Directors Report of Globe Enterprises (India) Ltd.

Mar 31, 2025

Your Directors are pleased to present the thirtieth Annual Report on the business and operations of the Company
together with the Audited Financial Statements for the financial year ended March 31, 2025 ("year under
review").

1. SUMMARISED FINANCIAL RESULTS

A summary of your Company''s Standalone financial results for the Financial Year 2024-25 is as under:

(Rs. in Lakhs)

Particulars March 31. 2025 March 31, 2024

Income from operations	52425.65	42822.40
Other income	127.83	277.99
Total Income	52553.49	43100.39
EBITDA	2484.82	2286.43
Profit Before Tax	826.06	823.97
Exceptional items	(109.86)	0.00
Profit Before Extraordinary item and tax	935.92	823.97
Provisions for tax	252.23	248.86
Net Profit / (loss) for the period	683.69	575.11
Earnings per share
EPS (Basic)	0.21	0.34
EPS (Diluted)	0.21	0.34

2. FINANCIAL PERFORMANCE OF THE COMPANY
Standalone Financial Performance:

The Gross Revenue from operations for FY 2024-25 was Rs. 52425.65 lakhs (Previous Year: Rs. 42822.40
lakhs). The year-over-year increase in total income was 22.43%. The operating profit was Rs. 935.92
lakhs, compared to Rs. 823.97 lakhs in the previous year. The net profit for the year soared to an
impressive Rs. 683.69 lakhs, marking a substantial increase from the profit of Rs. 108.58 lakhs reported
in the previous year.

3. DIVIDEND

Your Director feel that it is prudent to plough back the profits of the Company for future growth of the
Company and therefore do not recommend any dividend for the year ended March 31, 2025.

4. TRANSFER TO GENERAL RESERVES

During the year under review, the Company has not transferred any amount to reserve.

5. CORPORATE ACTIONS & SHARE CAPITAL

At the Annual General Meeting of the company held on September 30, 2024, the Company has increased
authorised share capital from Rs. 61.00 Crore (Rupees Sixty one Crore Only) divided into 30.50 Crore
((Thirty Crore Fifty Lakhs) Equity Shares of Rs. 2/- (Rupees Two) each to Rs. 91.00 Crore (Rupees Sixty
One Crores Only) divided into 45.50 Crore (Forty Five Crore Fifty Lakhs) Equity Shares of Rs. 2/- (Rupees
Two) each.

The Company has raised Rs. 4504.19 lakhs through Rights Issue and allotted 15,01,39,596 Equity Shares
on February 13, 2025.

The paid-up Equity Share Capital as at March 31, 2025 stood at Rs. 9008.38 lakhs.

6. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review, Globe Textiles (India) Limited made a significant strategic move by
acquiring a 70% equity stake in Globe Denwash Private Limited on April 24, 2024. This acquisition aligns
with our commitment to sustainability and innovation in the textile industry. Globe Denwash is
renowned for its expertise in denim washing and finishing, utilizing advanced sustainable processing
techniques that significantly reduce energy consumption and incorporate a Zero Liquid Discharge system
to maximize water recycling.

Subsequently, in March 2025, Globe Textiles acquired the remaining 30% stake, making Globe Denwash
a wholly-owned subsidiary. The integration of Globe Denwash''s state-of-the-art facilities, including
highly automated industrial washing tumblers, dryers, and cutting-edge technology for processing and
sample development has bolstered our garment processing capacity.

As per section 129 of Companies Act, 2013 consolidated financial statements of the company and all its
subsidiaries have been prepared and same form a part of this Annual Report. In terms of Rule 5
Companies (Accounts) Rule, 2014, a statement containing salient features of the financial statement of
subsidiaries/associate companies/joint ventures in the form AOC - 1 is annexed to this report as
"Annexure A"

7. EXPORTS

The total exports of the Company amounted to Rs. 3360.82 Lakhs (Previous year Rs. 5112.10 Lakhs)
representing about 6.41% of the total income.

8. MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of your Company have occurred
between the end of the financial year of the Company to which the financial statements relates and on
the date of this report.

9. EXPANSION OF THE BUSINESS

During the year, Globe Textiles (India) Limited successfully raised ^4,504.19 lakhs through a Rights Issue
of equity shares. These funds were strategically utilized to acquire a 30% equity stake in Globe Denwash
Private Limited, thereby making it a wholly owned subsidiary of the Company. The acquisition was
completed in March 2025.

Globe Denwash is a specialized entity with expertise in denim washing and finishing. The facility is
certified as a Zero Liquid Discharge (ZLD) unit by ATIRA (Ahmedabad Textiles Industry Research
Association) and holds the ZDHC (Zero Discharge of Hazardous Chemicals) certification. These
accreditations underscore its adherence to international environmental and chemical safety standards,
reinforcing the Group''s long-term vision of integrating sustainable practices in its operations.

10. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as
stipulated by the SEBI Listing Regulations forms part of this Annual Report as Annexure-"B" and
Annexure-"C" respectively along with the required Certificate from Practising Company Secretary
regarding Compliance of the conditions of Corporate Governance as stipulated.

In Compliance with Corporate Governance requirements as per the SEBI Listing Regulations, your
Company has formulated and implemented a Code of Business Conduct and Ethics for all Board
Members and Senior Management Personnel of the company, who have affirmed the compliance
thereto.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. As of March 31, 2025, your Company''s Board had six members, consisting of Two Executive
Director, One Non-Executive and Non-Independent and Three Independent Directors. The Board has
One Woman Directors. The details of Board and Committee composition, tenure of directors, and
other details are available in the Corporate Governance Report, which forms part of this Integrated
Annual Report.

The Company has received necessary declaration from Independent Directors of the Company that
they meet with the criteria of their Independence as laid down in Section 149(6) of the Companies
Act, 2013 ("the Act") and Regulation 25(8) of the Listing Regulations.

Re-appointment of Director(s) retiring by rotation:

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder, Mr.
Bhavik Parikh (DIN: 00038223) are liable to retire by rotation at the ensuing Annual General Meeting
and being eligible, offers themselves for reappointment. The Board recommends the reÂ¬
appointment of Mr. Bhavik Parikh as Director for your approval. Mr. Bhavik Parikh is not disqualified
under Section 164(2) of the Act and not debarred from holding the office of Director pursuant to
order of SEBI or any other authority. Brief details of Directors proposed to be appointed/re-
appointed as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are provided in the Notice of 30^th Annual General meeting

As per the provisions of Companies Act, 2013, Mr. Bhavik Suryakant Parikh (DIN: 00038223),
Managing Director, Mr. Nilaybhai Jagdishbhai Vora (DIN: 02158990), Whole-time Director, Mr.
Bhavin Suryakant Parikh CEO & CFO and Ms. Monali Maheshwari, Company Secretary and
Compliance Officer are the Key Managerial Personnel of the Company. During the year under
review, there is no change in the Key Managerial Personnel of the Company except Mr. Fraruk
Diwan, Company Secretary has been resigned w.e.f. October 26, 2024. Following his resignation Ms.
Monali Maheshwari appointed as Company Secretary and Compliance officer w.e.f. November 22,
2024.

12. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR Regulations, the Board has
carried out an annual performance evaluation of its own performance; that of the Directors
individually; as well as the evaluation of the working of its Audit, Nomination & Remuneration and
other Committees of the Board.

performance of specific duties, obligations and governance, etc. A separate exercise was carried out
to evaluate the performance of individual Directors, including the Chairman of the Board, who were
evaluated on parameters such as level of engagement and contribution, independence of judgment,
safeguarding the interest of the Company and its minority Shareholders, etc.

