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DIRECTOR'S REPORT

Foods & Inns Ltd.

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Market Cap. (₹) 318.39 Cr. P/BV 5.07 Book Value (₹) 12.48
52 Week High/Low (₹) 89/40 FV/ML 1/1 P/E(X) 68.71
Bookclosure 02/05/2019 EPS (₹) 0.92 Div Yield (%) 0.47
Year End :2018-03 

The Directors present their report on the financial performance, business and operations of the Company for the year ended March 31, 2018

1. FINANCIAL RESULTS

The highlights of the financial performance for the year gone by and its comparison with previous year are given below:

(Rs. In Lakhs)

Standalone

Consolidated

2017-18 (Rs.)

2016-17 (Rs.)

2017-18 (Rs.)

2016-17

(Rs.)

Total Income

32,684.36

36,125.42

34,406.52

37,640.12

Total Income excluding Excise Duty

32,520.19

35,391.71

34,242.35

36,906.41

Profit Before Depreciation, Finance and Tax (PBDIT) inclusive of other Income

3,492.25

3,741.32

3,321.67

3,762.82

Finance Cost

1,784.17

1,818.22

1,807.36

1,842.30

Depreciation

958.63

940.15

1,046.51

1,019.54

Profit before share of profit/(loss) from Associate/ Joint venture and exceptional items

749.44

982.95

467.80

900.98

Share of profit/(loss) from Associate/ Joint venture

Nil

Nil

Nil

0.77

Profit before exceptional items and tax

749.44

982.95

467.80

901.75

Exceptional items net(Loss)/ gain

Nil

Nil

Nil

Nil

Tax Expenses

120.86

431.09

120.86

431.09

Net Profit for the year

628.58

551.86

346.94

470.66

Appropriations

Transfer to General Reserves

Nil

Nil

Nil

Nil

Balance carried to Balance sheet

628.58

551.86

346.94

470.66

2. RESULTS OF OPERATIONS

As per the Standalone Financials for year ended on March 31, 2018 the turnover of the Company is Rs.320.01 crores as compared to Rs.346.86 crores for the year ended on March 31, 2017. The Company made a profit before tax of Rs.7.49 crores during the year ended March 31, 2018 against the profit before tax of Rs.9.83 crores during the year ended on March 31, 2017.

As per the Consolidated Financials for year ended on March 31, 2018 the turnover of the Company is Rs.336.91 crores as compared to Rs.361.50 crores for the year ended on March 31, 2017. The Company made a profit before tax of Rs.4.68 crores during the year ended March 31, 2018 against the profit before tax of Rs.9.01 crores during the year ended on March 31, 2017.

The Company's exports during the year was Rs.199.31 crores (Rs.189.29 crores) and domestic sale was Rs.103.30 crores ('143.38 crores).This translates into a ratio of 62.28 % to 32.28% (54.57% to 41.34%) between exports and domestic sales.

3. SHARE CAPITAL OF THE COMPANY

a. Sub division of Equity Shares of Face Value of Rs.10/- each into Equity Shares of Face Value of Rs.1/- each

Pursuant to the approval of shareholders of the Company through Postal Ballot notice dated February 15, 2018, the nominal face value of equity shares of the Company was sub-divided from Rs.10/- per equity shares to Rs.1/- per equity share regulatory provisions and procedures were completed on April 20, 2018 and the equity shares were sub divided w.e.f. April 20, 2018.

To facilitate this sub-division, shareholders were issued 10 equity shares of Rs.1 each in lieu of one equity share of Rs.10 each held by them as on the record date i.e. April 20, 2018 fixed for this purpose.

b. Increase in the Paid up Share Capital through conversion of warrants on Preferential Basis:

Pursuant to the receipt of approval of the Shareholders of the Company at the 44th Annual General Meeting held on 08-09 2016, the 36000 warrants issued to Mr. Milan Dalal, promoter of the Company, at a price of Rs.720/- per equity shares, in accordance with the provisions of Chapter VII of SEBI ICDR Regulations, were due for conversion into equity shares by the company through Board resolution passed on March 13, 2018.

4. DIVIDEND

Your Board of Directors, in its meeting held on May 24, 2018 has recommended a Final Dividend of Rs.0.30 (i.e. 30 %) per equity share of the paid up value of Rs.1 (last year Rs.3.00 per equity share of the paid up value of Rs.10) for the financial year ended March 31, 2018 amounting to Rs.49.26 lakhs as against Rs.48.18 lakhs. The dividend payout is subject to approval of members at the ensuing Annual General Meeting.

