Mar 31, 2014
The Shareholders,
The Directors have pleasure in presenting to you this 22nd Annual
Report of your Company together with the Audited Accounts for the
Financial Year ended on 31st March, 2014.
Financial Results
Your Company''s financial performance during the year has been
encouraging and summarised below:
(Rs. In Lacs)
Particulars Year Ended Year Ended
31st March, 2014 31st March, 2013
Gross Income from Operations 44,855.30 36,186.10
Less: Excise Duty 1,863.15 1,752.91
Net Income from Operations 42,992.15 34,433.19
Profit before Depreciation,
Finance cost and Taxation 5,010.19 4,237.74
Less: Depreciation and Amortisation 1,114.37 1,112.01
Profit before Finance cost and
Taxation 3,895.83 3,125.73
Less: Finance Cost 2,609.04 2,309.00
Profit before Taxation 1286.79 816.73
Tax Expense
- Current Tax 290.00 164.00
- Deferred Tax 76.20 48.22
- Earlier Years - 0.86
Profit after Taxation 920.59 603.65
Review of Operations
During the year under review, the Company''s Net Income from operations
stood at Rs. 42,992.15 Lacs as compared to Rs. 34,433.19 Lacs in the
previous year, thereby registering a growth of about 24.86%. Profit
before finance cost and taxation for the year under review stood at Rs.
3,895.83 Lacs against Rs. 3,125.73 Lacs in the previous year, thereby
registering a growth of about 24.64 %. Profit after Tax registered a
growth of about 52.50 % and increased from Rs. 603.65 Lacs to Rs. 920.59
Lacs.
Dividend
Keeping in mind the capital requirement for future growth of the
Company and to conserve higher resources for operations of the Company,
your Directors have not recommended any dividend for the Financial Year
ended 31st March, 2014.
Share Capital
During the Financial Year under review, the Authorized Share Capital of
the Company was re-classified as Rs. 500,000,000/- (Rupees Fifty Crores
Only) divided into 2,50,00,000 (Two Crores Fifty Lakh) Equity Shares of
Rs.10/-(Rupees Ten Only) each and 2,50,00,000 (Two Crores Fifty Lakh)
Preference Shares of Rs.10/-(Rupees Ten Only) each.
The Company allotted 250,00,000 10% Non-Convertible, Non- Cumulative,
Redeemable Preference Shares of face value of Rs.10/- at a premium of Rs.
10/- each
Public Deposits
During the year under review, the Company has not accepted/renewed any
deposits from the public or its employees within the meaning of Section
58A and 58AA of the Companies Act, 1956.
Management Discussion and Analysis
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the Annual
Report.
Directors
Mr. Kanchan Murarka, Director (DIN 00058823) of the company retires by
rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment .
With the implementation of New Companies Act, 2013 , all the
Independent Directors shall be re-appointed as Independent Director
pursuant to the provisions of Section 149 and Section 152 of the
Companies Act, 2013.
Mr. Surendra Kumar Tuteja has expressed his unwillingness to be
re-appointed as Independent Directors of the Company and seeks
retirement at ensuing Annual General Meeting.
Mr. Satish Chandra Gupta, and Mr. Rahul Chhajed are proposed to be
appointed as Independent Directors of the Company under the Companies
Act, 2013 to hold office for 2 (Two) consecutive years for a term upto
31st March, 2016, not liable to retire by rotation .
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
Brief resume of the Directors proposed to be appointed / re-appointed
as stipulated under clause 49 of the Listing Agreement with the Stock
Exchange are given in the notice convening this Annual General Meeting.
The above appointments/re-appointments form part of the notice
convening the Annual General Meeting and the resolutions are
recommended for your approval.
Directors'' Responsibility Statement
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors Responsibility Statement, your
directors state that:
a. the preparation of the annual accounts for the year ended 31st
March, 2014, the applicable Accounting Standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been
followed and there are no material departures from the same.
b. the selected accounting policies were applied consistently and the
Directors 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, 2014 and of the profit of the Company for the
year ended as on that date;
c. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities;
d. the annual accounts have been prepared on a going concern basis.
Auditors
M/s H.R. Agarwal & Associates, Chartered Accountants, the Statutory
Auditors of the Company, (having Firm Registration No. 323029E) hold
office upto the conclusion of ensuing Annual General Meeting and are
eligible for re-appointment. The Company has received a letter from
them to the effect that their appointment, if made, would be within the
limits prescribed under Section 141 of the Companies Act, 2013.
Your Directors recommend their appointment as Statutory Auditors of the
Company, to hold office from the conclusion of this Annual General
Meeting upto the conclusion of the 27th Annual General Meeting of the
Company held thereafter (subject to ratification of the appointment by
the members at every Annual General Meeting held after this Annual
General Meeting) to audit financial accounts for the financial year
ending on 31st March, 2015.
Auditors'' Observations
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies are self explanatory.
Cost Auditor
Pursuant to Section 233B (2) of the Companies Act,1956, the Board of
Directors on the recommendation of the Audit Committee had appointed
M/s S K Agarwal & Associates, Cost Accountants, as the Cost Auditors of
the Company for the Financial Year 2013-2014 and necessary approval
from Central Government was also received by the Company.
M/s. S K Agarwal & Associates, Cost Accountants, have confirmed that
their appointment, is within the limits of section 224 (1B) of the
Companies Act, 1956 and have also certified that they are free from any
disqualifications specified under Section 233B (5) read with Section
224 (3) and Section 226 (4) of the Companies Act, 1956.
Subsidiary Companies
The Company does not have any subsidiary Company.
