Mar 31, 2015
The Directors have pleasure in presenting the Board's Report of your
Company together with the Audited Statement of Accounts and the
Auditors' Report of your company for the financial year ended, 31st
March, 2015.
FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
Particulars Standalone
Particulars 2014-2015 2013-14
Gross Income 164.97 156.01
Total Expenses 164.46 155.72
Net Profit Before Tax 0.51 0.29
Provision for Tax 0.16 0.09
Net Profit After Tax 0.35 0.20
DIVIDEND
In view to conserve the resources of company the directors are not
recommending any dividend.
INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY
Company does not have any Subsidiary, Joint venture or Associate
Company.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statements relate on the date of this report
EXTRACT OF ANNUAL RETURN
The Extract of Annual Return as required under section 92(3) of the
Companies Act, 2013 and rule 12(1) of the Companies (Management and
Administration) Rules, 2014, in Form MGT-9 is annexed herewith for your
kind perusal and information.
MEETINGS OF THE BOARD OF DIRECTORS
During the Financial Year 2014-15, the Company held 9 board meetings of
the Board of Directors as per Section 173 of Companies Act, 2013 which
is summarized below. The provisions of Companies Act, 2013 and listing
agreement were adhered to while considering the time gap between two
meetings.
S
No. Date of Meeting Board
Strength No. of
Directors
Present
1 30.04.2014 3 3
2 30.05.2014 3 3
3 14.08.2014 3 3
4 04.09.2014 3 3
5 31.10.2014 3 3
6 14.11.2014 3 3
7 31.12.2014 3 3
8 13.02.2015 3 3
9 31.03.2015 4 4
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that- (a) In the preparation of the
annual accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
(b) The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern
basis; and
(e) The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
(f) The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
AUDITORS and REPORT thereon
The Auditors, M/s. D. A. Rupawala & Associates, Chartered Accountants,
retires at the ensuing Annual General Meeting and, being eligible,
offer themselves for reappointment.
Their continuance of appointment and payment of remuneration are to be
confirmed and approved in the ensuing Annual General Meeting.
There are no qualifications or adverse remarks in the Auditors' Report
which require any clarification/ explanation. The Notes on financial
statements are self-explanatory, and needs no further explanation.
Further the Auditors' Report for the financial year ended, 31st March,
2015 is annexed herewith for your kind perusal and information.
LOANS, GUARANTEES AND INVESTMENTS
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provision is not applicable
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO:
(A) Conservation of energy and Technology absorption
The particulars as required under the provisions of Section 134(3) (m)
of the Companies Act, 2013 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
(B) Foreign exchange earnings and Outgo
There were no foreign exchange earnings and outgo during the year under
review.
RISK MANAGEMENT
The Company does not have any Risk Management Policy as the element of
risk threatening the Company's existence is very minimal.
DIRECTORS and KMP
During the current financial year the following changes have occurred
in the constitution of directors of the company:
S.
No Name Designation Date of
appointment
1 Ms. Arunaben Director 31.03.2015
N. Ghanchi
S. Name Date of Mode of
No. cessation Cessation
1. Mr.Arunaben - -
N.Ghanchi
DEPOSITS
The company has not accepted any deposits during the year.
CORPORATE SOCIAL RESPONSIBILITY
The company does not meet the criteria of Section 135 of Companies Act,
2013 read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014 so there is no requirement to constitute Corporate Social
Responsibility Committee.
RATIO OF REMUNERATION TO EACH DIRECTOR
The company is not paying remuneration to any director.
ANNUAL EVALUATION
Pursuant to the provisions of the Companies Act, 2013, the Board has
carried out an annual performance evaluation of its own performance,
the directors individually as well as the evaluation of the working of
its Audit, Nomination & Remuneration and Compliance Committees.
A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the
Board's functioning such as adequacy of the composition of the Board
and its Committees, Board culture, execution and performance of
specific duties, obligations and governance.
CORPORATE GOVERNANCE
Report on Corporate Governance along with the Certificate of the
Auditors, M/s. D. A. Rupawala & Associates, confirming compliance of
conditions of Corporate Governance as stipulated in the Listing
Agreement with the Stock Exchanges forms part of the Board Report.
INDEPENDENT DIRECTORS and DECLARATION
The Board of Directors of the Company hereby confirms that all the
Independent directors duly appointed by the Company have given the
declaration and they meet the criteria of independence as provided
under section 149(6) of the Companies Act, 2013.
NOMINATION AND REMUNERATION COMMITTEE
As per the section 178(1) of the Companies Act, 2013 the Company's
Nomination and Remuneration Committee comprises of three Directors. The
table sets out the composition of the Committee:
Name of the Director Position
held in the
Committee Category of the
Director
Mr. Mukeshbhai B. Desai Chairman Non Executive, Independent
Director
Mr. Rajubhai B. Desai Member Non Executive, Independent
Director
Ms. Arunaben N. Ghanchi Member Non Executive, Independent
Director
Terms of Reference
The Terms of Reference of the Nomination and Remuneration Committee are
as under:
1. To identify persons who are qualified to become Directors and who
may be appointed in senior management in accordance with the criteria
laid down, recommend to the Board their appointment and removal and
shall carry out evaluation of every Director's performance.
