Your Directors have pleasure in presenting the 27 Annual Report on the Businesses and Operations of the Company together with Audited Accounts for the financial year ended on March 31 2019.
1. Financial Summary
Rs in Lakhs
|Revenue from Operations||41288.05||46620.73|
|Profit / (Loss) Before Tax||994.49||3366.97|
|Provisions for Income Tax including Deferred Tax||338.33||1196.91|
|Profit / (Loss) After Tax||656.16||2170.06|
|Other Comprehensive Income||21.75||17.12|
|Total Comprehensive Income for the Period||677.91||2187.18|
|Earnings per Equity Share|
|Transfer to General Reserves||50.00||100.00|
|Profit carried to Balance Sheet||656.16||2170.06|
|Accumulated Balance of Profit||3875.49||3853.00|
Financial Highlights and State of Company's Affairs
The revenue from operation for the financial year 2018-19 stands at Rs 41288.05 Lakhs in compare to Rs 46620.73 Lakhs for previous financial year 2017-18 the merged figures with Mahendra Aluminium Company Limited (Transferor Company). Hereinafter and also in the table above all the figures for the financial year 2017-18 are merged figures of Arfin India Limited and Mahendra Aluminium Company Limited. Total net profit for the year stood at Rs 656.16 Lakhs in compare to Rs 2170.06 Lakhs for the previous financial year 2017-18.
2. Transfer to Reserve
The closing balance of the retained earnings of the Company for FY 2019 after all appropriation and adjustments was Rs 3875.49 Lakhs. The Board of Directors of the Company has proposed and approved an appropriation of Rs 50 Lakhs to be transferred to the General Reserve.
In order to conserve the profits for future operations the Board of Directors of the Company has decided not to recommend any final dividend for the financial year ended March 31 2019.
4. Listing on Stock Exchanges
As on March 31 2019 the equity shares of the company were listed on BSE Limited and the Calcutta Stock Exchange Limited. The company has paid the annual listing fees for the financial year ending on March 31 2019 within time.
Further as the shareholders of the company were not getting any tangible benefits the company has proposed for delisting of equity shares of the company from the Calcutta Stock Exchange (regional stock exchange) application for which is pending with the Calcutta Stock Exchange for its approval.
The Company has also forwarded copy of application of delisting of equity shares from the Calcutta Stock Exchange to the Securities & Exchange Board of India (SEBI) for taking necessary action(s) for immediate resolution of pending matter.
5. Details in Respect of Adequacy of Internal Financial Control with Reference to the Financial Statements and Audit
The Company has designed and implemented process driven framework for internal financial controls within the meaning of explanation to Section 134(5)(e) of the Act.
For the year ended on March 31 2019 the board is of the opinion that the company has adequate internal control systems commensurate with the size scale and complexity of its business operations. The internal control systems comprising of policies and procedures are designed to ensure sound management of your company's operations safe keeping of its assets optimal utilization of resources reliability of its financial information and compliances. The internal financial control operates effectively and no material weakness exists. The company has a process in place to continuously monitor the same and identify gaps if any and implement new and / or improved internal controls whenever the effect of such gaps would have a material effect on the company's operations.
The board of directors at the recommendations of the audit committee appointed Mr. Anant Patel Cost Accountant as internal auditor of the company for the financial year 2019-20.
Other details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis which is a part of this report.
6. Details of Subsidiary / Joint Venture / Associate Companies
The company doesn't have any subsidiary joint venture or associate company. Group Companies to the Arfin India Limited includes Krish Ferro Industries Private Limited and Arfin Alucop Private Limited. Mahendra Aluminium Company Limited an erstwhile group company to the Arfin group has been amalgamated into Arfin India Limited during the financial year 2017-18.
7. Material Changes Transactions and Commitment if any affecting the Financial Position of the Company
There are no material changes and commitments affecting the financial position of the Company which has occurred between the closure of financial year on March 31 2019 to which the financial statements relate and on the date of this report.