Corporate Governance
Pursuant to Clause 49 of the Listing Agreement, a detailed report on
Corporate Governance duly certified regarding compliances of its
conditions by the Statutory Auditors M/s H.R. Agarwal & Associates,
Chartered Accountants, is forming part of this Annual Report and
separately attached.
E-Voting facility to Members
In compliance with provisions of Section 108 of the Companies Act, 2013
and Rule 20 of the Companies (Management and Administration) Rules,
2014, the Company is pleased to provide members the facility to
exercise their right to vote at the 22nd Annual General Meeting (AGM)
by electronic means and the business may be transacted through e-Voting
Services provided by Central Depository Securities (India) Limited
(CDSL).
Pursuant to the amendments made in clause 35B of the Listing Agreement
by SEBI, the company has sent assent/dissent forms to the members to
enable those who do not have access to e-Voting facility to cast their
vote on the shareholders resolution to be passed at the ensuing Annual
General Meeting, by sending their assent or dissent in writing.
Personnel
The employer employee relations remained cordial throughout the year.
The Board places on record its sincere appreciation for the valuable
contribution made by employees across all levels of the organization.
During the year under consideration, there were no employees, whose
particulars are required to be furnished under the provisions of
Section 217(2A) of the Companies Acts 1956 read with the rules
thereunder.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
Particulars required to be disclosed under the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988 are
set out in Annexure "A" to this report.
Acknowledgments
Your Directors wish to express their sincere gratitude to the Union
Government and the Government of various States, as also to all the
Government agencies, Banks, Financial Institutions, Customers, Vendors
and other related organizations, who, through their continued support
and cooperation, have contributed towards the Company''s growth and
progress during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for Investors, Shareholders and Employees of the Company
for their continued support towards conduct and operations of the
Company.
For and on behalf of the Board
Place:- Mumbai Abhay Lodha
Date:- 12th August, 2014 Chairman
DIN 00052194
Mar 31, 2013
To the Members,
The Directors have pleasure in presenting this 21stAnnual Report of
your Company together with the Audited Accounts for the Financial Year
ended on 31st March, 2013.
Financial Results
Your Company''s financial performance during the year has been
encouraging and summarised below:
(Rs. In Lacs)
Particulars Year Ended Year Ended
31st March, 2012 31st March, 2012
Gross Income from Operations 36,186.10 27,902.53
Less: Excise Duty 1,752.91 1,779.80
Net Income from Operations 34,433.19 26,122.73
Profit before Depreciation,
Finance cost and Taxation 4,237.74 3,626.66
Less: Depreciation and
Amortisation 1,112.01 977.93
Profit before Finance cost
and Taxation 3,125.73 2,648.73
Less: Finance Cost 2,309.00 2,094.95
Profit before Taxation 816.73 553.78
Tax Expense
- Current Tax 164.00 100.07
- Deferred Tax 48.22 221.57
- Earlier Years 0.86 -
Profit after Taxation 603.65 232.14
Review of Operations
During the year under review, the Company''s Net Income from operations
stood at Rs. 34,433.19 Lacs as compared to Rs. 26,122.73 Lacs in the
previous year, thereby registering a growth of about 31.81%. Profit
before finance cost and taxation for the year under review stood at Rs.
3,125.73 Lacs against Rs. 2,648.73 Lacs in the previous year, thereby
registering a growth of about 18 %. Profit after Tax registered a
growth of about 160 % and increased from Rs. 232.14 Lacs to Rs. 603.65
Lacs.
Dividend
Keeping in mind the capital requirement for future growth of the
Company and to conserve higher resources for operations of the Company,
your Directors are unable to recommend any dividend for the Financial
Year ended 31st March, 2013.
Share Capital
During the Financial Year under review, the Authorized Share Capital of
the Company increased from Rs. 150,000,000/- (Rupees Fifteen Crores Only)
to Rs. 500,000,000/- (Rupees Fifty Crores Only) divided into 50,000,000 (
Five Crores) Equity Shares of Rs. 10/- each (Rupees Ten Only). There were
no change in paid up share capital of the Company.
Public Deposits
During the year under review, the Company has not accepted/renewed any
deposits from the public within the meaning of Section 58A and 58AA of
the Companies Act, 1956.
Management Discussion and Analysis
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the Annual
Report.
Directors
During the year under review, Mr. Vijay Chadha and Mr. Pradeep J.
Saxena have resigned from directorship of the Company on 10th July,
2012. The Board places on record its appreciation for their valuable
contribution during their tenure as Director of the Company.
During the current year, Mr. Surender Kumar Tuteja and Mr. Rahul B.
Chhajed were appointed as Additional Directors in the meeting of the
Board of Directors held on 11th April, 2012 and 10th July, 2012
respectively. Further Mr. Viresh Mathur and Mr. Sanjiv Goel were
appointed as Additional Directors in the meeting of the Board of
Directors held on 14th August, 2012. The Company had received notice in
writing from members proposing their candidature, for the office of
Director and in furtherance to same all additional Directors were
re-appointed in the previous Annual General Meeting of the members of
the Company held on 26th September, 2012.
Mr. Prasenjit P Datta and Mr.Satish Chandra Gupta,Directors of the
Company, who are liable to retire by rotation at the ensuing Annual
General Meeting and being eligible, have offered themselves for
re-appointment.
Brief resume of the Directors proposed to be appointed / re-appointed
as stipulated under clause 49 of the Listing Agreement with the Stock
Exchange are given in the notice convening this Annual General Meeting.
The above appointments/re-appointments form part of the notice
convening the Annual General Meeting and the resolutions are
recommended for your approval.
