring After the Balance Sheet date through Companies (Accounting Standards)
Amendment Rules, 2016, the Company has changed its accounting policy in respect of
dividend, i.e., if the Company declares dividend to shareholders after the Balance Sheet date,
the Company will not recognise those dividends as a liability at the Balance Sheet date unless
a statute requires otherwise. Whereas, earlier, the dividends in respect of the period covered
by the financial statements, which were proposed or declared by the Company after the
Balance Sheet date but before approval of the financial statements, were recorded as liability
in the financial statements. Therefore, the Company has made the following adjustments in
its reserves and surplus in the restated consolidated financial information for five years

F-17
Mangalam Global Enterprise Limited

Annexure 7: Consolidated Statement of Long‐ term Borrowings (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Long‐term Short‐term Long‐term Short‐term
Secured
(a) Term loans from others
ICICI Bank Limited (Vehicle Loans) (Secured against 24.43 ‐ 28.90 ‐
respective Vehicle)
Industrial Term Loan‐ The Mehsana Uraban Co Op Bank 738.83 ‐ 757.76 ‐

Machinery Term Loan‐ The Mehsana Uraban Co Op Bank 303.38 ‐ 314.63 ‐

(b) Loans repayable on demand ‐ ‐

Working capital loan from banks ‐ ‐
Axis Bank (Credit Line against pledge of Warehouse/Storage 304.06 307.49
Receipt)
HDFC Bank CC 1,605.18 663.87
HDFC Bank EPC 200.00 100.26
ECL Finance Ltd.‐Commodity Loan 911.47 ‐
HDFC Bank Ltd.‐Short Term Loan Pledge 997.89 ‐
Induslnd Bank Ltd.‐Commodity Pledge Loan 152.57 ‐
Kotak Mahindra Bank Ltd. Commodity Pledge Loan 257.82 ‐

1,066.64 4,429.00 1,101.28 1,071.62

Unsecured
(c) Loans from related parties
From Directors 596.68 676.54 576.33 ‐
Inter Corporate Deposits 453.33 160.78 ‐ ‐
‐ ‐ ‐ ‐
(d) Term loans ‐ ‐ ‐ ‐
From banks ‐ ‐ ‐ ‐
From others ‐ ‐ ‐ ‐

(e) Others
HDFC Bank LCBD ‐ ‐ ‐ ‐
1,050.01 837.33 576.33 ‐

2,116.65 5,266.33 1,677.61 1,071.62

F-18
 Mangalam Global Enterprise Limited

Annexure 7(a): Principal terms and conditions of Long‐term borrowings as at 30 June 2019

Principal
Tenure of the
amount
Sr. Name of the Currency Sanctioned Rate of interest loan (in Repayment schedule
outstanding as Security
no. lender of loan amount (₹) (p.a.) months/ in of loans
on 30 June 2019
days)
(₹)
Loan is secured against respective Vehicle

Equated monthly
installments
1 ICICI Bank INR 64 Lakhs 40.48 7.74% 48 M
amounting to Rs 1.54
lakhs

Loan is secured against:

Primary Security:
Hypothication of Stock of Raw Material, Stock‐in‐Process,
Finished Goods Stores & Spares, Book‐debt Statement,
Machinery which is installed in factory premises. Land
and Buiding of factory premises and Vehicle Registration
The Mehsana Equated monthly
under Mehsana RTO Office HP by the Mehsana Urban Co‐
Urban Co‐ installments
2 INR 350 Lakhs 303.38 11.50% 72 M op Babk Ltd. FDR Margin and letter of Counter
Operative Bank amounting to Rs 6.75
Guarantee.
Limited lakhs

Collateral Securities:

EM of One Factory building, Three Residential Buildings,

Seven Residentail NA Plots And Various Machineries and
Parts Worth Rs. 1945.37 Lakhs As per the Details
Mentioned in the Sanction Lettter

Personal Guarantee of Chanakya Prakash Mangal and

Brijeshkumar Vasantlal Rajgor

The Mehsana Equated monthly

Urban Co‐ installments
3 INR 850 Lakhs 738.83 12.00% 96 M
Operative Bank amounting to Rs 13.81
Limited lakhs

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets & liabilities of the company .
2 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of
Cashflow, significant accounting policies & notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-19
Annexure 7(b): Principal terms and conditions of Short‐term borrowings as at 30 June 2019

Principal
amount Tenure of the
Sr. Name of the Currency Sanctioned Rate of interest Repayment schedule
outstanding as loan (in Security
no. lender of loan amount (₹) (p.a.) of loans
on 30 June 2019 months)
(₹)
Repayment on
HDFC Bank CC INR 1500 Lakhs MCLR + 1.60% 12 M
Demand
HDFC Bank(Export
Packing Credit/
Repayment on
Post Shipment INR (1500 Lakhs) MCLR + 1.60% 12 M
Demand
Credit Facility (Sub Loan is secured against :
Limit of CC) i) Primary Security:‐ Hypothecation of stock & book
debts on enitre exposure.
HDFC Bank (Post MCLR + 1.60% If
ii) Collateral Security:‐
Shipment Credit availed in foreign Repayment on
INR (1500 Lakhs) 12 M a. Plot No. 31, The Samast Brahmakshatriya Co.
FBD/FBP/EBR/FBD currency: LIBOR + Demand
Operative Housing Society Ltd., Opp. Chandranaga Bus
1 Backed by LC) 1,805.18 250bps
Stop, BRTS Road, Ahmedabad.
HDFC Bank (Letter
Commission of Repayment on b. Bunglow on Plot No. 19/B, Kalyan Society, Nr.
of Credit Sub Limit INR (1500 Lakhs) 12 M
1.50% per annum Demand Mahatma Gandhi International School, nagri Hospital
of CC)
Road, Ahmedabad.
HDFC Bank (Bank
Commission of Repayment on c. office no. 201, Setu Complex, P. Nagar Road, Nr.
Gurantee Sub INR (1500 Lakhs) 12 M
1.50% per annum Demand Girish Gold Drink, Ahmedabad
Limit of CC)
As Per Product Repayment on
HDFC Bank (PSR) INR 500 lakhs 12 M
Note Demand
HDFC Bank (DRUL Repayment on
INR (500 Lakhs) MCLR + 1.60% 12 M
(Sublimit of PSR)) Demand
Loan is secured against:
i)demand promissory note
ii) any other security acceptable as its sole discretion
Edelweiss Finance on or before expiry of
2 INR 1000 Lakhs 911.47 12% 30 M such that security cover is achieved & is complaint with
Ltd the validity period
the extant rules
iii) Pledge of approved commodities in the form manner
acceptable to ECLFL
Loan is secured against :
i) Pledge of entire inventroy of commodity as a
9.95% ( MCLR + continuing security
3 HDFC Bank INR 1500 Lakhs 997.89 11 M Repayable on demand
1.15%) ii) Personal Gaurantee of :
a) Chanakya Mangal
b) Chandragupt Mangal
1 year MCLR + Loan is secured against:‐
0.75% p.a. payable
4 Indusind Bank INR 500 Lakhs 152.57 at months rests, 12 M Repayable on demand i)Pledge of stock as per warehouse receipt from the
including CM
Charges borrower
Lien mark on demat receipt/ pledge of pysical receipt of
Kotak Mahindra MCLR 6M Rate +
5 INR 1000 Lakhs 257.82 270 days Repayable on demand
Bank 1.00%
underlying commodities namely castor seeds
Loan is secured against :
i) Pledge of warehouse receipt / storage receipts with
Axis Bank ‐ pledge MCLR + 3.05% p.a lien noted in favour of bank
6 INR 400 Lakhs 304.06 12 M Repayable on demand
loan i.e. 11.65% ii) Personal Gaurantee of :
a) Chanakya Mangal
b) Chandragupt Mangal

F-20
Mangalam Global Enterprise Limited

Annexure 8: Consolidated Deferred tax assets/Liabilities

(Amount in Lakhs)
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Deffered Tax Assets & Liabilities Provision
WDV As Per Companies Act 2013 2,272.30 1,857.18
WDV As Per Income Tax Act 2,033.61 1,655.49
Difference in WDV 238.69 201.69
Gratuity Provision (0.92) (1.83)
Other Disallowance Including u/s 43B 0.04 0.45
Unabsorbed Depreciation Loss AY 2019‐20 (157.89) (114.20)
Adjustment on account of Section 28 to 44 DA Income tax
Act, 1961 0.97 (2.21)
Total Timming Differece 80.89 83.91
Tax Rate as per Income Tax 25.17%
(DTA) / DTL 20.36 23.34

Deffered Tax Assets & Liabilities Summary

Opening Balance of (DTA) / DTL 23.34 6.20
Add: Provision for the Year (2.99) 17.14

Closing Balance of (DTA) / DTL 20.36 23.34

Note:
In accordance with accounting standard 22, Accounting for taxes on income, issued by the institute of Chartered
Accountant of India, the Deferred Tax Assets (net of Liabilities) is provided in the books of account as at the end of the
year.

F-21
 Annexure 9: Consolidated Statement of Other long‐term liabilities

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Advance Rent / Rent Deposit 14.20 14.20
Other Liabilities 3.31 2.70
17.51 16.90

Annexure 10: Consolidated Statement of Provisions

Consolidated Consolidated
30.06.2019 31.03.2019
Particulars
Long‐term Short‐term Long‐term Short‐term

Provision for employee benefits

Provision for gratuity (refer note (a)) 2.27 0.47 1.62 0.20
Provision for Leave Encashment (refer note (b)) ‐ 4.23 4.23
Provision for Others ‐ 71.06 56.65
Provision for tax (net of advance tax) ‐ 37.80 92.04
‐ ‐
2.27 113.55 1.62 153.12

Note:
2 The figures disclosed above are based on the Restated Consolidated summary statement of assets & liabilities of the
company .
3 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities, Restated
Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow, significant accounting policies &
notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-22
Mangalam Global Enterprise Limited

Annexure 10: Consolidated Statement of Provisions (Amount in Lakhs)

The following table sets out the status of the Gratuity Scheme in respect of employees of the
Company:
As at 30th June As at 31 March
Particulars
2019 2019

Change in benefit obligation

Projected benefit obligation (PBO) at the beginning of the period / 1.83
year
Service cost 2.66 1.83
Interest cost 0.04
Actuarial loss/(gain) (1.78)
Benefits paid
PBO at the end of the period / year 2.74 1.83

Net gratuity cost comprises*:

Service cost 2.66 1.83
Interest cost 0.04 ‐
Recognised net actuarial loss/ (gain) (1.78) ‐
Net gratuity costs 0.92 1.83
* These expenses have been recognised under Annexure 23

The actuarial assumptions used in accounting for the gratuity plan were as follows:
Discount rate 7.70% 7.70%
Rate of increase in compensation levels 8.33% 8.33%
Attrition Rate 5 % younger 5 % younger ages
ages and and reducing to 1
reducing to 1 % % at older ages
at older ages according to
according to graduated scale
graduated scale

Mortality rate Indian Assured Indian Assured

Lives Lives
Mortality(2006‐ Mortality(2006‐08)
08) Ult Ult
Retirement age 60 years 70 years

Details of present value of obligation, plan assets and experience adjustments:

As at 30th June As at 31 March
Particulars
2019 2019
Present value of obligation 2.74 1.83
Fair value of plan assets ‐ ‐
Deficit 2.74 1.83
Experience adjustments:
On plan liabilities:‐ (gain) / loss (0.28)
On plan assets:‐ gain / (loss) ‐ ‐

F-23
Annexure 11: Consolidated Statement of Trade payables
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Dues of micro and small enterprises (refer note below)
Dues to others 192.46 59.36
Creditors for Expenses 91.96 97.61

284.41 156.97

Note: Micro and Small Enterprises

The Company is in the process of obtaining necessary confirmations from suppliers regarding their status
under the Micro, Small and Medium Enterprises (MSME) Development Act, 2006 (the ‘Act’ ) and hence
disclosures regarding the following have not been made:
i. Amount due and outstanding to MSME suppliers as at the end of the accounting period / year.
ii. Interest paid during the period / year to MSME.
iii. Interest payable at the end of the accounting period / year to MSME.
iv. Interest accrued and unpaid at the end of the accounting period / year to MSME.
Management believes that the figures for disclosures, if any, will not be significant.

Annexure 12: Consolidated Statement of Other current liabilities (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Current maturities of long‐term borrowings

ICICI Bank Vehicle Loan Installments repayble with in 12 Months 16.04 15.64
Industrial Term Loan‐ The Mehsana Urban Co Op Bank 75.85 73.69
Machinery Term loan‐ The Mehsana Urban Co Op Bank 43.29 35.37

Other Current Liabilities

Interest Accrued But Not Due 33.06 12.56
Statutory dues 43.88 33.23
Advance from customers 0.42 1.43
Creditor for Capital Goods 346.83 238.71
Other Payables 0.04 ‐
559.41 410.64

Notes:
Advance received from the customers have been taken as certified by the management of the company
and no security has been offered by the company against the same.

F-24
Mangalam Global Enterprise Limited

Annexure 13: Consolidated Statement of Property, Plant and Equipment

Plant & Furniture Office

Gross block Land Building Computers Vehicles Total
Equipment & Fixture Equipment

Balance as at 1 April 2016 188.49 48.00 ‐ 0.32 2.37 1.47 ‐ 240.65

222.09 93.63 ‐ ‐ ‐ 0.51 ‐ 316.23
Balance as at 31 March 2017 410.58 141.63 ‐ 0.32 2.37 1.98 ‐ 556.88
82.88 ‐ ‐ 0.82 2.14 6.03 69.14 161.01
Balance as at 31 March 2018 493.46 141.63 ‐ 1.14 4.50 8.01 69.14 717.89
Additions 74.47 461.27 1,168.76 9.11 1.25 72.92 11.50 1,799.28
Balance as at 31 March 2019 567.93 602.90 1,168.76 10.25 5.75 80.94 80.65 2,517.17
Additions ‐ 31.36 411.37 5.69 ‐ 0.98 ‐ 449.41
Balance as at 30th June 2019 567.93 634.26 1,580.14 15.94 5.75 81.91 80.65 2,966.58
Accumulated depreciation and amortisation
Balance as at 1 April 2016 ‐ 1.19 ‐ 0.17 0.36 0.39 ‐ 2.12
Depreciation charge ‐ 1.74 ‐ 0.10 0.23 0.32 ‐ 2.39
Balance as at 31 March 2017 ‐ 2.93 ‐ 0.27 0.59 0.71 ‐ 4.50
Depreciation charge ‐ 2.48 ‐ 0.19 0.34 0.99 2.74 6.73
Balance as at 31 March 2018 ‐ 5.41 ‐ 0.46 0.93 1.70 2.74 11.24
Depreciation charge ‐ 12.22 54.09 1.97 0.51 4.34 8.32 81.45
Balance as at 31 March 2019 ‐ 17.63 54.09 2.42 1.44 6.04 11.06 92.69
Depreciation charge ‐ 4.51 26.48 0.97 0.14 1.38 2.39 35.87
Balance as at 30th June 2019 ‐ 22.14 80.57 3.39 1.58 7.42 13.45 128.56

Net block
Balance as at 31 March 2017 410.58 138.70 ‐ 0.05 1.78 1.27 ‐ 552.38
Balance as at 31 March 2018 493.46 136.21 ‐ 0.69 3.57 6.31 66.41 706.65
Balance as at 31 March 2019 567.93 585.26 1,114.67 7.83 4.30 74.90 69.59 2,424.48
Balance as at 30th June 2019 567.93 612.12 ‐ 12.55 4.17 74.49 67.20 2,838.02

Capital WIP 30.06.2019 31.03.2019

Work - in - Progress
Gross Block Opening Balance 436.25 ‐
Addition during the year 24.29 436.25
Reduction during the year 420.16 ‐
Gross Block Closing Balance..A 40.38 436.25
Opening Accumulated depreciation ‐ ‐
Depreciation charged during the year ‐ ‐
Reduction/Adj. During the year ‐ ‐
‐ ‐
Accumulated Depreciaton (Closing Balance)..B
Net Block (A-B) 40.38 436.25

Total of WIP 40.38 436.25

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets & liabilities of the company .

2 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow,
significant accounting policies & notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-25
 Mangalam Global Enterprise Limited

Annexure 13A: Goodwill on Consolidation (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Balance at the beginning of the period / year 176.54

Add : On acquisition of subsidiaries during the Year

(a) Hindprakash Castor Derivatives Pvt Ltd ‐ 180.21
(b) Mangalprakash Singapore (Pte) Ltd ‐
(c) Farpoint LLP (Capital Reserve on Consolidation) ‐
(3.67)

‐ 176.54
Balance at the end of the period/year 176.54 176.54

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets &
liabilities of the company .
2 The above statememnt should be read with the Restated Consolidated statement of assets &
liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of
Cashflow, significant accounting policies & notes to restated Consolidated summary statements as
appearing in annexures 1 , 2 , 3 & 4 respectively.

F-26
 Mangalam Global Enterprise Limited

-
Annexure 14: Consolidated Statement of Intangible assets

Gross block Computer software Total

Balance as at 1 April 2016 0.11 0.11

Additions - -
Capitalisation - -
Balance as at 31 March 2017 0.11 0.11
Additions 0.16 0.16
Balance as at 31 March 2018 0.27 0.27
Additions 0.63 0.63
Balance as at 31 March 2019 0.90 0.90
Additions 1.69 1.69
Balance as at 30 th June 2019 2.59 2.59

Accumulated amortisation
Balance as at 1 April 2016 0.06 0.06
Amortisation charge 0.03 0.03
Balance as at 31 March 2017 0.09 0.09
Amortisation charge 0.03 0.03
Balance as at 31 March 2018 0.12 0.12
Amortisation charge 0.14 0.14
Balance as at 31 March 2019 0.26 0.26
Amortisation charge 0.11 0.11
Balance as at 30 th June 2019 0.37 0.37

Net block
Balance as at 31 March 2017 0.02 0.02
Balance as at 31 March 2018 0.15 0.15
Balance as at 31 March 2019 0.64 0.64
Balance as at 30 th June 2019 2.22 2.22

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets & liabilities of the company .
2 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow, significant accounting
policies & notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-27
Annexure 15: Consolidated Statement of Non-current investments

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Investment in Equity Instruments (Unquoted)

(i) of subsidiaries
100000 (PY Nil) ordinary shares - Mangalprakash (Singapore) Pte. Ltd (Fully Paidup)
60109 (PY Nil) Equity Shares in Hindprakash Castor Derivatives Pvt Ltd (of Rs. 10/- each Fully
Paidup)

(ii) of associates

(iii) of others
404255 (PY Nil) Equity Shares in ECS Environment Pvt Ltd (of Rs. 10/- each Fully Paidup) 242.55 121.28

Aggregate Value of Quoted Investment: CY -Rs nil (PY Rs Nil)

Market Value of Quoted Investment: CY -Rs nil (PY Rs Nil)
Aggregate Amount of Unquoted Investment : CY -Rs 39552340(PY Rs Nil)
1,20,000 Equity shares of Mehsana Urban Cooperative Bank Ltd (of Rs. 25/- each fully paid) 30.00 30.00

Free Hold Land and Building 91.49 91.17

Investment in Partnership Firm

Farpoint Enterprise LLP - Capital Account - -
Farpoint Enterprise LLP - Current Account - -
Total Investment in Partnership Firm - -

364.05 242.45

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019
Aggregate amount of unquoted investments 364.05 242.45

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets & liabilities of the
company .
2 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities, Restated
Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow, significant accounting policies & notes
to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-28
Mangalam Global Enterprise Limited

Annexure 16: Consolidated Statement of Loans and advances (Amount in Lakhs)

Consolidated Consolidated
30.06.2019 31.03.2019
Particulars
Long‐term Short‐term Long‐term Short‐term

Unsecured, considered good (unless otherwise stated)

Prepaid Income Tax / MAT Credit / TDS (Net of Provisions, 9.61 2.79 9.61 78.78
if any) {Note 1}
Deposit 5.45 ‐ 2.75 ‐
Advance for Capital Goods / Investment Property ‐ ‐ ‐ ‐
Capital Advance 76.01 ‐ 94.82 ‐
Prepaid Expenses ‐ ‐ ‐ ‐
Other Receivable / Rent Receivable 14.51 12.48

Loans and Advances to Related Parties

Loans Given 367.50 176.00 50.00 8.55
Others
Loans to Employees ‐ 5.70 ‐ 6.05
Prepaid Expenses ‐ 30.79 ‐ 33.41
Advance to Suppliers {Note 2.} ‐ 100.47 ‐ 280.50
GST / VAT Receivable ‐ 482.20 ‐ 5.36
Rent Receivable ‐ 9.84 ‐ 282.17
Receivable under agency service business ‐ ‐ ‐ ‐
Margin Money Given for Commodity Hedging Future ‐ 103.39 ‐ 70.86
Transaction
Other Receivable ‐ 179.58 ‐ 7.30
Other Bank Deposits 498.25 490.09

473.09 1,589.00 169.67 1,263.06

Note 1. Advance given to suppliers have been taken as certified by the management of the company.

Note 2. No Securitites have been taken by the company against advances given to suppliers

Note 3 The figures disclosed above are based on the Restated Consolidated summary statement of assets &
liabilities of the company .

Note 4 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities,
Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow, significant
accounting policies & notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4
respectively.

F-29
Mangalam Global Enterprise Limited

Annexure 17: Consolidated Statement of Trade Receivables (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Unsecured & Considered good

1. From Directors/ Promotors / Promotor Group /
Associates / Relative of Directors / Group Companies

O/s Exceeding 6 Months 93.54 1.86

O/s Not Exceeding 6 Months 57.18 116.85
150.72 118.71
Less Provision for doubtful debts
150.72 118.71

Other debts
O/s Exceeding 6 Months 0.10 116.92
O/s Not Exceeding 6 Months 1,019.79 653.93
1,019.89 770.85

1,170.60 889.56

As per the view of the Management of the Company there is no doubtful debts and hence provision for
doubtful debts have not been made.
Trade Receivables as on 30th June, 2019 has been taken as certified by the Management of the Company.

The figures disclosed above are based on the restated standalone summary statement of assets & liabilities
of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities,
Restated standalone statement of Profit & Loss, Restated standalone statement of Cashflow, significant
accounting policies & notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4
respectively.

Annexure 18: Consolidated Statement of Inventories (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Raw Material
Raw Material 4,213.27 551.16

4,213.27 551.16
Finished Goods 650.11 636.27
Semi‐Finished Goods 480.46 229.54
Packing Material 86.19 60.27

5,430.03 1,477.24

Note :‐
Value of Inventories as on 30th June, 2019 has been taken as certified by the management of the company

F-30
Annexure 19: Consolidated Statement of Cash and Bank balances

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Cash and cash equivalents

Cash on hand 14.62 73.42
Balances with banks 28.41 5.07

43.04 78.49

Other bank balances

Other Bank Deposits (Original Maturity more than 3
months)

43.04 78.49

Notes
1 The figures disclosed above are based on the Restated Consolidated summary statement of assets &
liabilities of the company .
2 The above statememnt should be read with the Restated Consolidated statement of assets & liabilities,
Restated Consolidated statement of Profit & Loss, Restated Consolidated statement of Cashflow, significant
accounting policies & notes to restated Consolidated summary statements as appearing in annexures 1 , 2 , 3
& 4 respectively.

F-31
Mangalam Global Enterprise Limited

Annexure 20: Consolidated Statement of Revenue from operations

(Amount in Lakhs)
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Revenue from operations

Sale of products 14,484.55 38,323.12
Sale of services 127.03 596.39
Other operating revenue 16.31 61.00
Rental Income from Long Term Investment Property

14,627.89 38,980.52

20.1 Annexure to Revenue from Operations

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Details of Sales of Products ‐ Trading

Textile and Textile Mrchandise ‐ ‐
Dyes ‐ ‐
Intermediates ‐ ‐
Ediblie Oil ‐ ‐
Cloth ‐ ‐
Castor Oil 541.06 8,130.35
Castor Seeds 121.43 1,577.18
Others ‐ 106.39
‐ ‐
Details of Sales of Products ‐ Manufacturing ‐ ‐
Castor Oil 12,635.99 26,415.11
Castor DOC 777.80 1,817.05
Cotton Bales 304.49 323.79
Cotton Seeds 68.20 ‐ 80.16
Others 35.57 33.42
‐ ‐
Details of Service Income ‐ ‐
Agency Service Income 127.03 596.39
‐ ‐
Other operating revenues Comprises ‐ ‐
Export Incentive Income 0.68 0.46
Lease Operating Income 15.62 61.02

14,627.89 38,981.00
Notes
The figures disclosed above are based on the Restated Consolidated summary statement
of Profit & Loss of the company .
2. The above statememnt should be read with the Restated Consolidated statement of
assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated
Consolidated statement of Cashflow, significant accounting policies & notes to restated
Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4(A) respectively.

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 Annexure 21: Consolidated Statement of Other income

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Interest on Income ‐ Others 0.14 0.09

Interest from Loans and Advance 4.25 3.52
Gain on sale of Investment 1.18
Gain on Foreign exchange 8.3 2.71
‐Interest from banks on Deposit 9.06 0.1
‐Interest from Delayed Supply of Goods 0.04 6.72
Other Non Operating Income ‐
‐Sale of Scrap 0.13
Consultancy income 0.25 0.25
‐ Balance Written off
22.04 14.70

Profit before tax 132.4 344.04

% of other income to profit before tax

Note:
1 All the items of other income are related to business activities. Further, out of all the items
of other income only interest income from deposits and gain on foreign currency
translations and transactions are recurring and the remaining are non‐recurring in nature.

2 The classification of 'Other income' as recurring or non‐recurring and related or non‐related

to business activity is based on the current operations and business activities of the
Company, as determined by the management.
3 The figures disclosed above are based on the Restated Consolidated summary statement of
assets & liabilities of the company .
4 The above statememnt should be read with the Restated Consolidated statement of assets
& liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated
statement of Cashflow, significant accounting policies & notes to restated Consolidated
summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-33
 Annexure 22. Consolidated Statement Cost of Material Consumed (including Cost of (Amount in Lakhs)
Traded Goods Sold)
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Opening Stock 551.16 ‐

Add: Purchases 16943.47 18,845.74
Less: Closing Stock ‐4213.27 (551.16)

13281.35 18,294.58

Annexure 23:Consolidated Statement of Purchase of stock‐in‐trade

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Inventory at the beginning of the year

Add: Purchases 750.62 19,614.86
Inventory at the end of the year

750.62 19,614.86

Annexure 23. Consolidated Statement of Change In Inventory of Finished Goods, Stock In

Trade and WIP
Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Finished Goods / Stock In Trade

Opening Stock 636.27 ‐
Less: Closing Stock (650.11) (636.27)

WIP
Opening Stock 229.54 ‐
Less: Closing Stock (480.46) (229.54)

(264.76) (865.81)

Note:
The figures disclosed above are based on the Restated Consolidated summary statement
1 of Profit & Loss of the company .
The above statememnt should be read with the Restated Consolidated statement of
assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated
Consolidated statement of Cashflow, significant accounting policies & notes to restated
2 Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-34
 Annexure 24: Consolidated Statement of Employee benefits expense (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Director Remuneration 18.13 23.75

Salaries, wages and bonus 97.43 217.93
Contributions to Provident Fund and Other Fund 1.32 2.53
Gratuity and Leave Encashment / Reversal 0.92 6.05
Staff welfare expenses 5.89 3.88

123.69 254.15

Annexure 25: Consolidated Statement of Finance costs

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Interest expense:
Interest expense 154.44 315.61
Other Borrowing Cost 0.1 25.02
154.54 340.63

Note:
The figures disclosed above are based on the Restated Consolidated summary statement
1
of Profit & Loss of the company .
The above statememnt should be read with the Restated Consolidated statement of
assets & liabilities, Restated Consolidated statement of Profit & Loss, Restated
2
Consolidated statement of Cashflow, significant accounting policies & notes to restated
Consolidated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

F-35
 Mangalam Global Enterprise Limited

Annexure 26: Consolidated Statement of Other expenses (Amount in Lakhs)

Consolidated Consolidated
Particulars
30.06.2019 31.03.2019

Manufacturing Expenses
Power & Fuel 58.18 169.58
Loading‐Unloading Expense 22.90 38.01
Lease Rent Expense 6.31 16.75
Factory Consumable 16.84 76.81
Other Factory Expense 0.16 18.95
Repair & Maintenance ‐ Plant & Machinery 27.12 40.42
Repair & Maintenance ‐ Others 0.66 2.01
Raw Material (Commodity) Hedging Cost 25.01 12.08
Packing Expenses 5.30 9.12
Total 162.47 383.74

Administrative, Selling and Other Expenses

Advertisement Expenses ‐ 0.40
Audit Fees 1.16 3.04
Bank Charges 1.67 0.69
Business Promotion Expenses 0.57 6.30
Commission & Brokarage Expenses 0.80 4.91
Conveyance Expenses 1.14 3.96
Electricity Expenses 7.69 2.31
Freight & Cartage etc 46.62 135.39
Legal Consultancy Expenses 2.40 27.23
Consultancy Expenses 6.33 69.97
Office Expenses 3.77 8.07
Foreign Exchange Loss 1.52 3.86
Other Expenses 0.19 3.61
Insurance Expenses 0.64 2.01
Payments to the Auditor 1.28 3.85
Preliminary Expenses ‐ 0.19
Postage and Angadia 4.66 0.43
Printing and Stationary Expenses 0.00 2.39
Rates & Taxes 1.20 2.59
Royalty Expenses 1.21 ‐
Rent 2.96 ‐
Repairs and Maintenance Buildings 18.29 3.03
Repairs and Maintenance Others 5.00 10.44
Sales Commission Expenses 2.94 24.79
Tele Communication Expenses 143.74 1.83
Travelling Expenses 1.22 15.53
Donation ‐ 1.01
Testing Fees 10.73 4.14
Outward Freight / Loading Unloading 5.91 183.65
Cash Discount ‐ 0.44
Handling Expenses ‐ 9.10
Export Freight And Expenses ‐ 7.88
Godown / Storage Tank Rent ‐ 4.09
Total 273.64 547.11
‐
Grand Total 436.12 930.85

Notes
The figures disclosed above are based on the Restated Consolidated summary statement of
1
Profit & Loss of the company .
The above statememnt should be read with the Restated Consolidated statement of assets
2 & liabilities, Restated Consolidated statement of Profit & Loss, Restated Consolidated
statement of Cashflow, significant accounting policies & notes to restated Consolidated

F-36
Mangalam Global Enterprise Limited

Annexure 27: Consolidated Statement of Accounting and other ratios

(Amount in Lakhs)
Sr.
1 April 2019 to For the Year Ended on March
no. Particulars
30 June 2019 31, 2019

A Net worth, as restated (₹) 3,535.35 3,432.91

B Profit after tax, as restated (₹) 102.11 227.31

Weighted average number of equity shares outstanding

during the period/ year
C For Basic earnings per share 23,25,482 5,49,898
D For Diluted earnings per share 23,25,482 5,49,898
E For Basic earnings per share after bonus issue 116,27,410 98,51,826
F For Diluted earnings per share after bonus issue 116,27,410 98,51,826

Earnings per share

G Basic earnings per share (₹) (B/C) 4.39 41.34

H Diluted earnings per share (₹) (B/D) 4.39 41.34

I Basic earnings per share after bonus issue (₹) (B/E) 0.88 2.31

J Diluted earnings per share after bonus issue (₹) (B/F) 0.88 2.31

K Return on Net Worth (%) (B/A*100) 2.89% 6.62%

L Number of shares outstanding at the end of the period/ year 23,25,482 23,25,482

M Number of shares outstanding at the end of the period/ year 116,27,410 116,27,410
after bonus issue

N Net asset value per equity share of ₹ 10 each (₹) (A/L) 152.03 147.62

Net asset value per equity share of ₹ 10 each after bonus

O
issue (₹) (A/M) 30.41 29.52

P Face value of equity shares (₹) 10.00 10.00

Notes :‐
1) The ratios have been computed in the following manner :
a) Basic and Diluted earnings per share (₹) Restated Profit after tax attributable to equity shareholders
Weighted average number of equity shares outstanding during
the period/year

b) Return on net worth (%) = Restated Profit after tax

Restated Net worth as at period/ year end

c) Net asset value per share (₹) Restated Net Worth as at period/ year end
Total number of equity shares as at period/ year end
2) The figures disclosed above are based on the Restated Financial Information of the Company.

3) Ratios for the three months ended 30th June 2019 have not been annualized.

4) Weighted average number of equity shares is the number of equity shares outstanding at the beginning of the period/year
adjusted for the number of equity shares issued during the period/year multiplied by the time weightage factor. The time
weightage factor is the number of days for which the specific shares are outstanding as a proportion of total number of days

5) Net worth for the ratios represents sum of share capital and reserves and surplus (share premium and surplus in the Restated
Summary Statement of Profit and Loss).
6) The above statement should be read with the Statement of Notes to the Restated Financial Information of the Company in
Annexure 4.

F-37
Mangalam Global Enterprise Limited

Annexure 28: Restated Statement of Capitalisation

(Amount in Lakhs)
Particulars Pre Issue as at June Post Issue
30, 2019

Borrowings
Short‐ term 5,266.33 5,266.33
Long‐ term (including current maturities) (A) 2,251.82 2,251.82
Total Borrowings (B) 7,518 7,518

Shareholders' funds
Share capital 232.55 1,605.74
Reserves and surplus 3,302.80 4,142.91
Total Shareholders' funds (C) 3,535.35 5,749

Long‐ term borrowings/ equity* {(A)/(C)} 0.64 0.39

Total borrowings / equity* {(B)/(C)} 2.13 1.31

* equity= total shareholders' funds

Notes:
1 Short‐term borrowings implies borrowings repayable within 12 months from the Balance Sheet date. Long‐
term borrowings are debts other than short‐term borrowings and also includes the current maturities of long‐
term borrowings (included in other current liabilities).
2 The above ratios have been computed on the basis of the Restated Consolidated Summary Statement of
Assets and Liabilities of the Company.
3 The above statement should be read with the Statement of Notes to the Restated Consolidated Financial
Information of the Company

F-38
 Mangalam Global Enterprise Limited

Annexure 29: Cnsolidated Statement of Related Party Transaction

(Amount in Lakhs)

Amount Amount
Amount of Amount of Amount of Amount of
outstanding as outstanding as
Transaction Transaction Transaction Transaction
Name of Party Nature of Relation Nature of Transaction on on
debited upto credited upto debited in 2018‐ credited in 2018‐
30.06.2019Payab 31.03.2019Payab
30.06.2019 30.06.2019 19 19
le/(Receivable) le/(Receivable)
Foreign Travelling Exps - - - - - -
Share Issue - - - - 135.22 135.22
Vipin Prakash Mangal (Holding Co.) Promoter Reimbursement Expense - 4.14 4.14 - - -
Interest on Borrowing 14.16 - 14.16 - - -
Loan 518.83 229.25 762.25 - 199.23 192.00
Share Issue - - - - 135.22 135.22
Om Prakash Mangal (Holding Co.) Relative of Promoter
Unsecured Loans - - - - 452.50 450.00
Salary 0.88 - 0.88 - 4.50 4.50
Hemalata Omprakash Mangal (Holding Co.) Relative of Promoter Share Issue - - - - - -
Loan - - - - 50.00 50.00
Sanjay Prakash Mangal (Holding Co.) Relative of Promoter Salary 0.99 - 0.99 - - -
Salary 2.35 - 2.35 - 4.50 4.50
Interest on Borrowing 0.67 - 0.67 - - -
Loan 47.50 - 47.50 - 155.12 151.00
Rashmi Mangal (Holding Co.) Relative of Promoter
Share Issue - - - - 101.61 101.61
Foreign Travelling Exps - - - - - -
Rent - - - - 0.05 0.05
Rent - 4.39 4.39 - - -
Rent Deposit - 2.70 2.70 - - - -
Investment - - - - 0.50 0.50
Interest on Borrowing 0.08 - 0.08 - - -
Chankya Prakash Mangal (Holding Co.) Promoter
loan 3.00 7.00 10.00 - 665.63 556.05
Share Issue - - - - 351.43 351.43
Foreign Travelling Exps - - - - - -
Salary 3.31 6.00 9.31 - 4.50 4.50
Salary 2.31 - 2.31 - - -
Foreign Travelling Exps - - - - - -
Interest on Borrowing 0.12 - 0.12 - - -
Chandragupt Prakash Mangal (Holding Co.) Promoter
loan 13.00 - 13.00 - 507.12 451.00
Share Issue - - - - 386.37 386.37
Consultancy Fees - 6.50 6.50 - 10.25 10.25
Reimbursement Expense - - - - - -
Mangalam Worldwide Private Limited (Holding Co.) Associate Company Share Issue - - - - 645.00 645.00
Sales (Rent) - - - - 1.30 1.30
Sales & Purchase - 20.50 159.82 159.82 - 20.50 5,193.30 5,172.80
Rent Deposit - 20.00 - - - 20.00 20.00 -
Rent Expenses
Hind Prakash Castor Derivatives Pvt Ltd (Holding Co.) Subsidiary Company
Rent Income 0.77 32.40 33.17 - 0.57 0.57
Loans and Advance - 9.30 32.80 190.00 - 166.50 404.50 238.00
Interest on advance - 7.63 3.83 - - 3.81 3.81 -
Purchase - - - - - -
Sales - - - - - -
Hindprakash Tradelink Private Limited (Holding Co.) Associate Company
Interest on Borrowing 0.87 - 0.87 - 6.92 6.92
Loan 160.00 - 160.00 - 980.75 980.75
Reimbursement Expense - 0.03 0.03 - - -
Shirshak Exim LLP (Holding Co.) Associate Company
Purchase - - - - 272.03 272.03
Share Issue - - - - 564.02 564.02
Zaddoc Nutrition Private Limited (Holding Co.) Associate Company Interest on Borrowing - - - - 19.19 19.19
Loans - - - - 1,434.02 1,434.02
Associate Company Loans - 8.10 - - - 8.10 8.10 -
Ecofine Colourchem Private Limited (Holding Co.)
Associate Company Interest on advance - 0.50 - - - 0.50 0.50 -
Purchase of fixed asset - - - - 1.83 1.83
ECS Environment Private Limited (Holding Co.) Associate Company Rent Income - 0.06 - - - 0.06 0.61 0.55
Sales - 93.48 - 23.06 - 116.54 125.54 9.00

Unsecured Loan 244.52 - 12.00 232.52 595.00 827.52

5.26 - 5.26 - - -
Int on loan
Brijesh Rajgor (Subsidiary Co.) Director Share issue - - - - 0.50 0.50
salary - - - - 4.00 4.00
Purchase - 8.44 - - - 8.44 4,742.84 4,734.40
Salary - - - - 4.20 4.20
Int on loan 0.77 - 0.77 - - -
Rent - 0.32 0.32 - - -
Chankya Prakash Mangal (Subsidiary Co.) Director
Rent Deposit - 0.18 0.18 - - - -
Share issue - - - - 0.50 0.50
Loan 53.00 - - 53.00 51.00 104.00
Share issue - - - - 59.50 59.50
Shirshak Exim LLP (Subsidiary Co.) Associate Concern
Loan - - - - 0.50 0.50
Loan - 5.41 1.62 19.14 - 22.93 22.93 -
Om Oil Industries (Subsidiary Co.) Associate Concern Fixed Asset Purchase 229.49 - - 229.49 1,689.25 1,918.74
Lease rent Expense - 2.00 - 2.00 - 2.00
Salary - - - - 4.10 4.10
Rashmi Mangal (Subsidiary Co.) Relative of Director Int on Loan 0.77 - 0.77 - - -
Loan 23.00 - - 23.00 51.00 74.00
Salary - - - - 4.10 4.10
Vipin Prakash Mangal (Subsidiary Co.) Relative of Director Int on loan 0.77 - 0.77 - - -
Loan 48.00 - - 48.00 51.00 99.00
Loan 23.00 - - 23.00 51.00 74.00
Chandragupt Prakash Mangal (Subsidiary Co.) Relative of Director Int on loan 0.77 - 0.77 - - -
Consulting Expenses - - - - 5.00 5.00
Fixed Asset Purchase - - - - 15.50 15.50
Shankarlal Rajgor (Subsidiary Co.) Relative of Director
Loan 15.50 - - 15.50 - 15.50
Salary - - - - 2.00 2.00
Share issue - - - - 17.00 17.00
Vasantkumar ShankarLal Rajgor (Subsidiary Co.) Relative of Director
Loan - - - - - -
Fixed Asset Purchase - - - - 52.56 52.56
Unsecured loan 35.00 - - 35.00 - 35.00
Induben rajgor (Subsidiary Co.) Relative of Director Share issue - - - - 16.50 16.50
Salary - - - - 2.00 2.00
Fixed Asset Purchase - - - - 46.74 46.74
Anilkumar Vasudev Rajgor (Subsidiary Co.) Relative of Director Share issue - - - - 17.00 17.00
salary - - - - 2.00 2.00
salary - - - - 2.00 2.00
Zenishaben Rajgor (Subsidiary Co.) Relative of Director Loan 35.00 - - 35.00 - 35.00
Share issue - - - - 17.00 17.00
Salary - - - - 2.00 2.00
Maheshkumar Shankarlal Rajgor (Subsidiary Co.) Relative of Director Fixed Asset Purchase - - - - 37.27 37.27
Share issue - - - - 17.00 17.00
Salary - - - - 2.00 2.00
Kiranben Maheshkumar Rajgor (Subsidiary Co.) Relative of Director loan 35.00 - - 35.00 - 35.00
Share issue - - - - 17.00 17.00
salary - - - - 2.00 2.00
Pareshkumar Vasudev Rajgor (Subsidiary Co.) Relative of Director Share issue - - - - 17.00 17.00
Fixed Asset Purchase - - - - 46.26 46.26
salary - - - - 2.00 2.00
Jagruti P Rajgor (Subsidiary Co.) Relative of Director Loan 35.00 - - 35.00 - 35.00
Share issue - - - - 17.00 17.00
Rahul Rajgor (Subsidiary Co.) Relative of Director Loan 40.61 - - 40.61 - 40.61
 `

Auditor’s Report on the Restated Standalone Statement of Assets and Liabilities as at June 30,
2019, March 31, 2019, 2018 and 2017 Profit and Loss and Cash Flows for each of the years/Period
ended on June 30, 2019, March 31, 2019, 2018 and 2017 of Mangalam Global Enterprise Limited
(collectively, the “Restated Standalone Summary Statements”)
To,
The Board of Directors
Mangalam Global Enterprise Limited
101, Mangalam Corporate House, 19/B Kalyan Society,
Nr. M.G. International School, Mithakhali,
Ahmedabad - 380006
Dear Sir/Ma’am,
1. We have examined the attached Restated Standalone Summary Statements along with significant
accounting policies and related notes of Mangalam Global Enterprise Limited (the “Company”)
as at and for the period /each of the years ended June 30, 2019, March 31, 2019, 2018 and 2017
annexed to this report and prepared by the Company for the purpose of inclusion in the Offer
Document in connection with its proposed Initial Public Offer (“IPO”) on the EMERGE Platform
of NSE Limited.
2. These Restated Summary Statements have been prepared in accordance with the requirements of:
(i) Part I of Chapter III to the Companies Act, 2013(“the Act”) read with Companies (Prospectus
and Allotment of Securities) Rules 2014;
(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations 2018 (“ICDR Regulations”) issued by the Securities and Exchange Board of India
(“SEBI”) in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992
and related amendments / clarifications from time to time;
(iii) The terms of reference to our engagements with the Company requesting us to carry out the
assignment, in connection with the Draft Prospectus/Prospectus being issued by the Company
for its proposed IPO of equity shares on EMERGE Platform of NSE Limited.; and
(iv) The Guidance Note on Reports in Company Prospectus (Revised 2016) issued by the Institute
of Chartered Accountants of India (“Guidance Note”).
3. The Restated Summary Statements of the Company have been extracted by the management from
the Audited Financial Statements of the Company for the period/financial years ended on June
30, 2019, March 31, 2019, March 31, 2018 and March 31, 2017.
4. In accordance with the requirements of Part I of Chapter III of Act including rules made therein,
ICDR Regulations, Guidance Note and Engagement Letter, we report that:
(i) The “Restated Standalone Summary Statement of Assets and Liabilities” as set out in Annexure
1 to this report, of the Company as at June 30, 2019, March 31, 2019, March 31, 2018 and
March 31,2017 are prepared by the Company and approved by the Board of Directors. These
Restated Standalone Summary Statement of Assets and Liabilities, have been arrived at after
making such adjustments and regroupings to the individual financial statements of the
Company, as in our opinion were appropriate and more fully described in

F-40
 Significant Accounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.
(ii) The “Restated Standalone Summary Statement of Profit and Loss” as set out in Annexure 2 to
this report, of the Company for the period/years ended June 30, 2019, March 31, 2019, March
31, 2018 and March 31, 2017 are prepared by the Company and approved by the Board of
Directors. These Restated Summary Standalone Statement of Profit and Loss have been arrived
at after making such adjustments and regroupings to the individual financial statements of the
Company, as in our opinion were appropriate and more fully described in Significant
Accounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.
(iii) The “Restated Summary Standalone Statement of Cash Flow” as set out in Annexure 3 to this
report, of the Company for the period/years ended June 30, 2019, March 31, 2019, March 31,
2018 and March 31, 2017 are prepared by the Company and approved by the Board of Directors.
These Statement of Cash Flow, as restated have been arrived at after making such adjustments
and regroupings to the individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to Accounts
as set out in Annexure 4 to this Report.
5. Based on the above and also as per the reliance placed by us on the audited financial statements
of the Company and report thereon given by the Statutory Auditor of the Company for the
financial years ended June 30, 2019, March 31, 2019, March 31, 2018 and March 31, 2017 we
are of the opinion that:
a) the Restated Summary Statements have been made after incorporating adjustments for the
changes in accounting policies retrospectively in respective financial period/years to reflect
the same accounting treatment as per the changed accounting policy for all reporting periods,
if any;
b) the Restated Summary Statements have been made after incorporating adjustments for prior
period and other material amounts in the respective financial years/period to which they relate
and there are no qualifications which require adjustments;
c) Extra-ordinary items that needs to be disclosed separately in the accounts has been disclosed
wherever required;
d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the
financial period/year ended on June 30, 2019, March 31, 2019, March 31, 2018 and March
31, 2017 which would require adjustments in this Restated Financial Statements of the
Company;
e) profits and losses have been arrived at after charging all expenses including depreciation and
after making such adjustments/restatements and regroupings as in our opinion are appropriate
and are to be read in accordance with the Significant Accounting Polices and Notes to
Accounts as set out in Annexure 4 to this report;
f) adjustments in Restated Summary Statements have been made in accordance with the correct
accounting policies, which includes the impact of provision of gratuity made on actuarial
valuation basis in the Restated Summary Statements;
g) there was no change in accounting policies, which needs to be adjusted in the Restated
Summary Statements except mentioned in clause (f) above;
h) there are no revaluation reserves, which need to be disclosed separately in the Restated
Financial Statements;
i) the company has proposed and paid dividend(s) as per the dividend policy of the company
effective for the said period.
6. Opinion:
In our opinion and to the best of information and explanation provided to us, and also as per the
reliance placed on reports submitted by previous auditors, the restated financial information of
the Company, read with significant accounting policies and notes to accounts as appearing in
Annexure 4 are prepared after providing appropriate adjustments and regroupings as considered
appropriate and disclosed in Annexure 4.

