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DIRECTOR'S REPORT

Meghmani Organics Ltd.

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Market Cap. (₹) 1448.32 Cr. P/BV 1.44 Book Value (₹) 39.46
52 Week High/Low (₹) 89/41 FV/ML 1/1 P/E(X) 5.76
Bookclosure 25/07/2019 EPS (₹) 9.88 Div Yield (%) 1.76
Year End :2018-03 

DIRECTORS' REPORT

To,

The Members,

Meghmani Organics Limited

The Directors have pleasure in presenting Twenty Fourth Annual Report and Audited Statement of Accounts of the Company for the Financial Year ended on 31st March, 2018.

1. FINANCIAL RESULTS

(Rs, in Lakhs)

PARTICULARS

YEAR ENDED ON 31st MARCH, 2018

YEAR ENDED ON 31st MARCH, 2017

Revenue from Operations (Net of Excise Duty)

120978.18

102301.00

Other Operating Revenue

2822.01

2318.09

Revenue from Operations

123800.19

104619.09

Other Income

2610.59

1096.35

Total Revenue

126410.78

105715.44

Profit Before Finance Cost and Depreciation

19729.76

14416.78

Finance Cost

3087.17

3641.66

Depreciation

4261.95

3846.98

Profit Before Extra-Ordinary Item & Tax

12380.64

6928.14

Exceptional item

235.82

381.06

Profit Before Tax

12144.82

6547.08

Payment and Provision of Current Tax

3050.00

2250.00

Deferred Tax Expenses/(Income)

1349.86

95.26

(Excess)/short provision of tax for earlier year

51.80

50.76

Profit After Tax

7693.16

4151.06

2. OVERVIEW OF COMPANY’S OPERATING RESULTS:-Sales:-

The Company is in the business of manufacturing of Pigments and Agrochemicals.

The Sales increased by Rs, 18677.18 Lakhs (18.26%) i.e. from Rs, 102301.00 Lakhs in FY 2017 to Rs, 120978.18 Lakhs in FY 2018.

The Sales of Pigment Division increased by Rs, 6038.92 Lakhs (11.74%) i.e. from Rs, 51428.05 Lakhs in FY 2017 to Rs, 57466.97 Lakhs in FY 2018.

The Sales of Agrochemical Division has increased by Rs, 15426.12 Lakhs (32.61%) i.e. from Rs, 47299.03 Lakhs in FY 2017 to Rs, 62725.15 Lakhs in FY 2018.

1) DOMESTIC SALES:-

The Domestic Sales decreased by Rs, (1618.75) Lakhs (4.81%) i.e. from Rs, 33635.52 Lakhs in FY 2017 to Rs, 32,016.77 Lakhs in FY 2018.

The Domestic Sales of Pigment Division decreased by Rs, (4362.78) Lakhs (27.95%) i.e. from Rs, 15604.46 Lakhs in FY 2017 to Rs, 11241.68 Lakhs in FY 2018.

The Domestic Sales of Agro Division increased by Rs, 2783.96 Lakhs (15.47%) i.e. from Rs, 17999.54 Lakhs in FY 2017 to Rs, 20783.50 Lakhs in FY 2018.

2) EXPORT SALES :-

The Export Sales increased by Rs, 20,295.93 Lakhs (29.56%) i.e. from Rs, 68665.48 Lakhs in FY 2017 to Rs, 88961.41 Lakhs in FY 2018.

The Export Sales of Pigment Division increased by Rs, 10401.69 Lakhs (29.03 %) i.e. from Rs, 35823.60 Lakhs in FY 2017 to Rs, 46225.29 Lakhs in FY 2018.

The Export Sales of Agro Division increased by Rs, 12642.16 Lakhs (43.14%) i.e. from Rs, 29299.48 Lakhs in FY 2017 to Rs, 41941.64 Lakhs in FY 2018.

