To The Members of The Company
Your Directors have pleasure in presenting The 31st Annual Report on TheBusiness and Operations of your Company with Audited Accounts for The Financial year endedon 31st March 2016. The Financial Results of The Company are summarized below:
|PARTICULARS ||Standalone for The year ended 31st March 2016 ||Standalone for The year ended31st March 2015 ||Consolidated for The year ended 31st March 2016 ||Consolidated for The year ended 31st March 2015 |
| ||(inRs.) ||(inRs.) ||(inRs.) ||(inRs.) |
|GROSS REVENUE ||207 548 424 ||161 762 460 ||228 358 041 ||177 325 300 |
|PROFIT /(LOSS) BEFORE DEPRECIATION/ AMORTIZATION EXPENSES and TAXATION || ||1 092 489 ||4 708 314 ||(5 173 723) |
| ||31 546 763 || || || |
|Less: Depreciation & ||(16 093 091) ||(16 722 130) ||(63 536 654) ||(24 375 022) |
|Amortization Expenses || || || || |
|PROFIT /(LOSS) FOR The year BEFORE TAXATION ||15 453 674 ||(15 629 641) ||(58 828 340) ||(29 548 745) |
|Less: Provision for Taxation || || || || |
|Current Tax ||3 282 775 ||- || || |
| || || ||3 282 775 ||- |
|Deferred Tax ||6 447 887 ||(5 700 853) ||1 651 178 ||(9 074 164) |
|MATEntitlement ||(3 150 850) ||- ||(3 150 849) ||- |
|PROFIT/(LOSS) AFTER TAX ||8 873 861 ||(99 28 788) ||(60 611 444) ||(20 474 581) |
|Less: Minority Interest ||- ||- ||4 294 829 ||(3 475 669) |
|Profit on Sale of Subsidiary ||- ||- ||13 594 412 ||- |
|Profit /(Loss) of VJTF ||- ||- ||42 606 ||- |
|Infrastructure Private Limited ( || || || || |
|Associate) || || || || |
|Prior Period Taxation Adjustment ||- ||(9 115 684) ||- ||(9 115 684) |
|Add: Brought forward balance ||(26 224 706) ||(23 444 423) ||(21 005 397) ||(11 651 154) |
|from Previous year || || || || |
|Balance Carried to Balance Sheet ||(17 350 845) ||(26 224 706) ||(63 684 994) ||(21 005 397) |
FINANCIALHIGHLIGHTS AND PERFORMANCE OF The COMPANY
On Standalone Basis The Gross Revenue of The Company for The Financial year 2015-16 isRs. 207 548 424/-as compared toRs.161 762 460/-for The Previous Financial Year ended31st March 2015. EarningsBeforeTax Depreciation and AmortizationisRs.31 546763/-in The CurrentFinancial year as compared to Rs.1 092 489/-for The PreviousFinancial Year ended 31st March 2015.Profit AfterTax for The Current Financialyear isRs.8 873 861/-.
OnConsolidatedBasis theGrossRevenue for The Financial year 2015-16isRs.228 358041/-as compared to Rs.177 325 300/-for The Previous Financial year ended 31st March2015.Profitbefore Tax Depreciation and AmortizationisRs.4 708 314/-as compared toLossbefore Tax Depreciation and Amortizationof Rs.5 173 723/-for The Previous FinancialYear ended 31st March 2015.Lossafter Tax for The Current Financial yearisRs.60 611 444/-
The growth of The Indian economy and upward movement of income levels is boosting spendon Education which already accounts for The second-highest share of wallet formiddle-class households. Your Company has established itself as an emerging player in TheEducation ServicesSegment.The Companyprovides services to OperationalEducation Projects atvarious places i.e. Mumbai Bhilwara and Udaipur.
Recently Company's project-Witty Kids Bhilwara (Rajasthan) came intooperation. It alsohas a new project under construction i.e. Witty International School Borivali (West)Mumbai which would be completed most probably by December 2016. Both oftheabove projectswill have capacity of more than 2000 students. Further The Company also provides requiredauxiliary / support services to other companies in The Educationandfuture prospects of TheCompany looks promising.
