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Aksh Optifibre Ltd.

BSE: 532351 Sector: Engineering
BSE 00:00 | 25 May 33.05 0.40






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OPEN 34.70
VOLUME 93868
52-Week high 46.55
52-Week low 16.90
P/E 39.35
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 34.70
CLOSE 32.65
VOLUME 93868
52-Week high 46.55
52-Week low 16.90
P/E 39.35
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aksh Optifibre Ltd. (AKSHOPTFBR) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 30th Annual Report together with theaudited financial statement of accounts for the financial year ended March 31 2017.

It gives us pride in sharing the vision and the milestones that we have achieved atAksh in the year gone by. Our focus and relentless pursuit towards the growth of theorganisation has bearded the fruitful results and we are committed to add significantvalue to our stakeholders. With the ongoing increasing demand of Optical Fibre Cableglobally the company also expects parallel growth in future.

In order to expand its global footprints your Company has embarked upon the journey ofglobal expansion and has announced various expansions in Optical Fibre Optical FibreCable and Fibre Re-inforced Plastic Rods capacities globally. The company is strategicallyfocused on growing the exports market aggressively.


The financial performance of the Company for the financial year ended March 31 2017is summarized below:

( Lakhs)

Particulars F.Y. ended 2016-17 F.Y ended 2015-16
Revenue from Operations 46437.39 43831.46
Profit before Interest Depreciation Amortization Exceptional Items & Tax 5229.05 7364.51
Depreciation and Amortization Expenses 1955.08 1872.44
Profit before Interest Amortization Exceptional Items & Tax 3273.97 5492.07
Finance Cost 907.33 1040.12
Profit before Exceptional items & Tax 2366.64 4451.95
Exceptional Income/(Expenses) 14.36 (729.26)
Profit before Tax 2381.00 3722.69
Income Tax 1101.07 794.48
Deferred Tax Expenses/(Income) (229.10) 234.00
MAT Credit Entitlement - (657.67)
Profit after Tax 1509.03 3351.88
Add: Balance profit brought forward from previous year 3354.76 2.88
Less : Appropriation - -
Vested in the Company pursuant to merger of erstwhile APAksh Broadband Limited with the Company 787.16
Surplus carried to Balance sheet 4076.63 3354.76


Financial year 2016-17 closed with revenue of Rs 46437.39 Lakhs EBIDTA of Rs.5229.05 Lakhs and PAT of Rs 1509.03 Lakhs. The manufacturing business earned revenues ofRs. 42140.39 Lakhs.

The detailed analysis of Company's operations and segment wise performance is coveredunder Management Discussion & Analysis Report.


The Directors are unable to recommend any dividend in view of the capital expenditurerequired for expansion and diversification by the Company.


a. Optical Fibre/Optical Fibre Cable/FRP Rod

With data communication sectors opening up new vistas the Optical Fibre Cable (OFC)industry is undergoing significant advancements. While the global demand for OpticalFibre grew at 16.4 % CAGR since 2005 the OFC market in India is projected to reach USD424 million by 2020 with a CAGR of over 13 percent between 2016-2021. This is anticipatedon the account of growing adoption of smart phones broadband services and the 4G rollout.Since global data consumption is directly proportional to the Fibre growth Global IPtraffic solely drives the fibre demand.

The Government has increased the allocation for the BharatNet project a nation-widebroadband programme to Rs. 10000 crore and approved the second phase of its ambitiousproject BharatNet for Rs 18792 crore along with a new deadline for the project to March2019. By the end of 2017-18 high speed broadband connectivity on optical fibre will beavailable in more than 150000 gram panchayats with WiFi hotspots and access to digitalservices at low tariffs. The government plans to set-up a DigiGaon initiative to providetele-medicine education and skills through digital technology. BharatNet will be able tobridge the digital divide in rural and re m ote are as of th e co u nt ry by provi dingrob u st a nd re l i a ble n etwo r k infrastructure for the proliferation of affordablebroadband. It will also facilitate electronic delivery of services to citizens of variouse-governance e-commerce e-education and e-health services.

b. Services Division: 1 STOP AKSH

E-Governance is an archetype of development in emerging economies and Aksh has been atthe front position infusing innovative technologies to its diversified portfolios tohelp India in bringing its economic development in the grid of fastest growing economies.