3) OTHER INCOME :-

Other Income increased by Rs, 1514.24 Lakhs mainly due to favourable Rupee- Dollar exchange rate.

4) PROFIT:-

Profit Before Tax (PBT) increased by Rs, 5597.74 Lakhs i.e. by (85.50%) while Profit after Tax (PAT) increased by Rs, 3542.09 Lakhs i.e. by (85.33 %). PBT increased due to :

(i) Higher Capacity Utilization.

(ii) Improved Sales Realization on account of Product Mix.

(iii) Lower Finance cost on account of regular Repayment.

(iv) Higher volume of Export Sales.

3. DIVIDEND:-

The Board of Directors has recommended payment of dividend at Rs, 0.40 per Equity Share on 254,314,211 Equity Shares of Rs, 1/- each fully paid for Financial year 2017-18. The dividend will entail an out flow of Rs, 1224.35 Lakhs including dividend distribution tax. The proposed dividend is tax free in the hands of shareholders.

During the year, unclaimed dividend amount of Rs, 4.66 Lakhs pertaining to financial year 2009-10 were transferred to Investor Education & Protection Fund (IEPF) established by the Central Government, while Unclaimed Dividend relating to Financial Year 2010-11 is due for transfer on 10.08.2018 to IEPF.

4. AUDITORS REPORT:-

There is no qualification, reservation or adverse remarks or disclaimer made by the Auditors in their report on the Financial Statement of the Company for the Financial Year ended on 31st March, 2018.

5. SHARE CAPITAL:-

The Paid up Equity Share Capital as on March 31, 2018 was Rs, 2543.14 Lakhs. During the year under review, the Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares (including sweat equity shares) to the employees or Directors of the Company, under any Scheme. The Company has not issued any convertible instrument during the year.

No disclosure is required under Section 67(3)(c) of the Companies Act, 2013 (Act) in respect of voting rights not exercised directly by the employees of the Company as the provisions of the said Section are not applicable.

6. FINANCIAL LIQUIDITY:-

Cash and Cash Equivalent as at 31 March, 2018 was Rs, 122.51 Lakhs (Previous year Rs, 105.33 Lakhs). The Company’s working capital management is based on a well-organized process of continuous monitoring and controls on Receivables, Inventories and other parameters.

7. CREDIT RATING:-

CRISIL has re-affirmed Long Term Rating CRISIL A / Stable and Short Term Rating CRISIL A1 to its total Bank facility of Rs, 707.00 Crore vide its letter MEGORGN/197945/BLR/041800762 dated April 17, 2018.

8. EXTRACT OF ANNUAL RETURN:-

As required by Section 92(3) of the Companies Act, 2013 and the Rules framed there under, the extract of the Annual Return in Form MGT 9 is annexed herewith as “Annexure B”.

9. MEETINGS:-BOARD MEETINGS:-

During the year, Four Board Meetings were convened and held, the details of which are given in the Corporate Governance Report.

AUDIT COMMITTEE MEETINGS:-

During the year, Four Audit Committee Meetings were convened and held, the details of which are given in the Corporate Governance Report.

10. 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 the Financial Statements.

11. RELATED PARTY TRANSACTIONS (RPT):-

All contracts / arrangements / transactions entered into with Related Parties during the Financial Year were in the ordinary course of business and on an arm’s length basis. There were no Materially Related Party Transactions i.e. transactions exceeding 10% of the annual consolidated turnover as per the last audited financial statements. Hence, no transactions are required to be reported in Form AOC2.

The Company had also taken members’ approval at its Annual General Meeting held on 26th July, 2016 for entering into the transactions with Related Parties for the period of 3 (Three) years i.e. from 01/04/2016 to 31/03/2019.

The Company has obtained prior Omnibus Approval of the Audit Committee for the transactions which are of foreseen and repetitive nature. The transactions entered into pursuant to the Omnibus Approval so granted are audited and a statement giving the details of all Related Party Transactions is placed before the Audit Committee for their approval on a Quarterly basis.