Directors'' Responsibility Statement
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors Responsibility Statement, your
directors state that:
a. the preparation of the annual accounts for the year ended 31st
March, 2013, the applicable Accounting Standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been
followed and there are no material departures from the same.
b. the selected accounting policies were applied consistently and the
Directors 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, 2013 and of the profit of the Company for the
year ended as on that date;
c. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities;
d. the annual accounts have been prepared on a going concern basis.
Auditors
M/s H.R. Agarwal& Associates, Chartered Accountants, the Statutory
Auditors of the Company, hold office upto the conclusion of ensuing
Annual General Meeting and are eligible for re-appointment. The Company
has received a letter from them to the effect that their appointment,
if made, would be within the limits prescribed under Section 224(1B) of
the Companies Act, 1956.
Your Directors recommend their re-appointment as Statutory Auditors of
the Company to hold office from the conclusion of ensuing Annual
General Meeting upto the conclusion of the next Annual General Meeting
of the Company and to audit financial accounts for the financial year
ending on 31st March, 2014.
Auditors'' Observations
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies are self explanatory.
Cost Auditor
Pursuant to Section 233B (2) of the Companies Act,1956, the Board of
Directors on the recommendation of the Audit Committee had appointed
M/s P. M. Nemad & Associates, Cost Accountants, as the Cost Auditors of
the Company for the Financial Year 2012-13 and necessary approval from
Central Government was also received by the Company. However, the said
Cost Auditor tendered his resignation on personal ground. The Board,
upon recommendation of Audit Committee, appointed M/s. S. K. Agarwal &
Associates, Cost Accountants, for conducting the Cost Audit of the
Company for the Financial Year 2012-13. The Board, upon recommendation
of Audit Committee, also appointed M/s. S. K. Agarwal & Associates,
Cost Accountants, for conducting the Cost Audit of the Company for the
Financial Year 2013-14.
M/s. S. K. Agarwal & Associates, Cost Accountants, have confirmed that
their appointment, is within the limits of section 224 (1B) of the
Companies Act, 1956 and have also certified that they are free from any
disqualifications specified under Section 233B (5) read with Section
224 (3) and Section 226 (4) of the Companies Act, 1956.
Subsidiary Companies
The Company does not have any subsidiary Company.
Corporate Governance
Pursuant to Clause 49 of the Listing Agreement, a detailed report on
Corporate Governance duly certified regarding compliances of its
conditions by the Statutory Auditors M/s H.R. Agarwal& Associates,
Chartered Accountants, is forming part of this Annual Report and
separately attached.
Personnel
The employer employee relations remained cordial throughout the year.
The Board places on record its sincere appreciation for the valuable
contribution made by employees across all levels of the organization.
During the year under consideration, there were no employees, whose
particulars are required to be furnished under the provisions of
Section 217(2A) of the Companies Acts 1956 read with the rules
thereunder.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
Particulars required to be disclosed under the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988 are
set out in Annexure "A" to this report.
Acknowledgements
Your Directors wish to express their sincere gratitude to the Union
Government and the Government of various States, as also to all the
Government agencies, banks, financial institutions, customers, vendors
and other related organizations, who, through their continued support
and cooperation, have contributed towards the Company''s growth and
progress during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for investors, shareholders and employees of the Company
for their continued support towards conduct and operations of the
Company.
For and on behalf of the Board
Place: Mumbai Abhay Lodha
Date: 13thAugust, 2013 Chairman and Managing Director
Mar 31, 2012
The Directors have pleasure in presenting to you this 20th Annual
Report of your Company together with the Audited Accounts for the
Financial Year ended on 31st March, 2012.
Financial Results
Your Company's financial performance during the year has been
encouraging and summarised below:
(Rs. In Lacs)
Particulars Year Ended Year Ended
31st March, 2012 31st March, 2011
Gross Income from Operations 27,902.53 24,206.16
Less: Excise Duty 1,779.80 1,692.63
Net Income from Operations 26,122.73 22,513.53
Profit before Depreciation, Finance
cost and Taxation 3,626.66 2,300.74
Less: Depreciation and Amortisation 977.93 792.27
Profit before Finance cost and Taxation 2,648.73 1,508.47
Less: Finance Cost 2,094.95 1,100.02
Profit before Taxation 553.78 408.45
Tax Expense
- Current Tax 100.07 84.85
- Deferred Tax 221.57 137.06
Profit after Taxation 232.14 186.54
Review of Operations
During the year under review, the Company's Net Income from operations
stood at Rs. 26,122.73 Lacs as compared to Rs. 22,513.53 Lacs in the
previous year, thereby registering a growth of about 16.03%. Profit
before finance cost and taxation for the year under review stood at Rs.
2,648.73 Lacs against Rs. 1,508.47 Lacs in the previous year, thereby
registering a growth of about 75.59%. Profit after Tax registered a
growth of about 24.45% and increased from Rs. 186.54 Lacs to Rs. 232.14
Lacs.
Dividend
Keeping in mind the capital requirement for future growth of the
Company and to conserve higher resources for operations of the Company,
your Directors do not recommend dividend for the Financial Year ended
31st March, 2012.
Share Capital
The Authorised Share capital of the Company remains unchanged during
the Financial Year under review.
The Company had earlier forfeited 60 (Sixty Only) Equity Shares of Rs.
10/- (Rupees Ten Only) each, for non-payment of the Call Money of Rs. 5/-
(Rupees Five Only) per Equity Share. Further, pursuant to the
provisions of the Articles of Association of the Company, the Board of
Directors of the Company had cancelled the said forfeited 60 (Sixty
Only) Equity Shares of Rs. 10/- (Rupees Ten Only) each, for non-payment
of Call Money of Rs. 5/- (Rupees Five Only) per Equity Share, aggregating
to Rs. 300/- (Rupees Three Hundred only).