2. To formulate the criteria for determining qualifications, positive
attributes and independence of a Director and recommend to the Board a
policy, relating to the remuneration for the Directors, Key Managerial
Personnel and other employees.
3. The Nomination and Remuneration Committee shall, while formulating
the policy ensure that:
a. the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality
required to run the Company successfully;
b. relationship of remuneration to performance is clear and meets
appropriate performance benchmarks; and
c. remuneration to Directors, Key Managerial Personnel and senior
management involves a balance between fixed and incentive pay
reflecting short and long-term performance objectives appropriate to
the working of the company and its goals:
4. Regularly review the Human Resource function of the Company
5. Discharge such other function(s) or exercise such power(s) as may
be delegated to the Committee by the Board from time to time.
6. Make reports to the Board as appropriate.
7. Review and reassess the adequacy of this charter periodically and
recommend any proposed changes to the Board for approval from time to
time.
8. Any other work and policy, related and incidental to the objectives
of the committee as per provisions of the Act and rules made there
under.
REMUNERATION POLICY
Remuneration to Executive Directors:
The remuneration paid to Executive Directors is recommended by the
Nomination and Remuneration Committee and approved by Board in Board
meeting, subject to the subsequent approval of the shareholders at the
General Meeting and such other authorities, as may be required. The
remuneration is decided after considering various factors such as
qualification, experience, performance, responsibilities shouldered,
industry standards as well as financial position of the Company.
Remuneration to Non Executive Directors:
The Non Executive Directors are paid remuneration by way of Sitting
Fees and Commission. The Non Executive Directors are paid sitting fees
for each meeting of the Board and Committee of Directors attended by
them.
AUDIT COMMITTEE
According to Section 177 of the Companies Act, 2013 the company's Audit
Committee comprised of three directors. The board has accepted the
recommendations of the Audit Committee. The table sets out the
composition of the Committee:
Name of the Director Position
held in the
Committee Category of the Director
Mr. Rajubhai B. Desai Chairman Non Executive, Independent
Director
Ms. Arunaben N. Ghanchi Member Non Executive, Independent
Director
Mr. Mukeshbhai B. Desai Member Non Executive, Independent
Director
SECRETARIAL AUDIT REPORT
There are no qualifications or adverse remarks in the Secretarial Audit
Report which require any clarification/ explanation.
Further the Secretarial Audit Report as provided by M/s. Khushbu
Trivedi & Associates Practicing Company Secretary for the financial
year ended, 31st March, 2015 is annexed herewith for your kind perusal
and information.
COST AUDIT
Cost Audit is not applicable to the company.
VIGIL MECHANISM
As per Section 177(9) and (10) of the Companies Act, 2013, and as per
the Clause 49 of the Listing Agreement, the company has established
Vigil Mechanism for directors and employees to report genuine concerns
and made provisions for direct access to the chairperson of the Audit
Committee. Company has formulated the present policy for establishing
the vigil mechanism/ Whistle Blower Policy to safeguard the interest of
its stakeholders, Directors and employees, to freely communicate and
address to the Company their genuine concerns in relation to any
illegal or unethical practice being carried out in the Company.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSEL) ACT, 2013:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of The Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (Permanent, contractual,
temporary, trainees) are covered under this policy.
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS
Your company has established adequate internal financial control
systems to ensure reliable financial reporting and compliance with laws
and regulations.
ACKNOWLEDGEMENT
Your Directors wish to express their grateful appreciation to the
continued co-operation received from the Banks, Government Authorities,
Customers, Vendors and Shareholders during the year under review. Your
Directors also wish to place on record their deep sense of appreciation
for the committed service of the Executives, staff and Workers of the
Company.
DATE : 04. 09. 2015 FOR AND ON BEHALF OF
PLACE: AHMEDABAD BOARD Sd/- Sd/-
(SANJAYKUMAR
S. SHAH) RAJUBHAI DESAI
DIN : 01748617 DIN : 03148402
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
2014.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2014
are as under:
(Rs. in Lacs)
Particulars 2013-2014 2012-2013
1. Profit before Interest,
Depreciation and Tax 0.28 1.04
2. Interest - -
3. Depreciation - -
4. Profit (Loss) Before Tax 0.28 1.04
5. Provision for taxation 0.08 0.32
6. Profit (loss) after Tax 0.19 0.72
DIRECTORS:
Mr. Mukesh B. Shah director of the Company retires by rotation at this
annual general meeting and being eligible, offers himself for
reappointment. The board of directors recommends the appointment of the
directors.
DIVIDEND:
Your director do not recommend dividend for the year.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS:
D. A. Rupawala & Associates, Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had 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 loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision 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 had prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis.
CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Company''s Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited.
PARTICULARS OF THE EMPLOYEES:
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO:
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is not applicable.
ACKNOWLEDGMENT:
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
DATE: 04.09.2014 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS
SD/-
CHAIRMAN
Mar 31, 2013
To, The Members Safal Securities Ltd.
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
2013.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2013
are as under:
(Rs. in Lacs)
Particulars 2012-2013 2011-2012
1. Profit before Interest,
Depreciation and Tax 1.04 5.10
2. Interest - -
3. Depreciation - -
4. Profit (Loss) Before Tax 1.04 5.10
5. Provision for taxation 0.32 1.60
6. Profit (loss) after Tax 0.72 3.50
DIRECTORS :
Mr. Sanjay S. Shah director of the Company retires by rotation at this
annual general meeting and being eligible, offers himself for
reappointment. The board of directors recommends the appointment of the
directors.
DIVIDEND :
Your director do not recommend dividend for the year.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS:
D. A. Rupawala & Associates, Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2013 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had 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 or loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision 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 had prepared the accounts for the financial year
ended 31st March, 2013 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Company''s Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING;
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited.
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company. .
CONSERVATION OF ENERGY, TECHNOLOGY Absorption AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is not applicable.
ACKNOWLEDGMENT:
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of u Company.
DATE : 30.05.2013 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS
Sd/-
CHAIRMAN
Mar 31, 2010
The Board of Directors of your company have the pleasure in presenting
the Annual Report together with the Audited Statement of Accounts of
your company for the year ended 31st March, 2010.
FINANCIAL RESULTS:
A summarized statement of the financial results for the year ended
31/3/20 L0 is given herein below: -
Sales : 9,47,711.00
Expenses : 3,51,029.00
Profit (Before Tax): 5,96,682.00
DIVIDEND:
The directors have decided to plough back the earnings in the business.
DEPOSITS:
Since the company has not accepted / invited deposits from the public,
the provisions of section 58-A of Companies Act, 1956 and rules framed
there under are not attracted.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm -
(a)That in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(b) That the Directors had selected such accounting policies and
applied thsm consistently and made judgments and estimates that are
reasonable and prudent so as to give a true & fair view of the state of
affairs of the company- at the end of financial year ended on 31st
March, 2010 and of the Profit of :he Company for that year.
(c) That the Directors had taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March, 2010 in accordance with the provisions of the Companies Act,
1956 for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities.
(d) That the Directors had prepared the Annual Accounts on an going
concern basis.
PERSONNEL:
Information required under Section 217 (2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975
regarding employees is not provided as none of the employees of the
company is in receipt of remuneration which is "more than the sum
specified by the prevalent law.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING
AND OUT GO:
As required under Section 271 (1) (e) of the Companies Act, 1956, the
particulars relating to conservation of Energy and Technology
absorption are not provided here as the business of the Company relates
to trading in securities not covered under the Schedule to the Annexure
of the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988.
AUDITORS: -
Nirav S. Shah & Co., Ahmedabad retires at the ensuring Annual General
Meeting.
The Company has received a letter from the said Auditors to the effect
that their æappointment, if from the said Auditors to the effect that
their appointment, if made, would be within the prescribed limits u/s
224(1B) of the Companies Act, 1956. You are requested to appoint
auditors and fix their remuneration.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation of the devoted
services of the workers, staff and the officers who have largely
contributed to the smooth functioning of the Company. The Directors
also express their gratitude to the Bankers of the Company, for their
continued co-operation and support.
FUTURE PLANS;
Your management proposes to continue in the line of Trading in
Securities It is envisaged to increase the quantum and turnover
manifolds in the near future.
For, ARROW SECURITIES LIMITED.
Director
Director
Place: Ahmedabad
Date: 01/06/2010
Mar 31, 2009
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
20C9.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2009
are as under:
(Rs. in Lacs)
Particulars 2008-2009 2007-2008
1. Profit before Interest,
Depreciation and Tax 4.14 0.92
2. Interest - -
3. Depreciation - -
4. Profit (Loss) Before Tax 4.14 0.92
5. Provision for taxation - -
6. Profit (loss) after Tax 4.14 0.92
DIRECTORS :
Mr. Parag Patel, Director of the Company retires by rotation at this
annual general meeting and being eligible, offers him self for
reappointment and Mr. Sanjay S. Shah appointed as a director of the
company.
DIVIDEND:
Your director do not recommend dividend for the year.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS :
Nirav S. Shah & Co., Auditors of the Company retires at the conclusion
of this Annual General Meeting and being eligible, are recommended for
reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATLMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2009 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had 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
loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision 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 had prepared the accounts for the financial year
ended 31st March, 2009 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Companys Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited. The Company has paid the annual listing fees for the
year 2009-1C.
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The additional jnformation required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is annexed herewith
and forming part of this report.
ACKNOWLEDGMENT :
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
DATE : 01.09.2009 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS,
CHAIRMAN
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