5. TRANSFER TO RESERVES

The Company proposes to transfer Rs.NIL to the general reserves out of the amount available for appropriation and an amount of Rs.3,135.11 lakhs is proposed to be retained in the profit and loss account.

6. FIXED DEPOSITS

The Company had discontinued its Fixed Deposit scheme in the financial year 2014-15. The Company has repaid all its fixed deposit in the last year ended March 31, 2017, except deposits of Rs.20,000 which remain unclaimed by 2 depositors.

7. AMALGAMATION OF FINNS FROZEN FOODS (INDIA) LIMITED (“THE TRANSFEROR COMPANY”) WITH FOODS AND INNS LIMITED (“THE TRANSFEREE COMPANY”)

The Board of Directors of the Company at its meeting held on April 21, 2018, has approved the Scheme of Arrangement in terms of Sections 230 to Section 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 involving amalgamation of Finns Frozen Foods (India) Limited, the Wholly Owned Subsidiary Company w.e.f April 1, 2018 (“the Transferor Company”) with Foods and Inns Limited (“the transferee company”). The said scheme would be operational upon approval by Hon'ble Bombay High Court and other regulatory and statutory authorities as applicable.

8. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THE FINANCIAL YEAR AND DATE OF REPORT

There are no material changes and commitments affecting the financial position of the Company which have occurred after March 31, 2018 till date of this report.

9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(i) Overview of the Indian food processing industry:

The Indian food industry, poised for massive growth, continues to increase its contribution to world food trade. In India, the food sector has emerged as a high-growth and high-profit sector, given its immense potential for value addition, particularly in the Food Processing Industry.

The processed food market, currently valued at USD 322 billion in 2016, is expected to grow to US $543 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 14.6 per cent. For the next 5 years the food industry is expected to grow to US $958 billion by 2025, at a CAGR of 12 per cent to account for increasing saturation of the market.

The Ministry of Food Processing Industries has been implementing several schemes under the umbrella of the ‘Pradhan Mantri Kisan Sampada Yojana'. These schemes, with an allocation of INR 60 billion (US $900 million) for the period 2016 to 2020, are expected to leverage investments of INR 314 billion (US $5 billion) for development of infrastructure in the food processing sector.

The Government, through the Ministry of Food Processing Industries (MoFPI), is making every effort to boost investments in the sector. Encouraged by proactive policy measures of the Government of India and the state Governments, several foreign companies, as well as domestic corporate, have set up processing units on their own or through joint ventures (JV) and often in collaboration with other players.

Your company is in an exciting and fast moving space coupled with India's demographic change leading to the Age of Consumerism. Demographic changes in the today's market include increasing young population, growing disposable income and rapid life-style changes with respect to the common man. Couple of key macro-economic trends which are supporting this industry including a) 1.3bn potential customers b) One of the fastest growing economies in the world c) One tax - GST d) 100% FDI in Food Processing e) Globally ranked 1 in production of several agri-commodities and ranked 2 in total food production.

(ii) Expansion plan and strategic outlook:

Your company has developed a succinct one page business plan which is the guiding principles for all staff. This is regularly monitored and revised as we continue to unlock intrinsic value with expansion planning of new and modern processing facilities across all our facilities so as to amplify synergies. We are on the brink of closing 2 key capex projects in our Western and Southern facilities which not only increase our capacity but also our product portfolio and reach to market. For the year going forward we have another couple of sizeable capex initiatives to take advantage of the same.

In order to improve our supply chain and lower our cost of operations we have successfully phased in our long awaited Enterprise Resource Planning system across all our locations. This provides extreme value in the form of customer relationship management, regulatory compliance, streamlined data analysis/quality and improved reporting. Additionally this has empowered our staff and helped streamline their work.

Our strategic outlook remains bullish, with our unconditional focus on building customer trust and value. Our unique selling points sits with our professional yet very experienced management team coupled with our unwavering focus on providing a quality product.

Our senior management team remains very hands on with the market whilst assessing new opportunities regularly as India partakes in a slow but steady growth curve.

