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Amco India Ltd.

BSE: 530133 Sector: Industrials
NSE: N.A. ISIN Code: INE924B01011
BSE LIVE 13:15 | 23 Jan 17.70 0.80
(4.73%)
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17.70

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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.65
PREVIOUS CLOSE 16.90
VOLUME 305
52-Week high 23.35
52-Week low 13.05
P/E 13.21
Mkt Cap.(Rs cr) 7.27
Buy Price 17.70
Buy Qty 2350.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.65
CLOSE 16.90
VOLUME 305
52-Week high 23.35
52-Week low 13.05
P/E 13.21
Mkt Cap.(Rs cr) 7.27
Buy Price 17.70
Buy Qty 2350.00
Sell Price 0.00
Sell Qty 0.00

Amco India Ltd. (AMCOINDIA) - Director Report

Company director report

TO THE MEMBERS

The Directors have pleasure in presenting the 29th Annual Report on the performance ofthe Company for the Financial Year ended 31st March 2016.

1. STATEMENT OF COMPANY'S AFFAIRS:

i. Financial Summary:

The performance of the Company for the financial year ended 31 March 2016 issummarized below:

(Rupees in Lacs)
Particulars 2015-2016 2014-2015
Gross Income 4682.37 5814.86
Profit before Exceptional Items & Tax 110.85 (112.29)
Exceptional Item 0.00 0.00
Net Profit before Taxation 110.85 (112.29)
Tax Expenses
Tax adjustments for earlier year 0.00 6.00
Provision for Taxation 0.00 0.00
Deferred Tax 9.58 15.34
Net Profit after Tax 113.90 (90.94)

ii. Performance Review:

During the Financial Year 2015-16 the financial results of the Company were positiveand better as compared to the previous financial year. The Company has earned the profitof Rs. 113.9 lacs during the year under review in the comparison to the loss of Rs. 90.94lacs during the previous Financial Year.

iii. Transfer to Reserves:

The Company has not transferred any amount to the General Reserves during the yearunder review and no amount is presently proposed to be carried to the reserves.

iv. Dividend:

The Board has not recommended any dividend on the equity shares of the Company for thefinancial year ended 31st March 2016.

v. Revision of Financial Statements or Board's report:

The Board of Directors of the Company has not revised the Financial Statements andBoard's report of the financial year under review.

vi. Material changes during the financial year and commitments subsequent to theBalance sheet:

During the year under review the Company changed the Object Clause of the Memorandum ofAssociation of the Company by inserting an extra clause in the Main object Clause andremoving the other object clause as per the requirement of the Companies Act 2013.

Further the Company appointed the Independent Directors in their Board meeting held on25.03.2015 in the previous financial year and their appointment was approved by theshareholders through postal ballot dated 1 May 2015 for the period of 5 years.

Ms. Aayushi Gupta (KMP) resigned from the position of the Company Secretary &Compliance officer of the Company w.e.f 8 July 2015. Ms. Priyanka Beniwal was appointedas the Company Secretary & Compliance Officer of the Company in the capacity of WholeTime KMP under Section 203 of the Companies Act 2013 w.e.f 1 August 2015.

There was a fire accident in the plant of the Company situated at Noida on 22 day ofMarch 2016. Fortunately there has been no loss or injury to human life.

The fire was controlled within the time causing the least effect on plant &machinery. The operations at the plant were resumed within no time.

vii. Key changes in the Nature of business:

There were no key changes in the nature of the business during the year under review.

viii. Operations and Future Outlook during the year :

The Financial year 2015-16 has witnessed the better results as compared to theperformance of the Company during the previous few years. With the abundance of supplieswith no increase in actual demand of the product due to the entry of new market playersthe Company is continuously trying and changing its market strategy and the improvementswere seen during the year.

The Company is in the process of bringing in better technology & expanding itsareas of operation and hopeful of much better results in the near future.

