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DIRECTOR'S REPORT

STL Global Ltd.

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Market Cap. (₹) 22.37 Cr. P/BV -0.62 Book Value (₹) -13.23
52 Week High/Low (₹) 15/5 FV/ML 10/1 P/E(X) 0.52
Bookclosure 30/09/2019 EPS (₹) 15.77 Div Yield (%) 0.00
Year End :2018-03 

DIRECTORS’ REPORT

To

The Members,

The board of directors has pleasure in presenting the 21st Annual Report together with the Audited Statement of Accounts of the Company for the financial year ended 31st March 2018.

The Financial Results of your company for the year ended on 31st March 2018 are as follows:

(Rs. in Crores)

Year Ended March 31st

2018

2017

Sales and Other Income

104.51

82.32

Expenditure

85.48

63.20

Depreciation & Amortization

2.86

3.64

Profit/(Loss) before Exceptional & Extra Ordinary Items

16.53

15.49

Exceptional Items Income/(Expenses)

14.85

1.36

Extraordinary Items

0.00

0.00

Profit/(Loss) before Tax

31.38

16.85

Tax Paid for Earlier Year

0.54

0.00

Provision for Deferred Tax

0.00

0.00

Profit/(Loss) After Tax

30.84

16.85

Performance of your Company

As you all are already aware that Company has been facing adverse factors from previous nine-ten years but continuous efforts of management of the company seems to be successful from last two year as the company is coming on track after getting itself out of trap of financial sickness. The company has settled or in process of settlement of secured/unsecured Loans of Banks. Profit shown in financial statement mainly due to reversal of Provision of interest created in earlier years.

The year under review was marked by various structural reforms. The turbulence of sudden note ban coupled with indirect tax overhaul resulted to a three-year low growth rate of 5.7% in the first quarter, however, towards end of the year it had shown signs of picking up, though lower than that of last financial year. Initial teething problems associated with the adoption of new indirect tax regime in the form of GST, other structural reforms like initiating significant steps towards resolution of NPA problems, together with increase in crude oil prices world over have slowed down the growth. However, growth is picking up and the textile sector is showing signs of recovery.

Operations

Results of the Company for the last financial year are as follows; total revenue for the year ended 31st March, 2018 has been increased to Rs. 104.51 Crores as compared to previous year's Rs. 82.32 Crores, hence there was an increase of approx. 24 to 25%. The operating profit before tax is Rs. 31.38 Crores and tax paid for earlier was Rs.

0.54 during the year. No Provision for deferred tax has been made during the last financial year as there is no certainty of future taxable income. The net profit for the year was Rs. 30.84 crores against a net profit of Rs. 16.85 crores in the previous financial year.

Dividend

The board of directors of the Company does not recommend any dividend for the financial year ended on 31stMarch 2018.

Unclaimed Dividends:

Since STL Global Limited has not paid any dividend in last considerable years so the applicability of different rules, act and regulation is not applicable.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 and Schedule V of the SEBI (LODR) Regulations, 2015 is presented in a separate section forming part of the Annual Report. (Annexure-I)

Indian Accounting Standard (Ind AS)

The Company has adopted Indian Accounting Standards (IND AS) prescribed under section 133 of the Companies Act,2013, read with the relevant rules issued thereunder. The date of transition to Ind AS is 1st April, 2017 and accordingly, Financial Results of 2017-18 have been prepared in accordance with the recognition and measurement principals laid down in Ind AS 34 "Interim Financial Reporting" and the other accounting principles generally accepted in India. The Impact of transition has been accounted for in the opening reserves and the comparative figures have been reinstated accordingly.

Segment Reporting

STL Global Limited business is segregated into two segments Textile & Real Estate Business and the Financial Statements has been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 “Interim Financial Reporting” and other accounting principles generally accepted in India.

Fixed Deposit

As on 31st March 2018, no Fixed Deposits was held by the company.

