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Gujarat State Petronet Ltd.

BSE: 532702 Sector: Others
NSE: GSPL ISIN Code: INE246F01010
BSE 15:40 | 21 Mar 177.85 0.40






NSE 15:53 | 21 Mar 178.05 0.35






OPEN 177.60
VOLUME 49228
52-Week high 235.50
52-Week low 154.00
P/E 15.71
Mkt Cap.(Rs cr) 10,028
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 177.60
CLOSE 177.45
VOLUME 49228
52-Week high 235.50
52-Week low 154.00
P/E 15.71
Mkt Cap.(Rs cr) 10,028
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat State Petronet Ltd. (GSPL) - Director Report

Company director report


The Members

Gujarat State Petronet Limited

The Directors take pleasure in presenting the 19th Annual Report and AuditedAccounts of the Company for the Financial year ended on 31st March 2017.


Your Company has excelled in most of the performance parameters.

Major Highlights of the Company are summarized below:

C in Crore)

Particulars (Standalone Accounts) 2016-17 2015-16
Total Income 1115.76 1057.56
Employee Benefit Expenses 38.84 36.12
Other Expenses 100.41 89.78
Total Expenses 139.25 125.90
PBDITA 976.51 931.66
Finance Cost 59.58 79.92
Depreciation & Amortisation 179.14 182.91
Profit Before Tax 737.79 668.84
Tax including Deferred Tax 241.15 223.49
Profit After Tax 496.64 445.35


• 100% Pipeline grid availability and "accident free" year ofoperations.

• Company is in process of implementing City Gas Distribution (CGD) Network in theGeographical Area of Amritsar District (Punjab) and Geographical Area of Bhatinda District(Punjab).

• In January 2017 PNGRB issued Public Consultation Documents pertaining todetermination of final initial unit natural gas pipeline tariff for your Company's HighPressure Gujarat Gas Grid and Low Pressure Gujarat Gas Grid. Many entities including yourCompany have provided comments on the said determination exercise. Accordingly it isexpected that in FY 2017-18 PNGRB shall determine such final tariffs of your Company'spipelines.

• Total Income stood at ' 1115.76 Crore as compared to ' 1057.56 Crore and PBTwas ' 737.79 Crore as compared to ' 668.84 Crore over Previous Year.


During the year the Board has approved allotment of 247668 Shares to the eligibleemployees under ESOP — 2010 Scheme of the Company upon exercise of Options by themconsequent to which the paid up Share Capital of the Company has increased to ' 563.59Crore.


As per the provisions of the Regulation 43 (A) of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations 2015") the Company adopted a Dividend Distribution Policy which is

broadly based on the same criteria as has been followed by the Company since long.Keeping in view the various factors as mentioned in the Policy including the fundrequirements for expansion projects and subsidiaries the Board of Directors of theCompany is pleased to recommend Dividend @ ' 1.5 (i.e. 15 %) per Equity Share of the facevalue of ' 10 each for the Financial Year 2016-17. subject to the approval of shareholdersin ensuing Annual General Meeting. The total cash outflow on account of the proposeddividend (including Dividend Distribution Tax) for the year 2016-17 would be approx '101.75 Crore.


The Ministry of Corporate Affairs (MCA) vide its notification dated 16thFebruary 2015 notified the Indian Accounting Standards (Ind AS) applicable to certainclasses of companies. Ind AS has replaced the Existing Indian GAAP prescribed under theSection 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts)Rules 2014. For your Company Ind AS is applicable from 1st April 2016 withtransition date of 1st April 2015.


The Company has effective Firm GTAs of 25.43 mmscmd & interruptible / short -medium term GTAs for 8.77 mmscmd for transmission of gas to various customers (Previousyear: Firm GTAs of 22.83 mmscmd and interruptible GTAs of 9.07 mmscmd)


Government of Gujarat has always played a pro-active role in the development of theenergy value chain in the State. Gujarat is the first State to plan and execute aState-wide Gas Grid on an Open Access principle.

The pipeline grid has been designed as per the highest international standards withinbuilt flexibility to cater to varying loads.