2. DIRECTORS:

i. Meetings of the Board:

The Board met seven (7) times during the Financial Year 2015-16 in respect of thosemeetings proper notices were given and the proceedings were properly recorded. Theintervening gap between any two meetings was within the period prescribed under CompaniesAct 2013 Secretarial Standards and Listing Agreement/SEBI (Lisiting Obligations &Disclosure Requirements) Regulations 2015 on Corporate Governance. For further detailsregarding number of meetings of the Board and its committees please refer CorporateGovernance Report annexed to the Annual Report.

ii. Changes in Board of Directors:

There was no change in the Board of Directors of the Company during the year underreview.

iii. Declaration by Independent Directors:

The Company has received necessary declaration from each of the Independent Directorsunder Section 149(7) of the Companies Act 2013 that they meet the criteria ofindependence laid down in Section 149(6) of the Companies Act 2013 and under the norms onCorporate Governance.

iv. Training of Independent Directors:

The Company has adopted a Training Policy for training of Independent Directors whichinter-alia includes the various familiarisation programmes in respect of their rolesrights responsibilities in the Company nature of the industry in which the Companyoperates business model of the Company etc. Further the same is also taken care duringthe various strategy meets of the Company and different presentations in theBoard/Committee meetings on the statutory Laws. The details of such familiarizationprogrammes/Training Policy have also been posted on the website of the Company atwww.amcoindialimited.com.

v. Separate Meeting of Independent Directors:

The Independent Directors were fully kept informed of the Company's activities in allits spheres. During the year under review a separate meeting of Independent Directors washeld on 11 March 2016 and the Independent Director's reviewed the performance of:

i. The Executive Directors of the Company - viz. Mr. Surender Kumar Gupta Chairman& Managing Director Mr. Rajeev Gupta Whole – Time Director & Chief FinancialOfficer and Mrs. Vidhu Gupta Whole Time Director & Woman Director

ii. The Board of Directors of the Company as a whole.

iii. The Independent Directors also reviewed the performance of Chairman of theCompany and

iv. They also assessed the quality quantity and timeliness of flow of informationbetween the Company's management and the Board that are necessary for the Board toeffectively and reasonably perform their duties.

vi. Key Managerial Personnel (KMPs):

During the year under review Ms. Aayushi Gupta Company Secretary resigned from thepost of the Company Secretary of the Company w.e.f 8 July 2015 and Ms. Priyanka Beniwalwas appointed as the Company Secretary of the Company in the capacity of Whole Time KMPunder Section 203 of the

Companies Act 2013 w.e.f 1 August 2015 by the Board of Directors on recommendation ofthe Nomination & Remuneration Committee of the Company.

vii. Performance Evaluation Criteria:

The Clause 49 of the Listing Agreement/Securities and Exchange Board of India (ListingObligations and Disclosures Requirement) Regulations 2015 mandated that the Board shallmonitor or review Board evaluation framework. The Companies Act 2013 states that a formalannual evaluation needs to be made by the Board of its performance and that of Committeesand of the Directors. The Schedule IV of the Companies Act 2013 states that theperformance evaluation of the Independent Directors shall also be done by the entire Boardof Directors excluding the Director being evaluated.

The evaluation of all the directors and the Board as the whole was conducted based onthe criteria and framework adopted by the Board. The Board works with the Nomination &Remuneration committee to lay down the evaluation criteria for the performance ofexecutive/non-executive/independent directors through a peer evaluation excluding theDirector being evaluated through the Board efficiency survey.

The Board's functioning was evaluated on various aspects including inter alia degreeof fulfillment of key responsibilities Board structure and compositionestablishment and delineation of responsibilities to various Committees effectiveness ofBoard processes information and functioning information flow relationship with thestakeholders Company's performance & Company strategies.

The Directors were evaluated on aspects such as attendance and contribution at Board/Committee Meetings and guidance/ support to the management outside Board/ CommitteeMeetings. In addition the Chairman was also evaluated on key aspects of his roleincluding setting the strategic agenda of the Board encouraging active engagement by allBoard members and motivating and providing guidance to the Managing Director & CEO.

The areas on which the Committees of the Board were assessed included degree offulfillment of key responsibilities adequacy of Committee composition and effectivenessof meetings.

The performance evaluation of the Independent Directors was carried out on the basis ofthe three key roles of the Independent Directors - governance control & guidance.Some performance indicators bases upon which the independent directors were evaluated are:

i. Ability to contribute to corporate governance practices of the Company;

ii. Active participation in long term strategic planning;

iii. Commitment to the fulfillment of directors' obligations & fiduciaryresponsibility;

iv. Participation in Board and committee meetings.

