Mar 31, 2014
Dear Shareholders,
The Board of directors have pleasure in presenting the Twenty first
Annual Report together with Audited Accounts for the year ended 31st
March 2014 of your company.
FINANCIAL HIGHLIGHTS :
The financial performance of the company for the year ended 31st March
2014 is as under:
(Rs. In Lacs)
Particulars 2013-2014 2012-2013
Total Income 7.30 10.13
(Loss)/Profit before Depreciation (1.86) (8.72)
Depreciation 0.03 0.04
(Loss)/Profit before Taxation (1.89) (8.76)
Provision for taxation - (0.11)
Excess Provision for Taxation 0.01 -
(Loss)/Profit after Taxation (1.88) (8.87)
WORKING OF THE COMPANY :
The company has incurred a loss of Rs (1.88) Lacs during the year under
review.
DIRECTORS :
Shri Yogesh Shah is director of the company who retires by rotation at
this annual general meeting, and being eligible, offers himself for
reappointment is appointed as director of the company.
DIVIDEND :
The Board of Directors did not recommend any dividend for the year
under review on account of inadequate profit.
COMPLIANCE CERTIFICATE :
The Compliance certificate for the year 2013-2014 issued by Shri Sanjay
Dayalji Kukadia Practicing Company Secretary that the company has
complied with the provisions of the Companies Act,1956 was placed
before the board of directors who approved the same.
DEPOSITS :
Your company has not accepted any deposits from public under Section
58A of the Companies Act, 1956 during the year under review.
DEPRECIATION :
Building, Electrical Installation, are retired from active use and held
for disposal are valued at carrying amount as recoverable amount is
more than the carrying amount as per independent valuation carried out
by the company. Hence, depreciation has not been provided as per
accounting standard 10.
DIRECTOR''S RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, it is hereby confirmed :
1. that in the preparation of the accounts for the financial year
ended 31st March 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
if any.
2. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit of the company for that year.
3. that the Directors 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.
4. that the Directors have prepared the accounts for the financial
year ended 31st March 2014 on a "going concern basis."
PARTICULARS OF EMPLOYEES :
There are no employees who are in receipt of remuneration exceeding the
amount prescribed under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employment) Rules, 1975. The
provident fund, Employees state Insurance Act , gratuity are not
applicable to the company.
INVESTMENTS :
Non Current investment are stated at cost and where there is other than
temporary diminution in value of investment a provision is made
wherever applicable.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC. :
The company has no activities relating to conservation of energy or
technology absorption. There was no foreign exchange earnings and outgo
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
CORPORATE GOVERNANCE :
In terms of Clause 49 of Listing Agreement with Stock Exchanges, the
requirements as to corporate governance are required to be implemented
by your company. The company has already implemented the requirements
of corporate governance. Report on directors on corporate governance is
annexed and form part of this report.
AUDITORS :
M/s. Kantilal Patel & Company, Chartered Accountants, Ahmedabad are
reappointed auditors at this Annual General Meeting, until the
conclusion of next Annual General meeting having Firm Registration
Number 104744W issued by the Institute of Chartered Accountants of
India on a remuneration to be fixed by the Board of Directors of the
company, based on the recommendation of the Audit Committee, in
addition to reimbursement of all out of pocket expenses in connection
with the audit of the accounts of the company .
AUDITORS'' REPORT:
As regards auditors comments of their report, your directors request
you to refer to notes to the accounts which are self explanatory.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted co-operation received from all the employees, investors,
Government Departments and Bankers of the company.
ON BEHALF OF BOARD OF DIRECTORS
DATE : 30th May 2014
PLACE : AHMEDABAD
Jose Daniel
Managing Director
Mar 31, 2013
Dear Shareholders,
The Board of directors have pleasure in presenting the Twentieth Annual
Report together with Audited Accounts for the year ended 31st March,
2013 of your company.
FINANCIAL HIGHLIGHTS :
The financial performance of the company for the year ended 31st
March,2013 is as under:
(Rs. In Lacs)
Particulars 2012-2013 2011-2012
Total Income 10.13 9.95
(Loss)/Profit before Depreciation (8.72) 2.01
Depreciation 0.04 0.06
(Loss)/Profit before Taxation (8.76) 1.95
Provision for Taxation (0.11) (0.16)
(Loss)/Profit after Taxation (8.87) 1.79
WORKING OF THE COMPANY :
The company has incurred a loss of Rs. 8.87 Lacs during the year under
review after making a provision of doubtful advanes of Rs. 9.87 lacs.