Listing and ISIN

Equity Shares of the STL Global Limited are listed at BSE Limited (BSE), Mumbai and National Stock Exchange of India Limited (NSE), Mumbai. The Annual Listing Fees for the Financial Year 2018-19 has already been paid by the Company to both the stock exchanges.

The Company's shares are compulsorily traded in De-Materialized form.

The ISIN for fully paid-up equity shares is INE353H01010

Share Capital

There was no change in the Authorized Share Capital of the Company during last financial year and it remains unchanged at Rs.42,00,00,000/- (Forty Two Crores only) divided into 4,20,00,000 (Four Crores Twenty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten) each.

The paid-up share capital of the Company as on 31st March 2018 was also remains unchanged at Rs. 27,22,17,975/consisting of 26990915 fully paid up Equity shares of Rs.10/- each and 461765 partly paid up Equity Shares of Rs. 5/- each.

Address of Corporate Office

The Corporate Office of the company is situated at Plot No.207-208, Sector-58, Faridabad-121004, HR (India). Shareholders are requested to please take a note of the above.

Corporate Governance

Corporate Governance is the combination of voluntary practices, disclosures and compliance with laws as may be applicable to the company leading to effective control and management of a Company. Your Company believes that Corporate Governance balances the interest of all stakeholders of a company and satisfies the tests of accountability, transparency and fair play.

STL Global Limited philosophy on Corporate Governance is to operate for the benefit of all its stakeholders, including shareholders, customers, lenders, creditors, employees, government authorities and the community and to conduct its business in a transparent, ethical and fair manner. Your Board of Directors considers itself the trustee of Company's shareholders and always aims at maximizing the shareholders' value and protecting the interest of all other stakeholders.

The report on Corporate Governance is annexed and forms part of this Directors' Report (Annexure - VI).

STL Global Limited has been strictly complying with the requirements of Corporate Governance as stipulated under Regulation 27 and Schedule II of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The copy of certificate obtained from Statutory Auditors of the Company dated 30.05.2018 confirming the compliance of the conditions of Corporate Governance by the Company is also attached with this report.

Number of Board Meeting

During the financial year 2017-18, six meetings of the Board of Directors were held, the details of which are given in the Corporate Governance report annexed herewith and forms part of this Director's Report.

Formation of various Committees

Details regarding various committees constituted by the Board of directors are given in the Corporate Governance report annexed herewith and forms part of this Director's Report.

Material Changes and Commitment

There were no material changes and commitments affecting the financial position of the Company occurred during the Financial Year ended as on 31st March, 2018 to which this financial statement relates on the date of this report.

Directors & Key Managerial Personnel

During the last financial year Mr. Vishal Aggarwal, Joint Managing Director of the company would be designated as Chairman & Managing Director of the company from 01st April, 2017 and he would be responsible for the management of whole of the affairs of the company. On 03rd April, 2017 Mr. Arunagshu Ghosh, Non-Executive Independent director was resigned due to some personal reasons and other preoccupations.

Further in order to comply with Regulation 17 and other applicable regulations, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Board of director has appointed Mr. Prakash Swaroop Arya (DIN: 07799593) as an Additional Independent Director on the board w.e.f. 29th May, 2017 who is regularize as Independent Director in the 20th Annual General Meeting (AGM) held on 29th September, 2017 by the shareholders of the company. Hence at present the total strength of the Board of directors is five directors. Out of which two are executive directors and three are non-executive & independent directors. In the last Annual General Meeting (AGM) company has reappointed Mr. Vishal Aggarwal, Managing Director and Mr. Sanjiv Kumar Aggarwal, Whole Time Director respectively.

Retirement by Rotation

There are two rotational directors in the company at present; hence in accordance with the provisions of Section 149(13) of the Companies Act, 2013, which states that the provision of sub-sections (6) and (7) of section 152 in respect of retirement of Directors by rotation shall not apply to the appointment of Independent Directors. Hence one director shall retire by rotation in the forthcoming 21st AGM. So Mr. Vishal Aggarwal, Managing Director of the Company shall retire by rotation at the forthcoming 21st Annual General Meeting (AGM) and being eligible, he has offered himself for re-appointment. A brief resume of director, containing their age, qualifications and experience is already given in the annexure to the notice convening forthcoming 21st Annual General Meeting.

