Chaman Lal Setia Exports Ltd.
Your Directors have pleasure in presenting before you the 24TH Annual Reporton the business and operations of the Company together with the Audited FinancialStatements for the financial year ended 31st March 2018.
1. RICE BUSINESS --------- PERFORMANCE AT A GLANCE
This is the first year of implementation of the Indian Accounting Standard (Ind AS).The Standalone Financial Statements for the year ended March 31st 2018 havebeen prepared in accordance with the Indian Accounting Standards (IND AS) notified undersection 133 of the Companies Act 2013 read with Companies (Accounts) Rules 2014. TheFinancial Statements for the year ended March 31 2017 have been restated in accordancewith Ind AS for comparative information.
The Company's financial performance for the year ended March 31 2018 is summarisedbelow
|Particulars ||Amount (in Lacs) ||Amount (in Lacs) |
| ||Y.E. 31.03.2018 ||Y.E 31.03.2017 |
|Revenue From Operations ||74656.26 ||49331.73 |
|Other Income ||174.80 ||260.23 |
|Total Income ||74831.06 ||49591.96 |
|Profit before Interest & Depreciation ||7010.79 ||6572.53 |
|Interest ||600.25 ||333.63 |
|Provision For Depreciation ||405.19 ||426.80 |
|Profit before Tax ||6005.35 ||5812.10 |
|Less Provisions for taxation ||1840.09 ||1956.40 |
|Profit after taxation ||4165.26 ||3855.70 |
|Other Comprehensive Income ||0 ||0 |
|Total Comprehensive Income ||4165.26 ||3855.70 |
|Transfer to General Reserve ||416.53 ||385.57 |
|Current Assets ||30279.27 ||22836.17 |
|Current Liabilities ||10203.31 ||7217.25 |
|Working Capital ||20075.96 ||15618.92 |
|Capital Employed ||23037.93 ||17928.71 |
|EPS ||8.05 ||7.44 |
|Book Value ||37.53 ||28.07 |
2. HIGHLIGHTS OF PERFORMANCE:
During the year under review the Company has registered a sale of Rs. 73907.47 Lakhsagainst previous year sales of Rs. 49282.36 lakhs.
The Company continues to strengthen its exports during the year 2017-2018. Exportsduring the year increased to Rs. 65076.83. lakhs from Rs.40359.36 lakhs in financial year2017.
4. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES JOINTVENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:-
Your Company has no subsidiary or Associate Company and during the year also no Companyhave became or ceased to be the subsidiary joint venture or Associate Company.
5. TRANSFER TO RESERVES
The Company has transferred an amount of Rs. 416.53 Lakhs to General reserves.
During the year under review the Board of Directors have recommended finaldividend of Rs. 0.42 per equity share of Rs. 2/- each (i.e. 21%) for the financial yearended March 31 2018 in their Board Meeting held on 29.05.2018 on Equity Share Capital ofCompany.
The dividend payment is subject to approval of shareholders in the ensuing AnnualGeneral Meeting .
7. TRANSFER OF UNCLAIMED DIVIDEND/SHARES TO INVESTOR EDUCATION & PROTECTIONFUND
During the year pursuant to the provisions of Section 124 and Section 125 of theCompanies Act2013 dividend amounting Rs.
204488/- was lying unpaid/unclaimed with the Company for a period of seven years afterDeclaration of Dividend for the financial year ended 2009-2010 was transferred to theInvestor Education and Protection Fund .The Unpaid / Unclaimed amount for the FinancialYear 2010-11 will be transferred during November 2018. Shareholders are thereforeadvised to contact the Company immediately in case of non-receipt or non encashment ofDividend.
Pursuant to the provisions of Section 124(6) of the Companies Act 2013 read with Rule6 of the Investor Education and Protection Fund Authority ( Accounting Audit Transferand Refund) Rules 2016 as amended from time to time (IEPF Rules) the Company hastransferred 161234 Equity Shares which belongs to total 122 shareholders of the Companywhose dividend was not been paid or claimed seven consecutive years or more into the DematAccount of the IEPF Authority held with NSDL (DPID/Client ID IN30078/10656671)
Before transferring the above mentioned shares the Company has sent out individualcommunication to the concerned shareholders whose shares were liable to be transferred toIEPF Authorities to take immediate action in the matter and list of such shareholders wasalso placed on the website of the Company. Further Company also published a Notice in thenewspapers informing the Members who had not claimed their shares for a period of 7 yearsto claim the same from the Company.
Concern shareholders may still claim the shares or apply for refund to the IEPFAuthority by making an application in the prescribed form. The voting rights on sharestransferred to the IEPF Authority shall remain frozen until the rightful owner claims theshares.
The shares held in such Demat account shall not be transferred or dealt with in anymanner whatsoever except for the purposes of transferring the shares back to the claimantas and when he approaches the Authority. All benefits accruing on such shares e.g. bonusshares split. Consolidation fraction shares etc. shall also be credited to such DematAccount.
8. BOARD OF DIRECTORS
As on March 31 2018 your Company's Board has a strength of 12 (Twelve) Directors.There are 6 Executive Directors and 6 Non Executive Independent Directors including onewoman Director . The detailed section on Board of Directors' is given in theseparate section titled Report on Corporate Governance' forming part of this AnnualReport. Mr. Rajeev Setia and Mr. Sukarn Setia wholetime Director of Company is liable toretire by rotation at ensuing AGM and being eligible for re-appointment in accordance withprovisions of the Companies Act 2013. The brief resume of the Directors and other relatedinformation has been detailed in the Notice convening the 24th AGM of your Company. TheBoard recommends their re-appointment at the ensuing Annual General Meeting.
During the year there was no change in composition of Directors. However after theclosure of financial year Mr. Parmod Kumar Independent Director of Company has submittedhis resignation w.e.f 29.05.2018 in Board Meeting dated 29.05.2018 and further Board ofDirectors have appointed Mr. Arun Kumar Verma as an additional Independent Director ofCompany w.e.f 29.05.2018 .
9. DECLARATION BY INDEPENDENT DIRECTORS
In pursuance of sub-section (7) of Section 149 of the Companies Act 2013 all theIndependent Directors on the Board have furnished the declaration that they meet thecriteria of independence as provided in Section 149(6) of the Companies Act 2013 readwith SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 .
10. KEY MANAGERIAL PERSONNEL
As required under section 203 of the Companies Act 2013 read with Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 (including anystatutory modification(s) or re- enactment (s) for the time being in force) the Companyhas noted that Mr. Chaman Lal Setia Managing Director Mr. Rajeev Setia WholetimeDirector and Chief Financial Officer Kanika Nevtia Company Secretary are the KeyManagerial Personnel of the Company.
11. AUDIT COMMITTEE
The Company has an Audit Committee in place constituted as per the provisions ofSection 177 of the Companies Act 2013 read with Regulation 18 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 information about compositionof Audit Committee and other details are given in Corporate Governance Report formingpart of this Annual Report. During the year Board has accepted the recommendations ofAudit Committee. The Audit Committee is comprising of Mr. Inder Dev Kukkar as ChairmanMr. Naresh Kumar Suneja and Mr. Vijay Kumar Jhamb as members.
12. NUMBER OF MEETINGS OF THE BOARD
The Board of Directors duly met 5 times during the financial year from 01.04.2017 to31.03.2018. The details of which are given in the Corporate Governance Report forming partof this Annual Report. The intervening gap between the Meetings was within the periodprescribed under the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.
Pursuant to the requirements of Schedule IV to the Companies Act 2013 and the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 a separate Meetingof the Independent Directors of the Company was also held on 29.03.2018 without thepresence of Non-Independent Directors and Members of the management and full details ofsuch meeting is given in Corporate Goverence Report forming part of this report.
13. BOARD EVALUATION
Pursuant to the provisions of the Companies Act 2013 and rules made thereunder andSEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015 (including anyamendment thereunder from time to time ) the Board on recommendation of the Nominationand Remuneration Committee has carried out an annual performance evaluation of its ownperformance Committees of the Board and individual Directors. The framework ismonitored reviewed and updated by the Board in consultation with the Nomination andRemuneration Committee based on need and new compliance requirements. The annualperformance evaluation of the Board its Committees and each Director has been carried outfor the financial year 2017-18 in accordance with the framework and details for the samehas been provided in the Corporate Governance Report which is a part of this AnnualReport.
Pursuant to the provisions of the Companies Act 2013 and rules made thereunder andSEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015 (including anyamendment thereunder from time to time ) a structured questionnaire was prepared aftertaking into consideration the various aspects of the Board's functioning composition ofBoard and its Committees culture execution and performance of specific dutiesobligations and governance.
The performance evaluation of the Independent Director was completed during the yearunder review. The performance evaluation of the Chairman and Executive Directors werecarried out by Non-Executive Independent Directors. The Board of Directors expressed theirsatisfaction with the evaluation process.
14. DIRECTOR'S RESPONSIBILITY
As stipulated under the provisions contained in Section 134(3)(c) read with Section134(5) of the Companies Act 2013 the Directors hereby confirm that :
(a) in the preparation of the Annual Accounts for the year ended 31st March 2018 theapplicable Indian Accounting Standards (Ind AS) have been followed and there are nomaterial departures;
(b) the Directors have selected appropriated 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 March 31 2018 and of the profit of the company for the Financial yearended March 31 2018;
(c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;
(d) the Directors have prepared the annual accounts for the year ended March 31 2018on a going concern basis;
(e) e company the Directors have laid down internal financial that are adequate and areoperating effectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and are operating effectively.
15. MANAGEMENT DISCUSSION AND ANALYSIS REPORT :-
The Management Discussion and Analysis Report for the year under review givingdetailed analysis of Company's operations as stipulated under Regulation 34 of SEBI[Listing Obligations and Disclosure Requirements] Regulations 2015 is presented in aseparate section which forms a part of this Annual Report.
16. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXHANGE EARNING AND OUTGOING:-
Statement giving the particulars relating to conservation of energy technologyabsorption and foreign exchange earnings and outgo as required under Section 134 (3) (m)of Companies Act 2013 read with Rules 8 of Companies (Accounts ) Rules 2014 is given inthe Annexure A which forms part of this report.
17. GENERAL SHAREHOLDER INFORMATION
General Shareholder information is given in item no. 10 Of the Report on CorporateGovernance forming part of the Annual Report.
18. Disclosure Relating to Remuneration of Directors Key Managerial personnel andParticulars of Employees
The remuneration paid to the Directors is in accordance with the Nomination andRemuneration Policy of your Company formulated in accordance with Section 178 of theCompanies Act 2013 read with Regulation 19 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 (including any statutory modification (s) or re-enactmentcovered in the Nomination and Remuneration policy have been outlined in the CorporateGovernance Report which forms part of this report. The full policy is available at on thewebsite of the Company at weblink www.maharanirice.in.
The statement containing the details required under Section 197(12) of the CompaniesAct 2013 read with Rule 5(1) 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 as amended by Companies (Appointment andRemuneration of Managerial Personnel) Amendment Rules 2016 is attached as Annexure'B which forms part of this Report.
19. EXTRACT OF ANNUAL RETURN :-
Pursuant to the provisions of Section 134(3) (a) of the Companies Act 2013 an extractof the Annual Return as provided under sub section (3) of section 92 of the Companies Act2013 and rule 12(1) of the Companies (Management and Administration ) Rules 2014 anextract of the Annual Return in form MGT-9 is enclosed herewith as Annexure - CWhich forms part of this Report.
20. STATUTORY AUDITOR AND THEIR REPORT :-
M/s. R Chopra & Associates Chartered Accountants (FRN: 022992N) were appointed asStatutory Auditors of the Company in the 23rd AGM (held on 28th September 2017) to holdoffice for a period of 5 years until the conclusion of the 28th AGM subject toratification at every Annual General Meeting.
However in accordance with the Companies Amendment Act 2017 enforced on 07th May2018 by the Ministry of Corporate Affairs the appointment of Statutory Auditor is notrequired to be ratified at every Annual General Meeting. Therefore they will continue asStatutory Auditor for next financial year.
There are no observations (including any qualification reservation adverse remark ordisclaimer)of the Auditors in their Audit Report that may call for any explanation fromthe Directors. Further the notes to accounts referred to in the Auditor's Report areself-explanatory.
21. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act 2013 and Rules madethere under the Company had appointed M/s. Sunil Dhawan & Associates PracticingCompany Secretary as Secretarial Auditors of the Company for the year 2017-2018 to conductsecretarial audit and to ensure compliance by the Company with various Acts applicable tothe Company. The report of the Secretarial
Auditor for the financial year 2017-18 is enclosed as Annexure D to this report
As per the observation as given by the Secretarial Auditor regarding the CSR Amountnot spent by the company the explanation to the same has been given to the SecretarialAuditors which forms part of the Secretarial Audit Report and the detailed justificationto the same is also being given in Annexure- E under Annual Report on CSRActivities which forms part of the Directors Report.
22. CORPORATE GOVERNANCE
The Company has complied with the Corporate Governance requirements under the CompaniesAct2013 and as stipulated under Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015. A separate statement ondetailed report on Corporate Governance along with a certificate from a PracticingChartered Accountant confirming compliance with the conditions of Corporate Governance asstipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015forms part of this Annual Report.
23. CORPORATE SOCIAL RESPONSIBILITY (CSR)
In terms of section 135 and Schedule VII of the Companies Act 2013 the Board ofDirectors of your Company have constituted a CSR Committee. However w.e.f 29.05.2018 CSRCommittee has been re-constituted due to resignation of one Director named Mr. ParmodKumar . After re-constitution new CSR Committee comprises Mr. Arun Kumar Verma additionalindependent Director and Chairman of CSR Committee Mr. Rajeev Setia and Mr. Vijay SetiaExecutive Directors of Company as other members of CSR Committee. The Board has alsoapproved a CSR policy on the recommendations of the CSR Committee which is available onthe website of the Company at www.maharanirice.in. The Report on CSR activities asrequired under Companies (Corporate Social Responsibility) Rules 2014 including a briefoutline of the Company's CSR Policy total amount to be spent under CSR for the financialyear amount unspent and the reason for the unspent amount is set out at Annexure-Eforming part of this Report.
24. RISK MANAGEMENT
A well-defined risk management mechanism covering the risk mapping and trend analysisrisk exposure potential impact and risk mitigation process has been established by theCompany. The objective of the mechanism is to minimize the impact of risks identified andtaking advance actions to mitigate them. A detailed exercise is being carried out toidentify evaluate monitor and manage risks.
The Board periodically reviews the risks and suggests steps to be taken to control andmitigate the same through a properly defined framework. Discussion on risks and concernsare covered in the Management Discussion and Analysis Report.
25. CREDIT RATING
During the year the Company has received following ratings:-
|CRISIL ||Total Bank Loan Facilities Rated ||Rs. 100 Crore |
|CRISIL ||Long Term Rating ||CRISIL A-/Stable (Upgraded from CRISIL BBB+/Positive) |
| ||Short Term Rating ||CRISIL A2 + (Upgraded from CRISIL A2) |
Further as on 04.07.2018 Company received credit ratings from CARE RATINGS LIMITEDwhich are as follows:-
|Facilities ||Amount ||Rating |
| ||(Rs. Crore) || |
|Long-Term/Short Term facilities ||75.00 ||CARE A-; Stable/Care A2+ |
| || ||(Single A Minus; Outlook; Stable/A Two Plus |
|Total ||75.00 || |
|Facilities ||(Rs. Seventy Five Crore Only) || |
|DUN & BRAD STREET ||During the year Dun & Bradstreet has given Rating of 5A2 which implies that the Company has a tangible networth of INR 645950000 and above as per latest available audited financial statements. Composite appraisal 2 indicates that the overall status of Company is good. |
26. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013 :-
During the year under review no such complaint or grievance occurred under the Actnamed The Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013
27. DISCLOSURE ON DEPOSITS FROM PUBLIC
During the year under review the Company has not accepted any deposits from the publicand as such no amount on account of principal or interest on deposits from public wasoutstanding as on the date of the balance sheet.
28. DEMATERIALISATION OF SHARES
The Company has agreements with both National Securities Depository Ltd. and CentralDepository Services (India) Ltd. whereby the Shareholders have an option to dematerialisetheir shares with either of the depositories. As on 31.03.2018 about 97.72% of theCompany's Equity Shares has been held in dematerialized form.
29. SHARE CAPITAL OF THE COMPANY :-
The Paid-up equity share capital of the Company as on March 31 2018 was Rs. 1034.67lakhs. There has been no change in the Equity Share Capital of the Company during theyear. The Company has no other type of securities except equity shares forming part ofpaid-up capital.
The Company's shares are listed and actively traded on the below mentioned StockExchange:-
BSE Limited (BSE) Phiroze Jeejeebhoy Towers
25th Floor Dalal Street Mumbai 400 001
30. PARTICULARS OF LOAN GUARANTEES OR INVESTMENT UNDER SECTION 186 OF THE COMPANIESACT 2013 :-
During the financial year ended March 31 2018 the Company has neither made anyinvestment (s) nor given any loan or guarantee(s) or provided any security within themeaning of the provisions of section 186 of the Companies Act 2013.
31. PARTICULARS OF CONTRACTS/ARRANGEMENTS/TRANSACTIONS WITH RELATED PARTIES UNDERSECTION 188(1) OF COMPANIES ACT 2013
All Contracts/arrangements/transactions entered by the Company during the financialyear 2017-2018 with related parties were on an arm's length basis and were in the ordinarycourse of business and in accordance with the provisions of the Companies Act 2013 readwith Rules issued thereunder and the SEBI Listing Regulations. During the year the Companyhad not entered into any contracts/ arrangements / transactions with related parties whichcould be considered as material under the Companies Act 2013 and rules made thereunderand under SEBI Listing Regulations.
Prior omnibus approval of the Audit Committee has been obtained on for transactionswith related parties which are of a foreseeable and repetitive nature. The transactionsentered into pursuant to the omnibus approval so granted and a statement giving details ofall transactions with related parties are placed before the Audit Committee for theirreview on a periodic basis.
The details of the related party transactions as per Indian Accounting Standard Ind AS24 are set out in Note 12(ii)a to the Standalone Financial Statements forming part of thisAnnual Report. Further Form No. AOC-2 is attached as Annexure-F' which formspart of this report.
The Company has also adopted a Related Party Transactions Policy. The Policy asapproved by the Board is uploaded on the Company's website at the weblink:www.maharanirice.in
32. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has adopted Whistle Blower Policy/Vigil Mechanism to provide a formalmechanism for the Directors and employees to report their concerns about unethicalbehavior actual or suspected fraud or violation of Company's Code of Conduct andmismanagement if any. The implementation and details of the Whistle Blower Policy hasbeen mentioned in the Report of Corporate Governance and also uploaded on Company'swebsite i.e. www.maharanirice.in.
33. INDUSTRIAL RELATION
The Industrial relations in all the units and branches of your Company remained cordialthroughout the year and have resulted in sustained growth of the company.
34. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURED SINCE 31ST MARCH 2018 TILL THE DATE OF THIS REPORT :-
There has been no material change/commitment affecting the financial position of theCompany which have occurred since 31st March 2018 till the date of this Report.
35. LISTING WITH STOCK EXCHANGE
The Company confirms that it has paid the Annual Listing fee for the year 2018-19 toBSE where the Company's Shares are listed.
36. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Financial Control System commensurate with the size scaleand complexity of its operations. Your Company has adopted requisite procedures forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial disclosures. During the year under review no materialor serious observation has been received from the Internal Auditors of the Company forinefficiency or inadequacy of such controls.
The Internal Auditor of the Company checks and verifies the internal control andmonitor them from time to time as and when required. The Company continues to ensureproper and adequate systems and procedures commensurate with the size scale and nature ofits business.
37. PREVENTION OF INSIDER TRADING:
Board of directors in their Board Meeting held on 29.05.2015 approved Chaman Lal SetiaExports Ltd. Code of Conduct i.e. Code for Internal Procedures & Practices and ConductFor Regulating Monitoring and Reporting of Trading by Insiders of Chaman Lal SetiaExports Limited in accordance with the requirements of SEBI (Prohibition of insidertrading) Regulation 2015 and further Board of Directors in their Board Meeting dated13.02.2017 amended aforesaid Code of Conduct in terms of SEBI (Prohibition of InsiderTrading)
Regulations 2015 and same was intimated to BSE also and full copy of amended code ofconduct has been uploaded at the website of the Company i.e. www.maharanirice.in. TheCompany has adopted a Code of Conduct for Prevention of Insider Trading with a view toregulate trading in securities by the Directors Promoters and designated employees of theCompany.
38 . FUTURE EXPANSION
The Future expansion endeavour of the Company is always a going on process specially inthe field of Quality improvement and development of new product with lower cost and energysavings The Management of the company understands that it has to improve upon to face theever changing circumstances and evolvements globally.
39. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERNS STATUS AND COMPANY'S OPERATIONS IN FUTURE
The Company has not received any significant or material orders passed by anyRegulatory Authority Court or Tribunal which shall impact the going concern status andCompany's operations in future.
40. REPORTING OF FRAUDS
There have been no material instances of fraud reported by the Auditors under section143(12) of the Act and Rules framed thereunder either to the Company or to the CentralGovernment.
41. CHANGE IN NATURE OF BUSINESS IF ANY ;-
There is no change in the nature of Business of Company during the year under review.
42. NEW PACKING UNIT:-
Your Company in month of April 2018 has commenced its new packing unit at GandhidhamGujarat and same was intimated to Stock Exchange too.
43. SHIFITING OF CREDIT LIMIT:-
During the year Company has shifted its credit limit from Punjab National Bank to HDFCBank and same had been reported to Stock Exchange too.
44. DIVERSITY OF THE BOARD:-
The Company believes that diversity is important to the work culture at anyorganisation. In particular a diverse Board among others will enhance the quality ofdecisions by utilizing different skills qualifications and professional experience forachieving sustainable and balances development.
45. COMPLIANCES WITH SECRETARIAL STANDARDS
During the year the Company is in compliance of both erstwhile and revised SecretarialStandard issued by the Institute of Company Secretaries of India.
The Board places on record its appreciation for the continued co-operation and supportextended to the Company by its customers which enables the Company to make every effort inunderstanding their unique needs and deliver maximum customer satisfaction. We place onrecord our appreciation of the contribution made by the employees at all levels whosehard work co-operation and support helped us face all challenges and deliver results.
We acknowledge the support of our Members of Company vendors the regulators theesteemed league of bankers financial institutions rating agencies government agenciesStock Exchange depositories auditors consultants business associates and otherstakeholders.
| ||For and on behalf of the Board of Directors |
|Place: Amritsar ||sd/- |
|Date: 28.08.2018 ||Chaman Lal Setia |
| ||Chairman & Managing Director |
| ||Din :- 01125789 |