The pipeline grid map of GSPL for Gujarat is enclosed herewith as Annexure - X.

The map showing the Cross-Country Natural Gas Transmission Pipelines being implementedthrough special purpose vehicles is enclosed herewith as Annexure — XI.

Projects Commissioned:

During the year under review the Company has successfully completed commissioning ofMandali-Becharaji pipeline and provided natural gas connectivity to automobile majorsHonda and Maruti Bodighodi Ambardi pipeline connected to Gujarat Gas Ltd and variouscustomer(s) connectivity projects namely Sanand GIDC ring network Dahej - PCPIR and DahejSEZ-II network.

The grid operations account for approx 2454 Kms as on 31st March 2017. Gasis flowing from Hazira / Dahej / Vapi to various industries and City Gas Distribution("CGD") Networks located in various districts of Gujarat including SuratBharuch Narmada Baroda Anand Ahmedabad Dahod Gandhinagar Sabarkantha PanchamahalPatan Bhavnagar Mehsana Banaskantha Surendranagar Botad Rajkot Morbi JamnagarNavsari Kutchh Kheda Valsad Amreli Gir Somnath.

Projects under execution:

Your Directors are pleased to inform that the Company continues to develop additionalpipeline infrastructure in the State of Gujarat. The Company has also started layingAnjar-Mundra pipeline connecting GSPC LNG Terminal at Mundra to GSPLs gas grid network.Additionally the Company is also installing Gas Compressor station at Gana which is underconstruction.

The Company is a co-developer in Dahej SEZ and is developing pipeline infrastructuretherein. Several customers have started receiving gas in Dahej SEZ through Company'snetwork with more getting connected on regular basis.


Your Company being committed to promote clean and green energy has set up Wind PowerProject of 52.5 MW in the areas of Maliya Miyana Rajkot and Gorsar & AdodarPorbandar. During the year the Company has sold 113648724 KWH of electricity generatedthrough Windmill.


The Company is working on future expansion projects based on the demand in variousregions around the gas grid. The Company is also authorised to develop the City GasDistribution (CGD) Network in the Geographical Areas (GAs) of Amritsar District (Punjab)and Bhatinda GA (Punjab). Company has already started necessary activities in relation tothe development of the City Gas Distribution (CGD) Network in both these GeographicalAreas (GAs).


The Company has transported 9071 mmscm of gas during the financial year 2016-17(Previous year: 8966 mmscm).

To safeguard pipeline assets and optimize utilization of the pipeline system theCompany is giving utmost importance to efficient operations and preventive maintenance.The Company is in process of implementing Pipeline Integrity Management System in linewith PNGRB guidelines to safe guard the pipeline assets.


Subsidiary Companies:

Your Company has following two Subsidiary Companies within the meaning of the section2(87) of the Companies act 2013:

1) GSPL India Gasnet Limited (GIGL) for development of Mehsana — Bhatinda (approx1670 Kms) and Bhatinda - Jammu - Srinagar (approx 740 Kms) Pipeline Projects;

2) GSPL India Transco Limited (GITL) for development of Mallavaram - Bhopal —Bhilwara — Vijaipur (approx. 1881 Kms) Pipeline Project.

Associate Companies:

As on 31st March 2017 your Company has two Associate Companies viz.Gujarat Gas Limited and Sabarmati Gas Limited.

To avoid duplication between the Directors' Report and

Management Discussion and Analysis the performance highlights/summary of thesubsidiary companies/joint venture companies /associate companies of GSPL is given inManagement Discussion and Analysis Report.

Accounts of subsidiary Associates & Joint Venture companies:

Pursuant to notification dated 16th February 2015 of Ministry of CorporateAffairs notifying the Companies (Indian Accounting Standard) Rules 2015 the Company itsassociates subsidiaries and joint venture companies have adopted Ind AS w.e.f. 1stApril 2016.

Consequently though as per provision of Section 2 (87) of the Companies Act 2013 GSPLIndia Gasnet Limited (GIGL) and GSPL India Transco Limited (GITL) fall within the meaningof subsidiary company as per guidance of Indian Accounting Standards [Ind AS] GIGL andGITL fall within criteria of Joint Venture and accordingly they have been considered asJoint Venture for the purpose of disclosures and compliances in relation to the FinancialStatements of the Company for the year 2016-17.