F-41
 `
7. Audit for the period April 01, 2019 to June 30, 2019 has been conducted by M/s. Keyur Shah &
Co., Chartered Accountants and for the financial year 2018-19, 2017-18 & 2016-17 has been
conducted by M/s. Kedia & Kedia Associates., Chartered Accountants. Accordingly reliance has
been placed on the financial information examined by these auditors for the said years. The
financial report included for these years is based solely on the report submitted by these auditors
for the said years. Further financial statements for the period / financial year ended on June 30,
2019 and March 31, 2019 have been re audited by us as per the relevant guidelines.
8. We have also examined the following other financial information relating to the Company
prepared by the Management and as approved by the Board of Directors of the Company and
annexed to this report relating to the Company for the financial period/year ended on June 30,
2019, March 31, 2019, March 31, 2018 and March 31, 2017 proposed to be included in the Draft
Prospectus/Prospectus.
9. Prospectus (“Offer Document”) for the proposed IPO.
Annexure of Restated Financial Statements of the Company:-
a. Significant Accounting Policies and Notes to Accounts as restated in Annexure 4;
b. Reconciliation of Restated Profit as appearing in Annexure 4 to this report.
c. Reconciliation of Restated Equity/Net worth as appearing in Annexure 4 to this report.
d. Details of Share Capital as Restated as appearing in Annexure 5 to this report;
e. Details of Reserves and Surplus as Restated as appearing in Annexure 6 to this report;
f. Details of Long Term/Short Term Borrowings as Restated as appearing in Annexure 7 to this
report;
g. Nature of Security and Terms of Repayment for Long term/Short Term Borrowings as
appearing in Annexure 7A/7B to this report
h. Details of Deferred Tax Liabilities (Net) as Restated as appearing in Annexure 8 to this report;
i. Details of Other Long Term Liabilities as Restated as appearing in Annexure 9 to this report;
j. Details of Long Term/Short Term Provisions as Restated as appearing in Annexure 10 to this
report;
k. Details of Trade Payables as Restated as appearing in Annexure 11 to this report;
l. Details of Other Current Liabilities as Restated as appearing in Annexure 12 to this report;
m. Details of Property Plant & Equipment as Restated as appearing in Annexure 13 to this report;
n. Details of Intangible Assets as Restated as appearing in Annexure 14 to this report;
o. Details of Non-Current Investments as Restated as appearing in Annexure 15 to this report;
p. Details of Long/Short Term Loans and Advances as Restated as appearing in Annexure 16 to
this report;
q. Details of Trade Receivables as Restated enclosed as Annexure 17 to this report;
r. Details of Inventories as Restated as appearing in Annexure 18 to this report;
s. Details of Cash and Cash Equivalents as Restated enclosed as Annexure 19 to this report;
t. Details of Revenue from operations as Restated as appearing in Annexure 20 to this report;
u. Details of Other Income as Restated as appearing in Annexure 21 to this report;
v. Details of Cost of material consumed as restated as appearing in Annexure 22 to this report
w. Details of Purchase of Stock in Trade as appearing in Annexure 23A
x. Details of Change in Inventory of Finished Goods, Stock in Trade and WIP as appearing in
Annexure 23B
y. Details of Employee Benefit Expense as restated as appearing in Annexure 24 to this report

F-42
 z. Details of Finance Cost as restated as appearing in Annexure 25 to this report
aa. Details of Other Expense as restated as appearing in Annexure 26 to this report
bb. Details of Accounting and Other Ratios as appearing in Annexure 27 to this report.
cc. Statement of Tax Shelters as Restated as appearing in Annexure 28 to this report
dd. Capitalization Statement as Restated as at June 30, 2019 as appearing in Annexure 29 to this
report;
ee. Details of Related Parties Transactions as Restated as appearing in Annexure 30 to this report;
10. We, Keyur Shah & Co., Chartered Accountants have been subjected to the peer review process
of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review
certificate issued by the “Peer Review Board” of the ICAI.
11. The preparation and presentation of the Financial Statements referred to above are based on the
Audited financial statements of the Company and are in accordance with the provisions of the Act
and ICDR Regulations. The Financial Statements and information referred to above is the
responsibility of the management of the Company.
12. The report should not in any way be construed as a re-issuance or re-dating of any of the previous
audit reports issued by any other Firm of Chartered Accountants nor should this report be
construed as a new opinion on any of the financial statements referred to therein.
13. We have no responsibility to update our report for events and circumstances occurring after the
date of the report.
14. In our opinion, the above financial information contained in Annexure 1 to 30 of this report read
with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure
4 are prepared after making adjustments and regrouping as considered appropriate and have been
prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note.
15. Our report is intended solely for use of the management and for inclusion in the Offer Document
in connection with the IPO. Our report should not be used, referred to or adjusted for any other
purpose except with our consent in writing.

For Keyur Shah & Co.

Chartered Accountants
Firm’s Registeration No.: 141173W

Sd/-
Keyur Shah
Proprietor
Membership No.: 153774
UDIN - 19153774AAAADJ3055

October 18, 2019

Ahmedabad

F-43
Mangalam Global Enterprise Limited
(Amount in ₹ Lakhs)
Annexure 1: Restated Summary Statement of Assets and Liabilities

As at As at 31 March
Particulars Annexure
30 June, 2019 2019 2018 2017
Equity and liabilities
Shareholders’ funds
Share capital 5 232.55 232.55 54.50 4.50
Reserves and surplus 6 3,115.67 3,010.29 480.02 4.12
3,348.22 3,242.84 534.52 8.62

Non‐current liabilities
Long‐term borrowings 7 24.43 28.90 224.09 570.65
Deferred tax liabilities (net) 8 9.84 9.36 6.20 4.11
Other long‐term liabilities 9 41.54 28.16 14.20 14.20
Long‐term provisions 10 2.27 1.62 ‐ ‐
78.08 68.04 244.49 588.96

Current liabilities
Short‐term borrowings 7 5,266.33 1,071.62 ‐ 49.00
Trade payables 11 216.66 127.31 126.69 2.11
Other current liabilities 12 74.31 55.39 18.89 46.23
Short‐term provisions 10 111.95 149.61 10.16 3.27
5,669.25 1,403.93 155.74 100.61

Total 9,095.55 4,714.81 934.75 698.19

Assets
Non‐current assets
(i) Property, plant and equipment 13 708.19 707.35 706.65 552.38
(ii) Intangible assets 14 2.21 0.63 0.15 0.02
(iii) Capital work‐in‐progress 13 40.38 16.09 ‐ ‐
Non‐current investments 15 516.85 395.57 ‐ ‐
Long‐term loans and advances 16 39.96 35.24 14.41 1.43
1,307.59 1,154.88 721.21 553.83

Current assets
Trade receivables 17 1,030.01 887.07 175.78 15.33
Inventories 18 5,418.19 1,477.24 ‐ 2.11
Cash and bank balances 19 5.25 3.50 9.81 10.69
Short‐term loans and advances 16 1,334.51 1,192.12 27.95 116.23
7,787.96 3,559.93 213.54 144.36

Total 9,095.55 4,714.81 934.75 698.19

Note:
The above statement should be read with the Statement of Notes to the Restated Financial Information in Annexure 4.
as per our report of even date attached

For, Keyur Shah & Co. For And On Behalf Of The Board,
Chartered Accountants
Firm Registration No.: 141173W

Sd/‐ Sd/‐ Sd/‐

Keyur B Shah Chanakya Prakash Mangal Chandragupt Prakash Mangal
Proprietor (Director) (Director)
M. No. 153774 DIN: 06714256 DIN: 07408422

Place : Ahmedabad Place : Ahmedabad

Date : 18‐10‐2019 Date : 18‐10‐2019

F-44
Mangalam Global Enterprise Limited

Annexure 2: Restated Summary Statement of Profit and Loss (Amount in ₹ Lakhs)

1 April 2019 For the year ended 31 March,

Particulars Annexure to
2019 2018 2017
30 June 2019
Revenue
Revenue from operations 20 14,570.98 32,949.72 2,689.36 268.51
Other income 21 21.79 54.01 0.47 0.20
Total revenue 14,592.77 33,003.73 2,689.83 268.71

Expenses
Cost of materials consumed 22 13,215.59 18,294.58 ‐ ‐
Purchase of stock‐in‐trade 23A 750.62 14,138.27 2,578.65 182.17
Changes in inventories of Finished Goods, WIP and
23B (252.91) (865.81) 2.11 35.90
Traded Goods
Employee benefits expense 24 123.69 187.00 18.00 4.22
Finance costs 25 105.78 266.70 1.59 0.01
Depreciation and amortisation expense 13 4.40 15.49 6.76 2.42
Other expenses 26 503.98 665.45 48.82 29.77
Total expenses 14,451.14 32,701.67 2,655.94 254.49

Profit before tax 141.63 302.06 33.89 14.22

Tax expense
Current tax 35.76 81.92 6.46 2.71
MAT Credit ‐ ‐ (0.55) (2.01)
Deferred tax (credit)/charge 0.48 3.16 2.09 4.11

Profit for the period / year 105.39 216.98 25.89 9.41

Note:
The above statement should be read with the Statement of Notes to the Restated Financial Information of the Company in
Annexure 4
As per our report of even date attached

For, Keyur Shah & Co. For And On Behalf Of The Board,
Chartered Accountants
Firm Registration No.: 141173W

Sd/‐ Sd/‐ Sd/‐

Keyur B Shah Chanakya Prakash Mangal Chandragupt Prakash Mangal
Proprietor (Director) (Director)
M. No. 153774 DIN: 06714256 DIN: 07408422

Place : Ahmedabad Place : Ahmedabad

Date : 18‐10‐2019 Date : 18‐10‐2019

F-45
Mangalam Global Enterprise Limited

Annexure 3: Restated Summary Statement of Cash Flows (Amount in ₹ Lakhs)

As at As at 31 March
Particulars 30 June, 2019 2019 2018 2017
A. Cash flow from operating activities
Profit before tax, as restated 141.63 302.06 33.89 14.22
Adjustments for :
Depreciation and amortisation expense 4.40 15.49 6.76 2.42
Loss/(Gain) on Sale of Investment ‐ (1.18) (0.42) ‐
Foreign Exchange Gain / Loss (8.30) (2.71) ‐ ‐
Finance costs 105.78 266.70 1.59 0.01
Interest & Dividend income (13.49) (49.99) (0.05) (0.20)
Gratuity Provision 0.92 1.83 ‐ ‐
Leave Encashment Provision ‐ 4.23 ‐ ‐
Operating profit before working capital changes 230.94 536.42 41.78 16.44

Changes in working capital:

(Increase) / decrease Inventories (3,940.95) (1,477.24) 2.11 35.90
(Increase) / decrease in Trade Receivables (142.94) (711.29) (160.44) (15.33)
(Increase) / decrease in Loans and Advances and Other Assets (142.39) (1,164.17) 88.28 (115.07)
Increase / (decrease) in Trade Payables 89.35 0.62 124.58 (281.55)
Increase / (decrease) in Other Liabilities 18.92 36.50 (27.34) 45.06
Increase / (decrease) in Long Term Provision ‐ ‐ ‐ ‐
Increase / (decrease) in Long Term Liabilities 13.38 13.96 ‐ 8.00
Increase / (decrease) in Short Term Provision (37.93) 135.03 6.89 2.86
Cash generated from / (utilised in) operations (3,911.60) (2,630.17) 75.86 (303.69)
Less : Income tax paid (35.76) (81.92) (5.91) (0.70)
Net cash flow generated from/ (utilised in) operating activities (A) (3,947.37) (2,712.09) 69.95 (304.39)

B. Cash flow from investing activities

Purchase of property, plant and equipment (including intangible
assets and intangible assets under development) (31.12) (32.76) (161.17) (316.23)
Net of Purchase/ Proceeds from Sale of Investments (121.28) (395.57) ‐ ‐
Interest and Dividend Received 13.49 49.99 0.05 0.20
(Increase) / decrease in Long Term Loans and Advances (4.73) (20.82) (12.98) 3.05
Income from Investment ‐ 1.18 0.42 ‐
‐ ‐ ‐ ‐
Net cash flow utilised in investing activities (B) (143.63) (397.99) (173.68) (312.98)

C. Cash flow from financing activities

Proceeds from issuance of shares ‐ 178.05 50.00 ‐
Proceeds from Security Premium ‐ 2,314.60 450.00 ‐
Foreign Exchange Gain / Loss 8.30 2.71 ‐ ‐
Net of Repayment/Proceeds from Short Term Borrowings 4,194.71 1,071.62 (49.00) 49.00
Net of Repayment/Proceeds from Long Term Borrowings (4.47) (195.20) (346.56) 570.65
Interest/Finance Charges Paid (105.78) (266.70) (1.59) (0.01)
Dividen and Dividend Tax Paid ‐ (1.31) ‐ ‐
Net cash flow generated from/ (utilised in) financing activities (C) 4,092.75 3,103.77 102.85 619.65
Net (decrease)/ increase in cash & cash equivalents (A+B+C) 1.76 (6.31) (0.89) 2.27
Cash and cash equivalents at the beginning of the period/ year 3.50 9.81 10.69 8.42
Cash and cash equivalents at the end of the period/ year 5.25 3.50 9.81 10.69

Note:
The above statement should be read with the Statement of Notes to the Restated Financial Information of the Company in Annexure 1, 2 and
The Cash Flow Statement has been prepared under Indirect Method as set out in Accounting Standard 3, 'Cash Flow Statements' notified
under Section 133 of the Companies Act, 2013

As per our report of even date attached

For, Keyur Shah & Co. For And On Behalf Of The Board,
Chartered Accountants
Firm Registration No.: 141173W

Sd/‐ Sd/‐ Sd/‐

Keyur B Shah Chanakya Prakash Mangal Chandragupt Prakash Mangal
Proprietor (Director) (Director)
M. No. 153774 DIN: 06714256 DIN: 07408422

Place: Ahmedabad Place : Ahmedabad

Date: 18‐10‐2019 Date : 18‐10‐2019

F-46
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Restated Financial Information

A. Background of the Company

The Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited Company
under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September 27, 2010 issued by
the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. The name of our company was changed to “Mangalam
Global Enterprise Private Limited” pursuant to shareholders resolution passed at Extra‐Ordinary General Meeting of our
company held on June 28, 2014 and a fresh Certificate of Incorporation dated July 31, 2014 was issued by Registrar of
Companies, Ahmedabad. Subsequently, our Company was converted into a Public Limited Company pursuant to
shareholders resolution passed at Extra‐ordinary General Meeting of our Company held on September 17, 2019 and the
name of our Company was changed to “Mangalam Global Enterprise Limited”. A fresh Certificate of Incorporation
consequent upon Conversion from Private Limited Company to Public Limited Company dated September 30, 2019 was
issued by the Registrar of Companies, Ahmedabad. The Corporate Identification Number of our Company is
U24224GJ2010PLC062434.

The Company are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor
De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as well as for exports to international
markets. The Company have also diversified their business operations into manufacturing of Cotton Bales (Lint Cotton)
and Delineate Cotton Seeds. Company has two separate dedicated well‐equipped manufacturing units at Harij, Gujarat
for undertaking manufacturing operations of abovementioned two product segments and they are also engaged in the
trading of Castor Seeds and Raw Cotton.
B. Summary of significant accounting policies

a) Basis of preparation of financial statements

The Restated Summary Statement of Assets and Liabilities of the Company as at 30 June 2019, 31 March 2019, 2018 and
2017 the Restated Summary Statement of Profit and Loss and the Restated Summary Statement of Cash Flows for the
period/ years ended 30 June 2019, 31 March 2019, 2018 and 2017 and the annexures thereto (herein collectively
referred to as 'Restated Financial Information') have been compiled by the management of the Company from the
audited financial statements of the Company for the period/ years ended 30 June 2019, 31 March 2019, 31 March 2018
and 31 March 2017and have been prepared specifically for the purpose of inclusion in the Offer Document to be filed by
the Company with the SME portal of National Stock Exchange of India Limited ('NSE')

These aforementioned audited financial statements were prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) under the historical cost convention on accrual basis. These audited financial
statements have been prepared to comply in all material aspects with the Accounting Standards prescribed by the Central
Government, Section 133 of the Companies Act, 2013 (the "Act"), read with Rule 7 of the Companies (Accounts) Rules,
2014 (as amended) and the relevant provisions of the Act/ Companies Act, 1956, as applicable.

The Restated Financial Information have been prepared to comply in all material aspects with the requirements of
Section 26(1)(b) of the Act read with Rules 4 to 6 of Companies (Prospectus and Allotment of Securities) Rules, 2014 and
the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (as amended
from time to time).

All assets and liabilities have been classified as current and non‐current as per normal operating cycle of the Company
and other criteria set out in the Schedule III to the Companies Act, 2013. Based on nature of products/services, the
Company has ascertained its operating cycle as 12 months for the purpose of current and non‐current classification of
assets and liabilities.

The aforementioned Restated Financial Information have been prepared in Indian Rupee (INR).

b) Use of estimates
The preparation of Restated Financial Information in conformity with GAAP requires that the management of the
Company to make estimates and assumptions that affect the reported amounts of income and expenses of the period,
the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the
financial statements. Examples of such estimates include the useful lives of property, plant and equipment and intangible
assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans, etc. Difference, if
any, between the actual results and estimates is recognised in the period in which the results are known.

c) Depreciation
The Company provides pro‐rata depreciation on additions and disposals made during the year.

Prior to 1 April 2014, depreciation on property, plant and equipment has been provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act, 1956.
With effect from 1 April 2014, pursuant to the notification of Schedule II to the Companies Act, 2013, depreciation on
property, plant and equipment is provided under the straight
F-47 line method over the useful lives of assets as prescribed
under Part C of Schedule II to the Companies Act, 2013.
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Restated Financial Information

d) Revenue recognition
(a) Revenue is recognised to the extent it is possible that economic benefits will flow to the company and the revenue
can be reliably measured and there is a reasonable certainty regarding ultimate collection.
(b) Revenue from sale of products is recognised on transfer of all significant risks and rewards of ownership of the goods
to the customers, which generally coincides with the dispatch of goods. Sales are stated exclusive of GST/ VAT, trade
discounts and sales returns.

(c) Export benefits / incentives are accounted on accrual basis in accordance with various government schemes in respect
thereof and are shown under “Other Operating Revenue”. Benefits available under the Export Licenses and in the nature
of duty drawback are accounted for based on eligibility and when there is no significant uncertainty as to its ultimate
collection

(d) Interest income is recognised on a time proportionate basis taking into account the amount outstanding and the rate
applicable.

(e) Revenue in respect of other income is recognised when no significant uncertainty as to its determination or
realization exists.

(f) Dividend income is recognised when the right to receive the dividend is established.

e) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment (if any).
The cost of a property, plant and equipment comprises its purchase price and any attributable cost of bringing the asset
to its working condition for its intended use. Expenditure on addition, improvements and renewals is capitalized and
expenditure for maintenance and repair is charged to Profit and Loss account.

f) Foreign Currency Transactions

The reporting currency of the Company is Indian Rupee.
i) Foreign currency transactions are recorded on initial recognition in the reporting currency using the exchange rates
prevailing at the date of the transaction.
ii) Monetary assets and monetary liabilities denominated in foreign currencies are converted at rate of exchange prevailing
on the date of the Balance Sheet.
iii) Exchange differences on settlement/conversion are included in the Statement of Profit and Loss in the period in which
they arise.
iv) The premium or discount on forward exchange contract is recognised in the Statement of Profit & Loss over the period of
the contract

g) Investments
Investments are classified into current investments and non‐current investments. Current investments, i.e. investments
that are readily realisable and intended to be held for not more than a year are valued at lower of cost and net realisable
value. Any reduction in the carrying amount or any reversal of such provision towards reductions are charged or credited
to the Statement of Profit and Loss.
Non‐current investments are stated at cost. Provision for diminution in the value of these investments is made only if
such decline is other than temporary, in the opinion of the management.
On disposal of investment, the difference between its carrying amount and net disposal proceeds is charged or credited
to the statement of Profit and Loss

h) Employee benefits

I. Short‐term employee benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as short‐term
employee benefits. Benefits such as salaries, wages, expected cost of bonus and short term compensated absences etc.
are recognised in the period in which the employee renders the related service.

II. Post‐employment benefits:

i) Defined contribution plans:
The Company contributes on a defined contributiobn basis to employees' provident fund towards post employement
banefits, all of which are administered by the respective governments Authorities, and it has no further obligation
beyond making its contribution, which is expensed in the period to which it pertains

F-48
 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Restated Financial Information

ii) Defined benefit plans:

The Company has defined benefit plan in the form of gratuity and compensated absenses. The same is determined by
actuarial valuation carried out by an independent actuary as at the Balance Sheet date and shortfall/ excess, if any, has
been provided for/ considered as prepaid.
Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions and are
recognised immediately in the Statement of Profit and Loss as income or expense.

i) Borrowing Costs
Borrowing Cost includes interest and amortization of ancilliary costs incurred in connection with the arrangement of
Borrowings. General and specific borrowing costs directly attributable to the acquisition/ construction of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to
the cost of those assets, until such time the assets are substantially ready for their intended use. All other borrowing
costs are recognised as an expense in Statement of Profit and Loss in the period in which they are incurred.

j) Taxes on income

Tax expenses comprise of current and deferred tax

(a) Current tax is measured at the amount expected to be paid on the basis of relief and deductions available in
accordance with the provisions of Indian Income Tax Act, 1961 and includes Minimum Alternate Tax (“MAT”) paid by the
company on book profits in accordance with the provisions of the Income Tax Act, 1961. MAT credit is recognised as an
asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the
specified period and will be able to set off such MAT credit entitlement.
(b) Deferred income tax reflects the impact of the current year reversible timing differences between the taxable income
and accounting income for the Year and reversal of timing differences of the earlier Year. Deferred tax is measured based
on the tax rates and tax laws enacted or substantively enacted as at the balance sheet date. Deferred tax assets are
recognised only to the extent there is virtual certainty that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
k) Inventories

Inventories consisting of Raw Materials, Work‐in‐Process, Finished Goods and Traded Goods are valued at lower of cost
and net realizable value. For this purpose, the cost of raw material, finished goods and work‐in‐process is determined
using FIFO/average cost method (net of Input Tax Credit availed) as the case may be
Inventories consisting of Stores, Consumables, Spare Parts, and Packing Materials etc. are valued at lower of cost and net
realizable value. For this purpose direct costs, and appropriate relevant overheads are apportioned using the FIFO
method.
l) Impairment of assets
Management evaluates at regular intervals, using external and internal sources, the need for impairment of any asset.
Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the
continuing use of the asset and its net realisable value on its eventual disposal. Any loss on account of impairment is
expensed as the excess of the carrying amount over the higher of the asset’s net sales price or present value as
determined.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However, the
carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual
depreciation if there was no impairment.

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 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to Restated Financial Information

m) Government Grant
Government Grants are recognized when there is a reasonable assurance that the same will be received. Revenue grants
are recognized in the Statement of Profit and Loss. Capital grants relating to specific fixed assets are reduced from the
gross value of the respective Fixed Assets. Other capital grants are credited to Capital Reserve.

n) Earning Per Share

Basic Earning per Share is calculated by dividing the net profit after tax for the year attrituable to Equity Shareholders of
the Company by the weighted average number of Equity Shares outstanding at the end of the year. Diluted earning per
share is calculated by dividing net profit attrituable to equity shareholders (after adjustment for diluted earnings) by
average number of weighted equity share outstanding at the end of the year.

o) Current Assets, Loans and Advances

The balance under item of Sundry Debtors, Loans and Advances and Current liabilities are subject to confirmation and
reconciliation and consequential adjustments, wherever applicable. However in the opinion of the Management, the
realisable value of the current assets, loans and advances in the ordinary course of business will not be less than the value
at which they are stated in the Balance Sheet.

p) Provisions and Contingent Liabilities

Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the
amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance Sheet date and are not discounted to their present value.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non‐occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent Assets are not recognised in the financial statements since this may result in the recognition of income that
may never be realized

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Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to the Restated Financial Information

C. Contingent liabilites and commitments (Amount in ₹ Lakhs)

(i) Contingent liabilities

As at As at 31 March,
Particulars
30 June, 2019 2019 2018 2017

Claims against the Company not acknowledged as debt

Bank guarantees/Letter of credit 791.39 2,756.90 ‐ ‐

791.39 2,756.90 ‐ ‐

D. Segment Reporting

The Company are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor De Oiled Cake and
High Protein Castor De Oiled Cake for the domestic market as well as for exports to international markets. The Company have also
diversified their business operations into manufacturing of Cotton Bales (Lint Cotton) and Delineate Cotton Seeds.In view of the above, both
primary and secondary additional reporting disclosures for business / geographical segments as envisaged in Accounting Standard 17,
"Segment Reporting" are not applicable to the Company.

E. Earning in foreign currency on accrual basis

(Amount in ₹ Lakhs)
1 April 2019 to For the year ended 31 March,
Particulars
30 June 2019 2019 2018 2017
Foreign Currency Earnings (Net off Remmitance Charges) 6.66 4.41

F. The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

1 April 2019 to As at 31 March,

Particulars
30 June 2019 2019 2018 2017
Foreign Currency Exposure that have not been Hedged by
Nill
Derivative Instruments

G. Changes in Accounting Policies in the Periods/Years Covered In The Restated Financials

There is no change in significant accounting policies adopted by the Company.

H. Notes On Restatement Made In The Restated Financials

1) The financial statements including financial information have been prepared after making such regroupings and adjustments,
considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the financial
statements/information may not necessarily be same as those appearing in the respective audited financial statements for the relevant
years.
2) Contingent liabilities and commitments (to the extent not provided for) ‐ A disclosure for a contingent liability is also made when there
is a possible obligation that may, require an outflow of the Company's resources.
3) Figures have been rearranged and regrouped wherever practicable and considered necessary.
4) The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is
not in excess of the amounts reasonably required to be provided for.
5) The balances of trade payables, trade receivables, loans and advances are unsecured and considered as good are subject to
confirmations of respective parties concerned.
6) Realizations: In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets and loans
and advances are approximately of the same value as stated.
7) Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately
provided for.
8) Amounts in the financial statements: Amounts in the financial statements are rounded off to nearest lakhs. Figures in brackets indicate
negative values.

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 Mangalam Global Enterprise Limited

Annexure 4: Statement of Notes to the Restated Financial Information

I. Restatement adjustments, Material regroupings and Non‐adjusting items

(a) Impact of restatement adjustments

Below mentioned is the summary of results of restatement adjustments made to the audited financial statements of the respective
period/years and its impact on profits.

1 April 2019 to For the year ended 31 March

Particulars
30 June 2019 2019 2018 2017

Profit after tax as per audited financial statements 105.39 219.15 34.04 10.62

Adjustments to net profit as per audited financial statements

Increase / Decrease in Expenses (Note : 1) ‐ 0.05 (0.09) (0.03)
Increase / Decrease Depreciation (Note : 1) ‐ (0.10) (0.12) 1.13
Excess / Short Provision for Tax (Note : 2) ‐ 5.35 (7.63) 1.80
Differed Tax Liability / Assets Adjustments (Note : 3) ‐ (7.47) (0.30) (4.11)
Total adjustments ‐ (2.17) (8.15) (1.21)
Restated profit before tax for the period/ years 105.39 216.98 25.89 9.41
Note:
A positive figures represents addition and figures in brackets represents deletion in the corresponding head in the audited financial
statements for respective reporting periods to arrive at the restated numbers.

(b) Explanatory notes for the restatement adjustments

(i) The Amount relating to the prior period & other Income / Expenses have been adjusted in the year to which the same realted to & under
which head the same realtes to

(ii)
The Company has provided Excess or Short Provision in the year in which the Income Tax Return has been filled for the respective financial
year But in the Restated Financial Information the company has provided Excess or Short Provision in the year to which it relates to.

(iii)
There is change in deferred tax assets / liabilities as per audited books of accounts and as per restated books for respective financial
covered under the restated financial information and the same has been given effect in the year to which the same realtes to.

To give Explanatory Notes Regarding Adjustment :‐

Appropriate adjustment have been made in the restated financial statement, wherever required, by reclassification of the corresponding item

of income, expenses, assets and liabilities, in order to bring them I line with the groupings asper audited financail of the company for all the

years and teh requirements of teh Securities and Exchange Board of India ( Issue of Capital and Disclosure Requirements) Regulation 2018.

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 (Rs. in Lakhs)
(c) Reconciliation of restated Equity / Networth:
Particulars As at March 31
As at June 30,
2019 2019 2018 2017

Equity / Networth as per Audited Financials 3,348.71 3,255.49 545.00 10.96

Adjustment for:
0.64 (11.53) (9.36) (1.21)
Difference Pertaining to changes in Profit / Loss due to Restated
Effect for the period covered in Restated Financial
Prior Period Adjustments (1.12) (1.12) (1.12) (1.12)

Equity / Networth as Restated 3,348.22 3,242.83 534.52 8.62

To give Explanatory Notes Regarding Adjustment :‐

Appropriate adjustment have been made in the restated financial statement, wherever required, by reclassification of the corresponding item

of income, expenses, assets and liabilities, in order to bring them I line with the groupings asper audited financail of the company for all the

years and teh requirements of teh Securities and Exchange Board of India ( Issue of Capital and Disclosure Requirements) Regulation 2018.

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 Mangalam Global Enterprise Limited

Annexure 5: Restated Statement of Share capital (Amount in ₹ Lakhs)

As at For the year ended 31 March
Particulars
30 June, 2019 2019 2018 2017
Authorised share capital
Equity shares of ₹ 10 each
‐ Number of shares 30,00,000 30,00,000 5,50,000 50,000
‐ Amount in ₹ 300.00 300.00 55.00 5.00
300.00 300.00 55.00 5.00

Issued, subscribed and fully paid up

Equity shares of ₹ 10 each
‐ Number of shares 23,25,482 23,25,482 5,45,020 45,020
‐ Amount in ₹ 232.55 232.55 54.50 4.50
232.55 232.55 54.50 4.50

a) Reconciliation of equity share capital

As at For the year ended 31 March
Particulars
30 June, 2019 2019 2018 2017
Balance at the beginning of the period/year
‐ Number of shares 23,25,482 5,45,020 45,020 45,020
‐ Amount in ₹ 232.55 54.50 4.50 4.50
Add: Shares issued during the period/year
‐ Number of shares ‐ 17,80,462 5,00,000 ‐
‐ Amount in ₹ ‐ 178.05 50.00 ‐
Balance at the end of the period/year
‐ Number of shares 23,25,482 23,25,482 5,45,020 45,020
‐ Amount in ₹ 232.55 232.55 54.50 4.50

b) Shareholders holding more than 5% of the shares of the Company

As at As at 31 March
Particulars
30 June, 2019 2019 2018 2017
Equity shares of ₹ 10 each
Chanakayaprakash V Mangal
‐ Number of shares 4,14,820 4,14,823 1,63,800 8,800
‐ Percentage holding (%) 17.84% 17.84% 30.05% 19.55%

Chandraguptprakash V Mangal
‐ Number of shares 4,39,775 4,39,776 1,63,800 8,800
‐ Percentage holding (%) 18.91% 18.91% 30.05% 19.55%

Rashmi V Mangal
‐ Number of shares 1,81,378 1,81,378 1,63,800 8,800
‐ Percentage holding (%) 7.80% 7.80% 30.05% 19.55%

Vipinprakash O Mangal
‐ Number of shares 1,91,388 1,91,388 39,800 8,800
‐ Percentage holding (%) 8.23% 8.23% 7.30% 19.55%

Om Prakash Mangal
‐ Number of shares 2,85,715 2,85,715
‐ Percentage holding (%) 12.29% 12.29%

Mangalam Worldwide Pvt Ltd

‐ Number of shares 3,50,001 3,50,001
‐ Percentage holding (%) 15.05% 15.05%

Zaddoc Nutrition Pvt Ltd

‐ Number of shares 4,02,872 4,02,872
‐ Percentage holding (%) 17.32% 17.32%

Hemlata O Mangal
‐ Number of shares 4,420
‐ Percentage holding (%) 9.82%

Vipinprakash HUF
‐ Number of shares 4,200
‐ Percentage holding (%) 9.33%

c) Terms & Rights attached to Equity Shares.

The Company has equity shares, having par value of ₹ 10 per share. Each holder of equity share is entitled for one
vote per share and has a right to receive dividend as recommended by the Board of Directors subject to the
necessary approval from the shareholders. In the event of liquidation, the equity share holders are eligible to
rreceive the remaining assets of the company after distributation of all preferential amounts in proportionate to
Notes :‐
1 The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the
2 The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated
standalone statement of Profit & Loss, Restated standalone statement of Cashflow, significant accounting policies &
notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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 Mangalam Global Enterprise Limited
Annexure 6: Restated Statement of Reserves and surplus (Amounts in Lakhs)
As at As at 31 March
Particulars
30 June, 2019 2019 2018 2017

A. Securities premium account

Balance at the beginning of the period / year 2,764.60 450.00 ‐ ‐
Add : On shares issued ‐ 2,314.60 450.00 ‐
Balance at the end of the period/year 2,764.60 2,764.60 450.00 ‐

B. Surplus in the Restated Summary Statement of Profit

and Loss
Balance at the beginning of the period/year 245.69 30.02 4.12 (4.16)
Add / Less :‐ Adjustment of Opening Difference ‐ ‐ ‐ (1.12)
Add : Transferred from the Restated Summary Statement 105.39 216.98 25.89 9.41
of Profit and Loss
Less: Dividend paid on equity (F.Y. 2017‐18) ‐ (1.09) ‐ ‐
Less: Tax on dividend (F.Y. 2017‐18) ‐ (0.22) ‐ ‐
Balance at the end of the period/year 351.07 245.69 30.02 4.12

3,115.67 3,010.29 480.02 4.12

Notes :‐
1 The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of
2 The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone
statement of Profit & Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated
summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 7: Restated Statement of Long‐ term borrowings (Amount in ₹ Lakhs)

As at As at 31 March
Particulars
30th June 2019 2019 2018 2017

Long‐term Short‐term Long‐term Short‐term Long‐term Short‐term Long‐term Short‐term

Secured
(a) Term loans from others
ICICI Bank Limited (Vehicle Loans) (Secured against 24.43 ‐ 28.90 ‐ 44.53 ‐ ‐ ‐
respective Vehicle)

(b) Loans repayable on demand

Working capital loan from banks ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Axis Bank (Credit Line against pledge of ‐ 304.06 ‐ 307.49 ‐ ‐ ‐ ‐
Warehouse/Storage Receipt)
HDFC Bank CC ‐ 1,605.18 ‐ 663.87 ‐ ‐ ‐ ‐
HDFC Bank EPC ‐ 200.00 ‐ 100.26 ‐ ‐ ‐ ‐
ECL Finance Ltd.‐Commodity Loan ‐ 911.47 ‐ ‐ ‐ ‐ ‐ ‐
HDFC Bank Ltd.‐Short Term Loan Pledge ‐ 997.89 ‐ ‐ ‐ ‐ ‐ ‐
Induslnd Bank Ltd.‐Commodity Pledge Loan ‐ 152.57 ‐ ‐ ‐ ‐ ‐ ‐
Kotak Mahindra Bank Ltd. Commodity Pledge Loan ‐ 257.82 ‐ ‐ ‐ ‐ ‐ ‐

24.43 4,429.00 28.90 1,071.62 44.53 ‐ ‐ ‐

Unsecured
(c) Loans from , Directors, Members, Related Parties,
& Inter Corporate Deposit
From Directors, Members, & Related Parties ‐ 676.54 ‐ ‐ 179.56 ‐ 570.65 ‐
Inter Corporate Deposits ‐ 160.78 ‐ ‐ ‐ ‐ ‐ 49.00

‐ 837.33 ‐ ‐ 179.56 ‐ 570.65 49.00

24.43 5,266.33 28.90 1,071.62 224.09 ‐ 570.65 49.00

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 Mangalam Global Enterprise Limited

Annexure 7(A): Principal terms and conditions of Long‐term borrowings as at 30 June 2019

Principal amount Tenure of the

Currency Sanctioned outstanding as Rate of interest loan (in Repayment schedule of
Sr. no. Name of the lender Security
of loan amount (₹) on 30 June 2019 (p.a.) months/ in loans
(₹) days)
Loan is secured against respective Vehicle

Equated monthly
1 ICICI Bank INR 64 Lakhs 40.48 7.74% 48 M installments amounting
to Rs 1.54 lakhs

Notes
1 The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
2 The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit & Loss, Restated standalone statement of

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Annexure 7(B): Principal terms and conditions of Short‐term borrowings as at 30 June 2019

Principal amount
Currency Sanctioned outstanding as Rate of interest Tenure of the Repayment schedule of
Sr. no. Name of the lender Security
of loan amount (₹) on 30 June 2019 (p.a.) loan (in months) loans
(₹)

HDFC Bank CC INR 1500 Lakhs MCLR + 1.60% 12 M Repayment on Demand

HDFC Bank(Export
Packing Credit/ Loan is secured against :
Post Shipment INR (1500 Lakhs) MCLR + 1.60% 12 M Repayment on Demand i) Primary Security:‐ Hypothecation of
Credit Facility (Sub stock & book debts on enitre exposure.
Limit of CC) ii) Collateral Security:‐
HDFC Bank (Post MCLR + 1.60% If a. Plot No. 31, The Samast
Shipment Credit availed in foreign Brahmakshatriya Co. Operative Housing
INR (1500 Lakhs) 12 M Repayment on Demand
FBD/FBP/EBR/FBD currency: LIBOR + Society Ltd., Opp. Chandranaga Bus Stop,
1 Backed by LC) 1,805.18 250bps BRTS Road, Ahmedabad.
HDFC Bank (Letter b. Bunglow on Plot No. 19/B, Kalyan
Commission of
of Credit Sub Limit INR (1500 Lakhs) 12 M Repayment on Demand Society, Nr. Mahatma Gandhi
1.50% per annum
of CC) International School, nagri Hospital Road,
HDFC Bank (Bank Ahmedabad.
Commission of
Gurantee Sub Limit INR (1500 Lakhs) 12 M Repayment on Demand c. office no. 201, Setu Complex, P.
1.50% per annum
of CC) Nagar Road, Nr. Girish Gold Drink,
HDFC Bank (PSR) INR 500 lakhs As Per Product Note 12 M Repayment on Demand Ahmedabad
HDFC Bank (DRUL
INR (500 Lakhs) MCLR + 1.60% 12 M Repayment on Demand
(Sublimit of PSR))

Loan is secured against:

i)demand promissory note
ii) any other security acceptable as its sole
Edelweiss Finance on or before expiry of
2 INR 1000 Lakhs 911.47 12% 30 M discretion such that security cover is
Ltd the validity period
achieved & is complaint with the extant
rules
iii) Pledge of approved commodities in
the form manner acceptable to ECLFL
Loan is secured against :
i) Pledge of entire inventroy of
9.95% ( MCLR + commodity as a continuing security
3 HDFC Bank INR 1500 Lakhs 997.89 11 M Repayable on demand
1.15%) ii) Personal Gaurantee of :
a) Chanakya Mangal
b) Chandragupt Mangal
1 year MCLR + Loan is secured against:‐
0.75% p.a. payable
4 Indusind Bank INR 500 Lakhs 152.57 at months rests, 12 M Repayable on demand i)Pledge of stock as per warehouse
including CM
Charges receipt from the borrower
Lien mark on demat receipt/ pledge of
Kotak Mahindra MCLR 6M Rate +
5 INR 1000 Lakhs 257.82 270 days Repayable on demand pysical receipt of underlying commodities
Bank 1.00%
namely castor seeds
Loan is secured against :
i) Pledge of warehouse receipt / storage
Axis Bank ‐ pledge MCLR + 3.05% p.a receipts with lien noted in favour of bank
6 INR 400 Lakhs 304.06 12 M Repayable on demand
loan i.e. 11.65% ii) Personal Gaurantee of :
a) Chanakya Mangal
b) Chandragupt Mangal

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 Mangalam Global Enterprise Limited

Annexure 8: Deferred Tax Assets/Liabilities (Amount in ₹ Lakhs)

As at 31 March
Particulars 30‐06‐2019
2019 2018 2017
Deffered Tax Assets & Liabilities Provision
WDV As Per Companies Act 2013 215.79 213.36 213.34 141.81
WDV As Per Income Tax Act 176.73 176.29 187.34 128.51
Difference in WDV 39.06 37.08 26.00 13.30
Gratuity Provision (0.92) (1.83) ‐ ‐
Other Disallowance Including u/s 43B ‐ 0.61 (0.61) ‐
Adjustment on account of Section 28 to 44 DA Income tax 0.97 (2.21) (1.32) ‐
Act, 1961
Total Timming Differece 39.11 33.65 24.07 13.30
Tax Rate as per Income Tax 25.17% 27.82% 25.75% 30.90%
(DTA) / DTL 9.84 9.36 6.20 4.11

Deffered Tax Assets & Liabilities Summary

Opening Balance of (DTA) / DTL 9.36 6.20 4.11 ‐
Add: Provision for the Year 0.48 3.16 2.09 4.11

Closing Balance of (DTA) / DTL 9.84 9.36 6.20 4.11

Note:
In accordance with accounting standard 22, Accounting for taxes on income, issued by the institute of Chartered Accountant of India, the Deferred Tax Laibilities (net of Assets)
is provided in the books of account as at the end of the year/ (period)

Annexure 9: Restated Statement of Other long‐term liabilities

As at 31 March
Particulars 30‐06‐2019
2019 2018 2017
Advance Rent / Rent Deposit 14.20 14.20 14.20 14.20
Other Liabilities 27.34 13.96 ‐ ‐

41.54 28.16 14.20 14.20

Annexure 10: Restated Statement of Provisions

As at 31 March
30‐06‐2019
Particulars 2019 2018 2017
Long‐term Short‐term Long‐term Short‐term Long‐term Short‐term Long‐term Short‐term
Provision for employee benefits
Provision for gratuity 2.27 0.47 1.62 0.20 ‐ ‐ ‐ ‐
Provision for Leave Encashment ‐ 4.23 ‐ 4.23 ‐ ‐ ‐ ‐
Provision for Others ‐ 71.01 ‐ 56.65 ‐ 0.99 ‐ 0.56
Provision for tax ‐ 36.25 ‐ 88.53 ‐ 9.17 ‐ 2.71

2.27 111.95 1.62 149.61 ‐ 10.16 ‐ 3.27

Note:
1 The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .

The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit & Loss, Restated standalone
2
statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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 Mangalam Global Enterprise Limited

Annexure 10: Restated Statement of Provisions (Amount in ₹ Lakhs)

The following table sets out the status of the Gratuity Scheme in respect of employees of the Company:
As at 30th June As at 31 March
Particulars
2019 2019 2018 2017

Change in benefit obligation

Projected benefit obligation (PBO) at the beginning of the period / 1.83 - - -
year
Service cost 2.66 1.83 - -
Interest cost 0.04 - - -
Actuarial loss/(gain) ‐ 1.78 - - -
Benefits paid
PBO at the end of the period / year 2.75 1.83 ‐ ‐

Net gratuity cost comprises*:

Service cost 2.66 1.83 - -
Interest cost 0.04 - - -
Recognised net actuarial loss/ (gain) ‐ 1.78 - - -
Net gratuity costs 0.92 1.83 ‐ ‐
* These expenses have been recognised under Annexure 23

The actuarial assumptions used in accounting for the gratuity plan were as follows:
Discount rate 7.70% 7.70%
Rate of increase in compensation levels 8.33% 8.33%
5 % younger
5 % younger ages
ages and
and reducing to 1 %
reducing to 1 %
Attrition Rate at older ages
at older ages
according to
according to
graduated scale
graduated scale
Indian Assured Indian Assured
Lives Lives
Mortality rate
Mortality(2006‐08) Mortality(2006‐
Ult 08) Ult
Retirement age 60 years 70 years

Details of present value of obligation, plan assets and experience adjustments:

1 April 2019 to 30 As at 31 March
Particulars
June 2019 2019 2018 2017
Present value of obligation 2.74 1.83 - -
Fair value of plan assets - - - -
Deficit 2.74 1.83 - -
Experience adjustments: - - - -
On plan liabilities:‐ (gain) / loss - - 0.28 - -
On plan assets:‐ gain / (loss) - - - -

Annexure 11: Restated Statement of Trade payables

As at 30th June As at 31 March
Particulars
2019 2019 2018 2017
Dues of micro and small enterprises (refer note below)
Dues to others 93.58 59.36 125.93 2.11
Creditors for Expenses 123.08 67.95 0.76 -

216.66 127.31 126.69 2.11

Note: Micro and Small Enterprises

The Company is in the process of obtaining necessary confirmations from suppliers regarding their status under the Micro, Small and
1
Medium Enterprises (MSME) Development Act, 2006 (the ‘Act’ ) and hence disclosures regarding the following have not been made:
i. Amount due and outstanding to MSME suppliers as at the end of the accounting period / year.
ii. Interest paid during the period / year to MSME.
iii. Interest payable at the end of the accounting period / year to MSME.
iv. Interest accrued and unpaid at the end of the accounting period / year to MSME.
Management believes that the figures for disclosures, if any, will not be significant.
2 Trade Payables as on 30th June, 2019 has been taken as certified by the management of the company

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Mangalam Global Enterprise Limited

Annexure 12: Restated Statement of Other Current Liabilities

1 April 2017 to As at 31 March

Particulars
30 June 2019 2019 2018 2017

Current maturities of long‐term borrowings

16.04 15.64 14.47 -
ICICI Bank Vehicle Loan Installments repayble with in 12 Months

Other Current Liabilities

Interest Accrued But Not Due 21.71 0.65 - -
Statutory dues 34.64 29.70 4.42 0.23
Advance from customers 0.42 1.43 - 46.00
Creditor for Capital Goods 1.51 7.97 - -

74.32 55.39 18.89 46.23

Notes:
Advance received from the customers have been taken as certified by the management of the company and no security has been offered by
the company against the same.
The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of
Profit & Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as
appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 13: Restated Statement of Property, Plant and Equipment (Amount in ₹ Lakhs)
Furniture &
Gross block Land Building Computers Office Equipment Vehicles Total
Fixture

Balance as at 1 April 2016 188.49 48.00 0.32 2.37 1.47 - 240.65

Additions 222.09 93.63 - - 0.51 - 316.23
Balance as at 31 March 2017 410.58 141.63 0.32 2.37 1.98 - 556.88
Additions 82.88 - 0.82 2.14 6.03 69.14 161.01
Balance as at 31 March 2018 493.46 141.63 1.14 4.50 8.01 69.14 717.88
Additions 1.16 0.29 9.11 1.25 4.24 - 16.05
Balance as at 31 March 2019 494.62 141.92 10.25 5.75 12.25 69.14 733.93
Additions - - 5.09 - 0.06 - 5.15
Balance as at 30th June 2019 494.62 141.92 15.34 5.75 12.30 69.14 739.08
Accumulated depreciation and amortisation
Balance as at 1 April 2016 - 1.19 0.17 0.36 0.39 - 2.11
Depreciation charge - 1.74 0.10 0.23 0.32 - 2.39
Balance as at 31 March 2017 - 2.93 0.27 0.59 0.71 - 4.50
Depreciation charge - 2.48 0.19 0.34 0.99 2.74 6.74
Balance as at 31 March 2018 - 5.41 0.46 0.93 1.70 2.74 11.24
Depreciation charge - 2.49 1.97 0.51 2.17 8.21 15.35
Balance as at 31 March 2019 - 7.90 2.42 1.44 3.87 10.94 26.59
Depreciation charge - 0.61 0.94 0.14 0.56 2.05 4.30
Reversal on disposal of assets - - - - - - ‐
Balance as at 30th June 2019 - 8.51 3.36 1.58 4.42 13.00 30.89

Net block
Balance as at 31 March 2017 410.58 138.70 0.05 1.78 1.27 ‐ 552.38
Balance as at 31 March 2018 493.46 136.22 0.68 3.57 6.31 66.40 706.64
Balance as at 31 March 2019 494.62 134.02 7.83 4.31 8.38 58.20 707.34
Balance as at 30th June 2019 494.62 133.41 11.98 4.17 7.88 56.14 708.19

As at 30th June As at 31st March

Capital WIP 2019 2019 2018 2017
Work ‐ in ‐ Progress
Gross Block Opening Balance 16.09 - - -
Addition during the year 24.29 16.09 - -
Reduction during the year - - - -
Gross Block Closing Balance..A 40.38 16.09 - -
Opening Accumulated depreciation - - - -
Depreciation charged during the year - - - -
Reduction/Adj. During the year - - - -
Accumulated Depreciaton (Closing - - - -
Balance)..B
Net Block (A‐B) 40.38 16.09 ‐ ‐

Total of WIP 40.38 16.09 ‐ ‐

The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit & Loss, Restated standalone
statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 14: Restated Statement of Intangible Assets (Amount in ₹ Lakhs)

Computer
Gross block Total
software

Balance as at 1 April 2016 0.11 0.11

Additions - -
Capitalisation - -
Balance as at 31 March 2017 0.11 0.11
Additions 0.16 0.16
Balance as at 31 March 2018 0.27 0.27
Additions 0.63 0.63
Balance as at 31 March 2019 0.90 0.90
Additions 1.69 1.69
Balance as at 30 th June 2019 2.58 2.58

Accumulated amortisation
Balance as at 1 April 2016 0.06 0.06
Amortisation charge 0.03 0.03
Balance as at 31 March 2017 0.09 0.09
Amortisation charge 0.03 0.03
Balance as at 31 March 2018 0.12 0.12
Amortisation charge 0.14 0.14
Balance as at 31 March 2019 0.26 0.26
Amortisation charge 0.11 0.11
Balance as at 30 th June 2019 0.37 0.37

Net block
Balance as at 31 March 2017 0.02 0.02
Balance as at 31 March 2018 0.15 0.15
Balance as at 31 March 2019 0.63 0.64
Balance as at 30 th June 2019 2.21 2.21

Annexure 15: Restated Statement of Non-current investments

As at As at 31 March
Particulars
30 June 2019 2019 2018 2017

Investment in Equity Instruments (Unquoted)

(i) of subsidiaries
Mangalprakash (Singapore) Pte. Ltd 69.75 69.75 - -
Hindprakash Castor Derivatives Pvt Ltd 204.50 204.50 - -

(ii) of others
ECS Environment Pvt Ltd 242.55 121.28 - -

(iii) Investment in Partnership Firm

Farpoint Enterprise LLP - Capital Account 0.05 0.05 - -
Total Investment in Partnership Firm 0.05 0.05 - -

516.85 395.58 - -
.
As at 30June As at 31 March
Particulars
2019 2019 2018 2017
Aggregate amount of unquoted investments 516.85 395.58 - -

The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit & Loss, Restated standalone
statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 16: Restated Statement of Loans and advances (Amount in ₹ Lakhs)

As at As at 31 March
Particulars 30 June 2019 2019 2018 2017
Long-term Short-term Long-term Short-term Long-term Short-term Long-term Short-term

Unsecured, considered good (unless otherwise stated)

Prepaid Income Tax / MAT Credit / TDS 2.79 78.78 12.30 - 5.64
Deposit 25.45 22.75 1.46 1.43
Advance for Capital Goods / Investment Property 11.00
Prepaid Expenses 0.01 0.04
Other Receivable / Rent Receivable 14.51 12.48 12.95 3.97