The policy on Related Party Transactions as approved by the Board is uploaded on the Company’s website may be accessed on the Company’s website.

12. MATERIAL CHANGES:-

No material changes or commitments have occurred between the end of the calendar year and the date of this report which affect the Financial Statements of the Company in respect of the reporting year.

13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:-

The information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure- A and is attached to this report.

14. SUBSIDIARY COMPANIES:-

As provided in Section 136 of the Act, the Balance Sheet, Statement of Profit and Loss and other documents of the Subsidiary Companies are not being attached with the Balance Sheet of the Company. The Company will make available free of cost the Audited Financial Statements of the Subsidiary Companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The Financial Statements of the Subsidiary Companies will also be kept open for inspection at the Registered Office of the Company and that of the respective Subsidiary Companies. The Consolidated Financial Statements presented by the Company include financial results of its Subsidiary Companies

During the year under review, the Company has incorporated a Wholly Owned Subsidiary namely, "Meghmani Agrochemicals Private Limited” on 23 August 2017.

The Company has following Five Subsidiaries.

Sr. No.

Name of the Subsidiary

Business

1.

Meghmani Organics USA INC. (USA)

Distribution Business

2.

P T Meghmani Organics Indonesia (Indonesia)

Distribution Business

3.

Meghmani Overseas FZE - Sharjah - Dubai

Distribution Business

4.

Meghmani Agrochemicals Private Limited

Chemical Manufacturing

5.

Meghmani Finechem Limited

Chemical Manufacturing

As provided under Section 129[3] of the Act and Rules made thereunder a statement containing the salient features of the Financial Statements of its subsidiaries in the format prescribed under the rules is attached to the Financial Statements.

The policy relating to material Subsidiaries as approved by the Board may be accessed on the Company’s website.

15. CONSOLIDATED FINANCIAL STATEMENT:-

In accordance with the Ind AS-110 on Consolidation of Financial Statements read with Ind AS-28 on Accounting for Investments in Associates and Joint Ventures and as provided under the provisions of the Companies Act, 2013 [hereinafter referred to as “Act”] read with Schedule III to the Act and Rules made thereunder and Accounting Standards and Regulation as prescribed by Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Audited Consolidated Financial Statements are provided in the Annual Report, which show the Financial Resources, Assets, Liabilities, Income, Profits and Other Details of the Company, its Associate Companies and its Subsidiaries after elimination of minority interest, as a single entity.

The Consolidated Financial Statements have been prepared on the basis of the Audited Financial Statements of the Company and its Subsidiary Companies, as approved by their respective Board of Directors.

Pursuant to the provisions of Section 136 of the Companies Act, 2013, the Financial Statements of the Company, the Consolidated Financial Statements along with all relevant documents and the Auditor’s Report thereon form part of this Annual Report. The Financial Statements as stated above are also available on the website www.meghmani.com of the Company.

16. DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP):-CHANGES IN DIRECTOR:-

During the year under review:

(1) Mr. Jayaraman Vishwanathan, an Independent Director resigned on 8th November, 2017.

(2) Mr. Kantibhai Patel, an Independent Director resigned on 10th February, 2018.

(3) Mr. A. L. Radhakrishnan, an Independent Director resident in Singapore was appointed on 20th October, 2017, resigned on 10th February, 2018.

(4) Mr. Chinubhai Shah, an Independent Director resigned on 14th May, 2018.

(5) Mr. Manubhai Patel, an Independent Non-Executive Director, Mr. Bhaskar Rao, and Mr. C. S. Liew, an Independent Non-Executive Directors Resident in Singapore were appointed on 10th February, 2018.

At the last Annual General Meeting held on July 27, 2017, the Members had re-appointed Mr. Natwarlal Patel-Managing Director and Mr. Rameshbhai Patel - Executive Director of the Company.