Public Deposits
During the year under review, the Company has not accepted/renewed any
deposits from the public within the meaning of Section 58A and 58AA of
the Companies Act, 1956.
Management Discussion and Analysis
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the Annual
Report.
Directors
During the year under review, Mr. Vimal Kumar Somani, Mr. Govind N.
Shah and Mr. Parmod H. Jain have resigned from Directorship of the
Company on 14th May, 2011, 14th July, 2011 and 30th November, 2011
respectively. Further, Mr. Vijay Chadha and Mr. Pradeep J. Saxena have
resigned from directorship of the Company on 10th July, 2012. The Board
places on record its appreciation for their valuable contribution
during their tenure as Director of the Company.
During the current year, Mr. Surender Kumar Tuteja and Mr. Rahul B.
Chhajed were appointed as Additional Directors in the meeting of the
Board of Directors held on 11th April, 2012 and 10th July, 2012
respectively. Further Mr. Viresh Mathur and Mr. Sanjiv Goel were
appointed as Additional Directors in the meeting of the Board of
Directors held on 14th August, 2012. All these additional Directors
would hold office till the ensuing Annual General Meeting. The Company
has received notice in writing from members proposing their
candidature, for the office of Director.
Mr. Kanchan Murarka, Director of the Company, who is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
has offered himself for re-appointment.
Brief resume of the Directors proposed to be appointed / re-appointed
as stipulated under clause 49 of the Listing Agreement with the Stock
Exchange are given in the notice convening this Annual General Meeting.
The above appointments/re-appointments form part of the notice
convening the Annual General Meeting and the resolutions are
recommended for your approval.
Directors' Responsibility Statement
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors Responsibility Statement, your
directors state that:
- in the preparation of the annual accounts for the year ended 31st
March, 2012, the applicable Accounting Standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been
followed and there are no material departures from the same.
- the selected accounting policies were applied consistently and the
Directors 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, 2012 and of the profit of the Company for the
year ended as on that date;
- proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities;
- the annual accounts have been prepared on a going concern basis.
Auditors
M/s H.R. Agarwal & Associates, Chartered Accountants, the Statutory
Auditors of the Company, hold office upto the conclusion of ensuing
Annual General Meeting and are eligible for re-appointment. The Company
has received a letter from them to the effect that their appointment,
if made, would be within the limits prescribed under Section 224(1B) of
the Companies Act, 1956.
Your Directors recommend their re-appointment as Statutory Auditors of
the Company to hold office from the conclusion of ensuing Annual
General Meeting upto the conclusion of the next Annual General Meeting
of the Company and to audit financial accounts for the financial year
ending on 31st March, 2013.
Auditors' Observations
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies are self explanatory. Cost
Auditor
Pursuant to Section 233B (2) of the Companies Act,1956, the Board of
Directors on the recommendation of the Audit Committee had appointed
M/s P. M. Nemad & Associates, Cost Accountants, as the Cost Auditors of
the Company for the Financial Year 2011-2012 and 2012-2013, pending the
approval of such appointment from the Central Government.
M/s P. M. Nemad & Associates, Cost Accountants, have confirmed that
their appointment, is within the limits of section 224 (1B) of the
Companies Act, 1956 and have also certified that they are free from any
disqualifications specified under Section 233B (5) read with Section
224 (3) and Section 226 (4) of the Companies Act, 1956.
The Audit Committee has also received a Certificate from the Cost
Accountants certifying their independence and arm's length relationship
with the Company.
The Cost Audit report for the Financial Year 2011-12 shall be filed
with Ministry of Corporate Affairs within prescribed time limit.
Subsidiary Companies
The Company does not have any subsidiary Company.
Corporate Governance
Pursuant to Clause 49 of the Listing Agreement, a detailed report on
Corporate Governance duly certified regarding compliances of its
conditions by the Statutory Auditors M/s H.R. Agarwal & Associates,
Chartered Accountants, is forming part of this Annual Report and
separately attached.
Personnel
The employer employee relations remained cordial throughout the year.
The Board places on record its sincere appreciation for the valuable
contribution made by employees across all levels of the organization.
During the year under consideration, there were no employees, whose
particulars are required to be furnished under the provisions of
Section 217(2A) of the Companies Acts 1956 read with the rules
thereunder.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
Particulars required to be disclosed under the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988 are
set out in Annexure "A" to this report.
Acknowledgements
Your Directors wish to express their sincere gratitude to the Union
Government and the Government of various States, as also to all the
Government agencies, banks, financial institutions, customers, vendors
and other related organizations, who, through their continued support
and cooperation, have contributed towards the Company's growth and
progress during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for investors, shareholders and employees of the Company
for their continued support towards conduct and operations of the
Company.
For and on behalf of the Board
Place:- Mumbai Abhay Lodha
Date:- 14th August, 2012 Chairman and Managing Director
Mar 31, 2011
The Members,
The Directors have pleasure in presenting their 19th Annual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2011
FINANCIAL RESULTS
(Rs. In Lacs) (Rs. In Lacs)
31-03-2011 31-03-2010
Sales 24,081.50 13,730.44
Total Expenditure (excluding interest,
depreciation & write-offs) 21,987.12 12,575.21
Profit/(Loss) before Taxation &
depreciation 1200.72 520.74
Depreciation & write-offs 792.27 124.67
Profit Before Tax (PBT) 408.45 67.19
Deferred Tax 137.06 138.87
Profit For the year 186.54 189.68
Profit Carried Forward 186.54 189.68
OPERATIONS
During the year under review, the total income grew by 75% to Rs.