Pursuant to provisions of Section 129 (3) of the Companies Act 2013 read withCompanies (Accounts) Rules 2014 a separate statement in prescribed Form AOC - 1containing salient features of the financial statement of following SubsidiariesAssociates & Joint Venture Companies is provided in the Annual Report.

Further the audited annual Financial Statement and related information of the GIGL andGITL will be made available to any Member upon request. The annual Financial Statement ofGIGL and GITL will also be kept open for inspection at the Registered Office of theCompany and that of the respective companies. The same are also made available on thewebsite of the company .


In accordance with the Ind AS - 28 on Investment in Associates and Joint Ventures readwith Ind AS - 110 on Consolidated Financial Statements and Ind AS - 111 on JointArrangement the Audited Consolidated Financial Statements are provided in the AnnualReport.


The Company in order to fulfill its commitment towards health safety and environmenthas taken active steps towards establishment of Safety Management Systems. Environment andsafety features have been integrated into design construction and O&M operations ofthe Company for ensuring utmost safety for the facilities local community and theenvironment. The same is also being reflected in the QHSE policy of the Company. TheCompany is expanding and managing its operations in a manner which is safe andenvironmentally sustainable.

For developing effectiveness of Safety Management Systems training of all employeesacross the Company is ensured through various training programs. The same is beingmonitored through internal audit teams and delegation of safety management up to the locallevel. Contractors' adherence to Company's QHSE policy is also assured through regularsite visits and external audits. Regular site visits ensure the enhancement of safetyculture which also facilitates safe commissioning of the new projects. The Company isproud to maintain its target of ‘zero accident' year with full commitment of itsemployees and management.

The Company is re-certified to Integrated Management Systems (ISO 9001:2008 ISO14001:2004 & OHSAS 18001:2007) with validity till 30th October 2017.Effectiveness of these certifications is being assured through planned audits of thesystem. Continuous improvement is visible in various O&M systems. PreventiveMaintenance schedules are being adhered to with updating of records. Further EmergencyResponse and Disaster Management Plan (ERDMP) of GSPL was re-accredited by DisasterManagement Institute Bhopal as per the requirement of ERDMP Regulation 2010 under PNGRBAct 2006. ERDMP is being reviewed and updated regularly. All conditions of Accreditationare being adhered to. Effectiveness of ERDMP is verified through regular mock drills asper specified intervals as identified by respective work bases.


During the year the Company has not accepted Deposits from the public falling withinthe ambit of Section 73 of the Companies Act 2013 read with Companies (Acceptance ofDeposits) Rules 2014.


Pursuant to Section 186 (11) of the Companies Act 2013 loans made guarantees givenor securities provided by a company providing infrastructure facilities are exempted fromcompliance with Section 186 of the Companies Act 2013 except sub section (1).Accordingly your Company being engaged in the Gas Transportation business is exemptedfrom aforesaid compliance. However the details of Loans Guarantees Securities andInvestments covered under the provisions of Section 186 of the Companies Act 2013 aregiven in the notes to the Financial Statements.


All Related Party Transactions that were entered into during the financial year were onan arm's length basis and were in the ordinary course of business.

Prior omnibus approval of the Audit Committee is obtained on a yearly basis for thetransactions which are of a foreseeable and repetitive nature. Further a statement givingdetails of all Transactions executed with Related Parties is placed before the AuditCommittee on a quarterly basis for its approval/ ratification as the case may be.

The Policy on Materiality of Related Party Transactions and Dealing with Related PartyTransactions as approved by the Board is uploaded on the Company's Website.

None of the Directors has any pecuniary relationships or transactions vis-a-vis theCompany.

The particulars of contracts or arrangements with Related Parties referred to inSection 188 (1) of the Companies Act 2013 as prescribed in Form AOC — 2 of theCompanies (Accounts) Rules 2014 is enclosed as Annexure - III to this Report.