DIRECTORS :
Shri Rooshikumar V. Pandya who was the managing director of the company
had expired on the 13th April, 2013 and hence the necessary formalities
for filing of various forms were completed and Shri Jose Daniel was
appointed as the next Managing Director at the meeting of the board of
Directors of the company held on 29th April, 2013 as per schedule XIII
of the Companies Act, 1956 without any remuneration and the necessary
formalities for filing the form were completed with the Ministry of
Corporate Affairs.
Shri Rajesh Shah is director of the company who retires by rotation at
this annual general meeting, and being eligible, offers himself for
reappointment is appointed as director of the company.
Shri Ashok Parasram Jangid was appointed as an Additional director of
the company as on 11th Novermber 2011 and who shall retire at this
Annual Genral Meeting has resigned as director of the company w.e.f.
4th August, 2012.
DIVIDEND :
The Board of Directors did not recommend any dividend for the year
under review on account of inadequate profit.
CHANGE OF COMPLIANCE OFFICER :
Shri Sanjay Dayalji Kukadia who was the compliance officer of the
company has resigned from the company w.e.f. 6th September, 2012 and
Shri Ravi Rameshchandra Shah has been appointed as the new compliance
officer by the board of directors w.e.f. 6th September, 2012 of the
company and has been authorized to do all communication on behalf of
the company.
DEPOSITS :
Your company has not accepted any deposits from public under Section
58A of the Companies Act, 1956 during the year under review.
DEPRECIATION :
Building, Electrical Installation, are retired from active use and held
for disposal are valued at carrying amount as recoverable amount is
more than the carrying amount as per independent valuation carried out
by the company. Hence, depreciation has not been provided as per
accounting standard 10.
DIRECTORÂS RESPONSIBILITY STATEMENT :
Pursuant to the provisional of Section 217(2AA) of the Companies Act,
1956, it is hereby confirmed :
1. that in the preparation of the accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
if any.
2. that the Directors have selected such accounting policies and
applied them consistently and made judg- ments and estimates that were
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 and of the
profit of the company for the year.
3. that the Directors 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.
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a "going concern basis."
COMPLIANCE CERTIFICATE :
In accordance with the provisions of section 383 (A) of the Companies
Act, 1956, and Companies (Appointment and Qualification of Secretary)
Amendment Rules, 2009, the Company shall require to obtain a
certificate from a secretary in whole time practice comfirming that the
company has complied with the provisions of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES :
There are no employees who are in receipt of remuneration exceeding the
amount prescribed under Section 217(A) of the Companies Act, 1956, read
with the Companies (Particulars of Employment) Rules, 1975. The
provident fund, Employees state Insurance Act, gratuity are not
applicable to the company.
INVESTMENTS :
Non Current investment are stated at cost and where there is permanent
diminution in value of investment a provision made wherever applicable.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC. :
The company has no activities relating to conservation of energy or
technology absorption. There was no foreign exchange earnings and outgo
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
CORPORATE GOVERNANCE :
In terms of Clause 49 of Listing Agreement with Stock Exchanges, the
requirements as to corporate governance are required to be implemented
by your company. The company has already implemented the requirements
of corporate governance. Report on directors on corporate governance is
annexed and form part of this report.
AUDITORS :
M/s. Kantilal Patel & Company, Chartered Accountants, Ahmedabad are
reappointed auditors at this Annual Gen- eral Meeting, until the
conclusion of next Annual General meeting having Firm Registration
Number 104744W issued by the Institute of Chartered Accountants of
India on a remuneration to be fixed by the Board of Directors of the
company, based on the recommendation of the Audit Committee, in
addition to reimbursement of all out of pocket expenses in connection
with the audit of the accounts of the company.