240.81 Crore as compared to Rs. 137.30 Crore for the year ended 31st
March, 2010. PBDT has also improved to Rs. 12.00 Crore as compared Rs.
5.20 Crore during the last financial year. Net Profit after Tax stood
at Rs.1.87 Crore on account of higher depreciation and Interest cost
for the project which got commenced during the year.
DIVIDEND
Keeping in view the financial position of the Company for the year
under review, your Directors have not recommended any dividends to
conserve the .resources.
CAPITAL OVERVIEW
During the year there is an increase in the Authorised capital of the
Company from Rs. 9 Crore to Rs. 15 Crore vide the resolution passed in
the EGM dated 10th April, 2010. However there is no change in the paid
up Capital of the Company.
INSURANCE
The Company took adequate insurance to cover the risks to its assets
and third parties.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public in terms of section 58A & 58AA of the Companies Act,
1956.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary company.
BOARD OF DIRECTORS
Mr. Abhay Lodha has been appointed as Chairman cum Managing Director of
the Company, at the meeting of Board of Directors held on 14th May,
2011.
Mr. Kanchan Murarka has been appointed as an Additional Director on the
Board of the Company with effect from 16th May, 2011.
Mr. Prasenjit Datta has been appointed as an Additional Director and
designated as Director ÃOperations by the Board of Directors with
effect from 1st March,2011.
Mr. Vimal Kumar Somani has resigned from the Directorship of the
Company with effect from 14th May, 2011. Mr. Govind Shah has resigned
from the Directorship of the Company with effect from 14th July, 2011.
The Board appreciated their contributions and guidance provided for the
growth of the Company.
Mr. Parmod H. Jain, Mr. Satish Chandra Gupta and Mr. Pardeep J. Saxena,
retire by rotation but being eligible, offer themselves for
re-appointment. They have brought rich experience and professional
knowledge to the board's decision making process whereby professional
management team has been strengthened. Board acknowledges their
contribution in the growth of the Company.
Necessary resolutions for appointment, reappointment and remuneration
of the Managing Director are being put to the shareholders for their
approval.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchange, the Report on Corporate Governance together with the
Auditors' Certificate regarding Compliance of the SEBI Code of
Corporate Governance Report annexed is a part of the Director's Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Annual Report also contains a separate section on the Management
Discussion and Analysis which is a part of the Directors' Report.
DISCLOSURE UNDER SECTION 217 OF THE COMPANIES ACT, 1956. DIRECTORS'
RESPONSIBILITY STATEMENT
Pursuant to section 217 (2AA) of the Companies Act, 1956, Directors
state as follows:
- that in the preparation of the Annual Accounts for the year ended
31st March, 2011, the applicable Accounting Standards has been followed
along with proper explanation relating to material departures;
- that they 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 the financial year ended 31st March, 2011 and
the profits of the Company for that year;
- that to the best of their knowledge and information they have taken
proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
- that they have prepared the Annual Accounts for the year ended 31st
March, 2011 on going concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO.
The statement of particulars with respect to Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and Outgo pursuant
to Section 217(1)(e) of the Companies Act, 1956 read with The Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure forming part of the Director's Report for the
year ended 31st March, 2011.
STATEMENT OF PARTICULARS OF EMPLOYEES PURSUANT TO THE PROVISIONS OF
SECTION 217 (2A) OF THE COMPANIES ACT, 1956 AND THE RULES MADE THERE
UNDER FOR THE YEAR ENDED 31ST MARCH, 2011.
(In Rs.)
Name & Salary & Qualification Experience
Designation Perquisite (Years)
Received
Mr. Prasenjit Promode 2,75,281/- Bachelor of 25 Yrs.
Datta Technology
with honours
in Metallurgical
Engineering from
IIT Kharagpur
Name &
Designation Date of Age Previous
commencement of (Years) employment
Employment held
Mr. Prasenjit Promode
Datta 01/03/2011 48 years
AUDITORS
M/s. H.R. Agarwal & Associates, Chartered Accountants, the Auditors of
the Company will retire from the office of the Auditors at the ensuing
Annual General Meeting and being eligible offer themselves for
re-appointment. The remuneration for the current year to be fixed by
you.
AUDITOR'S REPORT
The Auditors' Report read together with the Notes on Accounts are self
explanatory and therefore, do not call for any further explanation.
EMPLOYEES
Your Directors express their deep appreciation for the un-relented
co-operation and support rendered by the employees at all levels of the
Company. Your Directors have laid emphasis on safe working culture in
the organisation.
COMPLIANCE CERTIFICATE
A certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this Report along with report on
Corporate Governance.
LISTING
As stipulated under Clause 32 of the Listing Agreement, the names and
addresses of Stock Exchange on which the Company's equity shares listed
are:
1. Bombay Stock Exchange Limited
Phiroze Jeejeebhoy Towers Dalal Street Mumbai à 400001
Your Company confirms that Annual Listing Fees for the year 2011-2012
have been paid to BSE.
HUMAN RESOURCES
Your Company places significant emphasis on recruitment, training &
development of human resources, which assumes utmost significant in
achievement of corporate objectives. Your Company integrated employee
growth with organisational growth in a seamless manner through
empowerment and by offering a challenging work place, aimed towards
realisation of organisational goals to this knowledge-sharing and
imparting need based training to its employees.
ACKNOWLEDGEMENT
The Directors also place on record their appreciation for the
assistance and co-operation received from the Financial Institutions,
bankers, Government Authorities, vendors and members during the year
under review. Your Directors wish to place on record their appreciation
for the committed services of the executives, staff and workers of the
Company.The Directors also express their gratitude to the members for
the confidence reposed in the management.
