AR 2017 2018bansa

5th
ANNUAL REPORT
2017-2018
BANSAL MULTIFLEX LIMITED

5TH ANNUAL REPORT 2017-18
KEY MANAGERIAL PERSONNEL & BOARD OF DIRECTORS

Mr. Anupkumar R. Bansal (DIN: 06735149) Chairman & Managing Director
Mrs. Suman Anup Bansal (DIN: 06735151) Whole time Director
Ms. Aashi Anup Bansal (DIN: 07575667) Director
Mr. Rajender Kumar Bansal (DIN: 07575670) Director
Mr. Rajesh Kumar Singal (DIN: 07600662) Independent Director
Ms. Aesha Jashwantray Mashru (DIN: 07777229) Independent Director
Mr. Faruk H. Diwan (w.e.f. 20th February, 2018) Company Secretary
Ms. Vrusha Patel (till 21st December, 2017) Company Secretary
Mr. Ravishankar Mishra (till 21st December, 2017) Chief Financial Officer
AUDITORS:
M/s. Kishor Goyal and Co.
Chartered Accountants,
Ahmedabad
BANKERS
ICICI Bank Ltd.
Yes Bank Ltd.
REGISTRAR & SHARE TRANSFER AGENT

Bigshare services Pvt. Ltd.
E -2/3, Ansa Industrial Estate,
Saki Vihar Road, Sakinaka Andheri (East)
Mumbai -400072
REGISTERED OFFICE:
72, The Nutan Guj. Co Op Shops And Warehouses Soc.
O/S Raipur Gate, Near Laxmi Cotton Mill Ahmedabad GJ 380022 IN
CONTENTS
Notice 1
Board of Director’s Report 7
Management Analysis & Discussion Report 15
Standalone Independent Auditor’s Report 38
Standalone Financial Statements 44
Consolidated Independent Auditor’s Report 59
Consolidated Financial Statements 64
ANNUAL REPORT 2017-2018

NOTICE
NOTICE is hereby given that the 5th Annual General Meeting of the Members of BANSAL MULTIFLEX LIMITED
will be held on Friday, 27th July, 2018 at 3.00 P.M. at the registered office of the company at 72, The Nutan Guj. Co Op
Shops and Warehouses Soc. O/S Raipur Gate, Near Laxmi Cotton Mill, Ahmedabad – 380022 Gujarat, to transact the
following business.
ORDINARY BUSINESS:
1. To receive, consider and adopt :-
(a) the audited Standalone Financial Statement of the Company for the financial year ended March 31, 2018
and the reports of the Board of Directors and Auditors thereon; and
(b) the audited Consolidated Financial Statement of the Company for the financial year ended March 31, 2018
and the reports of the Board of Directors and Auditors thereon.
2. To appoint a Director in place of Mrs. Suman Anup Bansal (DIN: 06735151) who retires by rotation and being
eligible, offers herself for re-appointment.
SPECIAL BUSINESS:
3. Revision in the remuneration of Mr. Anupkumar Bansal (DIN: 06735149), Managing Director of the
Company
To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to recommendation of Nomination and Remuneration Committee and approval
of the Board of Directors and in accordance with the provisions of Sections 196, 197, 198, 203, 188 and other
applicable provisions, if any, of the Companies Act, 2013 (the Act), and the rules made there under (including
any statutory modification or re-enactment thereof ) read with Schedule-V of the Companies Act, 2013, Article
of Association of the Company, approval of the members of the Company be and is hereby accorded for revision
in remuneration payable to Mr. Anupkumar Bansal (DIN: 06735149), Managing Director of the Company with
effect from 1st April, 2018 on the terms and conditions including remuneration as detailed in the explanatory
statement.
4. Revision in the remuneration of Mrs. Suman Anup Bansal (DIN: 06735151), Whole-time Director of the
Company
To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to recommendation of Nomination and Remuneration Committee and approval
of the Board of Directors and in accordance with the provisions of Sections 196, 197, 198, 203, 188 and other
applicable provisions, if any, of the Companies Act, 2013 (the Act), and the rules made there under (including
any statutory modification or re-enactment thereof ) read with Schedule-V of the Companies Act, 2013, Article
of Association of the Company, approval of the members of the Company be and is hereby accorded for revision
in remuneration payable to Mrs. Suman Anup Bansal (DIN: 06735151), Whole-time Director of the Company with
effect from 1st April, 2018 on the terms and conditions including remuneration as detailed in the explanatory
statement.
Regd. Office: By order of the Board

72, The Nutan Guj. Co Op Shops For, Bansal Multiflex Limited
And Warehouses Soc. O/s. Raipur Gate,
Near Laxmi Cotton Mill, Sd/-
Ahmedabad, Gujarat – 380022 Anupkumar Bansal
Date : 25/05/2018 Chairman & Managing Director
Place : Ahmedabad (DIN: 06735149)
ANNUAL REPORT 2017-2018 1

Notes:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY/PROXIES TO
ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF/HERSELF AND SUCH PROXY/PROXIES NEED NOT BE A
MEMBER OF THE COMPANY. Duly completed instrument of proxies in order to be effective must be reached at
registered office of the Company not less than 48 hours before the scheduled time of Meeting. A person can act
as proxy on behalf of Members not exceeding Fifty and holding in the aggregate not more than 10% of the total
share capital of the Company provided a member holding more than 10% of the total share capital may appoint
a single person as proxy and such person shall not act as proxy for any other shareholder.
2. The statement pursuant to Section 102(1) of the Companies Act, 2013, which sets out details relating to the
special business to be transacted at the meeting, in annexed hereto.
3. Electronic copy of Annual Report for FY 2017-18 is being sent to all the members whose email IDs. Are registered
with the Company/Depository Participant(s) for communication purpose for a Physical copy of the same.
4. Corporate Members intending to send their authorized representatives to attend the Meeting are requested
to ensure that the authorized representative carries Power of Attorney or such other valid authorizations,
authorizing them to attend and vote on their behalf at the Meeting.
5. The Register of Members and Share Transfer Books of the Company will remain closed from Friday, 20th July, 2018
to Friday, 27th July, 2018 (both days inclusive).
6. The Register of Directors’ and Key Managerial Personnel and their shareholding maintained under Section 170 of
the Companies Act, 2013, the Register of Contracts or Arrangement in which the Directors are interested under
Section 189 of the Companies Act, 2013 will be available for inspection at the AGM.
7. Members/Proxies are requested to bring their attendance slips duly filled along with copies of their Annual
Report.
8. Brief resume of Directors including those proposed to be appointed / re-appointed, nature of their expertise in
specific functional areas, names of companies in which they hold directorships and memberships / chairmanships
/ chairmanships of Board Committees as stipulated under Listing Obligation and Disclosure Requirements
Regulations, 2015 are provided in the annexure to the notice calling Annual General Meeitng.
9. Members of the Company had approved the Appointment of M/s. Kishor Goyal & Co., Chartered Accountants
as the Statutory Auditor of the Company which is valid till 7th AGM of the Company. In accordance with the
Companies Amendment Act, 2017, enforced on 7th May, 2018 by Ministry of Corporate Affairs, the Appointment
of Statutory Auditors is not required to be ratified at every AGM.
10. Members who hold the shares in the dematerialized form are requested to notify any change of address or bank
mandates to their Depositories Participants with whom they are maintaining their demat accounts.
11. To prevent fraudulent transactions, Members are advised to exercises due diligence and notify the Company /
Registrar of any change in the address or demise of any member as soon as possible. Members are also advised
not to leave their demat accounts dormant for long. Periodic statement of holding should be obtained from
concerned Depository Participant and holdings should be verified.
12. The Company is having agreements with NSDL and CDSL to enable Members to have the option of dealing
and holding the shares of the Company in electronic form. The ISIN of the equity shares of the Company is
INE668X01018.
13. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number
(PAN) by every Participant in Securities market. Members holding shares in electronic form are, therefore,
requested to submit the PAN to their Depository Participants with whom they are maintaining their accounts.
14. As per Notification issued by Ministry of Corporate Affairs dated 19th of March, 2015 with reference to the
Companies (Management and Administration) Rules, 2014 Companies covered under Chapter XB and Chapter
XC as per SEBI (ICDR) Regulations, 2009 will be exempted from e-voting provisions. Also, no such provision is
2 ANNUAL REPORT 2017-2018

available in SME Equity Listing Agreement. Company is covered under Chapter XB as it is a SME Company and
listed on Emerge platform of National Stock Exchange of India Limited. Therefore Company is not providing
e-voting facility to its shareholders.
15. Members are requested to address all correspondence including change in their addresses, to the Company or
to the Registrar and Share Transfer Agent, M/s. Bigshare Services Private Limited, E-2/3, Ansa Industrial Estate,
Sakivihar Road, Saki Naka, Andheri (E), Mumbai – 400 072; website www.bigshareonline.com. Members whose
shareholding is in electronic mode are requested to approach their respective depository participants for
effecting change of address.
• T he Shareholders are requested to update the Contact address and E-mail address and are requested to
notify immediately any change in their address, exclusively on separate letter without clubbing it with any
other request, for quicker attention directly to the Company’s Share Transfer Agent.
16. All documents referred to in the accompanying notice and the Statements are open for inspection by the
members at the Registered Office of the Company on all working days, except Saturdays, during business hours
upto date of Annual General Meeting.
17. Relevant documents referred to in the accompanying Notice are open for inspection by the members at the
Registered Office of the Company on all working days, except Saturdays and Sundays, during business hours up
to the date of the Meeting.
18. Notice of this Annual General Meeting, Audited Financial Statements for 2017-18 along with Directors’ Report
and Auditors Report are available on the website of the Company at www.bansalmultiflex.com.
19. The route map showing direction to reach the venue of the 5th Annual General Meeting is annexed as per
requirement of SS -2 on General Meetings.
20. As a part of “ Green Initiative in the Corporate Governance”, the Ministry of Corporate has permitted the
Companies to serve the documents, namely, Notice of General Meeting, Balance, Statement of Profit and Loss,
Auditors’s Report, Directors’ Report etc. to the members through e-mail.
21. Pursuant to the prohibition imposed vide section 118 of the Companies Act, 2013 read with Secretarial Standards
on General Meetings (SS-2) issued by the Instiitute of Company Secretaries of India, no gifts/coupons shall be
distributed at the Meeting.

BRIEF RESUME OF THE DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT
AT THE 5th ANNUAL GENERAL MEETING
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
Particulars Mrs. Suman Bansal
DIN 06735151
Designation Whole-time Director
Date of birth 14/11/1974
Date of appointment 27/11/2013
Qualification and experience She has completed arts graduate in 1995 and she has more than 10 years of
in specific functional area experience in the textile and chemical industry. Her responsibilities in the
Company encompass the quality control and enhancement, process and
customer satisfaction. She supervises the functioning of various departments in
the organization such as Sales & Marketing, Estimation, Customer Relationship
Management, Purchase, Corporate Communications etc.
Directorship in other NIL
companies*
Membership / Chairmanships NIL
of Committee in other Public
Companies
Relationships between Mrs. Suman Anup Bansal is a relative of Mr. Anupkumar Bansal, Ms. Aashi Bansal
directors inter se and Mr. Rajenderkumar Bansal.
(Mrs. Suman Anup Bansal is wife of Mr. Anupkumar Bansal, Mother of Ms. Aashi
Bansal and Daughter In law of Mr. Rajenderkumar Bansal)
No. of Equity Shares held in 4,02,700 Equity Shares
the Company
*Pvt. Companies excluded


ANNEXURE TO THE NOTICE
EXPLANATORY STATEMENT
(PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013)
The following statement sets out all material facts relating to Special Business mentioned in the accompanying
Notice:
Item No. 3:
The Members of the Company at the 3rd Annual General Meeting held on 29th September, 2016 had approved the
appointment of Mr. Anupkumar Bansal (DIN: 06735149) as a Managing Director of the Company effective from 30th
August, 2016 for a period of 5 years and also approved the remuneration payable to Mr. Anupkumar Bansal (DIN:
06735149) effective from 30th August, 2016.
Based on the performance of Mr. Anupkumar Bansal (DIN: 06735149) as a Managing Director, the members of the
Company at the 4th Annual General Meeting held on 28th September, 2017 had approved the revision in remuneration
of Mr. Anupkumar Bansal (DIN: 06735149), Managing Director effective from 1st October, 2017.
In terms of rich and varied experience, Mr. Anupkumar Bansal has contributed towards the growth and expansion
of the Company. Further, on the recommendation of the Nomination and Remuneration Committee, the Board
recommends the revision of remuneration payable to Mr. Anupkumar Bansal for member’s approval as described
below:
Details of remuneration:
Salary:
Upto ` 36,00,000/- (Rupees Thirty Six Lakh Only) per annum.
Total Salary includes:
• Basic Salary
• Commission Payable, if any
• eimbursement of actual travelling expenses for proceeding on leave with family to anywhere in India or abroad
R
as per rules of the Company.
• ar, Telephone, Cell Phone, PC shall be provided and their maintenance and running expenses shall be met by
C
the Company.
• Other benefits like Gratuity, Provident Fund, Leave etc. as applicable as per rules of the Company.
• Other perquisites and benefits as per the rules of Company.
All other terms and conditions of his appointment remain unchanged.
Mr. Anupkumar Bansal (DIN: 06735149) Managing Director, Mrs. Suman Anup Bansal (DIN: 06735151), Whole-
time Director, Mr. Rajendrakumar Bansal (DIN: 07575670), Director and Ms. Aashi Bansal (DIN: 07575667), Director
are interested in the above stated matter. No other directors, Key Managerial Personnel of the Company and their
relatives, in any way, concerned or interested financially or otherwise in the above said resolutions
The Board recommends the Resolution at Item No.: 3 for approval of the Members.
Item No. 4:
The Members of the Company at the Extra Ordinary General Meeting held on 25th March, 2017 had approved the
appointment of Mrs. Suman Anup Bansal (DIN: 06735151) as a Whole-time Director of the Company effective from
25th March, 2017 for a period of 3 years and also approved the remuneration payable to Mrs. Suman Anup Bansal (DIN:
06735151) effective from 25th March, 2017.

Based on the performance of Mrs. Suman Anup Bansal (DIN: 06735151) as a Whole-time Director and on
recommendation of the Nomination and Remuneration Committee, the Board recommends the revision of
remuneration payable to Mrs. Suman Anup Bansal for member’s approval as described below:
Details of remuneration:
Salary:
Upto ` 24,00,000/- (Rupees Twenty Four Lakh Only) per annum.
Total Salary includes:

• Basic Salary
• Commission Payable, if any
• eimbursement of actual travelling expenses for proceeding on leave with family to anywhere in India or abroad
R
as per rules of the Company.
• ar, Telephone, Cell Phone, PC shall be provided and their maintenance and running expenses shall be met by
C
the Company.
• Other benefits like Gratuity, Provident Fund, Leave etc. as applicable as per rules of the Company.
• Other perquisites and benefits as per the rules of Company.
All other terms and conditions of his appointment remain unchanged.
Mrs. Suman Anup Bansal (DIN: 06735151), Whole-time Director, Mr. Anupkumar Bansal (DIN: 06735149) Managing
Director, Mr. Rajendrakumar Bansal (DIN: 07575670), Director and Ms. Aashi Bansal (DIN: 07575667), Director are
interested in the above stated matter. No other directors, Key Managerial Personnel of the Company and their
relatives, in any way, concerned or interested financially or otherwise in the above said resolutions
The Board recommends the Resolution at Item No.: 4 for approval of the Members.