The performance evaluation of the Independent Directors was carried out by the entire Board,
excluding the Director being evaluated. Independent Directors fulfil the criteria of independence,
and they are independent of management. The performance evaluation of the Chairman and nonÂ¬
independent Directors was also carried out by the Independent Directors at their separate meeting.
The Directors expressed their satisfaction with the evaluation process.

B. MEETING OF BOARD OF DIRECTORS

During the year, 15 (Fifteen) Board meetings were convened and held. The details thereof are given
in the Corporate Governance Report. The intervening gap between the Meetings was within the
period prescribed under the Companies Act, 2013.

C. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

At the time of appointing a Director, a formal letter of appointment is given to the concerned
Director, which inter-alia explains the role, function, duties and responsibilities as expected from a
Director of the Company. The Director is also explained in detail, the compliance requirements
under the Act, the Listing Regulations and various statutes. A one to one discussion with the newly
appointed Director to familiarise him / her with the Company''s operations.

Further, on an on-going basis as a part of Agenda of Board / Committee Meetings, presentations are
regularly made to the Independent Directors on various matters inter-alia covering the Company''s
businesses and operations, industry and regulatory updates, strategies, finance, role, rights,
responsibilities of the Independent Directors under various statutes and other relevant matters.
Details of familiarization programmes under Regulations 25(7) and 46 of SEBI Listing Regulations to
Independent Directors are available on the website of the Company at
https://globetextiles.net/investors/code-policies/

D. NOMINATION AND REMUNERATION POLICY

The Company has adopted and implemented the Nomination and Remuneration Policy devised in
accordance with Section 178(3) and (4) of the Companies Act, 2013 which is available on the
website of the Company accessed at https://globetextiles.net/wp-
content/uploads/2024/04/Nomination-and-Remuneration-Policy.pdf.

13. DEPOSIT

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.

14. ANNUAL RETURN

Pursuant to the Section 92(3) of the Companies Act, 2013, read with the Companies (Management and
Administration) Rules, 2014, Annual Return of the Company for the financial year 2024-25 in the
prescribed Form MGT-7 is available on the website of the Company at

https://globetextiles.net/investors/annual-returns-mgt-7/#collapse-57.

15. AUDITORS AND AUDITORS'' REPORT
Statutory A uditors

M/s Dharmesh Parikh & Co LLP (Firm Registration No. 112054W/W100725), Chartered Accountants, the
Statutory Auditors of the Company, were appointed at the 29^th Annual General Meeting held on
September 30, 2024 to hold office for a period of 5 (Five) years i.e. from the conclusion of 29^th Annual
General Meeting (AGM) till the conclusion of 34^th Annual General Meeting to be held in the year 2028Â¬
2029.

The Notes to the financial statements referred in the Auditors Report are self-explanatory. There are no
qualifications or reservations or adverse remarks or disclaimers given by Statutory Auditors'' of the
Company and therefore do not call for any comments under Section 134 of the Companies Act, 2013.
The Auditors'' Report is enclosed with the financial statements in this Annual Report.

Cost Auditors

Pursuant to Section 148 of the Act read with rules made thereunder, as amended from time to time, the
Company is required to maintain the cost accounts and records of the Company, accordingly, the Board
has appointed M/s Maulin Shah & Associates, Cost Accountants, Firm Registration No. 101527, as Cost
Auditor to prepare and to audit the Cost records of the Company for the financial year 2024-25. The
remuneration payable to the Cost Auditor shall be subject to ratification by the shareholders at the
Annual General Meeting. Accordingly, the necessary Resolution for ratification of the remuneration
payable to cost auditor for the financial year 2025-26, has been included in the Notice forming the part
of this Integrated Annual report.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, and Listing Regulations, M/s K.
Jatin & Co., Practicing Company Secretaries was appointed as Secretarial Auditors of the Company for
the financial year 2024-25. The Secretarial Audit Report submitted by M/s K. Jatin & Co. for the Financial
Year 2024-25 is annexed herewith and marked as Annexure-"D" to this report. Further, there has been
no qualification, reservation, adverse remarks or disclaimer made by the Secretarial Auditors in their
report for the financial year ended March 31, 2025. During the year under review, the Auditors had not
reported any matter under Section 143(12) of the Act.

16. INTERNAL FINANCIAL CONTROLS

Your Company has an effective internal control and risk-mitigation system, which is constantly assessed
and strengthened with new/revised standard operating procedures. The Company''s internal control
system is commensurate with its size, scale and complexities of operations. To enhance the internal
control procedures, the Company has appointed M/s. Shefali R Sheth & Co. as its internal auditor.

It also ensures that they are recorded in all material respect to permit preparation of financial
statements in conformity with established accounting principles along with the assets of the Company
being adequately safeguarded against significant loss or misuse. An independent Internal Audit function
is an important element of Company''s Internal Control System. This is supplemented through an
extensive internal audit program and periodic review by the management and the Audit Committee of
Board.

17. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

During the year, the Company has not given loans and advances covered under the provisions of Section
186 of the Companies Act, 2013. However, the company has provided loan and security for the
borrowing made by Globe Denwash Private Limited within the limits as per Section 186 of the
Companies Act, 2013.

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company in the normal course of its business enters in to related party transactions with companies
engaged in similar or ancillary business. The Audit Committee approves all the Related Party
Transactions in compliance with the provisions of the Act, and Listing Regulations Omnibus approval is
obtained on a yearly basis for transactions which are repetitive in nature. Transactions entered into
pursuant to omnibus approval are placed before the Audit Committee and the Board for review and
approval/noting on a quarterly basis. All related party transactions entered during the financial year
were in ordinary course of the business and on arm''s length basis. Details of material related party
transaction entered during the financial year by the Company is annexed in Form AOC-2 as Annexure-

19. COMMITTEES OF THE BOARD

The Board of Directors have constituted the following Committees. The details of composition of the
Board Committees are as follows:

Audit Committee

Name of Director	Status	Nature of Directorship
Mr. Yogesh Kanhiyalal Vaidya	Chairman	Independent Non-Executive Director
Mr. Bhavik Suryakant Parikh	Member	Executive Director
Mr. Rajatkumar Dineshbhai Patel	Member	Independent Non-Executive Director

Nomination and Remuneration Committee

Name of Director	Status	Nature of Directorship
Mr. Yogesh Kanhiyalal Vaidya	Chairman	Independent Non-Executive Director
Mr. Bharat Shamjibhai Patel	Member	Independent Non- Executive Director
Mr. Rajatkumar Dineshbhai Patel	Member	Independent Non-Executive Director

Stakeholders Relationship Committee

Name of Director	Status	Nature of Directorship
Mr. Yogesh Kanhiyalal Vaidya	Chairman	Independent Non-Executive Director
Mr. Bharat Shamjibhai Patel	Member	Independent Non- Executive Director
Mr. Nilaybhai Jagdishbhai Vora	Member	Executive Director

Corporate Social Responsibilities Committee

Name of Director	Status	Nature of Directorship
Mr. Yogesh Kanhiyalal Vaidya	Chairman	Independent Non-Executive Director
Mr. Bhavik Suryakant Parikh	Member	Executive Director
Mr. Nilaybhai Jagdishbhai Vora	Member	Executive Director

The details of the Committees of the Board along with their composition, attendance of members and
number of meetings held during the financial year 2024-25 are provided in the Report on Corporate
Governance forming part of the Annual Report 2024-25.

20. VIGIL MECHANISM & WHISTLE BLOWER POLICY

Committee, as protected disclosures through an e-mail, or dedicated telephone line or a written letter.
Employees may also report directly to the Chairman of the Audit Committee. The said Policy is available
on the website of the Company at https://globetextiles.net/wp-content/uploads/2024/04/Vigil-
Mechanism.pdf.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and
outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014 has been annexed as Annexure - "F".

22. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

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-"G". 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.