AUDITORSÂ REPORT:
The company has invested in shares of one of the enterprises
significantly influenced by key management person- nel namely, by
Sanblue Enterprises Pvt. Ltd. The net worth of that company has turned
negative. The Permanent diminution in value of investment has been
reduced earlier. No provision has been made for any possible loss in
value of investments, considering the intrinsic value of the business,
the nature of investment being of a long term nature and the expected
improvement in performance of the Investee company. As regards auditors
comments of their report , your directors request you to refer to notes
to the accounts which are self explanatory.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted co-operation received from all the employees, investors,
Government Departments and Bankers of the company.
ON BEHALF OF BOARD OF DIRECTORS
DATE : 28/05/2013
PLACE : AHMEDABAD Jose Daniel
(Managing Director)
Mar 31, 2012
The Board of directors have pleasure in presenting the Nineteenth
Annual Report together with Audited Accounts for the year ended 31st
March,2012 of your company.
FINANCIAL HIGHLIGHTS :
The financial performance of the company for the year ended 31st
March,2012 is as under:
(Rs. In Lacs)
Particulars 2011-2012 2010-2011
Total Income 9.95 9.98
Profit before Depreciation 2.01 0.57
Depreciation 0.06 0.10
Profit before exceptional item 1.95 0.47
Exceptional Items 0.00 (4.14)
Profit/(Loss) before Taxation 1.95 (3.67)
Provision for Taxation 0.16 0.00
Profit/(Loss) after Taxation 1.79 (3.67)
WORKING OF THE COMPANY :
The company has incurred a profit of Rs.1.79 Lakhs during the year
under review.
DIRECTORS :
Shri Jigar Shah is director of the company who retires by rotation at
this annual general meeting, and being eligible, offer himself for
reappointment is appointed as director of the company.
Shri Ashok Parasram Jangid was appointed as an Additional director of
the company as on 11th November 2011 and who shall retire at this
Annual General Meeting and in respect of which the company has received
a notice from one of the member of the company for appointment of Shri
Ashok Parasram Jangid as Regular director of the company is now
proposed to be appointed as a director of the company.
DIVIDEND :
The Board of Directors did not recommend any dividend for the year
under review on account of inadequate profit.
FIXED DEPOSITS :
Your company has not accepted any deposits from public under Section
58A of the Companies Act, 1956 during the year under review.
DEPRECIATION :
Building, Electrical Installation, are retired from active use and held
for disposal are valued at carrying amount as recoverable amount is
more than the carrying amount as per independent valuation carried out
by the company. Hence, depreciation has not been provided as per
accounting standard 10.
DIRECTOR'S RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, it is hereby confirmed :
1. that in the preparation of the accounts for the financial year
ended 31st March,2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
if any.
2. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit of the company for that year.
3. that the Directors 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.
4. that the Directors have prepared the accounts for the financial
year ended 31st March,2012 on a "going concern basis."
PARTICULARS OF EMPLOYEES :
There are no employees who are in receipt of remuneration exceeding the
amount prescribed under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employment) Rules, 1975. The
provident fund, Employees state Insurance Act , gratuity are not
applicable to the company.
INVESTMENTS :
Non Current investment are stated at cost and where there is permanent
diminution in value of investment a provision made wherever applicable.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC. :
The company has no activities relating to conservation of energy or
technology absorption. There was no foreign exchange earnings and outgo
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
CORPORATE GOVERNANCE :
In terms of Clause 49 of Listing Agreement with Stock Exchanges, the
requirements as to corporate governance are required to be implemented
by your company. The company has already implemented the requirements
of corporate governance. Report on directors on corporate governance is
annexed and form part of this report.
AUDITORS :
M/s. Kantilal Patel & Company, Chartered Accountants, Ahmadabad are
reappointed auditors at this Annual General Meeting, until the
conclusion of next Annual General meeting having Firm Registration
Number 104744W issued by the Institute of Chartered Accountants of
India on a remuneration to be fixed by the Board of Directors of the
company, based on the recommendation of the Audit Committee, in
addition to reimbursement of all out of pocket expenses in connection
with the audit of the accounts of the company.
AUDITORS' REPORT:
The company has invested in shares of one of the enterprises
significantly influenced by key management personnel namely, by
Sanblue Enterprises Pvt. Ltd.. The net worth of that company has turned
negative. The Permanent diminution in value of investment has been
reduced earlier. No provision has been made for any possible loss in
value of investments, considering the intrinsic value of the business,
the nature of investment being of a long term nature and the expected
improvement in performance of the Investee company. As regards auditors
comments of their report , your directors request you to refer to notes
to the accounts which are self explanatory.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted co-operation received from all the employees, investors,
Government Departments and Bankers of the company.