Loans and Advances to related parties

Loans Given 192.93 228.80 95.00
Others
Loans to Employees 5.70 6.05 -
Prepaid Expenses 29.49 32.11 1.16 0.05
Advance to Suppliers 102.00 258.01 0.07 0.18
GST / VAT Receivable 213.95 5.36 0.21
Rent Receivable 9.84 9.84 14.16
Margin Money Given for Commodity Hedging Future 103.39 70.86 - -
Transaction
Other Receivable 176.17 12.22 0.05 - 0.35
Other Deposits 498.25 490.09 -

39.96 1,334.51 35.23 1,192.12 14.42 27.95 1.43 116.23

Note :-
Advance given to suppliers have been taken as certified by the management of the company
No Securitites have been taken by the company against advances given to suppliers
The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit & Loss, Restated standalone statement of Cashflow, significant
accounting policies & notes to restated summary statements as appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 17: Restated Statement of Trade Receivables (Amount in ₹ Lakhs)

As at As at 31 march
Particulars
30 June 2019 2019 2018 2017

Unsecured & Considered good

1. From Directors/ Promotors / Promotor Group /
Associates / Relative of Directors / Group Companies

O/s Exceeding 6 Months 93.54 - - -

O/s Not Exceeding 6 Months - 116.60 - -
93.54 116.60 - -
Less: Provision for doubtful debts - - - -
93.54 116.60 - -

Other Debts
O/s Exceeding 6 Months 0.10 116.54 88.94 -
O/s Not Exceeding 6 Months 936.37 653.93 86.83 15.33
936.47 770.47 175.77 15.33

1,030.01 887.07 175.77 15.33

As per the view of the Management of the Company there is no doubtful debts and hence provision for doubtful debts have not been
made.
Trade Receivables as on 30th June, 2019 has been taken as certified by the Management of the Company.
The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

Annexure 18: Restated Statement of Inventories

As at As at 31 march
Particulars
30 June 2019 2019 2018 2017

Raw Material
Raw Material 4,213.27 551.16 -

Total of Raw Material 4,213.27 551.16 - -

Finished Goods / Stock In Trade 638.26 636.27 - 2.11

Semi-Finished Goods 480.46 229.54
Packing Material 86.19 60.27

5,418.18 1,477.24 - 2.11

Note :-
Value of Inventories as on 30th June, 2019 has been taken as certified by the management of the company

Annexure 19: Restated Statement of Cash and Bank Balances

As at As at 31 march
Particulars
30 June 2019 2019 2018 2017

Cash and cash equivalents

Cash on hand 4.20 2.43 2.20 1.72
Balances with Banks 1.05 1.07 7.60 8.97

5.25 3.50 9.80 10.69

The figures disclosed above are based on the restated standalone summary statement of assets & liabilities of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 20: Restated Statement of Revenue from operations (Amount in ₹ Lakhs)

1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Revenue from operations

Sale of products 14,427.64 32,291.85 2,613.79 230.08
Sale of services 127.03 596.39 - 0.76
Other operating revenue 16.31 61.48 75.57 37.67

14,570.98 32,949.72 2,689.36 268.51

20.1 Annexure to Revenue from Operations

1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Details of Sales of Products - Trading

Textile and Textile Mrchandise 7.62 32.46
Dyes 365.48 -
Intermediates 316.19 -
Ediblie Oil - -
Cloth 768.99 197.62
Castor Oil 541.06 12,183.48 1,155.50 -
Castor Seeds 64.52 1,958.04
Others - 106.39
- -
Details of Sales of Products - Manufacturing - -
Castor Oil 12,635.99 16,443.14
Castor DOC 777.80 1,091.57
Cotton Bales 304.49 323.79
Cotton Seeds 68.20 162.31
Others 35.57 23.14
- -
Details of Service Income - -
Agency Service Income 127.03 596.39 - 0.76
- - - -
Other operating revenues Comprises - - - -
Export Incentive Income 0.68 0.46 - -
Lease Operrating Income 15.62 61.02 75.57 37.67
16.30 61.48 75.57 37.67

14,570.96 32,949.73 2,689.35 268.51

The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

Annexure 21: Restated Statement of Other Income

1 April 2019 to As at 31 march

Particulars
30 June 2019 2019 2018 2017

Interest on Income - Others 0.14 0.94 - 0.20

Interest from Loans and Advance 4.25 38.31 0.05
Gain on sale of Investment - 1.18 0.42
Gain on Foreign exchange 8.30 2.71
-Interest from banks on Deposit 9.06 0.10
-Interest from Delayed Supply of Goods 0.04 10.63
Other Non Operating Income
-Sale of Scrap - 0.13

21.79 54.00 0.47 0.20

Profit before tax 142 302 34 14

% of other income to profit before tax 15% 18% 1% 1%

Note:
The classification of 'Other income' as recurring or non-recurring and related or non-related to business activity is based on the current
operations and business activities of the Company, as determined by the management.
The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

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Annexure 22. Cost of Material Consumed
1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Opening Stock 551.16 -

Add: Purchases 16,877.70 18,845.74
Less: Closing Stock - 4,213.27 - 551.16 -

13,215.59 18,294.58 - -

Annexure 23A: Purchase of stock-in-trade

1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Add: Purchases 750.62 14,138.27 2,578.65 182.17

750.62 14,138.27 2,578.65 182.17

Annexure 23B. Change In Inventory of Finished Goods, Stock In Trade and WIP
1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Finished Goods / Stock In Trade

Opening Stock 636.27 - 2.11 38.00
Less: Closing Stock - 638.26 - 636.27 - - 2.11

WIP
Opening Stock 229.54 -
Less: Closing Stock - 480.46 - 229.54

- 252.91 - 865.81 2.11 35.89

The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

Annexure 24: Restated Statement of Employee Benefits Expense

1 April 2019 to As at 31 march

Particulars
30 June 2019 2019 2018 2017

Director Remuneration 18.13 15.55 7.50 -

Salaries, wages and bonus 97.43 159.15 10.50 4.11
Contributions to Provident Fund and Other Fund 1.32 2.53
Gratuity and Leave Encashment / Reversal 0.92 6.05
Staff welfare expenses 5.89 3.72 - 0.11

123.69 187.00 18.00 4.22

The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

Annexure 25: Restated Statement of Finance Costs

1 April 2019 to As at 31 march
Particulars
30 June 2019 2019 2018 2017

Interest expense: -
Interest expense 105.68 241.68 1.59 0.01
Other Borrowing Cost 0.10 25.02 - -

105.78 266.70 1.59 0.01

The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of Profit
& Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as appearing in
annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 26: Restated Statement of Other Expenses (Amount in ₹ Lakhs)

1 April 2019 to As at 31 March

Particulars
30 June 2019 2019 2018 2017

Manufacturing Expenses
Power & Fuel 58.18 94.41 - -
Loading-Unloading Expense 22.90 25.10 - -
Lease Rent Expense 78.78 76.01 - -
Factory Consumable 16.84 26.84 - -
Other Factory Expense 0.11 16.62 - -
Repair & Maintenance - Plant & Machinery 27.08 28.93 - -
Repair & Maintenance - Others 0.66 2.01 - -
Raw Material (Commodity) Hedging Cost 25.01 12.08 - -
Packing Expenses 5.30 9.12 - -
Total 234.84 291.13 - -

Administrative, Selling and Other Expenses

Advertisement Expenses - 0.40 0.29 3.12
Bank Charges 0.65 0.62 0.09 0.25
Business Promotion Expenses 1.07 6.30 2.55 1.82
Brokarage Expenses 0.57 - 0.63 -
Conveyance Expenses 0.80 3.74 1.64 2.90
Electricity Expenses 1.11 2.31 1.22 1.30
Legal Consultancy Expenses 7.69 15.86 2.80 7.39
Consultancy Expenses 46.62 59.37 16.80 -
Office Expenses 1.78 7.74 4.02 2.29
Other Expenses 6.33 3.61 1.15 0.32
Insurance Expenses 3.48 1.58 0.76 -
Payments to the Auditor 0.94 3.85 0.85 0.25
Postage and Angadia 0.19 0.43 0.05 0.03
Printing and Stationary Expenses 0.64 2.00 0.07 0.05
Rates & Taxes 0.79 2.59 1.48 1.97
Royalty Expenses - - - 0.60
Rent 4.66 - 1.97 1.80
Repairs and Maintenance Buildings - 2.05 - -
Repairs and Maintenance Others 1.20 9.83 2.39 1.20
Sales Commission Expenses 1.21 24.79 7.33 -
Tele Communication Expenses 1.57 1.45 0.46 0.63
Travelling Expenses 18.29 15.53 2.26 3.88
Donation 5.00 1.01 - -
Testing Fees 2.94 4.14 - -
Outward Freight / Loading Unloading 143.74 183.65 - -
Cash Discount 1.22 0.44 - -
Handling Expenses - 9.10 - -
Export Freight And Expenses 10.73 7.88 - -
Godown / Storage Tank Rent 5.91 4.09 - -
Total 269.14 374.32 48.82 29.77

Grand Total 503.98 665.45 48.82 29.77

The figures disclosed above are based on the restated standalone summary statement of Profit & Loss of the company .
The above statememnt should be read with the restated standalone statement of assets & liabilities, Restated standalone statement of
Profit & Loss, Restated standalone statement of Cashflow, significant accounting policies & notes to restated summary statements as
appearing in annexures 1 , 2 , 3 & 4 respectively.

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Mangalam Global Enterprise Limited

Annexure 27: Restated Statement of Accounting and Other Ratios (Amount in ₹ Lakhs)

Sr. 1 April 2019 to As at and for the year ended 31 March

Particulars
no. 30 June 2019 2019 2018 2017

A Net worth, as restated (₹) 3,348.22 3,242.83 534.52 8.62

B Profit after tax, as restated (₹) 105.39 216.98 25.89 9.41

Weighted average number of equity shares outstanding during the

period/ year
C For Basic earnings per share 23.25 5.50 0.46 0.45
D For Diluted earnings per share 23.25 5.50 0.46 0.45
E For Basic earnings per share after bonus issue 116.27 98.52 93.48 93.47
F For Diluted earnings per share after bonus issue 116.27 98.52 93.48 93.47

Earnings per share

G Basic earnings per share (₹) (B/C) 4.53 39.45 56.28 20.91

H Diluted earnings per share ( ₹) (B/D) 4.53 39.45 56.28 20.91

I Basic earnings per share after bonus issue ( ₹) (B/E) 0.91 2.20 0.28 0.10

J Diluted earnings per share after bonus issue ( ₹) (B/F) 0.91 2.20 0.28 0.10

K Return on Net Worth (%) (B/A*100) 3.15% 6.69% 4.84% 109.16%

L Number of shares outstanding at the end of the period/ year 23,25,482 23,25,482 5,45,020 45,020

M Number of shares outstanding at the end of the period/ year after bonus issue 116,27,410 116,27,410 98,46,948 93,46,948

N Net asset value per equity share of ₹ 10 each (₹) (A/L) 143.98 139.45 98.07 19.16

O Net asset value per equity share of ₹ 10 each after bonus issue (₹) (A/M) 28.80 27.89 5.43 0.09

P Face value of equity shares (₹) 10.00 10.00 10.00 10.00

Notes :-
1) The ratios have been computed in the following manner :
a) Basic and Diluted earnings per share ( ₹) Restated Profit after tax attributable to equity shareholders
Weighted average number of equity shares outstanding during the period/year
b) Return on net worth (%) = Restated Profit after tax
Restated Net worth as at period/ year end
c) Net asset value per share (₹) Restated Net Worth as at period/ year end
Total number of equity shares as at period/ year end
2) The figures disclosed above are based on the Restated Financial Information of the Company.

3) Weighted average number of equity shares is the number of equity shares outstanding at the beginning of the period/year adjusted for the number of equity shares
issued during the period/year multiplied by the time weightage factor. The time weightage factor is the number of days for which the specific shares are outstanding as
a proportion of total number of days during the period/year.

5) Ratios for the three months ended 30 June 2019 have not been annualised.
6) Net worth for the ratios represents sum of share capital and reserves and surplus (share premium and surplus in the Restated Summary Statement of Profit and Loss).

7) The above statement should be read with the Statement of Notes to the Restated Financial Information of the Company in Annexure 4.

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Mangalam Global Enterprise Limited

Annexure 28: Statement of Tax Shelter (Amount in ₹ Lakhs)

Particulars 1 April 2019 to

30 June 2019 2019 2018 2017
Profit before tax, as restated (A) 141.63 302.06 33.89 14.22
Tax rate (%) (B) 25.17% 27.82% 25.75% 30.90%
Tax expense at nominal rate [C= (A*B)] 35.65 84.03 8.73 4.39

Adjustments
Permanent differences
Donations 2.50 0.51 - -
Prior period expenses
Interest/penalties on delayed payment of taxes
Adjustment on account of Section 37 under Income tax Act,
1961
Income under Other Head of Income - - 1.18 - 0.42 -
Total permanent differences (D) 2.50 - 0.67 - 0.42 -

Timing differences
Depreciation difference as per books and as per tax - 1.99 - 11.07 - 12.70 - 11.95
Adjustment on account of Section 43B under Income tax Act, - - 0.61 0.61 -
1961
Adjustment on account of Section 28 to 44 DA Income tax Act, - 0.97 2.21 1.32 -
1961
Provision for gratuity 0.92 1.83 - -

Total timing differences (E) - 2.04 - 7.64 - 10.77 - 11.95

Deduction under Chapter VI-A (F)

Net adjustments(G)=(D+E+F) 0.47 - 8.32 - 11.19 - 11.95

Tax impact of adjustments (H)=(G)*(B) 0.12 - 2.31 - 2.88 - 3.69

Tax impact on other income (I) - 0.20 0.07 -

Tax expenses (J= H+C+I) (derived) 35.76 81.92 5.91 0.70

Current tax expense as per Restated Summary Statement of 35.76 81.92 6.46 2.71
Profit and Loss

Minimum Alternate Tax (MAT)

Income as per MAT 141.63 302.06 33.89 14.22
Tax as per MAT 24.30 62.18 6.46 2.71

Tax Expenses= MAT or Normal Provision of Income Tax 35.76 81.92 6.46 2.71
w.e. is higher
Tax paid as per "MAT" or "Normal"provision Normal Normal MAT MAT

Notes:
1. The above statement is in accordance with Accounting Standard - 22, "Accounting for Taxes on Income" prescribed under Section 133 of
the Act, read with Rule 7 of Companies (Accounts) Rules, 2014 ( as amended).
2. The permanent/timing differences for the years 31 March, 2018, 2017 have been computed based on the Income-tax returns filed for the
respective years after giving adjustments to restatements, if any.

3. Figures for the six months ended 30 June 2019 have been derived from the provisional computation of total income prepared by the
Company in line with the final return of income will be filed for the assessment year 2020-2021 and are subject to any change that may be
considered at the time of filing return of income for the assessment year 2020-21
4. Statutory tax rate includes applicable surcharge, education cess and higher education cess of the year concerned.

5. The above statement should be read with the Statement of Notes to the Standalone Financial Information of the Company.

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Mangalam Global Enterprise Limited

Annexure 29: Restated Statement of Capitalisation

(Amount in ₹ Lakhs)
Particulars Pre Issue as at June 30, Post Issue
2019

Borrowings
Short- term 5,266.33 5,266.33
Long- term (including current maturities) (A) 40.48 40.48
Total Borrowings (B) 5,306.81 5,306.81

Shareholders' funds
Share capital 232.55 1,605.74
Reserves and surplus 3,115.67 3,955.78
Total Shareholders' funds (C) 3,348.22 5,562

Long- term borrowings/ equity* {(A)/(C)} 0.01 0.01

Total borrowings / equity* {(B)/(C)} 1.58 0.95

* equity= total shareholders' funds

Notes:
1 Short-term borrowings implies borrowings repayable within 12 months from the Balance Sheet date. Long-term
borrowings are debts other than short-term borrowings and also includes the current maturities of long-term
borrowings (included in other current liabilities).
2 The above ratios have been computed on the basis of the Restated Standalone Summary Statement of Assets and
Liabilities of the Company.
3 The above statement should be read with the Statement of Notes to the Restated Standalone Financial Information of
the Company

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 Mangalam Global Enterprise Limited

Annexure 30: Statement of Related Party Transaction

Amount Amount
Amount Amount Amount
Amount of Amount of Amount of Amount of outstanding as Amount of Amount of outstanding as Amount of Amount of
outstanding as outstanding as outstanding as
Transaction Transaction Transaction Transaction on Transaction Transaction on Transaction Transaction
Name of Party Nature of Relation Nature of Transaction on on on
debited upto credited upto debited in 2018‐ credited in 2018‐ 31.03.2018Pay debited in 2017‐ credited in 2017‐ 31.03.2017Pay debited in 2016‐ credited in 2016‐
30.06.2019Payab 31.03.2019Payab 31.03.2016Paya
30.06.2019 30.06.2019 19 19 able/(Receivabl 18 18 able/(Receivabl 17 17
le/(Receivable) le/(Receivable) ble/(Receivable)
e) e)
foreign travelling exps - - - - - - - - - - 0.49 0.49 -
Share Issue - - - - 135.22 135.22 - 31.00 31.00 - - - -
Vipin Prakash Mangal Promoter Reimbursement Expense - 4.14 4.14 - - - - - - - - - -
Interest on Borrowing 14.16 - 14.16 - - - - - - - - - -
Loan 518.83 229.25 762.25 - 199.23 192.00 7.23 32.04 13.00 26.27 - 11.00 15.27
Share Issue - - - - 135.22 135.22 - - - - - - -
Om Prakash Mangal Relative of Promoter
Unsecured Loans - - - - 452.50 450.00 2.50 - 2.50 - - - -
Salary 0.88 - 0.88 - 4.50 4.50 - 6.00 6.00 - - - -
Hemalata Omprakash Mangal Relative of Promoter Share Issue - - - - - - - 4.00 4.00 - - - -
Loan - - - - 50.00 50.00 - - - - - - -
Sanjay Prakash Mangal Relative of Promoter Salary 0.99 - 0.99 - - - - - - - - - -
Salary 2.35 - 2.35 - 4.50 4.50 - 6.00 6.00 - - - -
Interest on Borrowing 0.67 - 0.67 - - - - - - - - - -
Loan 47.50 - 47.50 - 155.12 151.00 4.12 174.00 3.50 174.62 32.00 112.00 94.62
Rashmi Mangal Relative of Promoter
Share Issue - - - - 101.61 101.61 - 155.00 155.00 - - - -
foreign travelling exps - - - - - - - - - - 1.09 1.09 -
Rent - - - - 0.05 0.05 - 0.62 0.62 - - - -
Rent - 4.39 4.39 - - - - 1.34 1.34 - 2.00 1.80 0.20
Rent Deposit - 2.70 2.70 - - - - - - - - - - -
Investment - - - - 0.50 0.50 - - - - - - -
Interest on Borrowing 0.08 - 0.08 - - - - - - - - - -
Chankya Prakash Mangal Promoter
loan 3.00 7.00 10.00 - 665.63 556.05 109.59 179.67 67.50 221.76 - 98.00 123.76
Share Issue - - - - 351.43 351.43 - 155.00 155.00 - - - -
foreign travelling exps - - - - - - - - - - 0.25 0.25 -
Salary 3.31 6.00 9.31 - 4.50 4.50 - 6.09 6.09 - - - -
Salary 2.31 - 2.31 - - - - - - - - - -
foreign travelling exps - - - - - - - - - - 0.25 0.25 -
Interest on Borrowing 0.12 - 0.12 - - - - - - - - - -
Chandragupt Prakash Mangal Promoter
loan 13.00 - 13.00 - 507.12 451.00 56.12 166.88 75.00 148.00 - 98.00 50.00
Share Issue - - - - 386.37 386.37 - 155.00 155.00 - - - -
Consultancy Fees - 6.50 6.50 - 10.25 10.25 - - - - - - -
Reimbursement Expense - - - - - - - - - - 0.02 0.02 -
Mangalam Worldwide Private Limited Associate Company Share Issue - - - - 645.00 645.00 - - - - - - -
Sales (Rent) - - - - 1.30 1.30 - - - - - - -
Sales & Purchase - 20.50 159.82 159.82 - 20.50 5,193.30 5,172.80 - - - - - - -
Rent Deposit - 20.00 - - - 20.00 20.00 - - - - - - - -
Rent Expenses
Hind Prakash Castor Derivatives Pvt Ltd Subsidiary Company
Rent Income 0.77 32.40 33.17 - 0.57 0.57 - - - - - - -
Loans and Advance - 9.30 32.80 190.00 - 166.50 404.50 238.00 - - - - - - -
Interest on advance - 7.63 3.83 - - 3.81 3.81 - - - - - - - -
Shanker Global Pvt. Ltd. Associate Company - - - - - - - - - 49.00 - 49.00 -
Purchase - - - - - - - 1,168.56 1,168.56 - - - -
Sales - - - - - - - 398.06 398.06 - 134.23 134.23 -
Hindprakash Tradelink Private Limited Associate Company
Interest on Borrowing 0.87 - 0.87 - 6.92 6.92 - - - - - - -
Loan 160.00 - 160.00 - 980.75 980.75 - 0.09 95.09 - 95.00 95.00 - -
Reimbursement Expense - 0.03 0.03 - - - - - - - - - -
Shirshak Exim LLP Associate Company
Purchase - - - - 272.03 272.03 - - - - - - -
Share Issue - - - - 564.02 564.02 - - - - - - -
Zaddoc Nutrition Private Limited Associate Company Interest on Borrowing - - - - 19.19 19.19 - - - - - - -
Loans - - - - 1,434.02 1,434.02 - - - - - - -
Associate Company Loans - 8.10 - - - 8.10 8.10 - - - - - - - -
Ecofine Colourchem Private Limited
Associate Company Interest on advance - 0.50 - - - 0.50 0.50 - - - - - - - -
Purchase of fixed asset - - - - 1.83 1.83 - - - - - - -
ECS Environment Private Limited Associate Company Rent Income - 0.06 - - - 0.06 0.61 0.55 - - - - - - -
Sales - 93.48 - 23.06 - 116.54 125.54 9.00 - - - - - - -

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 OTHER FINANCIAL INFORMATION

For details on Other Financial Information please refer to “Annexure 27 - Summary Statement of Accounting
Ratios” under chapter titled “Restated Financial Information” beginning on Page 192 of this Draft Prospectus.
Also for Capitalisation Statement refer the “Annexure 28 - Summary Statement of Capitalisation” under chapter
titled “Restated Financial Information” beginning on Page 192 of this Draft Prospectus.

Page 193 of 295

 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION

You should read the following discussion of our financial position and results of operations together with our
Restated Financial Statements which have been included in this Draft Prospectus. The following discussion and
analysis of our financial position and results of operations is based on our Restated Standalone Financial
Statements for the years ended March 31, 2019, 2018 and 2017 and for the period ended June 30, 2019
including the related notes and reports, included in this Draft Prospectus prepared in accordance with
requirements of the Companies Act and restated in accordance with the SEBI Regulations, which differ in
certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as
restated have been derived from our audited financial statements for the respective years/period. Accordingly,
the degree to which our Restated Financial Statements will provide meaningful information to a prospective
investor in countries other than India is entirely dependent on the reader’s level of familiarity with Indian
GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.
This discussion contains forward-looking statements and reflects our current views with respect to future events
and financial performance. Actual results may differ materially from those anticipated in these forward-looking
statements as a result of certain factors such as those described under “Risk Factors” and “Forward Looking
Statements” beginning on pages 35 and 21 respectively, and elsewhere in this Draft Prospectus.
Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year
are to the 12 months ended March 31 of that year.
OVERVIEW
Our Company was originally incorporated as “Hindprakash Colourchem Private Limited” as a Private Limited
Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated September
27, 2010 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. The name of our company
was changed to “Mangalam Global Enterprise Private Limited” pursuant to shareholders resolution passed at
Extra-Ordinary General Meeting of our company held on June 28, 2014 and a fresh Certificate of Incorporation
dated July 31, 2014 was issued by Registrar of Companies, Ahmedabad. Subsequently, our Company was
converted into a Public Limited Company pursuant to shareholders resolution passed at Extra-ordinary General
Meeting of our Company held on September 17, 2019 and the name of our Company was changed to “Mangalam
Global Enterprise Limited”. A fresh Certificate of Incorporation consequent upon Conversion from Private
Limited Company to Public Limited Company dated September 30, 2019 was issued by the Registrar of
Companies, Ahmedabad. The Corporate Identification Number of our Company is U24224GJ2010PLC062434.
Incorporated in the year 2010, our Company Mangalam Global Enterprise Limited belongs to Ahmedabad based
Mangalam group of Companies set up by Mangal Family and led by the vision of Mr. Vipin Prakash Mangal.
In this dynamic and extremely competitive business environment, we have developed a diversified business
model with our offerings ranging from castor oil to cotton products. We have been successfully catering to these
two different sectors in our business operations.
We are mainly engaged in the business of manufacturing of Refined Castor Oil First Stage Grade (F.S.G.),
Castor De-Oiled Cake and High Protein Castor De-Oiled Cake for the domestic market as well as for exports to
international markets. We have also diversified our business operations into manufacturing of Cotton Bales
(Lint Cotton) and Delineate Cotton Seeds. We were engaged in the trading business before starting commercial
manufacturing of our abovementioned products in the FY 2018-19. Company has one cotton processing unit at
Harij, Gujarat and two well-equipped Castor processing units at Harij and Palanpur, Gujarat respectively for
undertaking manufacturing operations of abovementioned two product segments. We are also engaged in the
trading of Castor Seeds and Raw Cotton.
Castor oil is a yellow viscous liquid free from suspended matter and insoluble in water. It is produced by refining
commercial grade Castor Oil after undertaking bleaching and filtering process. Castor oil has multiple industrial
applications and is extensively demanded in Lubricants, Paints, Pharmaceuticals, Cable insulators, Sealants,
Inks, Rubber and Textiles etc. It is also used to relief Constipation, Eyelashes grow, Hair grow, Skin moisturiser
ad to improve immunity function. It is also used for applying on food grains to protect from the insects/fungus.
Castor De-Oil Cake is fertilizer consisting of high content of Nitrogen, Phosphoric Acid, Potash and moisture

Page 194 of 295

retention and it is also the prominent organic fertilizer which can be used as alternatives to chemical fertilizer.
It is simple manure, which acts progressively that encourages soil microbial activity. High Protein Castor De
Oiled Cake is an organic manure which enhances the fertility of the soil without causing any damage or decay.
Our Castor oil manufacturing facilities situated at Harij and Palanpur, Gujarat are installed with automated
machineries having crushing and processing capacity of 450 MT Castor Seeds per day at each facilities. The
said manufacturing units are equipped with installed capacity of producing 225 MT Castor Refined Oil (F.S.G.)
per day and 220 MT Castor De- Oiled Cake per day at each facilities. Both facilities also have solvent capacity
of 200 MT.
Our journey in the Cotton Manufacturing Industry started in the year 2018. With gaining an insight of the
industry coupled with an available opportunity, our Company ventured into manufacturing of Cotton Bales (Lint
Cotton) and Delineate Cotton Seeds. The main application of ginned cotton referred to as lint is for spinning
operations. The cotton moves through the Spinning machines and is then converted into Cotton yarn. Black
cottonseeds are used as feed products for livestock and are also crushed into the Oil mill to extract oil
(Cottonseed Oil).
Technology is a crucial aspect of the cotton industry. The level of advancement determines the productivity of
machines and labour, which in turn, determines the production and profitability of our Company. Our technical
team is equipped with modern ginning technology and processing techniques by virtue of which we are able to
ensure quality output. At present, we have a manufacturing unit well equipped with requisite ginning and
pressing machineries and with a processing capacity of 150 MT per day.
We have our Testing Laboratories within the premises of manufacturing units. Our manufacturing facility has
fully equipped quality control department with experienced staff to facilitate smooth manufacturing process.
We have in-house testing laboratory and necessary infrastructure to test our raw materials and finished products
to match the quality standards and as specified by the relevant customers. All the products are being
manufactured strictly as per quality norms using the expertise of our experienced team to provide quality output
to our customers at competitive prices.
Our Company has marked its presence in both domestic as well as global markets. We supply our products in
states such as Gujarat, Rajasthan, Delhi, Maharashtra, West Bengal. In order to capture growing demand for
Castor Oil in international market and to create a more responsive and cost-effective supply chain, we started
our export operations. We export our products to countries such as Thailand, Oman.
The experience and trade relations developed by our promoters and management have been one of the key
instrumental factors in the growth of our Company. We have 51% holding in Hindprakash Castor Derivatives
Private Limited (HCDPL) and Farpoint Enterprise LLP (Farpoint), thus making them as our Subsidiary
Companies. HCDPL is engaged in the business of manufacturing of castor oil, castor oil derivatives, edible and
non-edible oils, oilseeds, oil cakes, kernels and by-products and trading of chemicals, dyes, dyestuff, colour
chemicals & intermediates. Farpoint is engaged in the business of Manufacturing and trading of all types of
articles, goods and commodities. We have recently started a separate business unit at Singapore by incorporating
Wholly Owned Subsidiary – Mangalprakash (Singapore) PTE. Limited. It is engaged in the business of Whole
Sale Trading of Goods. For further details of the same, please refer chapter titled “Our History and Certain
Other Corporate Matters” beginning on page 151 of the Draft Prospectus.
The promoters of our Company are Vipin Prakash Mangal, Chanakya Prakash Mangal and Chandragupt Prakash
Mangal. They have an adequate experience in the line of the business undertaken by the Company and look
after the strategic as well as day to day business operations. Our Promoters believe in the ideology of continuous
improvement and development. Also, we believe role of a management team is equally important as to that of
our employees for growth of a business, and accordingly we have placed an experienced management team to
look after various facets of operations.
We endeavour to satisfy customers by continuous improvement through process innovation and quality
maintenance. We focus on producing quality product to increase customer satisfaction and develop a positive
brand image in the industry. Our management and team has enable us to maintain continuing customer relations,
ensuring repeat order flows. We aim to grow our operations on PAN India basis and make our brand as a
distinguished name in industry.

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SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL PERIOD
In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed
in this Draft Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely
to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities
within the next twelve months except as stated below:
1. Our Company has allotted 93,01,928 Equity shares pursuant to Bonus Issue vide Board Resolution dated
September 03, 2019;
2. The company has increased the borrowing power to Rs. 1,00,000.00 lakhs in the Extraordinary General
Meeting held on September 23, 2019.
3. Our Company has allotted 2,00,000 Equity shares pursuant to Preferential Allotment vide Board Resolution
dated October 16, 2019;
FACTORS AFFECTING OUR RESULTS OF OPERATIONS
Our business is subjected to various risks and uncertainties, including those discussed in the section titled “Risk
Factors” beginning on page 35 of this Draft Prospectus. Our results of operations and financial conditions are
affected by numerous factors including the following:
 Seasonal Volatility in Business
 Fluctuations in the price of raw materials;
 Limited operating history of manufacturing operations;
 Competition from existing and new entrants;
 Fluctuation in the prices of Foreign currency exchange rate
 High volume-low margin business;
 Economic and Demographic conditions; and
 Changes in laws and regulations that apply to castor and Industry in domestic and international market.
SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation of financial statements
The Restated Standalone Summary Statement of Assets and Liabilities of the Company as at June 30 2019,
March 31 2019, 2018 and 2017 the Restated Standalone Summary Statement of Profit and Loss and the Restated
Standalone Summary Statement of Cash Flows for the period/ years ended June 30 2019, March 31 2019, 2018
and 2017 and the annexures thereto (herein collectively referred to as 'Restated Standalone Financial
Information') have been compiled by the management of the Company from the audited financial statements
of the Company for the period/ years ended June 30 2019, March 31, 2019, 2018 and 2017and have been
prepared specifically for the purpose of inclusion in the Offer Document to be filed by the Company with the
EMERGE portal of National Stock Exchange of India Limited ('NSE')
These aforementioned audited financial statements were prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) under the historical cost convention on accrual basis. These
audited financial statements have been prepared to comply in all material aspects with the Accounting Standards
prescribed by the Central Government, Section 133 of the Companies Act, 2013 (the "Act"), read with Rule 7
of the Companies (Accounts) Rules, 2014 (as amended) and the relevant provisions of the Act/ Companies Act,
1956, as applicable.
The Restated Standalone Financial Information have been prepared to comply in all material aspects with the
requirements of Section 26(1)(b) of the Act read with Rules 4 to 6 of Companies (Prospectus and Allotment of
Securities) Rules, 2014 and the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 (as amended from time to time).

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All assets and liabilities have been classified as current and non-current as per normal operating cycle of the
Company and other criteria set out in the Schedule III to the Companies Act, 2013. Based on nature of
products/services, the Company has ascertained its operating cycle as 12 months for the purpose of current and
non-current classification of assets and liabilities.
b) Use of estimates
The preparation of Restated Standalone Financial Information in conformity with GAAP requires that the
management of the Company to make estimates and assumptions that affect the reported amounts of income
and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to
contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful
lives of property, plant and equipment and intangible assets, provision for doubtful debts/ advances, future
obligations in respect of retirement benefit plans, etc. Difference, if any, between the actual results and estimates
is recognised in the period in which the results are known.
c) Depreciation
The Company provides pro-rata depreciation on additions and disposals made during the year.
Prior to 1 April 2014, depreciation on property, plant and equipment has been provided on straight line method
at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.
With effect from 1 April 2014, pursuant to the notification of Schedule II to the Companies Act, 2013,
depreciation on property, plant and equipment is provided under the straight line method over the useful lives
of assets as prescribed under Part C of Schedule II to the Companies Act, 2013.
d) Revenue Recognition
 Revenue is recognised to the extent it is possible that economic benefits will flow to the company and the
revenue can be reliably measured and there is a reasonable certainty regarding ultimate collection.

 Revenue from sale of products is recognised on transfer of all significant risks and rewards of ownership of
the goods to the customers, which generally coincides with the dispatch of goods. Sales are stated exclusive
of GST/ VAT, trade discounts and sales returns.
 Export benefits / incentives are accounted on accrual basis in accordance with various government schemes
in respect thereof and are shown under “Other Operating Revenue”. Benefits available under the Export
Licenses and in the nature of duty drawback are accounted for based on eligibility and when there is no
significant uncertainty as to its ultimate collection.
 Interest income is recognised on a time proportionate basis taking into account the amount outstanding and
the rate applicable.
 Revenue in respect of other income is recognised when no significant uncertainty as to its determination or
realization exists.
 Dividend income is recognised when the right to receive the dividend is established.
e) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment (if
any). The cost of a property, plant and equipment comprises its purchase price and any attributable cost of
bringing the asset to its working condition for its intended use. Expenditure on addition, improvements and
renewals is capitalized and expenditure for maintenance and repair is charged to Profit and Loss account.
f) Foreign Currency Transactions

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 The reporting currency of the Company is Indian Rupee.
 Foreign currency transactions are recorded on initial recognition in the reporting currency using the exchange
rates prevailing at the date of the transaction.
 Monetary assets and monetary liabilities denominated in foreign currencies are converted at rate of exchange
prevailing on the date of the Balance Sheet.
 Exchange differences on settlement/conversion are included in the Statement of Profit and Loss in the period
in which they arise.
 The premium or discount on forward exchange contract is recognised in the Statement of Profit & Loss over
the period of the contract.
g) Investments
Investments are classified into current investments and non-current investments. Current investments, i.e.
investments that are readily realisable and intended to be held for not more than a year are valued at lower of
cost and net realisable value. Any reduction in the carrying amount or any reversal of such provision towards
reductions are charged or credited to the Statement of Profit and Loss.
Non-current investments are stated at cost. Provision for diminution in the value of these investments is made
only if such decline is other than temporary, in the opinion of the management.
On disposal of investment, the difference between its carrying amount and net disposal proceeds is charged or
credited to the statement of Profit and Loss.
h) Employee benefits
i. Short-term employee benefits:
All employee benefits payable wholly within twelve months of rendering the services are classified as short-
term employee benefits. Benefits such as salaries, wages, expected cost of bonus and short term compensated
absences etc. are recognised in the period in which the employee renders the related service.
ii. Post-employment benefits:
Defined contribution plans:
The Company contributes on a defined contribution basis to employees' provident fund towards post-
employment benefits, all of which are administered by the respective governments Authorities, and it has no
further obligation beyond making its contribution, which is expensed in the period to which it pertain.
Defined benefit plans:
The Company has defined benefit plan in the form of gratuity and compensated absences. The same is
determined by actuarial valuation carried out by an independent actuary as at the Balance Sheet date and
shortfall/ excess, if any, has been provided for/ considered as prepaid.
Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions
and are recognised immediately in the Statement of Profit and Loss as income or expense.
i) Borrowing Costs
Borrowing Cost includes interest and amortization of ancillary costs incurred in connection with the
arrangement of Borrowings. General and specific borrowing costs directly attributable to the acquisition/
construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready
for their intended use, are added to the cost of those assets, until such time the assets are substantially ready for
their intended use. All other borrowing costs are recognised as an expense in Statement of Profit and Loss in
the period in which they are incurred.
j) Taxes on income

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Tax expenses comprise of current and deferred tax
Current tax is measured at the amount expected to be paid on the basis of relief and deductions available in
accordance with the provisions of Indian Income Tax Act, 1961 and includes Minimum Alternate Tax (“MAT”)
paid by the company on book profits in accordance with the provisions of the Income Tax Act, 1961. MAT
credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will
pay normal income tax during the specified period and will be able to set off such MAT credit entitlement.
Deferred income tax reflects the impact of the current year reversible timing differences between the taxable
income and accounting income for the Year and reversal of timing differences of the earlier Year. Deferred tax
is measured based on the tax rates and tax laws enacted or substantively enacted as at the balance sheet date.
Deferred tax assets are recognised only to the extent there is virtual certainty that sufficient future taxable
income will be available against which such deferred tax assets can be realized.
k) Inventories
Inventories consisting of Raw Materials, Work-in-Process, Finished Goods and Traded Goods are valued at
lower of cost and net realizable value. For this purpose, the cost of raw material, finished goods and work-in-
process is determined using FIFO/average cost method (net of Input Tax Credit availed) as the case may be.
Inventories consisting of Stores, Consumables, Spare Parts, and Packing Materials etc. are valued at lower of
cost and net realizable value. For this purpose direct costs, and appropriate relevant overheads are apportioned
using the FIFO method.
l) Impairment of assets
Management evaluates at regular intervals, using external and internal sources, the need for impairment of any
asset. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to
arise from the continuing use of the asset and its net realisable value on its eventual disposal. Any loss on
account of impairment is expensed as the excess of the carrying amount over the higher of the asset’s net sales
price or present value as determined.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful
life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed
by charging usual depreciation if there was no impairment.
m) Government Grant
Government Grants are recognized when there is a reasonable assurance that the same will be received. Revenue
grants are recognized in the Statement of Profit and Loss. Capital grants relating to specific fixed assets are
reduced from the gross value of the respective Fixed Assets. Other capital grants are credited to Capital Reserve.
n) Earning Per Share
Basic Earnings per Share is calculated by dividing the net profit after tax for the year attributable to Equity
Shareholders of the Company by the weighted average number of Equity Shares outstanding at the end of the
year. Diluted earnings per share is calculated by dividing net profit attributable to equity shareholders (after
adjustment for diluted earnings) by average number of weighted equity share outstanding at the end of the year.
o) Current Assets, Loans and Advances
The balance under item of Sundry Debtors, Loans and Advances and Current liabilities are subject to
confirmation and reconciliation and consequential adjustments, wherever applicable. However in the opinion
of the Management, the realisable value of the current assets, loans and advances in the ordinary course of
business will not be less than the value at which they are stated in the Balance Sheet.
p) Provisions and Contingent Liabilities
Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable

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estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required
to settle the present obligation at the Balance Sheet date and are not discounted to their present value.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot
be made.
Contingent Assets are not recognised in the financial statements since this may result in the recognition of
income that may never be realized
OVERVIEW OF REVENUE AND EXPENSES
Revenue and Expenses
Our revenue and expenses are reported in the following manner:
Total Revenue
Our Total Revenue comprises of revenue from operations and other income.
Revenue from operations
Our revenue from operations comprises of revenue from manufacturing of Refined Castor Oil First Stage Grade
(F.S.G.), Castor De Oiled Cake and High Protein Castor De Oiled Cake for the domestic market as well as for
exports to international markets. We have also diversified our business operations into manufacturing of Cotton
Bales (Lint Cotton) and Delineate Cotton Seeds. Also our company is into trading of Castor Oil, Castor Seeds,
Edible Oils, textile merchandise and other dyes & intermediates. Our revenue from operations also includes
other operating income in the nature of lease rent from immovable properties and agency service income.
Other Income
Our other income mainly includes interest income on fixed deposits, gain on foreign exchange fluctuations,
interest on delayed supply of goods, interest from short term advances given, gain on sale of investments, scrap
sales and other interest income.
Expenses
Our total expenses excluding taxes comprise of cost of material consumed, purchase of stock in trade, changes
in inventories of finished goods and stock in trade, employee benefit expenses, finance costs, depreciation &
amortisation expenses and other expenses.
Cost of material consumed
Our cost of material consumed include purchase of raw materials for our castor oil and cotton bales segment.
Major raw material for castor oil production is Castor seeds which is expelled to produce castor oil and de-oiled
cake. The basic raw material required for production of cotton bales in raw kapas (cotton seed) which is
processed through ginning process.
Purchase of Stock In Trade
Our expenditure on purchase of stock-in-trade consists of purchase of textile & textile merchandise, dyes &
intermediates, edible oil, grey cloth, castor oil and castor seeds for trading sales made during the year.
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
Changes in inventories of finished goods, work-in-progress and stock in trade consist of change in our
inventories of finished goods, work-in-progress & stock in trade as at the beginning and end of the year/ period.
Employee benefit expenses
Our employee benefit expenses mainly include salaries wages & bonus, directors’ remuneration, contribution
to provident and other funds, gratuity expense and staff welfare expenses.
Finance costs

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Our finance costs mainly include interest on long term & short term secured borrowings, bank charges and other
financial charges etc.
Depreciation and amortisation expenses
Our depreciation and amortisation expenses comprise of depreciation on tangible fixed assets and amortisation
of intangible assets.
Other expenses
Our other expenses includes manufacturing expenses and administrative & selling expenses. Our manufacturing
expenses comprises of
Power & Fuel, Loading-Unloading Expense, Lease Rent Expense, Factory Consumable, Other Factory Expense,
Repair & Maintenance - Plant & Machinery, Repair & Maintenance - Others, Raw Material (Commodity)
Hedging Cost, Packing Expenses
Our Results of Operations
The following table sets forth select financial data from our restated financial statement of profit and loss for
the period ended June 30, 2019 and years ended March 31, 2019, 2018 and 2017 the components of which are
also expressed as a percentage of total revenue for such periods:
Particulars
For the Period ended For the Year ended For the Year ended For the Year ended
June 30, 2019 March 31, 2019 March 31, 2018 March 31, 2017

Rs. in Rs. in Rs. in Rs. in

(%)* (%)* (%)* (%)*
Lakhs Lakhs Lakhs Lakhs
Revenue from 14,570.98 99.85% 32,949.72 99.84% 2,689.36 99.98% 268.51 99.93%
operations
Other income 21.79 0.15% 54.01 0.16% 0.47 0.02% 0.20 0.07%
14,592.77 100.00 33,003.73 100.00% 2,689.83 100.00% 268.71 100.00%
Total revenue %
Expenses
Cost of materials 13,215.59 90.56% 18,294.58 55.43% - - - -
consumed
Purchase of stock-in- 750.62 5.14% 14,138.27 42.84% 2,578.65 95.87% 182.17 67.80%
trade
Changes in (252.91) (1.73%) (865.81) (2.62%) 2.11 0.08% 35.90 13.36%
inventories
Employee benefits 123.69 0.85% 187.00 0.57% 18.00 0.67% 4.22 1.57%
expense
Finance costs 105.78 0.72% 266.70 0.81% 1.59 0.06% 0.01 0.00%
Depreciation and 4.40 0.03% 15.49 0.05% 6.76 0.25% 2.42 0.90%
amortisation expense
Other expenses 503.98 3.45% 665.45 2.02% 48.82 1.82% 29.77 11.08%
Total expenses 14,451.15 99.03% 32,701.68 99.08% 2,655.93 98.74% 254.49 94.71%
Profit before 141.62 0.97% 302.05 0.92% 33.90 1.26% 14.22 5.29%
exceptional,
extraordinary items
and tax
Extraordinary and - - - - - - - -
Exceptional items
Profit before Tax 141.62 0.97% 302.05 0.92% 33.90 1.26% 14.22 5.29%
Tax expense

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 Current tax 35.76 0.25% 81.92 0.25% 6.46 0.24% 2.71 1.01%
MAT Credit - - - - (0.55) (0.02%) (2.01) (0.75%)
Deferred tax 0.48 0.00% 3.16 0.01% 2.09 0.08% 4.11 1.53%
(credit)/charge
Total Tax Expense 36.25 0.25% 85.08 0.26% 8.00 0.30% 4.81 1.79%
Profit for the period 105.38 0.72% 216.97 0.66% 25.90 0.96% 9.41 3.50%
/ year

* (%) column represents percentage of total revenue.

