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Hind Commerce Ltd.

BSE: 538652 Sector: Others
NSE: N.A. ISIN Code: INE691J01019
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Hind Commerce Ltd. (HINDCOMMERCE) - Director Report

Company director report


The Directors take pleasure in presenting the Thirtieth Annual Report along withAudited Financial Statements of your Company and its subsidiaries for the Financial Yearended 31st March 2016.

Financial Highlights

The financial performance of the Company for the year ended 31st March 2016 issummarized below: (in Rs. Lakhs)




For the Financial Year Ended

For the Financial Year Ended

31st March 2016 31st March 2015 31st March 2016 31st March 2015
Gross Income 196.74 247.01 196.78 247.01
Gross Profit before Depreciation and 25.68 26.65 25.56 26.55
Less: Depreciation - - - -
Profit Before Tax 25.68 26.65 25.56 26.55
Provision for Tax
Current Tax 6.07 4.47 6.07 4.47
Deferred Tax - - - -
MAT Credit - (3.59) - (3.59)
Tax Adjustment of previous year 0.50 0.50
Profit after Tax before period items 20.09 25.78 19.97 25.67
Prior period adjustment - - -
Add: Excess Provision written Back - - -
Balance b/f from previous year 408.35 382.57 407.96 382.29
Amount available for appropriation 428.44 408.35 427.93 407.96
Less: Proposed Dividend - - - -
Corporate Dividend Tax - - - -
Transferred to General Reserves - - - -
Add: Excess provision for Dividend - - - -
Balance carried to Balance Sheet 428.44 408.35 427.93 407.96

Results of Operations

During the year under review your Company has reported a total income of Rs. 196.74Lakhs when compared to Rs. 247.01 Lakhs for previous years as reported in the StandaloneFinancials.


Owing to inadequacy of profit no Dividends are recommended for the year under review.

Transfer to Reserves

Since the there is no dividend for the year under review transfer of funds to thereserves is not required.

Nature of Business and Changes therein

The Company is engaged in the business of trading of Cotton textiles and to specializein the export of quality Cotton Yarns and fabrics in both domestic and internationaltrading.

During the year under review there has been no change in the nature of business of theCompany.

Management Discussion and Analysis Report

As required under the SEBI (Listing Obligations and Disclosure Requirements)Regulation 2015 the Management Discussion and Analysis of the financial condition andresults of consolidated operations of the Company under review is annexed and forms anintegral part of the Directors Report.

Material changes and commitments affecting financial position between the end of thefinancial year and date of report

There have been no material changes and commitments if any affecting the financialposition of the Company between the end of the financial year to which the financialstatements relate and the date of report.

Associate and Subsidiary Companies

The Company as on March 31 2016 have 1 (One) Wholly Owned Ssubsidiary viz. CrystalTradecom Limited.

During the year the Board of Directors ( the Board )reviewed the affairs of thesubsidiary. In accordance with Section 129(3) of the Companies Act 2013 we have preparedconsolidated financial statements of the Company and subsidiary which form part of theAnnual Report. Further a statement containing the salient features of the financialstatement of our subsidiary and details relating to Associate Company in the prescribedformat AOC 1 is appended as Annexure 1 to the Board's report. The statement also providesthe details of performance financial positions of each of the subsidiary. In accordancewith Section 136 of the Companies Act 2013 the audited financial statements includingthe consolidated financial statements and related information of the Company and auditedaccounts of its subsidiary will be available for inspection during business hours at theRegistered office of the Company.

No Independent Director on the Board of the Company is required to be inducted on theBoard of its subsidiary since it is a neither material nor-listed subsidiary Company asdefined under SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015. TheAudit Committee of the Company reviews the financial statements of the unlisted subsidiarycompany. The minutes of the Board meetings of unlisted subsidiary company are regularlyplaced at the Board meetings of the Company.


During the year under review your Company did not accept any deposits in terms ofSection 73 of the Companies Act 2013 read with the Companies (Acceptance of Deposit)Rules 2014.