The performance evaluation of the Chairman and the Executive Directors was carried outby the Independent Directors who also reviewed the performance of the Board as a whole.

viii. Policy for Appointment of Directors & Remuneration:

The policy of the Company for the appointment of Directors in place of one resigning orretiring or for some new introduction to the Board of Directors of the Company anddetermining the remuneration can be viewed at the website of the Company atwww.amcoindialimited.com. The policy relating to the appointment and remuneration ofdirectors comes under the functional area of Nomination & Remuneration Committee ofthe Company. The policy is concerned with the identification ascertainment of theintegrity qualification expertise and experience having regard to the skills of thecandidate that is to be brought to the Board/Company.

ix. Directors' Responsibility Statement:

Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to the Directors' Responsibility Statement it is hereby confirmed that:

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 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; and

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.

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

3. BOARD COMMITTEES & RELATED INFORMATION:

a. AUDIT COMMITTEE:

Audit Committee Composition:

The Audit Committee is composed of following as Chairman & members :

i. Sh. Dharam Pal Aggarwal Chairman & member.

ii. Mr. Kanwal Kumar a member.

iii. Sh. Rajeev Gupta a member.

Recommendations of Audit Committee not accepted by the Board:

The recommendations made by the Audit committee during the year under review wereaccepted by the Board.

Vigil Mechanism (Whistle Blower Policy):

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to theDirectors and employees to report their concerns about unethical behaviour actual orsuspected fraud or violation of the Company's Code of Conduct. It also provides foradequate safeguards against the victimization of employees who avail of the mechanism andallows direct access to the Chairperson of the Audit Committee in exceptional cases. Wefurther affirm that no employee has been denied access of the Audit Committee duringfinancial year 2015-16. The policy is placed on the website of the Company atwww.amcoindialimited.com.

b. NOMINATION AND REMUNERATION COMMITTEE:

Nomination & Remuneration Committee Policy:

The Nomination and Remuneration Committee of Directors (NRC) reviews the composition ofthe Board to ensure that there is an appropriate mix of abilities experience anddiversity to serve the interests of all shareholders and the Company.

The policy of the Nomination & Remuneration Committee is based on the following:

i. to follow the process of appointment of Director / KMPs when a vacancy arises or isexpected the NRC will identify ascertain the integrity qualification appropriateexpertise and experience having regard to the skills that the candidate will bring to theBoard / Company;

ii. to decide whether qualification expertise and experience possessed by a person aresufficient / satisfactory for the concerned position;

iii. to determine the level & composition of remuneration which is reasonable &sufficient to attract retain & motivate directors to run the Company successfully;

iv. to ensure the relationship of remuneration with the performance;

v. to ensure that any person(s) who is/ are appointed or continues as KMP's orIndependent directors shall comply with the conditions laid under the provisions of theCompanies Act 2013 & Listing Agreement;

vi. to specify time period within which the employee shall exercise the vested optionsin the event of termination or resignation of an employee.

The detailed policy of the Nomination & Remuneration Committee is uploaded on thewebsite of the Company at www.amcoindialimited.com.

c. STAKEHOLDER'S RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee basically considers the following:

i. to consider and resolve the grievances of the security holders of the Companyincluding complaints related to transfer of shares non receipt of annual report nonreceipt of declared dividends etc.

ii. to set forth the policies relating to and to oversee the implementation of the Codeof Conduct for Prevention of Insider Trading and to review the concerns received under theCode of Conduct.

The Company has adopted the Code of Internal Procedures and Conduct for PreventionRegulating Monitoring and Reporting of Insider Trading under the SEBI (Prohibition ofInsider Trading) Regulations 2015. The Code lays down guidelines for procedures to befollowed and disclosures to be made while dealing with the shares of the Company. TheCompany's Code on prevention of Insider Trading also ensures timely and adequatedisclosure of Price Sensitive Information as required under the Regulations.

d. OTHER COMMITTEES:

INTERNAL COMPLAINT COMMITTEE:

The Company has formed the Internal Complaint Committee as required under the Section21 of the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013 read with the relevant rules for both the plant of the Company situated atBaddi Himachal Pradesh & Noida Uttar Pradesh. The respective Committees met twotimes each during the year and reviewed & discussed the relevant issues.