Review of Operation for the Period Ended June 30, 2019
Total Revenue
Our total revenue amounted to Rs. 14,592.77 lakhs for the period ended June 30, 2019 which is on account of
revenue from operations and other income as described below.
Revenue from operations
Revenue from operations amounted to Rs.14,570.98 lakhs for the period ended June 30, 2019 which was 99.85%
of our total revenue. It was primarily on account of manufacturing sales of castor oil, castor DOC, cotton bales
and cotton seeds amounting toRs.13,822.06 lakhs which is 94.86% of our revenue from operations. Our revenue
from operations also includes sale of services of Rs. 127.03 lakhs which is on account of agency services. Also
our company is into trading of castor oil and castor seeds which provided an income of Rs. 605.58 lakhs for the
period ended June 30, 2018. Our other operating revenue of Rs. 16.31 lakhs comprises of lease rental income
from immovable properties of Rs.15.62 lakhs and export incentive income of Rs.0.68 lakhs.
Other income
Our other income was Rs. 21.79 lakhs for the period ended June 30, 2019 which was 0.15% of our total revenue.
Our other income comprises of Interest from bank deposits of Rs. 9.06 lakhs, gain on foreign exchange of Rs.
8.30 lakhs and interest from loans and advances of Rs. 4.25 lakhs amongst others.
Total Expenses
Our total expenses, excluding tax amounted to Rs. 14,451.15 lakhs for the period ended June 30, 2019 which
was 99.03% of our total revenue.
Cost of material consumed
Our cost of material consumed for the period ended June 30, 2019 was Rs. 13,215.59 lakhs which comprised
cost of purchase of raw material which majorly include castor seeds and raw kapas which are used to
manufacture castor oil, castor DOC, cotton bales and cotton seeds as our finished goods for sale.
Purchase of stock in trade
The purchase of stock in trade for the period ended June 30, 2019 amounted to Rs. 750.62 lakhs. Increase in
purchase was on account of increase in sale of castor oil and castor seeds.
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade:
Changes in inventories of finished goods and work-in-progress and stock-in-trade for the period ended June 30,
2019 was Rs. (252.91) lakhs consists of change in our inventories of finished goods, work-in-progress and stock
in trade as at the beginning and end of the period.
Employee Benefit Expenses
Our employee benefit expenses for the period ended June 30, 2019 were Rs. 123.69 lakhs which primarily
comprised of director’s remuneration of Rs.18.13 lakhs, salary & wages of Rs.97.43 lakhs, contribution to
provident and other funds of Rs. 1.32 lakhs, provision for gratuity and leave encashment of Rs. 0.92 lakhs and
staff welfare expenses of Rs.5.89 lakhs.
Finance Costs

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Our finance costs for the period ended June 30, 2019 were Rs. 105.78 lakhs primarily consisting of interest on
secured and unsecured borrowings from banks and financial institution and unsecured loans from directors and
relatives of Rs. 105.68 lakhs and other borrowing charges of Rs.0.10 lakhs.
Depreciation and Amortization Expenses
Our Depreciation and amortization expenses were Rs. 4.40 lakhs for the period ended June 30, 2019 on account
of depreciation on tangible and intangible fixed assets.
Other expenses
Our other expenses for the period ended June 30, 2019 were Rs. 503.98 lakhs which primarily comprises of
manufacturing expenses of Rs. 234.84 lakhs and administrative expenses of Rs. 269.14 lakhs. Our
manufacturing expenses includes power & fuel of Rs. 58.18 lakhs, loading and unloading expenses of Rs. 22.90
lakhs, lease rent expense of Rs. 78.78 lakhs, factory consumable of Rs. 16.84 lakhs, other factory expense of
Rs. 0.11 lakhs, repair & maintenance of Rs. 27.74 lakhs, raw material hedging cost of Rs. 25.01 lakhs and
packing expenses of Rs. 5.29 lakhs. Our Administrative expenses includes outward freight of Rs. 143.74 lakhs,
consultancy expenses of Rs. 46.62 lakhs, travelling expenses of Rs. 18.29 lakhs, export freight of Rs. 10.73
lakhs, legal consultancy expenses of Rs. 7.69 lakhs, other expenses of Rs. 6.33 lakhs, godown rent of Rs. 5.91
lakhs, donation of Rs. 5.00 lakhs, rent of Rs. 4.66 lakhs, insurance expenses of 3.48 lakhs, testing fees of Rs.
2.94 lakhs, office expenses of Rs. 1.78 lakhs, communication expenses of Rs. 1.57 lakhs, cash discount of Rs.
1.22 lakhs, sales commission expenses of Rs. 1.21 lakhs, repairs and maintenance of Rs. 1.20 lakhs, electricity
expenses of Rs. 1.11 lakhs and business promotion expenses of Rs. 1.07 lakhs.
Profit before Tax
Our Profit before tax for the period ended June 30, 2019 was Rs.141.62 lakhs which was 0.97% of our total
revenue.
Tax Expenses
Our tax expenses for the period ended June 30, 2019 was Rs. 36.25 lakhs which primarily on account of current
tax expense of Rs. 35.76 lakhs and deferred tax expenses of Rs. 0.48 lakhs. Our tax expenses were 0.25 % of
our total revenue.
Profit after Tax
Our profit after tax for the period ended June 30, 2019 was Rs.105.38 lakhs forming 0.72% of our total revenue.
FINANCIAL YEAR 2018-19 COMPARED WITH FINANCIAL YEAR 2017-18
Total Revenue
Our total revenue increased by 1126.98% to Rs.33,003.73 lakhs for the financial year 2018-19 from
Rs. 2,689.83 lakhs for the financial year 2017-18 due to the factors described below:
Revenue from operations
Our revenue from operations increased by 1125.19% to Rs. 32,949.72 lakhs for the financial year 2018-19 from
Rs. 2,689.36 lakhs for the financial year 2017-18. Our company was into trading of castor oil, cloth, textile &
textile merchandise and dyes & intermediates till financial year 2017-18 and from the financial year 2018-19
our company started its manufacturing operations for the production of castor oil, castor DOC, cotton bales and
cotton seeds. Manufacturing sales as a part of total revenue from operations is 54.76%. Increase in our trading
revenue was on account of increase in trading of castor oil by 954.39% Rs. 12183.48 lakhs in the financial year
2018-19 from Rs. 1155.50 lakhs in the financial year 2017-18 and also due to commencement of trading of
castor seeds of Rs. 1958.04 lakhs in the financial year 2018-19. Also our agency services revenue increased to
Rs. 596.39 lakhs which was nil in financial year 2017-18. Our company has also earned export incentive income
as a part of other operating revenue from our business. However the increase in our revenue was partially offset
by decrease in our lease rent on account of immovable properties to Rs. 61.02 lakhs in financial year 2018-19
from Rs. 75.57 lakhs in financial year 2017-18.
Other income: Our other income increased to Rs. 54.01 lakhs for the financial year 2018-19 from Rs. 0.47 lakhs
for the financial year 2017-18 mainly due to increase in Interest from loans and advance in the form of inter

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corporate deposits by Rs. 38.26 lakhs, increase in interest from delayed supply of goods by Rs. 10.63 lakhs and
increase in gain on foreign exchange by Rs. 2.71 lakhs among others.
Total Expenses
Our total expenses increased by 1131.27% to Rs. 32,701.68 lakhs for the financial year 2018-19 from
Rs.2,655.93 lakhs for the financial year 2017-18, due to the factors described below:
Cost of material consumed
Our cost of material consumed was Rs. 18,294.58 lakhs for the financial year 2018-19 as compared to Nil for
the financial year 2017-18. Our company started its manufacturing operations for refined castor oil, castor de
oiled cake, cotton bales (lint cotton) and delineate cotton seeds from the financial year 2018-19. Castor seeds
and raw kapas are mainly used as the basic raw materials for production of the finished goods.
Purchase of stock in trade
The purchase of stock in trade increased by 448.28% to Rs. 14,138.27 lakhs for the financial year 2018-19 as
against Rs. 2,578.65 lakhs for the financial year 2017-18. Increase in purchase was on account of increase in
sale of castor oil and castor seeds in the financial year 2018-19.
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade:
The changes in inventories of finished goods, WIP and stock in trade was Rs. (865.81) lakhs for the financial
year 2018-19 as against Rs. 2.11 lakhs for the financial year 2017-18. Increase in inventories was on account of
commencement of manufacturing operations as until financial year 2017-18 our company was only under
trading which doesn’t require high inventory storage.
Employee benefits expenses
Our employee benefit expenses increased by 938.89% to Rs. 187.00 lakhs for the financial year 2018-19 from
Rs. 18.00 lakhs for the financial year 2017-18. The increase was mainly on account of increase in salary &
wages by Rs. 148.64 lakhs, directors’ remuneration by Rs. 8.05 lakhs, gratuity and leave encashment by Rs.
6.05 lakhs, staff welfare expenses by Rs. 3.72 lakhs and contributions to provident fund and other fund by Rs.
2.53 lakhs. Increase in salaries was on account of increase in number of employees to 74 in financial year 2018-
19 in financial year 2018-19 from 3 in financial year 2017-18.
Finance costs
Our finance costs increased to Rs. 266.70 lakhs for the financial year 2018-19 from Rs. 1.59 lakhs for the
financial year 2017-18. The increase was mainly on account of increase in interest on secured and unsecured
borrowings by Rs. 240.08 lakhs and other borrowing costs by Rs. 25.02lakhs.
Depreciation and amortization expense
Our depreciation and amortization expense increased by 128.99% to Rs. 15.49 lakhs for the financial year 2018-
19 from Rs. 6.76 lakhs for the financial year 2017-18. The gross block of fixed assets increased by Rs. 16.04
lakhs during the financial year 2018-19.
Other expenses
Our other expenses increased by 1263.02% to Rs. 665.45 lakhs for the financial year 2018-19 from
Rs. 48.82 lakhs for the financial year 2017-18. The increase was on account of commencement of manufacturing
activities in the financial year 2018-19 due to which our company incurred manufacturing expenses of Rs.
291.13 lakhs. It majorly comprises of power & fuel of Rs. 94.41 lakhs, lease rent expenses by Rs. 76.01 lakhs,
repair & maintenance of Rs. 30.95 lakhs, factory consumable of Rs. 26.84 lakhs, loading &unloading expense
of Rs. 25.10 lakhs, raw material hedging cost of Rs. 12.08 lakhs, packing expenses of Rs. 9.12 lakhs and other
factory expenses of Rs. 16.62 lakhs. Our administrative, selling and other expenses increased to Rs. 374.32
lakhs for the financial year 2018-19 from Rs. 48.82 lakhs for the financial year 2017-18. The increase was on
account of increase in outward freight by Rs. 183.65 lakhs, consultancy expenses by Rs. 42.57 lakhs, sales
commission expenses by Rs. 17.46 lakhs, travelling expenses by Rs. 13.27 lakhs, legal consultancy expenses
by Rs. 13.06 lakhs, handling expenses by Rs. 9.10 lakhs, export freight and expenses by Rs. 7.88 lakhs, repairs
and maintenance charges by Rs. 7.44 lakhs, testing fees by Rs. 4.14 lakhs, godown rent by Rs. 4.09 lakhs,

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business promotion expenses by Rs. 3.74 lakhs, office expenses by Rs. 3.73 lakhs, auditor’s remuneration by
Rs. 3.00 lakhs, other expenses by Rs. 2.45 lakhs, conveyance expenses by Rs. 2.09 lakhs, repairs and
maintenance by Rs. 2.05 lakhs, printing and stationary expenses by Rs. 1.92 lakhs, rates & taxes by Rs. 1.11
lakhs, electricity expenses by Rs. 1.08 lakhs, and donation by Rs. 1.01 lakhs etc. amongst others. The increase
was partially offset by decrease in rent by Rs. 1.97 lakhs and brokerage expenses by Rs. 0.63 lakhs. Our
company has 2 units where it runs its production activities and both the units are leased out due to which led to
increase in our lease rent expenses.

Profit before tax

Our profit before tax increased by 791.22% to Rs. 302.05 lakhs for the financial year 2018-19 from
Rs. 33.89 lakhs for the financial year 2017-18.Increase in profit was on account of increase in overall
manufacturing productions which resulted in the overall business operations of the company.
Tax expenses
Our tax expense for the financial year 2018-19 amounted to Rs. 85.08 lakhs as against expense of
Rs. 8.00lakhs for the financial year 2017-18. The increase was on account of increase in current tax expenses
by Rs. 75.46 lakhs, increase in deferred tax liability by Rs. 1.07 lakhs and increase in availment of MAT credit
by Rs.0.55 lakhs.
Profit after tax
Due to reasons mentioned above, our profit after tax increased by 737.97% to Rs. 216.97 lakhs for the financial
year 2018-19 from Rs. 25.90 lakhs for the financial year 2017-18.
FINANCIAL YEAR 2017-18 COMPARED WITH FINANCIAL YEAR 2016-17
Total Revenue
Our total revenue increased by 901.01% to Rs. 2,689.83 lakhs for the financial year 2017-18 from Rs. 268.71
lakhs for the financial year 2016-17 due to the factors described below:
Revenue from operations
Our revenue from operations increased by 901.58% to Rs. 2,689.36 lakhs for the financial year 2017-18 from
Rs.268.51 lakhs for the financial year 2016-17. The increase was on account of increase in trading sales by Rs.
2,383.71 lakhs to Rs. 2,613.79 lakhs in the financial year 2017-18 from Rs. 230.08 lakhs in the financial year
2016-17 and also increase in other operating revenue by Rs. 37.90 lakhs. Increase in our trading revenue was
on account of commencement of trading of castor oil, intermediates and dyes which provided a revenue of Rs.
1,837.18 lakhs also our trading sales of grey cloth increased by Rs. 571.37 lakhs in the financial year 2017-18.
Increase in our other operating revenue was on account on increase in lease rent from immovable properties.
However the increase was partially offset by decrease in sale of agency services by Rs. 0.76 lakhs.
Other income: Our other income increased by 133.11% to Rs.0.47 lakhs for the financial year 2017-18 from
Rs.0.20 lakhs for the financial year 2016-17 mainly due to increase in gain on sale of investment by Rs. 0.42
lakhs and interest from loans and advance by Rs. 0.05 lakhs which was partially offset by decrease in interest
on income by Rs. 0.20 lakhs.
Total Expenses
Our total expenses increased by 943.61% to Rs. 2,655.93 lakhs for the financial year 2017-18 from
Rs.254.49 lakhs for the financial year 2016-17, due to the factors described below:
Purchase of stock in trade
The purchase of stock in trade increased by 1315.49%to Rs. 2,578.65 lakhs for the financial year 2017-18from
Rs. 182.17 lakhs for the financial year 2016-17. The increase was in line with increase in our trading revenue.
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade:
The amount of changes in inventories of finished goods, work-in-progress and stock in trade was
Rs.2.11 lakhs for the financial year 2017-18 as against Rs.35.90 lakhs for the financial

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year 2016-17. Decrease in inventory was on account of decrease in stock-in-trade during the financial year
2017-18.
Employee benefits expenses
Our employee benefit expenses increased by 326.59% to Rs.18.00 lakhs for the financial year 2017-18 from
Rs.4.22 lakhs for the financial year 2016-17. The increase was mainly on account of increase in salary & wages
by Rs.6.39 lakhs and director remuneration by Rs. 7.50 lakhs. The increase was partially offset by decrease in
staff welfare expenses by Rs. 0.11 lakhs
Finance costs
Our finance costs increased to Rs.1.59 lakhs for the financial year 2017-18 from Rs.0.01 lakhs for the financial
year 2016-17. The increase was mainly due to increase in interest expenses on secured term loans from banks
by Rs. 1.57 lakhs and other borrowing cost by Rs.0.02 lakhs.
Depreciation and amortization expense
Our depreciation and amortization expense increased by 179.47% to Rs.6.76 lakhs for the financial year 2017-
18 from Rs.2.42 lakhs for the financial year 2016-17. The gross block of fixed assets increased by Rs.161.01
lakhs during the financial year 2017-18.
Other expenses
Our other expenses increased by 63.98% to Rs.48.82 lakhs for the financial year 2017-18 from Rs.29.77 lakhs
for the financial year 2016-17. The increase was on account of increase in consultancy expenses by Rs. 16.80
lakhs, sales commission expenses by Rs. 7.33 lakhs, office expenses by Rs. 1.73 lakhs and repairs and
maintenance by Rs. 1.19 lakhs amongst others. The increase was partially offset by decrease in legal consultancy
expenses by Rs. 4.58 lakhs, advertisement expenses by Rs. 2.83 lakhs, travelling expenses by Rs. 1.61 lakhs
and conveyance expenses by Rs. 1.26 lakhs, etc. amongst others.
Profit before tax
Our profit before tax increased by 138.40% to Rs. 33.90 lakhs for the financial year 2017-18 from
Rs.14.22 lakhs for the financial year 2016-17.
Tax expenses
Our tax expense for the financial year 2017-18 amounted to Rs. 8.00 lakhs as against expense of Rs.4.81 lakhs
for the financial year 2016-17. The increase was on account of increase in current tax expenses by Rs. 3.75
lakhs and availment of MAT credit ofRs. 1.46 lakhs which was partially set off by decrease in deferred tax
liability by Rs. 2.02 lakhs.
Profit after tax
Due to reasons mentioned above, our profit after tax increased by 175.31% to Rs. 25.90 lakhs for the financial
year 2017-18 from Rs. 9.41 lakhs for the financial year 2016-17.
Other Key Ratios
The table below summaries key ratios in our Restated Standalone Financial Statements for the period ended
June 30, 2019 and financial years ended March 31, 2019, 2018 and 2017:
For the period For the year ended March 31,
Particulars ended June 30,
2019 2019 2018 2017
Fixed Asset Turnover Ratio 20.51 46.54 3.80 0.49
Debt Equity Ratio 1.58 0.34 0.45 71.85
Current Ratio 1.37 2.54 1.37 1.43
Inventory Turnover Ratio 2.69 22.30 - 127.53

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Fixed Asset Turnover Ratio: This is defined as revenue from operations divided by total fixed assets including
intangible assets but excluding capital work-in-progress based on Standalone Restated Financial Statements.
Debt Equity Ratio: This is defined as total debt divided by total shareholder funds. Total debt is the sum of long-
term borrowings, short-term borrowings and current maturities of long term debt, based on Standalone Restated
Financial Statements. Total shareholder funds is sum of equity share capital and reserve and surplus based on
Standalone Restated Financial Statements.
Current Ratio: This is defined as current assets divided by current liabilities, based on Standalone Restated
Financial Statements.
Inventory Turnover Ratio: This is defined as revenue from operations divided by closing inventory based on
Standalone Restated Financial Statements.
Cash Flow
The table below summaries our cash flows from our Restated Financial Information for the financial years
March 31, 2019, 2018 and 2017 and period ended June 30, 2019:
(Rs. In lakhs)
For the period For the year ended March 31,
Particulars ended June 30,
2019 2019 2018 2017
Net cash (used in)/ generated from operating (3947.37) (2,712.09) 69.95 (304.39)
activities
Net cash (used in)/ generated from investing (143.63) (397.99) (173.68) (312.98)
activities
Net cash (used in)/ generated from financing 4092.75 3,103.77 102.85 619.65
activities
Net increase/ (decrease) in cash and cash 1.75 (6.31) (0.89) 2.27
equivalents
Cash and Cash Equivalents at the beginning of the 3.50 9.81 10.69 8.42
period
Cash and Cash Equivalents at the end of the period 5.25 3.50 9.81 10.69
Operating Activities
For the period ended June 30, 2019
Our net cash used in operating activities was Rs. 3947.37 lakhs for the period ended June 30, 2019.Our operating
profit before working capital changes was Rs. 230.94 lakhs for the period ended June 30, 2019 which was
primarily adjusted by payment of income tax of Rs. 35.76 lakhs, increase in inventories by Rs. 3940.95lakhs,
increase in loans & advances and other assets by Rs. 142.39 lakhs, increase in trade receivables by Rs. 142.94
lakhs, decrease in short term provisions by Rs. 37.93 lakhs, increase in other liabilities by Rs.18.92 lakhs,
increase in long term liabilities by Rs. 13.38 lakhs and increase in trade payables by Rs. 89.35lakhs.
Financial year 2018-19
Our net cash used in operating activities was Rs. 2712.09 lakhs for the financial year 2018-19. Our operating
profit before working capital changes was Rs. 536.42 lakhs for the financial year 2018-19 which was primarily
adjusted by payment of income tax of Rs. 81.92 lakhs, increase in inventories by Rs. 1477.24 lakhs, increase in
loans & advances and other assets by Rs. 1164.17 lakhs, increase in trade receivables by Rs. 711.29 lakhs,
increase in short term provisions by Rs.135.03 lakhs, increase in other liabilities by Rs. 36.50 lakhs, increase in
long term liabilities by Rs. 13.96 lakhs and increase in trade payables by Rs. 0.62 lakhs.
Financial year 2017-18
Our net cash generated from operating activities was Rs. 69.95 lakhs for the financial year 2017-18. Our
operating profit before working capital changes was Rs. 41.78 lakhs for the financial year 2017-18 which was

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primarily adjusted by payment of income tax of Rs. 5.91 lakhs, increase in trade receivable by Rs. 160.44 lakhs,
increase in trade payables by Rs. 124.58 lakhs, decrease in loans & advances and other assets by Rs. 88.28
lakhs, decrease in other current liabilities by Rs. 27.34 lakhs, increase in short term provisions by Rs. 6.89 lakhs
and decrease in inventories by Rs. 2.11 lakhs.
Financial year 2016-17
Our net cash used in operating activities was Rs. 304.39 lakhs for the financial year 2016-17. Our operating
profit before working capital changes was 16.44 lakhs for the financial year 2016-17 which was primarily
adjusted by payment of income tax of Rs. 0.70 lakhs, decrease in trade payables by Rs. 281.55 lakhs, increase
in loans & advances by Rs. 115.07 lakhs, increase in other current liabilities by Rs. 45.06 lakhs, decrease in
inventories by Rs. 35.90 lakhs, decrease in trade receivables by Rs. 15.33 lakhs, increase in long term liabilities
by Rs. 8.00 lakhs and increase in short term provisions by Rs. 2.86 lakhs.
Investing Activities
For the period ended June 30, 2019
Net cash used in investing activities was Rs. 143.63 lakhs for the period ended June 30, 2019. This was primarily
on account of purchase of investments of Rs. 121.28 lakhs, purchase of fixed assets amounting to Rs. 31.13
lakhs and increase in long term loan & advances by Rs. 4.73 lakhs. It was partially offset by receipt of interest
of Rs. 13.49 lakhs.
Financial year 2018-19
Net cash used in investing activities was Rs. 397.99 lakhs for the financial year 2018-19. This was primarily on
account of purchase of investments of Rs. 395.57 lakhs, purchase of fixed assets amounting to Rs. 32.76 lakhs
and increase in long term loan & advances by Rs. 20.82 lakhs. It was partially offset by receipt of interest of
Rs. 49.99 lakhs and Income from Investment of Rs. 1.18 lakhs.
Financial year 2017-18
Net cash used in investing activities was Rs. 173.68 lakhs for the financial year 2017-18. This was primarily on
account of purchase of fixed assets amounting to Rs. 161.17 lakhs and increase in long term loan & advances
by Rs. 12.98 lakhs which was partially offset by income from investment of Rs. 0.42 lakhs and receipt of interest
and dividend of Rs. 0.05 lakhs.
Financial year 2016-17
Net cash used in investing activities was Rs. 312.98 lakhs for the financial year 2016-17. This was primarily on
account of purchase of fixed assets amounting to Rs. 316.23 lakhs which was partially offset by decrease in
long term loans & advances by Rs. 3.05 lakhs and receipt of interest and dividend of Rs. 0.20 lakh.
Financing Activities
For the period ended June 30, 2019
Net cash generated from financing activities for the period ended June 30, 2019 was Rs. 4,092.75 lakhs. This
was primarily on account of proceeds from short term borrowings of Rs. 4,194.71 lakhs and foreign exchange
gain of Rs. 8.30 lakhs which was partially adjusted by payment of interest & finance charges by Rs. 105.78
lakhs and repayment of long term borrowings of Rs. 4.47 lakhs.
Financial year 2018-19
Net cash generated from financing activities for the financial year 2018-19 was Rs. 3,103.77 lakhs. This was
primarily on account of proceeds from equity share allotment of Rs. 2492.65lakhs, net proceeds from short term
borrowings of Rs. 1071.62 lakhs, and foreign exchange gain of Rs. 2.71 lakhs which was partially adjusted by
payment of interest & finance charges by Rs. 266.70 lakhs, repayment of long term borrowings of Rs. 195.20
lakhs and payment of dividend & dividend distribution tax of Rs. 1.31 lakhs.
Financial year 2017-18
Net cash generated from financing activities for the financial year 2017-18 was Rs. 102.85 lakhs. This was
primarily on account of proceeds from equity share allotment of Rs. 500.00lakhs which was partially adjusted

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by repayment of long term borrowings of Rs. 346.56 lakhs, repayment of short term borrowings of Rs. 49.00
lakhs and payment of interest & finance charges by Rs. 1.59 lakhs.
Financial year 2016-17
Net cash generated from financing activities for the financial year 2016-17 was Rs. 619.65 lakhs. This was
primarily on account of net proceeds from long term borrowings of Rs. 570.65 lakhs and net proceeds from
short term borrowings of Rs. 49.00 lakhs which was partially adjusted by payment of interest & finance charges
by Rs. 0.01 lakhs.
Financial Indebtedness
As on June 30, 2019 the total outstanding borrowings of our Company was Rs. 5,306.80 lakhs which included
long-term borrowings of Rs. 24.43 lakhs, short term borrowings of Rs. 5,266.33 lakhs and current maturities of
long term borrowings of Rs. 16.04 lakhs. For further details, refer chapter titled “Financial Indebtedness”
beginning on page 212 of this Draft Prospectus.
(Rs. In lakhs)
Particulars As at June 30,
2019
Long Term Borrowings (A)
Secured Loans
- Vehicle loans from Banks 24.43
Sub Total (A) 24.43
Short Term Borrowings (B)
Secured Loans
- Working capital loan – CC and EPC 1,805.18
-Working capital loan – Pledge & Commodity 2623.82

Unsecured Loans
-From directors, members and related parties 676.54
-Inter corporate deposits 160.79
Sub Total (B) 5,266.33
Current Maturities of Long Term Borrowings (C) 16.04
Total (A)+(B)+(C) 5,306.80

In the event, any of our lenders declare an event of default, such current and any future defaults could lead to
acceleration of our repayment obligations, termination of one or more of our financing agreements or force us
to sell our assets, any of which could adversely affect our business, results of operations and financial condition.
Related Party Transactions
Related party transactions with certain of our promoters, directors and their entities and relatives primarily
relates to remuneration, salary, commission, interest paid, loan taken, reimbursement expenses and Issue of
Equity Shares, foreign travel expenses, interest on borrowings etc. For further details of such related parties
under AS-18, refer chapter titled “Financial Information” beginning on page 192 of this draft prospectus.
Contingent Liabilities
The following table sets forth our contingent liabilities as on June 30, 2019 and March 31, 2019 as per restated
standalone financial statements:
(Rs. in lakhs)

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 Particulars As on June As on March
30, 2019 31, 2019
Claims against the company not acknowledged as debts in respect of :
- Bank Guarantees 791.39 2756.90
Total 791.39 2756.90
Off-Balance Sheet Items
We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with
any entity that have been established for the purposes of facilitating off-balance sheet arrangements.
Qualitative Disclosure about Market Risk
Financial Market Risks
Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are
exposed to interest rate risk, inflation and credit risk in the normal course of our business.
Interest Rate Risk
Our financial results are subject to changes in interest rates, which may affect our debt service obligations and
our access to funds.
Effect of Inflation
We are affected by inflation as it has an impact on the raw material cost, wages, etc. In line with changing
inflation rates, we rework our margins so as to absorb the inflationary impact.
Credit Risk
We are exposed to credit risk on monies owed to us by our customers If our customers do not pay us promptly,
or at all, we may have to make provisions for or write-off such amounts.
Reservations, Qualifications and Adverse Remarks
Except as disclosed in chapter titled “Financial Statements as Restated” beginning on page 192 of this Draft
Prospectus, there have been no reservations, qualifications and adverse remarks.
Details of Default, if any, Including Therein the Amount Involved, Duration of Default and Present
Status, in Repayment of Statutory Dues or Repayment of Debentures or Repayment of Deposits or
Repayment of Loans from any Bank or Financial Institution
Except as disclosed in chapter titled “Financial Statements as Restated” beginning on page 192 of this Draft
Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest
thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial
institution and interest thereon by the Company.
Material Frauds
There are no material frauds, as reported by our statutory auditor, committed against our Company, in the last
three Fiscals.
Unusual or Infrequent Events or Transactions
As on date there have been no unusual or infrequent events or transactions including unusual trends on account
of business activity, unusual item of income, change of accounting policy and discretionary reduction of
expenses.
Significant Economic Changes that Materially Affected or are Likely to Affect Income from Continuing
Operations
Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on
our operations. Major changes in these factors can significantly impact income from continuing operations.

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There are no significant economic changes that materially affected our Company‘s operations or are likely to
affect income from continuing operations except as described in chapter titled “Risk Factors” beginning on
page 35 of this Draft Prospectus.
Known Trends or Uncertainties that have had or are expected to have a Material Adverse Impact on
Sales, Revenue or Income from Continuing Operations
Other than as described in the section titled “Risk Factors” beginning on page 35 of this Draft Prospectus and
in this chapter, to our knowledge there are no known trends or uncertainties that are expected to have a material
adverse impact on revenues or income of our Company from continuing operations.
Future Changes in Relationship between Costs and Revenues, in Case of Events Such as Future Increase
in Labour or Material Costs or Prices that will Cause a Material Change are known
Other than as described in chapter titled “Risk Factors” beginning on page 35 of this Draft Prospectus and in
this section, to our knowledge there are no known factors that might affect the future relationship between cost
and revenue.
Extent to which Material Increases in Net Sales or Revenue are due to Increased Sales Volume,
Introduction of New Products or Services or Increased Sales Prices
Changes in revenue in the last three financial years are as explained in the part “Financial Year
2018-19 compared with financial year 2017-18 and Financial Year 2017-18 Compared With Financial Year
2016-17” above.
Competitive Conditions
We have competition with Indian and international service providers and our results of operations could be
affected by competition in the castor and textile industry in India and international market in the future. We
expect competition to intensify due to possible new entrants in the market, existing competitors further
expanding their operations and our entry into new markets where we may compete with well-established
unorganized companies / entities. This we believe may impact our financial condition and operations. For
details, please refer to the chapter titled “Risk Factors” beginning on page 35 of this Draft Prospectus.
Increase in income
Increases in our income are due to the factors described above in this chapter under “Significant Factors
Affecting Our Results of Operations” and chapter titled “Risk Factors” beginning on page 35 of this Draft
Prospectus.
Status of any Publicly Announced New Products or Business Segments
Except as disclosed elsewhere in the Draft Prospectus, we have not announced and do not expect to announce
in the near future any new products or business segments.
Significant Dependence on a Single or Few Customers
Significant proportion of our revenues have historically been derived from a limited number of customerRs.
The % of Contribution of our Company’s customer vis a vis the total finished goods sold and the % of
contribution of our Company’s supplier vis a vis the purchase of raw material for the year ended March 31,
2019 are as follows:
Particulars Suppliers Customers
June 30, 2019 March 31, 2019 June 30, 2019 March 31, 2019
Top 5 (%) 94.57 95.07 68.09 71.89
Top 10 (%) 97.99 98.15 83.36 86.49

Seasonality of Business
The nature of our business is seasonal. For further details please refer chapter titled “Risk Factors” beginning
on Page 35 of this Draft Prospectus.

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 FINANCIAL INDEBTEDNESS

Our Company utilizes various credit facilities from banks and others for conducting its business. Set forth is a
brief summary of our Company’s secured and unsecured borrowings together with a brief description of certain
significant terms of such financing arrangements.
Pursuant to a special resolution of our Shareholders passed at the Extra-Ordinary General meeting held on
September 23, 2019, our Board has been authorized to borrow monies, which, together with the monies already
borrowed, exceeds the aggregate of the paid-up capital and free reserves apart from temporary loans borrowed
in the ordinary course of business, from such person or persons on such terms and conditions as to the
repayment, interest and otherwise as they may think fit and proper, provided that the aggregate amount so
borrowed shall not, at any time, exceed 1,00,000.00 lakhs.
Set forth is a brief summary of our Company’s secured and unsecured borrowings as on June 30, 2019 together
with a brief description of certain significant terms of such financing arrangements.
SECURED BORROWINGS
1. Loan of Rs. 2,000.00 Lakhs from HDFC Bank Limited as per Sanction letter dated July 11, 2018
(Rs. in Lakhs)
Sanctioned Rate of Interest/ Tenor/ Valid Outstanding as
Nature of Facility
Limits Commission upto June 30, 2019

Cash Credit 1,500.00 MCLR + 1.60% 12 months 1805.18

Export Packing (1,500.00) MCLR + 1.60% 12 months

Credit/Post Shipment
Credit facility (Sub limit of
CC)

Post Shipment Credit (1,500.00) MCLR + 1.60% If 12 months

(FBD/ FBP/ EBR / FBD availed in foreign
backed by LC) currency: LIBOR +
250bps

Letter of Credit- (Sub limit (1,500.00) Commission of 1.50% 12 months

of CC) Per Annum

Bank Guarantee (Sub (1,500.00) Commission of 1.50% 12 months

Limit of CC) Per Annum,

PSR 500.00 As per product note 12 months

DRUL (Sublimit of PSR) (500.00) MCLR + 1.60% 12 months

Total 2,000.00 1805.18

SECURITY DETAILS:

Primary Security
Hypothecation of stock & book debts on entire exposure
Collateral Security
Equitable mortgage of properties as mentioned below properties on entire exposure:
Sr.
Property Description Type of Property Owner
No

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 1. Plot N0. 31, The Samast Brahmakshatriya Co. Residential M/S Mangalam
Operative Housing Society Ltd, Opp. Chandranaga Global Enterprise
Bus Stop, BRTS Road, Ahmedabad. Pvt. Ltd.
2. Bungalow On Plot N0.19/B, Kalyan Society, near Residential Mr. Chanakya
Mahatma Gandhi International School, Nagri Mangal
Hospital Road, On land bearing Hissa No. 5+6 0
Final Plot No. 464 of TPS No. 3, Moje Changishpur
Dist. Ahmedabad, Housing Society Ltd, Opp.
Chandranagar Bus Stop, BRTS Road, Ahmedabad
3. Office No. 201(Entire Second Floor), Setu Complex, Commercial M/S Mangalam
.P. Nagar Road, Near Girish Cold Drink Cross, Global Enterprise
Ahmedabad Pvt. Ltd.
Specific Covenants
1. No dividend to be declared/ no withdrawal in form of salary/remuneration/incentive/ commission by the
promoters/ directors in case of over dues with bank.
2. Unsecured Loans will be converted into Equity as and when required to maintain a positive tangible net
worth.
3. Borrower shall not divert any funds to any purpose and launch any scheme of expansion without prior
permission of HDFC Bank.

2. Loan of Rs. 400.00 Lakhs from Axis Bank as per Sanction letter dated July 26, 2018.

Nature of Facility Pledge Facility

Loan Amount Rs. 400.00 Lakhs
Rate of Interest MCLR + 3.05% p.a
Amount Outstanding as on June 30, 2019 Rs. 304.06 Lakhs
Guarantees Personal Guarantee
1. Chanakya Mangal
2. Chandragupt Mangal
Tenor 12 Months
Security Pledge of warehouse receipt/ storage receipts with lien
noted in favour of bank
3. Loan of Rs. 1,500.00 Lakhs from HDFC Bank Limited as per Sanction letter dated February 21,
2019
Nature of Facility Short Term Loan
Loan Amount Rs. 1,500 Lakhs
Rate of Interest 9.95% (MCLR + 1.15%)
Amount Outstanding as on June 30, 2019 Rs. 997.89 Lakhs
Security Pledge of entire inventory of Commodity as a continuing
security
Guarantees Personal Guarantee
1. Chanakya Mangal
2. Chandragupt Mangal
3. Vipin Mangal

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Tenor 11 months
Specific Covenants:
1. No dividend to be declared/ no withdrawal in form of salary/remuneration/incentive/ commission by the
promoters/ directors in case of over dues with bank.
2. Unsecured Loans will be converted into Equity as and when required to maintain a positive tangible net
worth.
3. Borrower shall not divert any funds to any purpose and launch any scheme of expansion without prior
permission of HDFC Bank.
4. Loan of Rs. 500.00 lakhs from IndusInd Bank as per Sanction letter dated February 27, 2019.
Nature of Facility Short Term Loan
Loan Amount Rs. 500.00 Lakhs
Rate of Interest 1 Year MCLR + 0.75% p.a, payable at months rests,
including CM Charges.
Amount Outstanding as on June 30, 2019 Rs. 152.57 Lakhs
Security Pledge of Stock as per warehouse receipt from the
Borrower
Tenor 12 months
5. Loan of Rs. 1,000.00 Lakhs from Kotak Mahindra Bank Limited as per Sanction letter dated June
04, 2019
Nature of Facility Short Term Loan
Loan Amount Rs. 1,000.00 Lakhs
Rate of Interest K-MCLR 6M rate + 1.00%
Amount Outstanding as on June 30, 2019 Rs. 257.82 Lakhs
Security Lien mark on Demat receipt/Pledge of physical
receipt of underlying commodities namely castor
seeds.
Tenor 270 days
6. Auto Loan of Rs. 64.00 lakhs from ICICI Bank as per Sanction letter dated November 29, 2017
Nature of Facility Auto Loan
Loan Amount Rs. 64.00 Lakhs
Rate of Interest (Floating) 7.74 % p.a.
Amount Outstanding as on June 30, 2019 Rs. 40.48 Lakhs
Tenor 48 months
Instalment EMI of Rs. 1,54,489
7. Loan of Rs. 1,000.00 lakhs from Edelweiss Financial Services as per Sanction letter dated March 29,
2019
Nature of Facility Business Loan
Loan Amount Rs. 1,000.00 Lakhs
Rate of Interest (Floating) 12 % p.a.
Amount Outstanding as on June 30, 2019 Rs. 911.47 Lakhs

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 Tenor 30 months
UNSECURED BORROWINGS
In addition to the secured borrowings availed by us from banks, we have also availed certain unsecured loans.
Set forth below is a brief summary of Unsecured Loans as on June 30, 2019:
(Rs. In lakhs)
Particulars Total
From Directors, Members & Related Parties
Chanakya Mangal 13.22
Chandragupt Mangal 63.59
Rashmi Mangal 53.12
Vipinprakash Mangal 546.61
Total (A) 676.54
Inter Corporate Deposits
Hindprakash Tradelink Private Limited 160.79
Total (B) 160.79
(A)+(B) 837.33

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 SECTION VII – LEGAL AND OTHER INFORMATION

OUTSTANDING LITIGATIONS AND MATERIAL DEVELOPMENTS

Except as stated in this section, there are no outstanding (I) criminal proceedings, (II) actions taken by statutory
or regulatory authorities, (III) disciplinary action including penalty imposed by the SEBI or stock exchanges
against our Promoters in the last five Fiscals, including outstanding action, (IV) claims related to direct and
indirect taxes in a consolidated manner, (V) details of any other pending material litigation which are determined
to be material as per a policy adopted by our Board (“Materiality Policy”), in each case involving our Company,
Promoters, Directors, Group Company and Subsidiary, (the “Relevant Parties”).
For the purpose of (V) above, our Board in its meeting held on September 25, 2019, has considered and adopted
a policy of materiality for identification of material litigation involving the Relevant Parties.
In terms of the Materiality Policy, all pending litigation involving the Relevant Parties, other than criminal
proceedings, actions by regulatory authorities and statutory authorities, disciplinary action including penalty
imposed by SEBI or stock exchanges against the Promoters in the last five Fiscals including outstanding action,
and tax matters, would be considered ‘material’ if:
(a) the monetary amount of claim by or against the entity or person in any such pending proceeding is in excess
of 1% of the profit after tax of our Company as per the restated consolidated financial statements of our
Company for the last full Fiscal, being ₹ 2.17 Lakhs; or
(b) the monetary liability is not quantifiable, however, the outcome of any such pending proceedings may have
a bearing on the business, operations, performance, prospects or reputation of our Company.
Except as stated in this section, there are no Outstanding Material Dues (as defined below) to creditors; or (ii)
outstanding dues to small scale undertakings and other creditors.
Our Board, in its meeting held on September 25, 2019 determined that outstanding dues to creditors in excess
of 5% of the Company’s trade payables as per the restated consolidated financials for the period ended March
31, 2019 shall be considered as material dues (“Material Dues”).
Unless otherwise stated to the contrary, the information provided is as of the date of this Draft Prospectus.
OUTSTANDING TAXATION MATTERS INVOLVING OUR COMPANY, DIRECTORS,
PROMOTERS, SUBSIDIARIES AND GROUP COMPANIES
Nature of Case Number of Cases Outstanding Amount
(in lakhs)
Company
Direct Tax Nil Nil
Indirect Tax Nil Nil
Directors
Direct Tax 1 0.002
Indirect Tax Nil Nil
Promoters (Other than Directors)
Direct Tax Nil Nil
Indirect Tax Nil Nil
Subsidiaries*
Direct Tax Nil Nil
Indirect Tax Nil Nil
Group Companies
Direct Tax 2 75.67
Indirect Tax 1 68.01

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Note: The amounts indicated above are approximate amounts and have been disclosed to the extent
ascertainable.

*One of the Subsidiary of the Issuer Company is based outside India and cannot be made taxable under Indian
Tax Laws. Hence, no tax demand may be ascertained for the said Subsidiary.
OTHER MATERIAL LITIGATIONS
LITIGATION INVOLVING OUR COMPANY
A. LITIGATIONS AGAINST OUR COMPANY:
1. CRIMINAL MATTERS:
Nil
2. WILFUL DEFAULTER:
Our Company does not appear on the Wilful Defaulters’ list as per the Reserve Bank of India Circular on
Wilful Defaulters’.
3. ACTIONS BY REGULATORY OR STATUTORY AUTHORITIES1:
Nil
4. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
B. LITIGATIONS FILED BY OUR COMPANY:
1. CRIMINAL MATTERS:
Nil
2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
LITIGATION INVOLVING DIRECTORS OF OUR COMPANY
A. LITIGATIONS AGAINST DIRECTOR/S OF OUR COMPANY:
1. CRIMINAL MATTERS:
Nil
2. WILFUL DEFAULTERS:
None of our Directors’ appear on the Wilful Defaulters’ list as per the Reserve Bank of India Circular on
Wilful Defaulters’.
3. ACTIONS BY REGULATORY OR STATUTORY AUTHORITIES:
Nil
4. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
B. LITIGATIONS FILED BY DIRECTOR/S OF OUR COMPANY:
1. CRIMINAL MATTERS:
Nil

1
The Regulatory or Statutory Authorities for the purpose of this Chapter include but are not limited to SEBI, RBI etc.

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2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
LITIGATION INVOLVING OUR PROMOTERS (OTHER THAN DIRECTORS)
A. LITIGATIONS AGAINST OUR PROMOTER/S (OTHER THAN DIRECTORS):
1. CRIMINAL MATTERS:
Nil
2. DISCIPLINARY ACTION INCLUDING PENALTY IMPOSED BY SEBI OR STOCK
EXCHANGES AGAINST OUR PROMOTERS IN THE LAST FIVE FINANCIAL YEARS
INCLUDING OUTSTANDING ACTION:
Nil
3. WILFUL DEFAULTERS:
None of our Promoters’ appear on the Wilful Defaulters’ list as per the Reserve Bank of India Circular on
Wilful Defaulters’.
4. ACTIONS BY REGULATORY OR STATUTORY AUTHORITIES:
Nil
5. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
B. LITIGATIONS FILED BY OUR PROMOTER/S (OTHER THAN DIRECTORS):
1. CRIMINAL MATTERS:
Nil
2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
LITIGATION INVOLVING OUR GROUP COMPANIES
A. LITIGATIONS AGAINST OUR GROUP COMPANIES:
1. CRIMINAL MATTERS:
Nil
2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
ZADDOC NUTRITION PRIVATE LIMITED (ZNPL)
Disputed Stamp Duty Demand, payable under Article 20(d) of Schedule 1 of Gujarat Stamp Act, 1958,
amounting to Rs 40,95,120/-, on the instrument being the order sanctioning composite scheme of
arrangement of demerger by Hon. National Company Law Tribunal (NCLT). Out of above the ZNPL has
paid Rs. 10,23,780/-. The differential disputed liability is Rs 30,63,975/-. The matter is currently pending.
B. LITIGATIONS FILED BY OUR GROUP COMPANIES:
1. CRIMINAL MATTERS:
Nil
2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil

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LITIGATION INVOLVING OUR SUBSIDIARIES
A. LITIGATIONS AGAINST OUR SUBSIDIARIES:
1. CRIMINAL MATTERS:
Nil
2. ACTIONS BY REGULATORY OR STATUTORY AUTHORITIES:
Nil
3. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
B. LITIGATIONS BY OUR SUBSIDIARIES:
1. CRIMINAL MATTERS:
Nil
2. OTHER MATTERS BASED ON MATERIALITY POLICY OF OUR COMPANY:
Nil
MATERIAL DEVELOPMENTS SINCE THE LAST BALANCE SHEET
Except as mentioned under the chapter ― “Management Discussion and Analysis of Financial Condition and
Result of Operation” on page 194 of this Draft Prospectus, there have been no material developments, since the
date of the last audited balance sheet.
OUTSTANDING DUES TO CREDITORS
As of June 30, 2019, we had 73 creditors on a standalone basis. The aggregate amount outstanding to such
creditors as on June 30, 2019 was ₹ 216.66 lakhs, on a standalone basis.
As per the Materiality Policy, such creditors to whom, outstanding dues to any creditor of our Company having
monetary value which exceed 5% of total creditors, which is 55.26 % of the total trade payables of our Company
as per the Restated Standalone Financial Statements of our Company for the period ended June 30, 2019
included in this Draft Prospectus, shall be considered as ‘material’. Accordingly, in this regard, the creditors to
whom an amount exceeding 5% of total creditors was owed as on June 30, 2019, were considered ‘material’
creditors. Based on the above, there are 4 material creditor(s) of our Company as on June 30, 2019, to whom an
aggregate amount of ₹ 119.72 Lakhs was outstanding on such date.
Details of outstanding dues owed as at June 30, 2019 to MSMEs and other creditors are set out below.

Creditors Number of Cases Amount due (in Rs. Lakhs)

MSMEs - -
Other Creditors 73 216.66

The details pertaining to amounts due towards the material creditors are available on the website of our
Company at www.groupmangalam.com
Information provided on the website of our Company is not a part of this Draft Prospectus and should not be
deemed to be incorporated by reference. Anyone placing reliance on any other source of information, including
our Company‘s website, www.groupmangalam.com, would be doing so at their own risk.

Page 219 of 295

 GOVERNMENT AND OTHER STATUTORY APPROVALS

Our Company has received the necessary consents, licenses, permissions, registrations and approvals from the
Government/RBI, various Government agencies and other statutory and/ or regulatory authorities required for
carrying on our present business activities and except as mentioned under this heading, no further material
approvals are required for carrying on our present business activities. Our Company undertakes to obtain all
material approvals and licenses and permissions required to operate our present business activities. Unless
otherwise stated, these approvals or licenses are valid as of the date of this Draft Prospectus and in case of
licenses and approvals which have expired; we have either made an application for renewal or are in the process
of making an application for renewal. In order to operate our business of manufacturing of Refined Castor Oil
First Stage Grade (F.S.G.), Castor De Oiled Cake and High Protein Castor De Oiled Cake for the domestic
market as well as for exports to international markets. We have also diversified our business operations into
manufacturing of Cotton Bales (Lint Cotton) and Delineate Cotton Seeds. We require various approvals and/ or
licenses under various laws, rules and regulations. For further details in connection with the applicable
regulatory and legal framework, please refer to the chapter titled “Key Industry Regulations and Policies” on
page 141 of this Draft Prospectus.
The Company has its business located at:
Registered Office: 101 Mangalam Corporate House,19/B Kalyan Society, Near M.G. International School,
Mithakhali Ahmedabad 380006, Gujarat
Manufacturing Units:
Unit 1: Survey No. 124 and 122, Harij-Kukrana Road, Harij Patan, Village – Jaska, 384240, Gujarat, India
Unit 2: Survey No. 355/P1 and 355P1/1, Harij-Kukrana Road, Harij, Patan, 384240, Gujarat, India
Unit 3: Survey No. 175/P3/P2 Jagana, Taluka Palanpur, Banaskantha, 385520, Gujarat, India
The objects clause of the Memorandum of Association enables our Company to undertake its present business
activities. The approvals required to be obtained by our Company include the following:

APPROVALS FOR THE ISSUE

Corporate Approvals:

1. The Board of Directors have, pursuant to Section 62(1)(c) of the Companies Act 2013, by a resolution passed
at its meeting held on September 18, 2019, authorized the Issue, subject to the approval of the shareholders
and such other authorities as may be necessary.
2. The shareholders of the Company have, pursuant to Section 62(1)(c) of the Companies Act 2013, by a special
resolution passed in the Extra-Ordinary General Meeting held on September 23, 2019 authorized the Issue.

In- principle approval from the Stock Exchange

We have received in-principle approvals from the stock exchange for the listing of our Equity Shares pursuant
to letter dated [●] bearing reference no. [●].

Agreements with NSDL and CDSL

1. The Company has entered into an agreement dated September 27, 2019 with the Central Depository Services
(India) Limited (“CDSL”) and the Registrar and Transfer Agent, who in this case is Link Intime India Private
Limited for the dematerialization of its shares.
2. Similarly, the Company has also entered into an agreement dated September 27, 2019 with the National
Securities Depository Limited (“NSDL”) and the Registrar and Transfer Agent, who in this case is Link
Intime India Private Limited for the dematerialization of its shares.
3. The Company's International Securities Identification Number (“ISIN”) is INE0APB01016.

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INCORPORATION AND OTHER DETAILS

1. The Certificate of Incorporation dated September 27, 2010 issued by the Assistant Registrar of Companies,
Gujarat, Dadra and Nagar Havelli, in the name of “HINDPRAKASH COLOURCHEM PRIVATE
LIMITED”.
2. Fresh Certificate of Incorporation Consequent upon Change of Name issued on July 31, 2014 by the
Assistant Registrar of Companies, Ahmedabad in the name of “MANGALAM GLOBAL ENTERPRISE
PRIVATE LIMITED”.
3. Fresh Certificate of Incorporation Consequent upon Conversion from Private Company to Public company
issued on September 13, 2019 by the Registrar of Companies, Ahmedabad in the name of “ MANGALAM
GLOBAL ENTERPRISE LIMITED”.
4. The Corporate Identification Number (CIN) of the Company is U24224GJ2010PTC062434.

APPROVALS/LICENSES RELATED TO OUR BUSINESS ACTIVITIES

We require various approvals and/ or licenses under various rules and regulations to conduct our business. Some
of the material approvals required by us to undertake our business activities are set out below:

Sr. Description Authority Registration Date of Date of Expiry

No. No./ Reference Issue
No./ License No.
1 Certificate of Foreign Trade AACCH5026J October 25, In case of change in
Importer- Exporter Development 2018 name/address or
Code (IEC) Officer, constitution of IEC
Ministry of holder, the IEC holder
Commerce and shall cease to be
Industry, eligible to Import or
Government of Export against the IEC
India after the expiry of 90
days from the date of
such a change unless in
the meantime, the
consequential changes
are effected in the IEC
by the concerned
licensing authority.