Particulars of Contracts or Arrangements with Related Parties

Section 188 of the Companies Act 2013 read with the Companies (Meetings of Board andits Powers) Rules 2014 specifies the requirement for approval of the Board and/or theMembers as and when applicable in related party transactions in relation tocontracts/arrangements.

During the year under review the Company has not entered into related partytransactions as per the provisions of Section 188 of the Companies Act 2013. Thusdisclosure in Form AOC-2 is not required. Further there are no materially significantrelated party transactions during the year under review made by the Company withPromoters Key Managerial Personnel or other designated persons which may have a potentialconflict with the interest of the Company.

The Company has formulated a related party transactions policy and the same isdisplayed on the website of the company viz.

Particulars of Loans Guarantees and Investments

Loans guarantees and investments covered under Section 186 of the Companies Act 2013form part of the notes to the financial statements provided in this Annual Report.

Board of Directors

As per the requirements of Section 149 152 of the Companies Act 2013 (the Act) andsuch other applicable provisions of the Act and as per the SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015 which defines the composition of the Board theBoard of Directors of the Company have been constituted in compliance with the saidSections.

Further at the time of appointment of an Independent Director the Company issues aformal letter of appointment detailing their role and function in the Company the formatof the letter of appointment whereof is available on the website of the Company at:

As on the date of this report the Company s Board consists of the followingIndependent Directors: 1. Mr. Prakash Ramchandra Bang 2. Mr. Sanjay Rajendra Soni 3. Ms.Meghna Panchal

The aforementioned Directors at point 1 and 2 who have been acting as IndependentDirectors prior to commencement of the Companies Act 2013 have been appointed incompliance with Section 149 of the Companies Act 2013 wherein their tenure of 5 years iseffected from 1st April 2014 till 31st March 2019 through a formalletter of appointment.

Further Ms. Meghna Panchal has been appointed as an Independent Director for a term of5 years from September 28 2015 upto September 27 2020 at the annual general meeting heldon September 28 2015

1. Re-appointments

Pursuant to provisions of section 152(6) of the Companies Act 2013 Mr. Ujwal LahotiDirector of the Company retires by rotation at the ensuing Annual General Meeting andbeing eligible offer himself for reappointment.

2. Retirements and Resignations

There have been no Directors who have retired or resigned the office of Directorshipduring the year under review except Mr. Ujwal Lahoti who retires by rotation as perSection 152(6) of the Companies Act 2013 and offers himself for reappointment.

Committees of Board

The Board has 3 Committees: Audit Committee Stakeholder s Relationship Committee andNomination and Remuneration Committee. A detailed note on the Compositions functions ofthe Board and Committee are as provided below:

1. Audit Committee

The Audit Committee comprises of the following members:

Name of the Director Designation in the Committee
Mr. Prakash Ramchandra Bang Chairman
(Independent Director)
Mr. Ujwal R. Lahoti Member
(Non - Executive Director)
Mr. Sanjay Rajendra Soni Member
(Independent Director)
Ms. Pragati P. Sawant Secretary
(Company Secretary)

The Chairman of the Committee is Mr. Prakash R. Bang and Mr. Ujwal R. Lahoti and Mr.Sanjay Rajendra Prasad are the members. The Committee held 4 (Four) meetings during theyear. All the members of the Committee are Non-executive Directors. All the members arefinancially literate and have accounting / related financial management expertise.

The Role function responsibility and constitution of the Audit Committee is inaccordance to the provisions of Section 177 of the Companies Act 2013 and Clause 49 ofthe Listing Agreement.

The Audit Committee functions according to its Charter that defines its compositionauthority responsibilities and reporting functions. The terms of reference of the AuditCommittee inter alia includes the following function:

• Overseeing the Company s financial reporting process and the disclosure of itsfinancial information to ensure that the financial statement is correct sufficient andcredible;

• Recommending to the Board of Directors the appointment re-appointment termsof appointment and if required the replacement or removal of the statutory auditor andthe fixation of audit fees;

• Approval of payment to statutory auditors for any other services rendered by thestatutory auditors

• Reviewing with the management the annual financial statements before submissionto the Board of Directors for approval with particular reference to:

• Matters required to be included in the director s responsibility statement to beincluded in the Board of Directors report in terms of clause (c) of sub-section 3 ofsection 134 of the Companies Act 2013;

• Changes if any in accounting policies and practices and reasons for the same;

• Major accounting entries involving estimates based on the exercise of judgmentby management;

• Significant adjustments made in the financial statements arising out of auditfindings;

• Compliance with listing and other legal requirements relating to financialstatements;

• Disclosure of any related party transactions;

• Qualifications in the draft audit report;

• Reviewing with the management the quarterly financial statements beforesubmission to the Board of Directors for approval;

• Reviewing with the management the statement of uses / application of fundsraised through an issue (public issue rights issue preferential issue etc.) thestatement of funds utilized for purposes other than those stated in the offerdocument/prospectus/ notice and the report submitted by the monitoring agency monitoringthe utilisation of proceeds of a public or rights issue and making appropriaterecommendations to the Board to take up steps in this matter.

• Reviewing with the management the performance of statutory and internal auditorsand the adequacy of internal control systems

• Reviewing the adequacy of internal audit function if any including thestructure of the internal audit department staffing and seniority of the official headingthe department reporting structure coverage and frequency of internal audit;

• Discussion with internal auditors any significant findings and follow up thereon;

• Reviewing the findings of any internal investigations by the internal auditorsinto matters where there is suspected fraud or irregularity or a failure of internalcontrol systems of a material nature and reporting the matter to the Board of Directors;

• Discussing with statutory auditors before the audit commences about the natureand scope of audit as well as have post-audit discussion to ascertain any area of concern

• To look into the reasons for substantial defaults in payments to depositorsdebenture holders shareholders (in case of non-payment of declared dividends) andcreditors;

• To review the functioning of the whistle blowing mechanism;

• Approval of appointment of the chief financial officer (i.e. the whole timefinance director or any other person heading the finance function or discharging thatfunction) after assessing amongst others the qualifications experience and backgroundof the candidate;

• Review & monitor the auditor s independence and performance andeffectiveness of audit process;

• Approval or any subsequent modification of transactions of the company withrelated parties;

• Scrutiny of inter-corporate loans & investments;

• Valuation of undertakings or assets of the company;

• Evaluation of internal financial controls and risk management systems;

• Examination of the financial statement and the auditor s report thereon;

• Monitoring the end use of funds raised through public offers and relatedmatters;

• Carrying out any other function as is mentioned in the terms of reference of theAudit Committee.

• To investigate any activity within its terms of reference;

• To have full access to information contained in the records of the Company;

• To seek information from any employee;

• To obtain outside legal or other professional advice; and

• To secure attendance of outsiders with relevant expertise if it considersnecessary.

2. Stakeholder s Relationship Committee

Name of the Director Designation in the Committee
Ms. Meghna Vijay Panchal Chairperson
(Independent Director)
Mr. Umesh Lahoti Member
(Managing Director)
Mr. Ujwal Lahoti Member
(Non-Executive Director)

In order to comply with the provisions of Section 178 of the Companies Act 2013 thenomenclature of Shareholders / Investors Grievance Committee was changed to StakeholdersRelationship Committee with revised role which also includes to consider and resolve thegrievances of all stakeholders of the Company.

The terms of reference of Stakeholders Grievances Committee inter alia includes thefollowing:

• Redressal of Shareholders debenture holders and other security holdersinvestors complaints including complaints related to transfer of shares;

• Allotment of shares approval of transfer or transmission of shares debenturesor any other securities;

• Issue of duplicate certificates and new certificates onsplit/consolidation/renewal;

• Non-receipt of declared dividends balance sheets of the Company; and

• Carrying out any other function as prescribed under in the Listing Agreement.

3. Nomination and Remuneration Committee

Name of the Director Designation in the Committee
Mr. Prakash Ramchandra Bang Chairman
(Independent Director)
Mr. Sanjay Rajendra Soni Member
(Independent Director)
Ms. Meghna Panchal Member
(Independent Director)

In Compliance with Section 178 of the Companies Act 2013 and as specified in theamended Listing Agreement being effective from 1st October 2014 the Board constitutedthe Nomination and Remuneration Committee comprising of Three (3) Non-ExecutiveIndependent Directors of the Company with the following role and function:

• To lay down criteria and terms and conditions with regard to identifying personswho are qualified to become Directors (Executive and Non-Executive) and persons who may beappointed in Senior Management and Key Managerial positions and to determine theirremuneration.