The Company has constituted a Corporate Social Responsibility (CSR) Committee inaccordance with Section 135 of the Companies Act 2013 read with Companies (CorporateSocial Responsibility Policy) Rules 2014. Pursuant to provisions of Section 135 of theCompanies Act 2013 the Company has also formulated a Corporate Social ResponsibilityPolicy which is available on the website of the Company at http://gspcgroup .com/GSPL/policies.

Your Company being committed in fulfilling its Corporate Social Responsibility has beenengaged in various social initiatives through its intervention in the area of promotingeducation eradication of hunger & poverty creating awareness for conservation ofenergy providing preventive health care etc in accordance with the Corporate SocialResponsibility Policy of the Company.

The Annual Report on CSR activities as required under the Companies (Corporate SocialResponsibility Policy) Rules 2014 is enclosed herewith as Annexure - IV to this Report.


The Board has appointed Dr. J N Singh IAS Director on the Board of the Company asManaging Director w.e.f. 16th April 2016 till further intimation from GujaratState Petroleum Corporation Limited consequent to resignation by Shri Atanu ChakrabortyIAS as Director of the Company on 11th April 2016.

Further Dr. T Natarajan IAS has been appointed as Joint Managing Director of theCompany w.e.f. 4th August 2016 till further intimation from Gujarat StatePetroleum Corporation Limited.

Shri Anil Mukim IAS has also been appointed as an Additional Director w.e.f. 11thNovember 2016 to hold office till the ensuing Annual General Meeting. Accordingly it isproposed to approve their appointment in the 19th Annual General Meeting.Further Shri Bimal N Patel has been appointed as Additional/Independent Director of theCompany w.e.f. 29th December 2016 for the period of five years subject toapproval of members in the ensuing Annual General Meeting.

Pursuant to the provisions of Section 152 of the Companies Act 2013 Shri M MSrivastava IAS (Retd) Director of the Company shall retire by rotation at the ensuingAnnual General Meeting and being eligible offers himself for reappointment.

A brief resume of the Directors retiring by rotation/seeking appointment at the ensuingAnnual General Meeting nature of their expertise in specific functional areas and detailsregarding the companies in which they hold directorship membership/ chairmanship ofcommittees of the Board is annexed to the Notice.

Directors Independence:

Pursuant to the provisions of Section 149 (6) of the Companies Act 2013 and SEBI(Listing Obligations and Disclosure

Requirements) Regulations 2015 the Independent Directors of the Company have givenconfirmation/ declaration to the Board that they meet with the criteria of Independenceand are Independent in terms of Section 149 (6) of the Companies Act 2013 and SEBI(Listing Obligations and Disclosure

Requirements) Regulations 2015.

Board Evaluation:

Pursuant to the provisions of the Companies Act 2013 and Regulation 25 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 the IndependentDirectors have carried out an annual performance evaluation of Chairman Non-IndependentDirectors and the Board as a whole. Further the Board has carried out an annualperformance evaluation of its own performance the Directors individually as well as theevaluation of the working of the various Committees of Directors of the Company.

The performance evaluation of individual Directors was carried out based on the variousparameters after taking into consideration inputs received from the Directors and alsoparameters set out in the Policy for Evaluation of Performance of Directors Committees& Board such as active participation & contributions in the Meetings balance ofknowledge expertise and experience safeguarding the interest of the Company and itsStakeholders etc. The performance evaluation of the Board as a whole and variousCommittees of Directors of the Company was carried out considering various parameters suchas adequacy of the composition of the Board and its Committees discharge of key functionsand responsibilities prescribed under law corporate governance practice etc. and theoverall performance assessment was discussed in detail by the Board members.


The Board meets at regular intervals to discuss and decide on Company / business policyand strategy apart from other Board business. The Board / Committee Meetings arepre-scheduled and a tentative annual calendar of the Board and Committee Meetings iscirculated to the Directors in advance to facilitate them to plan their schedule and toensure meaningful participation in the Meetings. However in case of a special and urgentbusiness need the approval is taken by passing resolutions through circulation to theDirectors as permitted by law which are confirmed in the subsequent Board/CommitteeMeetings.