For and on behalf of the Board
Vijay Chadha Abhay Lodha
Director Chairman & Managing Director
Registered Office:
Plot No. 3436-3439,
Chhatral G.I.D.C., Phase-IV,
Ta: Kalol, Dist: Gandhinagar (Gujarat)
Date: 10th August, 2011
Mar 31, 2010
The Directors have pleasure in presenting their 18th Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended 31st March, 2010.
FINANCIAL RESULTS
(Rs. In Lacs) (Rs. In Lacs)
2009-2010 2008-2009
Sales 13730.44 8212.80
Expenditure 12575.21 7468.16
Profit/(Loss) before taxation
& depreciation 520.74 150.17
Depreciation 124.67 86.89
Provision for taxation 67.19 41.20
Deferred Tax 138.87 (3.04)
Fringe Benefit Tax - 2.25
Tax Adj.for earlier years(net) 0.33 (6.60)
Profit for the year 189.68 29.46
Profit Carried Forward 189.68 29.46
DIVIDEND
Looking at the ongoing development and working capital requirements and
further to conserve resources, your Directors express their inability
to declare any dividend.
PRESENT OPERATIONS
The companys operations were satisfactory during the year under
review. The sales of the company ended at Rs 13730.44 Lacs in
comparison to the previous year Rs. 8212.80 lacs. The sales increased
by 67.18%. The profit for the year has also increased by more than 100%
during the year. Your Directors are confident of achieving more better
results in the years to come. Increase in Profit is a result of
Companys increased turnover in consumer retail products and successful
commissioning of the New German technology based ACHENBACH Foil Plant
at Chhatral G.I.D.C, Gandhinagar, (Gujarat).
FUTURE PROSPECTS
The Company has successfully completed brown field expansion and
commissioned the New Foil Plant at Companys Chhatral G.I.D.C,
Gandhinagar, (Gujarat) works which has enhanced Companys production
capacity to 20,000 TPA of sheet and foil. Post expansion, the Company
is producing bare foil in gauge range of 100 to 7 micron for
applications in Heat exchanger Fins for auto radiators, tagger & lids
for containers, kitchen foil, packaging laminates for pharma including
blister packs, confectioneries, cigarettes etc. All these applications
are having a huge potential in domestic and as well as Export markets.
The Companys business prospects are growing exponentially.
Retail Business of the Companys consumer product, i.e., kitchen foil,
under the brand name nutriwrapîhas also turned up with capturing very
significant portion of market share in the country. The Companys
Turnover of retail products has increased manifold during the year
2009-
2010. The Company has successfully initiated actions for establishing
manufacturing capacities for Indias first embossed Consumer kitchen
foil nutriwrap î and also Kitchen containers nutripack à at multi
locations like Indore in state of M.P., and Varanasi in state of U.P.
The Company is also planning to introduce other consumer products like
Hair Foil, Travel Pack, Foil Tray, Pop up Foil, Embossed Colour foil
sheets, Laminated Foil for Hamburger, Laminated Foil Carry Bags. As of
now, the Companys retail products are sold Pan-India at approx 50,000
retail outlets and at 600 stores
including Reliance Retail and Big Bazaar as far as Modern Trade is
concerned. The sales of Retail Products are expected to increase
further during the year ahead.
ISO CERTIFICATION
During the year, Your Company was accredited to [1] ISO - 9001:2008,
Quality Management System by TUV India, a subsidiary of TUV Nord
(Formerly RWTUV AG Germany) [2] ISO 22000 - 2005 by BSCIC for food
safety and management system Certifications [3] International ROHS
[Restriction of Hazardous Substances] standards Certification for its
products by TUV SUD, South Asia. The companys foils complies with food
grade test by TUV SUD, South Asia & by Central Food Testing lab, India.
Further, your Company is in process of taking certification for [1] ISO
14000: 2004- Environment Management Systems [2] ISO 18001:2007- OHSAS.
EXPANSION UNDER REVIEW
(1) The Company had signed MOU with Government of Gujarat and have
already implemented its first phase of commissioning by spending Rs. 75
Crores towards world class foil plant based on German technology from
worlds largest Company M/S ACHENBACH.
(2) The Company, in view of reducing dependence on external sources for
input feed stock for its both sheet and foil plant, is in the process
of assessing possibility of backward integration approach by
establishing upstream green field expansion of 60 KT, the
state-of-the-art Aluminium sheet rolling facilities along with 30 MW
captive power plant in the state of Gujarat The techno economic
viability study has just started.
(3) The Company in order to further enhance production of value added
products is examining the possibility of producing pharma laminates and
printed and converted foils with an Investment of Rs. 26 Crores.
(4) The Company has also successfully started consumer foil project at
a new facility at Indore (MP) and has also initiated action to start a
Unit at Varanasi (UP). The said projects are likely to be operational
partly in the year 2010-2011 and fully in the year 2011-2012.
(5) The Company has also plans to take steps to produce, commission,
operate, buy, sell, supply, distribute or otherwise deal in all energy
production and conversion activities in all its forms inclusive of but
not restricted to various renewable sources like solar energy, wind
energy, all forms of biomass, geothermal energy, hydel energy, tidal
and wave energy and effective utilization of conventional energy forms
like coal, oil, gas, electricity.
The Company, while having its dominant presence in the Indian market
has improved its global presence. During the year, the Company has been
able to export to Europe, Egypt, Dubai in addition to export to
Pakistan and Nigeria. The share of export business of its production
will further increase significantly in view of the brown field
expansion business.