• To determine remuneration based on the Company s size and financial position andtrends and practices on remuneration prevailing in peer companies.

• To formulate criteria for evaluation and carry out evaluation of the performanceof Directors as well as Key Managerial Independent Directors and Senior ManagementPersonnel.

• To provide them reward linked directly to their effort performance dedicationand achievement relating to the Company s operations.

• To retain motivate and promote talent and to ensure long term sustainability oftalented managerial persons and create competitive advantage.

• To ensure no violation by an employee of any applicable laws in India oroverseas including:

i. The Securities and Exchange Board of India (Insider Trading) Regulations 1992; or

ii. The Securities and Exchange Board of India (Prohibition of Fraudulent and UnfairTrade Practices relating to the Securities Market) Regulations 1995.

• To formulate detailed terms and conditions of employee stock option schemesincluding details pertaining to quantum of options to be granted conditions for lapsingof vested options exercise period adjustments for corporate actions and procedure forcashless exercise and perform such other functions as are required to be performed by theRemuneration Committee under the Securities and Exchange Board of India (Employee StockOption Scheme and Employee Stock Purchase Scheme) Guidelines 1999 as amended ( ESOPGuidelines ) in particular those stated in Clause 5 of the ESOP Guidelines; as and whenrequired.

• To devise a policy on Board diversity

• To Identifying persons who are qualified to become directors and who may beappointed in senior management in accordance with the criteria laid down and recommend tothe Board their appointment and removal.

• To develop a succession plan for the Board and to regularly review the plan

In compliance with the provisions of Section 178 of the Companies Act 2013 the Boardof Directors in consultation with the Nomination and Remuneration Committee has formulatedthe Nomination and Remuneration Policy. The Policy has been divided into three parts: PartA covers the matters to be dealt with and recommended by the Committee to the Board PartB covers the appointment and nomination and Part C covers remuneration and perquisitesetc.

Briefly the formulated policy comprises of the following:

i. Appointment criteria and qualification - setting up of criteria and positiveattributes and independence for identification and selection of directors KMP and SeniorManagement positions

ii. Recommendation to the Board on appointment and removal of Directors KMP and SeniorManagement Personnel iii. Specifying the term and tenure of the Director iv. Procedure andcriteria for evaluation of Performance of every Director v. Removal and Retirement ofDirectors vi. Remuneration Structure of Whole-time Director KMP and Senior ManagementPersonnel vii. Remuneration structure of Non- Executive / Independent Director

The Nomination and Remuneration Policy has been posted on the website of the Company

Declaration by Independent Directors

Mr. Prakash Ramchandra Bang Mr. Sanjay Rajendra Soni and Ms. Meghna Panchal are theIndependent Directors on the Board of the Company. The Company has received thedeclaration from all the Independent Directors confirming that they meet the criteria asset out in the provisions of Section 149(6) of the Companies Act 2013 and the SEBI(Listing Obligations and Disclosure Requirements) Regulation 2015.

Companies Policy on Director s Appointment and Remuneration

The Remuneration policy of the Company comprises inter alia the aims and objectivesprinciples of remuneration guidelines for remuneration to Executive and Non-ExecutiveDirectors and Key Managerial Personnel and criteria for identification of the BoardMembers and appointment of Senior Management.

The Criteria set out identification of the Board members are given hereunder:

1. The Committee shall identify and ascertain the integrity qualification expertiseand experience of the person for appointment as Director KMP or at Senior Managementlevel and recommend to the Board his / her appointment.

2. A person should possess adequate qualification expertise and experience for theposition he / she is considered for appointment. The Committee has discretion to decidewhether qualification expertise and experience possessed by a person is sufficient /satisfactory for the concerned position.

3. The Company shall not appoint or continue the employment of any person as Whole-timeDirector who has attained the age of seventy years. Provided that the term of the personholding this position may be extended beyond the age of seventy years with the approval ofshareholders by passing a special resolution based on the explanatory statement annexed tothe notice for such motion indicating the justification for extension of appointmentbeyond seventy years.

The Nomination and Remuneration Policy has been posted on the website of the Company

Annual Evaluation of the Board

As per the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015 the Board conducted the Annual Evaluation ofthe Board on its own performance and of the Directors individually as well as theevaluation of the working of the Committees of the Board.

A structured questionnaire was prepared after taking into consideration various aspectsof Board s functioning composition of Board and Committees culture execution andperformance of specific duties obligations and governance.

The Board of Directors expressed their satisfaction.

Number of Meetings of the Board of Directors

The Board meets at least once in each quarter inter alia to review the quarterlyresults. In addition the Board also meets whenever necessary. The Board periodicallyreviews compliance reports of all laws applicable to the Company. Steps are taken by theCompany to rectify instances of non-compliances if any.

The Board of Directors (hereinafter referred to as the Board ) met for Four (4) numberof times during the Year under review:

Sr. No. Date of Meetings Venue and time of the meeting Directors present Directors to whom Leave of absence was granted
1. 27/05/2015 Venue: Regd office - 307 1. Mr. Ujwal R Lahoti -
Arun Chambers Tardeo 2. Mr. Umesh R Lahoti
Road Mumbai 400034 3. Mr. Sanjay Rajesndra Soni
Time: 03.00.p.m. 4. Mr. Prakash R Bang
5. Ms. Meghna Panchal
2. 14/08/2015 Venue: Regd office - 307 1. Mr. Ujwal R Lahoti -
Arun Chambers Tardeo 2. Mr. Umesh R Lahoti
Road Mumbai 400034 3. Mr. Sanjay Rajesndra Soni
Time: 03.00.p.m. 4. Mr. Prakash R Bang
5. Ms. Meghna Panchal
3. 26/10/2015 Hotel InterContinental 1. Mr. Ujwal R Lahoti 1. Mr. Sanjay
135 Marine Drive 2. Mr. Umesh R Lahoti Rajesndra Soni
Mumbai-400 020 3. Mr. Prakash R Bang
Time: 03.30.p.m. 4. Ms. Meghna Panchal
4. 03/02/2016 Venue: Regd office - 307 1. Mr. Ujwal R Lahoti -
Arun Chambers Tardeo 2. Mr. Umesh R Lahoti
Road Mumbai 400034 3. Mr. Sanjay Rajesndra Soni
Time: 04.00.p.m. 4. Mr. Prakash R Bang
5. Ms. Meghna Panchal

Appointment and Resignation of Key Managerial Personnel

None of the Key Managerial Personnel were appointed or resigned during the year underreview.

Vigil Mechanism/Whistle Blower

As per the provisions of Section 177(9) and 177(10) of the Companies Act 2013 and asper the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulation2015 the Company has a Whistle Blower Policy to report genuine concerns or grievances andto deal with the instances of fraud and mismanagement. The Whistle Blower Policy has beenposted on the website of the Company

Directors Responsibility Statement

Pursuant to sub-section (5) of Section 134 of the Companies Act 2013 and to the bestof their knowledge and belief and according to the information and explanations obtained/received from the operating management your Directors make the following statement andconfirm 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 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; 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 provisionsof all applicable laws and that such systems were adequate and operating effectively.

Auditors and Auditors Report

In accordance with Section 139(1) of the Companies Act 2013 read with the Companies(Audit and Auditors) Rules 2014 M/s. K. K. Khadaria & Co. Chartered AccountantsMumbai (Registration No. 103132W) Statutory Auditors of the Company hold office upto theconclusion of the 32nd Annual General Meeting of the Company. However their appointmentas Statutory Auditors of the Company is subject to ratification by the Members at everyAnnual General Meeting. The Company has received a certificate from the said Auditors thatthey are eligible to hold office as the Auditors of the Company and are not disqualifiedfor being so appointed.

The notes on accounts referred to the Auditor s Report are self explanatory and therehas been no qualification/ remark made thereunder and therefore the same does not call forany further comments/explanation from the Directors.

Secretarial Auditor

Your Company has appointed M/s. Kothari H. & Associates a firm of PracticingCompany Secretaries as a Secretarial Auditor of the Company according to the provision ofSection 204 of the Companies Act 2013 for conducing secretarial audit of Company for thefinancial year 2015-16.

The report in respect of the Secretarial Audit carried out by M/s. Kothari H. &associates Company Secretaries in Form MR-3 for the FY 2015-16 forms part to this reportas Annexure 2. The said report does not contain any adverse observation or qualificationrequiring explanation or comments from the Board under Section 134(3) of the CompaniesAct 2013.

Equity Shares with Differential Rights.

The Company has not issued any equity shares with differential rights / sweat equityshares/ employee stock options or not made any provision of its own shares by employees orby trustees for the benefit of employees during the financial year 2014-2015

The Company has not made any purchase or provision of its own shares by employees or bytrustees for the benefit of employees during the financial year 2014-2015.


During the year under review the Company s Equity Shares were listed at BSE Limitedand the Company has paid Listing Fees to the above Stock Exchanges for the year 2016-17.

Disclosure of Remuneration paid to Director and Key managerial personal

The table containing the names and other particulars of employees in accordance withthe provisions of Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appendedas Annexure 3 to the Board's report.

Significant and Material Orders

There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.

Internal Financial Control

The Board has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures.

Risk Management

Risk management is the identification assessment and prioritization of risks followedby coordinated and economical application of resources to minimize monitor and controlthe probability and/or impact of unfortunate events or to maximize the realization ofopportunities. Risk management s objective is to assure uncertainty does not deflect theendeavor from the business goals.

The Company has laid down procedures to inform the members of the Board about the riskassessment and minimization procedures. A risk management committee consisting of seniorexecutives of the Company periodically reviews these procedures to ensure that executivesmanagement controls risk through means of a properly defined framework. A seniorindependent director is associated with the committee. The Company has framed the riskassessment and minimization procedure which is periodically reviewed by the Board. Therisk management policy is displayed on the website of the Company viz.

Extracts of Annual Return

As per the provisions of Section 134(3)(a) of the Companies Act 2013 an extract ofthe annual return in the prescribed format in Form MGT-9 is annexed to this Board s Reportas Annexure 4.

Energy Conservation Measures Technology Absorption and R & D Efforts and ForeignExchange Earnings and Outgo

Your Company is not engaged in any manufacturing activity and thus its operations arenot energy intensive. However adequate measures are always taken to ensure optimumutilization and maximum possible saving of energy. The Company has installed energyconservative equipment s like LED (Light Emitting Diode) lights instead of CFL (CompactFluorescent Lamp).

The Company has maintained a technology friendly environment for its employees to workin. Your Company uses latest technology and equipment s. However since the Company is notengaged in any manufacturing the information in connection with technology absorption isNIL.

During the period under review the Company has earned Foreign Exchange of Rs. 154.69Lakhs and did not incurr the Foreign Exchange outgo.

Report on Corporate Governance

As per the provisions of SEBI (Listing Obligations and Disclosure Requirements)Regulation 2015 the Corporate Governance requirements are not applicable to the Companywhose paid up capital does not exceed Rs. Ten Crores and net worth does not exceed Rs.Twenty-Five Crore as on the date of last day of previous financial year. Since the Companydoes not exceed the above stated limit Report on Corporate Governance is not applicableto the Company. The same shall be applicable if the Company exceeds the aforementionedlimits at any time duriong the year.


Your Directors wish to express their grateful appreciation for co-operation and supportreceived from customers financial institutions Banks regulatory authorities customersvendors and members and the society at large.

Deep sense of appreciation is also recorded for the dedicated efforts and contributionof the employees at all levels as without their focus commitment and hard work theCompany s consistent growth would not have been possible despite the challengingenvironment.

For and on behalf of the Board

Ujwal Lahoti Umesh Lahoti
(DIN: 00360785) (DIN: 00361216)
Place: Mumbai
Date: 13th August 2016