4. CORPORATE GOVERNANCE:

Your Company is committed to bind itself with good Corporate Governance standards. Ithas put in place an effective Corporate Governance System which ensures that theprovisions of Clause 49 of the Listing Agreement/Securities and Exchange Board of India(Listing Obligations and Disclosures Requirement) Regulations 2015 with Stock Exchangesare duly complied with. A Corporate Governance Report MDA Report together with theCertificate from the Auditors of the Company regarding compliance of conditions ofCorporate Governance had been made a part of the Annual Report. The Management Discussionand Analysis Report is annexed to the Board report as ANNEXURE I.

The Company has a proper mix of Executive and Non – Executive Directors on Boardand a Women Director and Independent Directors appointed pursuant to the provisions ofCompanies Act 2013 and Listing Agreement.

The Company has framed a Code of Conduct for all its Board Members and seniorManagement Personnel of the Company who have affirmed compliance thereto. The said code ofconduct has been posted on the Company's website. The Declaration to this effect signed bythe Chairman & Managing Director is made part of the Annual Report.

5. RISK MANAGEMENT POLICY:

The Company's Risk Management Policy with a robust supporting risk management frameworkfacilitates identification and assessment of new risks and review of presently identifiedrisks. The process is based on identified risks and the risk events or factors whichrequire regular assessment and quick response. Based on the probability & impact ofthe risk the requisite controls and action plans have been designed and implemented.

The objective of risk management in the Company is to act as an enabler in maintainingits knowledge edge sustaining and expanding the business being competitive and ensuringexecution of projects within budgeted cost and time resulting in improved turnover andprofitability. The Risk Management Policy of the Company can be viewed at the website ofthe Company at www.amcoindialimited.com.

6. AUDITORS:

a. Statutory Auditors:

M/s V.V. Kale & Co. Chartered Accountants Statutory Auditors of the company arebeing eligible for ratification in continuation of their term which was approved earlier.Hence pursuant to provisions of Section 139 of the Companies Act 2013 and the rulesframed thereunder it is proposed to ratify the appointment of M/s V.V. Kale & Co. asStatutory Auditors of the Company from the conclusion of forthcoming Annual GeneralMeeting till the conclusion of next Annual General Meeting of the Company.

i. Board's explanation and Comments:

The Notes on Accounts read with the Auditors Report are self explanatory and thereforedo not require any further comments or explanations as the Auditor's Report given byauditors of the Company doesn't contain any qualification reservation or adverse remarks.

ii. Certificate from the Auditor:

The Company has obtained the certificate from the Auditors of the Company regardingcompliance of the conditions of the Corporate Governance and is annexed to the Board'sReport as ANNEXURE II.

b. Cost Auditors:

As per Companies (Cost Records and Audit) Rules 2014 issued by the Ministry ofCorporate Affairs on 13 June 2014 the provisions of Cost Audit and maintenance of Costrecords are not applicable on the Company for the Financial Year 2015-16.

c. Internal Auditors:

In compliance with Section 138 of Companies Act 2013 read with Rule 13 of Companies(Accounts) Rules 2014 M/s. Rajesh Anuradha & Associates Chartered Accountants wereappointed as Internal Auditors of the Company to conduct Internal Audit for the FinancialYear 2015-16. The Internal Auditors have submitted their Internal Audit Report for theFinancial Year 2015-16 to the Board of Directors of the Company.

d. Secretarial Auditors:

In compliance with the provisions of the Section 204 of Companies Act 2013 M/s. MohitBajaj & Associates Practising Company Secretaries were appointed as SecretarialAuditors of the Company by the Board of Directors to conduct Secretarial Audit for theFinancial Year 2015-16.

i. Secretarial Audit & Report thereupon:

The Secretarial Audit Report as required under Section 204 of the Companies Act 2013for the financial year 2015-16 is annexed to this Report as Annexure III.

ii. Board's explanation and Comments:

The Secretarial Audit report does not require any further comments or explanations asit does not contain any qualification reservation or adverse remark.

