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Ahluwalia Contracts (India) Ltd.

BSE: 532811 Sector: Infrastructure
NSE: AHLUCONT ISIN Code: INE758C01029
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OPEN 251.20
PREVIOUS CLOSE 255.60
VOLUME 1067
52-Week high 336.20
52-Week low 210.00
P/E 18.88
Mkt Cap.(Rs cr) 1657.24
Buy Price 0.00
Buy Qty 0.00
Sell Price 246.00
Sell Qty 2.00
OPEN 251.20
CLOSE 255.60
VOLUME 1067
52-Week high 336.20
52-Week low 210.00
P/E 18.88
Mkt Cap.(Rs cr) 1657.24
Buy Price 0.00
Buy Qty 0.00
Sell Price 246.00
Sell Qty 2.00

Ahluwalia Contracts (India) Ltd. (AHLUCONT) - Director Report

Company director report

To the Members

Your Directors have pleasure in presenting the 37th Annual Report of yourCompany together with the Audited Financial Statements for the financial year ended 31stMarch 2016.

1. FINANCIAL HIGHLIGHTS

Financial Summary and performance highlights of your Company for the financial yearended 31st March 2016 on standalone Basis are as follows:

(Rs in Lacs)
FINANCIAL Year Ended 31.03.2016 Year Ended 31.03.2015
Gross Income 126316.11 107161.27
Profit before Interest and Depreciation 16642.36 12102.83
Less: Interest 2720.96 3308.81
Less: Depreciation 2005.86 2117.53
Profit/(Loss) before Tax 11915.54 6676.49
Less: Provision for Taxation 3474.40 262.72
Profit/(Loss) after Tax 8441.14 6413.78
Balance of profit/Loss brought forward for appropriation 24097.20 17683.42
Less: Transfer to General Reserves 0.00 0.00
Balance Carried Forward to Balance Sheet 32538.34 24097.20

Previous year’s figures have been regrouped/ rearranged wherever considerednecessary.

2. OPERATIONS

During the year ended March 312016 your Company has achieved a Total turnover of Rs1263.16 Crores as compared to Rs 1071.60 Crores in the previous year thereby increasingby 17.88% as compared with previous year. The Company has earned a net Profit of Rs 84.41Crores as against the profit of Rs 64.14 Crores in last year. The earning per share (EPS)for the financial year 2015-16 stood at Rs 12.60 against Rs 10/- during previous year. Onconsolidated basis the total income of your company and its subsidiaries stands at Rs1263.16 Crores.

3. FUTURE OUTLOOK

Our focus on building new age Construction that will transform the face of India- ourfuture growth charter is strategically mapped to deliver value not only for theorganization and stakeholders but also for nation at large.

4. DIVIDEND

In order to conserve the resources of the Company for future growth your Directorshave not recommended any dividend for the financial year ended March 312016.

5. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In terms of Section 203 of the Act the following are designated as Key ManagerialPersonnel of your Company by the Board:

• Mr. Bikramjit Ahluwalia Managing Director

• Mr. Satbeer Singh Chief Financial Officer

• Mr. Vipin Kumar Tiwari Company Secretary

During the year and till the date of report details of change in the Board ofDirectors and the Key Managerial Personnel are as below:

Name Designation Date of Appointment/ Re-Appointment Date of Resignation Date of change in designation
Mr. Bikramjit Ahluwalia DIN 00304947 Managing Director 30-03-2015 N.A. N.A.
Mr. Shobhit Uppal DIN 00305264 Dy. Managing Director 30-03-2015 N.A. N.A.
Mr. Vinay Pal DIN 02220101 Whole Time Director 13-08-2015 N.A. N.A.
Mr. Arun Kumar Gupta DIN 00371289 Director 14-08-2014 N.A. N.A.
Mr. S. K. Chawla DIN 00048001 Director 14-08-2014 N.A. N.A.
Dr. Sushil Chandra DIN 00202167 Director 14-08-2014 N.A. N.A.
Ms. Mohinder Kaur Sahlot DIN 01363530 Director 30.03.2015 N.A. 30.09.2015
Mr. Satbeer Singh Chief Financial Officer 30.03.2015 N.A. N.A.
Mr. Vipin Kumar Tiwari Company Secretary 31-10-2004 N.A. N.A.