2 Registration Deputy PII/LG/2900033/ July 1, NA

Certificate of Municipal 0015187 2015
Establishment Commissioner,
Amdavad
(under Rule 6 and 8 of
Municipal
Bombay Shops and
Corporation
Establishments Act,
1948)

3 Udyog Aadhar Ministry of GJ01C0134202 September NA

Memorandum/ Micro, Small 27, 2010
Entrepreneurs and Medium
Memorandum for Enterprises,
setting micro, small Government of
and medium India
Enterprises Unit

Page 221 of 295

Sr. Description Authority Registration Date of Date of Expiry
No. No./ Reference Issue
No./ License No.
4 Certificate for use of Assistant GT- 7945 May 22, May 21, 2020
Boiler for Unit 2 Director of 2019
Boiler,
Palanpur,
Gujarat Boiler
Inspection
Department

5 License to import and Petroleum and P/HQ/GJ/15/532 December December 31, 2023
store petroleum in an Explosive 7 04, 2018
installation in Form Safety
XV under Petroleum Organisation,
Rules 2002 for Unit 2 Ministry of
Commerce,
Government of
India

6 License to import and Petroleum and P/HQ/GJ/15/507 November December 31, 2019
store petroleum in an Explosive 23, 2016
8 (P238755)
installation in Form Safety
XV under Petroleum Organisation,
Rules 2002 for Unit 3 Ministry of
Commerce,
Government of
India

7 Solvent License for District 2/2017 August 29, December 31, 2019
Unit 3 under Solvent, Magistrate, 2018
Raffinate and Slop Banaskantha
(Acquisition, Sale,
Storage and
Prevention of use in
Automobile) Order
2000
TAX RELATED APPROVALS/LICENSES/REGISTRATIONS

Sr. Authorisation Issuing Authority Registration Date of Issue Validity

No. granted No./Reference
No./License No.
1 Permanent Account Income Tax AACCH5026J September 27, Perpetual
Number (PAN) Department, 2010
Government of
India

2 Goods and Service Government of 24AACCH5026J1ZS Date of Issue: NA

Tax Identification India
April 27, 2019
Number (GSTIN)

Page 222 of 295

Sr. Authorisation Issuing Authority Registration Date of Issue Validity
No. granted No./Reference
No./License No.
Date of
Validity: July
1, 2017

Date of
Liability: July
1, 2017

3 Certificate of Commissioner of 24073406700 August 19, NA

Registration Commercial Tax, 2014
Commercial Tax
(under Gujarat
Department,
Value Added Tax
Government of
Act 2003,
Gujarat

4 Certificate of Central Board of AACCH5026JSD001 March 27, NA

Registration of Excise and 2015
Service Tax Customs, Ministry
of Finance,
(under Chapter V
Department of
of the Finance Act,
Revenue
1994 read with the
Service Tax Rules,
1994)

5 Certificate of Assistant 24573406700 August 19, Until

Registration Commercial Tax 2014 cancelled
Central Sales Tax Officer,
Commercial Tax
(under Rule 5(1) of
Department,
Central Sales Tax (
Government of
Registration and
Gujarat.
Turnover) Rules,
1957)

6 Professional Tax Assistant Manager PE/C015134662 June 25, 2015 NA

Enrolment Profession Tax,
Certificate (PTEC) Ahmedabad
Municipal
(under Rule 4(4) of
Corporation,
Gujarat State Tax
Government of
on Professions,
Gujarat
Trades, Callings,
And Employment
Act, 1976)

7 Professional Tax Assistant Manager PRC015131517 June 25, 2015 NA

Registration Profession Tax,
Certificate (PTRC) Ahmedabad
Municipal
(under section 5 (1)
Corporation, ,
of Gujarat State

Page 223 of 295

Sr. Authorisation Issuing Authority Registration Date of Issue Validity
No. granted No./Reference
No./License No.
Tax on Profession, Government of
Trade Calling and Gujarat
Employments Act,
1976)

LABOUR RELATED APPROVALS/REGISTRATIONS

Sr. Description Authority Registration Date of Issue

No. No./Reference
No./License No.

1. Employees Provident Employees Provident GJAHD1822208000 December 26, 2018

Fund Registration Fund Organisation,
Ministry of Labour,
(under Employees’
Government of India
Provident Funds and
Miscellaneous
Provisions Act, 1952)

ENVIRONMENT RELATED LICENSES /APPROVALS/ REGISTRATIONS

Sr. Description Authority Registration Number Date of Date of

Certificate Expiry
No.

1 Consent to Operate for Gujarat Pollution AWH- 85211 April 09, December
Unit 2 issued by State Control Board, 2017 31, 2021
Pollution Control Gandhinagar
Board under Section
25 of the Water
(Prevention & Control
of Pollution) Act, 1974
& under Section 21 of
the Air (Prevention &
Control of Pollution)
Act, 1981 and
Authorisation /
Renewal of
Authorisation under
Rule 5 (5) of the
Hazardous Wastes
(Management,
handling &
Transboundary
movement) Rules
2008

Page 224 of 295

 Sr. Description Authority Registration Number Date of Date of
Certificate Expiry
No.

2 Consolidated Consent Gujarat Pollution AWH - 76841 March 01, January

and Authorization for Control Board, 2016 28, 2021
Unit 3 issued by State Gandhinagar
Pollution Control
Board under Section
25 of the Water
(Prevention & Control
of Pollution) Act, 1974
& under Section 21 of
the Air (Prevention &
Control of Pollution)
Act, 1981 and
Authorisation /
Renewal of
Authorisation under
Rule 5 (5) of the
Hazardous Wastes
(Management,
handling &
Transboundary
movement) Rules
2008

Company has confirmed that no application has been made by the Company nor has it registered any
type of intellectual property including trademarks/copyrights/patents etc.

PENDING APPROVALS:

1. Pursuant to our conversion from a private limited company to a public limited company in the year 2018,
our Company has yet make application for change of name for all the above mentioned approvals except
PAN and TAN certificates is required to be made in the new name of the Company.

2. License to import and store petroleum in an installation under Petroleum Rules 2002 for Unit 2 is in the
previous name of the Company and the same is required to be made in the new name of the Company.

3. Unit 2 is leased by our Company from one of its Subsidiaries; certificates for

a. use of Boiler for Unit 2 under Indian Boilers Act and

b. consent to operate issued by State Pollution Control Board
are in the name of a third party which are currently pending to be transferred in the name of our Subsidiary.

LICENSES NOT TRACEABLE BY THE COMPANY:

1. Tax Deduction Account Number Certificate bearing number AHMH03561F is currently not traceable by
the Company.
2. Employees State Insurance Certificate under Employees State Insurance Act, 1948 bearing code
37001133010001099 is currently not traceable by the Company.

Page 225 of 295

3. Consent to Establish for a product at a particular production capacity issued by State Pollution Control
Board for Unit 2 is currently not traceable by the Company.
4. Consent to Establish for a product at a particular production capacity issued by State Pollution Control
Board for Unit 3 is currently not traceable by the Company.

MATERIAL LICENSES / APPROVALS FOR WHICH THE COMPANY IS YET TO APPLY

1. Company has yet to apply for renewal of license to work a factory under the Factories Act 1948 for all 3
Units.
2. Company has yet to apply for consent to establish for a product at a particular production capacity issued
by State Pollution Control Board for Unit 1.
3. Company has yet to apply for consent to operate for a product at a particular production capacity issued
by State Pollution Control Board for Unit 1.
4. Company has yet to apply for Certificate of Stability for all 3 Units.
5. Company has yet to apply for Boiler Certificate under Indian Boilers Act for Unit 3.

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 OTHER REGULATORY AND STATUTORY DISCLOSURES

AUTHORITY FOR THE ISSUE

The Issue has been authorized by the Board of Directors vide a resolution passed at its meeting held on
September 18, 2019 and by the shareholders of our Company vide a special resolution pursuant to Section
62(1)(c) of the Companies Act, 2013 passed at the Extra Ordinary General Meeting of our Company held on
September 23, 2019 at the Registered Office of our Company.
PROHIBITION BY SEBI OR OTHER GOVERNMENTAL AUTHORITIES
We confirm that our Company, Directors, Promoters and Promoter Group, person in control of our company
are not prohibited from accessing or operating in the capital markets or debarred from buying, selling or dealing
in securities under any order or direction passed by the SEBI or any securities market regulator in any other
jurisdiction or any other authority / court as on the date of this Draft Prospectus.
We confirm that our Company, Promoters, Promoter Group are in compliance with the Companies (Significant
Beneficial Ownership) Rules, 2018, to the extent applicable.
Neither our Promoters, nor any of our Directors or persons in control of our Company is a promoter, director or
person in control of any other company which is debarred from accessing the capital market under any order or
directions made by the SEBI or any other governmental authorities as on the date of this Draft Prospectus.
Further, except as mentioned in the chapter titled “Outstanding Litigations and Material Developments”
beginning on page 216, there has been no violation of any securities law committed by any of them in the past
and no such proceedings are currently pending against any of them.
None of our Directors are associated with the securities market in any manner, including securities market
related business and there is no outstanding action initiated against them by SEBI in the past 5 years.
Further, none of our Promoters or Directors are declared as fugitive economic offenders under Fugitive
Economic Offenders Act, 2018.
PROHIBITION BY RBI
Neither our Company nor any of our Promoters or Directors are declared as wilful defaulter(s) by the RBI or
any other governmental authority.
ELIGIBILITY FOR THIS ISSUE
Our Company is eligible for the Issue in accordance with regulation 229(2) and other provisions of chapter IX
of the SEBI (ICDR) Regulations, 2018 as the post issue face value capital is more than Rs. 1,000 lakhs and upto
Rs. 2,500 lakhs. Our Company also complies with the eligibility conditions laid by the EMERGE Platform of
National Stock Exchange of India Limited for listing of our Equity Shares.
We confirm that:
1. In accordance with regulation 260 of the SEBI (ICDR) Regulations, this Issue will be 100% underwritten
and shall not restrict to the minimum subscription level. The LM shall underwrite at least 15% of the total
issue size. For further details pertaining to underwriting please refer to chapter titled “General Information”
beginning on page 57 of this Draft Prospectus.
2. In accordance with Regulation 268(1) of the SEBI (ICDR) Regulations, we shall ensure that the total
number of proposed allottees in the Issue is greater than or equal to fifty, otherwise, the entire application
money will be refunded forthwith. If such money is not repaid within eight days from the date our company
becomes liable to repay it, then our company and every officer in default shall, on and from expiry of eight
days, be liable to repay such application money, with interest as prescribed under section 40 of the
Companies Act, 2013.
3. We have filed Draft Prospectus with stock exchange. The Draft Prospectus has not been filed with SEBI,
nor has SEBI issued any observation on the Issue Document in terms of Regulation 246 of SEBI (ICDR),
2018. However, pursuant to sub regulation (5) of regulation 246, the copy of Draft Prospectus shall also be
furnished to the SEBI in a soft copy.

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4. In accordance with Regulation 261 of the SEBI ICDR Regulations, we have entered into an agreement with
the Lead Manager and Market Maker to ensure compulsory market making for the minimum period of three
years from the date of listing of equity shares offered in this issue. For further details of the market making
arrangement see chapter titled “General Information” beginning on page 57 of this Draft Prospectus.
5. The post-issue paid up capital of the Company shall not be more than Rs. 25 Crores. The post issue capital
of our Company is Rs. 16.06 Crores.
6. Our company is incorporated under companies act, 1956.
7. The Company has track record of 3 years and positive cash accruals (earnings before depreciation and tax)
from operations for at least 2 financial years preceding from the date of filing of this Draft Prospectus.
8. Net-worth of the company is positive.
9. The Company has not been referred to Board for Industrial and Financial Reconstruction.
10. No petition for winding up is admitted by a court of competent jurisdiction against the Company.
11. No material regulatory or disciplinary action has been taken by any stock exchange or regulatory authority
in the past three years against the Company.
12. There is no material regulatory or disciplinary action taken by a stock exchange or regulatory authority in
the past one year in respect of promoters/promoting Company(ies), group companies, companies promoted
by the promoters/promoting companies of the Company.
13. The Company has a website: www.groupmangalam.com
14. There is no default in payment of interest and/or principal to the debenture/bond/fixed deposit holders,
banks, FIs by the Company, promoters/promoting Company(ies), group companies, companies promoted
by the promoters/promoting Company(ies) during the past three years.
We further confirm that we shall be complying with all the other requirements as laid down for such an Issue
under Chapter IX of SEBI (ICDR) Regulations and subsequent circulars and guidelines issued by SEBI and the
Stock Exchange.
DISCLAIMER CLAUSE OF SEBI
IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT OFFER
DOCUMENT / OFFER DOCUMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA
(SEBI) SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE SAME HAS
BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY RESPONSIBILITY
EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE PROJECT FOR WHICH
THIS ISSUE IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS OF THE STATEMENTS
MADE OR OPINIONS EXPRESSED IN THE DRAFT OFFER DOCUMENT / OFFER DOCUMENT.
THE LEAD MANAGER HAS CERTIFIED THAT THE DISCLOSURES MADE IN THE DRAFT
OFFER DOCUMENT / OFFER DOCUMENT ARE GENERALLY ADEQUATE AND ARE IN
CONFORMITY WITH THE REGULATIONS. THIS REQUIREMENT IS TO FACILITATE
INVESTORS TO TAKE AN INFORMED DECISION FOR MAKING AN INVESTMENT IN THE
PROPOSED ISSUE.
IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY
RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THE DRAFT OFFER DOCUMENT/OFFER DOCUMENT, THE LEAD
MANAGER, PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED, IS EXPECTED TO
EXERCISE DUE DILIGENCE TO ENSURE THAT THE COMPANY DISCHARGES ITS
RESPONSIBILITY ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE
LEAD MANAGER, HAS FURNISHED TO SEBI IN THE FORMAT PRESCRIBED UNDER
SCHEDULE V(A) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF
CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018.
THE FILING OF THE DRAFT OFFER DOCUMENT/OFFER DOCUMENT DOES NOT,
HOWEVER, ABSOLVE OUR COMPANY FROM ANY LIABILITIES UNDER THE

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COMPANIES ACT, 2013 OR FROM THE REQUIREMENT OF OBTAINING SUCH
STATUTORY AND OTHER CLEARANCES AS MAY BE REQUIRED FOR THE PURPOSE
OF THE PROPOSED ISSUE. SEBI FURTHER RESERVES THE RIGHT TO TAKE UP AT
ANY POINT OF TIME, WITH THE LEAD MANAGER ANY IRREGULARITIES OR LAPSES
IN THE DRAFT OFFER DOCUMENT/OFFER DOCUMENT.
All legal requirements pertaining to the Issue will be complied with at the time of registration of the
Prospectus with the Registrar of Companies, Ahmedabad, in terms of Section 26 of the Companies Act,
2013.
DISCLAIMER STATEMENT FROM OUR COMPANY AND THE LEAD MANAGER
Our Company, our Directors and the Lead Manager accept no responsibility for statements made otherwise than
in the draft offer document/offer document or in the advertisements or any other material issued by or at instance
of our Company and anyone placing reliance on any other source of information, including our website,
www.groupmangalam.com would be doing so at his or her own risk.
PRICE INFORMATION AND THE TRACK RECORD OF THE PAST ISSUES HANDLED BY THE
LEAD MANAGER
For details regarding the price information and track record of the past issues handled by Pantomath Capital
Advisors Private Limited, please refer “Annexure A” to this Draft Prospectus and the website of Lead Manager
at www.pantomathgroup.com.
DISCLAIMER IN RESPECT OF JURISDICTION
This Issue is being made in India to persons resident in India (including Indian nationals resident in India who
are not minors, HUFs, companies, corporate bodies and societies registered under the applicable laws in India
and authorized to invest in shares, Indian Mutual Funds registered with SEBI, Indian financial institutions,
commercial banks, regional rural banks, co-operative banks (subject to RBI permission), or trusts under
applicable trust law and who are authorized under their constitution to hold and invest in shares, public financial
institutions as specified in Section 2(72) of the Companies Act, 2013, VCFs, state industrial development
corporations, insurance companies registered with Insurance Regulatory and Development Authority, provident
funds (subject to applicable law) with minimum corpus of Rs. 2,500 Lakhs, pension funds with minimum corpus
of Rs. 2,500 Lakhs and the National Investment Fund, and permitted non-residents including FPIs, Eligible
NRIs, multilateral and bilateral development financial institutions, FVCIs and eligible foreign investors,
provided that they are eligible under all applicable laws and regulations to hold Equity Shares of the Company.
The Draft Prospectus does not, however, constitute an invitation to purchase shares offered hereby in any
jurisdiction other than India to any person to whom it is unlawful to make an offer or invitation in such
jurisdiction. Any person into whose possession this Draft Prospectus comes is required to inform himself or
herself about, and to observe, any such restrictions. Any dispute arising out of this Issue will be subject to the
jurisdiction of appropriate court(s) in Mumbai, Maharashtra only.
No action has been, or will be, taken to permit a public offering in any jurisdiction where action would be
required for that purpose, except that this Draft Prospectus has been filed with National Stock Exchange of India
Limited for its observations and National Stock Exchange of India Limited shall give its observations in due
course. Accordingly, the Equity Shares represented hereby may not be offered or sold, directly or indirectly,
and this Draft Prospectus may not be distributed, in any jurisdiction, except in accordance with the legal
requirements applicable in such jurisdiction. Neither the delivery of this Draft Prospectus nor any sale hereunder
shall, under any circumstances, create any implication that there has been no change in the affairs of our
Company since the date hereof or that the information contained herein is correct as of any time subsequent to
this date.
The Equity Shares have not been, and will not be, registered, listed or otherwise qualified in any other
jurisdiction outside India and may not be offered or sold, and applications may not be made by persons in any
such jurisdiction, except in compliance with the applicable laws of such jurisdiction.
Further, each applicant where required agrees that such applicant will not sell or transfer any Equity Shares or
create any economic interest therein, including any off-shore derivative instruments, such as participatory notes,
issued against the Equity Shares or any similar security, other than pursuant to an exemption from, or in a

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transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable
laws, legislations and Draft Prospectus in each jurisdiction, including India.
DISCLAIMER CLAUSE OF THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED
As required, a copy of this Draft Prospectus has been submitted to the National Stock Exchange of India Limited
(hereinafter referred to as NSE). NSE has given vide its letter Ref. [●] dated [●] permission to the Issuer to use
the Exchange’s name in this Draft Offer Document as the stock exchange on which this Issuer’s securities are
proposed to be listed. The Exchange has scrutinized this draft offer document for its limited internal purpose of
deciding on the matter of granting the aforesaid permission to this Issuer. It is to be distinctly understood that
the aforesaid permission given by NSE should not in any way be deemed or construed that the offer document
has been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or
completeness of any of the contents of this offer document; nor does it warrant that this Issuer’s securities will
be listed or will continue to be listed on the Exchange; nor does it take any responsibility for the financial or
other soundness of this Issuer, its promoters, its management or any scheme or project of this Issuer.
Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to
independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever
by reason of any loss which may be suffered by such person consequent to or in connection with such
subscription /acquisition whether by reason of anything stated or omitted to be stated herein or any other reason
whatsoever.”
LISTING
Application will be made to the EMERGE Platform of National Stock Exchange of India Limited for obtaining
permission to deal in and for an official quotation of our Equity Shares. National Stock Exchange of India
Limited will be the Designated Stock Exchange, with which the Basis of Allotment will be finalized.
The Emerge Platform of National Stock Exchange of India Limited has given its in-principle approval for using
its name in our Prospectus vide its letter no. [●] dated [●].
If the permissions to deal in and for an official quotation of our Equity Shares are not granted by the Emerge
Platform of National Stock Exchange of India Limited, our Company will forthwith repay, without interest, all
moneys received from the applicants in pursuance of the Draft Prospectus. If such money is not repaid within 8
days after our Company becomes liable to repay it (i.e. from the date of refusal or within 15 working days from
the Issue Closing Date), then our Company and every Director of our Company who is an officer in default
shall, on and from such expiry of 8 days, be liable to repay the money, with interest at the rate of 15 per cent
per annum on application money, as prescribed under section 40 of the Companies Act, 2013.
Our Company shall ensure that all steps for the completion of the necessary formalities for listing and
commencement of trading at the Emerge Platform of the National Stock Exchange of India Limited mentioned
above are taken within six Working Days from the Issue Closing Date.
CONSENTS
Consents in writing of: (a) the Directors, the Promoters, the Company Secretary & Compliance Officer, Chief
Financial Officer, Statutory and Peer Review Auditors, Banker to the Company and (b) Lead Manager,
Underwriter, Market Maker, Registrar to the Issue, Public Issue Bank / Banker to the Issue, Sponsor Bank and
Refund Banker to the Issue, Legal Advisor to the Issue, to act in their respective capacities have been obtained
and shall be filed along with a copy of the Prospectus with the RoC, as required under Sections 26 of the
Companies Act, 2013 and such consents shall not be withdrawn up to the time of delivery of the Prospectus for
registration with the RoC. Our Statutory Auditor have given their written consent to the inclusion of their report
in the form and context in which it appears in this Draft Prospectus and such consent and report shall not be
withdrawn up to the time of delivery of the Prospectus for filing with the RoC.
EXPERT TO THE ISSUE
Except as stated below, Our Company has not obtained any expert opinions:
 Report of the Peer Review Auditor on Statement of Tax Benefits.

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 Report of the Peer Review Auditor on Restated Consolidated Financial Statements for the period ended
June 30, 2019 and financial year ended March 31, 2019 and Restated Standalone Financial Statements for
the for the period ended June 30, 2019 and financial year ended March 31, 2019, 2018 and 2017 of our
company.
PREVIOUS RIGHTS AND PUBLIC ISSUES
Except as stated in the chapter titled “Capital Structure” beginning on page 67 of this Draft Prospectus, we
have not made any previous rights and/or public issues during last 5 years, and are an “Unlisted Issuer” in terms
of the SEBI (ICDR) Regulations and this Issue is an “Initial Public Offering” in terms of the SEBI (ICDR)
Regulations.
COMMISSION AND BROKERAGE ON PREVIOUS ISSUES
Since this is the initial public issue of the Equity Shares by our Company, no sum has been paid or has been
payable as commission or brokerage for subscribing to or procuring or agreeing to procure subscription for any
of our Equity Shares in the last 5 years.
CAPITAL ISSUE DURING THE PREVIOUS THREE YEARS BY ISSUER COMPANY AND LISTED
GROUP COMPANIES / SUBSIDIARIES / ASSOCIATES
Neither our Company nor any of our Group Companies/Subsidiaries/ Associates have undertaken any capital
issue or any public or rights issue in the last three years preceding the date of this Draft Prospectus.
PROMISE VERSUS PERFORMANCE FOR OUR COMPANY AND/OR LISTED SUBSIDIARY
COMPANY AND/OR LISTED PROMOTER COMPANY
Our Company is an “Unlisted Issuer” in terms of the SEBI (ICDR) Regulations, and this Issue is an “Initial
Public Offering” in terms of the SEBI (ICDR) Regulations. Therefore, data regarding promise versus
performance is not applicable to us. Further, none of our Subsidiaries or Promoter Companies are listed on any
stock exchange, so, data regarding promise versus performance is not applicable.
STOCK MARKET DATA FOR OUR EQUITY SHARES
Our Company is an “Unlisted Issuer” in terms of the SEBI (ICDR) Regulations and this Issue is an “Initial
Public Offering” in terms of the SEBI (ICDR) Regulations. Thus there is no stock market data available for the
Equity Shares of our Company.
MECHANISM FOR REDRESSAL OF INVESTOR GRIEVANCES
The Agreement between the Registrar and our Company provides for retention of records with the Registrar for
a period of at least three years from the last date of dispatch of the letters of allotment, demat credit and
unblocking of funds to enable the investors to approach the Registrar to this Issue for redressal of their
grievances. All grievances relating to this Issue may be addressed to the Registrar with a copy to the Compliance
Officer, giving full details such as the name, address of the applicant, UPI Id (if applicable), number of Equity
Shares applied for, amount paid on application and the bank branch or collection centre where the application
was submitted.
All grievances relating to the ASBA process may be addressed to the SCSB, giving full details such as name,
address of the applicant, number of Equity Shares applied for, amount paid on application and the Designated
Branch or the collection centre of the SCSB where the Application Form was submitted by the ASBA applicants.
Further, none of our subsidiary companies or Group Companies are listed on any stock exchange, so disclosure
regarding mechanism for redressal of investor grievances for our subsidiary companies are not applicable.
DISPOSAL OF INVESTOR GRIEVANCES BY OUR COMPANY
Our Company or the Registrar to the Issue or the SCSB in case of ASBA Applicants shall redress routine
investor grievances within 15 working days from the date of receipt of the complaint. In case of non-routine
complaints and complaints where external agencies are involved, our Company will seek to redress these
complaints as expeditiously as possible.

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We have constituted the Stakeholders Relationship Committee vide resolution passed at the Board Meeting held
on September 23, 2019. For further details, please refer to the chapter titled “Our Management” beginning on
page 159 of this Draft Prospectus.
Our Company has appointed Rutu Shah as Company Secretary and Compliance Officer and she may be
contacted at the following address:
Rutu Shah
Mangalam Global Enterprise Limited
101, Mangalam Corporate House,
19/B Kalyan Society near M.G. International School,
Mithakhali, Ahmedabad -380006, Gujarat, India
Tel: 079 26442555
Email: cs@groupmangalam.com
Website: www.groupmangalam.com
Corporate Identification Number: U24224GJ2010PLC062434
Investors can contact the Company Secretary and Compliance Officer or the Registrar in case of any pre-issue
or post-issue related problems such as non-receipt of letters of allocation, credit of allotted Equity Shares in the
respective beneficiary account or unblocking of funds, etc.

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 SECTION VIII – ISSUE RELATED INFORMATION

TERMS OF THE ISSUE

The Equity Shares being issued pursuant to this Issue shall be subject to the provisions of the Companies Act,
2013, SEBI ICDR Regulations, SCRA, SCRR, the Memorandum and Articles of Association, the SEBI Listing
Regulations, the terms of this Draft Prospectus, the Prospectus, the abridged prospectus, Application Form, the
Revision Form, the CAN/ the Allotment Advice and other terms and conditions as may be incorporated in the
Allotment Advices and other documents/certificates that may be executed in respect of the Issue. The Equity
Shares shall also be subject to laws, as applicable, guidelines, rules, notifications and regulations relating to the
issue of capital and listing and trading of securities issued from time to time by SEBI, the Government of India,
the FIPB, the Stock Exchange, the RBI, RoC and/or other authorities, as in force on the date of the Issue and to
the extent applicable or such other conditions as may be prescribed by SEBI, the RBI, the Government of India,
the FIPB, the Stock Exchanges, the RoC and any other authorities while granting their approval for the Issue.
In terms of SEBI Circular No. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 and the SEBI (Issue
of Capital and Disclosure Requirements) Regulations, 2018, all the investors applying in a public issue shall
use only Application Supported by Blocked Amount (ASBA) process for application providing details of the
bank account which will be blocked by the Self Certified Syndicate Banks (SCSBs) for the same.
Further vide the said circular Registrar to the Issue and Depository Participants have been also authorised to
collect the Application forms. Investors may visit the official website of the concerned stock exchange for any
information on operationalization of this facility of form collection by Registrar to the Issue and DPs as and
when the same is made available.
Further, pursuant to SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018, Retail
Individual Investors applying in public Issue shall use UPI as a payment mechanism with Application Supported
by Blocked Amount for making application since this IPO will not be under Phase I.
RANKING OF EQUITY SHARES
The Equity Shares being issued in the Issue shall be subject to the provisions of the Companies Act, 2013 our
Memorandum and Articles of Association, SEBI ICDR Regulations, SEBI Listing Regulations, SCRA read
with SCRR and shall rank pari-passu with the existing Equity Shares of our Company including rights in respect
of dividend. The Allottees upon receipt of Allotment of Equity Shares under this Issue will be entitled to
dividends and other corporate benefits, if any, declared by our Company after the date of Allotment in
accordance with Companies Act, 1956 and Companies Act, 2013 and the Articles. For further details, please
refer to the section titled “Main Provisions of Articles of Association” beginning on page number 265 of this
Draft Prospectus.
MODE OF PAYMENT OF DIVIDEND
The declaration and payment of dividend will be as per the provisions of Companies Act, Articles of
Association, SEBI Listing Regulations and recommended by the Board of Directors at their discretion and
approved by the shareholders and will depend on a number of factors, including but not limited to earnings,
capital requirements and overall financial condition of our Company. We shall pay dividend, if declared, to our
Shareholders as per the provisions of the Companies Act, SEBI Listing Regulations and our Articles of
Association. For further details, please refer to the chapter titled “Dividend Policy” on page 191 of this Draft
Prospectus.
FACE VALUE AND ISSUE PRICE PER SHARE
The face value of the Equity Shares is Rs. 10 each and the Issue Price is Rs. 51/- per Equity Share.
The Issue Price is determined by our Company in consultation with the Lead Manager and is justified under the
chapter titled “Basis for Issue Price” beginning on page 92 of this Draft Prospectus. At any given point of time
there shall be only one denomination of Equity Shares.
COMPLIANCE WITH SEBI ICDR REGULATIONS
Our Company shall comply with all requirements of the SEBI ICDR Regulations. Our Company shall comply

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with all disclosure and accounting norms as specified by SEBI from time to time.
RIGHTS OF THE EQUITY SHAREHOLDERS
Subject to applicable laws, rules, regulations and guidelines and the Articles of Association, the Equity
shareholders shall have the following rights:
 Right to receive dividend, if declared;
 Right to receive Annual Reports & notices to members;
 Right to attend general meetings and exercise voting rights, unless prohibited by law;
 Right to vote on a poll either in person or by proxy;
 Right to receive issue for rights shares and be allotted bonus shares, if announced;
 Right to receive surplus on liquidation subject to any statutory and preferential claim being satisfied;
 Right of free transferability subject to applicable law, including any RBI rules and regulations; and
 Such other rights, as may be available to a shareholder of a listed public limited company under the
Companies Act, 2013 Act, the terms of the SEBI Listing Regulations and the Memorandum and Articles of
Association of our Company.
For a detailed description of the main provisions of the Articles of Association relating to voting rights, dividend,
forfeiture and lien and / or consolidation / splitting, please refer to the section titled “Main Provisions of Articles
of Association” beginning on page number 265 of this Draft Prospectus.
MINIMUM APPLICATION VALUE, MARKET LOT AND TRADING LOT
Pursuant to Section 29 of the Companies Act, 2013 the Equity Shares shall be allotted only in dematerialised
form. As per the SEBI ICDR Regulations, the trading of the Equity Shares shall only be in dematerialised form.
In this context, two agreements have been signed amongst our Company, the respective Depositories and the
Registrar to the Issue:
 Agreement dated September 27, 2019 amongst NSDL, our Company and the Registrar to the Issue; and
 Agreement dated September 27, 2019 amongst CDSL, our Company and the Registrar to the Issue.
Since trading of the Equity Shares is in dematerialised form, the tradable lot is 2,000 Equity Share. Allotment
in this Issue will be only in electronic form in multiples of one Equity Share subject to a minimum Allotment
of 2,000 Equity Shares to the successful applicants in terms of the SEBI circular No. CIR/MRD/DSA/06/2012
dated February 21, 2012.
MINIMUM NUMBER OF ALLOTTEES
Further in accordance with the Regulation 268 of SEBI (ICDR) Regulations, the minimum number of allottees
in this Issue shall be 50 shareholders. In case the minimum number of prospective allottees is less than 50, no
allotment will be made pursuant to this Issue and the monies blocked by the SCSBs or the Sponsor Bank as the
case may be, shall be unblocked within 4 working days of closure of issue.
JURISDICTION
Exclusive jurisdiction for the purpose of this Issue is with the competent courts / authorities in Mumbai,
Maharashtra, India.
The Equity Shares have not been and will not be registered under the U.S. Securities Act or any state
securities laws in the United States and may not be issued or sold within the United States or to, or for
the account or benefit of, “U.S. persons” (as defined in Regulation S), except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. Accordingly, the Equity Shares are being issued and sold only outside
the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and
the applicable laws of the jurisdiction where those issues and sales occur.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other

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jurisdiction outside India and may not be issued or sold, and applications may not be made by persons in
any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.
JOINT HOLDER
Where two or more persons are registered as the holders of any Equity Shares, they shall be deemed to hold the
same as joint tenants with benefits of survivorship.
NOMINATION FACILITY TO INVESTORS
In accordance with Section 72 of the Companies Act, 2013, read with the Companies (Share Capital and
Debentures) Rules, 2014, the sole applicant, or the first applicant along with other joint applicant, may nominate
any one person in whom, in the event of the death of sole applicant or in case of joint applicants, death of all
the applicants, as the case may be, the Equity Shares Allotted, if any, shall vest. A person, being a nominee,
entitled to the Equity Shares by reason of the death of the original holder(s), shall be entitled to the same
advantages to which he or she would be entitled if he or she were the registered holder of the Equity Share(s).
Where the nominee is a minor, the holder(s) may make a nomination to appoint, in the prescribed manner, any
person to become entitled to equity share(s) in the event of his or her death during the minority. A nomination
shall stand rescinded upon a sale/transfer/alienation of equity share(s) by the person nominating. A buyer will
be entitled to make a fresh nomination in the manner prescribed. Fresh nomination can be made only on the
prescribed form available on request at our Registered Office or to the registrar and transfer agents of our
Company.
Any person who becomes a nominee by virtue of the provisions of Section 72 of the Companies Act, 2013 shall
upon the production of such evidence as may be required by the Board, elect either:
a. to register himself or herself as the holder of the Equity Shares; or
b. to make such transfer of the Equity Shares, as the deceased holder could have made.
Further, the Board may at any time give notice requiring any nominee to choose either to be registered himself
or herself or to transfer the Equity Shares, and if the notice is not complied with within a period of ninety days,
the Board may thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the
Equity Shares, until the requirements of the notice have been complied with.
Since the Allotment of Equity Shares in the Issue will be made only in dematerialized mode there is no need to
make a separate nomination with our Company. Nominations registered with respective depository participant
of the applicant would prevail. If the investor wants to change the nomination, they are requested to inform their
respective depository participant.
WITHDRAWAL OF THE ISSUE
Our Company in consultation with the Lead Manager, reserve the right to not to proceed with the Issue after the
Issue Opening Date but before the Allotment. In such an event, our Company would issue a public notice in the
newspapers in which the pre-Issue advertisements were published, within two days of the Issue Closing Date
or such other time as may be prescribed by SEBI, providing reasons for not proceeding with the Issue. The Lead
Manager through, the Registrar to the Issue, shall notify the SCSBs or the Sponsor Bank to unblock the bank
accounts of the ASBA within one Working Day from the date of receipt of such notification. Our Company
shall also inform the same to the Stock Exchanges on which Equity Shares are proposed to be listed. If the Issue
is withdrawn after Designated Date, amounts that have been credited to the Public Issue Account shall be
transferred to the Refund Account.
Notwithstanding the foregoing, this Issue is also subject to obtaining (i) the final listing and trading approvals
of the Stock Exchange, which our Company shall apply for after Allotment, and (ii) the final RoC approval of
the Prospectus after it is filed with the RoC. If our Company withdraws the Issue after the Application/Issue
Closing Date and thereafter determines that it will proceed with an issue/Offer for sale of the Equity Shares, our
Company shall file a fresh Draft Prospectus with Stock Exchange.
ISSUE PROGRAMME

Event Indicative Date

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 Issue Opening Date [●]
Issue Closing Date [●]
Finalization of Basis of Allotment with the Designated Stock Exchange [●]
Unblocking of funds from ASBA Accounts On or before [●]
Credit of Equity Shares to demat accounts of Allottees On or before [●]
Commencement of trading of the Equity Shares on the Stock Exchange On or before [●]

The above timetable is indicative and does not constitute any obligation on our Company, and the Lead
Manager. Whilst our Company shall ensure that all steps for the completion of the necessary formalities
for the listing and the commencement of trading of the Equity Shares on the Stock Exchange are taken
within 6 Working Days of the Issue Closing Date, the timetable may change due to various factors, such
as extension of the Issue Period by our Company or any delays in receiving the final listing and trading
approval from the Stock Exchange. The Commencement of trading of the Equity Shares will be entirely
at the discretion of the Stock Exchange and in accordance with the applicable laws.
Applications and any revision to the same shall be accepted only between 10.00 a.m. and 5.00 p.m. (IST)
during the Issue Period. On the Issue Closing Date, the Applications and any revision to the same shall be
accepted between 10.00 a.m. and 3.00 p.m. (IST) or such extended time as permitted by the Stock Exchange,
in case of Applications by Retail Individual Applicants after taking into account the total number of Applications
received up to the closure of timings and reported by the Lead Manager to the Stock Exchange. It is clarified
that Applications not uploaded on the electronic system would be rejected. Applications will be accepted only
on Working Days i.e., Monday to Friday (excluding any public holiday).
Due to limitation of time available for uploading the Applications on the Issue Closing Date, the Applicants are
advised to submit their Applications one day prior to the Issue Closing Date and, in any case, no later than 5.00
p.m. (IST) on the Issue Closing Date. All times mentioned in this Draft Prospectus are Indian Standard Times.
Applicants are cautioned that in the event a large number of Applications are received on the Issue Closing
Date, as is typically experienced in public offerings, some Applications may not get uploaded due to lack of
sufficient time. Such Applications that cannot be uploaded will not be considered for allocation under the Issue.
Applications will be accepted only on Business Days. Neither our Company nor the Lead Manager is liable for
any failure in uploading the Applications due to faults in any software/hardware system or otherwise. Any time
mentioned in this Draft Prospectus is Indian Standard Time.
In case of force majeure, banking strike or similar circumstances, the issuer may, for reasons to be
recorded in writing, extend the application issue period disclosed in the prospectus, for a minimum period
of three working days, subject to the Application/ Offer Period not exceeding 10 working days.
In case of any discrepancy in the data entered in the electronic System vis-à-vis the data contained in the
Application Form, for a particular Applicant, the Registrar to the Issue shall ask for rectified data.
MINIMUM SUBSCRIPTION
This Issue is not restricted to any minimum subscription level and is 100% underwritten.
As per Section 39 of the Companies Act, 2013, if the “stated minimum amount” has not be subscribed and the
sum payable on application is not received within a period of 30 days from the date of the Prospectus, the
application money has to be returned within such period as may be prescribed. If our Company does not receive
the 100% subscription of the issue through the Issue Document including devolvement of Underwriters, if any,
within sixty (60) days from the date of closure of the issue, our Company shall forthwith refund the entire
subscription amount received. If there is a delay beyond eight days after our Company becomes liable to pay
the amount, our Company and every officer in default will, on and from the expiry of this period, be jointly and
severally liable to repay the money, with interest or other penalty as prescribed under the SEBI Regulations, the
Companies Act 2013 and applicable law.

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In accordance with Regulation 260(1) of the SEBI (ICDR) Regulations, our Issue shall be hundred percent
underwritten. Thus, the underwriting obligations shall be for the entire hundred percent of the issue through the
Draft Prospectus and shall not be restricted to the minimum subscription level.
Further, in accordance with Regulation 268 of the SEBI (ICDR) Regulations, our Company shall ensure that
the number of prospective allottees to whom the Equity Shares will allotted will not be less than 50 (Fifty)
Further, in accordance with Regulation 267(2) of the SEBI (ICDR) Regulations, our Company shall ensure that
the minimum application size in terms of number of specified securities shall not be less than Rs.1,00,000/-
(Rupees One Lakh) per application.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction
outside India and may not be issued or sold, and applications may not be made by persons in any such
jurisdiction, except in compliance with the applicable laws of such jurisdiction.
MIGRATION TO MAIN BOARD
Our company may migrate to the Main board of National Stock Exchange of India Limited on a later date
subject to the following:
 If the Paid up Capital of our Company is likely to increase above Rs. 2,500 lakhs by virtue of any further
issue of capital by way of rights issue, preferential issue, bonus issue etc. (which has been approved by a
special resolution through postal ballot wherein the votes cast by the shareholders other than the Promoter
in favour of the proposal amount to at least two times the number of votes cast by shareholders other than
promoter shareholders against the proposal and for which the company has obtained in-principal
approval from the Main Board), our Company shall apply to National Stock Exchange of India Limited
for listing of its shares on its Main Board subject to the fulfilment of the eligibility criteria for listing of
specified securities laid down by the Main Board.
OR
 If the Paid up Capital of our company is more than Rs. 1,000 lakhs but below Rs. 2,500 lakhs, our Company
may still apply for migration to the Main Board and if the Company fulfils the eligible criteria for listing
laid by the Main Board and if the same has been approved by a special resolution through postal ballot
wherein the votes cast by the shareholders other than the Promoter in favour of the proposal amount to
at least two times the number of votes cast by shareholders other than promoter shareholders against the
proposal.
MARKET MAKING
The shares issued through this Issue are proposed to be listed on the EMERGE Platform of National Stock
Exchange of India Limited (SME Exchange) with compulsory market making through the registered Market
Maker of the SME Exchange for a minimum period of three years or such other time as may be prescribed by
the Stock Exchange, from the date of listing on EMERGE Platform of National Stock Exchange of India
Limited. For further details of the market making arrangement please refer to chapter titled “General
Information” beginning on page 57 of this Draft Prospectus.
ARRANGEMENT FOR DISPOSAL OF ODD LOT
The trading of the equity shares will happen in the minimum contract size of 2,000 shares in terms of the SEBI
circular no. CIR/MRD/DSA/06/2012 dated February 21, 2012. However, the market maker shall buy the entire
shareholding of a shareholder in one lot, where value of such shareholding is less than the minimum contract
size allowed for trading on NSE EMERGE.
AS PER THE EXTANT POLICY OF THE GOVERNMENT OF INDIA, OCBS CANNOT
PARTICIPATE IN THIS ISSUE
The current provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) Regulations, 2000, provides a general permission for the NRIs, FIIs and foreign venture
capital investors registered with SEBI to invest in shares of Indian Companies by way of subscription in an IPO.
However, such investments would be subject to other investment restrictions under the Foreign Exchange

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Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, RBI and/or
SEBI regulations as may be applicable to such investors.
The Allotment of the Equity Shares to Non-Residents shall be subject to the conditions, if any, as may be
prescribed by the Government of India / RBI while granting such approvals.
ALLOTMENT OF SECURITIES IN DEMATERIALISED FORM
In accordance with the SEBI ICDR Regulations, Allotment of Equity Shares to successful applicants will only
be in the dematerialized form. Applicants will not have the option of Allotment of the Equity Shares in physical
form. The Equity Shares on Allotment will be traded only on the dematerialized segment of the Stock Exchange.
NEW FINANCIAL INSTRUMENTS
There are no new financial instruments such as deep discounted bonds, debenture, warrants, secured premium
notes, etc. issued by our Company.
APPLICATION BY ELIGIBLE NRIs, FPI’S, QFIs, VSFs OR AIFs REGISTERED WITH SEBI,
It is to be understood that there is no reservation for Eligible NRIs or FPIs or QFIs or VCFs or AIFs registered
with SEBI. Such Eligible NRIs, QFIs, FPIs, VCFs or AIFs registered with SEBI will be treated on the same
basis with other categories for the purpose of Allocation.
RESTRICTIONS, IF ANY ON TRANSFER AND TRANSMISSION OF EQUITY SHARES
Except for (i) lock-in of the pre-Issue Equity Shares, (ii) Promoter’s minimum contribution and (iii) as provided
in “Main Provisions of our Articles of Association” in the Issue as detailed in the chapter “Capital Structure”
beginning on page 67 of this Draft Prospectus and except as provided in the Articles of Association, there are
no restrictions on transfers of Equity Shares. Further, there are no restrictions on transmission of shares/
debentures and on their consolidation/ splitting except as provided in our Articles of Association. For details,
please see “Main Provisions of our Articles of Association” on page 265 of this Draft Prospectus.
The above information is given for the benefit of the Applicants. The Applicants are advised to make their own
enquiries about the limits applicable to them. Our Company and the Lead Manager do not accept any
responsibility for the completeness and accuracy of the information stated hereinabove. Our Company and the
Lead Manager are not liable to inform the investors of any amendments or modifications or changes in
applicable laws or regulations, which may occur after the date of the Draft Prospectus. Applicants are advised
to make their independent investigations and ensure that the number of Equity Shares Applied for do not exceed
the applicable limits under laws or regulations.

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 ISSUE STRUCTURE

This Issue is being made in terms of Regulation 229(2) of Chapter IX of SEBI (ICDR) Regulations, 2018 as
amended from time to time, whereby, our post-Issue face value capital exceeds ten crore rupees but does not
exceed twenty five crores. The Company shall issue specified securities to the public and propose to list the
same on the Small and Medium Enterprise Exchange ("SME Exchange", in this case being the EMERGE
Platform of National Stock Exchange of India Limited). For further details regarding the salient features and
terms of such an issue please refer chapter titled “Terms of the Issue” and “Issue Procedure” on page 233 and
241 of this Draft Prospectus.
Following is the issue structure:
Initial Public Offer of 42,30,000 Equity Shares of face value of Rs. 10/- each fully paid (the ‘Equity Shares’)
for cash at a price of Rs. 51/- per equity share (including a premium of Rs. 41/- per equity share) aggregating to
Rs. 2,157.30 Lakhs. The Issue comprises a Net Issue to the public of 40,18,000 Equity Shares (the “Net Issue”).
The Issue and Net Issue will constitute 26.34% and 25.02% of the post-Issue paid-up Equity Share capital of
our Company.
The issue comprises a reservation of 2,12,000 Equity Shares of Rs. 10 each for subscription by the designated
Market Maker (“the Market Maker Reservation Portion”)

Market Maker Other than Retail Retail Individual

Particulars
Reservation Portion Individual Applicants Applicants
Number of Equity 2,12,000 20,08,000 20,10,000
Shares Equity Shares Equity Shares Equity Shares
Percentage of Issue Size 5.01% of Issue Size 49.98% of Net Issue 50.02% of Net Issue
available for allocation Size Size
Basis of Allotment / Firm allotment Proportionate Proportionate
Allocation if respective
category is
oversubscribed
Mode of Application Through ASBA Process Through the ASBA Through ASBA
only Process only Process only or by
using UPI ID for
payment
Minimum Application 2,12,000 Such number of Equity 2,000
Size Equity Shares shares in multiple of Equity Shares
2,000 Equity shares that
Application size
exceeds Rs. 2,00,000
Maximum Application 2,12,000 Such number of Equity 2,000 Equity Shares so
Size Equity Shares Shares in multiples of that the Application
2,000 Equity Shares not Amount does not
exceeding the size of exceed Rs. 2,00,000
the Issue, subject to
limits as applicable to
the Applicants
Mode of Allotment Compulsorily in Compulsorily in Compulsorily in
dematerialized mode. dematerialized mode. dematerialized mode.
Trading Lot 2,000 Equity Shares, 2,000 Equity Shares and 2,000 Equity Shares and
however the Market in multiples thereof in multiples thereof

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 Market Maker Other than Retail Retail Individual
Particulars
Reservation Portion Individual Applicants Applicants
Maker may accept odd
lots if any in the market
as required under the
SEBI ICDR Regulations
Terms of Full Application Amount shall be blocked by the SCSBs in the bank account of
Payment the ASBA Applicant that is specified in the ASBA Form at the time of
submission of the ASBA Form, or in the UPI-linked bank account in the case
of Retail Individual Applicant using the UPI Mechanism.

Since present issue is a fixed price issue, the allocation in the net issue to the public category in terms of
Regulation 253 (2) of the SEBI (ICDR) Regulations, 2018 shall be made as follows:
a) Minimum fifty per cent to retail individual investors; and
b) Remaining to:
(i) individual applicants other than retail individual investors; and
(ii) other investors including corporate bodies or institutions, irrespective of the number of specified
securities applied for;
Provided that the unsubscribed portion in either of the categories specified in (a) or (b) above may be
allocated to the applicants in the other category.

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 ISSUE PROCEDURE

All Applicants should review the General Information Document, for Investing in Public Issues” prepared and
issued in accordance with the circular (CIR/CFD/DIL/12/2013) dated October 23, 2013 notified by SEBI,
modified and updated pursuant to, among others, the circular (CIR/CFD/POLICYCELL/11/2015) dated
November 10, 2015 notified by SEBI, the circular (CIR/CFD/DIL/1/2016) dated January 1, 2016, SEBI circular
bearing number SEBI/HO/CFD/DIL/CIR/P/2016/26 dated January 21, 2016 and SEBI circular
SEBI/HO/CFD/DIL2/CIR/P/2018/22 dated February 15, 2018, SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated
November 01, 2018, SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 03, 2019 (“General Information
Document”), which highlights the key rules, processes and procedures applicable to public issues in general in
accordance with the provisions of the Companies Act, the SCRA, the SCRR and the SEBI ICDR Regulations.
The General Information Document is available on the websites of the Stock Exchanges and the Lead Manager.
Please refer to the relevant provisions of the General Information Document which are applicable to the Issue.
The General Information Document shall be made available on the website of the Stock Exchange, the Company
and the Lead Manager before opening of the Issue Period. Please refer to the relevant provisions of the General
Information Document which are applicable to the Issue.
Additionally, all Applicants may refer to the General Information Document for information in relation to (i)
Category of investor eligible to participate in the Issue; (ii) maximum and minimum application size; (iii) price
discovery and allocation; (iii) Payment Instructions for ASBA Applicants; (iv)Issuance of CAN and Allotment
in the Issue; (v) General instructions (limited to instructions for completing the Application Form); (vi)
Submission of Application Form; (vii) Other Instructions (limited to joint applications in cases of individual,
multiple applications and instances when an application would be rejected on technical grounds); (viii)
applicable provisions of the Companies Act, 2013 relating to punishment for fictitious applications; (vi) mode
of making refunds; and (vii) interest in case of delay in Allotment or refund.
SEBI through its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its
circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019 and circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, has introduced an alternate payment mechanism
using Unified Payments Interface (“UPI”) and consequent reduction in timelines for listing in a phased manner.
From January 1, 2019, the UPI Mechanism for RIBs applying through Designated Intermediaries was made
effective along with the existing process and existing timeline of T+6 days. (“UPI Phase I”). The UPI Phase I
was effective till June 30, 2019.
With effect from July 1, 2019, with respect to by RIBs through Designated Intermediaries (other than SCSBs),
the existing process of physical movement of forms from such Designated Intermediaries to SCSBs for blocking
of funds has been discontinued and only the UPI Mechanism for such Applications with existing timeline of T+6
days will continue for a period of three months or launch of five main board public issues, whichever is later
(“UPI Phase II”). Subsequently, the final reduced timeline will be made effective using the UPI Mechanism
for applications by RIBs (“UPI Phase III”), as may be prescribed by SEBI.
Our Company and the Lead Manager do not accept any responsibility for the completeness and accuracy of the
information stated in this Section and is not liable for any amendment, modification or change in the applicable
law which may occur after the date of this Draft Prospectus. Applicants are advised to make their independent
investigations and ensure that their Applicants are submitted in accordance with applicable laws and do not
exceed the investment limits or maximum number of the Equity Shares that can be held by them under applicable
law or as specified in this Draft Prospectus.
FIXED PRICE ISSUE PROCEDURE
The Issue is being made under Regulation 229(2) of Chapter IX of SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018 via Fixed Price Process wherein 50% of the Net Issue to Public is being
offered to the Retail Individual Applicants and the balance shall be issued to Non Retail Category i.e. QIBs and
Non Institutional Applicants. However, if the aggregate demand from the Retail Individual Applicants is less
than 50%, then the balance Equity Shares in that portion will be added to the non-retail portion offered to the
remaining investors including QIBs and NIIs and vice-versa subject to valid Applications being received from
them at or above the Issue Price.