DIRECTOR’S REPORT
To,
THE MEMBERS,
Your Directors have pleasure in submitting their 5th Annual Report of the Company together with the Audited
Statements of Accounts of the Company for the year ended on 31st March, 2018.
1. FINANCIAL PERFORMANCE/HIGHLIGHTS:
During the year under review, the Company has earned net profit of Rs. 1,46,73,514/-. There is notable increase
in profit after tax during the current year comparison to the previous year. Your Directors look forward to
improve the financial position of the Company and are optimistic about the future growth and performance of
the Company.
The summarized financial results of the Company for the period ended 31st March, 2018 are as follows:
(Amt In Rs.)
Particulars Standalone Consolidated
2017-18 2016-17 2017-18
Revenue from operations 47,11,27,085 11,76,45,269 47,11,27,085
Other Income 6,63,647 50,272 6,63,647
Total Income 47,17,90,732 11,76,95,541 47,17,90,732
Less: Expenditure 44,14,58,168 11,13,90,761 44,24,50,721
Profit/(loss) before Interest, Depreciation and Tax 3,03,32,565 63,04,780 2,93,40,011
Less: Finance Cost 74,86,137 3,66,184 74,86,137
Less: Depreciation & Amortization Cost 14,83,802 3,07,275 14,83,802
Prior Period Items 8,72,501 0 8,72,501
Less: Extraordinary items 0 0 0
Profit/(loss)Before Tax 2,04,90,124 56,31,321 1,94,97,570
Less: Tax Expenses 60,97,709 18,50,000 60,97,709
Less: Deferred Tax 2,81,099 40,776 2,81,099
Profit/(loss)after Tax 1,46,73,514 38,22,096 1,36,80,960
2. DIVIDEND
With a view to provide a cushion for any financial contingencies in the future and to strengthen the financial
position of the Company, your Directors have decided not to recommend any dividend for the period under
review.
3. CAPITAL STRUCTURE
During the year under review, the paid up share capital of the Company has been increased from Rs. 5,41,00,000
(Rupees Five Crore Forty One Lakh) divided into 54,10,000 (Fifty Four Lakh ten thousand) equity shares of
Rs. 10 each to Rs. 6,20,00,000 (Rupees Six Crores Twenty Lakhs ) by initial public offer of 20,00,000 (Twenty
Lakhs) equity shares at a face value of Rs. 10/- each and a premium of Rs. 21/- each. The aforesaid Equity
Shares is listed on NSE-Emerge Platform.
Further, the Company has not issued shares with differential voting rights nor has granted any stock options or
sweat equity.

4. CONSOLIDATED FINANCIAL STATENMENT
The Financial Statement of the Company for the Financial year 2017-18 are prepared in compliance with the
applicable provisions of the Act, Accounting Standards and as prescribed by Securities and Exchange Board
of India (SEBI) (Listing Obligations and Disclosure Requirement) Regulations, 2015. The consolidated Financial
Statement has been prepared on the basis of the audited financial statement of the Company as approved by
their respective Board of Directors. Pursuant to the provisions of Section 136 of the Act, the Financial Statements
of the Company, the Consolidated Financial Statements along with all relevant documents and Auditors report
thereon form part of this annual report.
5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed dividend, the provisions of Section 125 of the Companies Act, 2013 do not
apply.
6. CHANGE IN THE NATURE OF THE BUSINESS OF THE COMPANY
During the year, there is no change in the nature of the business of the Company.
7. DEPOSITS
The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73
of the Companies Act, 2013 (“the Act”) read with the Companies (Acceptance of Deposit) Rules, 2014 during the
period under review. Hence, the requirement for furnishing the details of deposits which are not in compliance
with Chapter V of the Act is not applicable.
8. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amount to reserves.
9. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY
OCCURRED BETWEEN THE ENDS OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS
RELATE AND THE DATE OF THE REPORT
There is no material changes and commitments affecting the financial position of the company have occurred
between the end of the financial year of the company to which the financial statements relate and the date of
this report.
10. STATEMENT ON FORMAL ANNUAL EVALUATION OF BOARD
Nomination and Remuneration Committee annually evaluates the performance of individual Directors,
Committees and of the Board as a whole in accordance with the formal system adopted by it. Further, the Board
also regularly in their meeting held for various purposes evaluates the performance of all the Director, committees
and the Board as a whole. The Board considers the recommendation made by Nomination and Remuneration
Committee in regard to the evaluation of board members and also tries to discharge its duties more effectively.
Each board members contribution, their participation was evaluated and the domain knowledge they bring.
They also evaluate the manner in which the information flows between the Board and the Management and the
manner in which the board papers and other documents are prepared and furnished.
11. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL
No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern
status and the Company’s operations in future.
12. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF

THE COMPANY
The Company has not developed and implemented any risk management policy as the risk threatening the
business activity carried out by the Company during the year are minimal.

13. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
A. CONSERVATION OF ENERGY:
• the steps taken or impact on conservation of energy : Nil
i. the steps taken by the company for utilizing alternate sources of energy : None
ii. the capital investment on energy conservation equipments : Nil
B. TECHNOLOGY ABSORPTION:
i. the efforts made towards technology absorption : None
ii. the benefits derived like product improvement, cost reduction, product development or import
substitution : None
iii. in case of imported technology (imported during the last three years reckoned from the beginning of
the financial year)-
a) the details of technology imported : None
b) the year of import : N.A.
c) whether the technology been fully absorbed : N.A.
d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof : N.A.
iv. the expenditure incurred on Research and Development : Nil
C. FOREIGN EXCHANGE EARNING & OUTGO :
Foreign Exchange Earning : NIL
Foreign Exchange Outgo : INR 10898025.36/- (167672 USD)
14. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL
RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said
provisions are not applicable.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES
ACT, 2013
During the year, the Company has made investment falling under the provision of Section 186 of the Companies
Act, 2013 read with rules made there under. The Company has not given loan, guarantee or provided security in
connection with the loan to any other body corporate or person. The members are requested to refer the notes
to the financial statement which are forms the part of the Annual Report for detailed information. (Note-11 of
Standalone Financials)
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
During the year under review, the Company has entered into any contracts or arrangements with related parties.
The particulars of Contracts or Arrangements made with related parties required to be furnished under section
134(3) are disclosed in the prescribed form (Form AOC-2) which is attached to this Report as “Annexure- A”.

17. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL
i. Composition of Board;
Name of Directors Designation Category No. of Board No. of Board
Meeting held Meeting
during the attended
year during the year
Anupkumar Chairman & Promoter Executive 6 6
Rajendrakumar Bansal Managing Director
Suman Anup Bansal Whole time Director Promoter Executive 6 6
Aashi Anup Bansal Director Promoter Non- 6 5
Executive
Rajender Kumar Director Promoter Executive 6 6
Ramchander Bansal
Rajesh Kumar Singal Director Independent 6 6
Aesha Jashwantray Director Independent 6 6
Mashru
ii. Changes in Board during the year:
During the year under review, neither additional directors nor any alternate directors were appointed.
iii. Retirement by rotation:
As per the provisions of Section 152 of the Companies Act, 2013, Mrs. Suman Anup Bansal (DIN: 06735151)
is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers herself for
reappointment. Your Directors recommend her reappointment.
iv. Key Managerial Personnel
During the year, Mr. Ravishankar Mishra ceased to be Chief Finacial Officer of the Company and Ms. Vrusha
Patel ceased to be Company Secretary and Compliance Officer of the Company w.e.f. 21/12/2017.
Further, Mr. Faruk H. Diwan who is associate member of Institute of Company Secretaries of India appointed
as Company Secretary and Compliance Officer of the Company w.e.f. 20/02/2018.
v. NUMBER OF BOARD MEETINGS
Regular meetings of the Board are held to discuss and decide on various business policies, strategies,
financial matters and other businesses.
During the year under review, the Board duly met Six (6) times on 25/04/2017, 07/07/2017, 29/08/2017,
14/11/2017, 21/12/2017 and 20/02/2018 in respect of said meetings proper notices were given and
proceedings were properly recorded and signed in the Minute Book maintained for the purpose.
vi. STATEMENT ON FORMAL ANNUAL EVALUATION OF BOARD
Nomination and Remuneration Committee annually evaluates the performance of individual Directors,
Committees, and of the Board as a whole in accordance with the formal system adopted by it. Further,
the Board also regularly in their meetings held for various purposes evaluates the performance of all
the Directors, committees and the Board as a whole. The Board considers the recommendation made by
Nomination and Remuneration Committee in regard to the evaluation of board members and also tries to
discharge its duties more effectively. Each Board member’s contribution, their participation was evaluated
and the domain knowledge they bring. They also evaluated the manner in which the information flows
between the Board and the Management and the manner in which the board papers and other documents
are prepared and furnished.

vii. DECLARATIONS BY INDEPENDENT DIRECTORS & THEIR SEPARATE MEETING
All the Independent Directors of the Company have given their declarations stating that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and in the opinion
of the Board, the Independent directors meet the said criteria.
During the year under review the Independent Directors duly met pursuant to the provisions as specified
in Schedule IV of the Companies Act, 2013 and the quorum was present throughout the meeting.
18. DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
I. In the preparation of the annual accounts, the applicable accounting standards have been followed.
II. The directors had selected such accounting policies and applied them consistently and made judgments
and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss of the Company for the year under
review.
III. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.
IV. The directors had prepared the annual accounts on a going concern basis.
V. The directors had laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively.
VI. The directors had devised proper system to ensure compliance with the provisions of all applicable laws
and that such system were adequate and operating effectively.
19. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE:
Pursuant to the provisions of section 177(8) of the Companies Act, 2013, the Board hereby discloses the
composition of the Audit Committee and other relevant matters as under:
Sr. Name of the Member Category Designation No. of No. of Committee

No. Committee Meeting attended
Meeting held during the year
during the year
1. Ms. Aesha Mashru Independent Director Chairman 5 5
2. Mr. Rajesh Singal Independent Director Member 5 5
3. Mr. Anup Bansal Executive Director Member 5 5
The Audit Committee acts in accordance with the terms of reference specified by the Board of Directors of the
Company. Further during the period under review, the Board of Directors of the Company had accepted all the
recommendations of the Committee.
During the financial year ended on 31 st March 2018, the Audit Committee met Five (5) times on
25/04/2017, 07/07/2017, 29/08/2017, 14/11/2017 and 20/02/2018.
20. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:-
Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company has established vigil
mechanism/Whistle Blower Policy for Directors and employees of the Company to report genuine concerns
regarding unethical behavior, actual or suspected fraud or violation of the Company’s code of conduct and

ethics Policy. The said mechanism also provides for direct access to the Chairperson of the Audit Committee in
appropriate or exceptional cases.
The Board of Directors of the Company frequently reviews the vigil mechanism/whistle blower policy in order to
ensure adequate safeguards to employees and Directors against victimization.
The said policy is also available on the website of the Company at www.bansalmultiflex.com.
21. NOMINATION AND REMUNERATION COMMITTEE
Ø The composition of the Committee is as under:

Sr. Name of the Member Category Designation No. of No. of Committee
No. Committee Meeting
Meeting held attended during
during the year the year
1. Ms. Aesha Mashru Independent Chairman 3 3
Director
2. Mr. Rajesh Singal Independent Member 3 3
Director
3. Ms. Aashi Bansal Non-Executive Member 3 2
Director
The Board has in accordance with the provisions of sub-section (3) of Section 178 of the Companies Act,
2013, formulated the policy setting out the criteria for determining qualifications, positive attributes,
independence of a Director and policy relating to remuneration for Directors, Key Managerial Personnel
and other employees. The said policy is furnished in “Annexure B” and is attached to this report.
During the year, three meetings of the Committee were held on 29/08/2017, 21/12/2017, 20/02/2018..
22. STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee comprises of the following members:

Sr. No. Name of the Member Designation Category
1. Ms. Aesha Mashru Chairman Independent Director
2. Mr. Rajesh Singal Member Independent Director
3. Mr. Anup Bansal Member Executive Director
Details of Investor’s grievances/ Complaints:
The Company has not received any complaints during the year. The pending complaints of the Shareholders/
Investors registered with SEBI at the end of the current financial year ended on 31st March, 2018 are NIL.
There were no pending requests for share transfer/dematerialisation of shares as of 31st March 2018.
Compliance Officer:
Mr. Faruk H. Diwan is the Compliance Officer of the Company w.e.f 20th February, 2018 who is also designated as
Company Secretary of the Company.
23. ADEQUACY OF INTERNAL FINANCIAL CONTROLS-
The Company has placed an adequate Internal Financial Controls with reference to Financial Statements. The
Board has inter alia reviewed the adequacy and effectiveness of the Company’s internal financial controls
relating to its financial statements.
During the year, such Controls were tested and no reportable material weakness was observed.

24. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
There was no case filed during the year, under the sexual harassment of woman at work place (Prevention,
Prohibition and Redressal) Act, 2013. Further, the Company ensures that there is a healthy and safe atmosphere
for every women employee at the workplace and made the necessary policies for safe and secure environment
for women employee.
25. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has incorporated subsidiary Company A2S Global Enterprise DMCC by acquiring 75% controlling
interest on 31st July, 2017 in Dubai. The statement containing the salient feature of the statement of a Company’s
subsidiary is given as “Annexure C”.
26. AUDITORS
i. STATUTORY AUDITORS
The present Auditors of the Company M/s. Kishor Goyal & Co., Chartered Accountants, were appointed as
Statutory Auditors for a period of 5 year(s) at the Annual General Meeting held on 30th September, 2015 to
hold the office till the conclusion of 7th Annual General Meeting of the Company to be held in the year 2020.
In pursuant to Companies Amendment Act,2017, enforced on 7th May,2018 by Ministry of Corporate Affairs,
the appointment of statutory auditor is not required to be ratified at every annual general meeting.
There are no qualifications, reservations or adverse remarks made by M/s. Kishor Goyal & Co., Chartered
Accountants, the Statutory Auditors of the Company, in their report. The observations made by the
Statutory Auditors in their report for the financial period ended 31st March 2017 read with the explanatory
notes therein are self explanatory and therefore, do not call for any further explanation or comments from
the Board under Section 134(3) of the Companies Act, 2013.
ii. SECRETARIAL AUDITOR
M/s. Vishwas Sharma & Associates, Company Secretaries, Ahmedabad were appointed as Secretarial Auditor
of the Company to conduct secretarial audit pursuant to the provisions of Section 204 of the Companies
Act, 2013. However, M/s. Vishwas Sharma & Associates shown his inability to conduct Secretarial Audit of
the Company. Therefore, the Company has approached to M/s. Pratibha Gupta & Associates, Company
Secretaries, New Delhi for appointment as Secretarial Auditor and were appointed to conduct Secretarial
Audit for FY 2017-18.
The secretarial audit of the Company has been conducted on a concurrent basis in respect of the matters as
set out in the said rules and Secretarial Audit Report given by M/s. Pratibha Gupta & Associates, Company
Secretaries, Secretarial Auditor of the Company forms part of this report and is marked as Annexure-“D”.
There were no qualifications reservations or adverse remarks made by M/s. Pratibha Gupta & Associates,
Company Secretaries Secretarial Auditor of the Company in their report.
iii. COST AUDITORS
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013
read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit is not applicable
to the Company.
27. ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies
(Management and administration) Rules, 2014 is furnished in Annexure “E” and is attached to this Report.