7. MANAGERIAL REMUNERATION:

a. Remuneration to Directors:

The remuneration paid by the Company to its Managing Director & Whole TimeDirectors is as per the terms of their appointment. The details of the same are enumeratedbelow. No sitting fee is paid by the Company to the Non-executive directors. Also TheNon-Executive directors are not holding any shares in the Company.

The details of remuneration paid to Managing Director/Whole Time Directors for thefinancial year ended 31 March 2016. (in. Rs.)

Name Salary (Total) (P.a.) Service Contract Details
Rajeev Gupta WTD & CFO 1800000/- Perquisites: Reimbursement of Medical expenses by the Company Leave Travel Concession & Club Membership to be paid by the Company. Other Benefits : Free use of Company's Car for office & personal work alongwith the driver. Telephone at residence at Company's Cost. Reimbursement of entertainment expenses incurred for the Company's business.
Surender Kumar Gupta CMD 2400000/- (Presently paid Rs. 1200000/-) Perquisites: Reimbursement of Medical expenses by the Company Leave Travel Concession & Club Membership to be paid by the Company. Other Benefits : Free use of Company's Car for office & personal work alongwith the driver. Telephone at residence at Company's Cost. Reimbursement of entertainment expenses incurred for the Company's business.
Vidhu Gupta WTD 240000/- (Presently paid Zero sum)

• Mr. Surender Kumar Gupta Chairman & Managing Director of the Company hasforegone half of his salary i.e the sum of Rs. 1200000/-.

b. The information required under Section 197 (12) of the Companies Act 2013 readwith Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014relating to the ratio of the remuneration of each Director to the median employee'sremuneration is annexed to this report as ANNEXURE IV.

8. EXTRACT OF ANNUAL RETURN:

In accordance with the provisions of Section 92 (3) of the Act read with Companies(Management and Administration) Rules 2014 the extract of Annual Return in form MGT.9 isannexed to this report as ANNEXURE V.

9. JOINT VENTURES:

M/s. Amco India Limited has entered into a Memorandum of Understanding with M/s. KrishInfrastructures Private Limited in the previous year for construction and development ofHousing Projects in the Profit Sharing Ratio of 60:40 respectively. The Company hasstarted fetching profit from the said project with M/s. Krish Infrastructures PrivateLimited.

10. PARTICULARS OF EMPLOYEES:

As per the information required under Section 197(12) of the Companies Act 2013 readwith Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 nodisclosure is required to be made as no employee is receiving salary exceeding Rs.500000 per month or Rs. 6000000 per annum.

11. PARTICULARS OF ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO:

The disclosure under Section 134(3)(m) of the Companies Act 2013 read with Companies(Accounts) Rules 2014 relating to foregoing matters are as follows.

a. Conservation of Energy:

i. Steps Taken or Impact on Conservation of Energy:

In the past few years the Company has tried to improve energy efficiency significantlyby various measures. Steps taken to conserve energy include:

• At its plants the Company has carried out various actions to optimize energyconsumption and reduce losses.

• The periodical reviews conducted at plants have given a number of actionableideas which are being implemented to conserve energy.

• Energy efficient motors are being installed in order to optimize use of power.

• In its plants and offices the Company has replaced conventional light fixtureswith energy efficient fixtures such as LED lights and tubes.

ii. Steps taken by the Company for utilizing alternate sources of Energy:

The Company is planning to take steps for utilizing alternate sources of energyincluding installation of solar light panel system for street lights and other such systemat its Plants.

iii. Capital Investment on Energy Conservation Equipments:

During the year under review the Company has made capital investment on energyconservation equipments. The equipment in which investment was made includes energyefficient motors and LED lights.

b. Technology Absorption:

i. Efforts made towards Technology Absorption:

The Company has neither entered into any technical collaboration with any foreigncountry nor imported any technology from any foreign country or organization.

ii. Benefits derived like product improvement cost reduction product development orimport substitution:

Not applicable.

iii. In case of imported technology (imported during the last three years reckoned fromthe beginning of the financial year):

The Company has not imported any technology during the previous three financial years.

iv. Expenditure incurred on Research and Development:

No Research & Development work has been carried out by the Company during the yearunder review and therefore is no expenditure on this head.

c. Foreign Exchange Earning & Outgo:

PARTICULARS 2015-16 2014-15
Foreign Exchange Earning 36.84 50.71
Foreign Exchange Outgo 7.30 1.3

12. PUBLIC DEPOSITS:

During the year under review the Company has not invited/accepted any deposits fromthe public with in the meaning of Companies Act 2013 and rules made there under.