Mr. Anandbhabhai Patel, Executive Director and Mr. Jayantibhai Patel, Executive Chairman, who retires by rotation and being eligible offer themselves for reappointment. The Board recommends their reappointment. The details of Directors seeking appointment/re-appointment at the ensuing Annual General Meeting has been provided in the Notice of the Annual General Meeting, forming part of the Annual Report.

KEY MANAGERIAL PERSONNEL:-

Pursuant to Section 2(51) of the Companies Act, 2013, read with the Rules framed there under, the following persons have been designated as Key Managerial Personnel of the Company:

1. Mr. Ankit Patel - Chief Executive Officer (CEO) (w.e.f. 22.05.2017)

2. Mr. Kamlesh Mehta - Company Secretary

3. Mr. Gurjant Singh Chahal - Chief Financial Officer (CFO) (w.e.f. 10.02.2018)

During the year, Mr. Raj Kumar Mehta, CFO, resigned on 31st December, 2017.

17. INTERNAL AUDIT :-

The Internal Audit function reports to the Audit Committee of the Board, which helps to maintain its objectivity and independence. The scope and authority of the Internal Audit function is defined by Audit Committee. The Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

M/s. C N K Khandwala & Associates, Chartered Accountants has been reappointed as Internal Auditor for the Financial Year 2018-19.

18. FIXED DEPOSITS:-

During the year, the Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Rules framed there under.

19. INDEPENDENT DIRECTORS- DECLARATION OF INDEPENDENCE:-

The Independent Directors hold office for a fixed term of five years and are not liable to retire by Rotation. In accordance with Section 149(7) of the Companies Act 2013, each Independent Director has given a written declaration to the Company confirming that he/she meets the criteria of Independence as mentioned under Section 149(6) of the Companies Act, 2013 and SEBI Regulations.

20. CORPORATE SOCIAL RESPONSIBILITY (CSR) :-

Your Company continued the social development schemes initiated in previous years. These projects covered the broad thematic areas of Livelihood, Education, Kanya Kelwani Nidhi and Vanvasi Kalyan Yojana that are in compliant with Companies Act 2013.

During Financial Year 2017-18, the Company has spent an amount of Rs, 26.22 Lakhs (Previous year Rs, 87.98 Lakhs) towards the CSR activities. Total CSR amount to be spent till 31st March, 2018 is Rs, 180.20 Lakhs.

21. BOARD EVALUATION:-

Pursuant to the provisions of the Companies Act, 2013, SEBI Regulations, and Singapore Listing requirements, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

22. REMUNERATION POLICY:-

The Board has, on the recommendation of Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.

23. VIGIL MECHANISM / WHISTLE BLOWER POLICY:-

The Company has a WHISTLE BLOWER POLICY to deal with instance of unethical behaviour, actual or suspected fraud or violation of the Company’s code of conduct, if any. The details of the WHISTLE BLOWER POLICY are posted on the website of the Company.

24. CORPORATE GOVERNANCE:-

A Separate Section on Corporate Governance practices followed by the Company, together with a certificate from the Company’s Auditors confirming compliance forms an integral part of this report, as per SEBI Regulations. This report also forms part of Singapore Stock Exchange listing requirements.

25. AUDITORS:-

(A) STATUTORY AUDITORS:-

M/s. SRBC & Co LLP Chartered Accountants, Ahmedabad (Firm Regn. No. 324982E / E 300003) was appointed as Statutory Auditors at the Annual General Meeting (23rd) held on 27th July, 2017 to hold office from the conclusion of 23rd Annual General Meeting (AGM) till the conclusion of 28th AGM i.e. for a period of five years (subject to ratification of the appointment by the Members at every AGM held after this AGM).

To meet with the Singapore Listing Rules requirement, the Company is required to appoint Joint Auditor based at Singapore. The Company has therefore decided to appoint E&Y LLP Singapore as Joint Auditor for FY 2018-19 to comply with IFRS requirements of Singapore Listing Rules.