23. ENVIRONMENT, HEALTH AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The
Company conduct business operations in such a manner so as to ensure safety of all concerned,
compliances of environmental regulations and preservation of natural resources.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR)

In Accordance with section 135 of the Act and Rules framed thereunder, the Company has constituted a
Corporate Social Responsibility ("CSR") Committee of Directors. The details of composition of CSR
Committee are given in the Corporate Governance Report.

The policy can be accessed at http://globetextiles.net/wp-content/uploads/2021/06/Corporate-Social-
Responsibility-Policy.pdf. The details of CSR policy and CSR spending by the Company have been
provided as Annexure-"H" to this report, as required under the Companies (Corporate Social
Responsibility Policy) Rules, 2014.

25. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

There has not been an occasion in case of the Company during the year to transfer any sums or shares to
the Investor Education and Protection Fund.

26. RISK MANAGEMENT POLICY

The Board of Directors of the Company has put in place a Risk Management which aims at enhancing
shareholders'' value and providing an optimum risk-reward trade off. The risk management approach is
based on a clear understanding of the variety of risks that the organisation faces, disciplined risk
monitoring and measurement and continuous risk assessment and mitigation measures.

27. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Act, with respect to Directors Responsibility
Statement, your Directors state that:

(a) in the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable
accounting standards have been followed along with proper explanation relating to material departures.
There are no material departures from the same;

(b) the Directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year March 31, 2025 and of the profit and loss of the
Company for that period;

(c) the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a ''going concern'' basis;

(e) the Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and are operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems are adequate and operating effectively.

28. OTHER REPORTINGS

Your directors state that no disclosure or reporting is required in respect to the following items, as there
were no transactions pertaining to these items during the year under review:

a. There was no revision in the financial statements.

b. The Company has not issued any sweat equity shares.

c. The Company has not issued any shares with differential voting rights.

d. There has been no change in nature of business.

e. The Company has not made any application during the year under Insolvency and Bankruptcy Code,
2016 and there is no proceeding pending under the said Code as at the end of the financial year.

f. During the year, the Company has not undergone any one-time settlement and therefore the
disclosure in this regard is not applicable.

g. The Company is not having any Employee Stock Option Scheme under Section 62(1) of the
Companies Act, 2013.

29. SECRETARIAL STANDARDS

During the year under review, your Company has complied with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India.

30. LISTING

The shares of your Company are listed at National Stock Exchange of India Limited. The listing fees to the
Stock Exchange for the year 2025-26 have been paid.

31. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

During the year under review, the Company has not received any complaint under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company
has complied with the provisions relating to the constitution of an Internal Complaint Committee under
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The policy of the "Prevention of Sexual Harassment of Women at Workplace" of the Company is
available on the website of the Company at https://globetextiles.net/wp-
content/uploads/2024/04/Sexual-Harassment-Policy.pdf.

32. ACKNOWLEDGEMENTS

place on record appreciation for the contribution made by Employees for their commitment and
dedication towards the Company.

Registered Office: By Order of the Board of Directors

Plot No. 38 to 41, Ahmedabad Apparel Park, FOR GLOBE TEXTILES (INDIA) LIMITED

GIDC Khokhra, Ahmedabad,

Gujarat - 380 008

Date: August 29, 2025 Bhavik Suryakant Parikh

Place: Ahmedabad Chairman & Managing Director

(DIN:00038223)

Mar 31, 2024

Your Directors are pleased to present the Twenty-Ninth Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2024 ("year under review").

1. SUMMARISED FINANCIAL RESULTS

A summary of your Company''s financial results for the Financial Year 2023-24 is as under:

Particulars	March 31, 2024	March 31, 2023
Income from operations	42822.40	39942.09
Other income	277.99	241.09
Total Income	43100.39	40183.18
EBITDA	2286.43	2009.99
Profit Before Tax	823.97	565.86
Provisions for tax	248.86	115.33
Net Profit / (loss) for the period	575.11	450.53
Earnings per share
EPS (Basic)	0.34	0.27
EPS (Diluted)	0.34	0.27

2. FINANCIAL PERFORMANCE OF THE COMPANY

The Gross Revenue from operations for FY 2023-24 was Rs. 42822.40 lakhs (Previous Year: Rs. 39942.09 lakhs). The year-over-year increase in total income was 7.26%. The operating profit was Rs. 823.97 lakhs, compared to Rs. 565.86 lakhs in the previous year. The net profit for the year soared to an impressive Rs. 575.11 lakhs, marking a substantial increase from the profit of Rs. 450.53 lakhs reported in the previous year.

3. DIVIDEND

Your Director feel that it is prudent to plough back the profits of the Company for future growth of the Company and therefore do not recommend any dividend for the year ended March 31, 2024.

4. TRANSFER TO GENERAL RESERVES

During the year under review, the Company has not transferred any amount to reserve.

5. CORPORATE ACTIONS & SHARE CAPITAL

At the Extra-Ordinary General Meeting of the company held on December 29, 2023, the Company has increased authorised share capital from Rs. 48.00 Crore (Rupees Forty Eight Crore Only) divided into 24.00 Crore (Twenty Four Crores) Equity Shares of Rs. 2/- (Rupees Two) each to Rs. 61.00 Crore (Rupees Sixty One Crores Only) divided into 30.50 Crore (Thirty Crore Fifty Lakhs) Equity Shares of Rs. 2/- (Rupees Two) each.

The Company has raised Rs. 44.74 Cr through Right Issue and allotted 149137692 Equity Shares on March 28, 2024.

The paid-up Equity Share Capital as at March 31, 2024 stood at Rs. 60.06 Crore.

6. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review, the Company does not have any Subsidiary, Joint Venture or Associate Company. On April 24, 2024, the Company has acquired 70% stake of equity shares in Globe Denwash Private Limited, a Company having expertise in denim washing and finishing.

7. EXPORTS

The total exports of the Company amounted to Rs. 5112.10 Lakhs (Previous year Rs. 6722.90 Lakhs) representing about 11.94% of the total income.

8. MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of your Company have occurred between the end of the financial year of the Company to which the financial statements relates and on the date of this report.

9. EXPANSION OF THE BUSINESS

During the year, the company has raised Rs. 44.74 Cr through the Right Issue of Equity Shares. Accomplishing one of the objects of Right Issue, the Company has acquired 70% stake in Globe Denwash Private Limited, a company having expertise in denim washing and finishing on April 24, 2024. Globe Denwash is certified as a Zero Liquid Discharge Facility by ATIRA (Ahmedabad Textiles Industry Research Association). It also has ZDHC (Zero Discharge of Hazardous Chemicals) certification, demonstrating its commitment to environmental stewardship.

To see another spurt of growth, the company has launched its new division called "Fashion Attire Division" to create globally integrated fashion range for its customers. The Company has launched this division though a press release dated February 26, 2024.

10. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as stipulated by the SEBI Listing Regulations forms part of this Annual Report as Annexure-"A" and Annexure-"B" respectively along with the required Certificate from Practising Company Secretary regarding Compliance of the conditions of Corporate Governance as stipulated.

In Compliance with Corporate Governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Business Conduct and Ethics for all Board Members and Senior Management Personnel of the company, who have affirmed the compliance thereto.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. In compliance with Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and pursuant to the recommendations of the Nomination and Remuneration Committee, Mr. Rajatkumat

Dineshbhai Patel (DIN: 09124295) was re-appointed for the second term of 5 (five) years w.e.f. March 28, 2024. The Company has also obtained shareholders'' approval for reappointment of the Mr. Rajatkumat Dineshbhai Patel (DIN: 09124295) through Postal Ballot on June 27, 2024.