(iii) Delivering long term sustainable value

Our over arching business strategy is to deliver long term sustainable value in all we do. These are achieved via the following:

a) Customer insights drive our business hence connecting and understanding their needs is paramount to value creation

b) Driving efficiencies across our business ensuring strong financial controls are in place while investing for growth

c) Working closely as a team and with external stakeholders so that we can build relationships to successfully forward and backward integrate our business

d) Acting responsibly and listening to our consumers, taking care of our people, working to minimize our environmental impact and gives something back to the communities we serve.

(iv) Risk management:

Risk management is a key to the Company's strategy; it is not only used as a tool for risk mitigation but to also assist in finding opportunities for continuous development. The Company is constantly evolving whilst developing a well-documented risk management framework hence assisting in timely identification, assessment and mitigation of risks.

The Company has constituted a Risk management committee which has been entrusted with responsibility to assist the Board in overseeing the Company's risk management process and control, setting strategic plans and objectives for risk management, review the Company's risk appetite and strategy relating to key risk including market risk, product risk.

The Company has adopted a risk management policy in accordance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Board takes responsibility for the overall process of risk management in the organization.

Few key risks identified by the Company are as under:

a) Blockage of working capital due to characteristic nature of business cycle.

b) Limitation of plant utilization due to seasonal nature of business resulting in restricted processing of variety of fruits.

c) Global warming resulting in untimely rains affecting the quality, fruit availability and price.

v) Internal control system and adequacy:

In order to ensure orderly and efficient conduct of business, the Company has planned to put more focused and necessary internal control systems in line with business requirements, scale of operations and geographical spread. These systems will largely include policies and procedures, IT systems, delegation of authority, segregation of duties and internal audit review framework.

In line with regulation the Company will continue to implement necessary internal financial controls and systems with regard to adherence to company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial information. Additionally the company is building thorough Standard Operating Procedures (SOPs) for the overall operations of the Company.

(vi) Cautionary Statement:

The statements made and figures given in the various sections of “Management Discussion and Analysis” are keeping in mind the company's objectives, estimates and expectations. The actual results may differ from those expected depending upon the economic conditions, changes in Government regulations, tax regimes and other external and internal factors.

10. SUSTAINABILITY

The simple definition of sustainability at company is the overall well being of a farmer. This is the one stop shop amongst all our certifications, innovations and initiatives. Our strategic outlook puts immense focus on sustainability as an intrinsic part of the Company's business model and is vital to its long term growth strategy. Whilst operating in the Indian agricultural space coupled with a plethora of western customers sustainability is manifested in our operating practices and systems to ensure we are geared towards conservation of resources and environment management to create value for all our stakeholders. Some key sustainability initiatives for the year:

(a) Promoting Sustainable Agricultural Farm Practices with our sourcing partners through implementation of various globally acclaimed certification programs

(b) Commercializing farming operations by set up of Farmer Producer Companies

(c) Provision of organic/natural pesticides to farmers and training on use of organic/natural farming practices. This is a key initiative to secure our long term relationship with customers who now have stringent requirements on pesticide usage

(d) Curating our fruit waste to be 100% recyclable (i.e. zero waste mission). We are effectively using waste material such as fruit skin, peel, seed and even reusing our water post treatment

(e) Controlling and limiting use of chemical inputs to promote general soil health and food quality.

(f) Rain water harvesting ponds, along with collection of rooftop rain water

(g) Reducing carbon dioxide emissions

(h) Planting of trees at factory premises

(i) Optimizing energy efficiency via installation of additional solar panels

11. CORPORATE SOCIAL RESPONSIBILITY

The Company has always considered Corporate Social Responsibility (CSR) as a voluntary activity and a part of its long term vision of creating value for all its stakeholders. Our Company believes that giving back to society is not a mandate but something which is integral to its beliefs. Accordingly, CSR is an integral part of the Company's business and is even promoted at the Board level.

The Company contributed directly in urban and rural areas in sectors such as education and water& sanitation.

Further details on the prescribed CSR spend under section 135 of the Companies Act, 2013 and the amount committed and distributed during the year under review are provided in the Annual Report on CSR activities annexed as Annexure-1 to this report.

12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, is annexed as Annexure-2 to this report.

13. SUBSIDIARY COMPANIES

FNI Asia PTE Ltd, Singapore and Pharmpak Private Limited are two wholly owned subsidiaries and during the year Finns Frozen Foods (India) Limited has become a subsidiary of the Company w.e.f 16-03-2018 due to increase of share holding from 48% to 51.40%

Further, a statement containing the salient features of the financial statements of our subsidiaries in the prescribed Form AOC-1 is annexed as Annexure-3.

