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Bhageria Industries Ltd.

BSE: 530803 Sector: Industrials
NSE: BHAGERIA ISIN Code: INE354C01027
BSE 00:00 | 30 Sep 175.15 -2.70
(-1.52%)
OPEN

149.00

HIGH

182.50

LOW

149.00

NSE 00:00 | 30 Sep 175.60 0.30
(0.17%)
OPEN

176.20

HIGH

178.75

LOW

171.05

OPEN 149.00
PREVIOUS CLOSE 177.85
VOLUME 2129
52-Week high 328.55
52-Week low 149.00
P/E 12.71
Mkt Cap.(Rs cr) 764
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 149.00
CLOSE 177.85
VOLUME 2129
52-Week high 328.55
52-Week low 149.00
P/E 12.71
Mkt Cap.(Rs cr) 764
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bhageria Industries Ltd. (BHAGERIA) - Director Report

Company director report

To

The Shareholders

Your Directors have great pleasure in presenting the 33rd Annual Reporttogether with the Audited Accounts of the Company for the financial year ended March 312022. The consolidated performance of the Company and its Subsidiary has been referred towherever required.

FINANCIAL HIGHLIGHTS:

The following is the highlight of the financial performance of the Company during theyear under review:

(Rs in Crores)

Particulars Standalone Consolidated
Year ended 31.03.2022 Year ended 31.03.2021 Year ended 31.03.2022 Year ended 31.03.2021
Revenue from Operations 596.22 399.19 601.30 401.98
Other Income 9.06 4.44 9.28 4.47
Total Income 605.28 403.63 610.58 406.45
EBITDA 125.00 107.67 125.69 107.99
Less : Finance Cost 1.28 1.01 1.84 1.06
Less : Depreciation & Amortization expenses 28.57 25.86 28.57 25.86
Profit before tax 95.15 80.80 95.27 81.07
Tax Expenses 24.65 18.34 24.68 18.41
Net Profit after tax 70.50 62.46 70.60 62.66
Other Comprehensive Income (Net of tax) 0.03 (0.05) 0.03 (0.05)
Total Comprehensive Income after tax 70.53 62.40 70.63 62.61
Earing per shares of H 5 each (In H) 16.15 14.31 16.17 14.36

Notes: The above figures are extracted from the audited standalone and consolidatedfinancial statements as per Ind-AS.

OVERVIEW OF COMPANY'S FINANCIAL PERFORMANCE:

• Operational Review:

On Standalone Basis: During the year under review the Company has achieved a TotalIncome of H 605.28 Crores as against H 403.63 Crores in the previous financial year.EBITDA for FY22 stood at H 125.00 crores with an EBITDA Margin of 20.65%. The Profit aftertax for the financial year 2021-22 was H 70.50 Crores as compared to previous year of H62.46 Crores.

On Consolidated Basis: During the year under review the Company has achieved aTotal Income of H 610.58 Crores as against H 406.45 Crores in the previous financial year.EBITDA for FY21 stood at H 125.69 Crores with an EBITDA Margin of 20.58%. The Profit aftertax for the financial year 2021-22 was H 70.60 Crores as compared to previous year of H62.66 Crores.

• Dyes and Dye intermediates & Chemical Business

On Standalone Basis: The Turnover of the company from the Chemical Segment amountedto H 524.64 Crores as against H 369.25 Crores for the previous year. The EBIT from thissegment stood at H 87.62 Crores as against H 80.35 Crores in the previous year.

• Solar Business

On Standalone Basis: The Turnover of the Company from Solar Power Operationsamounted to H 28.89 Crores as against H 29.94 Crores for the previous year. The EBIT fromthis segment stood at H 10.99 Crores as against H 11.13 Crores in the previous year.

DIVIDEND:

The Company has a robust track record of rewarding its shareholders with a generousdividend pay-out. In view of the strong financial performance during the year underreview the Board of Directors has recommended a dividend of H 4/- per share (80%) for theyear ended March 31 2022. This represent pay-out of 25%.

The dividend pay-out is in accordance with the Company's Dividend Distribution Policy.The Dividend Distribution Policy of the Company is available on the Company's website viz.http:// www.bhageriagroup.com/wp-content/uploads/2021/05/Dividend- Distribution-Policy.pdf

As per the prevailing provisions of the Income Tax Act 1961 the dividend ifdeclared will be taxable in the hands of the shareholders at the applicable rates. Fordetails shareholders are requested to refer to the Notice of Annual General Meeting.