(B) 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 had appointed M/s Shah & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for FY 2017-18. The Secretarial Audit Report is appended to this report.

(C) COST-AUDITOR:-

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the Cost Audit records maintained by the Company in respect of Certain Pigment and Agrochemicals products are required to be audited by a Qualified Cost Accountant.

Your Directors on the recommendation of the Audit Committee appointed M/s. Kiran J Mehta & Co. Cost Accountants (Firm Registration number 00025) to audit the Cost Accounts of the Company for the Financial Year 2018-19.

A Resolution seeking appointment and remuneration payable to M/s. Kiran J Mehta & Co., Cost Accountants, is included in the Notice convening the Annual General Meeting.

26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:-

As per Clause 34(2) (e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report, is appended to this report.

27. INSURANCE:-

The Company’s Plant, Property, Equipment’s and Stocks are adequately insured under the Industrial All Risk Policy. The Company has insurance coverage for Product Liability, Public Liability, Marine coverage And Commercial General Liability (CGL). The Company has Directors’ and Officers' Liability Policy to provide coverage against the liabilities arising on them.

28. FINANCE:- RENEWAL OF WORKING CAPITAL FACILITY:-

The Consortium Bank Members viz., State Bank of India, ICICI Bank Limited, HDFC Bank Limited and Standard Chartered Bank has renewed Fund Based and Non Fund Based Working Capital Credit Facilities up to Rs, 40,000 Lakhs. The Company has executed Security Documents.

During the year ICICI Bank Limited has sanctioned Rupee Term Loan of Rs, 12,500 Lakhs and Axis Bank Limited has sanctioned Rs, 12,200 Lakhs (Comprising Term Loan of Rs, 9,200 Lakhs and Working Capital facility of Rs, 3,000 Lakhs).

29. AGROCHEMICAL REGISTRATION:-

To date, we have 260 Export Registrations including Co-partner Registrations world wide. The Company has 307 Registrations of Central Insecticides Board (CIB), Faridabad, 35 Registered Trade Marks and 333 Export Registrations are in pipe line.

30. RESEARCH & DEVELOPMENT:-

During the year, laboratory facility situated at Village Chharodi, Ahmedabad has been granted Certificate of GLP Compliance from National Good Laboratory Practice (GLP) Compliance Monitoring Authority (NGCMA), Department of Science and Technology, Government of India vide certificate No. GLP/C-106/2017 dated 18th October, 2017, for a period five years up to 17.10.2020.

Research and Development (R & D) Center of the Company at Village Chharodi, Taluka : Sanand, District : Ahmedabad is registered by Council of Scientific & Industrial Research (CSIR), New Delhi. R & D Center carries out Development of off-patent molecules, improvements in process parameters, time cycle optimization, and scale up of new technology from laboratory to production level. During the year the Company has spent Rs, 191.29 Lakhs (Previous year Rs, 157.13 Lakhs) as R & D expenses.

31. ANNUAL LISTING FEE:-

The Company has paid the Annual Listing Fees for the Financial Year 2018-19 to National Stock Exchange of India Limited, BSE Limited and Singapore Exchange.

32. ENVIRONMENT:-

As a responsible corporate citizen and as a chemicals manufacturer environmental safety has been one of the key concerns of the Company. It is the constant endeavour of the Company to strive for compliant of stipulated pollution control norms. During the year the Company has spent Rs, 2084.08 Lakhs (Previous year Rs, 1157.04 Lakhs).

33. INDUSTRIAL RELATIONS:-

The relationship with the workmen and staff remained co-ordial and harmonious during the year and management received full cooperation from Employees.