The resolution contained at item no. 2 of the notice is being proposed for his re-appointment as director at the forthcoming Annual General Meeting of the Company. The board recommends his re-appointment.

Declaration by Independent Directors

STL Global Limited abided by definition of Independence as per Regulation 17 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and according to the Provision of Section 149 (6) of the Companies Act, 2013. The company has also obtained declarations from all the Independent Directors pursuant to section 149 (7) of the Companies Act, 2013.

Company's Policy relating to Directors appointment, payment of remuneration and discharge of their duties

STL Global Limited has adopted a Nomination and Remuneration Policy on Directors Appointment and Remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters as provided under Section 178(3) of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The Nomination and Remuneration Policy is available on the website of the company i.e. www.stl-global.com.

Loans, Investment and Guarantees by the Company

Disclosure on particulars relating to Loans, guarantees or investments under Section 186 of the Companies Act 2013, if any, is provided as part of financial statements.

Particulars of Contracts or Arrangements with Related Parties referred to in section 188(1) of the Companies Act, 2013.

All related party transactions that were entered and executed during the year under review were at arms' length basis. As per the provisions of Section 188 of the Companies Act, 2013 and Rules made thereunder read with Regulation 23 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, your Company had obtained prior approval of the Audit Committee under omnibus approval route and / or under specific agenda before entering into such transactions.

The policy on materiality of Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company i.e. www.stl-global.com. In compliance with Section 134(3) of the Companies Act, 2013, particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 are enclosed, in the Form AOC-2, as a part of this report (Annexure-V)

Director’s Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(3) (c) of the Companies Act, 2013:

1. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures.

2. That 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 as on 31st March 2018 and of the profit or loss of the company for the year ended on that date.

3. That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. That the directors have prepared the annual accounts on a Going Concern Basis.

5. That the directors have laid down internal financial controls are adequate and were operating effectively.

6. That the directors have devised proper system to ensure compliances with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Internal Control Systems and their Adequacy

The Company has adequate systems of internal control covering all financial and operational activities. The internal control are designed to provide reasonable assurance with regard to maintaining proper accounting controls, protecting assets from unauthorized losses and ensuring reliability of financial and operational information and proper compliance with regulations. The internal control system of the company are monitored and evaluated by the internal auditor and the senior management of the company. In the opinion of the Board, an internal control system adequate to the size of the Company is in place.

Subsidiary Companies

STL Global Limited does not have any subsidiary companies at present.

Auditors and Auditor’s Report

M/s. Vishnu Aggarwal Associates, Chartered Accountants, (FRN: 007231C), Auditors of the Company is appointed in the 20th Annual General Meeting (AGM) of the Company held on September 29, 2017 to hold office for a period of five years till the conclusion of 25th Annual General Meeting (AGM), subject to ratification of their appointment at every AGM of the Company, this was done as per prevailing law at that time. As per notification issued by Ministry of Corporate Affairs dated May 7, 2018, proviso of sub-section (1) of Section 139 of the Companies Act, 2013, which provided for such ratification every year has been omitted. However, the resolution passed by the members on September 29, 2017 contains requirement for ratification of appointment of auditors at every AGM. As an abundant caution it is now proposed, to ratify an appointment of Statutory Auditors in the forthcoming 21st Annual General Meeting (AGM). The company had received a confirmation from the Statutory Auditor that their appointment if made, will be within the limits prescribed under the provisions of Section 139 of the companies Act, 2013.

Notes to the accounts referred to in the auditor's report are self-explanatory and therefore do not call for any further comments.

Cost Audit

As per the requirement of Central Government and pursuant to Section 148 of the Companies act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, company is not required to carry out audit of cost records.