The Company has received necessary declaration from Independent Directors of the Company that they meet with the criteria of their Independence as laid down in Section 149(6) of the Companies Act, 2013 ("the Act") and Regulation 25(8) of the Listing Regulations.

Further, in accordance with the provisions of Section 152 of the Act, Mrs. Purvi Bhavin Parikh (DIN: 07732523), Director will retire by rotation at the forthcoming 29^th Annual General Meeting ("AGM") and being eligible, has offered herself for re-appointment. The Board of Directors recommends the proposal of their re-appointment as Director in the Notice convening the 29^th AGM for approval of the Members of the Company. Mrs. Purvi Bhavin Parikh is not disqualified under Section 164(2) of the Act and not debarred from holding the office of Director pursuant to order of SEBI or any other authority. Brief details of Directors proposed to be appointed/re-appointed as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are provided in the Notice of 29^th Annual General meeting.

As per the provisions of Companies Act, 2013, Mr. Bhavik Suryakant Parikh (DIN: 00038223), Managing Director, Mr. Nilaybhai Jagdishbhai Vora (DIN: 02158990), Wholetime Director, Mr. Bhavin Suryakant Parikh CEO & CFO and Mr. Faruk Diwan, Company Secretary and Compliance Officer are the Key Managerial Personnel of the Company. During the year under review, there is no change in the Key Managerial Personnel of the Company.

B. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR Regulations, the Board has carried out an annual performance evaluation of its own performance; that of the Directors individually; as well as the evaluation of the working of its Audit, Nomination & Remuneration and other Committees of the Board.

At the meeting of the Board, all the relevant factors that are material for evaluating the performance of individual Directors, the Board and its various Committees, were discussed. A structured questionnaire, each in line with the circular issued by SEBI, for evaluation of the Board, its various Committees and individual Directors, was prepared and recommended to the Board by the Nomination & Remuneration Committee, for conducting the required evaluation, after taking into consideration the inputs received from the Directors, covering various aspects of the Board''s functioning, such as adequacy of the composition of the Board and its Committees, execution and performance of specific duties, obligations and governance, etc. A separate exercise was carried out to evaluate the performance of individual Directors, including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority Shareholders, etc.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. Independent Directors fulfil the criteria of independence, and they are independent of management. The performance evaluation of the Chairman and non-independent Directors was also carried out by the Independent Directors at their separate meeting. The Directors expressed their satisfaction with the evaluation process.

C. MEETING OF BOARD OF DIRECTORS

During the year, 9 (Nine) Board meetings were convened and held. The details thereof are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

D. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

At the time of appointing a Director, a formal letter of appointment is given to the concerned Director, which inter-alia explains the role, function, duties and responsibilities as expected from a Director of the Company. The Director is also explained in detail, the compliance requirements under the Act, the Listing Regulations and various statutes. A one to one discussion with the newly appointed Director to familiarise him / her with the Company''s operations.

E. NOMINATION AND REMUNERATION POLICY

The Company has adopted and implemented the Nomination and Remuneration Policy devised in accordance with Section 178(3) and (4) of the Companies Act, 2013 which is available on the website of the Company accessed at https://globetextiles.net/wp-content/uploads/2024/04/Nomination-and-Remuneration-Policy.pdf.

12. DEPOSIT

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.

13. ANNUAL RETURN

Pursuant to the Section 92(3) of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, Annual Return of the Company for the financial year 2023-24 in the prescribed Form MGT-7 is available on the website of the Company at https://globetextiles.net/wp-content/uploads/2024/09/Annual-Return-Form-MGT-7-FY2023-24.pdf.

14. AUDITORS AND AUDITORS'' REPORT Statutory Auditors

from the conclusion of 24^th Annual General Meeting (AGM) till the conclusion of 29^th Annual General Meeting to be held in the year 2023-24. They first tenure of M/s. Shah Dhandharia & Co LLP concludes at this ensuing AGM.

The Board of Directors at its meeting held on September 05, 2024 has recommended the appointment of M/s Dharmesh Parikh & Co LLP, Chartered Accountants, (Membership No.: 194282 and Firm Registration No.: 112054W/W100725), Peer Review Certificate No.: 014652 valid till 31^st October 2025 as the Statutory Auditors of the Company for a term of Five years from conclusion of the 29^th Annual General Meeting until the conclusion of the ensuing 34^th Annual General Meeting of the Company to be held in the year 2029.

The Notes to the financial statements referred in the Auditors Report are self-explanatory. There are no qualifications or reservations or adverse remarks or disclaimers given by Statutory Auditors'' of the Company and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The Auditors'' Report is enclosed with the financial statements in this Annual Report.

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.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and Listing Regulations, M/s K. Jatin & Co., Practicing Company Secretaries was appointed as Secretarial Auditors of the Company for the financial year 2023-24. The Secretarial Audit Report submitted by M/s K. Jatin & Co. for the Financial Year 2023-24 is annexed herewith and marked as Annexure-"C" to this report. Further, there has been no qualification, reservation, adverse remarks or disclaimer made by the Secretarial Auditors in their report for the financial year ended March 31, 2024. During the year under review, the Auditors had not reported any matter under Section 143(12) of the Act.

15. INTERNAL FINANCIAL CONTROLS

Your Company has an effective internal control and risk-mitigation system, which is constantly assessed and strengthened with new/revised standard operating procedures. The Company''s internal control system is commensurate with its size, scale and complexities of operations. To enhance the internal control procedures, the Company has appointed M/s. Shefali R Sheth & Co. as its internal auditor.

It also ensures that they are recorded in all material respect to permit preparation of financial statements in conformity with established accounting principles along with the assets of the Company being adequately safeguarded against significant loss or misuse. An independent Internal Audit function is an important element of Company''s Internal Control System. This is supplemented through an extensive internal audit program and periodic review by the management and the Audit Committee of Board.

16. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

During the year, the Company has not given loans and advances covered under the provisions of Section 186 of the Companies Act, 2013. However, the company has provided security for the borrowing made by Globe Denwash Private Limited.

17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company in the normal course of its business enters in to related party transactions with companies engaged in similar or ancillary business. The Audit Committee approves all the Related Party Transactions in compliance with the provisions of the Act, and Listing Regulations Omnibus approval is obtained on a yearly basis for transactions which are repetitive in nature. Transactions entered into pursuant to omnibus approval are placed before the Audit Committee and the Board for review and approval/noting on a quarterly basis. All related party transactions entered during the financial year were in ordinary course of the business and on arm''s length basis. Details of material related party transaction entered during the financial year by the Company is annexed in Form AOC-2 as Annexure-"D".

18. COMMITTEES OF THE BOARD

The Board of Directors have constituted the following Committees. The details of composition of the Board Committees are as follows:

Audit Committee		Nomination and Remuneration Committee
Name	Designation	Name	Designation
Mr. Yogesh Kanhiyalal Vaidya Chairman Mr. Bhavik Suryakant Parikh Member Mr. Rajatkumar Dineshbhai Member Patel Stakeholders Relationship Committee		Mr. Yogesh Kanhiyalal Vaidya Chairman Mr. Bhavik Suryakant Parikh Member Mr. Rajatkumar Dineshbhai Member Patel Corporate Social Responsibilities Committee
Name	Designation	Name	Designation
Mr. Yogesh Kanhiyalal Vaidya Mr. Bharat Shamjibhai Patel Mr. Nilaybhai Jagdishbhai	Chairman Member Member	Mr. Yogesh Kanhiyalal Vaidya Mr. Bhavik Suryakant Parikh Mr. Nilaybhai Jagdishbhai	Chairman Member Member

The details of the Committees of the Board along with their composition, attendance of members and number of meetings held during the financial year 2023-24 are provided in the Report on Corporate Governance forming part of the Annual Report 2023-24.