28. PARTICULARS OF EMPLOYEES-
The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Report and marked as
Annexure-“F”. No employee of the Company was in receipt of the remuneration exceeding the limits prescribed
in the rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
29. CORPORATE GOVERNANCE
Your Company has been complying with the principals of good Corporate Governance over the years and is
committed to the highest standards of compliance.
Pursuant to regulation 15(2) of the SEBI (LODR) Regulations 2015, the compliance with the corporate governance
provisions as specified in regulations 17 to 27 and clauses (b) to (i) of Regulation 46 (2) and para C, D and E of
schedule V shall not apply to the listed entity which has listed its specified securities on the SME Exchange.
Therefore, the Corporate Governance Report is not applicable on the Company and therefore not provided by
the Board.
30. LISTING
The equity shares of the company are listed on SME platform of NSE (NSE EMERGE) and the Company has paid
annual listing fees for the year 2018-19.
31. MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT
The Management’s Discussion and Analysis Report for the year under review, as stipulated under Regulation
34(2)(e) of the Listing Regulations is given as an annexure to this report.
32. ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various
Government Authorities for their continued support extended to your Companies activities during the year
under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence
reposed on your Company.
For and on behalf of the Board
Sd/-
Anupkumar Bansal
Date : 25/05/2018 Chairman and Managing Director

MANAGEMENT DISCUSSION AND ANALYSIS REPORT
i) Industry Structure and Development
Our Company is engaged in trading of cloth, different type of semi furnished fabrics, varieties of finished fabrics
and different type of chemicals primarily used in making detergent and soaps. Our Company engages services
of third party job workers for processing of Grey cloth which includes dying, bleaching, printing, drying etc.
Our Company trades semi-finished and finished product to garment houses for manufacturing of garments in
the apparel industry. Our Product portfolio comprises of wide range of fabrics Grey fabric, Cotton Fabric, Dress
materials , Matchings, Twill
Fabrics, Satin fabrics, Slub Satin Fabrics, Cotton Slub fabrics, Dobby fabrics, Meti fabrics, Jute Fabrics, Denim
Fabric, Xford Fabrics, Rencho Fabrics, Micro Cotton Fabrics and Raymond Cotton Fabrics under the spectrum
of fabric and clothes and Acid Slury (LABSA), AOS Chemicals, Caustic Flakes, Caustic Soda Flakes under the
spectrum of chemicals.
ii) Opportunities and Threats
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. The organised apparel segment is expected to grow at a Compound Annual Growth
Rate (CAGR) of more than 13 per cent over a 10 years period.
iii) Segment wise Performance:
During the year, the Company’s revenues are Rs. 42,84,78,460/- (i.e. 90.95%) in textile segment and Rs.
4,26,48,625/- (i.e. 9.05%) in chemical. Our Company has achieved a progress in its operations but due to its future
expansion plans and emerging opportunities your directors expect increase in its revenue and income.
iv) Internal Control system and their adequacy
The Company has adequate system of internal control commensurate with its size and operations to ensure
orderly and efficient conduct of the business. These controls ensure safeguard of assets, reduction and detection
of frauds and error, adequacy and completeness of the accounting record and timely preparation of reliable
financial information.
v) Financial performance with respect to operational performance
The financial performance of the Company for the year 2017-18 is described in the Directors Report.
vi) Recent Trend and Future Outlook:
The sector in which the Company has been operating is developing faster and provides ample growth
opportunities.
vii) Risk and Concerns
Our business is subjected to various risks and uncertainties, our results of operations and financial conditions are
affected by numerous factors including the following:
• Diversified products and customer base
• Range of products and Distribution Channel
• Quality of Products
• Timely Execution of orders
• Leveraging the experience of our Promoters
• Cordial relations with our Clients and Suppliers

viii) Material developments in Human Resources/Industrial Relations front, including the number of people
employed.
During the year under review, no such initiatives and/or developments in Human Resources/Industrial Relations
front has been taken by the Company.
ix) Cautionary Statement:-
Statement in this Management Discussion and Analysis describing the company’s objectives, projections,
estimated and expectations are “forward looking statements” Actual results might differ, materially from those
anticipated because of changing ground realities.
For and on behalf of the Board of Directors
Sd/-
Anupkumar Bansal

Annexure-“A”
FORM NO. AOC-2
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties
referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arms length transaction
under third proviso thereto.
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014)
1. Details of Contracts or arrangements or transactions not at arm’s Length basis:-

Sr. Name(s) of Nature of Duration of Salient Justification Date(s) Amount Date on which the
No. the related Contracts/ The Contracts/ terms of the for of paid as special resolution
party and Arrangements/ Arrangements/ contracts or entering into approval advances, was passed in
nature of Transactions Transactions arrangements such by the if any: general meeting
relationship or contracts Board as
transactions or required under
including the arrangements first
value, if any or proviso to section
transactions 188
(a) (b) (c) (d) (e) (f) (g) (h)
NIL
2. Details of contracts or arrangements or transactions at Arm’s length basis:-

Sr. Name(s) of the Nature of Duration of Salient terms of Date(s) of Amount
No. related party Contracts/ The Contracts/ the contracts or approval paid as
and nature of Arrangements/ Arrangements/ arrangements or by the advances,
relationship Transactions Transactions transactions Board if any:
including the
value, if any
(a) (b) (c) (d) (e) (f)
1. Anupkumar Bansal Rent Paid Renewable on Rs.12,89,665/- 25 April,
th
-
yearly basis 2017
2. Suman Bansal Rent Paid Renewable on Rs. 6,93,000/- 25th April, _
yearly basis 2017
3. Rajendrakumar Rent Paid Renewable on Rs. 2,52,000/- 25th April, -
Bansal yearly basis 2017
4. Kaushlya Devi Rent Paid Renewable on Rs. 315000/- 25th April, -
Bansal yearly basis 2017
Sd/-
Anupkumar Bansal

Annexure-“B”
NOMINATION AND REMUNERATION POLICY
INTRODUCTION
In pursuance to the Company’s policy to consider human resources as its invaluable assets, to pay equitable
remuneration to all Directors, key managerial personnel and employees of the Company, to harmonize the aspirations
of human resources consistent with the goals of the company and in terms of the provisions of the Companies
Act, 2013, this policy on Nomination and Remuneration of directors, Key Managerial Personnel (KMP) and Senior
Management has been formulated by the Nomination and Remuneration Committee (NRC”) and approved by the
Board of Directors of the Company.
CONSTITUTION OF COMMITTEE
The Board of Directors of Bansal Multiflex Limited (“the Company”) constituted the “Nomination and Remuneration
Committee” consisting of three (3) Non-Executive Directors of which majority are Independent Directors in accordance
with the provisions of Section 178 of the Companies Act, 2013.
OBJECTIVE
The Nomination and Remuneration Committee of Directors was constituted pursuant to the provisions of Section
178 of the Companies Act, 2013. The composition of the Committee is in conformity with the provisions of the said
section.
The key objectives of the Committee would be:
a) To guide the Board in relation to appointment and removal of Directors, Key Managerial Personnel and Senior
Management.
b) Formulate the criteria for determining qualifications, positive attributes, independence of a Director and policy
relating to remuneration for Directors, Key Managerial Personnel and other employees.
c) To evaluate the performance of the members of the Board and provide necessary report to the Board for further
evaluation of the Board.
d) To recommend to the Board on Remuneration payable to the Directors, Key Managerial Personnel and Senior
Management
e) To provide to Key Managerial Personnel and Senior Management reward linked directly to their effort,
performance, dedication and achievement relating to the Company’s operations.
f ) To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons
and create competitive advantage
g) To develop a succession plan for the Board and to regularly review the plan.
DEFINITIONS
“Act” means the Companies Act, 2013 and Rules framed thereunder, as amended from time to time.
“Board” means Board of Directors of the Company.
“Directors” mean Directors of the Company.
“Key Managerial Personnel” means
a) Chief Executive Officer or the Managing Director or the Manager;
b) Whole-time director;
c) Chief Financial Officer;
d) Company Secretary; and
e) such other officer as may be prescribed.
“Senior Management” means personnel of the company who are members of its core management team excluding
the Board of Directors including Functional Heads.

Policy for appointment and removal of Director, KMP and Senior Management:
A. Appointment criteria and qualifications
I. The Committee shall identify and ascertain the integrity, qualification, expertise and experience of the
person for appointment as Director, KMP or at Senior Management level and recommend to the Board his
/ her appointment.
II. A person should possess adequate qualification, expertise and experience for the position he / she is
considered for appointment. The Committee has discretion to decide whether qualification, expertise and
experience possessed by a person is sufficient / satisfactory for the concerned position.
III. The Company shall not appoint or continue the employment of any person as Whole-time Director who
has attained the age of seventy years. Provided that the term of the person holding this position may be
extended beyond the age of seventy years with the approval of shareholders by passing a special resolution
based on the explanatory statement annexed to the notice for such motion indicating the justification for
extension of appointment beyond seventy years.
B. Term/Tenure
 Managing Director/Whole-time Director:
The Company shall appoint or re-appoint any person as its Executive Chairman, Managing Director or
Executive Director for a term not exceeding five years at a time. No re-appointment shall be made earlier
than one year before the expiry of term.
 Independent Director:
• n Independent Director shall hold office for a term up to five consecutive years on the Board of the
A
Company and will be eligible for re-appointment on passing of a special resolution by the Company
and disclosure of such appointment in the Board’s report.
• No Independent Director shall hold office for more than two consecutive terms, but such Independent
Director shall be eligible for appointment after expiry of three years of ceasing to become an
Independent Director. Provided that an Independent Director shall not, during the said period of three
years, be appointed in or be associated with the Company in any other capacity, either directly or
indirectly. However, if a person who has already served as an Independent Director for 5 years or more
in the Company as on October 1, 2014 or such other date as may be determined by the Committee
as per regulatory requirement; he/ she shall be eligible for appointment for one more term of 5 years
only.
• t the time of appointment of Independent Director it should be ensured that number of Boards on
A
which such Independent Director serves is restricted to seven listed companies as an Independent
Director and three listed companies as an Independent Director in case such person is serving as a
Whole-time Director of a listed company or such other number as may be prescribed under the Act.
C. Evaluation
The Committee shall carry out evaluation of performance of every Director, KMP and Senior Management
Personnel at regular interval (yearly).
D. Removal
Due to reasons for any disqualification mentioned in the Act or under any other applicable Act, rules and
regulations thereunder, the Committee may recommend, to the Board with reasons recorded in writing, removal
of a Director, KMP or Senior Management Personnel subject to the provisions and compliance of the said Act,
rules and regulations.
E. Retirement
The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the Act
and the prevailing policy of the Company. The Board will have the discretion to retain the Director, KMP, Senior
Management Personnel in the same position/ remuneration or otherwise even after attaining the retirement
age, for the benefit of the Company.

Policy relating to the Remuneration for the Whole-time Director, KMP and Senior Management Personnel
The remuneration / compensation / commission etc. to the Whole-time Director, KMP and Senior Management
Personnel will be determined by the Committee and recommended to the Board for approval. The remuneration /
compensation / commission etc. shall be subject to the prior/post approval of the shareholders of the Company and
Central Government, wherever required.
While determining the remuneration of Executive Directors and Key Managerial Personnel, the Committee shall
consider following factors:
i. Industry standards, if the data in this regard is available.
ii. The job description.
iii. Qualification and experience level of the candidate.
The remuneration payable to the Executive Directors, including the value of the perquisites, shall not exceed the
permissible limits as are mentioned within the provisions of the Companies Act, 2013. They shall not be eligible for
any sitting fees for attending any meetings.
The Non-Executive Directors shall not be eligible to receive any remuneration/ salary from the Company. However,
the Non-Executive Directors shall be paid sitting fees for attending the meeting of the Board or committees thereof
and commission, as may be decided by the Board/ Shareholders from time to time, presently the Company is not
paying any sitting fee. They shall also be eligible for reimbursement of out of pocket expenses for attending Board/
Committee Meetings.
DUTIES IN RELATION TO NOMINATION MATTERS
The duties of the Committee in relation to nomination matters include:
a) Ensuring that there is an appropriate induction in place for new Directors and members of Senior Management
and reviewing its effectiveness;
b) Ensuring that on appointment to the Board, Non-Executive Directors receive a formal letter of appointment in
accordance with the Guidelines provided under the Act;
c) Determining the appropriate size, diversity and composition of the Board;
d) Evaluating the performance of the Board members and Senior Management in the context of the Company’s
performance from business and compliance perspective;
e) Making recommendations to the Board concerning any matters relating to the continuation in office of any
Director at any time including the suspension or termination of service of an Executive Director as an employee
of the Company subject to the provision of the law and their service contract.
f ) Delegating any of its powers to one or more of its members or the Secretary of the Committee;
g) Recommend any necessary changes to the Board; and
DUTIES IN RELATION TO REMUNERATION MATTERS:
The duties of the Committee in relation to remuneration matters include:
• T o consider and determine the Remuneration Policy, based on the performance and also bearing in mind that
the remuneration is reasonable and sufficient to attract retain and motivate members of the Board and such
other factors as the Committee shall deem appropriate all elements of the remuneration of the members of the
Board.
REVIEW AND AMENDMENTS:
i. The NRC or the Board may review the Policy as and when it deems necessary.
ii. The NRC may issue guidelines, procedures, formats, reporting mechanism and manual in supplement and better
implementation to this policy, if it thinks necessary.
iii. This Policy may be amended or substituted by the NRC or by the Board and as when required and also by the
Compliance Officer where there is any statutory change necessitating the change in the policy.

Annexure - C
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint

ventures
Part “A”: Subsidiaries

(Information in respect of subsidiary to be presented with amounts in Rs)
Sr. No. Name of the subsidiary Details of Subsidiary
(A2S Global Enterprise DMCC)
1 Reporting period for the subsidiary 31st July, 2017 to
31st March, 2018
2 Reporting currency AED
3 Exchange Rate 1 AED = 17.54 INR
4 Share capital 2,00,000 AED
(26,31,000 INR)
5 Reserves & surplus NIL
6 Total assets 2,00,000 AED
(26,31,000 INR)
7 Total Liabilities 2,00,000 AED
(26,31,000 INR)
8 Investments NIL
9 Turnover NIL
10 Profit / (Loss) before taxation (57884.82 AED)
(9,92,554 INR)
11 Provision for taxation NIL
12 Profit / (Loss) after taxation (57884.82 AED)
(9,92,554 INR)
13 Proposed Dividend NIL
14 % of shareholding 75.00%
Notes:
The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations: NIL
2. Names of subsidiaries which have been liquidated or sold during the year: NIL

PART “B”: ASSOCIATES AND JOINT VENTURES
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Sr. No. Name of Associates/Joint Ventures NA
1 Latest audited Balance Sheet Date NA
2 Shares of Associate/Joint Ventures held by the company on the year end NA
No NA
Amount of Investment in Associates/Joint Venture NA
Extend of Holding % NA
3 Description of how there is significant influence NA
4 Reason why the associate/ joint venture is not Consolidated NA
5 Networth attributable to Shareholding as per latest audited Balance Sheet NA
6 Profit / Loss for the year NA
6 (i) Considered in Consolidation NA
6 (ii) Not Considered in Consolidation NA
1. Names of associates or joint ventures which are yet to commence operations: NA
2. Names of associates or joint ventures which have been liquidated or sold during the year: NA
Sd/-
Anupkumar Bansal

Annexure- D
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31/03/2018
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

1. CIN: L36100GJ2013PLC077651
2. Registration Date 27/11/2013
3. Name Of The Company BANSAL MULTIFLEX LIMITED
4. Category / Sub-Category Of the Company limited by Shares
Company
5. Address Of The Registered Office And 72, The Nutan Guj. Co Op Shops And Warehouses Soc. O/S
Contact Details Raipur Gate, Near Laxmi Cotton Mill, Ahmedabad -380022
Gujarat, India
6. Whether Listed Company Yes
7. Name, Address And Contact Details Of BIGSHARE SERVICES PRIVATE LIMITED
Registrar And Transfer 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana
Agent, If Any Road, Marol-Andheri, Mumbai - 400059
Tel: 022-626382200
E-mail: rajeshm@bigshareonline.com
website: www.bigshareonline.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

(All the business activities Contributing 10 % or more of the total turnover of the company shall be stated)
Sr. Name and Description of NIC Code of % to total turnover of
No. main products / services the Product/ service the company
1 Wholesale of other clothing items n.e.c. 46419 90.95
2 Wholesale of industrial chemicals 46691 9.05
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. NAME AND ADDRESS CIN/GLN HOLDING/ % of Shares Applicable
N OF THE COMPANY SUBSIDIARY / held Section
ASSOCIATE
1. A2S Global Enterprise DMCC90954 Subsidiary 75% 2(87)
DMCC
2 Lamprose Industries U24304GJ2018PTC101895 Subsidiary 100% 2(87)
Private Limited*
*The Company was incorporated as on 18/04/2018

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding:

Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Shareholders (01/04/2017) (31/03/2018) Change
Demat Physical Total % of Total Demat Physical Total % of Total during
Shares Shares the year
A. Promoters
(1) Indian
a) Individual/ HUF - 54,09,800 54,09,800 100 54,09,800 - 54,09,800 73.0067 -26.9933
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. - - - - - - - - -
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Directors/Relatives
Sub-total (A)(1):- 54,09,800 54,09,800 100 54,09,800 - 54,09,800 73.0067 -26.9933
(2) Foreign
a)NRIs-Individuals - - - - - - - - -
b) Other-Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Bank/FI - - - - - - - - -
e) Any - - - - - - - - -
Other. . .
Sub-total (A)(2):- - - - - - - - - -
Total Shareholding - 54,09,800 54,09,800 100 54,09,800 - 54,09,800 73.0067 -26.9933
of Promoter (A)=(A)
(1)+(A(2)
B. Public Shareholding
1. Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FIIs - - - - - - - - -
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - - -
Sub-total (B)(1):- - - - - - - - - -

Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Shareholders (01/04/2017) (31/03/2018) Change
Demat Physical Total % of Total Demat Physical Total % of Total during
Shares Shares the year
2. Non-Institutions
a) Bodies Corp.
i) Indian - - - - 2,19,126 - 2,19,126 2.9572 2.9572
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual - 200 200 Negligible 6,42,447 6,42,447 8.67 8.67
shareholders holding
nominal share capital
upto ` 1 lakh
ii) Individual - - - - 9,50,564 - 9,50,564 12.8281 12.8281
shareholders holding
nominal share capital in
excess of `1 lakh
c) Others 1.Hindu - - - - 1,88,063 - 1,88,063 2.5380 2.5380
Undivided Families
2.Non Resident - - - - - - - - -
Repatriates
Sub-total (B)(2):- 200 200 Negligible 20,00,200 - 20,00,200 26.9933 26.9933
Total Public 200 200 Negligible 2000200 - 2000200 26.9933 26.9933
Shareholding (B)=(B)
(1)+ (B)(2)
C. Shares held by - - - - - - - - -
Custodian for GDRs &
ADRs
Grand Total (A+B+C) - 54,10,000 54,10,000 100 7410000 - 7410000 100.00 -

(ii) Shareholding of Promoters:
Sr. Shareholder’s Shareholding at the beginning of the year Share holding at the end of the year % change
No. Name (01/04/2017) (31/03/2018) in share
holding
No. of % of total %of Shares No. of % of total %of Shares during the
Shares Shares of Pledged / Shares Shares Pledged / year
the company encumbered of the encumbered
to total company to total shares
shares
1. Anupkumar Bansal 50,04,000 92.50 - 50,04,000 67.5303 - -24.97
2. Suman Bansal 4,02,700 7.44 - 4,02,700 5.4345 - -2.005
3. Aashi Anup Bansal 1,000 0.02 - 1,000 0.0136 - -0.0064
4. Tejas Anup Bansal 1,000 0.02 - 1,000 0.0136 - -0.0064
5. Rajendrakumar 500 0.01 - 500 0.0067 - -0.0033
Ramchandra Bansal
6. Kaushyla Devi 500 0.01 - 500 0.0067 - -0.0033
Rjendewr Kumar
Bansal
7. Rekha Anil Mittal 100 Negligible - 100 0.0013 - 0.00
TOTAL 54,09,800 100 - 54,09,800 73.006 - -26.9933
(iii) Change in Promoters’ Shareholding (please specify, if there is no change):-

Sr Shareholding of each Directors Reason Shareholding at the Cumulative
No. and each Key Managerial beginning Shareholding during
Personnel of the year the year
No. of % of total No. of % of total
shares shares of shares shares of
the the
company company
1. Anupkumar Bansal
At the beginning of the year 5004000 92.50 5004000 92.50
Date wise Increase/Decrease in No
Shareholding during the year changes
during
the year
At the end of the year 5004000 67.5303 5004000 67.5303
2. Suman Bansal
during
the year

Sr Shareholding of each Directors Reason Shareholding at the Cumulative
No. and each Key Managerial beginning Shareholding during
Personnel of the year the year
the the
company company
3. Aashi Anup Bansal
during
the year
4. Tejas Anup Bansal
during
the year
At the end of the year - 1000 0.02 1000 0.02
5. Rajendrakumar Ramchandra
Bansal
during
the year
6. Kaushyla Devi Rjendewr Kumar
Bansal
during
the year
7. Rekha Anil Mittal
At the beginning of the year 100 Negligible 100 Negligible
during
the year
At the end of the year 100 Negligible 100 Negligible

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs
and ADRs):-
Sr. For each of the Top 10 Date Shareholding at the Cumulative
No. Shareholders beginning of the year shareholding during
the year
Shares Shares Shares Shares
of the of the
Company Company
1. MANJU DEVI MORE
At the beginning of the year NIL NIL NIL NIL
Increase 27/10/2017 1,00,000 1.35 1,00,000 1.35
Increase 03/11/2017 92,000 1.24 92,000 2.59
At the end of the year - - 1,92,000 2.59
2. PAWAN KUMAR MORE
At the beginning of the year - NIL NIL NIL NIL
Increase 22/12/2017 1,00,000 1.35 1,00,000 1.35
At the end of the year - - 1,00,000 1.35
3. BONANZA PORTFOLIO LTD
Increase 14/07/2017 32,000 0.43 32,000 0.43
Decrease 21/07/2017 -32,000 -0.43 NIL NIL
Increase 11/08/2017 36,000 0.49 36,000 0.49
Increase 18/08/2017 8000 0.10 44,000 0.59
Increase 25/08/2017 8000 0.11 52,000 0.70
Increase 01/09/2017 4000 0.06 56,000 0.76
Decrease 15/09/2017 -8000 -0.11 48,000 0.65
Decrease 22/09/2017 -8000 -0.11 40,000 0.54
Increase 29/09/2017 16,000 0.22 56,000 0.76
Increase 06/10/2017 20,000 0.27 76,000 1.03
Increase 13/10/2017 20,000 0.27 96,000 1.30
Decrease 20/10/2017 -28,000 -0.38 68,000 0.92
Decrease 27/10/2017 -4000 -0.06 64,000 0.86
Increase 10/11/2017 12,000 0.17 76,000 1.03
Decrease 17/11/2017 -12,000 -0.17 64,000 0.86
Increase 24/11/2017 20,000 0.27 84,000 1.13
Decrease 01/12/2017 -16,000 -0.21 68,000 0.92
Increase 08/12/2017 24,000 0.32 92,000 1.24
Decrease 15/12/2017 -20,000 -0.27 72,000 0.97
Decrease 22/12/2017 -22,852 -0.31 49,148 0.66
Increase 29/12/2017 8000 0.11 57,148 0.77
Increase 05/01/2018 58,852 0.80 1,16,000 1.57
Decrease 12/01/2018 -8000 -0.11 1,08,000 1.46
Decrease 19/01/2018 -28,000 -0.38 80,000 1.08
Increase 26/01/2018 16,000 0.22 96,000 1.30
Decrease 02/02/2018 -12,000 -0.17 84,000 1.13
Increase 09/02/2018 4000 0.06 88,000 1.19
Decrease 16/02/2018 -5000 -0.07 83,000 1.12
Increase 23/02/2018 14,000 0.19 97,000 1.31
Increase 09/03/2018 9000 0.12 1,06,000 1.43
Decrease 16/03/2018 -12,000 -0.16 94,000 1.27
Decrease 23/03/2018 -3000 -0.04 91,000 1.23
At the end of the year 91,000 1.23

the year
of the of the
Company Company
4. A C AGARWAL SHARE
BROKERS PRIVATE LIMITED
Increase 14/07/2017 92,000 1.24 92,000 1.24
Increase 04/08/2017 8000 0.11 1,00,000 1.35
Increase 18/08/2017 1,52,000 2.05 2,52,000 3.40
Decrease 25/08/2017 -40,000 -0.54 2,12,000 2.86
Decrease 01/09/2017 -4000 -0.05 2,08,000 2.81
Increase 22/09/2017 -60,000 -0.81 1,48,000 2.00
Decrease 13/10/2017 -44,000 -0.60 1,04,000 1.40
Increase 20/10/2017 8000 0.11 1,12,000 1.51
Increase 01/12/2017 16,000 0.22 1,28,000 1.73
Decrease 08/12/2017 -16,000 -0.22 1,12,000 1.51
Increase 15/12/2017 20,000 0.27 1,32,000 1.78
Decrease 22/12/2017 -96,000 -1.29 36,000 0.49
Decrease 29/12/2017 -20,000 -0.27 16,000 0.22
Decrease 05/12/2017 -4000 -0.14 12,000 0.16
Increase 12/12/2017 20,000 0.27 32,000 0.43
Increase 19/12/2017 12,000 0.16 44,000 0.59
Increase 26/12/2017 4000 0.06 48,000 0.65
Increase 09/02/2018 8000 0.11 56,000 0.76
Increase 16/02/2018 10,000 0.13 66,000 0.89
Decrease 09/03/2018 -10,000 -0.13 56,000 0.76
5. PRIYANKA SARAWGI
Increase 08/07/2017 12000 0.16 12,000 0.16
Increase 21/07/2017 40000 0.54 52,000 0.70
6. PREM PRAKASH BAJITPURIA
Increase 08/07/2017 4000 0.05 4000 0.05
Increase 21/07/2017 32,000 0.44 36,000 0.49

the year
of the of the
Company Company
7. SAFAL CAPITAL (INDIA) LIMITED
Increase 14/07/2017 44,000 0.59 44,000 0.59
Increase 21/07/2017 3,00,000 4.05 3,44,000 4.64
Increase 28/07/2017 12,000 0.16 3,56,000 4.80
Decrease 04/08/2017 -12,000 -0.16 3,44,000 4.64
Decrease 18/08/2017 -52,000 -0.70 2,92,000 3.94
Decrease 25/08/2017 -4000 -0.05 2,88,000 3.89
Decrease 01/09/2017 -12,000 -0.17 2,76,000 3.72
Decrease 08/09/2017 -4000 -0.05 2,72,000 3.67
Increase 15/09/2017 72,000 0.97 3,44,000 4.64
Increase 22/09/2017 12,000 0.16 3,56,000 4.80
Increase 29/09/2017 12,000 0.17 3,68,000 4.97
Decrease 06/10/2017 -24,000 -0.33 3,44,000 4.64
Increase 13/10/2017 1,16,000 1.57 4,60,000 6.21
Decrease 20/10/2017 -28,000 -0.38 4,32,000 5.83
Decrease 27/10/2017 -88,000 -1.19 3,44,000 4.64
Decrease 31/10/2017 -12,000 -0.16 3,32,000 4.48
Decrease 03/11/2017 -1,56,000 -2.10 1,76,000 2.38
Decrease 10/11/2017 -1,08,000 -1.46 68,000 0.92
Decrease 17/11/2017 -52,000 -0.70 16,000 0.22
Increase 24/11/2017 4000 0.05 20,000 0.27
Increase 01/12/2017 4000 0.05 24,000 0.32
Decrease 08/12/2017 -24,000 -0.32 NIL NIL
Increase 15/12/2017 16,000 0.22 16,000 0.22
Increase 19/01/2018 4000 0.05 20,000 0.27
Increase 26/01/2018 4000 0.05 24,000 0.32
Increase 02/02/2018 16,000 0.22 40,000 0.54
Decrease 09/02/2018 -4000 -0.05 36,000 0.49
Decrease 16/02/2018 -4000 -0.05 32,000 0.43
Increase 02/03/2018 3000 0.04 35,000 0.47
Increase 16/03/2018 1000 0.02 36,000 0.49
8. MAYUR BAJITPURIA
Increase 15/12/2017 32,000 0.43 32,000 0.43
9. LONG VIEW DISTRIBUTORS
PRIVATE LIMITED
Increase 15/12/2017 20,000 0.27 20,000 0.27
Increase 22/12/2017 8000 0.11 28,000 0.38
10. DHAVAL RAKESH SANGHVI
Increase 08/07/2017 4000 0.05 4000 0.05
Increase 15/09/2017 20,000 0.27 24,000 0.32
Increase 26/01/2018 4000 0.11 28,000 0.38

(v) Shareholding of Directors and Key Managerial Personnel:-
Sr Shareholding of each Reason Shareholding at the Cumulative
No. Directors and each Key beginning Shareholding during
Managerial Personnel of the year the year
the the
company company
1. Anupkumar Bansal
At the beginning of the 5004000 92.50 5004000 92.50
year
Increase/Decrease during No changes
the year during the year
2. Suman Bansal
year
3. Aashi Anup Bansal
year
4. Rajendrakumar
Ramchandra Bansal
year
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the
financial year
i) Principal Amount 60817618 1556651 0 62374269
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 60817618 1556651 0 62374269
Change in Indebtedness during the
financial year
• Addition 1040444 0 0 1040444
• Reduction 0 1556651 0 1556651
Net Change
Indebtedness at the end of the financial year
i) Principal Amount 61858062 0 0 61858062
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 61858062 0 0 61858062

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-Time Directors and/or Manager:
SN. Particulars of Remuneration Name of MD/WTD/ Manager Total
Mr. Anup Bansal Mrs. Suman Bansal Amount
(DIN: 06735149) (DIN: 06735151)
1 Gross salary
(a) Salary as per provisions contained 6,05,000 6,00,000 12,05,000
in section 17(1) of the Income-tax
Act, 1961
(b) Value of perquisites u/s 17(2) - -
Income-tax Act, 1961
(c) Profits in lieu of salary under - -
section 17(3) Income- tax Act, 1961
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of profit
- others, specify…
5 Others, please specify - -
Total (A) 6,05,000 6,00,000 12,05,000
Ceiling as per the Act 84,00,000/-*
* Due to inadequacy of Profit for the year 2017-18 & pursuant to Section 197 of the Companies Act, 2013
& Schedule V, the ceiling limit is being calculated amounting to Rs.84 Lacs on the basis of effective
capital given in the Part –II of Schedule V.
B. Remuneration to other Directors:

SN. Particulars of Remuneration Name of Directors Total
Aashi Anup Rajender Kumar Rajesh Aesha Amount
Bansal Ramchander Kumar Jashwantray
(DIN: Bansal Singal Mashru
07575667) (DIN: (DIN: (DIN:
07575670) 07600662) 07777229)
1 Independent Directors - -  
Fee for attending board - - 9000 9000
committee meetings
Commission - - - - -
Others, please specify - - - - -
Total (1) - - - 9000 9000
2 Executive Directors -  - - -
Fee for attending board - - - - -
committee meetings
Commission - - - - -
Total (2) - - - - -
3 Other Non-Executive Directors  - - -
Fee for attending board - - - - -
committee meetings
Commission - - - -
Total (3) - - - - -
Total (B)=(1+2+3) - - - - -
Total Managerial - - - - -
Remuneration
Overall Ceiling as per the `1,00,000/- `1,00,000/- per `1,00,000/- `1,00,000/- -
Act per meeting meeting per meeting per meeting

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD:
SN Particulars of Remuneration Key Managerial Personnel
CFO CS CS Total
Mr. Ravishankar Ms. Vrusha Mr. Faruk
Mishra Patel Diwan
(Till (Till (w.e.f.
21/12/2017) 21/12/2018) 20/12/2018)
1 Gross salary
(a) Salary as per provisions 3,97,566 1,69,149 65,748 6,32,463
contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s Nil Nil Nil Nil
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under Nil Nil Nil Nil
section 17(3) Income-tax
Act, 1961
2 Stock Option Nil Nil Nil Nil
3 Sweat Equity Nil Nil Nil Nil
4 Commission Nil Nil Nil Nil

- as % of profit Nil Nil Nil Nil

others, specify… Nil Nil Nil Nil
5 Others, please specify Nil Nil Nil Nil
Total 3,97,566 1,69,149 65,748 6,32,463
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Brief Details of Penalty/ Authority Appeal
Companies Description Punishment/ [RD/NCLT made, if
Act Compounding fees /COURT] any (give
imposed details)
A.COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - -
B.DIRECTORS
Penalty - - - - -
Compounding - - - -
C.OTHER OFFICERS IN DEFAULT
Penalty - - - - -
Compounding - - - -

Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st March, 2018
[Pursuant to section 204(1) of the Companies Act, 2013 and
rule No.9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
Ahmedabad, Gujarat.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by BANSAL MULTIFLEX LIMITED (CIN: L36100GJ2013PLC077651) (hereinafter called the
company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the
corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during
the audit period covering the financial year ended on 31st March, 2018 (‘Audit Period’) complied with the statutory
provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in
place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2018 according to the provisions of:
i. The Companies Act, 2013 (the Act) and the rules made there
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowing.
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)Regulations,
2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2009.
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (not
applicable to the company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (not
applicable to the company during the audit period);
(f ) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (not applicable
to the company during the audit period);
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (not applicable to the
company during the audit period);

I have relied on the representations made by the Company and its officers for systems and mechanism formed by
the Company for compliances of other specific applicable Acts, Laws and Regulations to the Company as mentioned
hereunder;
a) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
I have also examined compliance with the applicable Clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India;
(ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.
I further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all the directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
Board take decision by majority of directors while the dissenting directors’ views are captured and recorded as part
of the minutes.
I further report that:
There are adequate systems and processes in the company commensurate with the size and operations of the
company to monitor and ensure compliance with applicable Laws, Rules, Regulations and guidelines.
I further report that during the audit period the Company has issued 20,00,000 equity share of Rs.10/- each at a
premium of Rs.21/- per share through Intial Public Offer (IPO) and listed its equity shares on SME platform of National
Stock Exchange (NSE Emerge) on 12th July, 2017.
I further report that there were no other instances of:

(i) Rights/Preferential issue of Shares/debentures/sweat equity.
(ii) Redemption/buy-back of securities.
(iii) Major decisions taken by the members in pursuance to section 180 of the Companies Act, 2013
(iii) Merger/ amalgamation etc.
(iv) Foreign technical collaborations.
For, Pratibha Gupta & Associates,
Company secretaries,
Pratibha Gupta
Proprietor
Place : Ahmedabad ACS: 40984
Date : 25/05/2018 COP No.:15838
Note: This report is to be read with my letter of even date which is annexed as Annexure herewith and forms and
integral part of this report.