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Subject to the valid Applications being received at or above the Issue Price, allocation to all categories in the
Net Issue, shall be made on a proportionate basis, except for the Retail Portion where Allotment to each Retail
Individual Applicants shall not be less than the minimum lot, subject to availability of Equity Shares in Retail
Portion, and the remaining available Equity Shares, if any, shall be allotted on a proportionate basis. Under
subscription, if any, in any category, would be allowed to be met with spill over from any other category or a
combination of categories at the discretion of our Company in consultation with the Lead Manager and the
Stock Exchange.
Investors should note that according to section 29(1) of the Companies Act, 2013, allotment of Equity Shares
to all successful Applicants will only be in the dematerialised form. The Application Forms which do not have
the details of the Applicant’s depository account including DP ID, PAN and UPI ID (for RII Applicant
Application using the UPI mechanism), shall be treated as incomplete and rejected. In case DP ID, Client ID
and PAN mentioned in the Application Form and entered into the electronic system of the stock exchanges, do
not match with the DP ID, Client ID and PAN available in the depository database, the application is liable to
be rejected. Applicants will not have the option of getting allotment of the Equity Shares in physical form. The
Equity Shares on allotment shall be traded only in the dematerialised segment of the Stock Exchanges.
PHASED IMPLEMENTATION OF UPI FOR APPLICATIONS BY RETAIL INDIVIDUAL
APPLICANTS AS PER THE UPI CIRCULAR
SEBI has issued a circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018,
circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019 and circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85
dated July 26, 2019 (collectively the “UPI Circular”) in relation to streamlining the process of public issue of
equity shares and convertibles. Pursuant to the UPI Circular, UPI will be introduced in a phased manner as a
payment mechanism (in addition to mechanism of blocking funds in the account maintained with SCSBs under
the ASBA) for applications by RIIs through intermediaries with the objective to reduce the time duration from
public issue closure to listing from six Working Days to up to three Working Days. Considering the time
required for making necessary changes to the systems and to ensure complete and smooth transition to the UPI
Mechanism, the UPI Circular proposes to introduce and implement the UPI Mechanism in three phases in the
following manner:
 Phase I: This phase was applicable from January 1, 2019 and till June 30, 2019. Under this phase, a Retail
Individual Applicant had the option to submit the Application Form with any of the intermediaries and use
his / her UPI ID for the purpose of blocking of funds. The time duration from public issue closure to listing
would continue to be six Working Days.
 Phase II: This phase has become applicable from July 1, 2019 and will continue for a period of three months
or floating of five main board public issues, whichever is later. Under this phase, physical submission of
the Application Form by a Retail Individual Applicant through Designated Intermediaries (other than
SCSBs) to SCSBs for blocking of funds will be discontinued and will compulsorily be replaced by the UPI
Mechanism. However, the time duration from public issue closure to listing would continue to be six
Working Days during this phase.
 Phase III: Subsequently, under this phase, the time duration from public issue closure to listing would be
reduced to be three Working Days.
All SCSBs offering facility of making application in public issues shall also provide facility to make
application using the UPI Mechanism. The issuers are to appoint one of the SCSBs as a sponsor bank to act
as a conduit between the Stock Exchanges and NPCI in order to facilitate collection of requests and / or
payment instructions of the Retail Individual Applicants into the UPI Mechanism.
For further details, refer to the General Information Document to be available on the website of the Stock
Exchange and the Lead Manager.
APPLICATION FORM
Retail Individual Applicants can submit their Applications by submitting Application Forms, in physical form
or in electronic mode, to the SCSBs, the Registered Brokers, Registrars to an Issue and Share Transfer Agents
and Depository Participants.

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Copies of the Application Form and the abridged prospectus will be available at the offices of the Lead Manager,
the Designated Intermediaries at Application Locations, and Registered Office & Corporate Office of our
Company. An electronic copy of the Application Form will also be available for download on the website of
the Stock Exchange(s), namely, NSE (www.nseindia.com ) at least one day prior to the Issue Opening Date.
All Applicants shall mandatorily participate in the Issue only through the ASBA process. ASBA Applicants
must provide bank account details and authorisation to block funds in the relevant space provided in the
Application Form or alternatively, the Retail Individual Applicants wishing to apply through UPI Channel, may
provide the UPI ID and validate the blocking of the funds and the Application Forms that do not contain such
details are liable to be rejected. For further details on the UPI Channel please refer SEBI circular Ref:
SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018.
ASBA Applicant shall ensure that the Application are made on Application Forms bearing the stamp of the
syndicate member/ SCSBs/ RTA/ DPs/ stock brokers, submitted at the Collection Centres only (except in case
of electronic Application Forms) and the Application Forms not bearing such specified stamp are liable to be
rejected.
The prescribed colour of the Application Form for various categories is as follows:

Category Colour of Application Form

Resident Indians and Eligible NRIs applying on a non-repatriation
White
basis
Non-Residents and Eligible NRIs, FIIs, FVCIs, etc. applying on a
Blue
repatriation basis

Applicants shall only use the specified Application Form for the purpose of making an application in terms of
this Draft Prospectus. The Application Form shall contain information about the Applicant and the price and
the number of Equity Shares that the Applicants wish to apply for. Application Forms downloaded and printed
from the website of the Stock Exchange shall bear a system generated unique application number.
Further, for applications submitted to designated intermediaries (other than SCSBs), with use of UPI for
payment, after accepting the application form, respective intermediary shall capture and upload the relevant
Application details, including UPI ID, in the electronic bidding system of stock exchange(s).
Applicants are required to submit their applications only through any of the following Designated Intermediary:
i. an SCSB, with whom the bank account to be blocked, is maintained
ii. a stock broker registered with a recognised stock exchange (and whose name is mentioned on the website
of the stock exchange as eligible for this activity) (‘broker’)
iii. a depository participant (‘DP’) (whose name is mentioned on the website of the stock exchange as eligible
for this activity)
iv. a registrar to an issue and share transfer agent (‘RTA’) (whose name is mentioned on the website of the
stock exchange as eligible for this activity)
Retails investors submitting application with any of the entities at (ii) to (iv) above (hereinafter referred as
‘Designated Intermediaries’), and intending to use UPI, shall also enter their UPI ID in the application form.
The aforesaid intermediaries shall, at the time of receipt of an application, give an acknowledgement to investor,
by giving the counter foil or specifying the application number to the investor, as a proof of having accepted
the application form, in physical or electronic mode, respectively.
Stock exchange(s) shall validate the electronic application details with depository’s records for DP ID/Client
ID and PAN, on a real time basis and bring the inconsistencies to the notice of intermediaries concerned, for
rectification and re-submission within the time specified by stock exchange.
Stock exchange(s) shall allow modification of selected fields viz. DP ID/Client ID or Pan ID (Either DP
ID/Client ID or Pan ID can be modified but not BOTH), Bank code and Location code, in the application details
already uploaded.

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Upon completion and submission of the Application Form to Designated Intermediary, the Applicants are
deemed to have authorised our Company to make the necessary changes in the Prospectus, without prior or
subsequent notice of such changes to the Applicants.
Availability of Prospectus and Application Forms
The Application Forms and copies of the Prospectus and the abridged prospectus may be obtained from the
Registered Office of our Company, and offices of Lead Manager to the Issue and Registrar to the Issue as
mentioned in the Application Form. The application forms may also be downloaded from the website of SCSBs
(via Internet Banking) and Stock Exchange(s) at least one day prior to the Application /Issue Opening Date.
WHO CAN APPLY?
In addition to the category of Applicants, set forth in the GID, the following persons are also eligible to invest
in the Equity Shares under all applicable laws, regulations and guidelines, including:
 FPIs and sub-accounts registered with SEBI other than Category III foreign portfolio investor;
 Scientific research organizations authorized in India to invest in the Equity Shares; and
 Category III foreign portfolio investors, which are foreign corporates or foreign individuals only under the
Non-Institutional Investors (NIIs) category;
As per the existing RBI regulations, OCBs cannot participate in this Issue.
OPTION TO SUBSCRIBE IN THE ISSUE
(a) As per Section 29(1) of the Companies Act, 2013 allotment of Equity Shares shall be in dematerialized form
only.
(b) The Equity Shares, on allotment, shall be traded on the Stock Exchange in demat segment only.
(c) A single application from any investor shall not exceed the investment limit / minimum number of specified
securities that can be held by him/her/it under the relevant regulations / statutory guidelines and applicable
law.
PARTICIPATION BY ASSOCIATED/AFFILIATES OF LEAD MANAGER
The Lead Manager shall not be allowed to purchase in this Issue in any manner, except towards fulfilling their
underwriting obligations. However, the associates and affiliates of the Lead Manager may purchase the Equity
Shares in the Issue, either in the QIB Category or in the Non-Institutional Category as may be applicable to such
Applicants, where the allocation is on a proportionate basis and such subscription may be on their own account
or on behalf of their clients. All categories of investors, including associates or affiliates of Lead Manager shall
be treated equally for the purpose of allocation to be made on a proportionate basis.
Promoter and Promoter Group and any persons related to our Promoters and Promoter Group cannot participate
in the Issue.
APPLICATION BY INDIAN PUBLIC INCLUDING ELIGIBLE NRI’S APPLYING ON NON
REPATRIATION
Application must be made only in the names of individuals, limited companies or statutory corporations /
institutions and not in the names of minors (other than minor having valid depository accounts as per
demographic details provided by the depositary), foreign nationals, non-residents (except for those applying on
non-repatriation), trusts, (unless the trust is registered under the Societies Registration Act, 1860 or any other
applicable trust laws and is authorized under its constitution to hold shares and debentures in a company), Hindu
Undivided Families (HUF), partnership firms or their nominees. In case of HUFs, application shall be made by
the Karta of the HUF. An applicant in the Net Public Category cannot make an application for that number of
Equity Shares exceeding the number of Equity Shares offered to the public. Eligible NRIs applying on a non
repatriation basis may make payments by inward remittance in foreign exchange through normal banking
channels or by debits to NRE / FCNR accounts as well as NRO accounts.
APPLICATIONS BY ELIGIBLE NRI’S / FPI’s ON REPATRIATION BASIS

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Application Forms have been made available for eligible NRIs at our Registered Office and at the Registered
Office of the Lead manager. Eligible NRI Applicants may please note that only such applications as are
accompanied by payment in free foreign exchange shall be considered for Allotment under the reserved
category. The eligible NRIs who intend to make payment through Non Resident Ordinary (NRO) accounts .shall
use the Forms meant for Resident Indians and should not use the forms meant for the reserved category. Under
FEMA, general permission is granted to companies vide notification no. FEMA/20/2000 RB dated 03/05/2000
to issue securities to NRIs subject to the terms and conditions stipulated therein. Companies are required to file
the declaration in the prescribed form to the concerned Regional Office of RBI within 30 days from the date of
issue of shares for allotment to NRIs on repatriation basis. Allotment of equity shares to Non-Resident Indians
shall be subject to the prevailing Reserve Bank of India Guidelines. Sale proceeds of such investments in equity
shares will be allowed to be repatriated along with the income thereon subject to permission of the RBI and
subject to the Indian tax laws and regulations and any other applicable laws.
As per the current regulations, the following restrictions are applicable for investments by FPIs:
1. Foreign portfolio investor shall invest only in the following securities, namely- (a) Securities in the primary
and secondary markets including shares, debentures and warrants of companies, listed or to be listed on a
recognized stock exchange in India; (b) Units of schemes floated by domestic mutual funds, whether listed
on a recognized stock exchange or not; (c) Units of schemes floated by a collective investment scheme; (d)
Derivatives traded on a recognized stock exchange; (e) Treasury bills and dated government securities; (f)
Commercial papers issued by an Indian company; (g) Rupee denominated credit enhanced bonds; (h)
Security receipts issued by asset reconstruction companies; (i) Perpetual debt instruments and debt capital
instruments, as specified by the Reserve Bank of India from time to time; (j) Listed and unlisted
nonconvertible debentures/bonds issued by an Indian company in the infrastructure sector, where
‘infrastructure’ is defined in terms of the extant External Commercial Borrowings (ECB) guidelines; (k)
Non-convertible debentures or bonds issued by Non-Banking Financial Companies categorized as
‘Infrastructure Finance Companies’(IFCs) by the Reserve Bank of India; (l) Rupee denominated bonds or
units issued by infrastructure debt funds; (m) Indian depository receipts; and (n) Such other instruments
specified by the Board from time to time.
2. Where a foreign institutional investor or a sub account, prior to commencement of these regulations, holds
equity shares in a company whose shares are not listed on any recognized stock exchange, and continues to
hold such shares after initial public offering and listing thereof, such shares shall be subject to lock-in for
the same period, if any, as is applicable to shares held by a foreign direct investor placed in similar position,
under the policy of the Government of India relating to foreign direct investment for the time being in force.
3. In respect of investments in the secondary market, the following additional conditions shall apply:
(a) A foreign portfolio investor shall transact in the securities in India only on the basis of taking and giving
delivery of securities purchased or sold;
(b) Nothing contained in clause (a) shall apply to:
i. Any transactions in derivatives on a recognized stock exchange;
ii. Short selling transactions in accordance with the framework specified by the Board;
iii. Any transaction in securities pursuant to an agreement entered into with the merchant banker in the
process of market making or subscribing to unsubscribed portion of the issue in accordance with
Chapter IX of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018;
iv. Any other transaction specified by the Board.
(c) No transaction on the stock exchange shall be carried forward;
(d) The transaction of business in securities by a foreign portfolio investor shall be only through stock
brokers registered by the Board; provided nothing contained in this clause shall apply to:
i. transactions in Government securities and such other securities falling under the purview of the
Reserve Bank of India which shall be carried out in the manner specified by the Reserve Bank of
India;

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 ii. sale of securities in response to a letter of Issue sent by an acquirer in accordance with the Securities
and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
iii. sale of securities in response to an Issue made by any promoter or acquirer in accordance with the
Securities and Exchange Board of India (Delisting of Equity shares) Regulations, 2009;
iv. Sale of securities, in accordance with the Securities and Exchange Board of India (Buy-back of
securities) Regulations, 1998;
v. divestment of securities in response to an Issue by Indian Companies in accordance with Operative
Guidelines for Disinvestment of Shares by Indian Companies in the overseas market through issue
of American Depository Receipts or Global Depository Receipts as notified by the Government of
India and directions issued by Reserve Bank of India from time to time;
vi. Any application for, or acquisition of, securities in response to an Issue for disinvestment of shares
made by the Central Government or any State Government;
vii. Any transaction in securities pursuant to an agreement entered into with merchant banker in the
process of market making or subscribing to unsubscribed portion of the issue in accordance with
Chapter IX of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018;
viii. Any other transaction specified by the Board.
(e) A foreign portfolio investor shall hold, deliver or cause to be delivered securities only in dematerialized
form:
Provided that any shares held in non-dematerialized form, before the commencement of these regulations,
can be held in non-dematerialized form, if such shares cannot be dematerialized.
Unless otherwise approved by the Board, securities shall be registered in the name of the foreign portfolio
investor as a beneficial owner for the purposes of the Depositories Act, 1996.
4. The purchase of equity shares of each company by a single foreign portfolio investor or an investor group
shall be below ten percent of the total issued capital of the company.
5. The investment by the foreign portfolio investor shall also be subject to such other conditions and
restrictions as may be specified by the Government of India from time to time.
6. In cases where the Government of India enters into agreements or treaties with other sovereign Governments
and where such agreements or treaties specifically recognize certain entities to be distinct and separate, the
Board may, during the validity of such agreements or treaties, recognize them as such, subject to conditions
as may be specified by it.
7. A foreign portfolio investor may lend or borrow securities in accordance with the framework specified by
the Board in this regard.
8. No foreign portfolio investor may issue, subscribe to or otherwise deal in offshore derivative instruments,
directly or indirectly, unless the following conditions are satisfied:
(a) Such offshore derivative instruments are issued only to persons who are regulated by an appropriate
foreign regulatory authority;
(b) Such offshore derivative instruments are issued after compliance with ‘know your client’ norms:
Provided that those unregulated broad based funds, which are classified as Category II foreign portfolio
investor by virtue of their investment manager being appropriately regulated shall not issue, subscribe or
otherwise deal in offshore derivatives instruments directly or indirectly:
Provided further that no Category III foreign portfolio investor shall issue, subscribe to or otherwise deal in
offshore derivatives instruments directly or indirectly.
9. A foreign portfolio investor shall ensure that further issue or transfer of any offshore derivative instruments
issued by or on behalf of it is made only to persons who are regulated by an appropriate foreign regulatory
authority.

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10. Foreign portfolio investors shall fully disclose to the Board any information concerning the terms of and
parties to off-shore derivative instruments such as participatory notes, equity linked notes or any other such
instruments, by whatever names they are called, entered into by it relating to any securities listed or
proposed to be listed in any stock exchange in India, as and when and in such form as the Board may specify.
11. Any offshore derivative instruments issued under the Securities and Exchange Board of India (Foreign
Institutional Investors) Regulations, 1995 before commencement of SEBI (Foreign Portfolio Investors)
Regulations, 2014 shall be deemed to have been issued under the corresponding provisions of SEBI
(Foreign Portfolio Investors) Regulations, 2014.
12. The purchase of equity shares of each company by a single foreign portfolio investor or an investor group
shall be below 10% of the total issued capital of the company.
13. A FII or its subaccount which holds a valid certificate of registration shall, subject to payment of conversion
fees, be eligible to continue to buy, sell or otherwise deal in securities till the expiry of its registration as a
foreign institutional investor or sub-account, or until he obtains a certificate of registration as foreign
portfolio investor, whichever is earlier.
14. A qualified foreign investor may continue to buy, sell or otherwise deal in securities subject to the provisions
of the SEBI (Foreign Portfolio Investors) Regulations, 2014, for a period of one year from the date of
commencement of the aforesaid regulations, or until it obtains a certificate of registration as foreign
portfolio investor, whichever is earlier.
APPLICATIONS BY HUFs
Hindu Undivided Families or HUFs, in the individual name of the Karta. The Applicant should specify that the
Application is being made in the name of the HUF in the Application Form as follows: “Name of sole or first
Applicant: XYZ Hindu Undivided Family applying through XYZ, where XYZ is the name of the Karta”.
Applications by HUFs may be considered at par with Applications from individuals;
APPLICATIONS BY FPI INCLUDING FIIs
On January 7, 2014, SEBI notified the SEBI FPI Regulations pursuant to which the existing classes of portfolio
investors namely ‘foreign institutional investors’ and ‘qualified foreign investors’ are subsumed under a new
category namely ‘foreign portfolio investors’ or ‘FPIs’. RBI on March 13, 2014 amended the FEMA
Regulations and laid down conditions and requirements with respect to investment by FPIs in Indian companies.
In terms of the SEBI FPI Regulations, the issue of Equity Shares to a single FPI or an investor group (which
means the same set of ultimate beneficial owner(s) investing through multiple entities) must be below 10% of
our post-Issue Equity Share capital. Further, in terms of the FEMA Regulations, the total holding by each FPI
shall be below 10% of the total paid-up Equity Share capital of our Company and the total holdings of all FPIs
put together shall not exceed 24% of the paid-up Equity Share capital of our Company. The aggregate limit of
24% may be increased up to the sectoral cap by way of a resolution passed by the Board followed by a special
resolution passed by the Shareholders of our Company and subject to prior intimation to RBI.
FPIs are permitted to participate in the Issue subject to compliance with conditions and restrictions which may
be specified by the Government from time to time.
Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 22 of the SEBI FPI Regulations, an FPI, other than Category III foreign portfolio investor and
unregulated broad based funds, which are classified as Category II foreign portfolio investor by virtue of their
investment manager being appropriately regulated, may issue, subscribe to or otherwise deal in offshore
derivative instruments (as defined under the SEBI FPI Regulations as any instrument, by whatever name called,
which is issued overseas by a FPI against securities held by it that are listed or proposed to be listed on any
recognised stock exchange in India, as its underlying) directly or indirectly, only in the event (i) such offshore
derivative instruments are issued only to persons who are regulated by an appropriate regulatory authority; and
(ii) such offshore derivative instruments are issued after compliance with ‘know your client’ norms. An FPI is
also required to ensure that no further issue or transfer of any offshore derivative instrument is made by or on
behalf of it to any persons that are not regulated by an appropriate foreign regulatory authority.

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An FPI is also required to ensure that any transfer of offshore derivative instrument is made by, or on behalf of
it subject to the following conditions:
(a) offshore derivative instruments are transferred to persons subject to fulfilment of SEBI FPI Regulations; and
(b) prior consent of the FPI is obtained for such transfer, except when the persons to whom the offshore
derivative instruments are to be transferred to are pre-approved by the FPI.
APPLICATIONS BY MUTUAL FUNDS
No Mutual Fund scheme shall invest more than 10% of its net asset value in equity shares or equity related
instruments of any single company provided that the limit of 10% shall not be applicable for investments in
index funds or sector or industry specific funds. No Mutual Fund under all its schemes should own more than
10% of any company’s paid-up share capital carrying voting rights.
With respect to Applications by Mutual Funds, a certified copy of their SEBI registration certificate must be
lodged with the Application Form. Failing this, our Company reserves the right to accept or reject any
Application in whole or in part, in either case, without assigning any reason thereof.
In case of a mutual fund, a separate Application can be made in respect of each scheme of the mutual fund
registered with SEBI and such Applications in respect of more than one scheme of the mutual fund will not be
treated as multiple applications provided that the Applications clearly indicate the scheme concerned for which
the Application has been made.
The Applications made by the asset management companies or custodians of Mutual Funds shall specifically
state the names of the concerned schemes for which the Applications are made.
APPLICATIONS BY SEBI REGISTERED VCFs, AIFs and FVCIs
The SEBI FVCI Regulations and the SEBI AIF Regulations inter-alia prescribe the investment restrictions on
the VCFs, FVCIs and AIFs registered with SEBI. Further, the SEBI AIF Regulations prescribe, among others,
the investment restrictions on AIFs.
The holding by any individual VCF registered with SEBI in one venture capital undertaking should not exceed
25% of the corpus of the VCF. Further, VCFs and FVCIs can invest only up to 33.33% of the investible funds
by way of subscription to an initial public offering.
The category I and II AIFs cannot invest more than 25% of the corpus in one Investee Company. A category III
AIF cannot invest more than 10% of the corpus in one Investee Company. A venture capital fund registered as
a category I AIF, as defined in the SEBI AIF Regulations, cannot invest more than 1/3rd of its corpus by way
of subscription to an initial public offering of a venture capital undertaking. Additionally, the VCFs which have
not re-registered as an AIF under the SEBI AIF Regulations shall continue to be regulated by the VCF
Regulation until the existing fund or scheme managed by the fund is wound up and such funds shall not launch
any new scheme after the notification of the SEBI AIF Regulations.
All FIIs and FVCIs should note that refunds, dividends and other distributions, if any, will be payable in Indian
Rupees only and net of Bank charges and commission.
Our Company or Lead Manager will not be responsible for loss, if any, incurred by the Applicant on
account of conversion of foreign currency.
There is no reservation for Eligible NRIs, FPIs and FVCIs and all Applicants will be treated on the same
basis with other categories for the purpose of allocation.
All non-resident investors should note that refunds, dividends and other distributions, if any, will be
payable in Indian Rupees only and net of bank charges and commission.
APPLICATIONS BY SYSTEMATICALLY IMPORTANT NON-BANKING FINANCIAL
COMPANIES
In case of Applications made by Systemically Important Non-Banking Financial Companies, a certified
copy of the certificate of registration issued by the RBI, a certified copy of its last audited financial
statements on a standalone basis and a net worth certificate from its statutory auditor(s), must be
attached to the Application Form. Failing this, our Company reserve the right to reject any Application,

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without assigning any reason thereof. Systemically Important Non-Banking Financial Companies participating
in the Issue shall comply with all applicable legislations, regulations, directions, guidelines and circulars issued
by RBI from time to time.
APPLICATIONS BY PROVIDENT FUNDS/PENSION FUNDS
In case of Applications made by provident funds with minimum corpus of Rs. 25 Crore (subject to applicable
law) and pension funds with minimum corpus of Rs. 25 Crore, a certified copy of certificate from a chartered
accountant certifying the corpus of the provident fund/ pension fund must be lodged along with the Application
Form. Failing this, the Company reserves the right to accept or reject any application in whole or in part, in
either case, without assigning any reason thereof.
APPLICATIONS BY LIMITED LIABILITY PARTNERSHIPS
In case of Applications made by limited liability partnerships registered under the Limited Liability Partnership
Act, 2008, a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008,
must be attached to the Application Form. Failing this, our Company reserves the right to reject any without
assigning any reason thereof. Limited liability partnerships can participate in the Issue only through the ASBA
process.
APPLICATIONS BY INSURANCE COMPANIES
In case of Applications made by insurance companies registered with the IRDA, a certified copy of certificate
of registration issued by IRDA must be attached to the Application Form. Failing this, our Company reserves
the right to reject any Application without assigning any reasons thereof.
The exposure norms for insurers, prescribed under the Insurance Regulatory and Development Authority
(Investment) Regulations, 2000 (the ‘IRDA Investment Regulations’), are broadly set forth below:
1. Equity shares of a company: The least of 10% of the investee company’s subscribed capital (face value) or
10% of the respective fund in case of life insurer or 10% of investment assets in case of general insurer or
reinsurer;
2. The entire group of the investee company: not more than 15% of the respective funds in case of life insurer
or 15% of investment assets in case of general insurer or re-insurer or 15% of the investment assets in all
companies belonging to the group, whichever is lower; and
3. The industry sector in which the investee company operates: not more than 15% of the fund of a life insurer
or a general insurer or a re-insurer or 15% of the investment asset, whichever is lower.
The maximum exposure limit, in case of investment in equity shares, cannot exceed the lower of an amount of
10% of the investment assets of a life insurer or a general insurer and the amount calculated under points (1),
(2) and (3) above, as the case may be. Insurance companies participating in this Issue shall comply with all
applicable regulations, guidelines and circulars issued by IRDAI from time to time.
APPLICATIONS UNDER POWER OF ATTORNEY
In case of Applications made pursuant to a power of attorney or by limited companies, corporate bodies,
registered societies, FPI’s, Mutual Funds, insurance companies and provident funds with minimum corpus of
Rs. 2500 Lakhs (subject to applicable law) and pension funds with a minimum corpus of Rs. 2500 Lakhs, a
certified copy of the power of attorney or the relevant resolution or authority, as the case may be, along with a
certified copy of the Memorandum of Association and Articles of Association and/ or bye laws must be lodged
along with the Application Form. Failing this, the Company reserves the right to accept or reject any Application
in whole or in part, in either case, without assigning any reason thereof.
With respect to applications by VCFs, FVCIs, and FPIs, a certified copy of the power of attorney or the relevant
resolution or authority, as the case may belong with a certified copy of their SEBI registration certificate must
be lodged along with the Application Form. Failing this, the Company reserves the right to accept or reject any
application, in whole or in part, in either case without assigning any reasons thereof.
In case of Applications made pursuant to a power of attorney by Mutual Funds, a certified copy of the power of
attorney or the relevant resolution or authority, as the case may be, along with the certified copy of their SEBI

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registration certificate must be lodged along with the Application Form. Failing this, the Company reserves the
right to accept or reject any Application in whole or in part, in either case, without assigning any reason thereof.
In case of Applications made by insurance companies registered with the Insurance Regulatory and
Development Authority, a certified copy of certificate of registration issued by Insurance Regulatory and
Development Authority must be lodged along with the Application Form. Failing this, the Company reserves
the right to accept or reject any Application in whole or in part, in either case, without assigning any reason
thereof.
In case of Applications made pursuant to a power of attorney by FIIs, a certified copy of the power of attorney
or the relevant resolution or authority, as the case may be, along with a certified copy of their SEBI registration
certificate must be lodged along with the Application Form. Failing this, the Company reserves the right to
accept or reject any Application in whole or in part, in either case, without assigning any reason thereof.
In case of Applications made by provident funds with minimum corpus of Rs. 25 crore (subject to applicable
law) and pension funds with minimum corpus of Rs. 25 crore, a certified copy of certificate from a Chartered
Accountant certifying the corpus of the provident fund/ pension fund must be lodged along with the Application
Form. Failing this, the Company reserves the right to accept or reject any Application in whole or in part, in
either case, without assigning any reason thereof.
APPLICATIONS BY PROVIDENT FUNDS/PENSION FUNDS
In case of Applications made by provident funds with minimum corpus of Rs. 25 Crore (subject to applicable
law) and pension funds with minimum corpus of Rs. 25 Crore, a certified copy of certificate from a chartered
accountant certifying the corpus of the provident fund/ pension fund must be lodged along with the Application
Form. Failing this, the Company reserves the right to accept or reject any Application in whole or in part, in
either case, without assigning any reason thereof.
The above information is given for the benefit of the Applicants. Our Company, Lead Manager are not
liable for any amendments or modification or changes in applicable laws or regulations, which may occur
after the date of the Prospectus. Applicants are advised to make their independent investigations and
Applicants are advised to ensure that any single Application from them does not exceed the applicable
investment limits or maximum number of Equity Shares that can be held by them under applicable law
or regulation or as specified in the Prospectus.
APPLICATIONS BY BANKING COMPANIES
In case of Applications made by banking companies registered with RBI, certified copies of: (i) the certificate
of registration issued by RBI, and (ii) the approval of such banking company’s investment committee are
required to be attached to the application Form, failing which our Company reserve the right to reject any
Application by a banking company without assigning any reason.
Application Form, failing which our Company reserve the right to reject any Application by a banking company
without assigning any reason.
The investment limit for banking companies in non-financial services companies as per the Banking Regulation
Act, 1949, as amended ("Banking Regulation Act"), and the Reserve Bank of India ("Financial Services
provided by Banks") Directions, 2016, is 10% of the paid-up share capital of the investee company not being
its subsidiary engaged in non-financial services or 10% of the banks own paid-up share capital and reserves,
whichever is lower. However, a banking company would be permitted to invest in excess of 10% but not
exceeding 30% of the paid up share capital of such investee company if (i) the investee company is engaged in
non-financial activities permitted for banks in terms of Section 6(1) of the Banking Regulation Act, or (ii) the
additional acquisition is through restructuring of debt / corporate debt restructuring / strategic debt restructuring,
or to protect the banks ‘interest on loans / investments made to a company. The bank is required to submit a
time bound action plan for disposal of such shares within a specified period to RBI. A banking company would
require a prior approval of RBI to make (i) investment in a subsidiary and a financial services company that is
not a subsidiary (with certain exception prescribed), and (ii) investment in a nonfinancial services company in
excess of 10% of such investee company‘s paid up share capital as stated in 5(a)(v)(c)(i) of the Reserve Bank
of India (Financial Services provided by Banks) Directions, 2016.

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APPLICATIONS BY SCSBs
SCSBs participating in the Issue are required to comply with the terms of the SEBI circulars dated September
13, 2012 and January 2, 2013. Such SCSBs are required to ensure that for making applications on their own
account using ASBA, they should have a separate account in their own name with any other SEBI registered
SCSBs. Further, such account shall be used solely for the purpose of making an application in public issues and
clear demarcated funds should be available in such account for such applications.
INFORMATION FOR THE APPLICANTS
1. Our Company will register the Prospectus with the RoC at least three working days before the Issue Opening
Date.
2. Our Company shall, after registering the Prospectus with the RoC, make a pre- Issue advertisement, in the
form prescribed under the SEBI ICDR Regulations, in English and Hindi national newspapers and one
regional newspaper with wide circulation. In the pre- Issue advertisement, our Company and the Lead
Manager shall advertise the Issue Opening Date, the Issue Closing Date. This advertisement, subject to the
provisions of the Companies Act, shall be in the format prescribed in Part A of Schedule X of the SEBI
ICDR Regulations.
3. Any Applicant who would like to obtain the Prospectus and/or the Application Form can obtain the same
from our Registered Office or Corporate Office of our Company.
4. Applicants who are interested in subscribing to the Equity Shares should approach any of the Designated
Intermediary or their authorised agent(s).
5. Applications should be submitted in the prescribed Application Form only. Application Forms submitted to
the SCSBs should bear the stamp of the respective intermediary to whom the application form is submitted.
Application Forms submitted directly to the SCSBs should bear the stamp of the SCSBs and/or the
Designated Branch. Application Forms submitted by Applicants whose beneficiary account is inactive shall
be rejected.
6. The Application Form can be submitted either in physical or electronic mode, to the Designated
Intermediary. Further Designated Intermediary may provide the electronic mode of collecting either through
an internet enabled collecting and banking facility or such other secured, electronically enabled mechanism
for applying and blocking funds in the ASBA Account.
7. Except for applications by or on behalf of the Central or State Government and the officials appointed by
the courts and by investors residing in the State of Sikkim, the Applicants, or in the case of an application
in joint names, the first Applicant (the first name under which the beneficiary account is held), should
mention his/her PAN allotted under the Income Tax Act. In accordance with the SEBI Regulations, the
PAN would be the sole identification number for participants transacting in the securities market,
irrespective of the amount of transaction. Any Application Form without PAN is liable to be rejected. The
demat accounts of Applicants for whom PAN details have not been verified, excluding persons resident in
the State of Sikkim or persons who may be exempted from specifying their PAN for transacting in the
securities market, shall be “suspended for credit” and no credit of Equity Shares pursuant to the Issue will
be made into the accounts of such Applicants.
8. The Applicants may note that in case the PAN, the DP ID and Client ID mentioned in the Application Form
and entered into the electronic collecting system of the Stock Exchange by the Bankers to the Issue or the
SCSBs do not match with PAN, the DP ID and Client ID available in the Depository database, the
Application Form is liable to be rejected.
METHOD AND PROCESS OF APPLICATIONS
1. Applicants are required to submit their applications only through any of the following Designated
Intermediary:
i. an SCSB, with whom the bank account to be blocked, is maintained
ii. a stock broker registered with a recognised stock exchange (and whose name is mentioned on the website
of the stock exchange as eligible for this activity) (‘broker’)

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 iii. a depository participant (‘DP’) (whose name is mentioned on the website of the stock exchange as eligible
for this activity)
iv. a registrar to an issue and share transfer agent (‘RTA’) (whose name is mentioned on the website of the
stock exchange as eligible for this activity)
The Issue Period shall be for a minimum of three Working Days and shall not exceed ten Working Days. The
Issue Period may be extended, if required, by an additional three Working Days, subject to the total Issue Period
not exceeding ten Working Days.
The Intermediaries shall accept applications from all Applicants and they shall have the right to vet the
applications during the Issue Period in accordance with the terms of the Prospectus.
The Applicant cannot apply on another Application Form after one Application Form has been submitted to
Designated Intermediary. Submission of a second Application Form to either the same or to another Designated
Intermediary will be treated as multiple applications and is liable to be rejected either before entering the
application into the electronic collecting system, or at any point of time prior to the allocation or Allotment of
Equity Shares in this Issue.
2. The intermediaries shall, at the time of receipt of an application, give an acknowledgement to investor, by
giving the counter foil or specifying the application number to the investor, as a proof of having accepted
the application form, in physical or electronic mode, respectively.
3. The upload of the details in the electronic system of stock exchange and post that blocking of funds will be
done by as given below

For applications submitted After accepting the form, SCSB shall capture and upload the relevant
by investors to SCSB: details in the electronic system as specified by the stock exchange(s) and
may begin blocking funds available in the bank account specified in the
form, to the extent of the application money specified.
For applications submitted After accepting the application form, respective intermediary shall capture
by investors other than retail and upload the relevant details in the electronic bidding system of stock
individual investors to exchange. Post uploading, they shall forward a schedule as per prescribed
intermediaries other than format along with the application forms to designated branches of the
SCSBs without use of UPI respective SCSBs for blocking of funds within one day of closure of Issue.
for payment
For applications submitted After accepting the application form, respective intermediary shall capture
by retail individual investors and upload the relevant details, including UPI ID, in the electronic system
to intermediaries other than of stock exchange(s).
SCSBs with use of UPI for Stock Exchange shall share application details including the UPI ID with
payment: Sponsor Bank on a continuous basis, to enable Sponsor Bank to initiate
mandate request on investors for blocking of funds. Sponsor Bank shall
initiate request for blocking of funds through NPCI to investor. Investor to
accept mandate request for blocking of funds, on his / her mobile
application, associated with UPI ID linked bank account.

4. Upon receipt of the Application Form directly or through other intermediary, submitted whether in physical
or electronic mode, the Designated Branch of the SCSB shall verify if sufficient funds equal to the
Application Amount are available in the ASBA Account, as mentioned in the Application Form, and If
sufficient funds are not available in the ASBA Account the application will be rejected.
5. The Applicant cannot make an application through another Application Form after Applications through one
Application Form have been submitted to a LM or the SCSBs. Submission of a second Application Form to
either the same or to another LM or SCSB will be treated as multiple Application and is liable to be rejected
either before entering the Application into the electronic bidding system, or at any point of time prior to the
allocation or Allotment of Equity Shares in this Issue. However, the Applicant can revise the Application
through the Revision Form.

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6. The Lead Manager/the SCSBs will enter each Application option into the electronic bidding system as a
separate Application and generate a Transaction Registration Slip, (“TRS”), for each price and demand
option and give the same to the Applicant. Therefore, an Applicant can receive up to three TRSs for each
Application Form.
TERMS OF PAYMENT
Terms of Payment
The entire Issue price of Rs. 51 /- per share is payable on application. In case of allotment of lesser number of
Equity Shares than the number applied The Registrar to the Issue shall instruct the SCSBs to unblock the excess
amount blocked.
SCSBs will transfer the amount as per the instruction received by the Registrar to the Public Issue Bank Account
post finalisation of Basis of Allotment. The balance amount after transfer to the Public Issue Account shall be
unblocked by the SCSBs.
The Applicants should note that the arrangement with Banker to the Issue or the Registrar is not prescribed by
SEBI and has been established as an arrangement between our Company, the Banker to the Issue and the
Registrar to the Issue to facilitate collections from the Applicants.
Payment mechanism for Applicants
The Applicants shall specify the bank account number in the Application Form and the SCSBs shall block an
amount equivalent to the Application Amount in the bank account specified in the Application Form. The SCSB
shall keep the Application Amount in the relevant bank account blocked until withdrawal / rejection of the
application or receipt of instructions from the Registrar to unblock the Application Amount. However, Non-
Retail Applicants shall neither withdraw nor lower the size of their applications at any stage. In the event of
withdrawal or rejection of the Application Form or for unsuccessful Application Forms, the Registrar to the
Issue shall give instructions to the SCSBs to unblock the application money in the relevant bank account within
one day of receipt of such instruction. The Application Amount shall remain blocked in the ASBA Account
until finalisation of the Basis of Allotment in the Issue and consequent transfer of the Application Amount to
the Public Issue Account, or until withdrawal / failure of the Issue or until rejection of the application by the
ASBA Applicant, as the case may be.
Please note that pursuant to the applicability of the directions issued by SEBI vide its circular bearing number
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015, all Investors are applying in this Issue shall
mandatorily make use of ASBA facility.
NUMBER OF APPLICATIONS PER BANK ACCOUNT
An investor making application using any of channels under UPI Payments Mechanism, shall use only his / her
own bank account or only his / her own bank account linked UPI ID to make an application in public issues.
Applications made using third party bank account or using third party linked bank account UPI ID are liable for
rejection. Sponsor Bank shall provide the investors UPI linked bank account details to RTA for purpose of
reconciliation. RTA shall undertake technical rejection of all applications to reject applications made using third
party bank account.
ELECTRONIC REGISTRATION OF APPLICATIONS
(a) The Designated Intermediary may register the Applications using the on-line facilities of the Stock
Exchange.
(b) The Designated Intermediary will undertake modification of selected fields in the application details already
uploaded before 1.00 p.m. of the next Working day from the Issue Closing Date.
(c) The Designated Intermediary shall be responsible for any acts, mistakes or errors or omission and
commissions in relation to, (i) the applications accepted by them, (ii) the applications uploaded by them,
(iii) the applications accepted but not uploaded by them or (iv) In case the applications accepted and
uploaded by any Designated Intermediary other than SCSBs, the Application form along with relevant
schedules shall be sent to the SCSBs or the Designated Branch of the relevant SCSBs for blocking of funds
and they will be responsible for blocking the necessary amounts in the ASBA Accounts. In case of

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 Application accepted and Uploaded by SCSBs, the SCSBs or the Designated Branch of the relevant SCSBs
will be re will be responsible for blocking the necessary amounts in the ASBA Accounts (v) Application
accepted and uploaded but not sent to SCSBs for blocking of funds.
(d) Neither the Lead Manager nor our Company, shall be responsible for any acts, mistakes or errors or
omission and commissions in relation to, (i) the applications accepted by any Designated Intermediary, (ii)
the applications uploaded by any Designated Intermediary or (iii) the applications accepted but not uploaded
by the Designated Intermediary.
(e) The Stock Exchange will offer an electronic facility for registering applications for the Issue. This facility
will be available at the terminals of the Designated Intermediary and their authorized agents during the Issue
Period. The Designated Branches or the Agents of the Designated Intermediary can also set up facilities for
off-line electronic registration of applications subject to the condition that they will subsequently upload
the off-line data file into the online facilities on a regular basis. On the Issue Closing Date, the Designated
Intermediary shall upload the applications till such time as may be permitted by the Stock Exchange. This
information will be available with the Lead Manager on a regular basis.
(f) With respect to applications by Applicants, at the time of registering such applications, the Designated
Intermediary shall enter the following information pertaining to the Applicants into in the on-line system:
 Name of the Applicant;
 IPO Name;
 Application Form number;
 Investor Category;
 PAN (of First Applicant, if more than one Applicant);
 DP ID of the demat account of the Applicant;
 UPI ID (in case of Retail Institutional Investor)
 Client Identification Number of the demat account of the Applicant;
 Numbers of Equity Shares Applied for;
 Bank account number.
(g) In case of submission of the Application by an Applicant through the Electronic Mode, the Applicant shall
complete the above-mentioned details and mention the bank account number, except the Electronic
Application Form number which shall be system generated.
(h) The aforesaid intermediaries shall, at the time of receipt of application, give an acknowledgement to
investor, by giving the counter foil or specifying the application number to the investor, as a proof of having
accepted the application form, in physical or electronic mode, respectively. The registration of the
Application by the Designated Intermediary does not guarantee that the Equity Shares shall be allocated /
allotted either by our Company.
(i) Such acknowledgment will be non-negotiable and by itself will not create any obligation of any kind.
(j) In case of Non-Retail Applicants and Retail Individual Applicants, applications would not be rejected except
on the technical grounds as mentioned in the Draft Prospectus. The Designated Intermediary shall have no
right to reject applications, except on technical grounds.
(k) The permission given by the Stock Exchange to use their network and software of the Online IPO system
should not in any way be deemed or construed to mean that the compliance with various statutory and other
requirements by our Company and/or the Lead Manager are cleared or approved by the Stock Exchanges;
nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the
compliance with the statutory and other requirements nor does it take any responsibility for the financial or
other soundness of our Company, our Promoter, our management or any scheme or project of our Company;
nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents

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 of this Draft Prospectus; nor does it warrant that the Equity Shares will be listed or will continue to be listed
on the Stock Exchange.
(l) The Designated Intermediary will be given time till 1.00 P.M on the next working day after the Issue Closing
Date to verify the PAN No, UPI ID, DP ID and Client ID uploaded in the online IPO system during the
Issue Period, after which the Registrar to the Issue will receive this data from the Stock Exchange and will
validate the electronic application details with Depository’s records. In case no corresponding record is
available with Depositories, which matches the four parameters, namely DP ID, UPI ID, Client ID and
PAN, then such applications are liable to be rejected.
(m) The details uploaded in the online IPO system shall be considered as final and Allotment will be based on
such details for ASBA applications.
ALLOCATION OF EQUITY SHARES
1. The Issue is being made through the Fixed Price Process wherein 2,12,000 Equity Shares shall be reserved
for Market Maker and 20,10,000 Equity Shares will be allocated on a proportionate basis to Retail Individual
Applicants, subject to valid applications being received from Retail Individual Applicants at the Issue Price.
The balance of the Net Issue will be available for allocation on a proportionate basis to Non-Retail
Applicants.
2. Under-subscription, if any, in any category, would be allowed to be met with spill-over from any other
category or combination of categories at the discretion of our Company in consultation with the Lead
Manager and the Stock Exchange.
3. Allocation to Non-Residents, including Eligible NRIs, Eligible OFIs, FIIs and FVCIs registered with SEBI,
applying on repatriation basis will be subject to applicable law, rules, regulations, guidelines and approvals.
4. In terms of the SEBI Regulations, Non-Retail Applicants shall not be allowed to either withdraw or lower
the size of their applications at any stage.
5. Allotment status details shall be available on the website of the Registrar to the Issue.
WITHDRAWAL OF APPLICATIONS
(a) RIIs can withdraw their Applications until Application/ Issue Closing Date. In case a RII wishes to withdraw
the Application during the Application/ Issue Period, the same can be done by submitting a request for the
same to the concerned Designated Intermediary who shall do the requisite, including unblocking of the
funds by the SCSB or Sponsor Bank in the ASBA Account.
(b) The Registrar to the Issue shall give instruction to the SCSB for unblocking the ASBA Account on the
Designated Date. QIBs and NIIs can neither withdraw nor lower the size of their Applications at any stage.
SIGNING OF UNDERWRITING AGREEMENT AND FILING OF PROSPECTUS WITH ROC
a) Our Company has entered into an Underwriting agreement dated October 17, 2019.
b) A copy of the Prospectus will be registered with the RoC in terms of Section 26 of the Companies Act.
PRE- ISSUE ADVERTISEMENT
Subject to Section 30 of the Companies Act, 2013, our Company shall, after registering the Prospectus with the
RoC, publish a pre-Issue advertisement, in the form prescribed by the SEBI Regulations, in: (i) English National
daily Newspaper; (ii) Hindi National daily Newspaper; and (iii) Regional Newspaper, each with wide circulation
at the place where the Registered Office of the Company is situated. In the pre-Issue advertisement, we shall
state the Application Opening Date and the Application Closing Date and the price along with the necessary
details subject to Regulation 250 of the SEBI ICDR Regulations. This advertisement, subject to the provisions
of Section 30 of the Companies Act, 2013, shall be in the format prescribed in Part A of Schedule X of the SEBI
Regulations.
GENERAL INSTRUCTIONS
Do’s:
 Check if you are eligible to apply;

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 Read all the instructions carefully and complete the applicable Application Form;
 Ensure that the details about Depository Participant and Beneficiary Account are correct as Allotment of
Equity Shares will be in the dematerialized form only;
 Ensure that your Application Form bearing the stamp of a Designated Intermediary is submitted to the
Designated Intermediary at the Application Centres;
 If the first applicant is not the account holder, ensure that the Application Form is signed by the account
holder. Ensure that you have mentioned the correct bank account number in the
 Application Form;
 Each of the Applicants should mention their Permanent Account Number (PAN) allotted under the Income
Tax Act, 1961;
 Ensure that the demographic details are updated, true and correct in all respects;
 Ensure that the name(s) given in the Application Form is exactly the same as the name(s) in which the
beneficiary account is held with the Depository Participant. Ensure that the category and the investor status
is indicated;
 Ensure that in case of Application under power of attorney or by limited companies, corporates, trust etc.,
relevant documents are submitted;
 Ensure that Applications submitted by any person outside India should be in compliance with applicable
foreign and Indian laws;
 Ensure that you have funds equal to the Application Amount in your bank account maintained with the
SCSB before submitting the Application Form to the respective Designated Branch of the SCSB;
 Ensure that you have mentioned the correct ASBA Account number or UPI ID(as applicable in Retail
Institutional Investors) in the Application Form;
 Ensure that you have requested for and receive an acknowledgement;
 All applicants should submit their applications through the ASBA process only.
 The Application Form is liable to be rejected if the above instructions, as applicable, are not complied with.
Don’ts:
 Do not apply for lower than the minimum Application size;
 Do not apply at a Price Different from the Price mentioned herein or in the Application Form
 Do not apply on another Application Form after you have submitted an Application to the Banker to of the
Issue.
 Do not pay the Application Price in cash, cheque, by money order or by postal order or by stock invest;
 Do not submit the Application Forms to any non-SCSB bank or our Company;
 Do not send Application Forms by post; instead submit the same to the Designated Intermediary. Do not
fill in the Application Form such that the Equity Shares applied for exceeds the Issue Size and/ or
investment limit or maximum number of Equity Shares that can be held under the applicable laws or
regulations or maximum amount permissible under the applicable regulations;
 Do not submit the GIR number instead of the PAN as the Application is liable to be rejected on this ground.
 Do not submit the Application without ensuring that funds equivalent to the entire Application Amount
are blocked in the relevant ASBA Account;
 Do not submit an Application by using details of the third party’s bank account or UPI ID which is linked
with bank account of the third party. Kindly note that Applications made using third party bank account or
using third party linked bank account UPI ID are liable for rejection.