CAPITAL STRUCTURE:

During the year under review there was no change in Authorized Issued Subscribed andPaid-up Share Capital of the Company. The Company has not issued any equity shares withdifferential voting rights during the year.

• Authorized Share Capital

The Authorized Capital of the Company as at March 31 2022 was H 250000000/- (RupeesTwenty Five Crores only) divided into 50000000 (Five Crores ) Equity Shares of H 5/-each.

• Issued and paid up Share Capital

The Paid-up Equity Share Capital as at March 31 2022 was H 218220900/- (Twenty OneCrore Eighty Two Lakh Twenty Thousand Nine Hundred Only) divided into 43644180 (FourCrore Thirty Six Lakh Forty Four Thousand One Hundred & Eighty) Equity Shares havingface value of H 5/- each fully paid up.

SUBSIDIARIES JOINT VENTURE & ASSOCIATE COMPANIES:

During the Financial Year the Company has acquired Bhageria & JajodiaPharmaceuticals Private Limited as a Subsidiary Company on November 25 2021. Accordinglyas on March 31 2022 the Company has One (1) wholly owned subsidiary and One (1)Subsidiary Company.

A statement providing details of performance and salient features of the financialstatements of Subsidiary / Associate / Joint Venture companies as per Section 129(3) ofthe Act is provided as Annexure A (i.e. in Form AOC-1) to the consolidatedfinancial statement and therefore not repeated in this Report to avoid duplication.

The audited financial statement including the consolidated financial statement of theCompany and all other documents required to be attached thereto is available on theCompany's website www. bhageriagroup.com

The financial statements of the subsidiaries as required are available on theCompany's website at www.bhageriagroup.com

The Company has formulated a Policy for determining Material Subsidiaries. The Policyis available on the Company's website at www.bhageriagroup.com Further in terms of thesaid policy the Company does not have a material subsidiary.

As on March 31 2022 the Company does not have joint venture or associate companieswithin the meaning of Section 2(6) of the Companies Act 2013.

BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

• Composition:

The Board of Directors includes the Executive and Independent Directors so as to ensureproper governance and management. The Board consists of Seven (7) Directors comprising ofThree (3) Executive Directors and Four (4) Independent Directors including One (1) WomanDirector as on March 31 2022.

• Appointment / Re-appointment:

The Shareholders of the Company has approved the reappointment of Mr. Suresh Bhageria(DIN: 00540285) as Executive Chairman (Whole-time Director) Mr. Vinod Bhageria (DIN:00540308) as Managing Director and Mr. Vikas Bhageria (DIN: 02976966) as Jt. ManagingDirector (Whole-time Director) of the Company for a period of 3 years i.e. from April 12021 to March 31 2024.

In accordance with the provisions of Section 152 of the Companies Act 2013(‘'Act'') and the Articles of Association of the Company Mr. Vikas Bhageria (DIN:02976966) Director of the Company retires by rotation at the forthcoming Annual GeneralMeeting and being eligible offers himself for re-appointment.

• Resignation:

Mr. S. P. Tulsian resigned as an Independent Director w.e.f. May 17 2021. The Board ofDirectors have placed on record their warm appreciation for the rich contribution made byMr. S. P. Tulsian and the guidance provided by him during his tenure as an IndependentDirector of the Company.

• Key Managerial Personnel:

In terms of Section 203 of the Act the Company has the following Key ManagerialPersonnel:

Name of Personnel Designation
1. Mr. Suresh Bhageria Executive Chairman (WTD)
2. Mr. Vinod Bhageria Managing Director
3. Mr. Vikas Bhageria Jt. Managing Director (WTD)
4. Mr. Rakesh Kachhadiya Chief Financial Officer
5. Mr. Krunal Wala Company Secretary

• Independent Directors:

All the Independent Directors of the Company have given their respective declaration/disclosures under Section 149(7) of the Act and Regulation 25(8) of the ListingRegulations and have confirmed that they fulfill the independence criteria as specifiedunder section 149(6) of the Act and Regulation 16 of the Listing Regulations and have alsoconfirmed that they are not aware of any circumstance or situation which exist or may bereasonably anticipated that could impair or impact their ability to discharge theirduties with an objective independent judgment and without any external influence. Furtherthe Board after taking these declarations/disclosures on record and acknowledging theveracity of the same concluded that the Independent Directors are persons of integrityand possess the relevant expertise and experience to qualify as Independent Directors ofthe Company and are Independent of the Management.

In the Board's opinion the Independent Directors are persons of high repute integrityand possess the relevant expertise and experience in their respective fields.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

The Board of Directors met 4 (Four) times during the financial year 2021-22. Thedetails of board meetings and the attendance of the Directors are provided in theCorporate Governance Report which forms part of this Report.

COMMITTEES OF BOARD OF DIRECTORS:

The Company has constituted various Committees pursuant to the requirements of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 and Companies Act2013. Presently the Company has following Committees of the Board of Directors:

• Audit Committee

• Nomination & Remuneration Committee

• Stakeholders' Relationship Committee

• Corporate Social Responsibility Committee

• Risk Management Committee

The details with respect to the composition meetings powers roles terms ofreference etc. of these Committees are given in the ‘Corporate Governance Report' ofthe Company which forms part of this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 of the Act with respect to Directors Responsibility statementit is hereby confirmed:

a) that in the preparation of the annual accounts the applicable accounting standardshad been followed along with proper explanation relating to material departures if any;

b) that the Directors had selected such accounting policies and applied themconsistently 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 of the 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;

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; and

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

ANNUAL PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act 2013 and Listing Regulations theBoard has carried out an evaluation of its performance after taking into considerationvarious performance related aspects of the Board's functioning competencies frequencyand regularity of meetings contribution creation of stakeholder values management ofcurrent & potential strategic issues compliance & governance etc. The performanceevaluation of the Board as a whole Chairman and Non-Independent Directors was alsocarried out by the Independent Directors in their meeting held on January 28 2022.

Similarly the performance of various committees individual Independent andNon-Independent Directors was evaluated by the entire Board of Directors (excluding theDirector being evaluated) on various parameters like Composition and Working ofCommittees Functioning Contribution Independence Understanding Knowledge InitiativeIntegrity etc.

ANNUAL RETURN:

Pursuant to Section 92 of the Act read with the applicable Rules the Annual Return forthe year ended March 31 2022 can be accessed on the Company's website atwww.bhageriagroup.com.

RELATED PARTY TRANSACTIONS:

Your Company has formulated a policy on related party transactions which is alsoavailable on Company's website www.bhageriagroup. com. This policy deals with the reviewand approval of related party transactions. The Board of Directors of the Company hasapproved the criteria for making the omnibus approval by the Audit Committee within theoverall framework of the policy on related party transactions. Prior omnibus approval isobtained for related party transactions which are of repetitive nature and entered in theordinary course of business and on an arm's length basis. All related party transactionsare placed before the Audit Committee for review and approval.

All related party transactions entered during the Financial Year were in ordinarycourse of the business and on an arm's length basis.

No material related party transactions were entered during the Financial Year by yourCompany. Accordingly no disclosure is made in respect of related party transactions asrequired under Section 134(3)(h) of the Act in Form AOC-2. Members may refer notes to thefinancial statements which sets out related party disclosures pursuant to INDAS-24.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

Particulars of loans guarantees given and investments made during the year asrequired under section 186 of the Companies Act 2013 and Schedule V of the Securities andExchange Board of India (Listing Obligation and Disclosure Requirement) Regulations 2015are provided in the Notes to the Standalone Financial Statements.

AUDITORS:

• Statutory Auditors:

M/s. MRB & Associates Chartered Accountants (ICAI Firm Registration No. 136306W)were appointed as the Statutory Auditors for a period of five (5) years commencing fromthe conclusion of the 28th Annual General Meeting until the conclusion of the33rd Annual General Meeting. Accordingly M/s. MRB & Associates will becompleting their term of five (5) years at the conclusion of the forthcoming AnnualGeneral Meeting.

The company is proposing to appoint M/s. Sarda & Pareek LLP (Firm Registration No.109262W/W100673) Chartered Accountants as Statutory Auditors for a period of five (5)years commencing from the conclusion of the 33rd Annual General Meeting tillthe conclusion of the 38th Annual General Meeting.

M/s. Sarda & Pareek LLP have consented to the said appointment and confirmed thattheir appointment if made would be within the limits mentioned under Section 141(3)(g)of the Companies Act 2013 and the Companies (Audit and Auditors) Rules 2014. Furtherthey have confirmed that they hold a valid certificate issued by the Peer Review Board ofthe Institute of Chartered Accountants of India (ICAI).

The Audit Committee and the Board of Directors recommend the appointment of M/s. Sarda& Pareek LLP Chartered Accountants as Statutory Auditors of the company from theconclusion of the 33rd Annual General Meeting till the conclusion of the 38thAnnual General Meeting.

The Board places on record its appreciation for the services of M/s. MRB &Associates Chartered Accountants during their tenure as the Statutory Auditors of yourcompany.

The Auditors' Report for financial year 2021-2022 on the financial statements formspart of this Annual Report. There has been no qualification reservation or adverse remarkor disclaimer in their Report. The Auditors have also confirmed that they satisfy theindependence criteria required under Companies Act 2013 and Code of Ethics issued byInstitute of Chartered Accountants of India. The Auditors attended the last Annual Generalmeeting of the Company.

During the year under review the Statutory Auditors had not reported any matter underSection 143 (12) of the Act therefore no detail is required to be disclosed under Section134 (3) (ca) of the Act.

• Cost Auditor:

Pursuant to Section 148 of the Companies Act 2013 the Board of Directors on therecommendation of the Audit Committee appointed M/s Poddar & Co. Cost Accountants(ICWAI Firm Registration No. 101734) as the Cost Auditors of the Company for the FinancialYear 2022-23 and has recommended their remuneration to the shareholders for theirratification at the ensuing Annual General Meeting.

M/s Poddar & Co. have given their consent to act as Cost Auditors and confirmedthat their appointment is within the limits of the section 139 of the Companies Act 2013.They have also certified that they are free from any disqualifications specified underSection 141 of the Companies Act 2013.

As per the requirements of section 148 of the Act read with the Companies (Cost Recordsand Audit) Rules 2014 the Company has maintained cost accounts and records in respect ofthe applicable products for the year ended March 31 2022.

• Internal Auditor:

Pursuant to provisions of Section 138 of the Companies Act 2013 the Board onrecommendation of the Audit Committee has appointed M/s. Kamal Dhanuka & Co.Chartered Accountants (ICAI Firm Registration No. 131308W) as Internal Auditors of theCompany for the financial year ending March 31 2023.

• Secretarial Auditor:

The Secretarial Audit was carried out by M/s. GMJ & Associates Company Secretariesfor the Financial Year 20212022. The Report given by the Secretarial Auditors is annexedas Annexure ‘I' to this Report. The report does not contain any qualificationreservation and adverse remark or declaimer.

During the year under review the Statutory Auditors had not reported any matter underSection 143 (12) of the Act therefore no detail is required to be disclosed under Section134 (3) (ca) of the Act.

In terms of Section 204 of the Act read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Audit Committee recommended and theBoard of Directors have appointed M/s. GMJ & Associates Company Secretaries as theSecretarial Auditors of the Company in relation to the financial year ending March 312023. The Company has received their written consent that the appointment is in accordancewith the applicable provisions of the Act and rules framed there under.

Secretarial Compliance Report: - The Company has undertaken an audit for theFinancial Year ended March 31 2022 for all applicable compliances as per the Securitiesand Exchange Board of India Regulations and Circulars/Guidelines issued thereunder. TheSecretarial Compliance Report issued by M/s. GMJ & Associates Company Secretary hasbeen submitted to the Stock Exchanges within 60 days of the end of the Financial Year.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The brief outline of the Corporate Social Responsibility (CSR) policy of the Companyand the initiatives undertaken by the Company on CSR activities during the year underreview are set out in Annexure ‘II' of this report. For other detailsregarding the CSR Committee please refer to the Corporate Governance Report which is apart of this report. The CSR policy is available on www.bhageriaqroup.com.

INVESTOR EDUCATION & PROTECTION FUND (IEPF):

Pursuant to the provisions of Section 124 of the Companies Act 2013 and otherapplicable provisions of the Companies Act 2013 and rules made thereunder unclaimeddividend amount of H 656067/- of the Company for the Financial Year ended March 31 2014has been transferred to the Investor Education and Protection Fund (IEPF) established bythe Central Government pursuant to Section 125 of the Companies Act 2013 on August 252021.

During the year 3100 equity shares were transferred to IEPF and details of which areprovided on the Company's website viz. www. bhageriagroup.com.

The Company has transferred an amount of H 1031098/- towards dividend to IEPF on theshares which were already transferred to IEPF.

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicablelaws rules and regulations and highest standards of business ethics. In recognitionthereof the Board of Directors has implemented a Code of Conduct for adherence by theDirectors Senior Management Personnel and Employees of the Company. The Code of Conductis dealing with ethical issues and also fosters a culture of accountability and integrity.The Code is in accordance with the requirements of Listing Regulations and has been postedon the Company's website www.bhageriagroup.com.

All the Board Members and Senior Management Personnel have confirmed compliance withthe Code.

RISK MANAGEMENT:

The Company has formulated a Risk Management policy to identify assess and mitigate ofvarious risks of our business which is covered in detail in the Management Discussion andAnalysis Report attached to this Report.

The Risk management committee at Bhageria is constituted under the Chairmanship of Mr.Suresh Bhageria Executive Chairman (WTD). The objective of the Committee is to define theframework for the identification assessment monitoring and mitigation of risks overseethe risk management performance of the Management and to review the RM policy framework inline with the regulatory requirements.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The details in respect of internal control system and their adequacy are included inthe Management Discussion and Analysis which is a part of this report.

PARTICULARS OF EMPLOYEES:

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 astatement showing the names of the top ten employees in terms of remuneration drawn andnames and other particulars of the employees drawing remuneration in excess of the limitsset out in the said rules forms part of this Report. Disclosures relating to remunerationand other details as required under Section 197(12) of the Act read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part ofthis Report. Having regard to the provisions of the second proviso to Section 136(1) ofthe Act and as advised the Annual Report excluding the aforesaid information is beingsent to the members of the Company. The said information is available for inspection bythe members at the registered office of the Company during working hours on working daysupto the date of the Annual General Meeting and if any member is interested in obtainingas copy thereof such member may write to the Company Secretary.

PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNING AND OUTGO:

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo pursuant to Section 134(3)(m) of the Companies Act 2013 read with theRule 8(3) of the Companies (Accounts) Rules 2014 is given in Annexure ‘III' tothis Report.

CONSTITUTION OF INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN ATWORK PLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at Work Place (Prevention Prohibition and Redressal)Act 2013. An Internal Complaints Committee has been set up to redress complaints receivedregarding sexual harassment. The Company affirms that during the year under review thecompany has complied with the provisions relating to Internal Complaints Committee and nocomplaints were received by the Committee for redressal.

ENVIRONMENT AND SAFETY:

The Company is aware of the importance of environmentally clean and safe operations.The Company's policy requires conduct of operations in such a manner so as to ensuresafety of all concerned compliances environmental regulations and preservation ofnatural resources at the Plants.

CHANGE IN THE NATURE OF BUSINESS:

There has been no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THEFINANCIAL YEAR AND DATE OF REPORT:

There were no material changes affecting the financial position of the Company betweenthe end of the financial year and date of report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant and material orders passed by the Regulators or Courts thatwould impact the going status of the Company and its future operations.

POLICY ON DIRECTORS' 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 which is a part of this report and is also available on www.bhageriagroup.com.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a Vigil Mechanism / Whistle Blower policy to report genuine concernsgrievances frauds and mismanagements if any. The Vigil Mechanism / Whistle Blower policyhas been posted on the website of the Company at www.bhageriagroup.com.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

The Company adheres to the requirements set out by the Securities and Exchange Board ofIndia's Corporate Governance practices and have implemented all the stipulationsprescribed. The Company has implemented several best corporate governance practices.

The Corporate Governance and Management Discussion & Analysis Report which form anintegral part of this Report are set out as separate Annexures together with theCertificate from the Statutory Auditors of the Company regarding compliance with therequirements of Corporate Governance as stipulated in Listing Regulations.

TRANSFER TO RESERVE:

The Company has not transferred any amount to General Reserve during the financialyear.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits from the public within the meaning ofSection 73 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014.

BUSINESS RESPONSIBILITY REPORT:

Pursuant to Regulation 34(2)(f) of Listing Regulations mandate the inclusion of the BRRas part of the Annual Report for the top 1000 listed entities based on marketcapitalization. In compliance with the Listing Regulations BRR in the prescribed formatis available as a separate section of this Annual Report.

AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS:

The Board of Directors of the Company has affirmed with the compliances of SecretarialStandards issued by Institute of Company Secretaries of India.

LISTING:

The Company's Shares are listed on BSE Limited and National Stock Exchange of IndiaLimited Mumbai.

APPRECIATION:

Your Directors would like to express their sincere appreciation to the company'sShareholders Vendors and Stakeholders including Banks Government authorities otherbusiness associates who have extended their valuable sustained support and encouragementduring the year under review. Your Directors also wish to place on record theirappreciation for the hard work solidarity cooperation and support of employees at alllevels.

Registered Office: For and on behalf of the Board of Directors
1002 Topiwala Centre BHAGERIA INDUSTRIES LIMITED
Off S. V. Road Goregaon [West]
Mumbai -400062.
SURESH BHAGERIA
CHAIRMAN
Date: May 7 2022 (DIN: 00540285)

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