ANNEXURE TO SECRETARIAL AUDIT REPORT
To,
The Members,
Ahmedabad, Gujarat.
My report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is
to express an opinion on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a
reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.
4. Wherever required, I have obtained the Management representations about the compliance of Laws, Rules and
Regulations and happening of events etc.
5. The compliance of the provisions of corporate and other applicable Laws, Rules, Regulations, Standards is the
responsibility of management. My examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the Company.
For, Pratibha Gupta & Associates,

Company secretaries,
Pratibha Gupta
Proprietor
Place : Ahmedabad ACS: 40984
Date : 25/05/2018 COP No.:15838

“ANNEXURE – F”
The ratio of the remuneration of each director to the median employee’s remuneration and other details in terms of
Sub Section 12 of Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:
Sr. Requirements Disclosure
No.
I. The ratio of remuneration to each director to the median remuneration of the MD 3.36 times
employees for the financial year WTD 3.33 times
II. The percentage increase in remuneration of each director, Chief Financial Officer, MD 278.13%
Chief Executive Officer, Company Secretary in the financial year WTD 26.32%
III. The percentage increase in the median remuneration of employees in the financial No Increase
year
IV. The number of permanent employees on the rolls of the Company as on 31st 17
March, 2018
V. Average percentile increase already made in the salaries of employees other than Nil
the managerial personnel in the last financial year and its managerial remuneration
and justification thereof and point out if there are any exceptional circumstances
for increase in the managerial remuneration.
VI. Affirmation that the remuneration is as per the remuneration policy of the Yes, it is confirmed
Company
Sd/-
Anupkumar Bansal

Independent Auditor’s Report (For Standalone Financial Statements)
To
The Members of
Report on the Financial Statements
We have audited the accompanying Financial Statements of BANSAL MULTIFLEX LIMITED (hereinafter referred to as
“the Company”), which comprises the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss and the
Cash flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory
information(hereinafter referred to as “the Financial Statements”).
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation of these Financial Statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2015.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Financial
Statement by the Directors of the Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our Audit
we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made there under section
143(11) of the Act.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that
give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India;
a) In case of the Balance Sheet, of the state of affairs of the as at March 31, 2018;
b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s Report) Order, 2016 (the Order) issued by the Central Government in terms
of Section 143 (11) of the Act, we give in the Annexure - A statement on the matters Specified in paragraphs 3 and
4 of the Order.
As required by section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit of aforesaid financial statements;
(b) In our opinion proper books of account as required by law relating to preparation of the aforesaid financial
statements have been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are
in agreement with the books of account maintained for the purpose of preparation of the financial statement.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors of the Company as on March 31, 2018 taken
on record by the Board of Directors of the Company, none of the directors are disqualified as on March 31, 2018
from being appointed as a director in terms of Section 164 (2) of the Act.
(f ) As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs
3 and 4 of the Order.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
I. The Company does not have any pending litigations which would impact its consolidated financial position.
II. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
III. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Group Company.
For, M/s Kishor Goyal & Co.
Chartered Accountants
FRN: 008897N
Kishor Goyal
Date : 25/05/2018 (Partner)
Place : Ahmedabad Membership No: 047286

“Annexure A” to the Independent Auditors’ Report (For Standalone Financial Statements)
Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirement’ of our report of even
date to the financial statements of the Company for the year ended March 31, 2018:
1. In Respect of Fixed Assets
a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets;
b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover
all the items over a period of three years, which in our opinion, is reasonable having regard to the size of
the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been
physically verified by the management during the year and no material discrepancies between the books
records and the physical fixed assets have been noticed.
c) The Title deed of immovable properties is held in the name of the company.
2. In Respect of Inventories
The management has conducted the physical verification of inventory at reasonable intervals.
3. Compliance under section 189 of The Companies Act, 2013
The Company has not granted any loan to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
4. Compliance under section 185 and 186 of The Companies Act , 2013
While doing transaction for loans, investments, guarantees, and security provisions of section 185 and 186 of
Companies Act, 2013 have been complied with.
5. Compliance under section 73 to 76 of The Companies Act, 2013 and Rules framed there under while
accepting Deposits
In our opinion and according to the information and explanations given to us, the group company has not
accepted any deposits in contravention of directives issued by Reserve Bank of India and the provisions of
section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable.
No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other.
6. Maintenance of cost records
The Company is not required to maintain cost records pursuant to the Rules made by the Central Government
for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013.
7. Deposit of Statutory Dues
(a) The Company is regular in depositing the undisputed statutory dues including provident fund, employees’
state insurance, income tax, sales, tax wealth tax, service tax, custom duty, Goods and Service Tax, excise
duty cess and other statutory dues applicable to the Company with the appropriate authorities. No
undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day
of the financial year for a period of more than six months from the date they become payable.
(b) There is no dispute with the revenue authorities regarding any duty or tax payable.
8. Repayment of Loans and Borrowings
Based on our audit procedures and according to the information and explanations given to us, we are of the
opinion, the Company has not defaulted in repayment of dues to a financial institution, bank, Government or
dues to debenture holders.
9. Utilization of Money Raised by Public Offers and Term Loan For which they Raised
The Company has raised Rs. 6.20 Crore by way of Initial Public Offer and the money raised has been utilised for
the purpose mentioned in the prospectus. Further, the Company has not applied term loans for the purposes
other than for which those are raised.

10. Reporting of Fraud During the Year
Based on our audit procedures and the information and explanation made available to us no such fraud noticed
or reported during the year.
11. Managerial Remuneration
Managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by
the provisions of section 197 read with Schedule V to the Companies Act.
12. Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
As per information and records available with us The Company is not Nidhi Company.
13. Related party compliance with Section 177 and 188 of companies Act - 2013
All transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013
wherever applicable and the details have been disclosed in the Financial Statements etc, as required by the
applicable accounting standards.
14. Compliance under section 42 of Companies Act - 2013 regarding Private placement of Shares or
Debentures
Not applicable as no preferential allotment made during the year.
15. Compliance under section 192 of Companies Act 2013
The company has not entered into any non-cash transactions with directors or persons connected with him.
16. Requirement of Registration under 45-IA of Reserve Bank of India Act, 1934
The company is not required to be registered under section 45-IA of the Reserve Bank of India Act.
FRN: 008897N
Kishor Goyal

“Annexure B” to the Independent Auditor’s Report (For Standalone Financial Statements)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of BANSAL MULTIFLEX LIMITED (“the
Company”) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Company, are responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial
controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and

not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018,
based on the internal control over financial reporting criteria established by the Company, considering the essential
components of internal control stated in the Guidance note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India.
FRN: 008897N
Kishor Goyal

Balance Sheet As At 31st March 2018 (Standalone)
Particulars Note AMOUNT AMOUNT
IN Rs. IN Rs.
31-Mar-2018 31-Mar-2017
I. EQUITY AND LIABILITIES
1 Shareholders’ Funds
(a) Share Capital 2 74,100,000 54,100,000
(b) Reserves and Surplus 3 85,915,317 4,279,860
160,015,317 58,379,860
2 Share Application Money Pending Allotment
3 Non-Current Liabilities
(a) Long-Term Borrowings 4 10,002,177 14,810,030
(b) Other Non Current Liabilities 5 672,157 -
10,674,334 14,810,030
4 Current liabilities
(a) Short-term borrowings 6 50,101,538 49,639,529
(b) Trade payables 7 68,138,425 71,938,458
(c) Short-term provisions 8 7,086,207 2,234,586
(d) Other current liabilities 9 5,768,878 987,233
131,095,048 124,799,806
TOTAL 301,784,699 197,989,696
II. ASSETS
Non-Current Assets
1 (a) Fixed Assets
(i) Tangible Assets 10 5,799,681 3,661,189
(b) Investment 11 2,631,000 -
(c) Deferred Tax Assets (Net) 12 322,010 40,911
(d) Long Term Loans & Advances 13 190,000 140,000
8,942,691 3,842,100
2 Current assets
(a) Inventories 17 64,594,569 15,034,768
(b) Trade Receivables 14 196,828,286 158,416,645
(c) Cash & Cash Equivalents 15 25,972,545 15,097,107
(d) Short Term Loans & Advances 16 5,446,607 5,599,075
292,842,008 194,147,596
TOTAL 301,784,699 197,989,696
Significant accounting policies and notes to accounts 1
In terms of our report of even date On behalf of the Board of Directors
For Kishor Goyal & Co. For Bansal Multiflex Limited
(Chartered Accountants)
FRN : 008897N
Sd/- Sd/- Sd/-
Kishor Goyal Anup Bansal Suman Bansal
(Partner) (Director) (Director)
M. No.: 047286 DIN:06735149 DIN:06735151
Sd/-
Place : Ahmedabad Faruk Diwan
Date : 25-05-2018 Company Secretary

Profit And Loss Statement For The Year Ended 31st March, 2018 (Standalone)
Particulars Note FROM FROM
01/04/2017 TO 01/04/2016 TO
31/03/2018 31/03/2017
I. Revenue From Operations
Sales (Net of Return) 18 471,127,085 117,645,269
II. Other Incomes 19 663,647 50,272
III. Total Revenue (I + II) 471,790,732 117,695,541
IV. Expenses:
Purchase & Change in inventory of goods 20 422,623,334 104,775,731
Employee Emoluments 21 6,372,026 2,455,500
Finance Costs 22 7,486,137 366,184
Depreciation and Amortization Expense 10 1,483,802 307,275
Other Expenses 23 12,462,808 4,159,530
Total Expenses 450,428,106 112,064,220
V. Profit Before Exceptional And Extraordinary Items And 21,362,625 5,631,320
Tax (III-IV)
VI. Exceptional Items - -
VII. Profit Before Extraordinary Items And Tax (V - VI) 21,362,625 5,631,320
VIII. A. Extraordinary Items - -
B. Prior period items 872,501 -
IX. Profit Before Tax (VII- VIII) 20,490,124 5,631,320
X Tax Expense:
(1) Current Tax 6,097,709 1,850,000
(2) Deferred Tax (281,099) (40,776)
XV Profit (Loss) For The Period (IX - X) 14,673,514 3,822,096
XVI Earnings Per Equity Share:
(1) Basic & Diluted (Weighted) 2.15 0.71
Notes on Accounts and Accounting policies 1 to 23

FRN : 008897N
Sd/- Sd/- Sd/-
M. No.: 047286 DIN:06735149 DIN:06735151
Sd/-

Cashflow Statement for the year ending on 31st March, 2018 (Standalone)
Particulars As at As at
March 31, 2018 March 31, 2017
CASH FLOW FROM OPERATING ACTIVITIES
Net profit Before Tax and Extraordinary Iteams 21,362,625.48 5,631,320.00
Adjustments For:
Depreciation 1,483,801.61 307,275.00
Prelimanary Expenses (872,501.27) -
(Interest Received) (549,290.00) (355.00)
Net (gain) / loss on Foreign Exchanges
Interest and Finance Charges 7,486,137.13 366,184.00
Operating Profit before working capital changes 28,910,772.95 6,304,424.00
Adjustment For:
Decrease/(Increase) in Inventories (49,559,801.42) (13,549,251.00)
Decrease/(Increase) in Trade receivables (38,411,640.66) (156,221,413.40)
Decrease/(Increase) in Other Non-Current Assets
(Decrease)/Increase in Trade Payables (3,800,032.98) 68,782,677.67
(Decrease)/Increase in Other Current Liabilities 4,781,644.82 865,305.00
(Decrease)/Increase in Short Term Provisions 4,851,621.00 2,111,616.00
(Decrease)/Increase in Other Non current Liabilities 672,157.00 -
Cash Generated from Operations (52,555,279.29) (91,706,641.73)
Taxes Paid 6,097,709.00 1,850,000.00
Net Cash From /(Used In ) Operating Activities (A) (58,652,988.29) (93,556,641.73)
Cash Flow From Investing Activities

(Purchase) / Sale of Fixed Assets/ Capital Work In Progress (3,622,294.26) (3,922,282.00)
Decrease/(Increase) in Short-term loans and advances 152,467.76 (4,944,075.10)
Decrease/(Increase) in Long Term Loans and Advances (50,000.00) (39,800.00)
Decrease/(Increase) in investments (2,631,000.00) -
Other Statutory Adjustments - -
Net gain / loss on Sale of Investments - -
Interest Received 549,290.00 355.00
Dividend Received - -
Net Cash From /(Used In ) Investing Activities (B) (5,601,536.50) (8,905,802.10)

Particulars As at As at
March 31, 2018 March 31, 2017
Cash Flow From Financing Activities
Proceeds from Issue of Shares 20,000,000.00 54,000,000.00
Security Premium 66,961,943.00 -
Issue of Bonus share - -
Interest and Finance Charges (7,486,137.13) (366,184.00)
Proceeds / (Repayments) of Share Application Money
(Decrease)/Increase in Short Term Borrowing 462,009.16 49,585,429.00
(Decrease)/Increase in Long Term Borrowing (4,807,852.87) 12,902,871.00
Share Issue Expenses
Prelimanary Expenses
Net gain / loss on Foreign Exchanges
Net Cash From Financing Activities (c) 75,129,962.16 116,122,116.00
Net Increase / (Decrease) in Cash (A)+(B)+(C) 10,875,437.37 13,659,672.17
Cash and Cash equivalents at the beginning of the year 15,097,107.00 1,437,435.00
Cash and Cash equivalents at the end of the year 25,972,544.37 15,097,107.17
FRN : 008897N
Sd/- Sd/- Sd/-
M. No.: 047286 DIN:06735149 DIN:06735151
Sd/-

NOTES ON ACCOUNTS
2 SHARE CAPITAL :
Particulars As At 31-03-2018 As At 31-03-2017
Rs Rs
Authorised :
10000000 Equity Shares of Rs 10/- Each 100,000,000 100,000,000
Issued, Subscribed and Paid up :
5410000 Equity Shares of Rs 10/- Each - 54,100,000
7410000 Equity Shares of Rs 10/- Each 74,100,000 -
74,100,000 54,100,000
Subscribed & Fully Paid Share Capital
5410000 Equity Shares of Rs 10/- Each - 54,100,000
7410000 Equity Shares of Rs 10/- Each 74,100,000 -
74,100,000 54,100,000
TOTAL RS : 74,100,000 54,100,000
2.1 The Details of Shareholder holding more than 5% Shares of Company

Name Of Shareholder As At 31-03-2018 As At 31-03-2017
No. Of Shares % Held No. Of Shares % Held
Anup Bansal 5004000 67.53% 5004000 92.50%
Suman Bansal 402700 5.43% 402700 7.44%
TOTAL RS : 5406700 72.96% 5406700 99.94%
2.2 The Reconcilation Of No. Of Shares Outstanding Is Set Out Below:

Rs Rs
Equity Shares at the beginning of the year 5,410,000 10,000
Add:Issued During Period 2,000,000 5,400,000
Equity Shares at the end of the year 7,410,000 5,410,000
3 Reserve & Surplus:

Rs Rs
Securities Premium
Opening balance - -
Add:Addition during the year 73,191,300 -
Less:IPO Expences (6,229,357) -
Closing balance (A) 66,961,943 -
Profit & Loss
Opening Balance 4,279,860 457,764
Add: Profit for the year 14,673,514 3,822,096
Closing balance (B) 18,953,374 4,279,860
Total (A+B) 85,915,317 4,279,860