8. Significant and Material Orders passed by the Regulators or Courts
There have been no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations. However members' attention is drawn to the statement on contingent liabilities commitments in the notes forming part of the financial statements under note no. 35.
During the financial year under report your Company has not accepted any deposits within the meaning of Sections 73 & 74 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 as amended nor did it have any amount of deposits carried forward from the previous financial year.
10. Statutory Auditors
M/s. Sanjay Bajoria & Associates Chartered Accountants Ahmedabad (FRN: 117443W) were appointed as Statutory Auditors of the company to hold the office for a term of five years from the conclusion of the 26 annual general meeting held on September 24 2018 until the conclusion of the 31 annual general meeting of the company in place of resigning auditors M/s. Mukesh Rajendra & Co. Chartered Accountants Ahmedabad (FRN: 143123W).
Pursuant to the notification dated May 7 2018 issued by the Ministry of Corporate Affairs (The Companies Amendment Act 2017) amending Section 139 of the Companies Act 2013 the mandatory requirement for ratification of appointment of statutory auditors by members at every annual general meeting has been omitted and hence your company has not proposed ratification of appointment of M/s. Sanjay Bajoria & Associates Chartered Accountants at the ensuing annual general meeting.
The auditors' report issued by M/s. Sanjay Bajoria & Associates for the financial year ended on March 31 2019 forms part of this annual report and there is no qualification reservation adverse remark or disclaimer given by the statutory auditors in their report.
11. Compliance with Secretarial Standards
The Company complies with all applicable mandatory secretarial standards issued by the Institute of Company Secretaries of India.
12. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the board of directors of your company has re-appointed M/s. Kamlesh M. Shah & Co. practicing company secretary Ahmedabad as secretarial auditors to conduct an audit of secretarial records and compliances of the company for the financial year ending on March 31 2020. The secretarial audit report for the financial year ended on March 31 2019 is annexed herewith as Annexure 5 and the same is unmodified i.e. does not contain any qualification reservation adverse remark or disclaimer.
13. Reporting of Frauds by Auditors
During the year under report neither the Statutory Auditors nor the Secretarial Auditors have reported to the audit committee under Section 143(12) of the Companies Act 2013 any instances of fraud committed against the Company by its officers or employees the details of which would need to be mentioned in the Board's Report.
14. Cost Auditors
The board has on the recommendation of the audit committee appointed M/s. Ashish Bhavsar & Associates Cost Accountant (FRN: 000387) as a Cost Auditor for conducting the audit of cost records of the company for the financial year 2018-2019 as well as for financial year 2019-20. M/s. Ashish Bhavsar & Associates have confirmed that their appointment is within the limits of Section 141(3)(g) of the Companies Act 2013 and have also certified that they are free from any disqualifications specified under Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the Companies Act 2013.
The audit committee has also received a certificate from cost auditors certifying their independence and arm's length relationship with the company.
As per the provisions of the Companies Act 2013 the remuneration payable to cost auditor is required to be placed before the members at the ensuring general meeting for their ratification. Accordingly a resolution seeking member's ratification for the remuneration payable to M/s. Ashish Bhavsar & Associates cost auditor is included in the notice convening the annual general meeting.
15. Share Capital
During the financial year under report the company has allotted equity shares under the bonus issue.
The detail of change in the capital structure of the company is tabulated as below:
|Authorised share capital||Issued subscribed and paid-up share capital|
|Event date||Particulars||No. of equity shares||Amount||No. of equity shares||Amount|
|in Rs||in Rs|
|April 1 2018||Share capital at the beginning of the financial year||31500000||315000000||13243671||132436710|
|November 15 2018||Allotment of bonus shares in the ratio of 1:5|
|March 31 2019||Resultant share capital / capital at the end of the financial year||31500000||315000000||15892405||158924050|
16. Directors & Key Managerial Personnel
I. Appointments and Details of KMPs
During the financial year under report followings have been designated as the key managerial personnel of the company pursuant to Sections 2(51) and Section 203 of the Companies Act 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014:
(a) Mr. Mahendra R. Shah Chairman & Whole Time Director
(b) Mr. Jatin M. Shah - Managing Director
(c) Mr. Vijay Lathi Chief Financial Officer
(d) Ms. Kruti Sheth Company Secretary
Resigned w.e.f. April 10 2019
There is no change in the composition of board of directors of the company during the financial year ending on March 31 2019.
Company Secretary and Compliance
Ms. Kruti Sheth has resigned and thus ceases to be company secretary & compliance officer of the company w.e.f. April 10 2019. Ms. Hetal Koradia a member of the Institute of Company Secretaries of India (ICSI) was appointed in her place as company secretary and compliance officer of the company at the meeting of board of directors held on May 27 2019.
Change in Designation of Independent
The consent of the shareholders of the company was accorded to change the designation of Mr. Mukesh Shankerlal Chowdhary (DIN: 00025877) and Mr. Dineshchandra Mangaldas Shah (DIN: 02479309) from additional independent director to non-executive independent director of the company at their 26 annual general meeting held on September 24 2018.
Pursuant to the provisions of Section 149 of the Act all the Independent directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.
There has been no change in the circumstances affecting their status as independent directors of the Company.
At the ensuing annual general meeting Mr. Mahendra R. Shah and Mr. Jatin M. Shah are proposed to be re-appointed as an Executive Chairman & Whole Time Director and Managing Director of the Company respectively w.e.f. October 1 2019 for a period of five years ending on September 30 2024. The board of directors of the company requests the shareholders to accord their consent for such re-appointment(s).
III. Retirement by Rotation
In accordance with the provisions of Section 152(6) of the Companies Act 2013 and the articles of association of the company Mr. Mahendra R. Shah (DIN: 00182746) will retire by rotation at this annual general meeting and being eligible he offers himself for reappointment. The board recommends his appointment.
IV. Evaluation of the Board's Performance
Pursuant to the provisions of the Companies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 the board has carried out an annual evaluation of its own performance and that of its committees as well as performance of the directors individually considering various aspects of the board's functioning such as adequacy of the composition of the board & and its committee(s) board culture experience & competencies execution and performance of specific duties & obligations governance etc.
Separate exercise was carried out to evaluate the performance of each of the individual directors including the board's chairman who were evaluated on parameters such as attendance contribution at the meetings and otherwise independent judgments safeguarding of minority shareholders' interest etc.
The evaluation of the independent directors was carried out by the entire board excluding independent directors and that of the chairman and the performance evaluation of the non-independent director and the Board as a whole was carried out by the independent directors.
The performance evaluation of the Executive chairman of the Company was also carried out by the independent directors taking into account the views of the managing director and other non-executive director(s).
The directors were satisfied with the evaluation results which reflected the overall engagement of the board and its committees with the company. This may be considered as a statement under provisions of Section 134(3)(p) of the Companies Act 2013 and rule 8(4) of the Companies (Accounts) Rules 2014. The board of your company is composed with proper number of executive and non-executive director(s).
V. Remuneration Policy
The company follows a policy on remuneration of directors and senior management employees. The policy has been approved by the nomination & remuneration committee and the board. More details on the same have been given in the corporate governance report. The policy on remuneration of directors key managerial personnel and senior employees can be accessed on website of the company at the following web link: http://arfin.co.in/pdf/policies/remuneration-of-directors-key-managerial-personnel-and-senior-employees-policy.pdf
17. Number of Meetings of Board of Directors
The board of directors met 9 times during the financial year ended on March 31 2019. The details of the board meetings and the attendance of the directors are provided in the corporate governance report which is a part of this report.
18. Audit Committee
The audit committee of the company is constituted with Mr. Dineshchandra Mangaldas Shah as chairman and Mr. Mukesh Shankerlal Chowdhary and Mr. Mahendra R. Shah as members of the committee. All the recommendations if any made by the audit committee were accepted by the board of directors during the period under report. More details on the audit committee have been provided in the corporate governance report.
19. Nomination and Remuneration Committee
The nomination and remuneration committee of the company is constituted unanimously by the non-executive directors of the company. Mr. Mukesh Shankerlal Chowdhary holds position of chairman of the committee and Mr. Dineshchandra Mangaldas Shah and Mr. Shantilal Mehta are members of the committee.
The policy required to be formulated by the nomination and remuneration committee under Section 178(3) of the Companies Act 2013 is uploaded on the company's website at the following web link: http://arfin.co.in/pdf/policies/remuneration-of-directors-key-managerial-personnel-and-senior-employees-policy.pdf
More details on the committee have been provided in the corporate governance report.
20. Stakeholder Relationship Committee
In order to redress the grievances of stakeholders timely and in efficient manner and as statutorily required the company has formulated a committee named stakeholder relationship committee which is headed by Mr. Shantilal Mehta as chairman and is further constituted with Mr. Mahendra R. Shah and Ms. Hetal Koradia as members of the committee.
More details on the committee have been provided in the corporate governance report.
21. Internal Complaints Committee (ICC)
The company has in place an anti-sexual harassment policy in line with the requirements of the Sexual Harassment of Woman at Workplace (Prevention Prohibition and Redressal) Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.
All employees (permanent contractual temporary trainees) are covered under this Policy. The policy is gender neutral and provides the employees safety against harassment if any. The said policy adopted by the company for prevention of sexual harassment at workplace is available on its website at the following weblink: http://arfin.co.in/pdf/policies/prevention-of-sexual-harassment-policy.pdf
During the financial year ended on March 31 2019 the company did not receive any complaint pertaining to sexual harassment.
22. Related Party Transactions
All the related party transactions are being entered on arm's length basis in ordinary course of business and in compliance with the applicable provisions of the Companies Act 2013 and relevant regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Your directors further confirm that there were no materially significant related party transactions made by the company with promoters directors or key managerial personnel etc. which may have potential conflict with the interest of the company at large. All the related party transactions are presented to the audit committee and to the board. Omnibus approval has been obtained from audit committee board of directors and members of the company for the transactions with the related parties.
The policy on related party transactions as approved by the board has been uploaded on the company's website at the following weblink: http://arfin.co.in/pdf/policies/related-party-transactions-policy.pdf
23. Establishment of Vigil Mechanism / Whistle Blower Policy for Directors and Employees
The company promotes ethical behavior in all its business activities and has put in place a mechanism wherein the employees are free to report illegal or unethical behavior improper practice wrongful conduct taking place actual or suspected fraud or violation of the company's code of conduct or corporate governance policies or any improper activity to the chairman of the audit committee of the company or to the chairman of the board. The whistle blower policy has been duly communicated within the company.
Under the whistle blower policy the confidentiality of those reporting violation(s) is protected and they are not subject to any discriminatory practices. No personnel have been denied access to the audit committee in this regard. The said vigil mechanism / whistle blower policy has been uploaded on website of the company and can be accessed at the following web link: http://arfin.co.in/pdf/policies/vigil-mechanism-or-whistle-blower-policy.pdf
24. Loans Guarantees or Investments under Section 186 of the Companies Act 2013
The company did not provide any guarantee in respect of loans availed by others under the provisions of Section 186 of the Companies Act 2013 and rules framed thereunder during the financial year under report. Details of loans and investments covered under the provisions of Section 186 are given in the notes forming part of the financial statements which form part of this annual report.
25. Managerial Remuneration
The company follows a policy on remuneration of directors KMP and senior management employees. The company has paid remuneration to the executive as well as sitting fees to the non-executive directors during the financial year under report. More details on the managerial remuneration have been given in the extract of annual return and in the corporate governance report.
26. Management Discussion & Analysis Report
A detailed analysis of the company's performance is made in the management discussion and analysis report which forms part of this annual report.
27. Corporate Governance Report
Your company has a rich legacy of ethical governance practices many of which were implemented by the company even before they were mandated by law.
Your company is committed to transparency in all its dealings and places high emphasis on business ethics. A report on corporate governance as per the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 forms part of this annual report.
28. Code of Conduct
The board has laid down a code of conduct (code) for the board members managerial personnel and for senior management employees of the company. This code has been posted on the company's website at http://arfin.co.in/code-conduct.html.
All the board members and senior management personnel have affirmed compliance with this code. A declaration signed by the managing director to this effect forms part of the corporate governance report.
The board has also laid down a code of conduct for the independent directors pursuant to the provisions of Section 149(8) and schedule IV to the Companies Act 2013 via terms and conditions for appointment of independent directors which is a guide to the professional conduct for independent directors and has been uploaded on the website of the company at the following web link: http://arfin.co.in/pdf/ disclosures/terms-and-conditions-of-appointment-of-independent-directors.pdf
29. Risk Management Policy
The Company has a well-defined risk management framework in place which provides an integrated approach for identifying assessing mitigating monitoring and reporting of risks associated with the business of the Company.
The Company has developed Risk Management Policy in accordance with the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 (SEBI Listing Regulations). It establishes various levels of accountability and overview within the Company while vesting identified officials with responsibility for each significant risk.
The Board has delegated responsibility to the Committee to monitor and review risk management assessment and minimization procedures and to develop implement and monitor the risk management plan and identify review and mitigate all elements of risks which the Company may be exposed to. The Audit Committee and the Board also periodically reviews the risk management assessment and minimization procedures.
The Board takes responsibility for the overall process of risk management in the organization. Through Enterprise Risk Management Programme business units and corporate functions address opportunities and attend the risks with an institutionalized approach aligned to the Company's objectives. This is facilitated by internal audit.
The business risk is managed through cross functional involvement and communication across businesses. A risk management policy adopted by the board in this regard includes identification of elements of risks which mainly covers strategic risk operational risk financial risk and hazardous risks which can be accessed from the website of the company at the following web link: http://arfin.co.in/pdf/policies/ risk-management-policy.pdf More details on the risk and concern factors have been given in the management discussion and analysis report.
30. Corporate Social Responsibility
Pursuant to the provisions of Section 135 of the Companies Act 2013 including rules framed thereunder the company attracts the criteria for applicability of corporate social responsibility. Accordingly it has constituted a corporate social responsibility committee which comprises of:
|Sr. No.||Name of the Member||Nature of Membership|
|1||Mr. Mahendra R. Shah||Chairman|
|2||Mr. Shantilal Mehta||Member|
|3||Mrs. Pushpa M. Shah||Member|
The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure 7 of this report in the format prescribed in the Companies (CSR Policy) Rules 2014.
The Policy is available on Company's website of the company at the following web link: http://arfin.co.in/pdf/policies/corporate-social-responsibility-policy.pdf
31. Directors' Responsibility Statement
In accordance with the provisions of Section 134(5) of the Companies Act 2013 with respect to the director's responsibility statement it is hereby stated:
a. that in the preparation of the annual financial statements for the year ended on March 31 2019 the applicable accounting standards have been followed along with proper explanation relating to material departures if any;
b. that such accounting policies as mentioned in notes to the financial statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as on March 31 2019 and of the profit of the company for the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d. that the annual financial statements for the year ended on March 31 2019 have been prepared on a going concern basis;
e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and
f. that the system to ensure the compliances with the provisions of all applicable laws was in place and were adequate and operating effectively.
32. Disclosure u/s 164(2) of the Companies Act 2013
On the basis of the written representations received from the directors as on March 31 2019 and taken on record by the board of directors none of directors is disqualified as on March 31 2019 from being appointed as a director in terms of Section 164(2) of the Companies Act 2013 read with rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules 2014.
33. Transfer of Amount(s) and Shares to the Investor Education and Protection Fund
Section 124 of the Companies Act 2013 mandates that companies shall transfer dividend(s) that remain unpaid or unclaimed for a period of seven years from the unpaid dividend account to the Investor Education and Protection Fund. In this respect the stakeholders are requested to take note that company has not yet completed seven years from its first dividend paying financial year and thus there were no amounts or corresponding equity shares which were required to be transferred to the Investor Education and Protection Fund by the company. Information about unclaimed / unpaid dividends and unclaimed shares to be transferred to IEPF is provided in the notes to the Notice of AGM.
34. Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo
The particulars as to conservation of energy technology absorption and foreign exchange earnings and outgo required to be disclosed in terms of Section 134 of the Companies Act 2013 & rule 8 of the Companies (Accounts) Rules 2014 have been given separately as Annexure 1.
35. Extract of Annual Return
The Extract of Annual Return in the Form MGT - 9 is enclosed herewith as Annexure 2.
36. Form AOC-2
Form AOC - 2 pursuant to clause(h) of sub Section (3) of Section 134 of the Companies Act 2013 and rule 8(2) of the Companies (Accounts) Rules 2014 for disclosure of particulars of contracts / arrangements if any entered into by the company with the related parties as referred in Section 188(1) of the Companies Act 2013 for financial year ended March 31 2019 is enclosed herewith as Annexure 3.
37. Particulars of Employees and Remuneration
As required by the provisions of Section 197 of the Companies Act 2013 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 as amended from time to time the particulars are set out in Annexure 4.
38. Secretarial Audit Report
The secretarial audit report given by Mr. Kamlesh M. Shah proprietor of M/s. Kamlesh M. Shah & Co. practicing company secretary Ahmedabad for the financial year ended on March 31 2019 is enclosed herewith as Annexure 5.
39. Auditors Certificate on Corporate Governance
A certificate from statutory auditors of the company regarding compliance of conditions of corporate governance as stipulated under the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is annexed herewith as Annexure 6.
Your Directors wish to convey their appreciation to all of the Company's employees for their enormous efforts as well as their collective contribution co-operation active participation and professionalism as all such things have collectively made the Company's growth possible.
The Directors would also like to thank the shareholders customers dealers suppliers bankers Government Regulatory authorities and all other business associates for their continuous support to the Company and their confidence in its management. Finally the Directors thank you all for your continued trust and support.
|Registered Office||For & on behalf of Board of Directors|
|B-302 3 Floor Pelican House|
|Gujarat Chamber of Commerce Building|
|Ashram Road Ahmedabad 380009||Mahendra R. Shah|
|CIN: L65990GJ1992PLC017460||(DIN: 00182746)|
|Tel. No.: +91 79 26583791 92|
|Fax: +91 79 26583792||Place: Ahmedabad|
|Email: firstname.lastname@example.org||Date: August 09 2019|
Annexure 1 to the Directors' Report
Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo Pursuant to the Provisions of Section 134 of the Companies Act 2013 read with the Companies (Accounts) Rules 2014
|(A) Conservation of Energy|
|(i) steps taken or impact on conservation of energy||Nil|
|(ii) steps taken by the Company for utilizing alternate sources of energy||Nil|
|(iii) capital investment on energy conservation equipments||Nil|
|(B) Technology Absorption|
|( i) efforts made towards technology absorption||Nil|
|(ii) benefits derived like product improvement cost reduction product substitution development or import||Nil|
|(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)|
|(a) details of technology imported||Nil|
|(b) year of import||Not Applicable|
|(c) whether the technology been fully absorbed||Not Applicable|
|(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof||Not Applicable|
|(iv) expenditure incurred on Research and Development||Nil|
( C) Foreign Exchange Earnings and Outgo
|Description||Rs in Lakhs|
|Foreign Exchange Earned (Actual Inflow)|
|Sale of finished goods||3659.06|
|Foreign Exchange Used (Actual Outflow)|
|Import of raw material||20805.98|
|Import of capital goods||181.10|
|Loss on LME Hedging||15.83|
|Foreign travelling expenses||5.42|
|Membership & subscription fees||2.80|
|For and on Behalf of the Board of Directors|
|Mahendra R. Shah|
|Date: August 09 2019||(DIN: 00182746)|