GB Global Ltd

Dear Shareholders,

A very warm good morning to each and every one of you.

It is a pleasure to connect with you all today. On behalf of GB Global Limited (formerly known as Mandhana Industries Limited), Board of Directors, I thank you for joining us today at the 39^th AGM of your Company. The Company certainly had its fair share of ups and downs. The uncertainty owing to the heightened geopolitical tensions and global risks still persists. Despite the external challenges around us, we are determined to deliver sustainable and profitable growth.

Before I present the performance highlights and achievements of your Company during the Financial Year 2022-23 ("FY23") and its future outlook, I would like to share key insights of the events that took place in the Company during the past financial year.

The Hon'ble National Company Law Tribunal ('NCLT') vide order dated 19th May, 2021 approved the Resolution Plan ('Approved Resolution Plan') submitted for GB Global ('the Company') by Dev Land & Housing Private Limited ('DLH'/ 'Successful Resolution Applicant'), pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 ('Code').

DLH on 06th June, 2022 i.e., the discharge date paid the full and final payment of Financial Creditors ('FC') pursuant to the Approved Resolution Plan. Thus, the paid-up share capital of the Company stands at Rs. 50,03,31,430/- (Indian Rupees Fifty Crore Three Lakhs Thirty-One Thousand Four Hundred and Thirty only) as per the implementation of the Approved Resolution Plan.

The Directors Report and the Audited Financial Statements for the financial Year ended 31^st March, 2023, are already with you and with your kind permission, I take them as read.

Global Economy Overview

The Global economy recovered from the pandemic shock in FY22 on the back of supportive fiscal and monetary policies and mass vaccination programmes. However, the war in Ukraine has continued and the subsequent economic sanctions on Russia posed a large shock. It disrupted energy markets & supply chains and added to the already evolving inflationary pressures and concerns over consumer demand. Consequently, growth forecasts have been slashed. The International Monetary Fund (IMF) now expects the world economy to grow by 3.6% in FY23, which is 0.2 percentage points lower than its pre-war projections.

While the global economic backdrop remains challenging, there are reasons to remain optimistic. First, despite the slowdown, IMF's projection of world GDP growth in FY23 is still tracking the pre-pandemic average. Second, fiscal support in developed economies remains above the pre pandemic trend, even if somewhat diluted, versus past years. Third, mega-trends around sustainability, green investments, digitization, and disintermediation remain well entrenched and will support growth and productivity enhancement in the medium-term.

Indian Economy Overview

This year Indian economy has not remained unscathed by these global developments. The year began with the anticipation that runway inflation, aggressive policy rate hikes, and high commodity prices might topple a few major economies into recession in 2023. We are halfway past 2022 and whilst the global economy has seen recession and price hikes in the commodities especially in the developed countries. India's inflation has pushed higher prices than the target of the Reserve Bank of India (RBI). To control inflationary risks, and reduce the pressure on the rupee, RBI has been selling reserves and unwinding the extraordinary liquidity support provided by it during the pandemic.

On the positive side, labor markets in several advanced countries remained tight, however India, meanwhile, enjoys a moment as it sees its economic activity gaining momentum amid continuing global uncertainties. The GDP growth in India in fourth quarter has been positive where the full year GDP growth has raised in FY 2022-23 to 7.2%, 200 basis points (bps) higher than the forecast. economic activity in India has witnessed a sharp recovery and when we see a global uncertainties recede, India expects growth in GDP to surpass 7% over the next two years.. A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track.

Even as the global headwinds are being felt, India's growth recovery is progressing well, and most estimates peg economic growth during FY23 around the 7% range. India, therefore, is poised to be the fastest-growing major economy in the world and an engine of global growth. The above trends lend confidence to a robust economic narrative for India in the medium-term, which augurs well for the corporate sector as well.

(Rupees in Lakhs)

The revenue from operations of the Company has marginally increased from Rs. 7,454.40 lakhs to Rs. 12,794.16 lakhs during FY23. A significant part of this turnaround was achieved through considerable cost savings.

Looking ahead

We primarily intend to stabilize the Company post taking over and focus on improving the revenue and profitability. The next fiscal is going to be a race to normalcy for the industry with reinvigorated market sentiments. We are looking at the new fiscal with a cautious optimism around markets and consumer preferences. The Indian economy is headed towards a steady recovery. For long term, India remains on a strong value creation path considering the underlying growth drivers like favourable demographics, increasing per capita & disposable income and growing consumption.

Your Company's, balance sheet has been further strengthened; giving it the necessary foundation to support the ambitious growth plans that it chases. A strong and healthy balance sheet with a diverse and well-executed portfolio play will enable your Company to position itself as a leader across all fashion and lifestyle segments, ranging from value, premium to luxury brands.

Acknowledgement

Before I conclude, on behalf of the Board of Directors, I wish to convey our sincere regards and deep gratitude to our valued stakeholders for continued support and trust. I also put my heartfelt appreciation for all GB Global Limited's employees as they are the backbone of your Company and they have put their best efforts day after day to transform your Company and to make it more competitive for growth of your Company. And last, but not least, I would like to thank you, our shareholders, for continuing to support us, in good times, and in difficult ones.

I would like to conclude by saying that your Company will keep working to make a difference in your life and to enhance the quality of your life through clean energy and beyond.

I urge every one of you to stay safe and take care of your loved ones.

Thank you, esteemed Ladies and Gentlemen for your time and attention.

Yours Sincerely,