The directors do notrecommend any dividend for The Financial year under review.
The Company has not accepted any deposits under The applicable provisions of TheCompanies Act 2013 and rules framed The reunder.
Your Directors propose to carry Rs.8 873 861/-being The profit for The current yearto The Balance Sheet duringthe Financial year ended31stMarch 2016.
There was no change in The Authorized and Paid-up Share Capital of The Company duringThe year . The Authorized Share Capital of The Company is Rs. 20 00 00 000/-(RupeesTwenty Crores only) divided into 2 00 00 000 (Two Crore) Equity Shares of Rs. 10/-each.
The Paid-up Share Capital of The Company is Rs. 17 60 00 000/-(Rupees SeventeenCrores Sixty Lakhs only) divided into 1 76 00 000 (One Crore Seventy Six Lakh) EquityShares of Rs. 10/-each.
MANAGEMENT DISCUSSION and ANALYSIS REPORT
The Management Discussion and Analysis Report is enclosed as a part of this report.
CORPORATE GOVERNANCE and SHAREHOLDERS INFORMATION:
Your Company has taken adequate steps to adhere to all The stipulations laid down inRegulation17 to 27read withSchedule VoftheSEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. A report on Corporate Governance is included as a part ofthis Annual Report. Certificate from The Statutory Auditors of The Company confirming Thecompliance with The conditions of Corporate Governance as stipulated under Regulations17to27 of The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 isincluded as a part of this reportin Annexure-4.
The Company's shares are listed on BSE Limited. The Company has paid listing fees forThe Financial year 2016-17 to BSE Limited.
DIRECTORS and KEY MANAGERIAL PERSONNEL
1. CHANGES IN DIRECTORS
a) Mr. Vishal Punjabi(DIN-07417917)was appointed as an Additional director of TheCompany on 10thFebruary 2016.
b) Mr.Anil Prakash Chhabra(DIN-06512889)ceased to be a director of The Company w.e.f.10th February 2016.
2. DECLARATION BY INDEPENDENT DIRECTORS
AlltheIndependent Directors have given a declaration that The y meet The criteria ofindependence as laid down under section 149(6) of The Companies Act 2013 and Regulation25 of The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and There has been no change in The circumstances which may affect The ir status as IndependentDirectors during The year .
3. CHANGES IN KEY MANAGERIAL PERSONNEL
There are no changes in The composition of The Key Managerial Personnel.
MEETINGS OF The BOARD OF DIRECTORS
The Board of Directors of The Company have metSixteentimes during The year on29th May201513th June2015 1stJuly2015 12thAugust2015 14thAugust201531stAugust2015 2ndSeptember2015 8th October2015 4thNovember201517thNovember2015 16thDecember2015 10thFebruary2016 25thFebruary2016 29th February2016 4th March2016and28th March2016in respect of which proper notices were given and proceedings were properly recordedsigned and maintained in The Minutes Book kept by The Company for The purpose. Theintervening gap between The Meetings was within The period prescribed under The CompaniesAct 2013.
COMMITTEES OF The BOARD
The Company has constituted an Audit Committee Nomination and Remuneration CommitteeStakeholdersRelationship Committee as per The provisions of The Companies Act 2013 andSEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. A detailed noteon The Board and its Committees are provided under The corporate governance Report Sectionin this Annual Report. The composition of The Committees as per The applicable provisionsof The Act and Rules are as follows:
|Name of The Committee ||Composition of The Committee |
|Audit Committee ||CA ShivratanSantosh Agarwal (Chairman) |
| ||Mr. Hitesh Gunwantlal Vakharia |
| ||Dr. Vinay Jain |
|Nomination and Remuneration ||CA ShivratanSantosh Agarwal (Chairman) |
|Committee ||Mr. Hitesh Gunwantlal Vakharia |
| ||Mr. Vishal Punjabi |
|StakeholdersRelationship Committee ||Mr. Hitesh Gunwantlal Vakharia(Chairman) |
| ||Dr. Raina Jain |
| ||CA Shivratan Santosh Agarwal |
Pursuant to The provisions of The Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 aseparate exercise was carried out to evaluateThe performance of Individual Directors including The Chairman of The Board who wereevaluated on parameters such as level of engagement and contribution and independence ofjudgment The reby safeguarding The interest of The Company. The performance evaluation ofThe Independent Directors was carried out by The entire Board. The performance evaluationof The Chairman and Non Independent Directors were carried out by The IndependentDirectors. The Board also carried out annual performance evaluation of The working of itsAudit Nomination and Remuneration StakeholdersRelationship Committees. The Board ofDirectors expressed The ir satisfaction with The evaluation process.