With the usage of Information Technology growing at a torrid pace Indian Government ismaking numerous efforts to provide services to its citizens through e-Governance.E-Governance plays an integral role in the 'Digital India' campaign and successfullydelivers government services electronically to assure efficiency transparency andreliability of these services at affordable costs.

Leveraging e-Governance services has a myriad of advantages over traditional methodssuch as:

Aksh has more than 10000 registered e- mitra kiosks in Rajasthan covering 33districts with 276 blocks and 5884 Gram Panchayats.

These kiosks provide access to integrated services with eased processes including

O.P.D Registration Medical services Bills and Recharge Ticket Booking National ID/PAN card and even Passport Land Records Micro ATM and many more. Besides Aksh is in aBanking correspondence contract with Bank of Baroda to promote banking services. Servicescomprise of opening of Saving bank Time Deposit & Recurring Deposit accountscollection of biometric and demographic details providing Micro Insurance and processingloan applications. The key focus areas for Aksh will be to create awareness and educaterural habitants about savings habits use of micro finance solution & RuPay cardalong with imparting knowledge about optimal funds management practices and debtcounselling.

In addition over 100 Lakhs Aadhaar have been enrolled nationwide under UIDAIproject.

c. Diversification Ophthalmic Lenses

Aksh is targeting to be the pioneer in manufacturing Ophthalmic Lenses in the countrywith an objective to make India self- reliant and targeting women empowerment by employing70% of the women workforce its lens facility. Presently the sector is unorganised with ahandful of players only Aksh will bring in a new ray of light with 'shifting Indianmarket to A grade lens at competitive prices' 'round the clock production along with themain focus on reduction in operating costs management is extremely confident about itslens project to augur well for the overall growth of the organisation.

d. Expansion

During the year Aksh ventured on the inorganic journey by acquiring Unitape MandoviComposites Private Limited (name changed to Aksh Composites Private Limited) in Silvassafor expanding its FRP footprints having a production capacity of 2.16 Lakhs km/annum.

The company has also done capacity expansion along with the modernisation in its OFCplant located at Bhiwadi wherein the OFC capacity has been increased by approximately100%.

Company has also announced seffing-up Optical fibre (OF) manufacturing facility inJebel Ali Free Tarde Zone (JAFZA) UAE with capacity of 4 (Four) Million fibre Km perannum with capex of Rs. 78 Crore for this the land has already been taken on lease fromJAFZA and construction activities are in process.

In addition an Optical Fibre Cable (OFC) facility is planned in Mauritius with 7(Seven) Lakhs Fibre kilometre of capacity.

Increase in demand for Optical Fibre Cable has led to the increase in demand for FRProds also therefore the company has also increased FRP capacity in its Dubai plant byabout 200%.

Further Company has also announced seffing up a FRP manufacturing plant in JiangsuChina with the capacity of 0.8 Million KM per annum.


Pursuant to the Scheme of Amalgamation of the erstwhile APAksh Broadband Limited(99.92% Subsidiary of the Company) with the Company as approved by the shareholders andsubsequently sanctioned by the Hon'ble National Company Law Tribunal New Delhi Benchvide its Order dated November 8 2017 which became effective on November 10 2017 onfiling of the certified copy of the said Order with the office of Registrar of CompaniesRajasthan all the properties assets both moveable and immoveable liabilities includingcontingent liabilities of erstwhile APAksh have without further act or deed beentransferred to and vested in the Company at their book values as a going concern witheffect from the appointed date April 1 2016.


During the Financial Year Company has acquired one company namely Unitape MandoviComposites Private Limited (name Changed to Aksh Composites Private Limited). Hence onMarch 31 2017 Company had one Indian Wholly owned Subsidiary Company namely AkshComposites Private Limited and one Overseas Wholly Owned Overseas Subsidiary namely'AOL-FZE' incorporated in SAIF Zone Sharjah (U.A.E).