During the year seven (7) Board Meetings were convened and held the details of whichare given in the Corporate Governance Report. The intervening gap between the Meetings waswithin the period prescribed under the Companies Act 2013 and Regulation 17 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015.


Statutory & C&AG Audit:

As your Company is a Government Company the Statutory Auditors are appointed by theComptroller & Auditor General of India (C&AG). Accordingly the C&AG hasappointed M/s V V Patel & Co. Chartered Accountants as Statutory Auditors of theCompany for the Financial Year 2016-17.

C&AG has given NIL comment reports on Standalone & Consolidated FinancialStatements of the Company for the Financial Year 2016-17. The NIL comment reports havebeen provided before the Standalone & Consolidated Financial Statements respectively.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Companies Act

2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 the Board of Directors of the Company has appointed M/s Spanj & AssociatesPractising Company Secretaries to conduct the Secretarial Audit of the Company for theFinancial Year 2016-17.

The Report of Secretarial Auditor on Company's Secretarial Audit for the Financial Year2016-17 is enclosed herewith as Annexure - V to this Report. The Secretarial Audit Reportis self explanatory in nature.

Cost Auditors:

Your Company is required to get the Cost Audit carried out for "GasTransportation" business as well as "Generation of Electricity throughWindmill" business pursuant to Section 148 of the Companies Act 2013 read with theCompanies (Cost Records and Audit) Rules 2014.

Accordingly your Company has got the Cost Audit carried out for the said businesses ofthe Company for the financial year 2016-17 through the Cost Auditor M/s R K Patel &Co. The Cost Audit Report 2016-17 will be submitted to the Central Government in theprescribed format within stipulated time period.

Further your Directors have on the recommendation of the Audit Committee appointedM/s N D Birla & Co. Cost Accountants as Cost Auditor to audit the cost accounts ofthe Company for the financial year 2017-18 on a remuneration of ' 100000/- plusapplicable taxes and reimbursement of out of pocket expenses incurred by them during thecourse of Audit. As required under the Companies Act 2013 the remuneration payable tothe Cost Auditor is required to be placed before the Members in a General Meeting fortheir ratification. Accordingly a Resolution seeking Member's ratification for theremuneration payable to M/s N D Birla & Co. Cost Auditors for the Financial Year2017-18 is included in the Notice convening the Annual General Meeting.


Audit Committee of Directors of the Company at its Meeting held on 25th May2017 approved the Annual Financial Statements for the Financial Year ended on 31stMarch 2017 and recommended the same for approval of the Board.


Risk Management:

The Company has a well-defined risk management framework. The Board of Directors of theCompany has adopted a Risk Management Policy.

Internal Control System:

The Company has a proper and adequate system of Internal Controls commensurate with itssize of operations and nature of business. These are routinely tested and certified byStatutory as well as Internal Auditors. Significant audit observations and follow upactions thereon are reported to the Audit Committee.

The details about the identification of elements of Risk and Internal Control Systemsare provided in detail in the Management Discussion & Analysis Report forming part ofthis Directors' Report.


The Company has established a Vigil Mechanism for Directors and Employees to reporttheir genuine concerns details of which have been given in the Corporate GovernanceReport forming part of this Directors' Report.


To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3) (c) of the Companies Act 2013:

a. that in the preparation of the annual financial statements for the year ended on 31stMarch 2017 the applicable accounting standards have been followed and no materialdepartures have been made from the same;

b. that accounting policies have been selected and applied consistently and judgmentand estimates have been made that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at 31st March 2017 and of theprofit & loss of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.


This Annual Report contains a separate section (Annexure—I) on the ManagementDiscussion & Analysis which forms part of this Directors' Report.


Corporate Governance denotes the framework for companies to conduct their business inan ethical and responsible manner. It is determined primarily by the approach that aCompany has towards its stakeholders as well as to the environment in which it operates.It stems from the belief and realization that corporate citizenship has a set ofresponsibilities which must be fulfilled for a Company to progress and succeed over thelong term.

The Company believes that good governance alone can deliver continuous good businessperformance. A Report on Corporate Governance as required under Regulation 34 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 is incorporated as apart of this Directors' Report (Annexure — II). A Compliance Certificate by thePractising Company Secretary is also attached to this Directors' Report.


The extract of the Annual Return in Form MGT - 9 is enclosed herewith as Annexure— VII.


GSPL Employees Stock Option Plan — 2010 (ESOP — 2010) was instituted asincentives to attract retain and reward the employees and to enable them to participatein the future growth and success of the Company.

Under the said ESOPs each such Option has conferred a right upon the employee to applyfor one Equity Share of the Company.

Members may note that GSPL Employees Stock Option Plan - 2005 scheme is closed.

Auditors of the Company have certified that the Scheme is being implemented inaccordance with the SEBI (Share Based Employee Benefits) Regulations 2014 and theresolution passed by the Members. The Certificate would be placed at the Annual GeneralMeeting for inspection by Members.

Statutory disclosure regarding ESOP-2005 and ESOP — 2010 is enclosed at Annexure— VI.

Further the Disclosure regarding ESOP — 2010 pursuant to SEBI (Share BasedEmployee Benefits) Regulations 2014 has been made on the website of the Company athttp:// GSPL/disclosures.aspx


Your Company being a Government Company is exempted from disclosing the informationrequired pursuant to Section 197 of the Companies Act 2013 read with Rule 5 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect ofthe employees of the Company pursuant to Ministry of Corporate Affairs Notification dated5 th June 2015.


ACT 2013

Your Company has always believed that appropriate standard of conduct should bemaintained by the employees in their conduct and that there should be a safeindiscriminatory and harassment free (including sexual harassment) work environment forevery individual working in the Company. The Company has in place a Policy on Preventionof Sexual Harassment at workplace as a part of its Human Resource Policy. It aims atprevention of harassment of employees and lays down the guidelines for reporting andprevention of sexual harassment.

The Company has constituted an Internal Complaints Committee (ICC) as required underthe Act which is responsible for redressal of complaints related to sexual harassment.

During the year ended 31st March 2017 no complaint has been received bythe ICC pertaining to sexual harassment.


Information required to be disclosed pursuant to provisions of the Companies Act 2013read with rules thereto with respect to Conservation of Energy Technology Absorption andForeign Exchange Earnings & Outgo are furnished in Annexure - IX to this Report.


From the financial year 2016-17 Listing Regulations 2015 has mandated the top 500companies based on the market capitalisation to prepare and include in its Annual Reportthe Business Responsibility Report describing the initiatives taken by the Company from anenvironmental social and governance perspective among other things.

Your Company has always given the highest importance to the environment health andsafety. The same is also reflected in the business practices of the company e.g. companyhas implemented practices towards preservation of natural resources Green Gas emissionreduction lowering costs etc over these years. The Company is also conscious of itsresponsibility towards its various stakeholders and is determined to increase itscontribution to the society to bring positive social impact.

The Business Responsibility Report in the prescribed format is enclosed asAnnexure-VIII to this Report.



There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the Financial Year of theCompany to which the Financial Statements relate and the date of this Report.


There are no significant material orders passed by the Regulators / Courts which wouldimpact the going concern status of the Company and its future operations during the year.


The Directors appreciate the continued support received from the valued customers andlook forward to this mutually supportive relationship in future.

The Directors place on record their deep appreciation to employees of the Company atall levels for their hard work dedication and commitment without whose contribution theexcellent performance of the Company would not have been possible.

The Directors are extremely grateful for all the support given by the Government ofGujarat at all levels. Their guidance encouragement and moral support have enabled theCompany to expand the pipeline network in a professional manner.

The Directors also wish to place on record the sincere thanks to PNGRB and otherregulatory authorities at Central and State level for the continuous support extended tothe Company.

The Directors place on record their sincere thanks to the Promoters Shareholders andLenders for their valuable support trust and confidence reposed in the Company.

For and on behalf of the Board of Directors
Date: 11th August 2017 M M Srivastava IAS (Retd.)
Place: Gandhinagar Chairman