POLICY ON DIRECTOR'S APPOINTMENT and REMUNERATION and OTHER DETAILS
The Company's policy on Directors' Appointment and Remuneration and other mattersprovided in Section 178(3) of The Act has been disclosed in The Corporate GovernanceReport.
INTERNAL Financial CONTROL SYSTEMS and The IR ADEQUACY
The details in respect of internal Financial control and The ir adequacy are includedin Management Discussion and Analysis which forms part of this Report.
DISCLOSURE OF REMUNERATION OF EMPLOYEES COVERED UNDER RULE 5 OF The COMPANIES(APPOINTMENT and REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014:-
The information required under Section 197 of The Act read with rule 5(1) of TheCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are givenbelow:
i. The ratio of The Remuneration of each Director to The median Remuneration of Theemployees of The Company for The Financial year :
|Executive Directors ||Ratio to median Remuneration |
|Dr. Vinay Jain ||11.14 |
|Dr. Raina Vinay Jain ||11.14 |
ii. The percentage increase in Remunerationof each Director Chief Executive OfficerChief Financial Officer Company Secretary in The Financial year :
|Directors Chief Executive Officer Chief Financial Officer and Company Secretary ||% increase in remuneration in The financial year |
|Dr. Vinay Jain Chief Executive Officer and Managing Director ||Nil |
|Dr. Raina Vinay Jain Whole Time Director ||Nil |
|CA Manoj Jain Chief Financial Officer ||10% |
|CS Dayashree Manjayya Shetty Company Secretary ||Nil |
iii.The percentage increase in The median Remuneration of employees in The Financialyear :12.19%
iv. The number of Permanent Employees on rolls of The Company: 224
v. The explanation on The relationship between average increase in Remuneration andCompany Performance:
Factors considered while recommending increase in remuneration: 1. Financialperformance of The Company.
2. Comparison with peer companies. 3. Industry Benchmarking 4. Contribution made by Theemployee.
The average increase in The remuneration of The employees was 12.47%. However Therevenue from operations ofthe company has seen an increase of 27.98%. The increase inremuneration is lined to all of The above factors.
vi. Comparison of The Remuneration of The Key Managerial Personnel against Theperformance of The Company:The remuneration of The Key Managerial Personnel was 3.30%of revenue of The company for The Financial year 2015-16.
vii.Variations in The Market Capitalization of The Company Price Earnings Ratio as atThe Closing Date of The Current Financial year and Previous Financial year :
|Particulars ||March 31 2016 ||March 31 2015 |
|Market Capitalisation ||9680.00 ||9240.00 |
|(Rs. In Lakhs) || || |
|Price Earnings Ratio ||110 ||-93.07 |
viii.Percentage Increase or Decrease in The Market Quotations of The Equity Shares ofThe Company in comparison to The rate at which The Company came out with last PublicOffer:
Vinay Jain's Training Forum Private Limited was amalgamated with VJTF EduservicesLtd(Formerly known as Artheon Finance Ltd') on 20th December 2012. Asper The Scheme of Amalgamation approved under The Order passed by The Hon'ble High Courtof Judicature at Bombay The pre-amalgamation total equity shares of The Company was 1400 000 and post-amalgamation total equity shares of The Company was 1 76 00 000. TheCompany was permitted trading of 1 76 00 000 shares on BSE on 6thJune 2013.
Thus after The listing of The new securities The market price of The equity shareswas Rs. 45.95 in comparison to The market price of Rs.55.00as on 31stMarch2016.
ix. Average percentage increase already made in The salaries of employees other thanThe managerial personnel in The last Financial year and its comparison with The percentileincrease in The managerial remuneration and justification The reof and point out if The reare any exceptional circumstances for increase in The managerial remuneration:
The average annual increase for The employees of The company wasaround 12.47%. HoweverThe re was no increase in The Managerial Remuneration.
x. Comparison of each remuneration of The Key Managerial personnel against Theperformance of The Company:
|Key Managerial Personnel ||% of Revenue |
|Dr. Vinay Jain Chief Executive Officer and Managing Director ||1.44% |
|Dr. Raina Vinay Jain Whole Time Director ||1.44% |
|CA Manoj Jain Chief Financial Officer ||0.35% |
|CS Dayashree Manjayya Shetty Company Secretary ||0.06% |
xi. The key parameters for any variable component of remuneration availed by Thedirectors:
Remunerationhas beenpaid as per schedule V of The Companies Act 2013.
xii. The ratio of The remuneration of The highest paid director to that of Theemployees who are not directors but receive remuneration in excess of The highest paiddirector during The year :None. xiii.Affirmation that The remuneration is as perThe remuneration policy of The Company:
The Company affirms that The remuneration is as per The remuneration policy of TheCompany.
No employee of The company is falling under Rule 5(2) of The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.
As per SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015Corporate Governance Report along with Auditor's Certificate CEO/CFO Certificate andManagement Discussion and Analysis are attached herewith which formspart of this report.
Policy for determining material subsidiaries of The Company is available on The websiteof The Company(URL:http://www.vjtf.com/investor-relations/policy-for-determining-material-subsidiaries)
Policy on dealing with related party transactions is available on The website of TheCompany (URL: http://www.vjtf.com/investor-relations/related-parties-transaction-policy).
The Company has adopted a Whistle Blower Policy and has established The necessary vigilmechanism as defined under Regulation 22 ofSEBI (Listing Obligations and DisclosureRequirements)Regulations 2015for directors and employees to report concerns aboutunethicalbehavior. No person has been denied access to The Chairman of The auditcommittee. The said policy has been also put up on The website of The Company at Thefollowing link (URL: http://www.vjtf.com/investor-relations/whistle-blower-policy).
The Company has adopted a Policy on Determination ofMateriality forDisclosures'as per Regulation 30 of SEBI ( Listing Obligations and DisclosureRequirements) Regulations 2015 ( URL: http://www.vjtf.com/investor-relations) andaPolicy for Preservation of Documents'as per Regulation 9 of SEBI ( ListingigationsObl and Disclosure Requirements) Regulations 2015. (URL:http://www.vjtf.com/investor-relations)
At The beginning of The year The Companyhasthreesubsidiariesie.VJTF BuildconPrivateLimited Rishi Reality Leasing Services Private Limited and VJTF Infrastructure PrivateLimited. VJTF InfrastructurePvt Ltd ceased to be The subsidiary of The Company w.e.f 17thMarch 2016 and became The Associate Company of yourCompany w.e.f 18thMarch2016.There has been no material change in The nature of The business of The subsidiaries.
Pursuant to The provisions of Section 136 of The Act Financial Statements of TheCompany Consolidated Financial Statements along with relevant documents and separateAudited Accounts in respect of subsidiaries forms part of The Annual Report of TheCompany. The Company has The following twosubsidiariesas on 31stMarch 2016-
1) VJTF Buildcon Private Limited (CIN: U45400MH2009PTC197093)
2) Rishi Reality Leasing Services Private Limited (CIN: U70102MH2007PTC171382)
Pursuant to provisions of section 129(3) of The Act a statement containing salientfeatures of The Financial statements of The Company's subsidiaries in Form AOC-1 isattached to The Financial statements of The Company.
PERFORMANCE and Financial POSITION OF The SUBSIDIARY COMPANIES
1) VJTF INFRASTRUCTURE PRIVATE LIMITED
The Net Loss for The year under review amounted to Rs. 54 704 260/-in The currentyear as compared to Rs 71 308/-in The Previous year .
2) VJTF BUILDCON PRIVATE LIMITED
The Net Loss for The year under review amounted to Rs. 25 760/-in The current year ascompared to Rs. 16 750/-in The Previous year .
3) RISHI REALITY LEASING SERVICES PRIVATE LIMITED
The Revenue ofthe Company is Rs.18 350 786/-as compared to Rs. 15 562 840/-in ThePrevious year . Net Loss for The year under review isRs. 10 728 378/-in The currentFinancial year as compared to Rs.8 683 519/-in The Previous Financial year .
The Consolidated Financial Statements of The Company are prepared in accordance withThe relevant Accounting Standard viz.Accounting Standard 21 issued by The Institute ofChartered Accountants of India and forms part of this Annual Report.
M/s Nimesh Mehta & Associates Chartered Accountants (Firm Registration No.117425W) Mumbai areproposed/recommended to be appointed as Statutory Auditors of TheCompany by The Board after considering recommendations of The Audit Committee to fill Thevacancy caused due to The resignation of M/s. J. Kala & Associates CharteredAccountants (Firm Registration No. 118769W) Mumbai from The conclusion of this 31stAnnual General Meeting for a term of five year s until The conclusion of 36th AnnualGeneral Meeting of The Company.
The Consent and certificate from The m has been received to The effect that The irappointment as Statutory Auditors of The Company if made by The members at ensuing AnnualGeneral Meeting would be according to The terms and conditions prescribed under Section139 of The Act and Rules framed The reunder. A resolution seeking The ir appointment formspart of The notice convening The 31st Annual General Meeting and The same isrecommended for your consideration and approval.
i) Statutory Auditors:
Statutory Auditor's Report is Self-Explanatory in itself.
ii) Secretarial Auditor:
According to The provision of section 204 of The Companies Act 2013 read with Rule 9of The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 TheSecretarial Audit Report submitted by Secretarial Auditor-Ms. Poonam Somani PracticingCompany Secretary is enclosed as a part of this report in Annexure-3. The qualificationreservation adverse remarks or disclaimer made by The Secretarial Auditor in its reportare self-explanatory. However Management of The Company ensures to be more careful anddedicated in all of The compliances henceforth.
iii) Internal Auditor:
M/s. Anil B Jain & Associates Chartered Accountants Mumbai performed The dutiesof Internal Auditors of The company for The Financial year 2015-16 and The ir report isreviewed by Audit Committee from time to time.
CORPORATE SOCIAL RESPONSIBILITY
As per The provisions of Section 135 of The Companies Act 2013 read with rules framedThe re under every Company including its holding or subsidiary and a foreign companywhich fulfills The criteria specified in sub-section (1) of section 135 of The Act shallcomply with The provisions of Section 135 of The Act and its rules.
Since The Company is not falling under any criteria specified in sub-section (1) ofsection 135 of The Act your Company is not required to constitute a Corporate SocialResponsibility Committee.
The Company has adopted a "Whistle Blower" Policy and has established Thenecessary vigil mechanism for employees and directors to report concerns about unethicalbehavior as per The provisions regarding vigil mechanism as provided in Section 177(9) ofThe Companies Act 2013 read with rules framed The re under.The"Whistle Blower"Policyis available on The website of The Companyonhttp://www.vjtf.com/investor-relations/whistle-blower-policy.
RISK MANAGEMENT POLICY
The company has been addressing various risks impacting The company reviewing The riskmanagement plan and ensuring its effectiveness. The Audit Committee has additionaloversight in The area of Financial risks and controls. Major risks identified by Thebusinesses and functions are systematically addressed through mitigating actions on acontinuing basis. The development and implementation of risk management policy has beencovered in The Management Discussion and Analysis report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF The COMPANIESACT 2013
The details of loans guarantees and investments as covered under The provisions ofSection 186 of The Companies Act 2013 are given in The notes toFinancial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH The RELATED PARTIES
The particulars of contracts or arrangements with related parties referred to inSection 188(1) of The Companies Act 2013 in The prescribed Form AOC-2 is appended asAnnexure 2 to The Director's report.
CHANGE IN The NATURE OF BUSINESS
There is no change in The nature of The business of The Company during The year .
MATERIAL CHANGES and COMMITMENTS AFFECTING The Financial POSITION OF The COMPANY WHICHHAVE OCCURRED BETWEEN The END OF The Financial year OF The COMPANY TO WHICH The FinancialSTATEMENTS RELATE and The DATE OF The REPORT
No material changes and commitments affecting The Financial position of The companyhave occurred between The end of The Financial year of The company to which The Financialstatements relate and The date of this report.
DETAILS OF SIGNIFICANT and MATERIAL ORDERS PASSED BY The REGULATORS OR COURTS ORTRIBUNALS IMPACTING The GOING CONCERN STATUS and COMPANY'S OPERATION IN FUTURE
No significant and material orders were passed by The regulators or courts or tribunalswhich affect The going concern status and future operation of The Company.
HUMAN RESOURCE DEVELOPMENT
To ensure good human resources management your company focuses on all aspects of Theemployee lifecycle. This provides a holistic experience for The employees as well. DuringThe ir tenure at The Company employees are motivated through various skill-developmentengagement and volunteering programs. All The while we create effective dialogs throughour communication channels to ensure that The feedback reach The relevant teams includingThe leadership. The company takes pride in The commitment competence and dedication shownby its employees in all areas of business.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION and FOREIGN EXCHANGE EARNINGS and OUTGO
In accordance with The provisions of Section 134 read with The Companies (Accounts)Rules 2014 regarding conservation of energy technology absorption and foreign exchangeearnings and outgo your Directors furnish hereunder The additional information asrequired.
A.Conservation of Energy
Information in accordance with The provisions of Section 134 (3) (m) read with TheCompanies (Accounts) Rules 2014 regarding conservation of energy does not apply to yourCompany.
B. Technology Absorption
Your Company has no foreign collaboration hence no particulars are offered.
C. Foreign Exchange Earning and Outgo
As required under Section 134(3) (m) of The Companies Act 2013 read with Companies(Accounts) Rules 2014 The information relating to The foreign exchange earnings andoutgo are given in The Notes to The Financial statements as well as hereunder for The yearended 31st March 2016:
Expenditure in Foreign Currency : Rs.2 596 762/-
Foreign Exchange Earnings during The year : NIL
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to The requirements of Section 134(5) of The Companies Act 2013 it is herebyconfirmed:
a) that in The preparation of The annual accounts The applicable accounting standardshave been followed alongwith proper explanation relating to material departures;
b) that The Directors had selected such accounting policies and applied The mconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of The state of affairs of The Company at The end of TheFinancial year and The profit or loss of The Company for The period ended 31.03.2016;
c) that The Directors had taken proper and sufficient care for The maintenance ofadequate accounting records in accordance with The provisions of The Companies Act 2013for safeguarding The assets of The company and for preventing and detecting any fraud andother irregularities;
d) that The Directors had prepared The annual accounts on a going concern basis ;
e) that The Directors have laid down internal Financial controls to be followed by Thecompany and such internal Financial controls are adequate and were operating effectively;and f) that The Directors had devised proper systems to ensure compliance with Theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE ( PREVENTION PROHIBITION& REDRESSAL) ACT 2013
There was no case filed during The year under The Sexual Harassment of Women atWorkplace (Prevention Prohibition & Redressal) Act 2013. Further The Companyensures that The re is a healthy and safe atmosphere for every women employee at Theworkplace and have made necessary policies for safe and secure environment for womenemployees.
EXTRACT OF ANNUAL RETURN
The extract of The Annual Return in Form MGT-9 is annexed asAnnexure-1 and forms partof this report.
Your Directors' wishes to place on record its sincere thanks to all its CustomersSuppliers Bankers and Central & State Government Authorities for extending support toyour Company. The Board also places on record its sincere appreciation of The contributionmade by all The stakeholders for placing The ir faith and trust on The Board.
| ||By Order of The Board |
| ||For VJTF Eduservices Limited |
|Place: Mumbai ||Sd/- ||Sd/- |
|Dated: 26thAugust 2016 ||Dr.Vinay Jain ||Dr. Raina Vinay Jain |
| ||Managing Director ||Whole Time Director |
| ||(DIN: 00235276) ||(DIN: 01142103) |