Mr. Vinay Pal Whole Time Director is liable to retire by rotation in the ensuingAnnual General Meeting and being eligible offer himself for re-appointment. Your Directorsrecommend his re-appointment as director in the forthcoming Annual general Meeting of theCompany.

The Board has laid down separate Codes of Conduct for Directors and Senior Managementpersonnel of the Company and the same are posted on the Company’s website at http://www.acilnet.com.All Board Members and Senior Management personnel have affirmed compliance with the Codeof Conduct. The Managing Director has also confirmed and certified the same. Thecertification is enclosed at the end of the Report on Corporate Governance.

In accordance with the provisions of section 149 of the Companies Act 2013 all theindependent directors are nonrotational. The details of the familiarization programmes forIndependent Directors are disclosed on the Company’s website http://www.acilnet.com

6. DECLARATION OF INDEPENDENCE

Your Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of independence as prescribed under the provisions ofCompanies Act 2013 read with the Schedules and Rules issued thereunder as well as theSEBI (LODR) Regulations 2015.

7. DISCLOSURE OF COMMISSION PAID TO MANAGING OR WHOLE TIME DIRECTORS

There is no commission paid or payable by your company to the managing director or thewhole time director.

8. MEETINGS OF THE BOARD OF DIRECTORS

During the year under review the Board met five times on 21.05.2015 13.08.201509.11.2015 12.01.2016 & 12.02.2016.

The details of attendance of Directors in these meetings are given separately underCorporate Governance Report.

9. COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisionsin line with the delegated authority. The following Committees constituted by the Boardfunction according to their respective roles and defined scope:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders Relationship Committee

• Corporate Social Responsibility Committee

COMPOSITION OF THE COMMITTEE OF THE BOARD OF DIRECTORS OF THE COMPANY IS AS BELOW:

AUDIT COMMITTEE

1. Mr. Arun K. Gupta - Chairman

(Non-executive Independent Director)

2. Mr. Shobhit Uppal - Member (Executive Director)

3. Mr. Vinay Pal - Member (Executive Director)

4. Mr. S K Chawla - Member

(Non-executive Independent Director)

5. Dr. Sushil Chandra - Member

(Non-Executive Independent Director)

During the year under review all the recommendations of the Audit Committee wereaccepted by the Board.

STAKEHOLDERS RELATIONSHIP COMMITTEE

1. Mr. S.K. Chawla - Chairman

(Non-Executive Independent Director)

2. Mr. Shobhit Uppal - Member (Executive Director)

3. Dr. Sushil Chandra -

Member (Non-Executive Independent Director)

NOMINATION AND REMUNERATION COMMITTEE

1. Mr. S K Chawla Gupta - Chairman (Non-Executive Independent Director)

2. Mr. Arun K Gupta - Member

(Non-Executive Independent Director)

3. Dr. Sushil Chandra - Member

(Non-Executive Independent Director )

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

1. Dr. Sushil Chandra - Chairman

(Non-Executive Independent Director)

2. Mr. Shobhit Uppal - Member (Executive Director)

3. Mr. Arun K. Gupta - Member

(Non-Executive Independent Director)

The terms of reference & details of meetings of these Committees and theirattendance are given separately under Corporate Governance Report.

10. ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES ANDINDIVIDUAL DIRECTORS

Pursuant to the provisions of the Companies Act 2013 and the SEBI (LODR) Regulations2015 and the listing agreement the Board has carried out an annual evaluation of its ownperformance performance of the Directors individually as well as the evaluation of theworking of its Committees. Feedback was sought from Directors about their views on theperformance of the Board covering various criteria. Feedback was also taken from directorson his assessment of the performance of the other Directors. The Nomination andRemuneration Committee (NRC) then discussed the above feedback received from all theDirectors. Based on the inputs received the Chairman of the NRC also made a presentationto the Independent Directors at their meeting summarizing the inputs received from theDirectors as regards Board performance as a whole and of the Chairman. Post the meetingof the Independent Directors their collective feedback on the performance of the Board(as a whole) was discussed by the Chairman of the NRC with the Chairman of the Board.