Secretarial Audit

Pursuant to the provisions of Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013, the Company has appointed M/s Vijay Mourya & Associates, a Company Secretary Firm to undertake the Secretarial Audit of the Company for the Financial Year 2017-18. The Secretarial Audit Report (Form MR-3) for the Financial Year 2017-18 is annexed herewith as part of Director's Report as (Annexure-II).

Internal Audit:

The Company has appointed Mr. Naveen Kumar, Chartered Accountant (Membership No. 505899) proprietor of M/s Naveen Brahmanand & Co., Chartered Accountants (FRN: 023923N) as an Internal Auditor of the Company for the

F.Y. 2017-18, who has conducted the audit and submits their report on time to time before the Audit Committee and Board including action taken reports on the findings and discrepancies, if any.

Extract of Annual Return

The details forming part of the extract of Annual Return in Form MGT-9, as required under Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration) Rules, 2014, is included in this Report as (Annexure- IV) and forms an integral part of this Report.

Board Evaluation:

During the year, Board has made performance evaluation of the Promoter Directors and Independent Directors of the Company. Evaluation was made on the basis of following assessment criteria:

i) Attendance in Board meeting, active participation in the meeting and giving inputs on time in the minutes.

ii) Stick to ethical standards and code of conduct of the Company and timely submission of disclosure of interest.

iii) Interpersonal relationship with other directors and management.

iv) Active contribution for the benefit of the Company

iv) Compliances with policies. Immediately reporting fraud, violation, statutory matters etc.

The overall performance of the Board and Committees of the Board was found satisfactory.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

STL Global Limited sincerely believes that growth needs to be sustainable in a socially relevant manner. Today's business environment especially in India therefore demands that Corporates play a pivotal role in shouldering social responsibility. India's new Companies Act, 2013 has introduced several new provisions which change the face of Indian corporate business. One of such new provisions is Corporate Social Responsibility (CSR).

As per Section 135(1) of the Companies Act, 2013 provides that every company having net worth of Rs. 500 Crore or more, or turnover of Rs. 1,000 Crore or more or a net profit of Rs. 5 Crore or more during any financial year shall constitute a Corporate Social Responsibility (“CSR”) Committee. Company has earned a profit of Rs. 16.85 crores last year ended on March 31, 2017 and therefore the CSR provisions as per section 135 of the Companies Act, 2013 and rules framed thereunder applicable on the Company.

In accordance with the requirements of Section 135 of Companies Act, 2013, Company has formed Corporate Social Responsibility Committee last year, which comprises Mr. Vishal Aggarwal, Mr. Sanjiv Kumar Aggarwal and Ms. Anjana Mehra, Directors of the Company.

The average net profit of the Company, computed as per Section 198 of the Companies Act, 2013, during the three immediately preceding financial years i.e. in 2016-17, 2015-16 and in 2014-15 was negative and therefore company not spent any amount on CSR. Further company has negative Net Worth, huge accumulated losses and also had Bank's restructured Liability. Profit shown in financial statement mainly due to reversal of Provision of interest created in earlier years. The Company is in mode of revival itself and will do CSR in future once the company recovers its accumulated losses.

Particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Expenditure

Information on Conservation of energy as required to be disclosed under section 134 (3)(m) of the Companies Act 2013, read with Rules 8 of Company (Accounts) Rules, 2014 is provided as under:

A. Conservation of Energy

During last financial year also the Company has made continuous efforts in order to ensure optimum utilization of fuel and electricity.

a. Energy conservation measures taken:

STL Global Limited has been continuously making its best efforts for energy conservation like Energy saving tubes and other 'less electricity consuming' electronic devices are installed in the Plant in a phased manner for this purpose. The Department wise monitoring of energy consumption is regularly conducted in order to save power cost and for optimum utilization of available resources.

b. The relevant data in respect of energy consumption is given below:

FORM - A___

(a) Power and Fuel Consumption

Current Year (2017-18)

Previous Year (2016-17)

Electricity Purchased Units (Nos)

4812278

4561051

Total Cost (Rs.)

3,74,37,920

3,64,43,447

Rate per Unit (Rs.)

7.78

7.99

(b) Own Generation- (Through D.G. set)

Generated Units (Nos)

455718

1031745

Diesel Cost (Rs.)

83,66,875

1,88,49,984

Diesel Cost Per Unit (Rs.)

18.36

18.27

B. Technolog

Absorption, Research & Development

STL Global Limited is working with best available technology in all of its production activities viz. knitting, dyeing etc. The Company has a full time specialized and dedicated, independent Research & Development department for its production divisions, which regularly provide suggestions for reducing the cost of production and improving quality of products. The present technology is also being updated from time to time as and when required and the company is also taking full advantage of implementation of information technology through the plant-wide network for quicker decision making and faster preventive actions.

C. Foreign Exchange Earnings and Outgo

Particulars regarding foreign exchange earnings and expenditure are annexed hereto as (Annexure - III) and forms part of this Director's Report.

Cautionary Statement

This director's report contains some forward looking statements which may be identified by use of words like expect, anticipate, believes, intends, projects, plans or other words of similar meaning. These forward looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. Company assumes no responsibility to publicly amend, modify or revise any of the forward looking statement on the basis of any subsequent developments, information or events.

Management is also of the opinion that quarter to quarter performance comparison would not be an ideal way of reviewing the Company's performance in view of the changing transaction dynamics which might result into some of the key assignments getting stretched and the incidence of the revenues may either pass over to next quarter or pushed on to a longer time scale than anticipated.

Sexual Harassment at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has always believed in providing a safe and harassment free workplace for every employee/individual working in the company through various interventions and practices. The company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment. Proper awareness programs, whenever required were carried out against sexual harassment. During the year ended 31st March, 2018 in the Company no complaints pertaining to sexual harassment was received.

SAFETY, HEALTH AND ENVIRONMENT SAFETY

STL Global Limited believes that safety is an integral part in the efficient business management; hence it has benchmarked its processes to the highest standards of safety. Adequate Controls are made at workstation to safeguard the interest of employees. Prompt and regular efforts with respect to safety, training and education are your company's commitment to the safety. The employees working on the production floor are required to undergo a mandatory training in their respective department. Also various other efforts are being taken continuously for improving safety at the plant and these efforts include continuous safety trainings with internal & external faculties, on-the-job training for technicians and safety awareness among employees etc.

HEALTH

STL Global Limited has built sufficient infrastructure in order to provide necessary medical care to the employees working at all levels. The medical checkups are also done before recruitment of any new person. A first-aid box is always available in all the departments and normal medical checkups are regularly conducted. The employees are also imparted with health education from time to time. The company is committed to safe and healthy life of its employees.

ENVIRONMENT

STL Global Limited and its management are fully committed to provide a safe and healthy working environment inside the Company as well outside. The Company regularly complies with all rules & regulations regarding protection of the environment of its outside surrounding area. Your Company is also committed to prevent wasteful use of natural resources and to minimize the dangerous impacts of any of its activities e.g. production, development, use & disposal of products and other services on the environment. The Company always ensures that highest standards of environmental management are being maintained. The company regularly participates in plantation activity in the vicinity.

SHE COMMITTEE

Your Company had a SHE Committee (Safety, Health & Environment Committee) that comprises of members from the senior management of Company. The SHE Committee is mainly responsible for ensuring safe and healthy environment within the Company and its neighboring area, and also for complying with all applicable regulatory requirements in this regard.

The Company is also fully committed to make its contribution in the Social and Economic Development of the community located in vicinity of its operations and to provide assistance for improving the quality of their life and optimum utilization of resources.

Particulars of Employees A. The information required under section 197(12) of the Companies act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

1. Ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year ended 31st March, 2018:

S.No.

Name of Director

Designation

Remuneration

Ratio

1.

Mr. Vishal Aggarwal

Managing Director

12 Lakhs

5.56

2.

Mr. Sanjiv Kumar Agarwal

Whole Time Director

9 Lakhs

4.17

3.

Mr. Faquir Chand Gupta*

Non-Executive Independent Director

N.A.

N.A.

4.

Mr. Prakash Swaroop Arya*

Non-Executive Independent Director

N.A.

N.A.

5.

Mrs. Anjana Mehra*

Non-Executive Woman Independent Director

N.A.

N.A.

The Median remuneration of the employees for the Financial Year ending on 31st March, 2018 is Rs. 2.16 Lakhs.

* All the Non-Executive Independent Directors of the Company were not paid any remuneration and were paid only sitting fee for attending the meetings of the Board/Committee of Directors. Therefore, the said ratio of remuneration of each director to median remuneration of the employees of the company is not applicable.

2. The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year: During the last financial year there was Increase in the Remuneration of Managing Director (100%), Whole Time Director (100%), Chief Financial Officer (25%) & Company Secretary (10%) of the Company

3. The percentage increase in the median remuneration of employees in the financial year: Not Increase

4. The number of permanent employees on the rolls of the Company: 179 Employees

5. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: During the last financial year there was increase in the remuneration/salary of the employees (up to 10%) and there was also increase in the managerial remuneration.

6. The key parameters for any variable component of remuneration availed by the directors: The Executive Directors have not availed any variable component of remuneration.

7. Affirmation that the remuneration is as per the remuneration policy of the company: It is affirmed that the remuneration paid is as per the remuneration policy of the company.

B. Top Ten Employees (including Directors) information as per Rule 5(2) of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) rules, 2014 in terms of salary as on 31st March, 2018 are given below:

Sl. No.

Name of Employees

Designation

Salary per month (In Rs.)

1

Mr. Vishal Aggarwal

Managing Director

1,00,000

2

Sanjiv Kumar Aggarwal

Whole Time Director

75,000

3

Sanjay Kumar Gupta

General Manager

75,000

4

Anil Jodhani

Chief Financial Officer (CFO)

75,000

5

David Singh

Marketing Manager

70,000

6

G.S. Chauhan

Personal & HR Manager

50,000

7

Dilip Kumar Banka

Purchase Manager

46,000

8

Ajay Kumar Singh

Finishing Incharge

42,000

9

Pramod Singh

Sr. Marketing Merchant

40,000

10

Neeraj Tyagi

Dying Manager

40,000

C. The information required under section 197(12) of the Companies act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

None of the employee has received remuneration exceeding the limit Rs. 1.20 Crore per annum when employed for full year and Rs. 10 lakhs per month, when employed for a part of the year, as stated in section 197(12) of the Companies act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time.

Personnel

The Board of directors and management of the company once again sincerely acknowledge the devotion of all the employees of the company, who have contributed in the performance & development of the company. Company treats its employee like its asset. The Company's relations with employees are always cordial, the employees are regularly provided with internal & external trainings and more responsibility is being entrusted to them thereby involving them in day-to-day decision making. The true spirit of trust, commitment, dignity, transparency and opportunity to explore & achieve their dreams gives the employees an encouragement and yearning to perform better.

Acknowledgement & Appreciation

In today's world no company can grow without the support of their employees. The company's growth is achieved with the continuous support of all the stakeholders. Your directors once again take this opportunity to first of all thank all the employees of the Company for their hard work, dedication, co-operation and support rendered towards the Company.

The board of directors also wants to express its gratitude towards the Company's Bankers, Financial Institutions, Central and State Government Authorities & Officials, Customers, Vendors, Traders, Solicitors, Advisors and to our well-wishers for their support and co-operation during the period under review.

And also to you, our dear shareholders, we are extremely grateful for your continuous support and confidence.

For and on behalf of the Board of Directors

Sd/- Sd/-

Vishal Aggarwal Sanjiv Kumar Aggarwal

Date: 13th August 2018 (Chairman & Managing

Director) (Whole Time Director)

Place: Faridabad (DIN: 00226677) (DIN: 00227251)

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