19. VIGIL MECHANISM & WHISTLE BLOWER POLICY

The Company has a Vigil mechanism & Whistle blower policy under which the employees are free to report violations of applicable laws and regulations and the Code of Conduct. The reportable matters may be reported to the Vigilance & Ethics Officer which operates under the supervision of the Audit Committee, as protected disclosures through an e-mail, or dedicated telephone line or a written letter. Employees may also report directly to the Chairman of the Audit Committee. The said Policy is available on the website of the Company at https://globetextiles.net/wp-content/uploads/2024/04/Vigil-Mechanism.pdf.

20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 has been annexed as Annexure - "E".

21. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

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.

22. ENVIRONMENT, HEALTH AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Company conduct business operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR)

In Accordance with section 135 of the Act and Rules framed thereunder, the Company has constituted a Corporate Social Responsibility ("CSR") Committee of Directors. The details of composition of CSR Committee are given in the Corporate Governance Report.

The policy can be accessed at http://globetextiles.net/wp-content/uploads/2021/06/Corporate-Social-Responsibility-Policy.pdf. The details of CSR policy and CSR spending by the Company have been provided as Annexure-"G" to this report, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014.

24. TRANSFER TO INVESTOR EDUCATIONANDPROTECTION FUND (IEPF)

There has not been an occasion in case of the Company during the year to transfer any sums or shares to the Investor Education and Protection Fund.

25. RISK MANAGEMENT POLICY

The Board of Directors of the Company has put in place a Risk Management which aims at enhancing shareholders'' value and providing an optimum risk-reward trade off. The risk management approach is based on a clear understanding of the variety of risks that the organisation faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

26. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Act, with respect to Directors Responsibility Statement, your Directors state that:

(a) in the preparation of the annual accounts for the financial year ended March 31, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures. There are no material departures from the same;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year March 31, 2024 and of the profit and loss of the Company for that period;

(c) the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a ''going concern'' basis;

(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

27. OTHER REPORTINGS

Your directors state that no disclosure or reporting is required in respect to the following items, as there were no transactions pertaining to these items during the year under review:

a. There was no revision in the financial statements.

b. The Company has not issued any sweat equity shares.

c. The Company has not issued any shares with differential voting rights.

d. There has been no change in nature of business.

e. The Company has not made any application during the year under Insolvency and Bankruptcy Code, 2016 and there is no proceeding pending under the said Code as at the end of the financial year.

f. During the year, the Company has not undergone any one-time settlement and therefore the disclosure in this regard is not applicable.

g. The Company is not having any Employee Stock Option Scheme under Section 62(1) of the Companies Act, 2013.

28. SECRETARIAL STANDARDS

During the year under review, your Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

29. LISTING

The shares of your Company are listed at National Stock Exchange of India Limited. The listing fees to the Stock Exchange for the year 2024-25 have been paid.

30. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

During the year under review, the Company has not received any complaint under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with the provisions relating to the constitution of an Internal Complaint Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The policy of the "Prevention of Sexual Harassment of Women at Workplace" of the Company is available on the website of the Company at https://globetextiles.net/wp-content/uploads/2024/04/Sexual-Harassment-Policy.pdf.

31. ACKNOWLEDGEMENTS

Your Directors wish to thank its customers, Business Associates, Members, Bankers, Government Bodies & Regulators for their continued support and faith reposed in the company. Your Directors also wish to place on record appreciation for the contribution made by Employees for their commitment and dedication towards the Company.

Registered Office: By Order of the Board of Directors

Plot No. 38 to 41, Ahmedabad Apparel Park, For, GLOBE TEXTILES (INDIA) LIMITED

GIDC Khokhra, Ahmedabad,

Gujarat - 380 008

Date: 05/09/2024 Bhavik Suryakant Parikh

Place: Ahmedabad Chairman & Managing Director

(DIN:00038223)

Mar 31, 2023

Your Directors are pleased to present the Twenty-Eighth Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2023 ("year under review").

1. SUMMARISED FINANCIAL RESULTS

A summary of your Company''s financial results for the Financial Year 2022-23 is as under:

Particulars	March 31, 2023	March 31, 2022
Revenue from Operations (Net)	40183.18	38556.23
Operating Profit	565.86	653.28
Tax Expenses / Credit (Incl. Deferred Tax)	115.33	139.73
Profit after Tax	450.53	513.55
EPS:
EPS (Basic)	0.30	0.50
EPS (Diluted)	0.30	0.50

The Gross Revenue from operations for FY 2022-23 was Rs. 399.42 Crore (Previous Year: Rs. 383.42 crore). The Operating Profit stood at Rs. 5.66 crore as against Rs. 6.53 crore in the Previous Year. The Net Profit for the year stood at Rs. 4.51 crore against a Loss of Rs. 5.14 crore reported in the Previous Year. There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report. There were no material events that had an impact on the affairs of your Company. There is no change in the nature of your Company''s business during the year under review.

2. CORPORATE ACTIONS & SHARE CAPITAL

The paid-up Equity Share Capital as at March 31, 2023 stood at Rs. 30.23 Crore. In the meeting held on January 16, 2023, the board has announced the fund raising upto Rs 35.00 Crore through issue of shares on right basis. However, the Company has not filed offer documents yet.

In the Extra-Ordinary General Meeting of the company held on March 07, 2023, the Company has increased authorised share capital from Rs. 30.50 Crore (Rupees Thirty Crores Fifty Lacs Only) divided into 15.25 Crore (Fifteen Crores Twenty-Five Lacs) Equity Shares of Rs. 2/- (Rupees Two) each to Rs. 48.00 Crore (Rupees Forty-Eight Crores Only) divided into 24.00 Crore (Twenty-Four Crores) Equity Shares of Rs. 2/- (Rupees Two) each.

3. DIVIDEND

Your Director feel that it is prudent to plough back the profits of the Company for future growth of the Company and therefore do not recommend any dividend for the year ended March 31, 2023.

4. RESERVES

During the year under review, the Company has not transferred any amount to reserve.

5. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint Venture or Associate Company.

6. EXPANSION OF THE BUSINESS

The Board of Directors in their meeting held on January 28, 2023, entered into Nondisclosure Agreement with promoters of M/s. Globe Denwash Private Limited with the intention of investment/acquisition of denim washing company subject to the diligence report and negotiations.

7. EXPORTS

The total exports of the Company amounted to Rs. 6722.90 Lakhs (Previous year Rs. 9367.73 Lakhs) representing about 16.83% of the total income.

8. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company and the date or report.

9. ANNUAL RETURN

Pursuant to the Section 92(3) of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, Annual Return of the Company for the financial year 2022-23 in the prescribed Form MGT-7 is available on the website of the Company at http://globetextiles.net/wp-content/uploads/2023/09/Annual-Return-Form-MGT-7-FY-2022-23.pdf.

10. FIXED DEPOSIT

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.

11. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

12. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION ANDANALYSIS

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as stipulated by the SEBI Listing Regulations forms part of this Annual Report as Annexure-"A" and Annexure-"B" respectively along with the required Certificate from Practising Company Secretary regarding Compliance of the conditions of Corporate Governance as stipulated.

In Compliance with Corporate Governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Business Conduct and Ethics for all Board Members and Senior Management Personnel of the company, who have affirmed the compliance thereto.

13. SECRETARIAL STANDARDS

The Company has followed applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ''Meetings of the Board of Directors'' and ''General Meetings'' respectively.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Nilaybhai Jagdishbhai Vora (DIN: 02158990) retires by rotation, as Director, at the ensuing Annual General Meeting of the Company and being eligible, offers himself for reappointment.

The Board recommends his re-appointment. Brief details of Directors proposed to be appointed/re-appointed as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are provided in the Notice of Annual General meeting.

B. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR Regulations, the Board has carried out an annual performance evaluation of its own performance; that of the Directors individually; as well as the evaluation of the working of its Audit, Nomination & Remuneration and other Committees of the Board.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. Independent Directors fulfil the criteria of independence, and they are independent of management. The performance evaluation of the Chairman and non-independent Directors was also carried out by the Independent Directors at their separate meeting. The Directors expressed their satisfaction with the evaluation process.

C. MEETING OF BOARD OF DIRECTORS

During the year, 8 (Eight) Board meetings were convened and held. The details thereof are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

D. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

At the time of appointing a Director, a formal letter of appointment is given to the concerned Director, which inter-alia explains the role, function, duties and responsibilities as expected from a Director of the Company. The Director is also explained in detail, the compliance requirements under the Act, the Listing Regulations and various statutes. A one to one discussion with the newly appointed Director to familiarise him / her with the Company''s operations

E. DECLARATION BY INDEPENDENT DIRECTORS

Necessary declarations have been obtained from all the Independent Directors that they meet the criteria of independence under sub-section (6) of Section 149 of the Companies Act, 2013 and as per Regulation 25 read with Regulation 16 of SEBI LODR Regulations. In the opinion of the Board there has been no change in the circumstances which may affect the status of independent directors of the Company and the Board is satisfied of the integrity, expertise and experience (including proficiency in terms of Section 150(1) of the Companies Act, 2013 and applicable rules thereunder) of all Independent Directors on the Board. In terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 Independent Directors of the Company have already undertaken requisite steps towards the inclusion of their names in the databank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

15. AUDITORS AND AUDITORS'' REPORT

Statutory Auditors

M/s. Shah Dhandharia & Co LLP (Firm Registration No. 118707W/W100724), Chartered Accountants, the Statutory Auditors of the Company, were appointed at the 24^th Annual General Meeting held on September 30, 2019 to hold office for a period of 5 (Five) years i.e. from the conclusion of 24^th Annual General Meeting (AGM) till the conclusion of 29^th Annual General Meeting to be held in the year 2023-24 at such remuneration as may be mutually agreed between the Board of Directors of the Company and the Statutory Auditors.

The Notes to the financial statements referred in the Auditors Report are self-explanatory. There are no qualifications or reservations or adverse remarks or disclaimers given by Statutory Auditors'' of the Company and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The Auditors'' Report is enclosed with the financial statements in this Annual Report.

Cost Auditors

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and Listing Regulations, M/s K. Jatin & Co., Practicing Company Secretaries was appointed as Secretarial Auditors of the Company for the financial year 2022-23. The Secretarial Audit Report submitted by M/s K. Jatin & Co. for the Financial Year 2022-23 is annexed herewith and marked as Annexure-"C" to this report. Further, there has been no qualification, reservation, adverse remarks or disclaimer made by the Secretarial Auditors in their report for the financial year ended March 31, 2023. During the year under review, the Auditors had not reported any matter under Section 143(12) of the Act.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company in the normal course of its business enters in to related party transactions with companies engaged in similar or ancillary business. The Audit Committee approves all the Related Party Transactions in compliance with the provisions of the Act, and Listing Regulations Omnibus approval is obtained on a yearly basis for transactions which are repetitive in nature. Transactions entered into pursuant to omnibus approval are placed before the Audit Committee and the Board for review and approval/noting on a quarterly basis. All related party transactions entered during the financial year were in ordinary course of the business and on arm''s length basis. Details of material related party transaction entered during the financial year by the Company is annexed in Form AOC-2 as Annexure-"D".

17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 has been annexed as Annexure - "E".

18. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

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.

19. INVESTOR EDUCATIONANDPROTECTION FUND (IEPF)

There has not been an occasion in case of the Company during the year to transfer any sums or shares to the Investor Education and Protection Fund.

20. DISCLOSURES Meetings of the Board

Eight (8) Meetings of the Board of Directors were held during the year. The particulars of the meetings held and attended by each Director are detailed in the Corporate Governance Report.

Committees of the Board

Details of various committees constituted by the Board of Directors as per the provision of the SEBI Listing Regulations and the Companies Act, 2013 are given in the Corporate Governance Report which forms part of this Annual Report.

Audit Committee

The Audit Committee comprises Mr. Yogesh Kanhiyalal Vaidya (Chairman), Mr. Bhavik Suryakant Parikh and Mr. Rajatkumar Dineshbhai Patel. During the year, all the recommendations made by the Audit Committee were accepted by the Board.

Corporate Social Responsibility (CSR)

In Accordance with section 135 of the Act and Rules framed thereunder, the Company has constituted a Corporate Social Responsibility ("CSR") Committee of Directors. The details of composition of CSR Committee are given in the Corporate Governance Report.

The policy can be accessed at http://globetextiles.net/wp-content/uploads/2021/06/Corporate-Social-Responsibility-Policy.pdf. The details of CSR policy and CSR spending by the Company have been provided as Annexure-"G" to this report, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014.

Internal Financial Controls

Your Company has an effective internal control and risk-mitigation system, which is constantly assessed and strengthened with new/revised standard operating procedures. The Company''s internal control system is commensurate with its size, scale and complexities of operations. To enhance the internal control procedures, the Company has appointed Shailesh & Co. as its internal auditor.

It also ensures that they are recorded in all material respect to permit preparation of financial statements in conformity with established accounting principles along with the assets of the Company being adequately safeguarded against significant loss or misuse. An independent Internal Audit function is an important element of Company''s Internal Control System. This is supplemented through an extensive internal audit program and periodic review by the management and the Audit Committee of Board.

Vigil Mechanism & Whistle Blower Policy

The Company has a Vigil mechanism & Whistle blower policy under which the employees are free to report violations of applicable laws and regulations and the Code of Conduct. The reportable matters may be reported to the Vigilance & Ethics Officer which operates under the supervision of the Audit Committee, as protected disclosures through an e-mail, or dedicated telephone line or a written letter. Employees may also report directly to the Chairman of the Audit Committee. The said Policy is available on the website of the Company At http://globetextiles.net/wp-content/uploads/2021/05/Vigil-Mechanism.pdf.

Policy on Directors'' Appointment and Remuneration

The Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other employees sets out the guiding principles for the Nomination and Remuneration Committee for recommending to the Board the remuneration of the Directors, Key Managerial Personnel and other employees of the Company. The policy is available on the Company''s website at http://globetextiles.net/wp-content/uploads/2021/06/Nomination-and-Remuneration-Policy.pdf.

Risk Management Policy

The Board of Directors of the Company has put in place a Risk Management which aims at enhancing shareholders'' value and providing an optimum risk-reward trade off. The risk management approach is based on a clear understanding of the variety of risks that the organisation faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

Prevention of Sexual Harassment of Women at Workplace

During the year under review, the Company has not received any complaint under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with the provisions relating to the constitution of an Internal Complaint Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The policy of the "Prevention of Sexual Harassment of Women at Workplace" of the Company is available on the website of the Company at http://globetextiles.net/wp-content/uploads/2021/06/Sexual-Harassment-Policy.pdf

Prevention of Insider Trading

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company''s shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

21. ENVIRONMENT, HEALTH AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Company conduct business operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

22. DIRECTORS RESPONSIBILITY STATEMENT

As stipulated in Section 134(3)(c) read with sub-section (5) of the Companies Act, 2013, to the best of their knowledge and ability state that

(a) In the preparation of the annual accounts for the financial year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) The directors have 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 March 31, 2023 and of the profit and loss of the Company for that period under review;

(c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The directors have prepared the annual accounts on a going concern basis;

(e) 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;

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

23. OTHER REPORTINGS

Your directors state that no disclosure or reporting is required in respect to the following items, as there were no transactions pertaining to these items during the year under review:

a. There was no revision in the financial statements.

b. The Company has not issued any sweat equity shares.

c. The Company has not issued any shares with differential voting rights.

d. There has been no change in nature of business.

e. The Company has not made any application during the year under Insolvency and Bankruptcy Code, 2016 and there is no proceeding pending under the said Code as at the end of the financial year.

f. During the year, the Company has not undergone any one-time settlement and therefore the disclosure in this regard is not applicable.

g. The Company is not having any Employee Stock Option Scheme under Section 62(1) of the Companies Act, 2013.