Every statutorily mandated committee of the Board conducted a self-assessment of itsperformance and these assessments were presented to the Board for consideration. Areas onwhich the Committees of the Board were assessed included degree of fulfillment of keyresponsibilities adequacy of Committee composition and effectiveness of meetings.Feedback was provided to the Directors as appropriate. Significant highlights learningand action points arising out of the evaluation were presented to the Board.

11. REMUNERATION POLICY FOR THE DIRECTORS KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

In accordance with Section 178 and other applicable provisions if any of the CompaniesAct 2013 read with the Rules issued thereunder and the SEBI (LODR) Regulations 2015 andthe listing agreement the Board of Directors of the Company has formulated the Nominationand Remuneration Policy of your Company on the recommendations of the Nomination andRemuneration Committee.

The Nomination and Remuneration Policy covering the policy on appointment andremuneration of Directors and other matters is set-out in Annexure-I to this Report.

12. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION

The information in accordance with the provisions of Section 134 of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 are as follows:

(A) Conservation of Energy

(i) The steps taken or impact on conservation of Energy

We continue to strengthen our energy conservation efforts. The Company has establishedan automatic system at all the offices of the Company to switch off the lights and themonitors when not in use.

(ii) The steps taken by the Company for utilizing alternate sources of energy

The Company has installed LED Lighting systems for external signage.

(iii) The capital investment on energy conservation equipment’s

Our Company has invested in VRV Air-conditioning System which will help reduceelectricity requirement of the company and thus save electricity expenses.

(B) Technology absorption

(i) The efforts made towards technology absorption

From the technology infrastructure perspective all the desktops and laptops that theCompany uses are "Energy Star" certified. On top of that we have configuredpolicies which put the PC and monitors in a sleep mode after a pre-determined period ofno-usage to conserve energy.

(ii) The benefits derived like product improvement cost reduction product developmentor import substitution By adapting to these measures the company has been able to reduceits energy consumption thereby reducing the cost of electricity etc. However the exactcost reduction is not quantifiable.

(iii) In case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year)

We don’t specifically import any technology for energy consumption.

(iv) The expenditure incurred on Research and Development

Company has set up - IT Store and IT Server Software. These are maintaining our largeaccounts and receiving a good feedback. Since it is an integral part of our continuouseffort for improving our IT Technology no research and development expenditure isseparately allocated.

13. SUBSIDIARY COMPANIES

The Company has five subsidiaries as on March 31 2016. There are no associatecompanies or joint venture companies within the meaning of section 2(6) of the CompaniesAct 2013 ("Act"). There has been no material change in the nature of thebusiness of the subsidiaries.

Pursuant to provisions of section 129(3) of the Act a statement containing salientfeatures of the financial statements of the Company’s subsidiaries in Form (AOC-1)Annexure -I is attached to the financial statements of the Company.

Further pursuant to the provisions of section 1 36 of the Act the financialstatements of the Company consolidated financial statements along with relevant documentsand separate audited accounts in respect of subsidiaries are available on the website ofthe Company i.e. www.acilnet.com. These documentswill also be available for inspection during business hours at our registered office.

14. PARTICULARS OF EMPLOYEES AND REMUNERATION

A statement containing the information required under Section 197(12) of the CompaniesAct 2013 and Rule 5(1) 5(2) & 5(3) of the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014 as amended vide notification dated 30th June 2016forms part of the Board’s report as Annexure-II.

15. RELATED PARTY TRANSACTIONS & PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In line with the requirements of the Companies Act 2013 and the Listing Agreement theCompany has formulated a Policy on Related Party Transactions and the same is uploaded onthe Company’s website: http://www.acilnet. com . Details of Related PartyTransactions as per AOC-2 are provided in Annexure-III.