14. CONSOLIDATED FINANCIAL STATEMENTS

In compliance with the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (the listing Regulations), consolidated financial statements of the Company and all of its subsidiaries has been prepared for the year under report. The Audited Consolidated financial statements along with the auditors' report thereon forms part of this Annual report.

15. CORPORATE GOVERNANCE

Corporate Governance is about maximizing shareholders value legally, ethically and sustainably. We believe sound corporate governance is critical to enhance and retain investor trust. Our Board exercises its fiduciary responsibilities in the widest sense of term.

Our Corporate governance report forms part of this Annual report.

16. DIRECTORS AND KEY MANAGERIAL PERSONNEL

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149 (7) of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

In accordance with the provisions of the Companies Act, 2013, Mr. Milan Dalal retires by rotation and is eligible for re-appointment.

The Board of Directors has on the recommendation of the Nomination and Remuneration committee appointed Mr. Hormazdiyaar Vakil, as an additional director of the Company w.e.f August 14, 2018.

Further details of Directors include remuneration, independence, performance, Committees and Directors meeting, are given in the Corporate Governance Report, which is integral part of this Annual and Board's Report.

17. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that;

- In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

- we 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 financial year ended March 31, 2018 and of the profit of the Company for that year.

- we have 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.

- we have prepared the Annual Accounts on a going concern basis.

- we have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively.

- we have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

18. INSURANCE

The assets of the Company are adequately insured against the loss of fire and other risks which are considered necessary by the management.

19. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirement as prescribed by Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulation, 2015.

The Board and Nomination and Remuneration Committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meeting like preparedness on the issue to be discussed, meaningful and constructive contribution and inputs in meetings.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

In a separate meeting of Independent Directors, performance of non Independent directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of directors.

20. NUMBER OF MEETINGS OF THE BOARD

The Board met Seven times during the financial year, the details of which are given in the Corporate Governance report.

21. INDEPENDENT DIRECTORS MEETING

The Independent Directors met once during the year under review, without the attendance of the Non - Independent Directors and members of the Management. The Independent Directors reviewed the performance of the Non Independent directors and the Board as a whole and the performance of the Chairman of the Company, taking into account the views of the Directors and assessed the quality, quantity and timeline of the flow of information between the Company Management and the Board which is necessary for the Board to effectively and reasonably perform their duties.

22. COMMITTEES OF THE BOARD

Currently, the Board has five committees, the audit committee, the nomination and remuneration committee, the stakeholder's relationship committee, the corporate social responsibility committee and the risk management committee. A detailed note on the composition of the Board and its committees is provided in the Corporate Governance report section of this Annual Report.

23. POLICY ON DIRECTOR’S APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Company's policy on director's appointment and remuneration and other matters provided in Section 178 (3) of the Act has been disclosed in the Corporate Governance Report, which forms part of the Director's Report.

24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to Financial Statements

25. RELATED PARTY TRANSACTIONS

There are no materially significant related party transactions made by the Company during the year. Related Party Transactions Policy is posted on the website of the company and is available at https://www.foodsandinns.com/pdf/policies/related-party-transaction-policy.pdf. The details of all the transactions with the related parties are disclosed in the Notes forming part of financial statements annexed to the financial statements for the year 2017-18.

All the Related Party Transactions entered into by the Company are in ordinary course of business and on an arm's length basis except the acquisition of additional holdings in Finns Frozen Foods (India) Limited which was not on arms' length basis, annexed as Annexure-4 in Form AOC-2 to this report for which requisite approvals from the Audit Committee and the Board of Directors were obtained. The transaction amount was not exceeding the applicable statutory limits and therefore no approvals from the shareholders were required.

26. PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 are given below:

i. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Sl. No

Name of the director

Total (Rs. in lakhs)

Ratio

(times)

A)

Median Employee Remuneration

2.57

B)

Non Executive Directors Remuneration

1.

Mr. Bhupendra Dalal

4.55

1.77

2.

Mr. Milan Dalal

4.25

1.65

3.

Mr. Dinkarray Trivedi

2.15

0.84

4.

Mr. VinodKumar Beswal

2.45

0.95

5

Mr. Raymond Simkins

1.50

0.58

6.