ON BEHALF OF BOARD OF DIRECTORS
DATE : 29/05/2012
PLACE : AHMEDABAD
Rooshikumar Pandya
(Managing Director)
Mar 31, 2011
Dear Shareholders,
The Board of directors have pleasure in presenting the Eighteenth
Annual Report together with Audited Accounts for the year ended 31st
March, 2011 of your company.
FINANCIAL HIGHLIGHTS :
The financial performance of the company for the year ended 31st March
2011 is as under:
(Rs. In Lacs)
Particulars 2010-2011 2009-2010
Total Income 9.98 14.36
Profit before Depreciation 0.57 4.78
Depreciation 0.10 0.16
Profit before exceptional item 0.47 4.62
Exceptional Items (4.14) (4.19)
(Loss)/Profit before Taxation (3.67) 0.43
Excess provision of tax of past year 0.00 0.05
Provision for Taxation 0.00 (0.80)
(Loss) after Taxation (3.67) (0.32)
WORKING OF THE COMPANY :
The company has incurred a loss of Rs.3.67 lacs during the year under
review.
DIRECTORS :
Shri Sanjiv Shah is director of the company who retires by rotation at
this annual general meeting, and being eligible, offer himself for
reappointment is appointed as director of the company.
DIVIDEND :
The Board of Directors did not recommend any dividend for the year
under review on account of inadequate profit.
FIXED DEPOSITS :
Your company has not accepted any deposits from public under Section
58A of the Companies Act, 1956 during the year under review.
DEPRECIATION :
Building, Electrical Installation, are retired from active use and held
for disposal are valued at carrying amount as recoverable amount is
more than the carrying amount as per independent valuation carried out
by the company. Hence, depreciation has not been provided as per
accounting standard 10.
DIRECTOR'S RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, it is hereby confirmed :
1. that in the preparation of the accounts for the financial year
ended 31st March, 2011 , the applicable accounting standards have been
followed along with proper explanation relating to material departures;
if any.
2. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit of the company for that year.
3. that the Directors 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.
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2011 on a "going concern basis."
PARTICULARS OF EMPLOYEES :
There are no employees who are in receipt of remuneration exceeding the
amount prescribed under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employment) Rules, 1975. The
provident fund, Employees state Insurance Act , gratuity are not
applicable to the company.
INVESTMENTS :
Long term investment are stated at cost and where there is permanent
diminution in value of investment a provi- sion/ reduction made
wherever applicable.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC. :
The company has no activities relating to conservation of energy or
technology absorption. There was no foreign exchange earnings and outgo
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
CORPORATE GOVERNANCE :
In terms of Clause 49 of Listing Agreement with Stock Exchanges, the
requirements as to corporate governance are required to be implemented
by your company. The company has already implemented the requirements
of corporate governance. Report on directors on corporate governance is
annexed and form part of this report.
AUDITORS :
M/s. Kantilal Patel & Company, Chartered Accountants, Ahmedabad are
reappointed auditors at this Annual General Meeting, until the
conclusion of next Annual General meeting having Firm Registration
Number 104744W issued by the Institute of Chartered Accountants of
India on a remuneration to be fixed by the Board of Directors of the
company, based on the recommendation of the Audit Committee, in
addition to reimbursement of all out of pocket expenses in connection
with the audit of the accounts of the company.
AUDITORS' REPORT:
The company has invested in shares of one of the enterprises
significantly influenced by key management person- nel namely, by
Sanblue Enterprises Pvt. Ltd. The net worth of that company has turned
negative. No provision has been made for any possible loss in of the
investee company value of investments, considering the intrinsic value
of the business, the nature of investment being of a long term nature
and the expected improvement in performance of the Investee company. As
regards auditors comments of their report , your directors request you
to refer to notes to the accounts which are self explainatory.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted co-operation received from all the employees, investors,
Government Departments and Bankers of the company.