Step down Wholly Owned Overseas subsidiary namely 'AOL PROJECTS- DMCC' Subsidiary ofAOL-FZE was closed on December 28 2016.

Consequent to the approval of Scheme of Amalgamation by Hon'ble National Company LawTribunal New Delhi Bench vide its order dated November 8 2017 APAksh Broadband LimitedSubsidiary Company is merged with the Company from the appointed date of April 1 2016.

A report on highlights of performance and their contribution to the overall performanceof the Company as per Companies Act 2013 is provided in the prescribed format Form AOC-1is annexed herewith as Annexure -I. The policy for determining materialsubsidiaries as approved may be accessed on the company's website at the link: .

After the closure of financial year 2016-17 in order to expand the business theCompany has set up two Wholly Owned Subsidiary Companies in UAE and Mauritius namely AOLTechnologies FZE and Aksh Technologies (Mauritius) Limited respectively.

Company has also set-up one Step Down Subsidiary namely AOL Composites (Jiangsu) Co.Ltd China (Subsidiary of AOL-FZE UAE).


Pursuant to Section 186 of the Companies Act 2013 the details of Loans Guaranteesextended and / or Investments made by the Company in subsidiaries are provided in Annexure-II.


All contracts / arrangements / transactions entered into by the Company during thefinancial year with related party(s) were in ordinary course of business and on arm'slength basis. During the year the Company did not enter into any contracts / arrangements/ transactions with related parties which could be considered material in accordance withthe policy of the Company on materiality of related policy transactions.

The policy on dealing with related party transactions as approved by the Board may beaccessed on the company's website at the link:

Particulars of contracts or arrangements with related parties referred to in section188(1) of the Companies Act 2013 in prescribed Form AOC-2 is annexed herewith marked as Annexure-III.


As on March 31 2017 the Board of your Company consisted of 6 Directors consisting of1 Promoter-Chairman & Managing Director 1 Deputy Managing Director 3 IndependentDirectors and 1 Non Executive Non Independent Director.


The Company had 6 (Six) Board Meetings during the financial year under review thedetails of which are given in the Corporate Governance Report that forms part of thisAnnual Report. The intervening gap between any two meetings was within the periodprescribed by the Companies Act 2013.


During the financial year 2016-17 Mr Satyendra Gupta was appointed as Deputy ManagingDirector (KMP) of the Company we.f. May 28 2016 for a period of three years till May 272019 and Mr. Pawan Kumar Gambhir was appointed as Chief Financial Officer (KMP) of theCompany w.e.f May 28 2016. Mr. Narendra Kumbhat Independent Director resigned from theposition of Director w.e.f. September 19 2016 There were no other appointments/resignations of Directors/KMP.

After the closure of financial year 2016-17 Mr. Gauri Shankar was appointed asAdditional Director (Non-Executive Independent Director) of the Company w.e.f April 82017 for a period of 5 years till April 7 2022 subject to regularization/approval in theensuing Annual General Meeting and who has submitted a declaration that he meets thecriteria of Independence as provided in Section 149(6) of the Act and Listing Regulations2015. Mr. Dinesh Kumar Mathur Independent Director resigned from the Board of the Companyw.e.f. August 12 2017.


The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed both undersub-section (6) of Section 149 and Regulation 16 (1) (b) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015.