4 Long Term Borrowings:
Rs Rs
A. Secured
A1 From Banks
Federation Bank TL -1 2,136,951 2,410,887
Federation Bank TL -2 4,509,292 5,087,351
Federation Bank TL -3 677,022 767,962
HDFC Bank - 488,901
Kotak Loan - 514,051
Kotak Mahindra Bank CF 1,026,551 1,908,937
Total (A1) 8,349,816 11,178,089
A2. From Non Banking Financial Institutes
Daimler Financial Services India Private Ltd 1,652,361 -
Total (A2) 1,652,361
B. Unsecured
Loans & Advances From Related Parties - 3,631,941
Total (B) - 3,631,941
Total (A+B) 10,002,177 14,810,030
5 Other Non Current Liabilities

Rs Rs
Provisional For Gratuity 672,157 -
Closing Balance 672,157 -
6 Short Term Borrowings:

Rs Rs
Yes Bank CC A/c- xxx1670 50,101,538 49,639,529
Loans From Related Parties - -
Closing Balance 50,101,538 49,639,529
7 Trade Payables
Rs Rs
Sundry Creditors
Creditors for Goods 66,231,371 71,700,888
Creditors for Exp 1,907,054 237,569
Closing Balance 68,138,425 71,938,458

8 Short Term Provisions:
Rs Rs
Provision for Direct Tax 6,044,203 1,850,000
Provision for others 1,042,004 384,586
Closing Balance 7,086,207 2,234,586
9 Other Current Liabilities

Rs Rs
Advance Received from Customer 1,301,189 987,233
Other Liability 2,623,490
Other Statutory Dues
TDS Payable 89,852 -
Other Current Liabilities
Current Maturity 1,754,347
Closing Balance 5,768,878 987,233
10 Tangible Assets
As at 31.03.2018
Particulars Gross Additions Disposals As at Depreciation & Amortisation Net Carrying Net Carrying
Carrying March 31 Upto Current Total Value As At Value As At
Amount As at 2018 April 1, Year March 31, March 31,
April 1, 2017 2017 2018 2017
Tengible Assets
- Air Conditioner 131421 29,297 - 160718 13316 54607 67923 92795 118105
- BIOMAX biometric - 9195 - 9195 - 2634 2634 6561 -
- Camera & CCTV 159930 27,423 - 187353 11596 54186 65782 121571 148334
- Car 3138105 - - 3138105 190597 920636 1111233 2026872 2947508
- Computer & 101788 110825 - 212613 24677 86846 111523 101090 77111
Accessories
- Computer Software 36000 - - 36000 15293 13078 28371 7629 20707
A/c
- Electric Equipments 26161 - - 26161 12418 6194 18612 7549 13743
& Fittings
- Furniture & Fixture 44842 - - 44842 8021 9532 17553 27289 36821
- Honda Aviator 23291 - - 23291 1172 6909 8081 15210 22119
- Laptop 65350 - - 65350 8059 36185 44244 21106 57291
- Orient Fan 3,347 - 3347 - 4 4 3343 -
- Mobile Phone 95948 108518 - 204466 4828 58369 63197 141269 91120
- Mercedes Car - 3134189 - 3134189 - 120692 - 3013497 -
- Motor cycle 58865 - - 58865 2962 17461 20423 38442 55903
- Plant & Machinery 36848 - - 36848 1295 6437 7732 29116 35553
- Refrigerataor 9248 - - 9248 465 3959 4424 4824 8783
- Storage Tank - 199500 - 199500 - 73413 73413 126087 -
- Television 22610 - - 22610 1138 9678 10816 11794 21472
- Weight Machine 6970 - - 6970 351 2983 3334 3636 6619
Total 3957377 3622294 0 7579671 296188 1483802 1659300 5799681 3661189

11 Investment
Rs Rs
Investment (A2S Global Enterprise DMCC) 2,631,000 -
Closing Balance 2,631,000 -
12 Deferred Tax Assets (Net)

Rs Rs
Opening Balance of Deferred Tax Assets (40,911) (40,911)
Add: Provision During the Year (281,099)
Closing Balance of Deferred Tax Assets (322,010) (40,911)
13 Longterm Loans & Advances

Rs Rs
Rent Deposit 190,000 140,000
Closing Balance 190,000 140,000
14 Trade Receivable:
Rs Rs
Sundry Debtors
Debtors due for period more than 6 months 59,789,015 -
Debtors due for period less than 6 months 137,039,271 158,416,645
Closing Balance 196,828,286 158,416,645
15 Cash & Cash Equivalents

Rs Rs
Cash on Hand 13,320,923 1,877,657
Balance With Banks 12,651,622 13,219,450
TOTAL RS : 25,972,545 15,097,107

16 Short Term Loans and Advances:
Rs Rs
A. Loans & Advances to related parties
Secured, considered good - -
Unsecured, considered good:- - 230,732
- 230,732
B. Security deposits
Secured, considered good -
Unsecured, considered good:- 620,000
620,000 -
C. Balance with government Authorities
(i) GST/VAT Receivable 1,418,102 936,050
(ii) TDS / TCS Receivables - 3,287
1,418,102 939,337
D. Others (specify nature)
- Advance to Staff 23,000 -
- Advance to Suppliers 3,278,283 4,428,651
- Other Prepaid Expenses 107,222 355
3,408,505 4,429,006
Closing Balance 5,446,607 5,599,075
17 Inventories:
Particulars From 01/04/2017 From 01/04/2016
TO 31/03/2018 TO 31/03/2017
Finished Goods 64,594,569 15,034,768
Total 64,594,569 15,034,768
18 Sales (Net of Return)

TO 31/03/2018 TO 31/03/2017
Sales - Cloth 428,478,460 117,645,269
Sales - Chemical 42,648,625 -
TOTAL RS : 471,127,085 117,645,269
19 Other Income
TO 31/03/2018 TO 31/03/2017
Freight - 50,000
Discount 114,357
Interest Income 549,290 355
Misc Income - 49,917
TOTAL RS : 663,647 50,272

20 Purchase & Change in inventory of goods :
TO 31/03/2018 TO 31/03/2017
Opening Stock 15,034,768 1,485,517
ADD: Net Purchase 472,183,135 118,324,982
Total 487,217,903 119,810,499
Less:Closing Stock 64,594,569 15,034,768
TOTAL RS : 422,623,334 104,775,731
21 Employee Emoluments
TO 31/03/2018 TO 31/03/2017
Staff Salary 4,063,673 1,820,500
Bonus 190,500 -
Director’s Sitting Fees 9,000 -
Director’s Remuneration 1,205,000 635,000
Staff Welfare 165,108 -
Gratuity & PF Exp 375,904 -
ESIC & PF Contribution 362,841 -
TOTAL RS : 6,372,026 2,455,500
22 Finance Cost
TO 31/03/2018 TO 31/03/2017
Interest on Long Term Loan(Secured) 1,262,367 366,184
Interest on Short Term Loan(Secured) 5,964,805
Other Finance Cost 258,965
TOTAL RS : 7,486,137 366,184

23 Other Expense
TO 31/03/2018 TO 31/03/2017
Advertisement & Exhibition Expense 665,947 -
Audit fees 175,000 50,000
Bad Debts 232,990 -
Donation 267,811 -
Power & Fuel Exp 159,635 167,937
Freight Exps. 678,316 -
Insurance Expense 86,130 189,004
Legal & Professional Charges 387,783 -
Labour Exp 175,178 -
Office expense 451,921 282,313
Packing Expense 24,115 -
Rent Expense 1,969,198 350,000
Repair & Maintenance Exps. 175,313 22,930
Stationary & Printing Expense 71,765 -
Telephone & Website Expense 171,375 -
Import Exp 3,559,554 -
Travelling Expense 1,191,009 -
Transport Expenses - 133,120
Other Direct Expenses - 104,301
Misc Exp 2,019,768 2,859,925
TOTAL RS : 12,462,808 4,159,530

ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
(For Standalone Financial Statements)
Note: 1
(A) Significant Accounting Policies:
The Accounting policies set out below have been adopted in preparation and presentation of financial statement
and applied consistently to the period presented in this financial statement.
(B) Disclosure of Accounting Policies:
Basis of preparation:
(1)
These financial statements have been prepared to comply in all material aspects with applicable accounting
principles in India, the applicable Accounting Standards prescribed under Section 133 of the Companies
Act, 2013 (‘Act’) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the
extent notified) and other accounting principles generally accepted in India, to the extent applicable.
Use of Estimates:
(2)
The preparation of the financial statements in conformity with GAPP requires the Management to make
estimates and assumptions that affect the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial statements and reported amounts of income
and expenses during the period. Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates are made as the Management becomes
aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if material, their effects are disclosed in
the notes to the financial statements.
Revenue Recognition:
(3)
Revenue from Sales is recognized when:-
(i) All risks and rewards of ownership are transferred to the buyer and there is no effective control of the
seller as the owner, this usually occurs upon dispatch of the goods. &
(ii) There is no uncertainty about ultimate collection from the buyer.
Gross sales shown in the Statement of Profit & Loss are inclusive of Excise duty but exclude discounts,
CST ,GST & VAT. Net Sales are shown after deducting Excise duty which is disclosed at appropriate
places. Interest income is recognized on receipt basis, and not on a time proportion basis, taking into
accounts the amount outstanding and rate applicable.
Other Operative Revenue and Other Income are except Dividend income, which is accounted on
receipt basis, are accounted on accrual basis.1
Fixed Assets:
(4)
i) Tangible Fixed Assets acquired by the Company are reported at acquisition value, with deductions for
accumulated depreciation. The acquisition value includes the purchase price (excluding refundable
taxes), and expenses directly attributable to assets to bring it to the factory and in the working condition
for its intended use. Where the construction or development of any such asset requiring a substantial
period of time to set up for its intended use, is funded by borrowings if any, the corresponding
borrowing cost are capitalized up to the date when the asset is ready for its intended use.
ii) Intangible Fixed Asset is stated at cost of acquisition or development.
Impairment of Assets:
(5)
The Management periodically assesses using, external and internal sources, whether there is an indication
that an asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset

exceeds its recoverable amount. The recoverable amount is higher of the asset’s net selling price and value
in use, which means the present value of future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. An impairment loss for an asset other than goodwill is reversed if, and only
if, the reversal can be related objectively to an event occurring after the impairment loss recognized. The
carrying amount of an asset other than goodwill is increased to its recoverable amount that would have
been determined (net of any accumulated amortization or depreciation) had no impairment losses been
recognized for the asset in prior years.
Depreciation:
(6)
Depreciation for the year is provided on WDV method basis at the rates prescribed in schedule II to the
Companies Act, 2013. Depreciation on additions to the assets and the assets sold or disposed off during
the year is provided on prorata basis, at their respective rates with reference to the date of aquisition /
installation or date of sale / disposal subject to the availability of the data of original cost of asset, if any
Cash Flow Statement:
(7)
Cash Flows statement is reported using Indirect Method; where by profit before tax is adjusted for the
effects of transactions of a non-cash nature. The cash flow from regular revenue generating, financing and
investing activities of the company is segregated.
Foreign Currency Translation:
(8)
Foreign currency denominated monetary assets and liabilities are translated at exchange rates in effect
at the Balance sheet date. The gains or losses resulting from such translations, if any, are included in the
Statement of Profit and Loss.
Valuation of Inventories:
(9)
Finished Goods are valued at cost or Net realizable Value whichever is lower.
Employee Benefit:
(10)
Defined contributions to Provident Fund are charged to the statement of Profit & Loss of the year, when the
employee renders the related service. There are no other obligations other than the contribution payable
to the respective statutory authorities.
No retirement benefits have been paid to any employee during the year by the company. Retirement
benefits in the form of Gratuity and other long term / short term employee benefits have not been provided
in the financial statements.
Provisions/ Contingencies:
(11)
A provision is recognized when the Company has a present legal or constructive obligation as a result
of past event and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which reliable estimate can be made. Provisions are not discounted to its present value and are
determined based on best estimate required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are not recognized but are disclosed in the notes to the Financial Statements.
A contingent asset is neither recognized nor disclosed.
Borrowing Costs:
(12)
Borrowing costs are recognized in the period to which they relate, regardless of how the funds have been
utilized, except where it relates to the financing of construction or development of assets requiring a
substantial period of to get ready for its intended use. All other borrowing costs are charged to revenue
under the head “Finance Cost” in the statement of Profit and loss for the period under review. The amount
of interest capitalized for the period is determined by applying the interest rate applicable to appropriate
borrowings.

(C) Notes to Accounts:
1. The Sundry Creditors, Sundry Debtors, Unsecured loans and loans & advances are subjected to confirmation.
2. Director’s Remuneration:
Name of Director Current Year Previous Year

Anupkumar Bansal (Managing Director) 605000/- 160000/-
Suman Bansal (Whole-time Director) 600000/- 475000/-
3. Auditor’s Remuneration:
Particulars Current Year Previous Year

Audit Fees 175000/- 50000/-
Out of Pocket Exp NIL NIL
4. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value
stated, if realized in the ordinary course of business. The provisions of all known liabilities are adequately
provided and not in the excess of amount reasonably necessary.
5. The Company has raised Rs. 6.20 Crore vide Initial Public Issue and the Company is listed on SME Platform
on National Stock Exchange of India Limited (NSE Emerge). The fund raised has been utilised for the purpose
specified in the prospectus.
6. The Company has not given any Corporate Guarantees to banks against Loans sanctioned by banks to the
group companies.
7. Related Party Disclosure : As per Accounting Standard-18 (AS-18)
Name of Related party Relationship
a) Mr. Anupkumar Bansal - Managing Director
b) Mrs. Suman Anup Bansal - Whole-time Director
c) Ms. Aashi Anup Bansal - Director
d) Mr. Rajendra Kumar Bansal - Director
e) Mrs. Kaushlya Devi Bansal - Relative of Director
f ) A2S Global Enterprise DMCC - Subsidiary Company
Sr. Name of Party Particulars of Transactions Amount (In Rs.)

No.
1 Anupkumar Bansal Director Remuneration 605000/-
2 Suman Bansal Director Remuneration 600000/-
3 Anupkumar Bansal Rent Paid 1225665/-
4 Suman Bansal Rent Paid 693000/-
5 Rajendrakumar Bansal Rent Paid 315000/-
6 Kaushlya Devi Bansal Rent Paid 252000/-
7 A2S Global Enterprise DMCC Investment in Subsidiary Company 2631000/-

8. Accounting for Taxes on Income (AS-22)
Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the
Institute of Chartered Accountants of India
Sr. No. Particulars 2017-18 2016-17

1 Profit Before Tax 20490124 5631320
2 WDV as per Companies Act, 2013 5799680 3661188
3 WDV as per Income Tax Act, 1961 6296238 3497333
4 Difference (496558) 163855
Less: Provision for Gratuity (672157) (296253)
5 Total Timming Difference (1168715) (132398)
6 Tax Rate as per Income Tax Act, 1961 27.55% 30.90%
7 Deferred Tax (Asset)/ Liability (322010) (40911)
9. Details of Earnings per Shares:

Basic Earning 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 during the
year. Diluted earning per Share is calculated by dividing net profit attributable to equity shareholders (after
adjustment for diluted earnings) by average number of weighted equity shares outstanding during the
year.
Sr. No. Particulars 2017-18 2016-17

1 No. of Equity Shares of Re.10/- each 7410000 5410000
2 Weighted Average No. Of Equity Shares Outstanding 6873014 NA
During the Year
3 Net Profit After Tax 14673514 3822096
4 Basic and diluted earnings per Shares (weighted) 2.15 0.71
10. AS-28: All the assets have been physically verified by the management during the year and also there is
a regular programme of verification which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were noticed on such verification.
11. We have verified the vouchers and documentary evidences wherever made available. Where no
documentary evidences were available, we have relied on the authentication given by the Directors.
12. Previous year’s figures have been regrouped / rearrange or reclassified, wherever necessary to conform to
the current years grouping or reclassification.