ON BEHALF OF BOARD OF DIRECTORS
Rooshikumar Pandya
(Managing Director)
DATE : 24/05/2011
PLACE : AHMEDABAD
Mar 31, 2010
The Board of directors have pleasure in presenting the Seventeenth
Annual Report together with Audited Accounts for the year ended 31st
March, 2010 of your company.
FINANCIAL HIGHLIGHTS :
The financial performance of the company for the year ended 31st March
2010 is as under
(Rs. In Lacs)
Particulars 2009-10 2008-09
Total Income 14.36 1678
Profit/ (Loss) before Depreciation 4.78 (1.47)
Depreciation 0.16 0.26
Profit/ Loss) before exceptional item 4.62 (1.73)
Exceptional Items (4.19) (7.10)
Profit/ Loss) before Taxation 0.43 (8.83)
Excess provision of tax of past year 0.05 Nil
Provision for Taxation (0.80) Nil
Profit/(Loss) after Taxation (0.32) (8.83)
WORKING OF THE COMPANY :
The company has achieved operating and other income of Rs. 14.36 lacs
during the year under review.
DIRECTORS :
Shri Rooshikumar Pandya was appointed as Managing Director of the
Company in place of Sanjiv D. Shah with effect from 29th January 2010
for the period for 5 years as the later has resigned as Managing
Director of the company due to his other pre occupalion. Shri Mukund
Modi one of the independent director of the company has resigned as
director. Shri Yogesh Shah was appointed as an independent director
w.e.f 30.4.2010
Shri Rajesh Shah is director of the company who retires by rotation at
this annual general meeting, and being eligible, offer themselves for
reappointment
DIVIDEND :
The Board of Directors did not recommend any dividend for the year
under review on account of inadequate profit.
FIXED DEPOSITS :
Your company has not accepted any deposits from public under Section
58A of the Companies Act, 1956
during the year under review.
DEPRECIATION :
Building, Electrical Installation , furniture and fixtures are retired
from active use held for disposal are valued at carrying amount is
recoverable value is more than the carrying amount as per independent
valuation carried on by the company. Hence, depreciation has not been
provided as per accounting standard 10
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, it is hereby confirmed :
1. that in the preparation of the accounts for the financial year ended
31st March, 2010 , the applicable accounting standards have been
followed along with proper explanation relating to material depar-
tures; if any.
2. that the Directors have selected such accounting policies and
applied them consistently and made judg- ments and estimates that were
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 and of the
profit of the company for that year.
3. that the Directors 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.
4. that the Directors have prepared the accounts for the financial
year ended 31st March, 2010 on a "going concern basis."
PARTICULARS OF EMPLOYEES :
There are no employees who are in receipt of remuneration exceeding the
amount prescribed under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employment) Rules, 1975. The
provident fund, Employees state Insurance Act, gratuity are not
applicable to the company.
INVESTMENTS :
Long term investment are stated at cost and where there is permanent
diminution in value of investment a provision/ reduction made wherever
applicable.
DISCLOSURE WITH RESPECT TO CONSERVATION OF ENERGY ETC. :
The company has no activities relating to conservation of energy or
technology absorption. There was no foreign exchange earnings and outgo
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS :
A report on the Management Discussion and Analysis for the financial
year under review is annexed and forms part of this report.
CORPORATE GOVERNANCE :
In terms of Clause 49 of Listing Agreement with Stock Exchanges, the
requirements as to corporate governance are required to be implemented
by your company. The company has already implemented the requirements
of corporate governance. Report on directors on corporate governance is
annexed and form part of this report.
AUDITORS :
M/s. Rakesh J. Shukla & Associates, Chartered Accountants, Ahmedabad
has resigned at the next Annual General Meeting and in their place M/s.
Kantilal Patel & Company Chartered Accountants,having Firm Registra-
tion Number 104744W issued by the Institute of Chartered Accountants of
India is be appointed as auditors of this company from the conclusion
of this Annual General Meeting until the conclusion of next Annual
General Meeting.
AUDITORS REPORT :
As regards auditors comments of their report, your directors request
you to refer to notes to the accounts which are self explainatory.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their appreciation for whole
hearted co-operation received from all the employees, investors,
Government Departments and Bankers of the company.
ON BEHALF OF BOARD OF DIRECTORS
DATE : 29/05/2010
PLACE : AHMEDABAD Rooshikumar Pandya
(Managing Director)
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