The Board of Directors declare that the Independent Directors as on March 31 2017 Mr.Amrit Nath Mr. Dinesh Kumar Mathur & Ms. Devika Raveendran are:

(a) in the opinion of the Board are persons of integrity and possesses relevantexpertise and experience;

(b) (i) were not a promoter of the Company or its holding subsidiary or associatecompany;

(ii) not related to promoters or directors in the Company its holding subsidiary orassociate company;

(c) had no pecuniary relationship with the company its holding subsidiary orassociate company or their promoters or directors during the two immediately precedingfinancial years or during the current financial year;

(d) None of their relatives has or had pecuniary relationship or transaction with thecompany its holding subsidiary or associate company or their promoters or directorsamounting to two percent or more of its gross turnover of total income or fifty lakhrupees or such higher amount as may be prescribed whichever is lower during the twoimmediately preceding financial years or during the current financial year;

(e) Neither they nor any of their relatives -

(i) holds or has held the position of a key managerial personnel or is or has beenemployee of the company or its holding subsidiary or associate company in any of thethree financial year immediately preceding the financial year in which he is proposed tobe appointed;

(ii) is or has been an employee or proprietor or a partner in any of the threefinancial years immediately preceding the financial year in which he is proposed to beappointed of -

- a firm of auditors or company secretaries in practice or cost auditors or the companyor its holding subsidiary or associate company; or

- any legal or a consulting firm that has or had any transaction with the company itsholding subsidiary or associate company amounting to ten percent or more of the grossturnover of such firm;

(iii) holds together with his relative two per cent or more of the total voting powerof the Company; or

(iv) is a Chief Executive or Director by whatever name called of any non-profitorganization that receives twenty-five percent or more of its receipts from the companyany of its promoters directors or its holding subsidiary or associate company or thatholds two per cent or more of the total voting power of the company; or

(f) possesses such other qualifications as may be prescribed.

Material Changes and commitments affecting the financial position between the end offinancial year and date of report

a) The Board of Directors in its meeting held on April 28 2017 has considered andapproved:

• Expansion of Optical Fibre Business in UAE and seffing up of Wholly OwnedSubsidiary Company in Dubai for the same which has been duly incorporated under the nameof AOL Technologies FZE.

• Expansion of FRP Business in China and seffing up of Step Down Subsidiary inChina for the same which has been duly incorporated under the name of AOL Composites(Jiangsu) Co. Ltd China (Subsidiary of AOL-FZE UAE)

b) The Board of Directors in its meeting held on September 28 2017 has considered andapproved expansion of Optical Fibre Cable Business in Mauritius and seffing up of WhollyOwned Subsidiary Company in Mauritius for the same which has been duly incorporated underthe name of Aksh Technologies (Mauritius) Limited.

c) Hon'ble National Company Law Tribunal Principal Bench Delhi vide its order datedNovember 8 2017 has sanctioned the Scheme of Amalgamation of the subsidiary namely APAkshBroadband Limited (Transferor Company) with the Company with effect from the appointeddate of April 1 2016.


In accordance with the Articles of Association of the Company Mr. B. R. Rakhecha theNon-Executive Non Independent Director retires by rotation and being eligible hasoffered himself for re-appointment.

After the closure of financial year 2016-17 Mr. Gauri Shankar was appointed asAdditional Director (Non-Executive Independent Director) of the Company w.e.f. April 82017 for a period of 5 years till April 7 2022 subject to regularisation/approval in theensuing Annual General Meeting and who has submitted a declaration that he meets thecriteria of Independence as provided in Section 149(6) of the Act and Listing Regulations2015.

Pursuant to the provisions of Section 152(6) and other applicable provisions of theCompanies Act 2013 in the ensuing Annual General Meeting your Directors are seeking:

1. Re-appointment of Mr. B. R. Rakhecha retiring by rotation; and

2. Appointment of Mr. Gauri Shankar as Independent Director.


The Company has devised a policy for performance evaluation of Independent DirectorsChairman Board Board Committees and other individual Directors which include thecriteria for performance evaluation of the non-executive Directors and executiveDirectors.


The Report on Corporate Governance along with the Certificate from the

Statutory Auditors certifying the compliance of Corporate Governance enumerated inRegulation 34(3) and Schedule V of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is included in this Annual Report.


The Report on Management Discussion and Analysis has been attached and forms part ofthe Annual report.


The Company has constituted Corporate Social Responsibility Committee as per Section135 of the Companies Act 2013 read with the Companies (Corporate Social ResponsibilityPolicy) Rules 2014. The Company has Corporate Social Responsibility Policy (CSR Policy)elaborating the activities to be undertaken by the company in furtherance and duedischarge of its corporate social responsibility.