ALTERATION OF OBJECT CLAUSE
You are aware that the Company has altered its Main Object Clause of
the Memorandum of Association during the year to include the Energy
Business in the main objects by passing resolution through Postal
Ballot.
PREFERENTIAL ALLOTMENT
The Board of Directors of the Company in their meeting held on 7th May,
2010 decided to call an Extra-Ordinary General Meeting of the
shareholders of the company on 7th June,2010 for getting approval of
the shareholders to raise funds by way of Preferential issue of equity
shares in Domestic market to Promoters/Promoters Group and/or Other
Institutions pursuant to the provisions of Chapter VIII of the
Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 as in force subject to compliance with
related provisions of law and other permissions, sanctions, approvals
as may be required.
Necessary approval from the shareholders in the Extraordinary General
Meeting and from Bombay Stock Exchange has already been obtained.
However, the preferential allotment has been deferred and the issue
will be considered in the next Board Meeting of the Company.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public in terms of section 58A & 58AA of the Companies Act,
1956.
PARTICULARS OF CONSERVATION OF ENERGY ETC.
The statement of particulars with respect to conservation of energy,
technology absorption and Foreign Exchange earnings and outgo pursuant
to section 217(1)(e) of the Companies Act, 1956 read with The Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is annexed herewith which forms part of this report.
PARTICULARS OF EMPLOYEES
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 are not applicable to
the Company, since none of the employees of the Company was in receipt
of total remuneration of Rs.24,00,000/- p.a. or Rs.2,00,000/- p.m.
during the financial year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 (the Act)
and the Companys Articles of Association, Shri Abhay N. Lodha and Shri
Govind N. Shah, Directors of the Company, retire by rotation and being
eligible offer themselves for re election.
Shri Pramod Kumar Jain, Director of the Company resigned from the
office of Director, due to health reason w.e.f. 12lh March, 2010. The
Board expresses its gratitude for the valuable services rendered by him
during his tenure in the office as Director.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of Companies Act, 1956 the Directors
confirm:-
a) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there is no material
departure from the same;
b) that they have such selected accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the
Company for that year;
c) that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that they have prepared the annual accounts on the going concern
basis.
AUDIT COMMITTEE
In terms of the provisions of section 292A of the Companies Act, 1956 &
Clause 49 of the Listing Agreement executed with the Bombay Stock
Exchange Ltd., your Company has constituted the Audit Committee of the
Board of Directors. Details of the Committee is given in Annual Report
on corporate Governance.
CORPORATE GOVERNANCE
Separate report on Corporate Governance as prescribed under clause 49
of the Listing agreement executed with the Bombay stock exchange Ltd.,
forms part of this Annual Report along with Auditors Statement on its
Compliance.
LISTING
The shares of the Company are listed at Bombay Stock Exchange Ltd. The
Company has paid Listing fee to the Stock Exchange for the year
2010-11.
AUDITORS AND THEIR REPORT
M/s. H. R. Agarwal & Associates, Chartered Accountants, Auditors of the
Company hold office upto the date of Annual General Meeting. M/s. H.
R. Agarwal & Associates have confirmed to the company that the
appointment if made at the ensuing Annual General Meeting will be in
accordance with the provisions of the Companies Act, 1956.
INDUSTRIAL RELATIONS
Relations with employees remained cordial through out the year. Your
Directors wish to place on record their appreciation for the devoted
services rendered by the workers, staff and employees of the Company.
APPRECIATION
Your Directors wish to thank the valued customers of the Company,
various departments of Central & State Government, Local Authorities,
Banks, devoted staff and other business associates for their continued
support in the Companys growth and look forward for their continued
support in future.
The Directors also express their gratitude to the members for the
confidence reposed in the management.
For and on behalf of the Board
Govind N. Shah Vimal Kumar Somani
Director Managing Director
Registered Office:
Plot No. 3436-3439,
Chhatral G.I.D.C., Phase-IV,
Ta: Kalol, Dist: Gandhinagar (Gujarat)
Date: 03.07.2010
Mar 31, 2009
The Directors have pleasure in presenting herewith their 17th Annual
Report and together with the Audited Statements of Accounts of the
Company for the year ended 31st March, 2009.
FINANCIAL RESULTS
(Rs. In lacs)
2008-2009 2007-2008
Sales 8212.80 9220.41
Purchase & Expenditure 7468.16 8067.06
Profit/(Loss) before taxation
& Depreciation 150.17 313.97
Depreciation 86.89 83.92
Provision for taxation 41.20 92.00
Deferred Tax (3.04) (10.50)
Fringe Benefit Tax 2.25 1.03
Tax Adj.for earlier years(net) 6.60 (0.39)
Profit for the year 29.46 147.13
Loss on Sale of Investments - 25.86
Profit Brought Forward 29.46 121.27
DIVIDEND
Looking at the ongoing development and working capital requirements and
further to conserve resources, your Directors express their inability
to declare any dividend.
PRESENT OPERATIONS
The companys operations were satisfactory during the year under
review. The sales of the company ended to Rs 8212.80 Lacs in comparison
to the previous year of Rs 9220.41 lacs. The sales were less as company
had to go through the price fall in Alluminium and other metals and
metal products which was a resultant of recessionary economy worldwide.
The profit for the year has also reduced due to the reduction in sales
Your Directors are confident of achieving better results in future.
FUTURE PROSPECTS
The Company has now embarked on about US $ 12 Million Brown Field
Downstream Expansion of installing foil capacities. The Foil rolling
mill is the state of art mill imported from M/s. ACHENBACH BUSCHHUTTEN
GMBH, Germany and will enable Company to produce International Quality
foil.