13. LOANS GUARANTEE & INVESTMENTS:

The details of loans & advances given by the Company during the financial yearunder review can be viewed in respective notes to the Balance Sheet.

14. CORPORATE SOCIAL RESPONSIBILITY:

The provisions of CSR are not applicable on the Company as the Company does not fallinto the prescribed criteria's.

15. CONTRACTS & ARRANGEMENTS WITH RELATED PARTY:

All contracts / arrangements / transactions entered by the Company during the financialyear with related parties were on an arm's length basis. During the year the Company hadnot entered into any contract / arrangement / transaction with related parties which couldbe considered material in accordance with the policy of the Company on materiality ofrelated party transactions.

The Policy on materiality of related party transactions and dealing with related partytransactions as approved by the Board may be accessed on the Company's website atwww.amcoindialimited.com.

The details of the transactions with Related Parties are provided in the Form No. AOC 2as annexed to this report as ANNEXURE VI.

16. INTERNAL CONTROLS SYSYTEMS:

The Company's internal audit systems are geared towards ensuring adequate internalcontrols commensurate with the size and needs of the business with the objective ofefficient conduct of operations through adherence to the Company's policies identifyingareas of improvement evaluating the reliability of Financial Statements ensuringcompliances with applicable laws and regulations and safeguarding of assets fromunauthorized use. The details of the internal controls system are given in the ManagementDiscussion and Analysis Report which forms part of the Directors' Report.

17. SHARE CAPITAL:

The Company has only one kind of shares i.e. Equity shares with same voting rights. TheAuthorised Share capital of the Company is Rs. 75000000/- divided into 7500000 sharesof Rs. 10/-each. The Paid up share capital of the company is Rs. 41100000/- dividedinto 4110000 equity shares of Rs. 10/- each.

a. Sweat Equity shares:

The Company has not issued any sweat equity shares during the financial year underreview.

b. Issue of further Share Capital:

The Company has not issued any further shares during the financial year under review.

c. Buy back of Shares:

During the year under review the Company has not made any offer to buy back itsshares.

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

The Company has zero tolerance for sexual harassment at workplace and has adopted aPolicy on Prevention Prohibition and Redressal of Sexual Harassment at the Workplace inline with the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the rules there under. The Policy aims to provideprotection to employees at the workplace and prevent and redress complaints of sexualharassment and for matters connected or incidental thereto with the objective ofproviding a safe working environment where employees feel secure. The Company has notreceived any complaint of sexual harassment during the financial year 2015-16.

19. INDUSTRIAL RELATIONS:

The relation with the employees continues to be peaceful and cordial throughout theyear. Your Board believes that trained and motivated people determine the futureaugmentation of the Company. Your Board places on record appreciation for the efforts andenthusiasm shown by employees at all levels.

20. ACKNOWLEDGEMENTS:

It is our strong belief that caring for our business constituents has ensured oursuccess in the past and will do so in future. Your Directors would like to acknowledge andplace on record their sincere appreciation on the co-operation and assistance extended bythe various Government Authorities Company's Bankers etc. The Directors convey theirsincere thanks for the continued support given to the company by the esteemed shareholdersand valued customers. The Directors also recognize and appreciate the dedication and hardwork put in by the employees at all levels and their continued contribution to itsprogress.

By Order of the Board of Directors
For AMCO INDIA LIMITED
SD/- SD/-
S. K. GUPTA RAJEEV GUPTA
Place : Noida U.P. Chairman & Managing Director WT Director cum CFO
Date : 05-08-2016 DIN : 00026609 DIN : 00025410
C-53/54 Sector-57 C-53/54 Sector-57
Noida U.P.-201307 Noida U.P.-201307