The CSR policy may be accessed on the Company's website at the link:

During this year also Aksh continued its plantation drive 'Upvan' in order to improvethe ecological balance and spread the message of environment protection in the industrialtown of Bhiwadi. With the support and cooperation of Bhiwadi Manufacturers Association& member industries Rotary Club Lions Club Schools & Colleges and many NGO'sAksh planted more than 22000 saplings during the year.

Under Aksh CSR initiative 'Muskaan' the Company further improved the infra of itsadopted Govt. Secondary School in Santhalka (Bhiwadi) by providing another 100 sets ofclass room furniture construction of school main gate in secondary section setup ofe-learning class room installation of CCTV camera repairing of class rooms groundlevelling & development of pathway using interlocking tiles plantation of trees &development of lawn bala painting & writing work carpets for yoga classes andproviding full time employee for day to day cleaning and housekeeping activities.

To promote reading habit and spreading knowledge among children Aksh this year setup alibrary with plenty of books and required infra at adopted Govt. Secondary School.

The company also provided two computer instructors in both the sections of Govt.Secondary School Santhalka (Bhiwadi) to promote digital literacy among children.

Working for women empowerment under its CSR initiatives 'Aksh' in association withSinger India Rotary Club of Bhiwadi and USCKM School setup a Skill Development Center atUCSKM School Bhiwadi. This Skill Development Center will provide three months certificatecourse and six months diploma course in stitching & tailoring to promote womenentrepreneurship.

Under its plantation Drive "Aksh Econation" at Reengus (Sikar) with thesupport of schools and Gram Panchayats company planted more than 2500 trees.

Under its drive 'Shiksha Hamara Swabhiman' at Reengus (Sikar) the company has adoptedthree government schools. Here the company developed infra like construction of tin shedseffing up of e-learning class room painting & renovation of building light &invertor fiffing providing music instruments educational painting in class rooms etc.

Under its CSR initiatives at Aksh Service Division Sitapura Jaipur the companyprovided safe drinking water facility to fellow citizens by installing 8 water coolerswith RO purifiers at different locations namely Bharatpur Baran Karauli Jodhpur andJaipur.

Under its "Save Energy" campaign Aksh has distributed LED bulbs to variouseducational institutes in Jaipur area and also made contribution to Mukhya Mantri JalSwavlamban Abhiyan for conservation of most precious natural resource i.e.water.

State Govt. of Rajasthan duly recognized and appreciated Aksh CSR initiatives in thefield of Education and accordingly bestowed the prestigious "BHAMASHAH AWARD" toboth of its manufacturing locations at Bhiwadi and Reengus in year 2014-15 2015-16 &2016-17.

The statutory disclosures and an Annual Report on CSR activities is annexed herewithmarked as Annexure -V.


(A) The statement containing particulars of employees as required under Section 197(12)of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 as amended from time to time forms partof this report. In terms of Section 136 of the Companies Act 2013 the same is open forinspection at the Registered Office of your Company. Copies of this statement may beobtained by the members by writing to the Company Secretary of your Company.

(B) The ratio of the remuneration of each director to the median employee'sremuneration and other details in terms of sub-section 12 of Section 197 of the CompaniesAct 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 as amended from time to time are forming part of this report as Annexure-VI.


During the year under review no shares have been granted hence there was no vesting ofShares.


The Company has adopted a Risk Management Policy which establishes various levels ofaccountability and overview within the Company. The Company has been taking necessarysteps to mitigate foreseeable business risks. Management Discussion & Analysiscontains detailed risk treatment strategies.

In line with best practices applicable to organizations of a similar size nature andcomplexity the Company's internal financial control framework has been designed throughstructured control risk assessments by way of Risk and Control Matrices (RACM) Policiesincluding MIS. The defined and adequate Internal Financial Controls are tested from timeto time for necessary improvement if any.