The Company, as part of Brown Field Downstream Expansion, is also
establishing the state of art Testing/Inspection Laboratory. The
existing sheet/coil rolling facility is at present undergoing process
of acquiring accreditation to ISO 9000 Quality System and is expected
to get accredited by September 09. The spade work has already started
for acquiring accreditation to ISO 9000 Quality System accreditation
for New Foil Plant earliest possible after commissioning. Upon
completion of Brown Field project by October 09, Company will have
capacity of about 20000 TPA of Sheet and foil. Post expansion Gujarat
Foils Limited will produce bare foil in gauge range 100 to 7 micron for
varied applications like Heat Exchanger Fins for Auto Radiators, Tagger
& Lids for containers, House foil, and Packaging laminates for Pharma
including Blister packs, Confectioneries. Tetrapacks, Cigarettes etc.
Company has also entered in Consumer products business in aluminium
foil and is marketing Indias first embossed Consumer House foil under
brand name NUTRIWRAP and also Kitchen containers like Casserole, Oven
cups, under brand name NUTRIPACK.
The Company has started exports of aluminium rolled products to
Pakistan and Nigeria. The export content of its production will
increase significantly post expansion.
During the Year, Company entered into an MOU with State Government of
Gujarat in India for US $ 120 Million investment for 60 KT the state of
the art aluminium sheet rolling facilities along with 30 MW captive
power plant. This proposed Green Field Upstream Expansion is expected
to be completed by Financial Year 2011-12.
TAKEOVER
With a view to expand and reorient the business of the company Shri
Abhay Lodha and Shri Vimal Kumar Somani had acquired the Company during
the year. All the formalities, necessary approvals and regulatory
requirements related to takeover also completed during the year. After
completion of the takeover formalities, Mr. Abhay Lodha became the
Chairman of the Company and Mr. Vimal Kumar Somani appointed as
Managing Director of the Company. After takeover, Promoter Group is
holding 69.23% stake in the Company. Subsequently, the outgoing
Promoter Mr. Pramod Jain has vested all controlling stake and
management of the Company to the current Promoters, namely, Mr. Abhay
Lodha and Mr. Vimal Kumar Somani. Mr. Pramod Jain is no more a Promoter
of the Company and exited the Company. Your Management appreciates the
contributions made by Mr. Pramod Jain towards the growth of the
Company.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public in terms of section 58A & 58AA of the Companies Act,
1956.
PARTICULARS OF CONSERVATION OF ENERGY ETC.
The statement of particulars with respect to conservation of energy,
technology absorption and Foreign Exchange earning and outgo pursuant
to section 217(1 )(e) of the Companies Act, 1956 read with The
Companies (Disclosure of Particulars in the Report of Board of
Directors ) Rules, 1988 is annexed herewith as Annexure A which forms
part of this report.
PARTICULARS OF EMPLOYEES
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules,1975 are not applicable to
the Company, since none of the employees of the Company was in receipt
of total: remuneration of Rs.24,00,000/- p.a. or Rs.2,00,000/- p.m.
during the financial year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 (the Act)
and the Companys Articles of Association,. Shri Pramod Kumar Jain and
Shri Pradeep Jagdish Saxena, Directors of the Company, retire from the
Board by ærotation and being eligible offer themselve for re election.
The Board of Directors had appointed, Shri Satish Chandra Gupta and
Shri Vijay Chadha as Additional Directors of the Company with effect
from 31st January, 2009 and 12th July, 2009 respectively to hold the
office upto the date of Annual General Meeting. Your Directors
recommend their reappointment as directors.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of Companies Act, 1956 your Directors
confirm:-
a) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there is no material
departures from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for that year;
c) that they taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that they have prepared the annual accounts on the going concern
basis.
AUDIT COMMITTEE
In terms of provisions of section 292A of the Companies Act, 1956 &
Clause 49 of the Listing Agreement executed with the Exchanges, your
Company has constituted the Audit Committee of the Board of Directors.
Details of the Committee is given in Annual Report on corporate
Governance.
CORPORATE GOVERNANCE
A separate report on Corporate Governance as prescribed by clause 49 of
the Listing Agreement of the relevant stock Exchanges forms part of
this Annual Report alongwith Auditors statement on its compliance.
LISTING
The shares of the Company are listed at Bombay Stock Exchange Ltd. The
Company has paid Listing fees to the Stock Exchange for the year
2009-10. During the year, Companys Shares have been upgraded to "B"
Category shares from earstwhile "Z" Category.
AUDITORS AND THEIR REPORT
M/s. H. R. Agarwal & Associates, Chartered Accountants Auditors of the
Company hold office upto the date of Annual General Meeting. M/s. H. R.
Agarwal & Associates, have also confirmed to the company that the
appointment, if made at the ensuing Annual General Meeting, will be in
accordance with the provisions of the Companies Act, 1956.
INDUSTRIAL RELATIONS
The industrial relations with employees remained cordial through out
the year. Your Directors wish to place on record their appreciation of
the devoted services rendered by the workers, staff and employees of
the Company.
APPRECIATION
Your Directors wish to thank the Companys valued customers and various
department of Central & State Government, Local Authorities, Banks,
devoted staff and other business associates for continued support to
the Companys growth and looking to their continued support in the
future.
The Directors also express their gratitude to the members for the
confidence reposed in the management.
Registered Office: For and behalf of Board
Plot No. 3436-3439,
Chhatral G.I.D.C., Phase-IV,
Ta: Kalol, Dist: Gandhinagar
(Gujarat) Vimal Kumar Somani G. N. Shah
Date: 12.07.2009 Managing Director Director
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