FRN : 008897N
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Independent Auditor’s Report (For Consolidated Financial Statements)
To
The Members of
Report on the Financial Statements
We have audited the accompanying Consolidated Financial Statements of BANSAL MULTIFLEX LIMITED (hereinafter
referred to as “the Holding Company”), its subsidiary (the Holding Company, its subsidiary together referred as “the
Group”) which comprises the Consolidated Balance Sheet as at 31st March, 2018, the Consolidated Statement of Profit
and Loss and the Consolidated Cash flow Statement for the year then ended, and a summary of significant accounting
policies and other explanatory information(hereinafter referred to as “the Consolidated Financial Statements”).
Management’s Responsibility for the Financial Statements
The Holding Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of these consolidated Financial Statements that give a true
and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows
of the Group in accordance with the accounting principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015.
This responsibility of Board of Directors of the Companies included in the Group includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the consolidated financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error which have
been used for the purpose of preparation of the Consolidated Financial Statement by the Directors of the Holding
Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our Audit
we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made there under section
143(11) of the Act.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation
of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Holding Company’s Directors, as well as evaluating the
overall presentation of the consolidated financial statements.
opinion on the financial statements
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
consolidated financial statements give the information required by the Act in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India;
a) In case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2018;

b) In the case of the Consolidated Statement of Profit and Loss, of the profit for the year ended on that date; and
c) In the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.
The Consolidated Financial Statements include the results of following entities:
1. Bansal Multiflex Limited
2. A2S Global Enterprise DMCC
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s Report) Order, 2016 (the Order) issued by the Central Government in
terms of Section 143 (11) of the Act, we give in the Annexure - A statement on the matters Specified in paragraphs
As required by section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit of aforesaid consolidated financial statements;
(b) In our opinion proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept by the Group Company so far as it appears from our examination of those
books;
(c) The consolidated Balance Sheet, the Consolidated Statement of Profit and Loss and the Consolidated Cash Flow
Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of
preparation of the consolidated financial statement.
(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors of the Group Company as on March 31, 2018
taken on record by the Board of Directors of Group Company, none of the directors of the Group Company are
disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f ) As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
I. The Group Company does not have any pending litigations which would impact its consolidated financial
position.
II. The Group Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
III. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Group Company.

FRN: 008897N
Kishor Goyal

“Annexure A” to the Independent Auditors’ Report (For Consolidated Financial Statements)
Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirement’ of our report of even
date to the consolidated financial statements of the Company for the year ended March 31, 2018:
1. In Respect of Fixed Assets
a) The group companies have maintained proper records showing full particulars, including quantitative
details and situation of fixed assets;
b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover
all the items over a period of three years, which in our opinion, is reasonable having regard to the size of
the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been
physically verified by the management during the year and no material discrepancies between the books
records and the physical fixed assets have been noticed.
c) The Title deed of immovable properties is held in the name of the company.
2. In Respect of Inventories
The management has conducted the physical verification of inventory at reasonable intervals.
3. Compliance under section 189 of The Companies Act, 2013
The group companies have not granted any loan to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act.
4. Compliance under section 185 and 186 of The Companies Act , 2013
While doing transaction for loans, investments, guarantees, and security provisions of section 185 and 186 of
Companies Act, 2013 have been complied with.
5. Compliance under section 73 to 76 of The Companies Act, 2013 and Rules framed there under while
accepting Deposits
In our opinion and according to the information and explanations given to us, the group company has not
accepted any deposits in contravention of directives issued by Reserve Bank of India and the provisions of
section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable
. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other.
6. Maintenance of cost records
The group companies are not required to maintain cost records pursuant to the Rules made by the Central
Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act,
2013.
7. Deposit of Statutory Dues
(a) The group companies are regular in depositing the undisputed statutory dues including provident fund,
employees’ state insurance, income tax, sales, tax wealth tax, service tax, custom duty, Goods and Service
Tax, excise duty cess and other statutory dues applicable to the Company with the appropriate authorities.
No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last
day of the financial year for a period of more than six months from the date they become payable.
(b) There is no dispute with the revenue authorities regarding any duty or tax payable.
8. Repayment of Loans and Borrowings
Based on our audit procedures and according to the information and explanations given to us, we are of
the opinion, the group companies have not defaulted in repayment of dues to a financial institution, bank,
Government or dues to debenture holders.
9. Utilization of Money Raised by Public Offers and Term Loan For which they Raised
The Holding Company has raised Rs. 6.20 Crore by way of Initial Public Offer and the money raised has been
utilised for the purpose mentioned in the prospectus. Further, the group company has not applied term loans
for the purposes other than for which those are raised.

10. Reporting of Fraud During the Year
Based on our audit procedures and the information and explanation made available to us no such fraud noticed
or reported during the year.
11. Managerial Remuneration
Managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by
the provisions of section 197 read with Schedule V to the Companies Act.
12. Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
As per information and records available with us The Company is not Nidhi Company.
13. Related party compliance with Section 177 and 188 of companies Act - 2013
All transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013
wherever applicable and the details have been disclosed in the Financial Statements etc, as required by the
applicable accounting standards.
14. Compliance under section 42 of Companies Act - 2013 regarding Private placement of Shares or
Debentures
Not applicable as no preferential allotment made during the year.
15. Compliance under section 192 of Companies Act 2013
The Group Companies have not entered into any non-cash transactions with directors or persons connected
with him.
16. Requirement of Registration under 45-IA of Reserve Bank of India Act, 1934
The Group Companies are not required to be registered under section 45-IA of the Reserve Bank of India Act.

FRN: 008897N
Kishor Goyal
“Annexure B” to the Independent Auditor’s Report (For Consolidated Financial Statements)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of BANSAL MULTIFLEX LIMITED (“the
Holding Company”) and its subsidiary as of March 31, 2018 in conjunction with our audit of the consolidated financial
statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company and its subsidiary company, are responsible for establishing
and maintaining internal financial controls based on the internal control over financial reporting criteria established
by the Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Holding Company’s and its subsidiary’s, internal financial controls
over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued
by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error.
opinion on the Holding Company’s and its subsidiary company’s internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Holding Company and its subsidiary, have in all material respects, an adequate internal financial
controls system over financial reporting and such internal financial controls over financial reporting were operating
effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the
Holding Company and its subsidiary company, considering the essential components of internal control stated in the
Guidance note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
FRN: 008897N
Kishor Goyal

Balance Sheet As At 31st March 2018 (Consolidated)
Particulars Note AMOUNT
IN Rs.
31-Mar-2018
I. EQUITY AND LIABILITIES
1 Shareholders’ Funds
(a) Share Capital 2 74,100,000
(b) Reserves and Surplus 3 85,170,901
(c) Minority Interest 628,861
159,899,763
2 Share Application Money Pending Allotment
3 Non-Current Liabilities
(a) Long-Term Borrowings 4 10,002,177
(b) Other Non Current Liabilities 5 672,157
10,674,334
4 Current liabilities
(a) Short-term borrowings 6 50,101,538
(b) Trade payables 7 68,138,425
(c) Short-term provisions 8 7,086,207
(d) Other current liabilities 9 5,768,878
131,095,048
TOTAL 301,669,144
II. ASSETS
Non-Current Assets
1 (a) Fixed Assets
(i) Tangible Assets 10 5,799,681
(b) Investment -
(c) Deferred Tax Assets (Net) 11 322,010
(d) Long Term Loans & Advances 12 190,000
(e) Other Non-Current Assets 13 551,017
6,862,708
2 Current assets
(a) Inventories 20 64,594,569
(b) Trade Receivables 14 196,828,286
(c) Cash & Cash Equivalents 15 27,936,974
(d) Short Term Loans & Advances 16 5,446,607
294,806,437
TOTAL 301,669,144
Significant accounting policies and notes to accounts 1
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Profit And Loss Statement For The Year Ended 31st March, 2018 (Consolidated)
Particulars Note FROM
01/04/2017 TO
31/03/2018
I. Revenue From Operations
Sales (Net of Return) 17 471,127,085
II. Other Incomes 18 663,647
III. Total Revenue (I + II) 471,790,732
IV. Expenses:
Purchase & Change in inventory of goods 19 422,623,334
Employee Emoluments 21 6,372,026
Finance Costs 22 7,486,137
Depreciation and Amortization Expense 10 1,483,802
Other Expenses 23 13,455,362
Total Expenses 451,420,660
V. Profit Before Exceptional And Extraordinary Items And Tax (III-IV) 20,370,071
VI. Exceptional Items -
VII. Profit Before Extraordinary Items And Tax (V - VI) 20,370,071
VIII. A. Extraordinary Items -
B. Prior period items 872,501
IX. Profit Before Tax (VII- VIII) 19,497,570
X Tax Expense:
(1) Current Tax 6,097,709
(2) Deferred Tax (281,099)
XV Profit (Loss) For The Period - Before Minority Interest 13,680,960
Minority Interest 248,138
Profit (Loss) For The Period - After Minority Interest 13,929,098
XVI Weighted Earnings Per Equity Share:
(1) Basic 2.04
(2) Diluted 2.04
See accompanying notes to the financial statements 1 to 23
As per our Report of even date attached here with On behalf of the Board of Directors
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Cashflow Statement for the year ending on 31st March, 2018
Particulars As at
March 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net profit Before Tax and Extraordinary Iteams 20,370,071.48
Adjustments For:
Depreciation 1,483,801.61
Prelimanary Expenses (872,501.27)
(Interest Received) (549,290.00)
Net (gain) / loss on Foreign Exchanges
Interest and Finance Charges 7,486,137.13
Operating Profit before working capital changes 27,918,218.95
Adjustment For:
Decrease/(Increase) in Inventories (49,559,801.42)
Decrease/(Increase) in Trade receivables (38,411,640.66)
Decrease/(Increase) in Other Non-Current Assets (551,017.28)
(Decrease)/Increase in Trade Payables (3,800,032.98)
(Decrease)/Increase in Other Current Liabilities 4,781,644.82
(Decrease)/Increase in Short Term Provisions 4,851,621.00
(Decrease)/Increase in Other Non current Liabilities 672,157.00
Cash Generated from Operations (54,098,850.57)
Taxes Paid 6,097,709.00
Net Cash From /(Used In ) Operating Activities (A) (60,196,559.57)
Cash Flow From Investing Activities

(Purchase) / Sale of Fixed Assets/ Capital Work In Progress (3,622,294.26)
Decrease/(Increase) in Short-term loans and advances 152,467.76
Decrease/(Increase) in Long Term Loans and Advances (50,000.00)
Decrease/(Increase) in investments -
Decrease/(Increase) in Minority Interest 877,000.00
Other Statutory Adjustments -
Net gain / loss on Sale of Investments -
Interest Received 549,290.00
Dividend Received -
Net Cash From /(Used In ) Investing Activities (B) (2,093,536.50)

Particulars As at
March 31, 2018
Cash Flow From Financing Activities
Proceeds from Issue of Shares 20,000,000.00
Security Premium 66,961,943.00
Issue of Bonus share -
Interest and Finance Charges (7,486,137.13)
Proceeds / (Repayments) of Share Application Money
(Decrease)/Increase in Short Term Borrowing 462,009.16
(Decrease)/Increase in Long Term Borrowing (4,807,852.87)
Share Issue Expenses
Prelimanary Expenses
Net gain / loss on Foreign Exchanges
Net Cash From Financing Activities (c) 75,129,962.16
Net Increase / (Decrease) in Cash (A)+(B)+(C) 12,839,866.09
Cash and Cash equivalents at the beginning of the year 15,097,107.00
Cash and Cash equivalents at the end of the year 27,936,973.09
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NOTES ON ACCOUNTS
2 SHARE CAPITAL :
Particulars As At 31-03-2018
Rs
Authorised :
10000000 Equity Shares of Rs 10/- Each 100,000,000
Issued, Subscribed and Paid up :
74,100,000
Subscribed & Fully Paid Share Capital
74,100,000
TOTAL RS : 74,100,000
2.1 The Details of Shareholder holding more than 5% Shares of Company

Name Of Shareholder As At 31-03-2018
No. Of Shares % Held
Anup Bansal 5004000 67.53%
Suman Bansal 402700 5.43%
TOTAL RS : 5406700 72.96%
2.2 The Reconcilation Of No. Of Shares Outstanding Is Set Out Below:

Rs
Equity Shares at the beginning of the year 5,410,000
Add:Issued During Period 2,000,000
Equity Shares at the end of the year 7,410,000
3 Reserve & Surplus:

Rs
Securities Premium
Opening balance -
Add:Addition during the year 73,191,300
Less:IPO Expences (6,229,357)
Closing balance (A) 66,961,943
Profit & Loss
Opening Balance 4,279,860
Add: Profit for the year 13,929,098
Closing balance (B) 18,208,958
Total (A+B) 85,170,901

4 Long Term Borrowings:
Rs
A. Secured
A1 From Banks
Federation Bank TL -1 2,136,951
Federation Bank TL -2 4,509,292
Federation Bank TL -3 677,022
Kotak Mahindra Bank CF 1,026,551
Total (A1) 8,349,816
A2. From Non Banking Financial Institutes
Daimler Financial Services India Private Ltd 1,652,361
Total (A2) 1,652,361
B. Unsecured
Loans & Advances From Related Parties -
Total (B) -
Total (A+B) 10,002,177
5 Other Non Current Liabilities

Rs
Provisional For Gratuity 672,157
Closing Balance 672,157
6 Short Term Borrowings:

Rs
Yes Bank CC A/c- xxx1670 50,101,538
Loans From Related Parties -
Closing Balance 50,101,538
7 Trade Payables
Rs
Sundry Creditors
Creditors for Goods 66,231,371
Creditors for Exp 1,907,054
8 Short Term Provisions:

Rs
Provision for Direct Tax 6,044,203
Provision for others 1,042,004

9 Other Current Liabilities
Rs
Advance Received from Customer 1,301,189
Other Liability 2,623,490
Other Statutory Dues
TDS Payable 89,852
Other Current Liabilities
Current Maturity 1,754,347
10 Tangible Assets
As at 31.03.2018
Particulars Gross Additions Disposals As at Depreciation & Amortisation Net Carrying Net Carrying
Carrying March 31 Upto Current Total Value As At Value As At
Amount As at 2018 April 1, Year March 31, March 31,
April 1, 2017 2017 2018 2017
Tengible Assets
- Air Conditioner 131421 29,297 - 160718 13316 54607 67923 92795 118105
- BIOMAX biometric - 9195 - 9195 - 2634 2634 6561 -
- Camera & CCTV 159930 27,423 - 187353 11596 54186 65782 121571 148334
- Car 3138105 - - 3138105 190597 920636 1111233 2026872 2947508
- Computer & 101788 110825 - 212613 24677 86846 111523 101090 77111
Accessories
- Computer Software 36000 - - 36000 15293 13078 28371 7629 20707
A/c
- Electric Equipments 26161 - - 26161 12418 6194 18612 7549 13743
& Fittings
- Furniture & Fixture 44842 - - 44842 8021 9532 17553 27289 36821
- Honda Aviator 23291 - - 23291 1172 6909 8081 15210 22119
- Laptop 65350 - - 65350 8059 36185 44244 21106 57291
- Orient Fan 3,347 - 3347 - 4 4 3343 -
- Mobile Phone 95948 108518 - 204466 4828 58369 63197 141269 91120
- Mercedes Car - 3134189 - 3134189 - 120692 - 3013497 -
- Motor cycle 58865 - - 58865 2962 17461 20423 38442 55903
- Plant & Machinery 36848 - - 36848 1295 6437 7732 29116 35553
- Refrigerataor 9248 - - 9248 465 3959 4424 4824 8783
- Storage Tank - 199500 - 199500 - 73413 73413 126087 -
- Television 22610 - - 22610 1138 9678 10816 11794 21472
- Weight Machine 6970 - - 6970 351 2983 3334 3636 6619
Total 3957377 3622294 0 7579671 296188 1483802 1659300 5799681 3661189

11 Deferred Tax Assets (Net)
Rs
Opening Balance of Deferred Tax Assets (40,911)
Add: Provision During the Year (281,099)
Closing Balance of Deferred Tax Assets (322,010)
12 Longterm Loans & Advances

Rs
Rent Deposit 190,000
13 Other Non-Current Assets

Rs
Preliminary expenses 551,017
14 Trade Receivable:
Rs
Sundry Debtors
Debtors due for period more than 6 months 59,789,015
Debtors due for period less than 6 months 137,039,271
15 Cash & Cash Equivalents

Rs
Cash on Hand 15,287,151
Balance With Banks 12,649,822
TOTAL RS : 27,936,974

16 Short Term Loans and Advances:
Rs
A. Loans & Advances to related parties
Unsecured, considered good:- -
-
B. Security deposits
Unsecured, considered good:- 620,000
620,000
C. Balance with government Authorities
(i) GST/VAT Receivable 1,418,102
1,418,102
D. Others (specify nature)
- Advance to Staff 23,000
- Advance to Suppliers 3,278,283
- Other Prepaid Expenses 107,222
3,408,505
17 Sales (Net of Return)