16. PARTICULARS OF LOANS INVESTMENTS AND GURANTEES

The details of Loans guarantees and investments covered under Section 186 of theCompanies Act 2013 form part of the Notes to the financial statements provided in thisAnnual Report.

17. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of The Companies (Management andAdministration) Rules 2014 the extract of Annual Return in Form MGT-9 is provided inAnnexure-IV.

18. AUDITORS AND AUDITORS’ REPORT

M/s. Arun K. Gupta & Associates Chartered Accountants [Registration No.000605N]have been appointed as the Statutory Auditors of the Company in the 35th AnnualGeneral Meeting of the Company held on September 30 2014 to hold the office till theconclusion of 38th Annual General Meeting of the Company subject to the ratification ofshareholders at every Annual General Meeting.

Further the ratification in respect with the appointment of M/s. Arun K. Gupta &Associates Chartered Accountants as the Statutory Auditors of the Company for theFinancial Year 2016-17 is proposed in the ensuing Annual general Meeting of the Company.

The Auditors’ Report for the financial year 2015-16 does not contain anyqualification observation or adverse remarks and accordingly no comments required by yourBoard of Directors on the same.

19. SECRETARIAL AUDIT

Mr. Santosh Kumar Pradhan Practicing Company Secretary (C.P. No. 7647) had beenappointed by the Board upon the recommendation of the Audit Committee to undertake thesecretarial audit of the Company for the financial year ended on March 31 2016. Thesecretarial audit report is annexed herewith as an Annexure-V which forms an integral partof this report. The said report does not contain any qualification reservation or adverseremarks or disclaimer.

20. COST RECORDS AND COST AUDIT REPORT

On the recommendation of Audit Committee the Board of Directors in its meeting held on24th May 2016 has appointed M/s Jitender Navneet & Company CostAccountants (FRN: 000119) as the Cost Auditor of the Company for the financial year2016-17 on the aggregate remuneration of Rs 2.00 Lacs (Rupees Two Lacs only) plus taxesas applicable and out of pocket expenses in accordance with the provisions under Section148 of the Companies Act 2013 read with rules made there under.

21. INTERNAL CONTROL SYSTEMS AND ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has a proper and adequate system of internal controls. This ensures thatall transactions are authorized recorded and reported correctly and assets aresafeguarded and protected against loss from unauthorized use or disposition. The Companyhas an Internal Control System commensurate with the size scale and complexity of itsoperations. The report of the statutory auditors on the Internal Financial Control of theCompany is part of the Auditors Report on the annual Financial Statement of the Companyfor the financial year ended 31st March 2016.

The Company has also an Audit Committee who interacts with the Statutory AuditorsInternal Auditor and Management in dealing with matters within its terms of reference.

22. RISK MANAGEMENT

Your Directors has adopted a Risk Management Policy for the Company. The AuditCommittee of the Company reviews the risks involved in the Company from time to time ifany and takes appropriate measures to minimize the same. The Audit Committee ensures thatthe policy for risk management is adopted across the Company.

The copy of Risk Management Policy is uploaded on website of the Company at http://www.acilnet.com

Your Company recognizes that risk is an integral part of business and is committed tomanaging the risks in a proactive and efficient manner. Your Company periodically assessesrisks in the internal and external environment. Your Company through its risk managementprocess strives to contain impact and likelihood of the risks within the risk appetite asdecided by the management.

There are no risks which in the opinion of the Board threaten the existence of yourCompany.

23. VIGIL MECHANISM

The Company believes in the conduct of the affairs of its constituents in a fair andtransparent manner by adopting highest standards of professionalism honesty integrityand ethical behaviour.

Pursuant to Section 177(9) of the Companies Act 2013 and the SEBI (LODR) Regulations2015 and the listing agreement a vigil mechanism was established for directors andemployees to report to the management instances of unethical behavior actual orsuspected fraud or violation of the Company’s code of conduct or ethics policy. Thecopy of vigil mechanism policy is uploaded on the website of your company at http://www.acilnet.com

24. CORPORATE GOVERNANCE

In pursuance of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 a separate section on Corporate Governance has been incorporated in theannual report for the information of the shareholders. A certificate from a PractisingCompany secretary regarding compliance of the conditions of Corporate Governance asstipulated under the said regulations also forms a part of the annual report.

25. CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

Your Company’s Code of Conduct for Prevention of Insider Trading covers all theDirectors senior management personnel persons forming part of promoter(s)/promotergroup(s) and such other designated employees of the Company who are expected to haveaccess to unpublished price sensitive information relating to the Company. The Directorstheir relatives senior management personnel persons forming part of promoter(s)/promotergroup(s) designated employees etc. are restricted in purchasing selling and dealing inthe shares of the Company while in possession of unpublished price sensitive informationabout the Company as well as during the closure of trading window.

The Board of Directors has approved and adopted the Code of Conduct to RegulateMonitor and Report Trading by Insiders in line with SEBI (Prohibition of Insider Trading)Regulation 2015 and the same can be accessed on the website of the Company - http://www.acilnet.com

Your Board of Directors has also approved the Code for Fair Disclosure and the same canbe accessed through the following link: http://www.atcilnet.com

26. CORPORATE SOCIAL RESPONSIBILITY

Ahluwalia is committed to improve quality of lives of people in the community. TheBoard has constituted a Corporate Social Responsibility Committee headed by Dr. SushilChandra as Chairman with Shobhit Uppal and Mr. Arun K Gupta as Members. The Company hasframed its CSR Policy in compliance with the provisions of the Companies Act 2013 and thesame is placed on the Company’s website at the web link: http://www.acinet.com.During the year under review the Company was not required to spend any amount against CSRand hence the details are not required to be attached. The Company is required to spent aminimum of 2% of it’s average net profits for the last three financial years duringthis financial year.

27. SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS

There are no significant/material orders passed by the Regulators or Courts orTribunals impacting the going concern status of your Company and its operations in future.However Ministry of Corporate Affairs has initiated inspection under Section 209A of theCompanies Act 1956 for the financial year 2010-11 to 2014-15. Pursuant the saidinspection the MCA had issued letter to the Company in respect of certain violations underCompanies Act 1956 and 2013. The Company has replied or explained to the MCA as perprovisions of the Companies Act2013.

28. MATERIAL CHANGES & COMMITMENTS SUBSEQUENT TO THE BALANCE SHEET DATE

In terms of Section 134(3)(l) of the Companies Act 2013 no material changes andcommitments which could affect the Company’s financial position have occurred betweenthe end of the financial year of the Company and date of this report.

29. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

Your Company has always believed in providing a safe and harassment free workplace forevery individual working in Ahluwalia Contracts (India) ltd premises through variousinterventions and practices. The Company always endeavors to create and provide anenvironment that is free from discrimination and harassment including sexual harassment.

The Company has in place robust policy on prevention of sexual harassment at workplace.The policy aims at prevention of harassment of employees as well as contractors and laysdown the guidelines for identification reporting and prevention of sexual harassment.There is Internal Complaint Committee (ICC) which is responsible for redressal ofcomplaints related to sexual harassment and follows the guidelines provided in the policy.ICC has its presence at corporate office as well as at site locations.

During the year ended 31st March 2016 the ICC has not received anycomplaints pertaining to sexual harassment.

30. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) and 134(5) of the Companies Act 2013 the Directorsconfirm that:

a. in the preparation of the annual accounts for the financial year ended 31stMarch 2016 the applicable accounting standards and Schedule III of the Companies Act2013 have been followed and there are no material departures from the same;

b. the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of your Company as at 31st March 2016 and ofthe profit and loss of the Company for the financial year ended 31st March2016;

c. proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts have been prepared on a ‘going concern’ basis;

e. proper internal financial controls laid down by the Directors were followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and

f. proper systems to ensure compliance with the provisions of all applicable laws werein place and that such systems were adequate and operating effectively.

31. STOCK EXCHANGE LISTING

The shares of the Company are listed on BSE Limited (BSE) National Stock Exchange ofIndia Limited and Calcutta Stock Exchange Association (CSE). The listing fee for thefinancial year 2016-17 has been paid to BSE CSE and National Stock Exchange of IndiaLimited.