34. PARTICULARS OF EMPLOYEES:-

The applicable information required pursuant to Section 197 of the Companies Act, 2013 read with Rule (5) of the Companies (Appointment and Remuneration of Managerial Personnel), Rules 2014 in respect of the employees are as under.

i. ratio of remuneration of each Director to the median employee’s is 78.

ii. percentage increase in remuneration of each Director, CFO, CEO, CS or Manager, if any

iii. The percentage increase in the median remuneration of employees is 11%.

iv. The number of permanent employees on the rolls of Company is 1617.

v. The Sales Turnover of the Company has increased by 18.26% while the Net Profit by 85.33%. There is no direct relationship between average increase in remuneration of employee and Company performance.

vi. The Sales Turnover of the Company has increased by 18.26% while the Net Profit by 85.33%. There is no direct relationship between average increase in remuneration of KMP and Company performance.

Sr. No.

Name

Designation

% increase

1

Mr. Jayanti Patel

Executive Chairman

82%

2

Mr. Ashish Soparkar

Managing Director

81%

3

Mr. Natwarlal Patel

Managing Director

81%

4

Mr. Ramesh Patel

Executive Director

55%

5

Mr. Anand Patel

Executive Director

39%

6

Mr. Kamlesh Mehta

Company Secretary

7%

7

Mr. Ankit Patel

Chief Executive Officer

Nil

vii. The Price earnings ratio as at 31.03.2018 is 27.89 and 31.03.2017 was 22.88.

The Market Capitalisation as on 31.03.2018 was Rs, 2,14,895 Lakhs (Share Price Rs, 84.50 per Equity Share) while on 31.03.2017 was Rs, 94,859 Lakhs (Share Price Rs, 37.30 per Equity Share)

The Company had made its IPO in 2007 at Rs, 19 /- per Equity Share of Rs. 1/- each. The Share price as on 31 March,

2018 was Rs, 84.50/- per Equity Share of Rs, 1/- each. The percentage increase in the market quotation was 344.74%

viii. There is no employee receiving remuneration in excess of the highest paid Director.

ix. All the components of the remuneration are fixed and no components are variable.

x. The remuneration paid to Working Directors is as per Schedule V of the Companies Act, 2013 and as per remuneration policy of the Company.

xi. Particulars of Employees:- Employed throughout the financial year receiving remuneration in aggregate, not less than Rs, 60 lakhs.

(Rs, in Lakhs)

Sr.

No.

Name

Salary Per Annum

Perquisites Per Annum

Performance

Bonus

Total

1

Mr. Jayanti Patel

60

7.79

100

167.79

2

Mr. Ashish Soparkar

60

7.67

100

167.67

3

Mr. Natwarlal Patel

60

7.67

100

167.67

4

Mr. Ramesh Patel

60

7.66

60

127.66

5

Mr. Anand Patel

60

7.28

40

107.28

Total

300

38.07

400

738.07

xii. No Employee was employed for a part of the financial year at an aggregate salary of not less than Rs. 5 lakhs per month.

xiii. No one was employed through out the financial year or part thereof receiving remuneration in excess of the amount drawn by Managing Director.

35. DIRECTORS' RESPONSIBILITY STATEMENT:-

To the best of their knowledge and belief and according to the information and explanations obtained by them, your

Directors make the following statement in terms of Section 134 of the Companies Act (Act):—

a) In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) 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 as at 31st March, 2018 and of the profit of the Company for the period ended on 31st March, 2018.

c) 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;

d) The Directors had prepared the Annual Accounts on a Going Concern Basis;

e) The Directors had laid down Internal Financial Controls (IFC) and that such Internal Financial Controls are adequate and have been operating effectively.

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

ACKNOWLEDGMENT:-

Your Directors thank various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. Customers, Members, Dealers, Vendors, Banks and other Business Partners for the excellent support received from them during the year.

The Directors place on record their sincere appreciation to all Employees of the Company for their unstinted commitment and continued contribution to the Company.

For and on behalf of the Board

Jayanti Patel

Date: 26 May, 2018 Executive Chairman

Place: Ahmedabad DIN - 0007224

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