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 Do not submit incorrect details of the DP ID, beneficiary account number and PAN or provide details for
a beneficiary account which is suspended or for which details cannot be verified by the Registrar to the
Issue
 Do not submit Applications on plain paper or incomplete or illegible Application Forms in a colour
prescribed for another category of Applicant
 Do not submit more than one Application Forms per ASBA Account.
 Do not make Applications if you are not competent to contract under the Indian Contract Act, 1872, as
amended.
COMMUNICATIONS
All future communications in connection with Applications made in this Issue should be addressed to the
Registrar quoting the full name of the sole or First Applicant, Application Form number, Applicants Depository
Account Details, number of Equity Shares applied for, date of Application Form, name and address of the
Application Collecting Intermediary where the Application was submitted thereof and a copy of the
acknowledgement slip.
Investors can contact the Compliance Officer or the Registrar in case of any pre Issue or post Issue related
problems such as non-receipt of letters of allotment, credit of allotted shares in the respective beneficiary
accounts, etc.
INSTRUCTION FOR COMPLETING THE APPLICATION FORM
In addition to the instructions for completing the Application Form provided in the General Information
Document, Applicants are requested to note the additional instructions provided below:
1. Thumb impressions and signatures other than in the languages specified in the Eighth Schedule in the
Constitution of India must be attested by a Magistrate or a Notary Public or a Special Executive
Magistrate under official seal. Applications must be in single name or in joint names (not more than three,
and in the same order as their Depository Participant details).
2. ASBA Applications must be made in a single name or in joint names (not more than three, and in
the same order as their details appear with the Depository Participant), and completed in full, in
BLOCK LETTERS in ENGLISH and in accordance with the instructions contained in the Prospectus
and in the ASBA Form.
3. Applications on a repatriation basis shall be in the names of individuals, or in the name of Eligible NRIs,
FPIs but not in the names of minors, OCBs, firms or partnerships, foreign nationals (excluding
NRIs) or their nominees. Applications by Eligible NRIs for an Application Amount of up to Rs. 200,000
would be considered under the Retail Portion for the purposes of allocation and Applications for an
Application Amount of more than Rs. 200,000 would be considered under Non-Institutional Portion for
the purposes of allocation.
Applicant's Depository Account and Bank Details
Please note that, providing bank account details, PAN, Client ID and DP ID in the space provided in the
application form is mandatory and applications that do not contain such details are liable to be rejected.
Applicants should note that on the basis of name of the Applicants, Depository Participant's name, Depository
Participant Identification number and Beneficiary Account Number provided by them in the Application Form
as entered into the Stock Exchange online system, the Registrar to the Issue will obtain from the Depository the
demographic details including address, Applicants bank account details, MICR code and occupation (hereinafter
referred to as 'Demographic Details'). These Demographic Details would be used for all correspondence with
the Applicants including mailing of the Allotment Advice. The Demographic Details given by Applicants in the
Application Form would not be used for any other purpose by the Registrar to the Issue.
By signing the Application Form, the Applicant would be deemed to have authorized the depositories to provide,
upon request, to the Registrar to the Issue, the required Demographic Details as available on its records.

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DISPOSAL OF APPLICATIONS AND APPLICATION MONEYS AND INTEREST IN CASE OF
DELAY
The Company shall ensure the dispatch of Allotment advice, and give benefit to the beneficiary account with
Depository Participants and submit the documents pertaining to the Allotment to the Stock Exchange within
two working days of date of Allotment of Equity Shares.
The Company shall use best efforts to ensure that all steps for completion of the necessary formalities for listing
and commencement of trading at EMERGE Platform of NSE where the Equity Shares are proposed to be listed
are taken within 6 working days from Issue Closing Date.
In accordance with the Companies Act, the requirements of the Stock Exchange and the SEBI Regulations, the
Company further undertakes that:
1. Allotment and Listing of Equity Shares shall be made within 4 (four) and 6 (Six) days respectively of the
Issue Closing Date;
2. The Company will provide adequate funds required for dispatch of Allotment Advice to the Registrar to the
Issue.
IMPERSONATION
Attention of the Applicants is specifically drawn to the provisions of sub-section (1) of Section 38 of the
Companies Act, 2013 which is reproduced below:
“Any person who—
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for,
its securities; or
(b) makes or abets making of multiple applications to a company in different names or in different
combinations of his name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or
to any other person in a fictitious name,
shall be liable for action under Section 447.”
EQUITY SHARES IN DEMATERIALISED FORM WITH NSDL OR CDSL
To enable all shareholders of the Company to have their shareholding in electronic form, the Company is in the
process of signing the following tripartite agreements with the Depositories and the Registrar and Share Transfer
Agent:
(a) Agreement dated September 27, 2019 among NDSL, the Company and the Registrar to the Issue; and
(b) Agreement dated September 27, 2019 among CDSL, the Company and the Registrar to the Issue;
(c) The Company’s shares bear ISIN No: INE0APB01016
NAMES OF ENTITIES RESPONSIBLE FOR FINALIZING THE BASIS OF ALLOTMENT IN A
FAIR AND PROPER MANNER
The authorised employees of the Stock Exchange, along with the Lead Manager and the Registrar, shall ensure
that the basis of allotment is finalised in a fair and proper manner in accordance with the procedure specified in
SEBI ICDR Regulations.
METHOD OF ALLOTMENT AS PRESCRIBED BY SEBI FROM TIME TO TIME
Our Company will not make any allotment in excess of the Equity Shares through the Offer Document except
in case of oversubscription for the purpose of rounding off to make allotment, in consultation with the
Designated Stock Exchange. Further, upon oversubscription, an allotment of not more than one percent of the
Net Issue may be made for the purpose of making allotment in minimum lots.
The allotment of Equity Shares to applicants other than to the Retail Individual Applicants, Eligible Employees
and Market Maker shall be on a proportionate basis within the respective investor categories and the number

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of securities allotted shall be rounded off to the nearest integer, subject to minimum allotment being equal to
the minimum application size as determined and disclosed.
The allotment of Equity Shares to each Retail Individual Applicants shall not be less than the minimum
Application lot, subject to the availability of shares in Retail Individual Portion, and the remaining available
shares, if any, shall be allotted on a proportionate basis.
PROCEDURE AND TIME OF SCHEDULE FOR ALLOTMENT AND DEMAT CREDIT
Upon approval of the Basis of Allotment by the Designated Stock Exchange, the Registrar shall upload the same
on its website. On the basis of the approved Basis of Allotment, the Issuer shall pass necessary corporate action
to facilitate the Allotment and credit of Equity Shares. Applicants are advised to instruct their Depository
Participant to accept the Equity Shares that may be allotted to them pursuant to the Issue.
Pursuant to confirmation of such corporate actions, the Registrar will dispatch Allotment Advice to the
Applicants who have been Allotted Equity Shares in the Issue.
(a) The dispatch of Allotment Advice shall be deemed a valid, binding and irrevocable contract.
(b) Issuer will ensure that: (i) the Allotment of Equity Shares; and (ii) initiate corporate action for credit of
shares to the successful Applicants Depository Account which will be completed within 4 Working Days of the
Issue Closing Date. The Issuer also ensures the credit of shares to the successful Applicant depository account
is completed within one Working Day from the date of Allotment, after the funds are transferred from the Public
Issue Account on the Designated Date.
BASIS OF ALLOTMENT
a. For Retail Individual Applicants
Applications received from the Retail Individual Applicants at or above the Issue Price shall be grouped together
to determine the total demand under this category. The Allotment to all the successful Retail Individual
Applicants will be made at the Issue Price.
The Net Issue size less Allotment to Non-Institutional Investors shall be available for Allotment to Retail
Individual Applicants, who have Application in the Issue at a price that is equal to or greater than the Issue
Price. If the aggregate demand in this category is less than or equal to 20,10,000 Equity Shares at or above the
Issue Price, full Allotment shall be made to the Retail Individual Applicants to the extent of their valid
Applications.
If the aggregate demand in this category is greater than 20,10,000 Equity Shares at or above the Issue Price, the
Allotment shall be made on a proportionate basis up to a minimum of 20,10,000 Equity Shares and in multiples
of 2,000 Equity Shares thereafter. For the method of proportionate Basis of Allotment, refer below.
b. For Non-Institutional Applicants
Applications received from Non-Institutional Applicants at or above the Issue Price shall be grouped together
to determine the total demand under this category. The Allotment to all successful Non- Institutional Applicants
will be made at the Issue Price.
The Net Issue size less Allotment to Retail Investors shall be available for Allotment to Non- Institutional
Applicants who have Application in the Issue at a price that is equal to or greater than the Issue Price. If the
aggregate demand in this category is less than or equal to 20,08,000 Equity Shares at or above the Issue Price,
full Allotment shall be made to Non-Institutional Applicants to the extent of their demand.
In case the aggregate demand in this category is greater than 20,08,000 Equity Shares at or above the Issue
Price, Allotment shall be made on a proportionate basis up to a minimum of 20,08,000 Equity Shares and in
multiples of 2,000 Equity Shares thereafter. For the method of proportionate Basis of Allotment refer below.
DESIGNATED DATE AND ALLOTMENT OF EQUITY SHARES
(a) Designated Date: On the Designated Date, the Registrar to the Issue shall instruct the SCSBs or Sponsor
Bank to unblock funds represented by allocation of Equity Shares from ASBA Accounts into the Public
Issue Account.

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(b) Issuance of Allotment Advice: Upon approval of the Basis of Allotment by the Designated Stock
Exchange, the Registrar shall upload the same on its website. On the basis of the approved Basis of
Allotment, the Issuer shall pass necessary corporate action to facilitate the Allotment and credit of Equity
Shares. Applicants are advised to instruct their Depository Participant to accept the Equity Shares
that may be allotted to them pursuant to the Issue.
Pursuant to confirmation of such corporate actions, the Registrar will dispatch Allotment Advice to the
Applicants who have been Allotted Equity Shares in the Issue.
(c) The dispatch of Allotment Advice shall be deemed a valid, binding and irrevocable contract.
(d) Issuer will ensure that: (i) the Allotment of Equity Shares; and (ii) initiate corporate action for credit of
shares to the successful Applicants Depository Account will be completed within 4 Working Days of the
Issue Closing Date. The Issuer also ensures the credit of shares to the successful Applicant’s depository
account is completed within one Working Day from the date of Allotment, after the funds are transferred
from the Public Issue Account on the Designated Date.
UNDERTAKINGS BY THE COMPANY
Our Company undertake as follows:
1. That the complaints received in respect of the Issue shall be attended expeditiously and satisfactorily;
2. That all steps will be taken for the completion of the necessary formalities for listing and commencement
of trading on Stock Exchange. Where the Equity Shares are proposed to be listed within six working days
from Issue Closure date.
3. That the funds required for making refunds as per the modes disclosed or dispatch of allotment advice by
registered post or speed post shall be made available to the Registrar and Share Transfer Agent to the Issue
by our Company;
4. Where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable
communication shall be sent to the applicant within six Working Days from the Issue Closing Date, giving
details of the bank where refunds shall be credited along with amount and expected date of electronic credit
of refund;
5. That our Promoter‘s contribution in full has already been brought in;
6. That no further Issue of Equity Shares shall be made till the Equity Shares Offered through the Prospectus
are listed or until the Application monies are refunded on account of non-listing, under-subscription etc.;
7. That adequate arrangement shall be made to collect all Applications Supported by Blocked Amount while
finalizing the Basis of Allotment;
8. If our Company does not proceed with the Issue after the Application/Issue Opening Date but before
allotment, then the reason thereof shall be given as a public notice to be issued by our Company within days
of the Application /Issue Closing Date. The public notice shall be issued in the same newspapers where the
Pre-Issue advertisements were published. The stock exchange on which the Equity Shares are proposed to
be listed shall also be informed promptly;
9. If our Company withdraws the Issue after the Application /Issue Closing Date, our Company shall be
required to file a fresh Draft Prospectus with the Stock exchange/RoC/SEBI, in the event our Company
subsequently decides to proceed with the Issue;
10. If allotment is not made within the prescribed time period under applicable law, the entire subscription
amount received will be refunded/unblocked within the time prescribed under applicable law. If there is
delay beyond the prescribed time, our Company shall pay interest prescribed under the Companies Act,
2013, the SEBI Regulations and applicable law for the delayed period.
UTILIZATION OF THE ISSUE PROCEEDS
The Board of Directors of our Company certifies that:
1. All monies received out of the Issue shall be transferred to a separate Bank Account other than the bank

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 account referred to in Sub-Section (3) of Section 40 of the Companies Act, 2013;
2. Details of all monies utilized out of the Issue referred above shall be disclosed and continue to be disclosed
till the time any part of the Issue Proceeds remains unutilised, under an appropriate separate head in the
balance sheet of our Company indicating the purpose for which such monies have been utilized;
3. Details of all unutilized monies out of the Issue, if any, shall be disclosed under an appropriate separate
head in the balance sheet of our Company indicating the form in which such unutilized monies have been
invested; and
4. Our Company shall comply with the requirements of the SEBI Listing Regulations in relation to the
disclosure and monitoring of the utilisation of the proceeds of the Issue.
5. Our Company shall not have recourse to the Issue Proceeds until the approval for listing and trading of the
Equity Shares from all the Stock Exchange where listing is sought has been received.
6. The Lead Manager undertakes that the complaints or comments received in respect of the Issue shall be
attended by our Company expeditiously and satisfactory.

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 RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of
India and Foreign Exchange Management Act, 1999 (“FEMA”). While the Industrial Policy, 1991 prescribes
the limits and the conditions subject to which foreign investment can be made in different sectors of the Indian
economy, FEMA regulates the precise manner in which such investment may be made. Under the Industrial
Policy, unless specifically restricted, foreign investment is freely permitted in all sectors of Indian economy up
to any extent and without any prior approvals, but the foreign investor is required to follow certain prescribed
procedures for making such investment. The government bodies responsible for granting foreign investment
approvals are the Reserve Bank of India (“RBI”) and Department for Promotion of Industry and Internal Trade,
Ministry of Commerce and Industry, Government of India (“DPIIT”).
The Government of India, from time to time, has made policy pronouncements on Foreign Direct Investment
(“FDI”) through press notes and press releases. DPIIT has issued consolidated FDI Policy Circular of
2017(“FDI Policy 2017”), which with effect from August 28, 2017, consolidates and supersedes all previous
press notes, press releases and clarifications on FDI Policy issued by the DPIIT that were in force. The
Government proposes to update the consolidated circular on FDI policy once every year and therefore, FDI
Policy 2017 will be valid until the DPIIT issues an updated circular.
The Reserve Bank of India (“RBI”) also issues Master Directions Foreign Investment in India and updates at
the same from time to time. Presently, FDI in India is being governed by Master Directions on Foreign
Investment No. RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18 dated January 4, 2018, as updated
from time to time by RBI. In terms of the Master Directions, an Indian company may issue fresh shares to
people resident outside India (who is eligible to make investments in India, for which eligibility criteria are as
prescribed). Such fresh issue of shares shall be subject to inter-alia, the pricing guidelines prescribed under the
Master Directions. The Indian company making such fresh issue of shares would be subject to the reporting
requirements, inter-alia with respect to consideration for issue of shares and also subject to making certain
filings.
Under the current FDI Policy of 2017, foreign direct investment in micro and small enterprises is subject to
sectoral caps, entry routes and other sectoral regulations. At present, our Company is in the business of
manufacturing and trading of castor de-oiled cake, castor oil, cotton seeds, castor derivatives, colour dyes etc,
and clearing and forwarding services of the same. These activities are covered in section 5.2.5 under the head
“Manufacturing” and section 5.2.15 under the head “trading” of the FDI Policy 2017 which allows 100% foreign
direct investment through automatic route subject to the provisions of FDI Policy
In case of investment in sectors through Government Route approval from competent authority as mentioned in
Chapter 4 of the FDI Policy 2017 has to be obtained by the company.
The transfer of shares between an Indian resident to a non-resident does not require the prior approval of the
RBI, subject to fulfilment of certain conditions as specified by DPIIT/RBI, from time to time. Such conditions
include: (i) where the transfer of shares requires the prior approval of the Government as per the extant FDI
policy provided that: a) the requisite approval of the Government has been obtained, and b) the transfer of shares
adheres with the pricing guidelines and documentation requirements as specified by the Reserve Bank of India
from time to time.; (ii) where the transfer of shares attract SEBI (SAST) Regulations subject to the adherence
to the pricing guidelines and documentation requirements as specified by Reserve Bank of India from time to
time.; (iii)where the transfer of shares does not meet the pricing guidelines under the FEMA, 1999 provided
that: a) The resultant FDI is in compliance with the extant FDI policy and FEMA regulations in terms of sectoral
caps, conditionalities (such as minimum capitalization, etc.), reporting requirements, documentation etc.; b) The
pricing for the transaction is compliant with the specific/explicit, extant and relevant SEBI
regulations/guidelines (such as IPO, Book building, block deals, delisting, exit, open offer/substantial
acquisition/SEBI SAST); and Chartered Accountants Certificate to the effect that compliance with the relevant
SEBI regulations/guidelines as indicated above is attached to the form FC-TRS to be filed with the AD bank
and iv) where the investee company is in the financial sector provided that: a) Any ‘fit and proper/due diligence’
requirements as regards the non-resident investor as stipulated by the respective financial sector regulator, from
time to time, have been complied with; and b) The FDI policy and FEMA regulations in terms of sectoral caps,
conditionalities (such as minimum capitalization, pricing, etc.), reporting requirements, documentation etc., are

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complied with. As per the existing policy of the Government of India, OCBs cannot participate in this Issue and
in accordance with the extant FDI guidelines on sectoral caps, pricing guidelines etc. as amended by Reserve
bank of India, from time to time. Investors are advised to confirm their eligibility under the relevant laws before
investing and / or subsequent purchase or sale transaction in the Equity Shares of our Company investors will
not offer, sell, pledge or transfer the Equity Shares of our Company to any person who is not eligible under
applicable laws, rules, regulations, guidelines. Our Company, the Underwriters and their respective directors,
officers, agents, affiliates and representatives, as applicable, accept no responsibility or liability for advising
any investor on whether such investor is eligible to acquire Equity Shares of our Company.
Investment conditions/restrictions for overseas entities
Under the current FDI Policy 2017, the maximum amount of Investment (sectoral cap) by foreign investor in
an issuing entity is composite unless it is explicitly provided otherwise including all types of foreign
investments, direct and indirect, regardless of whether it has been made for FDI, FPI, NRI/OCI, LLPs, FVCI,
Investment Vehicles and DRs under Schedule 1, 2, 3, 6, 7, 8, 9, and 11 of FEMA (Transfer or Issue of Security
by Persons Resident outside India) Regulations, 2017. Any equity holding by a person resident outside India
resulting from the conversion of any debt instrument under any arrangement shall be reckoned as a foreign
investment under the composite cap.
Portfolio Investment to aggregate foreign investment level of 49% or sectoral/statutory cap, whichever is lower,
will not be subject to either Government approval or compliance of sectoral conditions, if such investment does
not result in the transfer of ownership and/or control of Indian entities from resident Indian citizens to non-
resident entities. Other foreign investments will be subject to conditions of Government approval and
compliance with sectoral conditions as per FDI Policy. The total foreign investment, direct and indirect, in the
issuing entity, will not exceed the sectoral/statutory cap.
Subject to the provisions of the FDI policy, foreign investment in ‘manufacturing’ sector is under the automatic
route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or
retail, including through e-commerce, without Government approval.
i. Investment by FPIs under Portfolio Investment Scheme (PIS):
With regards to purchase/sale of capital instruments of an Indian company by an FPI under PIS the total
holding by each FPI or an investor group as referred in SEBI (FPI) Regulations, 2014 shall not exceed
10 % of the total paid-up equity capital on a fully diluted basis or less than 10% of the paid-up value of
each series of debentures or preference shares or share warrants issued by an Indian company and the
total holdings of all FPIs put together shall not exceed 24 % of paid-up equity capital on fully diluted
basis or paid-up value of each series of debentures or preference shares or share warrants. The said limit
of 10 percent and 24 percent will be called the individual and aggregate limit, respectively. However,
this limit of 24 % may be increased up to sectoral cap/statutory ceiling, as applicable, by the Indian
company concerned by passing a resolution by its Board of Directors followed by passing of a special
resolution to that effect by its general body.
ii. Investment by NRI or OCI on repatriation basis:
The purchase/sale of equity shares, debentures, preference shares and share warrants issued by an Indian
company (hereinafter referred to as “Capital Instruments”) of a listed Indian company on a recognised
stock exchange in India by Non-Resident Indian (NRI) or Overseas Citizen of India (OCI) on
repatriation basis is allowed subject to certain conditions under Schedule 3 of the FEMA (Transfer or
Issue of security by a person resident outside India) Regulations, 2017 that is:
The total holding by any individual NRI or OCI shall not exceed 5 percent of the total paid-up
equity capital on a fully diluted basis or should not exceed 5 percent of the paid-up value of
each series of debentures or preference shares or share warrants issued by an Indian company
and the total holdings of all NRIs and OCIs put together shall not exceed 10 percent of the total
paid-up equity capital on a fully diluted basis or shall not exceed 10 percent of the paid-up value
of each series of debentures or preference shares or share warrants; provided that the aggregate
ceiling of 10 percent may be raised to 24 percent if a special resolution to that effect is passed
by the general body of the Indian company.

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iii. Investment by NRI or OCI on non-repatriation basis
As per current FDI Policy 2017, schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident
outside India) Regulations – Purchase/ sale of Capital Instruments or convertible notes or units or
contribution to the capital of an LLP by a NRI or OCI on non-repatriation basis – will be deemed to be
domestic investment at par with the investment made by residents. This is further subject to remittance
channel restrictions.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as
amended (“US Securities Act”) or any other state securities laws in the United States of America and may
not be sold or offered within the United States of America, or to, or for the account or benefit of “US
Persons” as defined in Regulation S of the U.S. Securities Act, except pursuant to exemption from, or in
a transaction not subject to, the registration requirements of US Securities Act and applicable state
securities laws.
Accordingly, the equity shares are being offered and sold only outside the United States of America in an
offshore transaction in reliance upon Regulation S under the US Securities Act and the applicable laws
of the jurisdiction where those offers and sale occur.
Further, no offer to the public (as defined under Directive 20003/71/EC, together with any amendments)
and implementing measures thereto, (the “Prospectus Directive”) has been or will be made in respect of
the Issue in any member State of the European Economic Area which has implemented the Prospectus
Directive except for any such offer made under exemptions available under the Prospectus Directive,
provided that no such offer shall result in a requirement to publish or supplement a prospectus pursuant
to the Prospectus Directive, in respect of the Issue.
Any forwarding, distribution or reproduction of this document in whole or in part may be unauthorised.
Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws
of other jurisdictions. Any investment decision should be made on the basis of the final terms and
conditions and the information contained in this Draft Prospectus.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction
outside India and may not be offered or sold, and Application may not be made by persons in any such
jurisdiction, except in compliance with the applicable laws of such jurisdiction.
The above information is given for the benefit of the Applicants. Our Company and the Lead Manager are not
liable for any amendments or modification or changes in applicable laws or regulations, which may occur after
the date of this Draft Prospectus. Applicants are advised to make their independent investigations and ensure
that the Applications are not in violation of laws or regulations applicable to them and do not exceed the
applicable limits under the laws and regulations.

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 SECTION IX - MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION

THE COMPANIES ACT, 2013

(COMPANY LIMITED BY SHARES)
ARTICLES OF ASSOCIATION
OF
MANGALAM GLOBAL ENTERPRISE LIMITED
Interpretation
1. In these Articles—
(a) “Act” means the Companies Act, 2013 or any statutory modification or re-enactment thereof for the
time being in force and if the context so requires may also include the Companies Act, 1956.
(b) “Articles” means these articles of association of the Company or as altered from time to time.
(c) “Board of Directors” or “Board” means collective body of Directors of the Company,
(d) “Beneficial Owner” shall mean the beneficial owners defined in clause (a) of sub-section (I) of
section 2 of Depositories Act, 1996.
(e) “Company” means Mangalam Global Enterprise Limited or any other name as reflected on the latest
Certificate of Incorporation issued by the Registrar of Companies.
(f) “Depositories Act” means the Depositories Act, 1996 and includes any statutory modification(s) or
re-enactment thereof for the time being in force.
(g) “Depository” means a Depository as defined under clause (e) of sub section (I) of section 2 of the
Depositories Act 1996.
(h) “Rules” means the applicable rules for the time being in force as prescribed under relevant sections
of the Act.
(i) “Seal” means the common seal to be kept by the Company, if so decided by the Board of Directors.
(j) “Secretary” means any person appointed to perform the duties which may be performed by a
secretary under the Act and any other purely ministerial or administrative duties and includes any
person appointed to perform the duties of a secretary temporarily.
(k) “The Office” means the Registered Office for the time being of the Company.
2. Words importing the singular number shall include the plural number and words importing the masculine
gender shall, where the context admits, include the feminine and neuter gender.
3. Unless the context otherwise requires, words or expressions contained in these regulations shall bear the
same meaning as in the Act and Rules made thereunder and any statutory modification thereof in force at
the date at which these regulations become binding on the company.
Table ‘F’ not to apply
4. The regulations contained in the Table marked ‘F’ in Schedule I to the Companies Act, 2013 shall not
apply to the Company, except in so far as the same are repeated, contained or expressly made applicable
in these Articles or by the said Act.
General Power
5. Wherever in the Companies Act, 2013 or Rules made thereunder, it has been provided that the Company
shall have any right, privilege or authority or that Company cannot carry out any transaction unless the
Company is so authorised by its Articles, then in that case, Articles hereby authorise and empower the
Company to have such rights, privileges or Authority and to carry out such transaction as have been
permitted by the Companies Act, 2013.
SHARE CAPITAL AND VARIATION OF RIGHTS
Amount of Capital

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6. The Authorised Share Capital of the Company shall be as per Paragraph V of the Memorandum of
Association of the Company, with such rights, privileges and conditions attaching thereto as may be
determined by the Company, with power to increase and reduce the capital of the company and to divide
the shares in the capital for the time being into several classes and to attach thereto respectively, subject
to the provisions of the Act, such preferential, deferred, qualified or special rights, privileges or conditions
as may be determined by or in accordance with the regulations of the Company and to vary, modify or
abrogate any such rights, privileges or conditions in such manner as may for the time being be provided
by the regulations of the Company.
Shares under control of Board
7. Subject to the provisions of the Act and these Articles, the shares in the capital of the company shall be
under the control of the Directors who may issue, allot or otherwise dispose of the same or any of them
to such persons, in such proportion and on such terms and conditions and either at a premium or at par
and at such time as they may from time to time think fit.
Directors may allot shares for consideration other than cash
8. The Board may issue and allot shares in the Capital of the company as payment or part payment for any
property sold or transferred, goods or machinery supplied or for service rendered to the Company in or
about the conduct of the company's business and shares to be allotted may be issued as fully paid up
shares and if so issued, shall be deemed to be fully paid up shares.
Kinds of Share Capital
9. The Company may issue the following kinds of shares in accordance with these Articles, the Act, the
Rules and other applicable laws:
(a) Equity Share Capital:
(i) with voting rights; and / or
(ii) with differential rights as to dividend, voting or otherwise in accordance with the Rules; and
(b) Preference Share Capital
Issue of Certificate
10. (i) Every person whose name is entered as a member in the register of members shall be entitled to receive
within two months after allotment or within one month after the application for the registration of transfer
or transmission or within such other period as the conditions of issue shall be provided,—
(a) one certificate for all his shares without payment of any charges; or
(b) several certificates, each for one or more of his shares, upon payment of such charges as may be fixed
by the Board for each certificate after the first.
Certificate to bear seal
(ii) Every certificate shall be under the seal, if any, and shall specify the shares to which it relates and the
amount paid-up thereon.
One certificate for shares held jointly
(iii) In respect of any share or shares held jointly by several persons, the company shall not be bound to
issue more than one certificate and delivery of a certificate for a share to one of several joint holders shall
be sufficient delivery to all such holders.
Issue of new certificate in place of one defaced, lost or destroyed
11. (i) If any share certificate be worn out, defaced, mutilated or torn or if there be no further space on the
back for endorsement of transfer, then upon production and surrender thereof to the company, a new
certificate may be issued in lieu thereof, and if any certificate is lost or destroyed then upon proof thereof
to the satisfaction of the company and on execution of such indemnity as the company deem adequate, a

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 new certificate in lieu thereof shall be given. Every certificate under this Article shall be issued on
payment of twenty rupees for each certificate.
Provisions as to issue of certificates to apply mutatis mutandis to debentures, etc.
(ii) Unless otherwise repugnant to the context, the provisions of this Articles of Association pertaining to
shares shall mutatis mutandis apply to debentures and other securities of the company.
Trust not to be recognized
12. Except as required by law, no person shall be recognized by the company as holding any share upon any
trust, and the company shall not be bound by or be compelled in any way to recognize (even when having
notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any
fractional part of a share or (except only as by these regulations or by law otherwise provided) any other
rights in respect of any share except an absolute right to the entirety thereof in the registered holder.
Option to receive share certificate or hold shares with depository
13. A person subscribing to shares offered by the Company shall have the option either to receive certificates
for such shares or hold the shares in a dematerialised state with a depository. Where a person opts to hold
any share with the depository, the Company shall intimate such depository the details of allotment of the
share to enable the depository to enter in its records the name of such person as the beneficial owner of
that share.
Power to pay Commission in connection with securities issued
14. (i) The company may exercise the powers of paying commissions conferred by the Act, provided that the
rate per cent or the amount of the commission paid or agreed to be paid shall be disclosed in the manner
required by that section and rules made there under.
Rate of commission in accordance with Rules
(ii) The rate or amount of the commission shall not exceed the rate or amount prescribed in rules made
under the relevant provisions of the Act.
Mode of payment of commission
(iii) The commission may be satisfied by the payment of cash or the allotment of fully or partly paid
shares or partly in the one way and partly in the other.
Brokerage
(iv) The Company may on any issue of securities pay such brokerage as may be reasonable and lawful.
Variation of Members’ rights
15. (i)If at any time the share capital is divided into different classes of shares, the rights attached to any class
(unless otherwise provided by the terms of issue of the shares of that class) may, subject to the provisions
of the Act, and whether or not the company is being wound up, be varied after complying with the requisite
procedures.
Provisions as to general meetings to apply mutatis mutandis to each meeting
(ii) To every such separate meeting, the provisions of these regulations relating to general meetings shall
mutatis mutandis apply, but so that the necessary quorum shall be at least two persons holding at least
one-third of the issued shares of the class in question.
Issue of further shares not to affect rights of existing members
16. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall
not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be
varied by the creation or issue of further shares ranking pari passu therewith.
Power to Issue Redeemable Preference Shares

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17. Subject to the provisions of the Act, the Board shall have the power to issue or re-issue preference shares
of one or more classes which are liable to be redeemed or converted to equity shares, on such terms and
conditions and in such manner as determined by the Board in accordance with the Act.
Further issue of Share Capital
18. (i) The Board or the Company, as the case may be, may, in accordance with the Act and the Rules, issue
further shares to –
(a) persons who, at the date of offer, are holders of equity shares of the Company; such offer shall be
deemed to include a right exercisable by the person concerned to renounce the shares offered to
him or any of them in favour of any other person; or
(b) employees under any scheme of employees' stock option; or
(c) any persons, whether or not those persons include the persons referred to in clause (a) or clause (b)
above.
Mode of further issue of Shares
(ii) A further issue of shares may be made in any manner whatsoever as the Board may determine
including by way of preferential offer or private placement, subject to and in accordance with the Act and
the Rules.
Issue of warrants or other instruments
19. Subject to the applicable statutory provisions, rules, regulations and guidelines and necessary approvals,
the Company shall have power to issue warrant or other instrument, whether independent or attached with
some other instrument or detachable and whether bearing any face value or not and with or without any
right or entitlement or option to subscribe to or exchange with the equity shares or any kind of securities
or not. The terms and conditions of such warrant or instrument may be decided by either under any
applicable statutory provisions, rules, regulations, guidelines or by a special resolution of the members of
the Company passed at a general meeting authorizing issue of such warrant or instrument or by the Board
of Directors of the Company.
Beneficial owner of shares will be absolute owner
20. Save as herein otherwise provided, the Company shall be entitled to treat the person whose name appears
as the beneficial owner of the shares in the record of Depository as the absolute owner thereof as regards
receipt of dividends or bonus or service of notices and all or any other matters connected with the
Company and accordingly the Company shall not (except as ordered by a court of competent jurisdiction
or as by law required) be bound to recognise any benami, trust, or equity or equitable, contingent or other
claim to or interest in such share(s) on the part of any other person(s), whether or not it shall have express
or implied notice thereof.
Dematerialization of Shares
21. Notwithstanding anything contained in these Articles, the Company shall be entitled in accordance with
the provisions of the Depositories Act, 1996, to dematerialise any or all of its shares, debentures and other
marketable securities and to offer the same for subscription in dematerialized form and on the same being
done, the Company shall further be entitled to maintain a Register of Members with the details of
Members holding shares both in material and dematerialized form in any media as permitted by law
including any form of electronic media, either In respect of the existing shares or any future issue.
LIEN
Company's lien on shares
22. (i) The company shall have a first and paramount lien—
(a) on every share (not being a fully paid share), for all monies (whether presently payable or not) called,
or payable at a fixed time, in respect of that share; and

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 (b) on all shares (not being fully paid shares) standing registered in the name of a single person, for all
monies presently payable by him or his estate to the company:
Provided that the Board of directors may at any time declare any share to be wholly or in part exempt
from the provisions of this clause.
Lien to extend to dividends, etc.
(ii) The company’s lien, if any, on a share shall extend to all dividends payable and bonuses declared from
time to time in respect of such shares.
Waiver of Lien in case of registration
(iii) Unless otherwise agreed by the Board, the registration of a transfer of shares shall operate as a waiver
of the Company's lien.
As to enforcing lien by sale
23. The company may sell, in such manner as the Board thinks fit, any shares on which the company has a
lien:
Provided that no sale shall be made—
(a) unless a sum in respect of which the lien exists is presently payable; or
(b)until the expiration of fourteen days after a notice in writing stating and demanding payment of such
part of the amount in respect of which the lien exists as is presently payable, has been given to the
registered holder for the time being of the share or the person entitled thereto by reason of his death
or insolvency.
Validity of Sale
24. (i) To give effect to any such sale, the Board may authorize some person to transfer the shares sold to the
purchaser thereof.
Purchaser to be registered holder
(ii)The purchaser shall be registered as the holder of the shares comprised in any such transfer.
Validity of Company's receipt
(iii) The receipt of the Company for the consideration (if any) given for the share on the sale thereof shall
(subject, if necessary, to execution of an instrument of transfer or a transfer by relevant system, as the
case may be) constitute a good title to the share and the purchaser shall be registered as the holder of the
share.
Purchaser not affected
(iv) The purchaser shall not be bound to see to the application of the purchase money, nor shall his title
to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.
Application of proceeds of sale
25. (i)The proceeds of the sale shall be received by the company and applied in payment of such part of the
amount in respect of which the lien exists as is presently payable.
Payment of residual money
(ii) The residue, if any, shall, subject to a like lien for sums not presently payable as existed upon the
shares before the sale, be paid to the person entitled to the shares at the date of the sale.
Outsider's lien not to affect Company's lien
26. (i) In exercising its lien, the Company shall be entitled to treat the registered holder of any share
as the absolute owner thereof and accordingly shall not (except as ordered by a court of competent
jurisdiction or unless required by any statute) be bound to recognize any equitable or other claim to or

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 interest in, such share on the part of any other person, whether a creditor of the registered holder or
otherwise. The Company’s lien shall prevail notwithstanding that it has received notice of any such claim.
Provisions as to lien apply mutatis mutandis to debentures, etc.
(ii) The provisions of this Articles relating to lien shall mutatis mutandis apply to any other
securities including debentures of the Company.
CALLS ON SHARES
Board may make calls
27. (i) The Board may, from time to time, make calls upon the members in respect of any monies unpaid on
their shares (whether on account of the nominal value of the shares or by way of premium) and not by the
conditions of allotment thereof made payable at fixed times.
Notice of call
(ii) Each member shall, subject to receiving at least fourteen days’ notice specifying the time or times and
place of payment, pay to the company, at the time or times and place so specified, the amount called on
his shares.
Revocation or postponement of call
(iii) A call may be revoked or postponed at the discretion of the Board.
Board may extend time for payment
(iv) The Board may, from time to time, at its discretion, extend the time fixed for the payment of any call
in respect of one or more members as the Board may deem appropriate in any circumstances.
Call to take effect from date of resolution
28. A call shall be deemed to have been made at the time when the resolution of the Board authorizing the
call was passed and may be required to be paid by installments.
Liability of joint holders of shares
29. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.
When interest on call or installment payable
30. (i) If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the
person from whom the sum is due shall pay interest thereon from the day appointed for payment thereof
to the time of actual payment at such rate as may be fixed by the Board.
Board may waive interest
(ii) The Board shall be at liberty to waive payment of any such interest wholly or in part.
Sums deemed to be calls
31. (i) Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date,
whether on account of the nominal value of the share or by way of premium, shall, for the purposes of
these Articles, be deemed to be a call duly made and payable on the date on which by the terms of issue
of such sum becomes payable.
Effect of non-payment of sums
(ii) In case of non-payment of such sum, all the relevant provisions of these Articles as to payment of
interest and expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of
a call duly made and notified.
Payment in anticipation of calls may carry interest
32. The Board—

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 (a) may, if it thinks fit, receive from any member willing to advance the same, all or any part of the monies
uncalled and unpaid upon any shares held by him; and
(b) upon all or any of the monies so advanced, may (until the same would, but for such advance, become
presently payable) pay interest at such rate as may be decided by the Board and as may be agreed
upon between the Board and the member paying the sum in advance. Provided that such calls in
advance shall not confer any additional dividend or additional voting right upon such member.
Installments on shares to be duly paid
33. If by the conditions of allotment of any shares, the whole or part of the amount of issue price thereof shall
be payable by installments, then every such installment shall, when due, be paid to the Company by the
person who, for the time being and from time to time, is or shall be the registered holder of the share or
the legal representative of a deceased registered holder.
Calls on shares of same class to be on uniform basis
34. All calls shall be made on a uniform basis on all shares falling under the same class. Explanation: Shares
of the same nominal value on which different amounts have been paid- up shall not be deemed to fall
under the same class.
Partial payment not to preclude forfeiture
35. Neither a judgment nor a decree in favour of the Company for calls or other moneys due in respect of any
shares nor any part payment or satisfaction thereof nor the receipt by the Company of a portion of any
money which shall from time to time be due from any member in respect of any shares either by way of
principal or interest nor any indulgence granted by the Company in respect of payment of any such money
shall preclude the forfeiture of such shares as herein provided.
Evidence in action for call
36. On the trial or hearing of any action for the recovery of any amount due for any call it shall be sufficient
to prove that the name of the member sued is entered in the Register as the holder or one of the holders
of the shares in respect of which such debt accrued; that the resolution making a call is duly recorded in
the minute book; and that notice of such call was duly given to the member sued in pursuance of these
presents; and it shall not be necessary to prove the appointment of the directors who made such call nor
any other matter whatsoever but the proof of the matter as aforesaid shall be conclusive evidence of the
debt.
Provisions as to calls to apply mutatis mutandis to debentures, etc.
37. The provisions of these Articles relating to calls shall mutatis mutandis apply to any other securities
including debentures of the Company.
TRANSFER OF SHARES
Instrument of transfer to be executed by transferor and transferee
38. (i)The instrument of transfer of any share in the company shall be executed by or on behalf of both the
transferor and transferee.
(ii) The transferor shall be deemed to remain a holder of the share until the name of the transferee is
entered in the register of members in respect thereof.
Board may refuse to register transfer
39. The Board may, subject to the right of appeal conferred by the Act decline to register—
(a) the transfer of a share, not being a fully paid share, to a person of whom they do not approve; or
(b) any transfer of shares on which the company has a lien.
(c) any transfer of shares on sufficient cause.
Board may decline to recognize instrument of transfer

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40. In case of shares held in physical form, the Board may decline to recognize any instrument of transfer
unless—
(a) the instrument of transfer is in the form as prescribed in rules made under the Act;
(b) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such
other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer; and
(c) the instrument of transfer is in respect of only one class of shares.
Transfer of Share Suspended
41. On giving not less than seven days’ previous notice in accordance with the Act and rules made there
under, the registration of transfers may be suspended at such times and for such periods as the Board may
from time to time determine: Provided that such registration shall not be suspended for more than thirty
days at any one time or for more than forty-five days in the aggregate in any year.
Refusal Odd Lots
42. Without in any way derogating from the powers conferred on the Board by Article 39 and 40, the Board
shall be entitled to refuse an application for transfer of shares less than the market trading unit of shares
of the Company subject, however, to the following exceptions.
i) transfer of shares made in pursuance of any provision of law or statutory regulation or order, or an
order of a competent Court of Law, or
ii) transfer of the entire holding of shares by a shareholder holding less than the market trading unit of
the Company’s Shares by a single transfer to a single or joint names, or
iii) transfer of share
a) by a transferor whose shareholding after the transfer will result in his holding the market trading
unit of the Company’s shares or a multiple of such unit or
b) to one or more transferees, whose shareholding after the transfer (in case of transfer from more than
one transferor all transfers being presented to the Company for approval simultaneously) together
with the shares already held by him will result in a holding of the market trading unit of the
Company’s shares or a multiple of such unit, or
iv) transmission of shares under a will, and
v) transfer of shares of less than the market trading unit held by a shareholder, where the
Board/Committee of Directors may at its discretion and in exceptional circumstances or in cases of
genuine hardship or for any other just and sufficient cause (the decision of the Board/ Committee
being final and conclusive) accept such application.
Power to refuse sub-division and/or consolidation
43. Notwithstanding anything contained hereinabove, the Directors/Committee of Transfer of the Company,
may in their absolute discretion refuse sub-division and/or consolidation of Share Certificates or
Debenture Certificates into denominations of less or more than marketable lots except where such sub-
division and/or consolidation is required to be made to comply with a statutory provision or an order of a
competent court of law.
The Company not liable for disregard of notice prohibiting registration of transfer
44. The Company shall incur no liability or responsibility whatever in consequence of its registering or giving
effect to any transfer of shares made or purporting to be made by any apparent legal owner thereof (as
shown or appearing in the Register of Members) to the prejudice of persons having or claiming any
equitable right, title or interest to or in the said shares, notwithstanding that the company may have notice
of such equitable right, title or interest or notice prohibiting registration of such transfer and, may have
entered such notice, or referred thereto, in any book of the Company, and the Company shall not be bound
or required to regard or attend or give effect to any notice which may be given to it or any equitable right,

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 title or interest, or be under any liability whatsoever for refusing or neglecting so to do, though it may
have been entered or referred to in some book of the Company, but the Company shall nevertheless, be
at liberty to regard and attend to any such notice and give effect thereto if the Board of Directors shall so
think fit.
Custody of Transfer documents
45. The instrument of transfer shall after, registration be retained by the Company and shall remain in its
custody. All the instruments of transfer which the directors may decline to register shall on demand be
returned to the person depositing the same. The directors may cause to be destroyed all transfer deeds
lying with the Company after such period as they may determine.
46. Provisions to apply to debentures
The provisions of these Articles for transfer and transmission of shares, shall mutatis mutandis apply to
the transfer or transmission of any debentures of the Company.
TRANSMISSION OF SHARES
Title to shares on death of a member
47. (i) The executors or administrators of a deceased member or a holder of a Succession Certificate or other
legal representation in respect of shares of a deceased member, where he was a sole or only surviving
holder, shall be the only person whom the Company will be bound to recognise as having any title to the
shares registered in the name of such member and the Company shall not be bound to recognise such
executors, administrators or holders unless such executors or administrators shall have first obtained
Probate or Letter of Administration or such holder is the holder of a Succession Certificate or other legal
representation, as the case may be, from a duly constituted Court in India, provided that In any case where
the directors in their absolute discretion think fit, the directors may dispense with production of Probate
or Letters of Administration or Succession Certificate or other legal representation, and, under the next
Article, register the name of any person, who claims to be absolutely entitled to the shares standing in the
name of a deceased member, as a member.
Estate of deceased member liable
(ii)Nothing in clause (i) shall release the estate of a deceased joint holder from any liability in respect of
any share which had been jointly held by him with other persons.
Transmission Clause
48. (i) Any person becoming entitled to a share in consequence of the death or insolvency of a member may,
upon such evidence being produced as may from time to time properly be required by the Board and
subject as hereinafter provided, elect, either—
(a) to be registered himself as holder of the share; or
(b) to make such transfer of the share as the deceased or insolvent member could have made
Board's right unaffected
(ii) The Board shall, in either case, have the same right to decline or suspend registration as it would have
had, if the deceased or insolvent member had transferred the share before his death or insolvency.
Indemnity to the Company
(iii) The Company shall be fully indemnified by such person from all liability, if any, by actions taken by
the Board to give effect to such registration or transfer.
Board may require evidence of transmission
49. Every transmission of a share shall be verified in such manner as the directors may require and the
Company may refuse to register any transmission until the same be so verified or until or unless an
indemnity be given to the Company with regard to such registration which the directors at their discretion
shall consider sufficient, provided nevertheless that there shall not be any obligation on the Company or
the directors to accept any indemnity.

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Right to election of holder of share
50. (i) If the person so becoming entitled shall elect to be registered as holder of the share himself, he shall
deliver or send to the company a notice in writing signed by him stating that he so elects.
Manner of testifying election
(ii)If the person aforesaid shall elect to transfer the share, he shall testify his election by executing a
transfer of the share.
Limitations applicable to notice
(iii) All the limitations, restrictions and provisions of these regulations relating to the right to transfer and
the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if
the death or insolvency of the member had not occurred and the notice or transfer were a transfer signed
by that member.
Claimant to be entitled to same advantage
51. A person becoming entitled to a share by reason of the death or insolvency of the holder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered holder
of the share, except that he shall not, before being registered as a member in respect of the share, be
entitled in respect of it to exercise any right conferred by membership in relation to meetings of the
company. Provided that the Board may, at any time, give notice requiring any such person to elect either
to be registered himself or to transfer the share, and if the notice is not complied with within ninety days,
the Board may thereafter withhold payment of all dividends, bonuses or other monies payable in respect
of the share, until the requirements of the notice have been complied with.
Provisions as to transmission to apply mutatis mutandis to debentures, etc.
52. The provisions of these Articles relating to transmission by operation of law shall mutatis mutandis apply
to any other securities including debentures of the Company.
FORFEITURE OF SHARES
If call or installment not paid notice must be given
53. If a member fails to pay any call, or installment of a call, on the day appointed for payment thereof, the
Board may, at any time thereafter during such time as any part of the call or installment remains unpaid,
serve a notice on him requiring payment of so much of the call or installment as is unpaid, together with
any interest which may have accrued and all expenses that may have been incurred by the Company by
reason of non-payment.
Form of Notice
54. The notice aforesaid shall—
(a) name a further day (not being earlier than the expiry of fourteen days from the date of service of the
notice) on or before which the payment required by the notice is to be made; and
(b) state that, in the event of non-payment on or before the day so named, the shares in respect of which
the call was made shall be liable to be forfeited.
In default of payment shares to be forfeited
55. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which
the notice has been given may, at any time thereafter, before the payment required by the notice has been
made, be forfeited by a resolution of the Board to that effect.
Receipt of part amount or grant of indulgence not to affect forfeiture
56. Neither the receipt by the Company for a portion of any money which may from time to time be due from
any member in respect of his shares, nor any indulgence that may be granted by the Company in respect
of payment of any such money, shall preclude the Company from thereafter proceeding to enforce a

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 forfeiture in respect of such shares as herein provided. Such forfeiture shall include all dividends declared
or any other moneys payable in respect of the forfeited shares and not actually paid before the forfeiture.
Entry of forfeiture in register of members
57. When any share shall have been so forfeited, notice of the forfeiture shall be given to the defaulting
member and an entry of the forfeiture with the date thereof, shall forthwith be made in the register of
members but no forfeiture shall be invalidated by any omission or neglect or any failure to give such
notice or make such entry as aforesaid.
Extinction of Interest and Claim against the Company upon forfeiture
58. The forfeiture of a share shall involve extinction at the time of forfeiture of all interest in and all claims
and demands against the Company, in respect of the share and all other rights incidental to the share.
Forfeited shares may be sold, etc.
59. (i) A forfeited share shall be deemed to be the property of the Company and may be sold or re-allotted or
otherwise disposed of either to the person who was before such forfeiture the holder thereof or entitled
thereto or to any other person on such terms and in such manner as the Board thinks fit.
Cancellation of forfeiture
(ii) At any time before a sale or disposal as aforesaid, the Board may cancel the forfeiture on such terms
as it thinks fit.
Cessation of membership and other effects of forfeiture
60. (i) A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares,
but shall, notwithstanding the forfeiture, remain liable to pay to the company all monies which, at the date
of forfeiture, were presently payable by him to the company in respect of the shares.
Member still liable to pay money owing at time of forfeiture and interest
(ii) All such monies payable shall be paid together with interest thereon at such rate as the Board may
determine, from the time of forfeiture until payment or realisation. The Board may, if it thinks fit, but
without being under any obligation to do so, enforce the payment of the whole or any portion of the
monies due, without any allowance for the value of the shares at the time of forfeiture or waive payment
in whole or in part.
Cesser of liability
(iii) The liability of such person shall cease, if and when the company shall have received payment in full
of all such monies in respect of the shares.
Certificate of forfeiture
61. (i) A duly verified declaration in writing that the declarant is a director, the manager or the secretary of
the company and that a share in the company has been duly forfeited on a date stated in the declaration,
shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the
share;
Title of purchaser and transferee of forfeited shares
(ii)The Company may receive the consideration, if any, given for the share on any sale or disposal thereof
and may execute a transfer of the share in favour of the person to whom the share is sold or disposed of;
Transferee to be registered as holder
(iii) The transferee shall thereupon be registered as the holder of the share; and
Transferee not affected
(iv)The transferee shall not be bound to see to the application of the purchase money, if any, nor shall his
title to the share be affected by any irregularity or invalidity in the proceedings in reference to the
forfeiture, sale or disposal of the share.