32. SHARE CAPITAL

The Company has only one kind of Shares i.e. Equity shares with same voting rights.

During the year under review the issued subscribed and paid-up capital stood at Rs13.40 Crores as at March 312016.

33. PUBLIC DEPOSITS

During the year under review your company has neither invited nor accepted any publicdeposits from the public.

34. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The familiarization programme aims to provide Independent Directors with the scenarioof Engineering Procurement and Construction Industry the business model thesocio-economic environment in which the Company operates the operational and financialperformance of the Company. The familiarization programme also seeks to update theIndependent Directors with their roles rights responsibilities duties under the Act andother statutes. The policy on Company’s familiarization programme for IndependentDirectors is also posted on the Company’s website at www.acilnet.com

35. CREDIT RATING

The Company’s financial discipline and prudence is reflected in the strong creditratings prescribed by rating agencies as given below:

Facilities Rating
Long Term Facilities CARE A - (Single A Minus)
Long Term/ Short Term CARE A- / CARE A2 +
Facilities (Single A Minus/A two plus)

36. CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Companies Act 2013 ("the Act") and AccountingStandard (AS)-21 on Consolidated Financial Statements read with AS-23 on Accounting forInvestments in Associates and AS-27 on Financial Reporting of Interests in Joint Venturesthe audited consolidated financial statement is provided in the Annual Report.

37. HUMAN RESOURCES (HR)

Your Company firmly believes that employees are corner stone of the organization andinvesting in them thoughtfully and strategically reaps rewards that pay-off in the longrun through regular training and skill enhancement program

Your Company strives to bring congruence between personal career goals of the employeesand overall objective of the organization. Your Company has put in comprehensive system inplace for identifying and addressing various training needs at all the levels of theorganization. Your Company believes this will help in creating challenges and empoweringwork environment that rewards dedication and work ethics to our employees. Your Companyalso organizes focused developmental programs to build and strengthen employeestechnical/functional and behavioral competencies across levels of our organization. Thesetraining programs include self-awareness personal effectiveness managerial competenciesproject management formwork skills up-gradation etc.

Your Company continues to conduct engagement programs for employees and their familieslike medical check-up yoga sessions blood donation sports tournaments celebratingfestivals distribution of long service awards etc.

38. THE FOREIGN EXCHANGE EARNING & OUTGO OF THE COMPANY IS AS FOLLOWS

Current Year Previous Year
(Rs in Lacs) (Rs in Lacs)
FOREIGN EXCHANGE EARNINGS AND OUTGO NIL NIL
Foreign Exchange Outgo
a. Raw Material 1760.27 NIL
b. Capital Goods 318.45 NIL
c. Advance Payment for Raw Materials NIL NIL
d. Advance Payment for Capital Goods NIL NIL
e. Travelling Expenses 10.16 6.88
f. Consultancy Charges/ Technical Fee 128.84 107.97

39. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

The company has during the year under review transferred a sum of Rs 196742.70 toInvestor Education and protection fund in compliance with provisions of the CompaniesAct 2013. The said amount represents dividend for the year 2007-08 which remainedunclaimed by the shareholders of the company for period exceeding 7 years from its duedate of payment.

40. GENERAL

Your Board of Directors further confirms that (a) Your Company has not issued equityshares with differential rights as to dividend voting or otherwise; and (b) there is noscheme in your Company to finance any employee to purchase shares of your Company.

41. ACKNOWLEDGEMENTS

Your Directors take this opportunity to place on record their sincere appreciation forthe co-operation and assistance the Company has received from Banks and various GovernmentDepartments. The Board also places on record its appreciation of the devoted services ofthe employees support and co-operation extended by the valued business associates and thecontinuous patronage of the clients of the Company.

On behalf of the Board of Directors
Sd/-
Regd. Office (BIKRAMJIT AHLUWALIA)
Plot No. A-177 Chairman & Managing
Okhla Industrial Area Phase-I Director
New Delhi - 110 020 DIN No. 00304947
Dated: 12.08.2016

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