24. LISTING

The shares of your Company are listed at National Stock Exchange of India Limited. The listing fees to the Stock Exchange for the year 2023-24 have been paid.

25. CODE ON SOCIAL SECURITY

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified.

26. ACKNOWLEDGEMENTS

Registered Office: By Order of the Board of Directors

Plot No. 38 to 41, Ahmedabad Apparel Park, For, GLOBE TEXTILES (INDIA) LIMITED

GIDC Khokhra, Ahmedabad,

Gujarat - 380 008

Date: 12/08/2023 Bhavik Suryakant Parikh

Place: Ahmedabad Chairman & Managing Director

(DIN:00038223)

Mar 31, 2018

To,

THE MEMBERS,

The Directors have the pleasure of presenting their 23^rd Annual Report on the business and operations of the Company and the accounts for the financial year ended March 31, 2018.

FINANCIAL RESULTS:

The financial performance of the Company for the year ended 31st March, 2018 is summarized below:

(Amount In Rs.)
Financial Particular	Year ending on 31^st March, 2018	Year ending on 31st March, 2017
Total Income (Net)	2,45,58,66,014	1,91,93,73,538
Total Expenditure (Excluding Depreciation)	2,39,47,37,256	1,86,17,53,071
Net Profit/(Loss) before Depreciation & Tax	6,11,28,759	5,76,20,521
Less:
Depreciation	1,04,77,301	80,93,425
Provision For Taxation	0	0
Extra Ordinary Items	0	0
Tax Expense:	1,76,16,490	1,56,47,044
Adjustment of earlier years	0	0
Profit/(Loss) After Tax	3,30,34,967	3,38,80,052

PERFORMANCE REVIEW:

Your directors are pleased to report that for the year under review, your Company has been able to achieve a net turnover of Rs. 242.72 Crore in the year 2017-18 as compared to Rs.190.42 Crore in the previous year.

TRANSFER TO RESERVES:

During the year under review, the Company has not transferred any amount to reserves.

DIVIDEND:

No dividend is being recommended by the Directors for the year ending on 31^st March, 2018 as the Board of Directors wants to plough back the profit in the business.

PUBLIC DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 (âthe Actâ) 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.

CHANGE IN THE NA TURE OF THE BUSINESS:

During the year, there is no change in the nature of the business of the Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Since there was no unpaid/unclaimed Dividend declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 do not apply.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company does not have any Subsidiary, Joint venture or Associate Company.

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 STA TEMENTS RELA TE AND THE DA TE OF THE REPORT:

No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which this financial statement relate on the date of this report.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial Controls with reference to Financial Statements. The Board has inter alia reviewed the adequacy and effectiveness of the Companyâs internal financial controls relating to its financial statements.

During the year, such Controls were tested and no reportable material weakness was observed.

DISCLOSURE OF ORDERS PASSED BYREGULA TORS 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 Companyâs operations in future.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013 during the financial period under review.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were on an armâs length basis and were in the ordinary course of business.

Particulars of contract or arrangements with related parties is annexed herewith in Form AOC-2 as âAnnexure - Aâ.

PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the employees of the company has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the financial year 2016-17.

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is given in the Statement annexed herewith as âAnnexure-Bâ.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:

The details as required under Section 134 (3) (m) of the Companies Act, 2013, in respect of Conservation of Energy, Technology Absorption are provided in âAnnexure - Câ of this report.

B FOREIGN EXCHANGE EARNING & OUTGO:

Foreign Exchange Earning: Rs. 1,09,00,23,330 Foreign Exchange Outgo : Rs. 5,56,64,366 MA TTERS RELA TED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

i. Composition of Board

Name of Directors	Designation	Category	No. of Board Meeting held during the year	No. of Board Meeting attended during the year
Mr. Bhavik Suryakant Parikh	Chairman & Managing Director	Promoter Executive	16	13
Mr. Nilaybhai Jagdishbhai Vora	Whole Time Director	Executive	16	12
Mrs. Purvi Bhavin Parikh	Director	Non- Executive	16	16

Mr Yogesh Kanhiyalal Vaidya	Director	Non-Executive Independent	16	16
Mr. Bharatbhai Samjibhai Patel	Director	Non-Executive Independent	16	08
Mr. Monish Harbans Bhalla	Director	Non-Executive Independent	16	10

ii. Appointment:

During the year under consideration no appointments were made.

iii. Change in Designation:

During the year change in designation of the following persons were made:

(1) Mr. Monish Bhalla (DIN: 00221254) has been appointed as Director (Independent) from Additional Director (Independent) of the Company w.e.f. 30^th September, 2017.

(2) Mr. Bharat Patel (DIN: 00243783) has been appointed as Director (Independent) from Additional Director (Independent) of the Company w.e.f. 30^th September, 2017.

iv. Retirement by rotation and subsequent re-appointment:

Mrs. Purvi Bhavin Parikh (DIN: 07732523) is liable to retire by rotation at the ensuing AGM pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Articles of Association of Company and being eligible have offered himself for reappointment. Appropriate resolutions for the re-appointment are being placed for your approval at the ensuing AGM.

The brief resume of the Directors and other related information has been detailed in the Notice convening the 23^rd AGM of your Company.

v. Declaration of Independence:

Mr. Yogesh Kanhiyalal Vaidya (DIN: 00468732) is the existing Independent Directors the Company and the Company has received declarations from the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of the Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as Regulation 16(1) (b) of Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force).

Mr. Bharatbhai Samjibhai Patel (DIN: 00243783) is the Independent Directors the Company and the Company has received declarations from the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of the Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as Regulation 16(1)(b) of Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force).

Mr. Monish Harbans Bhalla (DIN: 00221254) is the independent Directors the Company and the Company has received declarations from the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of the Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as Regulation 16(1)(b) of Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force).

vi. Evaluation of Boardâs Performance:

Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued thereunder and the Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force), the process for evaluation of the annual performance of the Directors/ Board/ Committees was carried out.

vii. Number of Board Meetings conducted during the year under review:

The Company had 15 Board meetings on 01/04/2017, 13/04/2017, 28/04/2017, 12/05/2017, 22/05/2017, 26/05/2017, 01/06/2017, 05/06/2017, 21/06/2017, 14/08/2017, 02/09/2017, 07/09/2017, 14/11/2017, 08/12/2017 and 23/02/2018 during the financial year under review.

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 âAnnexure Dâ and is attached to this Report.

DIRECTORâS RESPONSIBILITY STA TEMENT:

In accordance with the provisions of Section 134 (5) of the Companies Act, 2013, the Board hereby submits its responsibility Statement:â

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 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.

DISCLOSURE OF VARIOUS COMMITTEES OF BOARD OF DIRECTORS:

[A] AUDIT COMMITTEE:

Your Company has constituted an Audit Committee (âAudit Committeeâ), vide Board Resolution dated May 26, 2017, as per the applicable provisions of the Section 177 of the Companies Act, 2013 The constituted Audit Committee comprises following members:

Name of Director	Nature of Directorship	Status in Committee	No. of meetings held	No. of meetings attended
Mr. Monish Harbansh Bhalla	Non Executive-Independent Director	Chairman	04	04
Mr. Yogesh Kanhiyalal Vaidya	Independent Non Executive Director	Member	04	04
Mr. Bhavik Suryakant Parikh	Managing Director	Member	04	04

The audit committee had 04 meetings - 21/06/2017, 14/08/2017, 07/09/2017 & 14/11/2017 during the financial year under review.