Mrs. Kamlini Maniar

1.65

0.64

7.

Mr. Deepak Mohla*

0.55

0.21

* Since this information is for part of the year, the same is not comparable.

ii. The percentage increase/ (decrease) in remuneration of each director, Chief Executive Officer, Company Secretary, if any, in the financial year:

Name & Designation

% increase/ (decrease) in remuneration

for the financial year 17-18

Mr. Moloy Saha, CEO

3.84%

Mr. Ameya Dhupelia, CFO

Nil

Mrs. Randeep Kaur, CS

Nil

iii. The percentage increase in the median remuneration of employees in the financial year: 13.99 %

iv. There were 263 permanent employees on the roll of the Company as on March 31, 2018.

v. Average percentage increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentage increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

The Average decrease in the remuneration of all employees was 2.84% in F.Y. 2018.

The average increase in the remuneration of both, the managerial and non managerial personnel was determined based on the overall performance of the Company. Further the remuneration of the managerial personnel is based on the remuneration policy as recommended by the Nomination & Remuneration Committee and approved by the Board of Directors.

vi. It is hereby affirmed that the remuneration is as per the Remuneration Policy of the Company.

27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the year, no significant or material orders were passed by any regulators against the Company other than that disclosed separately in the notes of the financial statements.

28. EXTRACT OF ANNUAL RETURN- FORM NO MGT-9

The details forming part of the extract of then Annual Return in Form No MGT-9 is annexed as Annexure-5 to this report.

29. AUDITORS

29.1 Statutory Auditors

The Company's Auditors Messrs G M Kapadia & Co, Chartered Accountants, were appointed as statutory auditors of the company from the conclusion of the Forty Fifth Annual General Meeting of the Company held on 13-09-2017 till the conclusion of the Fifty Annual General Meeting to be held in the year 2022. They have confirmed their eligibility under section 141 of the Act, and the rules framed thereunder for reappointment as Auditors of the Company as required under SEBI regulations, the Auditors have also confirmed that they hold a valid certificate issued by the peer review Board of the Institute of Chartered Accountants of India.

There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors.

29.2. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. J.Y. Gupte, Practising Company Secretary, to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report is annexed as Annexure-6 to this report and does not contain any qualifications.

29.3 Internal Auditors

The company has appointed firms of chartered accountants as its internal auditors at the locations of the factories situated at Chittor, Bulsar and Nashik to evaluate the efficacy and adequacy of internal control systems, compliances with operating systems , accounting procedures and policies. The Internal Auditors submitted their reports from time to time

30. DISCLOSURE ON SEXUAL HARASSMENT OF WOMAN AT WORKPLACE

The Company has set up an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment of woman employees at workplace. There was no case of sexual harassment reported during the year under review.

31. UNCLAIMED DIVIDEND

The Company / RTA has been periodically intimating the concerned shareholders, requesting them to encash their dividend before it becomes due for transfer to the IEPF.

Unclaimed dividend amounting to Rs. 0.59 Lakhs for F.Y. 2009-10 was transferred to the IEPF on 26/06/2018. Further, there is no unclaimed dividend in respect of F.Y 2010-12 (18 months) to be claimed by the shareholders of the Company since no dividend was recommended by the Board of Directors for that period. Hence, no amount will be transferred to the IEPF for the financial year March 31, 2019.

32. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of section 125 of the companies Act, 2013, read with IEPF authority (Accounting, Audit, Transfer and Refund ) Rules, 2016 (‘ the rules'), all unpaid and unclaimed dividends are required to be transferred by the company to IEPF established by the Government of India after the completion of seven years. Further, according to the said Rules, the shares on which dividend remain unpaid or unclaimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF authority. Accordingly, the company has transferred the corresponding shares to the demat account of the IEPF Authority as per the requirements of the IEPF rules for the dividend remained unpaid or unclaimed upto the financial year 2009-10.

33. GREEN INITIATIVES

In the line with the ‘Green initiative', the Company has affected electronic delivery of the Annual Report 2017-18 are sent to all members whose email addresses are registered with the Company/ Depository Participant(s). For members who have not registered their email addresses, physical copies are sent.

34. ACKNOWLEDGEMENT

We thank our customers, vendors, investors, bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, cooperation and support.

On behalf of the Board

BHUPENDRA DALAL

Chairman

Mumbai, August 14, 2018 (DIN: 00061492)

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