Particulars From 01/04/2017
TO 31/03/2018
Sales - Cloth 428,478,460
Sales - Chemical 42,648,625
TOTAL RS : 471,127,085
18 Other Income
TO 31/03/2018
Discount 114,357
Interest Income 549,290
TOTAL RS : 663,647
20 Inventories:
TO 31/03/2018
Finished Goods 64,594,569
Total 64,594,569

19 Purchase & Change in inventory of goods :
TO 31/03/2018
Opening Stock 15,034,768
ADD: Net Purchase 472,183,135
Total 487,217,903
Less:Closing Stock 64,594,569
TOTAL RS : 422,623,334
21 Employee Emoluments
TO 31/03/2018
Staff Salary 4,063,673
Bonus 190,500
Director's Sitting Fees 9,000
Director's Remuneration 1,205,000
Staff Welfare 165,108
Gratuity & PF Exp 375,904
ESIC & PF Contribution 362,841
TOTAL RS : 6,372,026
22 Finance Cost
TO 31/03/2018
Interest on Long Term Loan(Secured) 1,262,367
Interest on Short Term Loan(Secured) 5,964,805
Other Finance Cost 258,965
TOTAL RS : 7,486,137

23 Other Expense
TO 31/03/2018
Advertisement & Exhibition Expense 665,947
Audit fees 175,000
Bad Debts 232,990
Donation 267,811
Power & Fuel Exp 159,635
Freight Exps. 678,316
Insurance Expense 86,130
Legal & Professional Charges 387,783
Labour Exp 175,178
Office expense 451,921
Packing Expense 24,115
Rent Expense 2,828,063
Repair & Maintenance Exps. 175,313
Stationary & Printing Expense 71,765
Telephone & Website Expense 171,375
Import Exp 3,559,554
Travelling Expense 1,191,009
Misc Exp 2,153,457
TOTAL RS : 13,455,362

ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
(For Consolidated Financial Statements)
Note: 1
(A) Significant Accounting Policies:
The Accounting policies set out below have been adopted in preparation and presentation of consolidated
financial statement and applied consistently to the period presented in this financial statement.
(B) Disclosure of Accounting Policies:
Basis of preparation:
(1)
These consolidated financial statements have been prepared to comply in all material aspects with
applicable accounting principles in India, the applicable Accounting Standards prescribed under Section
133 of the Companies Act, 2013 (‘Act’) read with Rule 7 of the Companies (Accounts) Rules, 2014, the
provisions of the Act (to the extent notified) and other accounting principles generally accepted in India, to
the extent applicable.
Use of Estimates:
(2)
The preparation of the consolidated financial statements in conformity with GAPP requires the Management
to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial statements and reported amounts of income
and expenses during the period. Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates are made as the Management becomes
aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if material, their effects are disclosed in
the notes to the financial statements.
Revenue Recognition:
(3)
Revenue from Sales is recognized when:-
(i) All risks and rewards of ownership are transferred to the buyer and there is no effective control of the
seller as the owner, this usually occurs upon dispatch of the goods. &
(ii) There is no uncertainty about ultimate collection from the buyer.
Gross sales shown in the Statement of Profit & Loss are inclusive of Excise duty but exclude discounts,
CST ,GST & VAT. Net Sales are shown after deducting Excise duty which is disclosed at appropriate
places. Interest income is recognized on receipt basis, and not on a time proportion basis, taking into
accounts the amount outstanding and rate applicable.
Other Operative Revenue and Other Income are except Dividend income, which is accounted on
receipt basis, are accounted on accrual basis.1
Fixed Assets:
(4)
i) Tangible Fixed Assets acquired by the Company are reported at acquisition value, with deductions for
accumulated depreciation. The acquisition value includes the purchase price (excluding refundable
taxes), and expenses directly attributable to assets to bring it to the factory and in the working condition
for its intended use. Where the construction or development of any such asset requiring a substantial
period of time to set up for its intended use, is funded by borrowings if any, the corresponding
borrowing cost are capitalized up to the date when the asset is ready for its intended use.
ii) Intangible Fixed Asset is stated at cost of acquisition or development.
Impairment of Assets:
(5)
The Management periodically assesses using, external and internal sources, whether there is an indication
that an asset may be impaired. An impairment loss is recognized wherever the carrying value of an asset
exceeds its recoverable amount. The recoverable amount is higher of the asset’s net selling price and value

in use, which means the present value of future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. An impairment loss for an asset other than goodwill is reversed if, and only
if, the reversal can be related objectively to an event occurring after the impairment loss recognized. The
carrying amount of an asset other than goodwill is increased to its recoverable amount that would have
been determined (net of any accumulated amortization or depreciation) had no impairment losses been
recognized for the asset in prior years.
Depreciation:
(6)
Depreciation for the year is provided on WDV method basis at the rates prescribed in schedule II to the
Companies Act, 2013. Depreciation on additions to the assets and the assets sold or disposed off during
the year is provided on pro-rata basis, at their respective rates with reference to the date of aquisition /
installation or date of sale / disposal subject to the availability of the data of original cost of asset, if any
Cash Flow Statement:
(7)
Consolidated Cash Flows statement is reported using Indirect Method; where by profit before tax is
adjusted for the effects of transactions of a non-cash nature. The cash flow from regular revenue generating,
financing and investing activities of the company is segregated.
Foreign Currency Translation:
(8)
Foreign currency denominated monetary assets and liabilities are translated at exchange rates in effect
at the Balance sheet date. The gains or losses resulting from such translations, if any, are included in the
Statement of Profit and Loss.
Valuation of Inventories:
(9)
Finished Goods are valued at cost or Net realizable Value whichever is lower.
Employee Benefit:
(10)
Defined contributions to Provident Fund are charged to the consolidated statement of Profit & Loss of
the year, when the employee renders the related service. There are no other obligations other than the
contribution payable to the respective statutory authorities.
No retirement benefits have been paid to any employee during the year by the company. Retirement
benefits in the form of Gratuity and other long term / short term employee benefits have not been provided
in the financial statements.
Provisions/ Contingencies:
(11)
A provision is recognized when the Company has a present legal or constructive obligation as a result
of past event and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which reliable estimate can be made. Provisions are not discounted to its present value and are
determined based on best estimate required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are not recognized but are disclosed in the notes to the Financial Statements.
A contingent asset is neither recognized nor disclosed.
Borrowing Costs:
(12)
Borrowing costs are recognized in the period to which they relate, regardless of how the funds have been
utilized, except where it relates to the financing of construction or development of assets requiring a
substantial period of to get ready for its intended use. All other borrowing costs are charged to revenue
under the head “Finance Cost” in the statement of Profit and loss for the period under review. The amount
of interest capitalized for the period is determined by applying the interest rate applicable to appropriate
borrowings.

(C) Notes to Accounts:
1. The Sundry Creditors, Sundry Debtors, Unsecured loans and loans & advances are subjected to confirmation.
2. Director’s Remuneration:
Name of Director Current Year Previous Year

Anupkumar Bansal (Managing Director) 605000/- 160000/-
Suman Bansal (Whole-time Director) 600000/- 475000/-
3. Auditor’s Remuneration:
Particulars Current Year Previous Year

Audit Fees 175000/- 50000/-
Out of Pocket Exp NIL NIL
4. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value
stated, if realized in the ordinary course of business. The provisions of all known liabilities are adequately
provided and not in the excess of amount reasonably necessary.
5. The Holding Company has raised Rs. 6.20 Crore vide Initial Public Issue and the Company is listed on SME
Platform on National Stock Exchange of India Limited (NSE Emerge). The fund raised has been utilised for the
purpose specified in the prospectus.
6. The Holding Company and its subsidiary have not given any Corporate Guarantees to banks against Loans
sanctioned by banks to the group companies.
7. Related Party Disclosure : As per Accounting Standard-18 (AS-18)
Name of Related party Relationship
a) Mr. Anupkumar Bansal - Managing Director
b) Mrs. Suman Anup Bansal - Whole-time Director
c) Ms. Aashi Anup Bansal - Director
d) Mr. Rajendra Kumar Bansal - Director
e) Mrs. Kaushlya Devi Bansal - Relative of Director
f ) A2S Global Enterprise DMCC - Subsidiary Company
Sr. Name of Party Particulars of Transactions Amount (In Rs.)

No.
1 Anupkumar Bansal Director Remuneration 605000/-
2 Suman Bansal Director Remuneration 600000/-
3 Anupkumar Bansal Rent Paid 1225665/-
4 Suman Bansal Rent Paid 693000/-
5 Rajendrakumar Bansal Rent Paid 315000/-
6 Kaushlya Devi Bansal Rent Paid 252000/-
7 A2S Global Enterprise DMCC Investment in Subsidiary Company 2631000/-

8. Accounting for Taxes on Income (AS-22)
Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the
Institute of Chartered Accountants of India
Sr. No. Particulars 2017-18

1 Profit Before Tax 20370071
2 WDV as per Companies Act, 2013 5799680
3 WDV as per Income Tax Act, 1961 6296238
4 Difference (496558)
Less: Provision for Gratuity (672157)
5 Total Timming Difference (1168715)
6 Tax Rate as per Income Tax Act, 1961 27.55%
7 Deferred Tax (Asset)/ Liability (322010)
9. Details of Earnings per Shares:
Basic Earning 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 during the
year. Diluted earning per Share is calculated by dividing net profit attributable to equity shareholders (after
adjustment for diluted earnings) by average number of weighted equity shares outstanding during the
year.
Sr. No. Particulars 2017-18

1 No. of Equity Shares of Re.10/- each 7410000
2 Weighted Average No. Of Equity Shares Outstanding During the year 68266667
3 Net Profit After Tax (after minority interest) 13929098
4 Basic and diluted earnings per Shares (weighted) 2.04
10. AS-28: All the assets have been physically verified by the management during the year and also there is
a regular programme of verification which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were noticed on such verification.
11.
We have verified the vouchers and documentary evidences wherever made available. Where no
documentary evidences were available, we have relied on the authentication given by the Directors.
12. Previous year’s figures have been regrouped / rearrange or reclassified, wherever necessary to conform to
the current years grouping or reclassification.
FRN : 008897N
Sd/- Sd/- Sd/-
M. No.: 047286 DIN:06735149 DIN:06735151
Sd/-

BANSAL MULTIFLEX LIMITED.
Regd. Office: 72, THE NUTAN GUJ. CO OP SHOPS AND WAREHOUSES SOC.
O/S RAIPUR GATE, NEAR LAXMI COTTON MILL AHMEDABAD GJ 380022 IN
Form No. MGT-11
Proxy form
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies
(Management and Administration) Rules, 2014]
CIN: L36100GJ2013PLC077651
Name of the company: BANSAL MULTIFLEX LIMITED
Registered office: 72, THE NUTAN GUJ. CO OP SHOPS AND WAREHOUSES SOC. O/S RAIPUR GATE,
NEAR LAXMI COTTON MILL AHMEDABAD GJ 380022 IN
Name of the member(s):
Registered address:
Email Id:
Folio No./Client Id:
DP ID:
I/We, being the member (s) of …………. shares of the above named company, hereby appoint
1. Name:
Address:
E-mail Id:
Signature:
2. Name:
Address:
E-mail Id:
Signature:
3. Name:
Address:
E-mail Id:
Signature:

ATTENDANCE SLIP
Full name of the Member attending :
Name of Proxy :
I hereby record my presence at the Annual General Meeting being held on Friday, 27th July, 2018 at 03.00 P.M. at
72, The Nutan Guj. Co Op Shops and Warehouses Soc. O/s. Raipur Gate, Near Laxmi Cotton Mill, Ahmedabad – 380022
Gujarat.
Regd. Folio No.
DP Id*
Client Id* Member’s/Proxy’s Signature
No. of Share held (To be signed at the time of handling over the slip)
* Applicable for members holding shares in dematerialised form.
Note : Persons attending the Annual General Meeting are requested to bring their copies of Annual Report.

as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 5th Annual general meeting of
the company, to be held on Friday, 27th July, 2018 at 03.00 P.M. at the registered office of the Company situated at
72, The Nutan Guj. Co Op Shops and Warehouses Soc. O/S Raipur Gate, Near Laxmi Cotton Mill, Ahmedabad, Gujarat
- 380022 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution Particulars
No.
1. To receive, consider and adopt :-
(a) the audited Standalone Financial Statement of the Company for the financial year ended March
31, 2018 and the reports of the Board of Directors and Auditors thereon; and
(b) the audited Consolidated Financial Statement of the Company for the financial year ended
March 31, 2018 and the reports of the Board of Directors and Auditors thereon.
2. To appoint a Director in place of Mrs. Suman Anup Bansal (DIN: 06735151) who retires by rotation
and being eligible, offers herself for re-appointment.
3. Revision in the remuneration of Mr. Anupkumar Bansal (DIN: 06735149), Managing Director of the
Company.
4. Revision in the remuneration of Mrs. Suman Anup Bansal (DIN: 06735151), Whole-time Director of
the Company.
Signed this…… day of……… 2018.

Affaix
Revenue
Stamp
Signature of shareholder
Signature of Proxy holder(s)
Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of
the Company, not less than 48 hours before the commencement of the Meeting.

ROUTE MAP FOR AGM VENUE

72, THE NUTAN GUJ. CO OP SHOPS AND WAREHOUSES SOC. O/S RAIPUR GATE,
NEAR LAXMI COTTON MILL AHMEDABAD GJ 380022 IN
If undelivered please return to :


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5th

BANSAL MULTIFLEX LIMITED

KEY MANAGERIAL PERSONNEL & BOARD OF DIRECTORS

REGISTRAR & SHARE TRANSFER AGENT

ANNUAL REPORT 2017-2018

Regd. Office: By order of the Board

ANNUAL REPORT 2017-2018 1

2 ANNUAL REPORT 2017-2018

ANNUAL REPORT 2017-2018 3

*Pvt. Companies excluded

Regd. Office: By order of the Board

4 ANNUAL REPORT 2017-2018

Upto ` 36,00,000/- (Rupees Thirty Six Lakh Only) per annum.

Total Salary includes:

• Commission Payable, if any

• Other perquisites and benefits as per the rules of Company.

All other terms and conditions of his appointment remain unchanged.

ANNUAL REPORT 2017-2018 5

Upto ` 24,00,000/- (Rupees Twenty Four Lakh Only) per annum.

Total Salary includes:

• Commission Payable, if any

• Other perquisites and benefits as per the rules of Company.

All other terms and conditions of his appointment remain unchanged.

Regd. Office: By order of the Board

6 ANNUAL REPORT 2017-2018

ANNUAL REPORT 2017-2018 7

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

6. CHANGE IN THE NATURE OF THE BUSINESS OF THE COMPANY

10. STATEMENT ON FORMAL ANNUAL EVALUATION OF BOARD

11. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

12. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF

8 ANNUAL REPORT 2017-2018

• the steps taken or impact on conservation of energy : Nil

ii. the capital investment on energy conservation equipments : Nil

i. the efforts made towards technology absorption : None

a) the details of technology imported : None

b) the year of import : N.A.

c) whether the technology been fully absorbed : N.A.

iv. the expenditure incurred on Research and Development : Nil

C. FOREIGN EXCHANGE EARNING & OUTGO :

Foreign Exchange Earning : NIL

Foreign Exchange Outgo : INR 10898025.36/- (167672 USD)

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

ANNUAL REPORT 2017-2018 9

ii. Changes in Board during the year:

iii. Retirement by rotation:

iv. Key Managerial Personnel

vi. STATEMENT ON FORMAL ANNUAL EVALUATION OF BOARD

10 ANNUAL REPORT 2017-2018

18. DIRECTORS RESPONSIBILITY STATEMENT

19. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE:

Sr. Name of the Member Category Designation No. of No. of Committee

20. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:-

ANNUAL REPORT 2017-2018 11

21. NOMINATION AND REMUNERATION COMMITTEE

Ø The composition of the Committee is as under:

22. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee comprises of the following members:

Details of Investor’s grievances/ Complaints:

23. ADEQUACY OF INTERNAL FINANCIAL CONTROLS-

12 ANNUAL REPORT 2017-2018

25. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

ii. SECRETARIAL AUDITOR