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Validity of sales
62. Upon any sale after forfeiture or for enforcing a lien in exercise of the powers hereinabove given, the
Board may, if necessary, appoint some person to execute an instrument for transfer of the shares sold and
cause the purchaser's name to be entered in the register of members in respect of the shares sold and after
his name has been entered in the register of members in respect of such shares the validity of the sale shall
not be impeached by any person.
Cancellation of share certificate in respect of forfeited shares
63. Upon any sale, re-allotment or other disposal under the provisions of the preceding Articles, the
certificate(s), if any, originally issued in respect of the relative shares shall (unless the same shall on
demand by the Company has been previously surrendered to it by the defaulting member) stand cancelled
and become null and void and be of no effect, and the Board shall be entitled to issue a duplicate
certificate(s) in respect of the said shares to the person(s) entitled thereto.
Surrender of shares
64. The Board may, subject to the provisions of the Act, accept a surrender of any share from or by any
member desirous of surrendering them on such terms as they think fit.
Sums deemed to be calls
65. The provisions of these regulations as to forfeiture shall apply in the case of nonpayment of any sum
which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the
nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly
made and notified.
Provisions as to forfeiture of shares to apply mutatis mutandis to debentures, etc.
66. The provisions of these Articles relating to forfeiture of shares shall mutatis mutandis apply to any other
securities including debentures of the Company
ALTERATION OF CAPITAL
Power to alter share capital
67. Subject to the provisions of the Act, the company may, by ordinary resolution,—
(a) increase its authorized share capital by such amount as it things expedient;
(b) consolidate and divide all or any of its share capital into shares of larger amount than its existing
shares;
(c) convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-up
shares of any denomination;
(d) sub-divide its existing shares or any of them into shares of smaller amount than is fixed by the
memorandum;
(e) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed
to be taken by any person.
Shares may be converted into stock
68. Where shares are converted into stock,—
(a) the holders of stock may transfer the same or any part thereof in the same manner as, and subject to
the same Articles under which, the shares from which the stock arose might before the conversion have
been transferred, or as near thereto as circumstances admit:
Provided that the Board may, from time to time, fix the minimum amount of stock transferable, so,
however, that such minimum shall not exceed the nominal amount of the shares from which the stock
arose.
Right of Stockholders

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 (b) the holders of stock shall, according to the amount of stock held by them, have the same rights,
privileges and advantages as regards dividends, voting at meetings of the company, and other matters, as
if they held the shares from which the stock arose; but no such privilege or advantage (except participation
in the dividends and profits of the company and in the assets on winding up) shall be conferred by an
amount of stock which would not, if existing in shares, have conferred that privilege or advantage.
(c) such of these Articles of the company as are applicable to paid-up shares shall apply to stock and the
words “share” and “shareholder” in those regulations shall include “stock” and “stock-holder”
respectively.
Reduction of capital
69. The company may, by resolution prescribed in the Act, reduce, in any manner, with and subject to, any
incident authorized and consent required by law—
(a) its share capital;
(b) any capital redemption reserve account; or
(c) any securities premium account.
(d) any other reserve in the nature of share capital
JOINT HOLDERS
Joint Holders
70. Where two or more persons are registered as joint holders (not more than three) of any share, they shall
be deemed (so far as the Company is concerned) to hold the same as joint tenants with benefits of
survivorship, subject to the following and other provisions contained in these Articles:
Provided that in respect of shares already held in joint names in the past, the words “not more than four”
shall be substituted in place of “not more than three” hereinabove.
Liability of Joint-holders
(a) The joint-holders of any share shall be liable severally as well as jointly for and in respect of all calls
or installments and other payments which ought to be made in respect of such share.
Death of one or more joint- holders
(b) On the death of any one or more of such joint- holders, the survivor or survivors shall be the only
person or persons recognized by the Company as having any title to the share but the Directors may
require such evidence of death as they may deem fit, and nothing herein contained shall be taken to release
the estate of a deceased joint-holder from any liability on shares held by him jointly with any other person.
Receipt of one sufficient
(c) Any one of such joint holders may give effectual receipts of any dividends, interests or other moneys
payable in respect of such share.
Delivery of certificate and giving of notice to first named holder
(d) Only the person whose name stands first in the register of members as one of the joint-holders of any
share shall be entitled to the delivery of certificate, if any, relating to such share or to receive notice (which
term shall be deemed to include all relevant documents) and any notice served on or sent to such person
shall be deemed service on all the joint-holders.
Vote of joint-holders
(e)(i)Any one of two or more joint-holders may vote at any meeting either personally or by attorney or by
proxy in respect of such shares as if he were solely entitled thereto and if more than one of such joint-
holders be present at any meeting personally or by proxy or by attorney then that one of such persons so
present whose name stands first or higher (as the case may be) on the register in respect of such shares
shall alone be entitled to vote in respect thereof but the other or others of the joint-holders shall be entitled
to vote in preference to a joint-holder present by attorney or by proxy although the name of such joint-

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 holder present by any attorney or proxy stands first or higher (as the case may be) in the register in respect
of such shares.
Executors or administrators as joint holders
(ii)Several executors or administrators of a deceased member in whose (deceased member) sole name any
share stands, shall for the purpose of this clause be deemed joint-holders.
Provisions as to joint holders as to shares to apply mutatis mutandis to debentures, etc.
(f) The provisions of these Articles relating to joint holders of shares shall mutatis mutandis apply to any
other securities including debentures of the Company registered in joint names.
CAPITALIZATION OF PROFITS
Capitalisation
71. (i) The company in general meeting may, upon the recommendation of the Board, resolve—
(a) that it is desirable to capitalize any part of the amount for the time being standing to the credit of
any of the company’s reserve accounts, or to the credit of the profit and loss account, or otherwise
available for distribution; and
(b) that such sum be accordingly set free for distribution in the manner specified in clause (ii) amongst
the members who would have been entitled thereto, if distributed by way of dividend and in the
same proportions.
Sum how applied
(ii) The sum aforesaid shall not be paid in cash but shall be applied, subject to the provision contained in
clause (iii), either in or towards—
(A) paying up any amounts for the time being unpaid on any shares held by such members respectively;
(B) paying up in full, unissued shares of the company to be allotted and distributed, credited as fully
paid-up, to and amongst such members in the proportions aforesaid;
(C) partly in the way specified in sub-clause (A) and partly in that specified in sub-clause (B);
(iii) A securities premium account and a capital redemption reserve account may, for the purposes of this
regulation, be applied in the paying up of unissued shares to be issued to members of the company as
fully paid bonus shares;
(iv) The Board shall give effect to the resolution passed by the Company in pursuance of this regulation.

Powers of the Board for capitalisation

72. (i) Whenever such a resolution as aforesaid shall have been passed, the Board shall—
(a) make all appropriations and applications of the undivided profits resolved to be capitalized thereby,
and all allotments and issues of fully paid shares if any; and
(b) generally do all acts and things required to give effect thereto.
Board's power to issue fractional certificate/coupon etc.
(ii) The Board shall have power—
(a) to make such provisions, by the issue of fractional certificates or by payment in cash or otherwise
as it thinks fit, for the case of shares becoming distributable infractions; and
(b) to authorize any person to enter, on behalf of all the members entitled thereto, into an agreement
with the company providing for the allotment to them respectively, credited as fully paid-up, of
any further shares to which they may be entitled upon such capitalization, or as the case may
require, for the payment by the company on their behalf, by the application thereto of their

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 respective proportions of profits resolved to be capitalized, of the amount or any part of the
amounts remaining unpaid on their existing shares;
Agreement binding on members
(iii) Any agreement made under such authority shall be effective and binding on such members.

BUY-BACK OF SHARES AND OTHER SPECIFIED SECURITIES

73. Notwithstanding anything contained in these articles but subject to all applicable provisions of the Act or
any other law for the time being in force, the company may purchase its own shares or other specified
securities.
GENERAL MEETINGS
Extraordinary general meeting
74. All general meetings other than annual general meeting shall be called extraordinary general meeting.
Powers of Board to call extraordinary general meeting
75. The Board may, whenever it thinks fit, call an extraordinary general meeting.
PROCEEDINGS AT GENERAL MEETINGS
Presence of Quorum
76. (i) No business shall be transacted at any general meeting unless a quorum of members is present at the
time when the meeting proceeds to business.
(ii) Save as otherwise provided herein, the quorum for the general meetings shall be as provided in the
Act
Chairperson of the meetings
77. (i) The chairperson, if any, of the Board shall preside as Chairperson at every general meeting of the
company.
Business confined to election of Chairperson whilst chair vacant
(ii) No business shall be discussed or transacted at any general meeting except election of Chairperson
whilst the chair is vacant.
Directors to elect a Chairperson
78. If there is no such Chairperson, or if he is not present within fifteen minutes after the time appointed for
holding the meeting, or is unwilling to act as chairperson of the meeting, the directors present shall elect
one of their members to be Chairperson of the meeting.
Members to elect a Chairperson
79. If at any meeting no director is willing to act as Chairperson or if no director is present within fifteen
minutes after the time appointed for holding the meeting, the members present shall choose one of their
members to be Chairperson of the meeting.
Casting vote of Chairperson at general meeting
80. On any business at any general meeting, in case of an equality of votes, whether on a show of hands or
electronically or on a poll, the Chairperson shall have a second or casting vote.
Minutes of proceedings of meetings and resolutions passed by Postal Ballot
81. (i) The Company shall cause minutes of the proceedings of every general meeting of any
class of members or creditors and every resolution passed by postal ballot to be prepared and signed in
such manner as may be prescribed by the Rules and kept by making within thirty days of the conclusion

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 of every such meeting concerned or passing of resolution by postal ballot entries thereof in books kept
for that purpose with their pages consecutively numbered.
Discretion of Chairperson in relation to Minutes
(ii) The Chairperson shall exercise an absolute discretion in regard to the inclusion or non-inclusion of
any matter in the minutes on the grounds specified in the aforesaid clause.
Minutes to be evidence
(iii) The minutes of the meeting kept in accordance with the provisions of the Act shall be evidence of the
proceedings recorded therein.
Inspection of Minute-books of general meeting
82. (i) The books containing the minutes of the proceedings of any general meeting of the
Company or a resolution passed by postal ballot shall:
(a) be kept at the registered office of the Company; and
(b) be open to inspection of any member without charge, during 3.00 p.m. to 5.00 p.m. on all working
days.
Members may obtain copy of minutes
(ii) Any member shall be entitled to be furnished, within the time prescribed by the Act, after he has made
a request in writing in that behalf to the Company and on payment of such fees as may be fixed by the
Board, with a copy of any minutes referred to in clause (i) above.
Powers to arrange security at meetings
83. The Board, and also any person(s) authorised by it, may take any action before the commencement of any
general meeting, or any meeting of a class of members in the Company, which they may think fit to ensure
the security of the meeting, the safety of people attending the meeting, and the future orderly conduct of
the meeting. Any decision made in good faith under this Article shall be final, and rights to attend and
participate in the meeting concerned shall be subject to such decision.
ADJOURNMENT OF MEETING
Chairperson may adjourn the meeting
84. (i) The Chairperson may, suo moto, adjourn the meeting from time to time and from place to place.
Business at adjourned meeting
(ii) No business shall be transacted at any adjourned meeting other than the business left unfinished at the
meeting from which the adjournment took place.
Notice of adjourned meeting
(iii) When a meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be given
as in the case of an original meeting.
Notice of adjourned meeting not required
(iv) Save as aforesaid, and as provided in the Act, it shall not be necessary to give any notice of an
adjournment or of the business to be transacted at an adjourned meeting.
VOTING RIGHTS
Entitlement to vote on show of hands and on poll
85. Subject to any rights or restrictions for the time being attached to any class or classes of shares,—
(a) on a show of hands, every member present in person shall have one vote; and
(b) on a poll, the voting rights of members shall be in proportion to his share in the paid-up equity share
capital of the company.

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Voting through electronic means
86. A member may exercise his vote at a meeting by electronic means in accordance with the Act and shall
vote only once.
Vote of joint-holders
87. (i) In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy,
shall be accepted to the exclusion of the votes of the other joint holders.
Seniority of names
(ii) For this purpose, seniority shall be determined by the order in which the names stand in the register
of members.
How members non compos mentis and minor may vote
88. A member of unsound mind, or in respect of whom an order has been made by any court having
jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee or other legal
guardian, and any such committee or guardian may, on a poll, vote by proxy.
Votes in respect of shares of deceased or insolvent members etc.
89. Subject to the provisions of the Act and other provisions of these Articles, any person entitled under the
Transmission Clause to any shares may vote at any general meeting in respect thereof as if he was the
registered holder of such shares, provided that at least 48 (forty eight) hours before the time of holding
the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall duly satisfy
the Board of his right to such shares unless the Board shall have previously admitted his right to vote at
such meeting in respect thereof.
Business may proceed pending poll
90. Any business other than that upon which a poll has been demanded may be preceded with, pending the
taking of the poll.
Restriction on voting rights
91. No member shall be entitled to vote at any general meeting unless all calls or other sums presently payable
by him in respect of shares in the company have been paid.
Equal rights of members
92. Any member whose name is entered in the register of members of the Company shall enjoy the same
rights and be subject to the same liabilities as all other members of the same class.
Restriction on objecting qualification of any voter
93. (i) No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting
at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be
valid for all purposes.
(ii) Any such objection made in due time shall be referred to the Chairperson of the meeting, whose
decision shall be final and conclusive.
PROXY
Proxies when to be deposited
94. The instrument appointing a proxy and the power-of-attorney or other authority, if any, under which it is
signed or a notarized copy of that power or authority, shall be deposited at the registered office of the
company not less than 48 hours before the time for holding the meeting or adjourned meeting at which
the person named in the instrument proposes to vote, or, in the case of a poll, not less than 24 hours before
the time appointed for the taking of the poll; and in default the instrument of proxy shall not be treated as
valid.
Form of proxy

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95. An instrument appointing a proxy shall be in the form as prescribed in the rules made under the Act.
Proxy to be valid notwithstanding death of the Principal
96. A vote given in accordance with the terms of an instrument of proxy shall be valid, notwithstanding the
previous death or insanity of the principal or the revocation of the proxy or of the authority under which
the proxy was executed, or the transfer of the shares in respect of which the proxy is given.
Provided that no intimation in writing of such death, insanity, revocation or transfer shall have been
received by the company at its office before the commencement of the meeting or adjourned meeting at
which the proxy is used.
BOARD OF DIRECTORS
Present Directors*
97. The present Directors of the Company are:
i. Mr. Vipin Prakash Mangal
ii. Mr. Chanakya Prakash Mangal
iii. Mr. Chandragupt Prakash Mangal
Provided that the same individual may, at the same time, be appointed as the Chairperson of the
Company as well as the Managing Director or Chief Executive Officer of the Company.
Number of Directors
98. Unless otherwise determined in a general meeting of the Company and subject to the provisions of the
Act and other applicable rules, the number of Directors of the Company shall not be less than 3 and not
more than 15, atleast two thirds of whom shall be liable to retire by rotation.

* Present Directors means the Board of Directors as on the date of Extra-ordinary General Meeting
dated 17th September, 2019 in which this Articles of Association of the Company has been adopted.
Appointment of Chairperson and Vice-chairperson
99. The Directors may from time to time elect one of their number to be chairperson and vice-chairperson of
the Board of Directors and determine the period for which they are to hold office. If at any meeting of the
Board of Directors, the Chairperson is not present at the time appointed for holding the same, the Vice-
chairperson shall preside and failing him the Directors present shall choose one of their number to be
Chairperson of such meeting.
Appointment of Managing Director and/or Whole-time Director
100. Subject to the provisions of the Act, the Company shall be entitled from time to time to appoint and/or
employ any Director of the Company as Managing Director or Managing Directors and/or Whole time
Director or Whole Time Directors and/or as head of any department of the Company and/or in any other
capacity and for such period and on such remuneration as may be decided upon and the Board of Directors
shall from time to time confer upon such appointee such powers as they may think fit and from time to
time to revoke and/or modify the same and to suspend and/or remove such appointee.
Remuneration of directors
101. The remuneration of the directors shall, in so far as it consists of a monthly payment, be deemed to accrue
from day-to-day.
Remuneration to require members’ consent
102. (i) The remuneration payable to the directors, including any managing or whole - time director or
manager, if any, shall be determined in accordance with and subject to the provisions of the Act by an
ordinary resolution passed by the Company in general meeting or in the manner elsewhere provided in
this Articles of Association.

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Travelling and other expenses
(ii) In addition to the remuneration payable to them in pursuance of the Act, the directors may be paid all
travelling, hotel and other expenses properly incurred by them—
(a) in attending and returning from meetings of the Board of Directors or any committee thereof or
general meetings of the company; or
(b) in connection with the business of the company.
Sitting Fee
103. Every Director shall be paid out of the funds of the Company such sum as the Directors may from time
to time determine for attending every meeting of the board or any committee of the Board, subject to the
ceiling prescribed under the Act. The Directors shall also be paid travelling and other expenses for
attending and returning from meeting of the Board and any other expenses properly incurred by them in
connection with the business of the Company.
Nominee Director
104. Subject to the provisions of the Act and to these Articles, whenever the Directors enter into a contract
with any Government, Central, State or Local, any Bank/s or Financial Institution/s or any person/s
[hereinafter referred to as "the Appointer"] for borrowing any money or for providing any guarantee or
security for any technical or financial collaboration or assistance or for entering into any other
arrangement, whatsoever, the Directors shall have the power to agree that such appointer shall have the
right to appoint or nominate by a notice in writing addressed to the Company one or more Directors on
the Board for such period and upon such terms and conditions as may be mentioned in the agreement and
that such Director or Directors may not liable to retire by rotation nor be required to hold any qualification
shares. The Directors of Company may also agree that such Director may be removed from time to time
by the appointer and the appointer may appoint another or others in his or their place and also fill in any
vacancy, which may occur as a result of any such Director or Directors ceasing to hold that office for any
reason whatsoever.
Debenture Directors
105. Any trust deed for securing debentures or debenture stock may if so arranged provide for the appointment
from time to time by the trustees thereof or by the holders of the debenture stock, of one or more persons
to be the director (s) of the Company or may empower such trustees or holders of debentures or debenture
stock from time to time to remove any such director (s) so appointed. A director appointed under this
Article is hereby referred to as a “Debenture Director” and the terms “Debenture Director” means a
director for the time being in office under this Article. A debenture director shall not be bound to hold
any qualification shares and shall not be liable to retire by rotation or be removed by the Company. The
Trust Deed may contain that ancillary provisions as may be arranged between the Company and the
Trustees and all such provisions shall have effect notwithstanding any of the other powers herein
contained.
Limit on number of non-rotational Directors
106. The provisions of Articles are subject to the provisions of the Act and the number of such Directors
appointed under Articles excluding the Directors appointed by financial institutions for which special
provisions have been made in the respective laws relating to such institutions shall not exceed in the
aggregate one third of the total number of Directors for the time being in office. The remaining Directors
shall be appointed by the Company in General Meeting.
Execution of negotiable instruments
107. All cheques, promissory notes, drafts, hundis, bills of exchange and other negotiable instruments, and all
receipts for monies paid to the company, shall be signed, drawn, accepted, endorsed, or otherwise
executed, as the case may be, by such person and in such manner as the Board shall from time to time by
resolution determine.
Special remuneration to Directors

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108. If any Director being willing, shall be called upon to perform extra services which expression shall include
work done by the Director as a member of any committee formed by the Directors or to make any special
exertions in going or residing abroad or otherwise for any of the purposes of the Company, the Board may
resolve to remunerate such Director either by a fixed sum or by a percentage of profit or otherwise as may
be determined by the Directors and such remuneration may be in addition to the remuneration above
provided.
Appointment of Additional Director
109. (i) Subject to the provisions of the Act, the Board shall have power at any time and from time to time, to
appoint a person as an additional director, provided the number of the directors and additional directors
together shall not at any time exceed the maximum strength fixed for the Board by the articles.

Duration of office of Additional Director

(ii) Such person shall hold office only up to the date of the next annual general meeting of the company
but shall be eligible for appointment by the company as a director at that meeting subject to the provisions
of the Act.
Appointment of Alternate Director
110. (i) The Board may appoint an alternate director to act for a director (hereinafter in this Article called "the
Original Director") during his absence for a period of not less than three months from India. No person
shall be appointed as an alternate director for an independent director unless he is qualified to be appointed
as an independent director under the provisions of the Act.
Duration of office of Alternate Director
(ii)An alternate director shall not hold office for a period longer than that permissible to the Original
Director in whose place he has been appointed and shall vacate the office if and when the Original Director
returns to India.
Re-appointment provisions applicable to Original Director
(iii) If the term of office of the Original Director is determined before he returns to India the automatic
reappointment of retiring directors in default of another appointment shall apply to the Original Director
and not to the alternate director.
Appointment of director to fill a casual vacancy
111. (i) If the office of any director appointed by the Company in general meeting is vacated before his term
of office expires in the normal course, the resulting casual vacancy may, be filled by the Board of
Directors at a meeting of the Board.
Duration of office of Director appointed to fill casual vacancy
(ii) The director so appointed shall hold office only upto the date upto which the director in whose place
he is appointed would have held office if it had not been vacated.
POWERS OF BOARD
General powers of the Company vested in Board
112. Without prejudice to the specific powers conferred upon the Board by the provisions of the Act and Rules
made thereunder and these Articles, the management of the business of the Company shall be vested in
the Board and the Board may exercise all such powers, and do all such acts and things, as the Company
is by the memorandum of association or otherwise authorized to exercise and do, and not hereby or by
the statue or otherwise directed or required to be exercised or done by the Company in general meeting
but subject nevertheless to the provisions of the Act and other laws and of the memorandum of association
and these Articles and to any regulations, not being inconsistent with the memorandum of association and
these Articles or the Act, from time to time made by the Company in general meeting provided that no
such regulation shall invalidate any prior act of the Board which would have been valid if such regulation
had not been made.

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Power and duties of Managing Director
113. Subject to the superintendence, control and direction of the Board, the day to day management of the
company shall be in the hands of the managing director(s). The Board may from time to time entrust to
and confer upon the managing director(s) for the time being, save as hereafter in this Article provided,
such of the powers exercisable under these presents by the Board as they may think fit, and may confer
such powers for such time, and to be exercised for such objects and purposes, and upon such terms and
conditions, and with such restrictions as they think expedient, and they may subject to the provisions of
the Act and these presents confer such powers, either collaterally with or to the exclusion of, and in
substitution for, all or any of the powers of the Board in that behalf; and may from time to time revoke,
withdraw, alter or vary all or any of such powers. Provided however that the Board shall not entrust to
and confer upon the managing director(s) and the managing director(s) shall not have or be entitled to
exercise the power (1) to make calls upon the members of the Company in respect of moneys unpaid on
the shares held by them respectively, (2) to borrow any sum or sums of money for the purposes of the
Company or to make loans out of the funds of the Company except within such limits as may from time
to time be previously fixed by the Board or (3) to invest any of the moneys of the Company, beyond the
limits fixed by the Board.
PROCEEDINGS OF THE BOARD
When meeting to be convened
114. (i) The Board of Directors may meet for the conduct of business, adjourn and otherwise regulate its
meetings, as it thinks fit.
(ii) The Chairperson or any one Director with the previous consent of the Chairperson may, or the
company secretary on the direction of the Chairperson shall, at any time, summon a meeting of the Board
Participation at Board Meetings
(iii) The participation of directors in a meeting of the Board may be either in person or through video
conferencing or audio visual means or teleconferencing, as may be prescribed by the Rules or permitted
under law.
Questions at Board meeting how decided
115. (i) Save as otherwise expressly provided in the Act, questions arising at any meeting of the Board shall
be decided by a majority of votes.
Casting vote of Chairperson at Board meeting
(ii) In case of an equality of votes, the Chairperson of the Board, if any, shall have a second or casting
vote.
Directors not to act when number falls below minimum
116. The continuing directors may act notwithstanding any vacancy in the Board; but, if and so long as their
number is reduced below the quorum fixed by the Act for a meeting of the Board, the continuing directors
or director may act for the purpose of increasing the number of directors to that fixed for the quorum, or
of summoning a general meeting of the company, but for no other purpose.
Who to preside at meetings of the Board
117. (i) The Chairperson of the Company shall be the Chairperson at meetings of the Board.
Directors to elect a Chairperson
(ii) If no such Chairperson is elected, or if at any meeting the Chairperson is not present within fifteen
minutes after the time appointed for holding the meeting, the directors present may choose one of their
number to be Chairperson of the meeting.
Delegation of powers to Committee
118. (i) The Board may, subject to the provisions of the Act, also delegate any of its powers to committees
consisting of such member or members of its body as it thinks fit.

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 (ii) Any committee so formed shall, in the exercise of the powers so delegated, conform to any regulations
that may be imposed on it by the Board.
Chairperson of Committee
119. (i) A committee may elect a Chairperson of its meetings.
Who to preside at meetings of Committee
(ii) If no such Chairperson is elected, or if at any meeting the Chairperson is not present within five
minutes after the time appointed for holding the meeting, the members present may choose one of their
members to be Chairperson of the meeting.
Committee to meet
120. (i)A committee may meet and adjourn as it thinks fit.
Questions at Committee meeting how decided
(ii)Questions arising at any meeting of a committee shall be determined by a majority of votes of the
members present, and in case of an equality of votes, the Chairperson shall have a second or casting vote.
Casting vote of Chairperson at Committee meeting
(iii) In case of an equality of votes, the Chairperson of the Committee shall have a second or casting vote.
Acts of Board or Committee valid notwithstanding defect of appointment
121. All acts done in any meeting of the Board or of a committee thereof or by any person acting as a director,
shall, notwithstanding that it may be afterwards discovered that there was some defect in the appointment
of any one or more of such directors or of any person acting as aforesaid, or that they or any of them were
disqualified, be as valid as if every such director or such person had been duly pointed and was qualified
to be a director.
Passing of resolution by written consent
122. Save as otherwise expressly provided in the Act, a resolution in writing, signed by all the members of the
Board or of a committee thereof, for the time being entitled to receive notice of a meeting of the Board or
committee, shall be valid and effective as if it had been passed at a meeting of the Board or committee,
duly convened and held.
CHIEF EXECUTIVE OFFICER, MANAGER, COMPANY SECRETARY OR CHIEF FINANCIAL
OFFICER
123. Subject to the provisions of the Act,—
Chief Executive Officer, etc.
(i) A chief executive officer, manager, company secretary or chief financial officer may be appointed by
the Board for such term, at such remuneration and upon such conditions as it may thinks fit; and any chief
executive officer, manager, company secretary or chief financial officer so appointed may be removed by
means of a resolution of the Board;
Director may be Chief Executive Officer, etc.
(ii) A director may be appointed as chief executive officer, manager, company secretary or chief financial
officer.
Dual position of Director
124. A provision of the Act or these regulations requiring or authorizing a thing to be done by or to a director
and chief executive officer, manager, company secretary or chief financial officer shall not be satisfied
by its being done by or to the same person acting both as director and as, or in place of, chief executive
officer, manager, company secretary or chief financial officer.
CONSULTANTS AND ADVISORS

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Company may appoint consultants and/or advisors
125. The Company may, subject to the provisions of the Act and these presents appoint any body corporate,
firm or individual as its consultant(s) and/or advisor(s) on technical, financial and management matters,
on such terms and conditions and on such remuneration as the Board may deem fit.
REGISTERS AND RECORDS
Statutory Registers and Records
126. Subject to the provisions of the Act and Rules made there under, the Company shall keep and maintain at
its registered office all statutory registers and records for such duration as the Board may, unless otherwise
prescribed, decide, and in such manner and containing such particulars as prescribed by the Act and the
Rules. The registers and records shall be open for inspection (wherever permissible) during 3.00 p.m. to
5.00 p.m. on all working days at the registered office of the Company by the persons entitled thereto on
payment, where required, of such fees as may be fixed by the Board but not exceeding the limits
prescribed by the Act and the Rules. The fees for obtaining extracts of the registers and records (wherever
permissible) shall be also fixed by the Board but not exceeding the limits prescribed by the Act and the
Rules.

Foreign Register
127. (i) The Company may exercise the powers conferred on it by the Act with regard to the keeping of a
foreign register; and the Board may (subject to the provisions of the Act) make and vary such regulations
as it may think fit respecting the keeping of any such register.
(ii) The foreign register shall be open for inspection and may be closed, and extracts may be taken
therefrom and copies thereof may be required, in the same manner, mutatis mutandis, as is applicable to
the register of members.
THE SEAL
The seal, its custody and use
128. (i) The Board shall provide for the safe custody of the seal, if any.
Affixation of seal
(ii) The seal, if any, of the company shall not be affixed to any instrument except by the authority
of a resolution of the Board or of a committee of the Board authorized by it in that behalf, and except in
the presence of one director at least who shall sign every instrument to which the Seal is affixed in his
presence and countersigned by the Secretary or such other person as the Board may appoint for the
purpose and such director or the secretary or other person aforesaid shall sign every instrument to which
the seal of the company is so affixed in their presence.
DIVIDENDS AND RESERVE
Company in general meeting may declare dividends
129. The company in general meeting may declare dividends, but no dividend shall exceed the amount
recommended by the Board.
Interim dividends
130. Subject to the provisions of the Act, the Board may from time to time pay to the members such interim
dividends as appear to it to be justified by the profits of the company.
Dividends only to be paid out of profits
131. The Board may, before recommending any dividend, set aside out of the profits of the company such
sums as it thinks fit as a reserve or reserves which shall, at the discretion of the Board, be applicable for
any purpose to which the profits of the company may be properly applied, including provision for meeting
contingencies or for equalizing dividends; and pending such application, may, at the like discretion, either

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 be employed in the business of the company or be invested in such investments (other than shares of the
company) as the Board may, from time to time, thinks fit.
Carry forward of profits
(ii) The Board may also carry forward any profits which it may consider necessary not to divide, without
setting them aside as a reserve.
Division of profits
132. (i) Subject to the rights of persons, if any, entitled to shares with special rights as to dividends, all
dividends shall be declared and paid according to the amounts paid or credited as paid on the shares in
respect whereof the dividend is paid, but if and so long as nothing is paid upon any of the shares in the
company, dividends may be declared and paid according to the amounts of the shares.
Payments in advance
(ii) No amount paid or credited as paid on a share in advance of calls shall be treated for the purposes
of this Article as paid on the share.
Dividends to be apportioned
(iii) All dividends shall be apportioned and paid proportionately to the amounts paid or credited as
paid on the shares during any portion or portions of the period in respect of which the dividend is paid;
but if any share is issued on terms providing that it shall rank for dividend as from a particular date such
share shall rank for dividend accordingly.
No member to receive dividend whilst indebted to the Company and Company's right to
reimbursement there from
133. The Board may deduct from any dividend payable to any member all sums of money, if any, presently
payable by him to the company on account of calls or otherwise in relation to the shares of the company.
Retention of dividends
134. The Board may retain dividends payable upon shares in respect of which any person is, under the
Transmission Clause hereinbefore contained, entitled to become a member, until such person shall
become a member in respect of such shares.
Dividend how remitted
135. (i) Any dividend, interest or other monies payable in cash in respect of shares may be paid by cheque or
warrant sent through the post directed to the registered address of the holder or, in the case of joint holders,
to the registered address of that one of the joint holders who is first named on the register of members, or
to such person and to such address as the holder or joint holders may in writing direct.
Instrument of payment
(ii) Every such cheque or warrant shall be made payable to the order of the person to whom it is sent.
Discharge to Company
(iii) Payment in any way whatsoever shall be made at the risk of the person entitled to the money paid
or to be paid. The Company will not be responsible for a payment which is lost or delayed. The Company
will be deemed to having made a payment and received a good discharge for it if a payment using any of
the foregoing permissible means is made.
Receipt of one holder sufficient
136. Any one of two or more joint holders of a share may give effective receipts for any dividends, bonuses or
other monies payable in respect of such share.
Notice of any dividend that may have been declared shall be given to the persons entitled to share
therein in the manner mentioned in the Act.
No interest on dividends

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137. No dividend shall bear interest against the company.
Waiver of dividends
138. Notwithstanding anything contained in this Articles of the Company, but subject to the provisions of the
Companies Act, 2013 and all other applicable rules of the statutory authorities and the Rules framed by
the Board of Directors of the Company in this behalf as amended from time to time by the Board, it shall
be open for the Members of the Company who hold the Equity shares in the Company to waive/forgo
his/her/their right to receive the dividend (interim or final)by him/her/them for any financial year which
may be declared or recommended respectively by the Board of Directors of the Company. The
waiver/forgoing by the Members, his/her/their right to receive the dividend (interim or final) by
him/her/them under this Article shall be irrevocable immediately after the record date/book closure date
fixed for determining the names of Members entitled for dividend. The Company shall not be entitled to
declare or pay and shall not declare or pay dividend on equity shares to such Members who have
waived/forgone his/her/their right to receive the dividend (interim or final) by him/her/them under this
Article.
The Company in General Meeting may declare dividends to be paid to the Members other than the
Members who have waived/forgone their right of receiving any Dividend (including any interim
dividend), declared / to be declared by the Company for Financial Year, in accordance with Rules framed
by the Board and amended from time to time, to be paid to members according to their respective rights
and interests in the profits and may fix the time for payment and the Company shall comply with the
provisions of Section 127 of the Act, but no dividends shall exceed the amount recommended by the
Board of Directors, but the Company may declare a smaller dividend in general meeting.
Subject to the provisions of the Act, the Directors may, from time to time, pay to the Members other than
the Members who have waived/foregone their right of receiving any dividend declared / to be declared
by the Company for any financial year, in accordance with Rules framed by the Board and amended from
time to time, such interim dividends as in their judgment the position of the Company justifies.
ACCOUNTS
Inspection by Directors
139. (i) The Board shall from time to time determine whether and to what extent and at
What times and places and under what conditions or regulations, the accounts and books of the
company, or any of them, shall be open to the inspection of members not being directors.
Restriction on inspection by members
(ii) No member (not being a director) shall have any right of inspecting any account or book or document of
the company except as conferred by law or authorized by the Board or by the company in general meeting.
WINDING UP
Winding up of Company
140. Subject to the provisions of the Act and rules made there under—
(i) If the company shall be wound up, the liquidator may, with the sanction of a special resolution of the
company and any other sanction required by the Act, divide amongst the members, in specie or kind, the
whole or any part of the assets of the company, whether they shall consist of property of the same kind or
not.
(ii) For the purpose aforesaid, the liquidator may set such value as he deems fair upon any property to be
divided as aforesaid and may determine how such division shall be carried out as between the members
or different classes of members.
(iii) The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon
such trusts for the benefit of the contributories if he considers necessary, but so that no member shall be
compelled to accept any shares or other securities whereon there is any liability.
INDEMNITY AND INSURANCE

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Directors and Officers right to indemnity
141. (i) Subject to the provisions of the Act, every director, managing director, whole
Time director, manager, company secretary and other officer of the Company shall be indemnified by
the Company out of the funds of the Company, to pay all costs, losses and expenses (including travelling
expense) which such director, manager, company secretary and officer may incur or become liable for
by reason of any contract entered into or act or deed done by him in his capacity as such director,
manager, company secretary or officer or in any way in the discharge of his duties in such capacity
including expenses.
(ii) Subject as aforesaid, every director, managing director, manager, company secretary or other officer
of the Company shall be indemnified against any liability incurred by him in defending any proceedings,
whether civil or criminal in which judgment is given in his favour or in which he is acquitted or discharged
or in connection with any application under applicable provisions of the Act in which relief is given to
him by the Court.
Insurance
142. The Company may take and maintain any insurance as the Board may think fit on behalf of its present
and/or former directors and key managerial personnel for indemnifying all or any of them against any
liability for any acts in relation to the Company for which they may be liable but have acted honestly and
reasonably.
SECRECY CLAUSE
143. (i) Subject to the provisions of Companies Act, 2013 no member shall be entitled to
visit or inspect any work of the company without the permission of the Directors, Managing Directors
or Secretary or any discovery of any information or any detail of the Company's business or any other
matter, which is or may be in the nature of a trade secret, mystery of secret process or which may relate
to the conduct of the business of the company and which in the opinion of the Directors or the
Managing Director will be inexpedient in the collective interests of the members of the company to
communicate to the public or any member.
(ii) Every Director, manager, secretary, auditor, trustee, member of committee, officer, servant, agent,
accountant or other person employed in the business of the company will be upon entering his duties pledging
himself not to reveal any of the matters which may come to his knowledge in the discharge of his duties
except when required so to do by the Directors or by any meeting or by a court of law and except so far as
may be necessary in order to comply with any of the provisions in these presents contained.

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 SECTION X – OTHER INFORMATION

MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION

The following contracts not being contracts entered into in the ordinary course of business carried on by our
Company or contracts entered into more than two (2) years before the date of filing of this Draft Prospectus
which are, or may be deemed material, have been entered or to be entered into by our Company. These contracts,
copies of which will be attached to the copy of the Prospectus to be filed with the RoC for filing and also the
documents for inspection referred to hereunder, may be inspected at the Registered Office of our Company
located at 19/B Kalyan Society near M.G. International School, Mithakhali, Ahmedabad -380006, Gujarat, India
from date of filing the Prospectus with RoC to Issue Closing Date on working days from 10.00 a.m. to 5.00 p.m.
Material Contracts
1. Issue Agreement dated October 17, 2019 between our Company and the Lead Manager;
2. Registrar to the issue agreement dated October 17, 2019 between our Company and Link Intime India
Private Limited, Registrar to the Issue;
3. Underwriting Agreement dated October 17, 2019 between our Company and Underwriter viz. Pantomath
Capital Advisors Private Limited;
4. Market Making Agreement dated October 17, 2019 between our Company, Market Maker and the Lead
Manager;
5. Banker to the Issue Agreement dated [●] amongst our Company, the Lead Manager, Banker to the Issue
and the Registrar to the Issue;
6. Tripartite agreement among the NSDL, our Company and Registrar to the Issue dated September 27, 2019;
7. Tripartite agreement among the CDSL, our Company and Registrar to the Issue dated September 27, 2019
Material Documents
1. Certified copies of the updated Memorandum and Articles of Association of our Company along with
certificates of incorporation as amended from time to time;
2. Resolution of the Board of Directors dated September 18, 2019 in relation to the Issue and other related
matters;
3. Special Resolution of the shareholders passed at the Extraordinary General Meeting dated September 23,
2019 authorizing the Issue;
4. Statement of Tax Benefits dated October 18, 2019 issued by Statutory Auditor i.e. M/s. Keyur Shah & Co,
Chartered Accountants;
5. Report of the Statutory Auditor dated October 18, 2019 on the Restated Financial Statements for the period
ended on June 30, 2019 and financial year ended March 31, 2019, 2018 & 2017 of our Company.
6. Consents of Promoters, Directors, Company Secretary and Compliance Officer, Chief Financial Officer,
Statutory Auditor, Banker to the Company, Legal Advisor to the Issue, the Lead Manager, Registrar to the
Issue, Underwriter, Market Maker, Banker to the Issue, Refund Banker and Sponsor Bank to the Issue to
act in their respective capacities.
7. Copy of In-Principal approval from National Stock Exchange of India Limited vide letter dated [●], to use
its name in this Offer document for listing of Equity Shares on EMERGE Platform of National Stock
Exchange of India Limited.
Any of the contracts or documents mentioned in this Draft Prospectus may be amended or modified at any time
if so required in the interest of our Company or if required by the other parties, without reference to the
Shareholders, subject to compliance of the provisions contained in the Companies Act and other applicable law.

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 DECLARATION

We, the under signed, hereby certify and declare that, all relevant provisions of the Companies Act and the
rules, regulations and guidelines issued by the Government of India or the regulations / guidelines issued by
SEBI, the Securities Contracts (Regulation) Act, 1956 as the case may be, have been complied with and no
statement made in the Draft Prospectus is contrary to the provisions of the Companies Act, SCRA, the Securities
and Exchange Board of India Act, 1992 or rules made there under or regulations / guidelines issued, as the case
may be. We further certify that all the disclosures and statements made in the Draft Prospectus are true and
correct.
Signed by all the Directors of our Company.

Name and Designation Signature

Vipin Prakash Mangal
Chairman & Executive Director sd/-
DIN: 02825511
Chanakya Prakash Mangal
Joint Managing Director sd/-
DIN: 06714256
Chandragupt Prakash Mangal
Joint Managing Director sd/-
DIN: 07408422
Sarika Modi
Non-Executive Director sd/-
DIN: 08320453
Manish Bagadia
Independent Director sd/-
DIN: 02009864
Praveen Gupta through Power of Attorney holder,
Vipin Prakash Mangal
sd/-
Independent Director
DIN: 00415491

Signed by Chief Financial Officer of the Company.

sd/-
___________________
Ashutosh Mehta
Chief Financial Officer

Place: Ahmedabad
Date: October 21, 2019

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 Annexure A

DISCLOSURE OF PRICE INFORMATION OF PAST ISSUES HANDLED BY PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED

+/- % change in +/- % change in +/- % change in

Openi
closing price, [+/- closing price, [+/- closing price, [+/-
ng
Issue Issue % change in % change in % change in
Sr. price
Issue Name Size Price Listing date closing closing closing
No on
(Cr) (Rs.) benchmark]- 30th benchmark]- 90th benchmark]-
listing
calendar days calendar days 180th calendar
date
from listing from listing days from listing
Innovative Ideals and Services
1. 12.26 40.00 October 05, 2018 43.00 215.00% (1.85%) 320.25% (4.41%) 299.75% (13.61%)
(India) Limited
2. Vinny Overseas Limited 10.37 40.00 October 11, 2018 40.50 11.25% (3.43%) 12.25% (5.54%) 5.00% (13.38%)
3. Shubhlaxmi Jewel Art Limited 6.51 26.00 December 04, 2018 27.10 33.85% (-0.71%) 111.54% (-0.06%) 360.38% (9.69%)
4. Deccan Health Care Limited 42.12 100.00 December 31, 2018 108.00 28.40% (-1.32%) 7.05% (7.22%) -10.55% (9.22%)
5. Surani Steel Tubes Limited 12.92 52.00 February 06, 2019 53.10 -4.81% (-0.04%) -7.69% (4.84%) -19.33% (-0.59%)
6. Ritco Logistics Limited 48.18 73.00 February 07, 2019 77.40 -5.00% (-0.81%) -3.49% (3.53%) -8.70% (-0.73%)
7. Artedz Fabs Limited 8.32 36.00 March 29, 2019 40.00 5.56% (1.12%) -9.44% (1.92%) -34.17% (-0.31%)
Par Drugs and Chemicals
8. 8.53 51.00 May 16, 2019 52.90 -6.47% (5.03%) -7.84% (-2.94%) Not Applicable
Limited
9. Suich Industries Limited 30.86 75.00 June 13, 2019 68.50 -42.00% (-2.53%) -61.93% (-6.53%) Not Applicable
10. Gensol Engineering Limited 17.93 83.00 October 15, 2019 85.40 Not Applicable Not Applicable Not Applicable

Sources: All share price data is from www.bseindia.com and www.nseindia.com.

Note:-
1. The BSE Sensex and CNX Nifty are considered as the Benchmark Index.
2. Prices on BSE/NSE are considered for all of the above calculations.
3. In case the 30th/90th/180th day is a holiday, closing price on BSE/NSE of the previous trading day has been considered.
4. In case 30th/90th/180th days, scrips are not traded then closing price on BSE/NSE of the previous trading day has been considered.

Page 293 of 295

 SUMMARY STATEMENT OF DISCLOSURE

Nos of IPOs trading at Nos of IPOs trading at Nos of IPOs trading at

Nos of IPOs trading at
premium on 30th discount on 180th premium on 180th
Total discount on 30th Calendar
Total Calendar day from listing Calendar day from Calendar day from listing
Financial funds day from listing date
no. of date listing date date
year raised
IPO Less Less Less
(Rs. Cr) Over Between Less than Over Between Over Between Over Between
than than than
50% 25-50% 25% 50% 25-50% 50% 25-50% 50% 25-50%
25% 25% 25%
17-18 *30 610.90 - - 4 10 7 9 - 2 6 12 3 7
18-19 **25# 477.04 - - 6 2 4 12 1 2 10 3 2 7
19-20 ***3$ 57.32 - 1 1 - - - - - - - - -

*The scripts Bohra Industries Limited, Creative Peripherals and Distribution Limited, Panache Digilife Limited, Zota Health Care Limited, Gautam Exim
Limited, Bansal Multiflex Limited, Shrenik Limited, Jigar Cables Limited, Vaishali Pharma Limited, Lexus Granito (India) Limited, Worth Peripherals Limited,
R M Drip and Sprinklers Systems Limited, Shree Tirupati Balajee FIBC Limited, Innovative Tyres and Tubes Limited, Poojawestern Metaliks Limited, Airo
Lam Limited, Goldstar Power Limited, IRIS Business Services Limited, Tirupati Forge Limited, Beta Drugs Limited, One Point One Solutions Limited, Astron
Paper & Board Mill Limited, Shree Ram Proteins Limited and Gujarat Hy – Spin Limited, Focus Suites Solutions & Services Limited, A and M Jumbo Bags
Limited, Sintercom India Limited, Mohini Health & Hygiene Limited, South West Pinnacle Exploration Limited and Macpower CNC Machines Limited were
listed on April 05, 2017, April 12, 2017, April 25, 2017, May 10, 2017 July 11, 2017, July 12, 2017, July 18, 2017, July 28, 2017, August 22, 2017, August 23,
2017, September 27, 2017, October 04, 2017, October 05, 2017, October 05, 2017, October 05, 2017, October 06, 2017, October 10, 2017, October 11, 2017,
October 12, 2017, October 12, 2017, December 26, 2017, December 29, 2017, February 05, 2018, February 08, 2018, February 09, 2018, February 12, 2018,
February 15, 2018, February 16, 2018, February 19, 2018 and March 22, 2018 respectively.
**The scripts of Benara Bearings and Pistons Limited, Soni Soya Products Limited, Vera Synthetic Limited, S.S. Infrastructure Development Consultants
Limited, Mahickra Chemicals Limited, Akshar Spintex Limited, Softtech Engineers Limited, Innovators Façade Systems Limited, Shree Vasu Logistics
Limited, Affordable Robotic & Automation Limited, Latteys Industries Limited, Nakoda Group of Industries Limited, ShreeOswal Seeds and Chemicals
Limited, Priti International Limited, Accuracy Shipping Limited, Ganga Forging Limited, Ushanti Colour Chem Limited, Manorama Industries Limited,
Innovative Ideals and Services (India) Limited, Vinny Overseas Limited, Shubhlaxmi Jewel Art Limited, Deccan Health Care Limited, Surani Steel Tubes
Limited, Ritco Logistics Limited and Artedz Fabs Limited were listed on April 3, 2018, April 12, 2018, April 12, 2018, April 12, 2018, April 26, 2018, May
11, 2018, May 11, 2018, May 24, 2018, June 4, 2018, June 4, 2018, June 5, 2018, June 6, 2018, June 20, 2018, June 21, 2018, June 22, 2018, July 11, 2018,
August 02, 2018, October 04, 2018, October 05, 2018, October 11, 2018, December 04, 2018, December 31, 2018, February 06, 2019 February 07, 2019 and
March 29, 2019 respectively.
***The script of Par Drugs and Chemicals Limited, Suich Industries Limited and Gensol Engineering Limited were listed on May 16, 2019, June 13, 2019 and
October 15, 2019 respectively.

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$ The script of Par Drugs and Chemicals Limited, Suich Industries Limited and Gensol Engineering Limited have not completed 180 Days, 180 Days and 30
Days respectively from the date of listing.
# As on 30th trading day the closing price of the script Ganga Forging Limited was at par with the issue price. Hence it is not considered for counting the
numbers of IPOs trading at discount and premium.
Note: Ambition Mica Limited is a Further Public Offering lead managed by Pantomath Capital Advisors Private Limited in the Financial Year 2017-18 and
the same has not been included in the above mentioned Summary Statement of Disclosure as the disclosure is limited to IPOs only.

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