As provided in the Accounting Standard (AS-21) issued by the Institute of CharteredAccountants of India (ICAI) on consolidated financial statements the consolidatedfinancial statements are attached which form part of the Annual Report.


At the Annual General Meeting held on 27th September 2014 M/s P. C. Bindal & Co.Chartered Accountants were appointed as Statutory Auditors of the Company to hold officetill the conclusion of the Thirtieth Annual General Meeting of the Company. In accordancewith the provision of Section 139 and 140 of the Companies Act 2013 and upon expirationof the term of existing Auditors of the Company the company was required to appoint newStatutory Auditors in place of existing Auditors. Accordingly

M/s BGG & Associates Chartered Accountants New Delhi (FRN: 016874N) has beenappointed as Statutory Auditors of the Company for a consecutive period of five years i.etill the conclusion of 35th Annual General Meeting of the Company subject to ratificationat every Annual General Meeting. In this regard the Company has received a certificatefrom the auditors to the effect that if they are reappointed it would be in accordancewith the provisions of Section 141 of the Companies Act 2013.

The observation of Auditors and their report read with the relevant Notes to Accountsare self-explanatory and therefore do not require further explanation.


The Company had appointed M/s. K. G. Goyal & Associates as Cost Auditors for theFinancial Year 2016-17 to audit the cost records of the Company.


Pursuant to Sec. 148 of the Companies Act 2013 read with Companies (Cost Audit) Rules2014 including any statutory modifications thereof the Company had submitted the CostAudit Report for the financial year 2016-17.


The Company had appointed M/s Pooja Anand & Associates Company Secretaries toconduct the Secretarial Audit for the financial year 2016-17. The Secretarial Audit Reportfor the financial year ended March 31 2017 is annexed herewith marked as Annexure -VII to this Report.


The Company's manufacturing facilities continue to remain certified by independent andreputed external agencies as being compliant as well as aligned with the National andInternational standards for Quality Management System Environmental Management SystemComplaint Handling Management System and Occupational Health & Safety ManagementSystem i.e. ISO 9001:2008 14001:2004 ISO 10002:2004 and BS OHSAS 18001 : 2007respectively.


Industrial Relations remained cordial throughout the year. Your Directors recognizesand appreciates the sincerity hard work loyalty dedicated efforts and contribution ofall the employees during the year. The Company continues to accord a very high priority toboth industrial safety and environmental protection and these are ongoing process at thelocations of Company.


The particulars relating to conservation of energy technology absorption foreignexchange earnings & outgo as required to be disclosed under the Act are provided in Annexure- VIII to this report.


Extract of Annual Return of the Company is annexed herewith as Annexure- IX tothis Report.


The Equity Shares of the Company continue to be listed at BSE Ltd and The NationalStock Exchange Ltd. The Listing Fee has been paid to both of the stock exchanges.


Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

i. Details of deposits covered under chapter V of the Act;

ii. Issue of equity shares with differential voting rights dividend or otherwise;

iii. Issue of shares (including sweat equity shares) to employees of the company underthe ESOS scheme or otherwise;

Your Directors further state that during the year under review there were nocomplaints/ cases pursuant to the Sexual Harassment of Women in workplace (PreventionProhibition and Redressal) Act 2013.


To the best of our knowledge and belief and according to the information andexplanations obtained by us your Directors make the following statements in terms ofSection 134 (5) of the Companies Act 2013:

(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

(b) the directors had 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 the company at the end of the financial year and ofthe profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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;

(e) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively. and

(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.


Your Directors take this opportunity to place on record their appreciation to thecontribution made by the employees towards overall growth of the Company.

Your Directors would also like to express a profound sense of appreciation andgratitude to all the stakeholders for the patronage and for the commitment shown insupporting the company in its continued robust performance on all fronts.

We look forward to your continued support and co-operation as we move forward to ournew journey while assuring our continued commitment to maintain healthy and fruitfulrelationship.

for Aksh Optifibre Limited
Date: November 13 2017 Dr. Kailash S Choudhari
Place: New Delhi Chairman & Managing Director
DIN: 00023824