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.

[B] NOMINATION AND REMUNERATION COMMITTEE:

Your Company has formed the Nomination and Remuneration Committee in accordance with the provisions of sub-section (3) of Section 178 of the Companies Act, 2013. The Nomination and Remuneration Committee comprise the following:

Name of Director	Nature of Directorship	Status in Committee	No. of meetings held	No. of meetings attended
Mr. Bharatbhai Samjibhai Patel	Non Executive-Independent Director	Member	02	01
Mr. Yogesh Kanhiyalal Vaidya	Non Executive-Independent Director	Chairman	02	02
Mr. Monish Harbanshlal Bhalla	Non Executive-Independent Director	Member	02	02

The nomination and remuneration committee had 02 meetings on 07/09/2017 and 23/02/2018 during the financial year under review.

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 available on the website of the Company (www.globetextiles.net).

[C] STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholderâs Relationship Committee comprises of the following members:

Name of Director	Nature of Directorship	Status in Committee	No. of meetings held	No. of meetings attended
Mr. Bharatbhai Samjibhai Patel	Non Executive-Independent Director	Member	0	0
Mr. Yogesh Kanhiyalal Vaidya	Non Executive-Independent Director	Chairman	0	0
Mr. Nilaybhai JagdishbhaiVora	Whole Time Director	Member	0	0

There were no meetings of Stakeholders Relationship Committee during the financial year under review. Details of Investorâs grievances/ Complaints:

All investor complaints received during the year were resolved. 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/dematerialization of shares as of 31^st March 2018. Compliance Officer:

The Compliance officer of the Company is Mr. Yash Manoj Shah.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

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 behaviour, actual or suspected fraud or violation of the Companyâs 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.

AUDITORS:

A. Statutory Auditors:

M/s. Dharmesh Parikh & Co., Chartered Accountants, the Statutory Auditors of the Company, were reappointed at the 19^th Annual General Meeting held on 30^th September 2014 to hold office from the conclusion of Nineteenth (19^th) Annual General Meeting (AGM) till the conclusion of (24^th) Annual General Meeting to be held in the year 2019 (subject to ratification of their appointment at every AGM).

In accordance with the Companies Amendment Act, 2017, enforced on 7^th May, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting.

There are no qualifications, reservations or adverse remarks made by M/s. Dharmesh Parikh & 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, 2018 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.

B. Cost Auditors:

C. Secretarial Auditors:

The Company has appointed the M/s Vishwas Sharma & Associates, Company Secretaries, Ahmedabad as Secretarial Auditor to conduct secretarial audit pursuant to the provisions of Section 204 of the Companies Act, 2013. 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. Vishwas Sharma & Associates, Company Secretaries, Secretarial Auditor of the Company forms part of this report and is marked as âAnnexure-Eâ.

There are no qualifications, reservations or adverse remarks made by M/s. Vishwas Sharma & Associates, Company Secretaries, Secretarial Auditor of the Company, in their report.

D. Internal Auditors:

The Company has appointed the M/s Shah Dhandharia & Co., Chartered Accountants, Ahmedabad as Internal Auditor pursuant to the provision of section 138 of Companies Act, 2013 read with rule 13 of The Companies (Accounts) Rule, 2014 and other applicable provisions (including any modification or enactment thereof), if any, of the Companies Act, w.e.f. 26^th May, 2018 for the financial year 2017-18 & 2018-19.

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.

MANA GEMENT DISCUSSION AND ANAL YSIS:

The Managementâs Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2) (e) of the Listing Regulations is given as an âAnnexure - Fâ to this report.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY:

The Company does not have any Risk Management Policy as the elements of risk threatening the Companyâs existence are very minimal.

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.

LISTING:

As on the date of this report, the shares of the Company are listed on SME platform of NSE (NSE EMERGE) and the Company has paid the annual listing fees for the year 2018-19.

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.

Regd. Office By order of Board of Directors

Plot No. 38 to 41, Ahmedabad Apparel Park,

GIDC Khokhra, Ahmedabad - 380008 Gujarat Bhavik S. Parikh

Chairman & Managing Director

(DIN:00038223)

Date: 01/08/2018

Place: Ahmedabad

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Directors Report of Globe Enterprises (India) Ltd.

1. SUMMARISED FINANCIAL RESULTS

2. FINANCIAL PERFORMANCE OF THE COMPANYStandalone Financial Performance:

3. DIVIDEND

4. TRANSFER TO GENERAL RESERVES

5. CORPORATE ACTIONS & SHARE CAPITAL

6. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

7. EXPORTS

8. MATERIAL CHANGES AND COMMITMENTS

9. EXPANSION OF THE BUSINESS

10. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Re-appointment of Director(s) retiring by rotation:

12. PERFORMANCE EVALUATION

B. MEETING OF BOARD OF DIRECTORS

C. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

D. NOMINATION AND REMUNERATION POLICY

13. DEPOSIT

14. ANNUAL RETURN

15. AUDITORS AND AUDITORS'' REPORTStatutory A uditors

16. INTERNAL FINANCIAL CONTROLS

17. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

19. COMMITTEES OF THE BOARD

Audit Committee

20. VIGIL MECHANISM & WHISTLE BLOWER POLICY

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO

22. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

23. ENVIRONMENT, HEALTH AND SAFETY

24. CORPORATE SOCIAL RESPONSIBILITY (CSR)

25. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

26. RISK MANAGEMENT POLICY

27. DIRECTORS'' RESPONSIBILITY STATEMENT

28. OTHER REPORTINGS

29. SECRETARIAL STANDARDS

30. LISTING

31. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

32. ACKNOWLEDGEMENTS

1. SUMMARISED FINANCIAL RESULTS

2. FINANCIAL PERFORMANCE OF THE COMPANY

3. DIVIDEND

4. TRANSFER TO GENERAL RESERVES

5. CORPORATE ACTIONS & SHARE CAPITAL

6. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

7. EXPORTS

8. MATERIAL CHANGES AND COMMITMENTS

9. EXPANSION OF THE BUSINESS

10. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

B. PERFORMANCE EVALUATION

C. MEETING OF BOARD OF DIRECTORS

D. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

E. NOMINATION AND REMUNERATION POLICY

12. DEPOSIT

13. ANNUAL RETURN

14. AUDITORS AND AUDITORS'' REPORT Statutory Auditors

15. INTERNAL FINANCIAL CONTROLS

16. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT MADE UNDER SECTION 186

17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

18. COMMITTEES OF THE BOARD

19. VIGIL MECHANISM & WHISTLE BLOWER POLICY

20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

21. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

22. ENVIRONMENT, HEALTH AND SAFETY

23. CORPORATE SOCIAL RESPONSIBILITY (CSR)

24. TRANSFER TO INVESTOR EDUCATIONANDPROTECTION FUND (IEPF)

25. RISK MANAGEMENT POLICY

26. DIRECTORS'' RESPONSIBILITY STATEMENT

27. OTHER REPORTINGS

28. SECRETARIAL STANDARDS

29. LISTING

30. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

31. ACKNOWLEDGEMENTS

1. SUMMARISED FINANCIAL RESULTS

2. CORPORATE ACTIONS & SHARE CAPITAL

3. DIVIDEND

4. RESERVES

5. SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES

6. EXPANSION OF THE BUSINESS

7. EXPORTS

2. FINANCIAL PERFORMANCE OF THE COMPANY
Standalone Financial Performance:

15. AUDITORS AND AUDITORS'' REPORT
Statutory A uditors

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO