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Notes to Accounts of Ashapura Minechem Ltd.

Mar 31, 2015

1. Based on the audited annual accounts for the year ended 31st March 2011, the company became a sick industrial company within the meaning of section 3(1)(O) of the Sick Industrial Companies (Special Provisions) Act, 1985 and pursuant the proviso to section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

The Board for Industrial & Financial Reconstruction (BIFR) on considering the material on their record, declared the company as a sick company vide its order dated 20th March 2012. Further, in terms of the order passed and the powers available u/s 17(3) of SICA, the Bench has appointed Bank of India as Operating Agency with directions to submit Draft Rehabilitation Scheme which is under consideration and discussion.

2. The Security and Exchange Board of India (SEBI) vide its letter no. CFD/DIL/ HB/OW/35705/ 2014 dated 12th December 2014, has directed the Company to make the necessary provisions of unprovided disputed losses/liabilities in respect of foreign currency derivative contracts, which were the subject matter of qualification in the Auditors' Report in the previous year. Accordingly, the Company has, during the year, provided for such disputed liabilities aggregating to Rs. 21,101.37 lacs under exceptional items. The Company, however, based on the legal advice received, maintains that these financial derivative contracts are void and unenforceable.

3. The company had entered into Contract of Affreightment (COA) with four shipping companies viz. (i) British Marine, (ii) IHX Pacific (UK), (iii) Eitzen Bulk A/S and (iv) Armada (Pte) Limited, Singapore.

The company has settled the claim of British Marine Plc, for 7 22.64 crore as against award passed for 7 553.41 crore, which was initially claimed by British Marine Plc.

Since the award of claims of each of the three shipping companies were heavily exaggerated. the company has, much prior in time to filing of the application for enforcement of the award, initiated legal proceedings against the alleged arbitration awards by filing an Application under Section 34 of the Arbitration & Conciliation Act, 1996 against each of the three shipping companies in the Court of Civil Judge at Jamkhambaliya on the ground of opposed to the public policy of India.

By an order dated 26th June 2013, Jam Khambhaliya District Court refused to pass any order on the ground of the jurisdiction issue.

Aggrieved by the above order, the company has preferred an appeal before the Honourable Gujarat High Court, which has been admitted.

In view of the above, the company has "strictly without prejudice and without admitting the claims of the shipping companies" made the provision of Rs. 562.03 cr. in the earlier years against the shipping claims.

The company has been declared as a sick company by the BIFR as stated in note no. 24 above and the matter is sub-judice.

4. Depreciation for the year has been aligned to comply with requirement of Part C of Schedule II of the Companies Act, 2013. Consequently, depreciation for the year is higher by Rs. 38,564,540. Further, Rs. 19,489,142 in the respect of the fixed assets where the useful lives as specified in Schedule II is already expired, has been adjusted to the opening balances of the retained earnings.

5. Balances with some of the banks as well as balances for trade payables, trade receivables and loans and advances in many cases are subject to confirmations from the respective parties and reconciliations, if any. In absence of such confirmations, the balances as per books have been relied upon by the auditors.

6. The management of the Company has, during the year, carried out technological valuation for identification of impairment of assets, if any, in accordance with the Accounting Standard (AS) – 28. Based on the judgment of the management and as certified by the directors, no provision for impairment is found to be necessary in respect of any of the assets.

7. As the company's main business activity, in the opinion of the management, falls within a single primary segment i.e. bulk minerals for industrial consumption and its derivatives and other activities incidental thereto, which are subject to the same risks and returns, the disclosure requirements in accordance with the Accounting Standard (AS) – 17 "Segment Reporting" in the opinion of the management, are not applicable.

8. In the opinion of the directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business. The provisions of all known liabilities are adequate and not in excess of the amount reasonably required.

9. In accordance with Accounting Standard (AS) 13, the long-term investments held by the company are carried at cost. All the investments of the company in subsidiaries, joint ventures and associate companies have been considered by the management to be of a long-term nature and diminution in the value of investments, being considered by the management to be for a temporary period is not provided for.

10. Based on the principles of prudence and in view of the uncertainty, deferred tax assets arising out of the carried forward business losses are not accounted for in accordance with the provisions of Accounting Standard (AS) – 22 "Accounting for Taxes on Income."

11. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amounts unpaid as at the year-end together with interest paid/payable under this Act have not been given.

12. Figures in the brackets are the figures for the previous year, unless otherwise stated.

13. All the amounts have been stated in Indian Rupees, unless otherwise stated.

14. Previous year's figures has regrouped and rearranged, wherever necessary. Signatures to notes no. 1 to 44


Mar 31, 2013

1 Based on the audited annual accounts for the year ended 3 Ist March 201 I, the company became a sick industrial company within the meaning of section 3(l)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985 and pursuant to the proviso to section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

The Board for Industrial & Financial Reconstruction (BIFR) on considering the material on their record, declared the company as a sick company vide its order dated 20th March 20 12. Further, in terms of the order passed and the powers available u/s 17(3) of SICA, the Bench has appointed Bank of India as Operating Agency to which the company has submitted Draft Rehabilitation Scheme which is under consideration and discussion.

2 i. Certain foreign currency derivatives contracts entered into by the Company with the various bankers are under litigation at various stages. Based on the legal opinion obtained by the Company, these contracts are void in nature and cannot be legally enforced.

ii. The Company has, in the earlier years, written back liabilities of t 15,334.50 lacs on account of the provision for such foreign currency derivatives losses; and not provided for foreign currency derivatives losses of t 26,508.05 lacs in the earlier years, (net of settlement with some of the banks and financial institutions for certain secured loans and unprovided disputed foreign currency contracts t 27,779.75 lacs )

iii. Apart from the above, the Company has also not provided for the losses arising during the year on foreign currency derivatives contracts aggregating to t 61 1.49(3,972.19) lacs including mark to market (MTM) valuation as on the balance sheet date ^ Nil (previous year ^ 3,131.20 lacs )

iv. As a result of the above, net profit for the year as well as reserves and surplus are overstated by t 61 1.49 (3,972.19) lacs and t 28,391.24 (43,408.95) lacs respectively.

3 The company had entered into Contract of Affreightment (COA) with four shipping companies viz. (i) British Marine, (ii) IHX Pacific (UK), (iii) Eitzen Bulk A/S and (iv) Armada (Pte) Singapore.

The company has settled the claim of British Marine Pic, for t 22.64 crore as against award passed for ^ 553.41 crore, which was initially claimed by British Marine Pic.

The quantum of awards in respect of the other three companies are as under:

Since the award of claims of each of the three shipping companies were heavily exaggerated, the company has, much prior in time to filing of the application for enforcement of the award, initiated legal proceedings against the alleged arbitration awards by filing an Application under Section 34 of the Arbitration & Conciliation Act, 1996 against each of the three shipping companies in the Court of Civil ludge at lamkhambaliya on the ground of opposed to the public policy of India.

By an order dated 20th December, 2010, passed in the Petition filed by IHX Pacific (UK) Ltd. (a) under Section 9 (being arbitration petition No.25 of 2010) and (b) Section 44 to 47 (being arbitration petition No.24 of 2010) of the Arbitration and Conciliation Act, 1996, the company has been allowed to contest the proceedings including Application under Section 34 provided the company furnishes security to an extent of ^ 107.73 crore.

Aggrieved by the above order, the company has preferred an appeal before the divisional bench of Bombay High Court, wherein the matter got stayed.

IHX (UK) Ltd. moved to the Supreme Court and at present matter is pending before the Supreme Court.

In view of the above, the company has "strictly without prejudice and without admitting the claims of the shipping companies" made the provision of t 562.03 cr. in the earlier years against the shipping claims.

The company has been declared as a sick company by the BIFR as stated in note no. 24 above and the matter is sub-judice.

4 Balances for trade payables, trade receivables, for loans and advances are subject to confirmations from the respective parties and reconciliations, if any, in many cases. In absence of such confirmations, the balances as per books have been relied upon by the auditors.

5 The management of the Company has, during the year, carried out technological valuation for identification of impairment of assets, if any, in accordance with the Accounting Standard (AS) - 28 prescribed under the Companies (Accounting Standards) Rules, 2006. Based on the judgment of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

6 As the company''s main business activity, in the opinion of the management, falls within a single primary segment i.e. bulk minerals for industrial consumption and its derivatives and other activities incidental thereto, which are subject to the same risks and returns, the disclosure requirements of Accounting Standard (AS) - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006, in the opinion of the management, not applicable.

7 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

8 In accordance with Accounting Standard (AS) I 3 prescribed under the Companies (Accounting Standards) Rules, 2006, the long- term investments held by the company are carried at cost. All the investments of the company in subsidiaries, joint ventures and associate companies have been considered by the management to be of a long-term nature and diminution in the value of investments, being considered by the management to be for a temporary period, and hence, is not provided for.

9 The company has during the year issued 4,000,000 Equity Shares as well as 4,000,000 convertible equity warrants of Rs. 2 each to Ashapura Industrial Finance Limited, a body corporate under the promoters group on preferential basis at a premium of t 34.83 per share/warrant. These warrants are convertible into one Equity Share against each warrant within a period of 18 months from the date of the issue.

10 Of total loans granted to other bodies corporate, including subsidiary companies, (excluding trade advances) loans aggregating to t 1,992.33 (^ 1,979.06) lacs are granted free of interest.

11 Based on the principles of prudence and in view of the uncertainty, deferred tax assets arising out of the carried forward business losses are not accounted for in accordance with the provisions of Accounting Standard (AS) - 22 "Accounting for Taxes on Income."

12 The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amounts unpaid as at the year-end together with interest paid/ payable under this Act have not been given.

13 Necessary documents in respect of purchase of land at Baraya plant of the company are yet to be executed.

14 Contingent Liabilities:

(Rs.in lacs)

Particulars 31st March 2013 2012 Guarantees to banks against credit facilities

extended to Subsidiary Companies 5,271.20 3,100.00

Guarantees to banks against c redit facilities extended to joint Venture and Associate Companies 7,827.00 7,827.00

Guarantees given by the Company to various

Government Authorities 4,569.22 4,432.94

In respect of contracts remaining to be executed 150.89 31.99

In respect of disputed Income Tax Matters 138.53

In respect of Other Matters 183.21 568.16

15 In view of the inadequacy of net profit in accordance with section 198 read with section 349 and 350 of the companies Act, 1956, remuneration of ^. 1,800,000 each to two of the directors is paid as per Schedule XIII to the Companies Act, 1956.

16 RELATED PARTY TRANSACTIONS:

a. Subsidiaries:

- Ashapura International Limited

- Ashapura Claytech Limited

- Bombay Minerals Limited

- Prashansha Ceramics Limited

- Penisula Property Developers Pvt. Ltd.

- Sharda Consultancy Pvt. Ltd.

- PT Ashapura Resources

- Ashapura Consultancy Service Pvt. Ltd.

- Ashapura Aluminium Limited

- Ashapura Minechem (UAE) FZE

- Ashapura Holdings (UAE) FZE

- Ashapura Maritime FZE

- Asha Prestige Company

b. Associates and Joint Ventures:

- Ashapura Volclay Ltd

- Ashapura Volclay Chemical Pvt Ltd.

- Hudson MPA SDN BHD, Malaysia

- Ashapura Arcadia Logistic Private Ltd.

- Emo Ashapura Energy and Mining

- Ashapura Amcol NV

- Ashapura Infin Pvt. Limited

- Minologistc Corporation

- Ashapura Mineral Company

- Sohar Ashapura Chemicals LLC

- Prabhudas Vithaldas

- Kantilal Mohanlal Mehta

- Sharda Industrial Corporation

- Ashapura Exports Pvt Limited

- Gem Ashapura Granite Pvt Limited

- Minotrans Logistic Corporation

c. Key Managerial Personnel:

- Mr. Navnitlal R Shah

- Mr. Chetan Shah

17 Figures in the brackets are the figures for the previous year, unless otherwise stated.

18 All the amounts have stated in Indian Rupees, unless otherwise stated.

19 Previous year''s figures has regrouped and rearranged, wherever necessary. Signatures to notes no. I to 46


Mar 31, 2011

A. Figures in the brackets are the figures for the previous year, unless otherwise stated.

b. All the amounts have stated in Indian Rupees, unless otherwise stated.

c. Previous year's figures has regrouped and rearranged, wherever necessary.

1 Balances with Debtors, Creditors and for Loans and Advances are subject to confirmations from the respective parties and reconciliations, if any, in many cases. In absence of such confirmations, the balances as per books have been relied upon by the auditors.

2 Advance Payment of Taxes is shown net of provisions of 145.87 lacs (Rs.81.89 lacs) including current year's advance tax payments of Rs. 81.73 lacs (RS. 310.97 lacs).

3 Based on the certain developments as stated in the note no. 3 above and on the principle of prudence, the management felt it proper not to provide for deferred tax assets arising out of the carried forward business loss under the Income Tax Act, and also to reverse the deferred tax assets accounted for in the earlier years in accordance with the Accounting Standard (AS) - 22 prescribed under the Companies (Accounting Standards) Rules, 2006. Accordingly, deferred tax assets of Rs. 91.00 crores are charged to the profit & loss account for the year.

4 Extra Ordinary Items 121,473,027 are losses suffered at various locations of the company due to natural calamities.

5 The management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard (AS) - 28 prescribed under the Companies (Accounting Standards) Rules, 2006. Based on the judgment of the management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

6 As the company's main business activity, in the opinion of the management, falls within a single primary segment i.e. bulk minerals for industrial consumption and its derivatives and other activities incidental thereto, which are subject to the same risks and returns, the disclosure requirements of Accounting Standard (AS) - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006, in the opinion of the management, not applicable.

7 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

8 In accordance with Accounting Standard (AS) 13 prescribed under the Companies (Accounting Standards) Rules, 2006, the long-term investments held by the company are carried at cost. All the investments of the company in subsidiaries, joint ventures and associate companies have been considered by the management to be of a long-term nature and diminution in the value of investments, being considered by the management to be for a temporary period, and hence, is not provided for.

9 The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year-end together with interest paid / payable under this Act have not been given.

10 Of total loans granted to other bodies corporate, including subsidiary companies, (excluding trade advances) loans aggregating to 1193,987,008 (1181,015,103) are granted free of interest.

11 Sundry Debtors include:

a. Due from subsidiaries: 11,208,656 (Rs. 28,112,557) including for more than six months Rs. Nil (Nil)

b. Due from joint venture and associate companies : Rs 114,580,474 (Rs.167,807,752) including for more than six months Rs. 90,029,301 Rs. 92,372,144)

c. Due from afirm or company in which some of the directors are interested: t. 3,162,306 (t. 2,693,433) including for more than six months 11,239,603 (Rs.2,144,376)

12 Trade Advance to Suppliers includes t. 25,068,911 (Rs.25,062,011) to firms in which some of the directors are interested.

13 CONTINGENT LIABILITIES: (other than those stated in note no. 2)

(Rs. in lacs)

Particulars 2010-2011 2009-2010

In respect of guarantees given by the bank and counter guaranteed by the Company 1, 178.73 1,376.16

Guarantees to banks against credit facilities extended to Subsidiary Companies 3,100.00 3,100.00

Guarantees to banks against credit facilities extended to Joint Venture and Associate Companies 7,827.00 5,431.00

Guarantees given by the Company to various Government Authorities 4,469.11 4,348.48

In respect of Contracts remaing to be executed 222.67 177.97

In respect of disputed Income Tax Matters 269.78 26.46

In respect of Other Matters 410.85 173.07

14 In view of the inadequacy of net profit in accordance with section 198 read with section 349 and 350 of the companies Act, 1956, remuneration of Rs. 4,800,000 each to two of the directors is paid as per Schedule XIII to the Companies Act, 1956.

15 RELATED PARTY TRANSACTIONS:

a. Subsidiaries:

- Ashapura International Limited

- Ashapura Claytech Limited

- Bombay Minerals Limited

- Prashansha Ceramics Limited

- Penisula Property Developers Pvt. Ltd.

- Sharda Consultancy Pvt. Ltd.

- PT Ashapura Resources

- Ashapura Consultancy Service Pvt. Ltd.

- Ashapura Aluminium Limited

- Ashapura Minechem (UAE) FZE

- Ashapura Holdings (UAE) FZE

- Ashapura Maritime FZE

- Asha Prestige Company

b. Associates and Joint Ventures:

- Ashapura Volclay Ltd

- Ashapura Volclay Chemical Pvt Ltd.

- Hudson MPA SDN BHD, Malaysia

- Shantilal Multiport Infrastructure R Ltd. (for part of the year)

- Ashapura Arcadia Logistic Private Ltd.

- Emo Ashapura Energy and Mining

- Ashapura Amcol NV

- Ashapura Infin Pvt. Limited

- Ashapura Mineral Company

- Prabhudas Vithaldas

- Kantilal Mohanlal Mehta

- Sharda Industrial Corporation

- Ashapura Exports Pvt Limited

- Sohar Ashapura Chemicals LLC

- Gem Ashapura Granite (Guj.) Pvt. Ltd.

c. Key Managerial Personnel:

- Mr. Navnitlal Shah

- Mr. Chetan Shah

16 The Ministry of Corporate Affairs, Government of India, vide Genera! Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the companies Act, 1956, subject to fulfillment of certain conditions as stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

17 The Ministry of Corporate Affairs, Government of India, vide its General Notification No. S. O. 301 (E) dated 8th February 2011 issued under section 211 (3) of the Companies Act, 1956 has exempted certain classes of companies from disclosing certain information in their profit & loss account. The Company being an 'export oriented company' is entitled to the exemption. Accordingly, disclosures specified under 3 (i)(a), 3 (ii)(a), 3(ii)(b) and 3(ii)(d) of part II of Schedule VI to the Companies Act, 1956 have not been prvided.


Mar 31, 2010

1 Balances with Debtors, Creditors and for Loans and Advances are subject to confirmations from the respective parties and reconciliations, if any, in many cases. In absence of such confirmations, the balances as per books have been relied upon by the auditors.

2 Advance Payment of Taxes is shown net of provisions of Rs.81.89 lacs (12,255.12) lacs including current years advance tax payments of Rs. 310.97 lacs (1,015.69) lacs.

3 Based on the review of the order books, business plans for the future and other circumstances, the directors believe that the Company would have sufficient taxable income in the future years which, in the opinion of the management will adequately absorb the deferred tax assets of Rs. 91.00 crores arising out of the carried forward business loss under the Income Tax Act, to the extent of expected set-off, as accounted for in accordance with the Accounting Standard (AS)-22 prescribed under the Companies (Accounting Standards) Rules, 2006.

4 The Management of the Company has, during the year, carried out technological evaluation for identification of impairment of assets, if any, in accordance with the Accounting Standard (AS) - 28 prescribed under the Companies (Accounting Standards) Rules, 20Q6. Based on the judgment of the Management and as certified by the Directors, no provision for impairment is found to be necessary in respect of any of the assets.

5 As the Companys main business activity, in the opinion of the Management, falls within a single primary segment i.e. bulk minerals for industrial consumption and its derivatives and other activities incidental thereto, which are subject to the same risks and returns, the disclosure requirements of Accounting Standard (AS) - 17 "Segment Reporting" prescribed under the Companies (Accounting Standards) Rules, 2006, in the opinion of the Management, not applicable.

6 In the opinion of the Directors, the current assets, loans and advances are approximately of the value as stated in the balance sheet, if realized in the ordinary course of the business. The provision of all known liabilities is adequate and not in excess of the amount reasonably required.

7 In accordance widi Accounting Standard (AS) 13 prescribed under the Companies (Accounting Standards) Rules, 2006, the long-term investments held by the Company are carried at cost. All the investments of the Company in subsidiaries, joint ventures and associate companies have been considered by the Management to be of a long-term nature and diminution in the value of investments, being considered by the Management to be for a temporary period, and hence, is not provided for.

8 The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act. 2006 and hence disclosure relating to amounts unpaid as at the year-end together with interest paid/payable under this account have not been given.

9 Of total loans granted to other bodies corporate, including subsidiary companies, (excluding trade advances) loans aggregating to Rs. 181,015,103/- (Rs. 697,025,398/-) are granted free of interest.

10 Sundry Debtors Include:

a. Due from subsidiaries: Rs. 28,112,557/- (Rs. 163,426,122/-) including for more than six months Rs. Nil (Nil)

b. Due from joint venture and associate companies: Rs. 167,807,752/- (Rs. 186,529,956/-) including for more than six months Rs. 92,372,144/- (Rs. 62,452,120/-)

c. Due from a firm or company in which some of the directors are interested: Rs. 2,693,433/- (Rs. 2,979,374/-) including for more than six months Rs. 2,144,376/- (Rs. 2,399,915/-)

11 Trade Advance to Suppliers includes Rs. 25,062,011/- (Rs. 39,556,906/-) to firms in which some of the directors are interested.

12 CONTINGENT LIABILITIES : (other than those stated in note no. 2) (Rs. in lacs)

Particulars 2009-2010 2008-2009

In respect of guarantees given by the bank and counter guaranteed by the Company 1,376.16 1,258.86

Guarantees to banks against credit facilities extended to Subsidiary Companies 3,100.00 1,665.00

Guarantees to banks against credit facilities extended to Joint Venture and Associate Companies 5,431.00 1,100.00

Guarantees given on behalf of Subsidiary Companies - 47.92

Guarantees given by the Company to various Government Authorities 4,348.48 4,304.47

Claims Against the Company not acknowledged as debt 2,271.77 8,919.75

In respect of Contract remaining to be executed 177.97 314.43

In respect of Taxation Matters 26.46 26.46

In respect of Other Matters 173.07 412.50

Further to the above, legal proceedings against the company by three shipping companies for claiming potential damages aggregating to Rs. 56,632.43 lacs for non-performance of Contract of are under litigations. The claims are being contested with appropriate legal responses on the basis of invalidity and frustration of contracts along with simultaneous efforts to arrive at amicable settlement.

13 RELATED PARTY TRANSACTIONS:

a.Subsidiaries:

- Ashapura International Limited - Ashapura Consultancy Service Pvt. Ltd.

- Ashapura Claytech Limited - Ashapura Aluminium Limited

- Bombay Minerals Limited - Ashapura Minechem (UAE) FZE

- Prashansha Ceramics Limited - Ashapura Holdings (UAE) FZE

- Penisula Property Developers Pvt. Ltd. - Ashapura Maritime FZE

- Sharda Consultancy Pvt. Ltd. - Asha Prestige Company

b. Associates and Joint Ventures:

- Ashapura Volclay Ltd - Ashapura Infin Pvt. Limited

- Ashapura Volclay Chemical Pvt Ltd. - Ashapura Mineral Company

- Hudson MPA SDN BHD, Malaysia - Prabhudas Vithaldas

- Shantilal Multiport Infra- structure P. Ltd. - Kantilal Mohanlal Mehta

- Ashapura Arcadia Logistic Private Ltd. - Sharda Industrial Corporation

- Emo Ashapura Energy and Mining - Ashapura Exports Pvt Limited

- Ashapura Amcol NV - Ashapura Shipping Limited

c. Key Managerial Personnel:

- Mr. Navnitlal Shah - Mr. Chetan Sh

 
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