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GRM Overseas Ltd.

BSE: 531449 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE192H01012
BSE 00:00 | 03 Apr 149.00 7.00
(4.93%)
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149.00

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149.00

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149.00

NSE 05:30 | 01 Jan GRM Overseas Ltd
OPEN 149.00
PREVIOUS CLOSE 142.00
VOLUME 1
52-Week high 261.90
52-Week low 119.00
P/E 3.23
Mkt Cap.(Rs cr) 55
Buy Price 140.00
Buy Qty 10.00
Sell Price 149.00
Sell Qty 13.00
OPEN 149.00
CLOSE 142.00
VOLUME 1
52-Week high 261.90
52-Week low 119.00
P/E 3.23
Mkt Cap.(Rs cr) 55
Buy Price 140.00
Buy Qty 10.00
Sell Price 149.00
Sell Qty 13.00

GRM Overseas Ltd. (GRMOVERSEAS) - Director Report

Company director report

TO

THE MEMBERS

GRM OVERSES LIMITED

Your Directors have great pleasure in presenting their 24thAnnual Report together withthe Audited Accounts of the Company for the Year ended March 31 2018.

Standalone Consolidated
Particular As at the end of current reporting period As at the end of previous reporting period As at the end of current reporting period As at the end of previous reporting period
Revenue from 9249603327.77 5911507500.40 9441530170.77 5911507500.40
Operations
Other Income Nil 5000.00 715464.00 5000.00
Total Income 9249603327.77 5911512500.40 9442245634.77 5911512500.40
Operating 8900998032.31 5709000683.76 9091538493.31 5709345442.76
Expenditure
Earnings before Interest Tax 348605295.46 202511816.64 350707141.46 202167057.64
Depreciation and Amortization (EBITDA)
Depreciation and Amortization 20260505.39 19279304.13 20288503.39 19279304.13
Expenses Finance Costs 147384780.33 98518312.62 147551767.33 98214449.62
Profit before 180960009.74 84714199.89 182866870.24 84673303.89
Exceptional Items and Tax
Exceptional Items Nil Nil Nil Nil
Tax expense
Current Year 63533795.00 28856089.00 63632291.00 28856089.00
Deferred Tax Credit 671942.00 (51137.00) 687902.00 (51137.00)
Mat Credit Entitlement Nil Nil Nil Nil
Profit After Tax (PAT) 116754272.74 55909247.89 118546677.74 55868351.89
Other Comprehensive Income Nil Nil Nil Nil
Total Comprehensive
Income for the year 116754272.74 55909247.89 118546677.74 55868351.89
Balance as per the last Financial 407940782.23 291186509.49 409692291.23 291145613.49
Statements Appropriations 21670648.00 Nil 21670648.00 Nil
1. Dividends + Tax Nil Nil Nil Nil
2. Transfer to General Nil Nil Nil Nil
Reserve Nil Nil Nil Nil
3. Prior period Items
Retained Earnings 386270134.23 291186509.49 388021643.23 291145613.49
Earning per equity share
1 Basic 31.65 15.15 32.13 15.14
2. Diluted 31.65 15.15 32.13 15.14

CURRENT YEAR WORKING:

Your Directors hereby inform you that in the current year the overall performance ofthe company are good as compare to the last financial year. During the current year theCompany would make all efforts to accelerate its' pace of growth and overall performance.

DIVIDEND:

Based on Company's performance in the current year the Board of Directors of theCompany has recommended a final dividend of Rs. 5 per equity share of face value of Rs.10/- each for the year ended March 31 2018. The same shall be paid subject to theapproval of shareholders in the ensuing Annual General Meeting of the Company .

TRANSFER TO RESERVES

The Company has not transferred any amount to reserves.

Changes in the nature of business if any

There is no change in the nature of business of your company during the year underreview.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS

Your Company has One subsidiary viz. GRM International Holdings Ltd. There are noassociate companies within the meaning of Section2(6) of the Companies Act 2013("Act"). Further there has been no material change in the nature of business ofthe subsidiaries during the financial year 2017-18.

The Consolidated Financial Statements of your Company for the financial year 2017-18are prepared in compliance with applicable provisions of the Companies Act 2013 read withthe Rules issued thereunder applicable Indian Accounting Standards (Ind As) and theprovisions of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015(hereinafter referred to as the "SEBI Listing Regulations"). The consolidatedfinancial statements have been prepared by consolidating audited financial statements ofyour Company and its subsidiaries as approved by the respective Board of Directors.Further pursuant to the proviso of sub section (3) of section 129 of the Companies Act2013 read with Companies (Accounts)Rules 2014 a separate statement containing the salientfeatures of the financial statements of Subsidiaries of the Company in the prescribed formAOC-1 is given in the Consolidated Financial Statements forming part of this Annualreport.

Consolidated Turnover is Rs. 9441530170 Rupees as compared to Rs. 5911507500Rupees in the same period previous year. Consolidated Net Profit after Tax increase to Rs.118546677 as compared to Rs.

Rs. 55868351 in the previous year.

The financial statements of the subsidiary companies and related information areavailable for inspection by the members at the Registered Office of your Company duringbusiness hours on all days except Sunday and holiday upto the date of the Annual GeneralMeeting(‘AGM') as required under Section 136 of the Companies Act 2013. Any memberdesirous of obtaining a copy of the said financial statements may write to the CompanySecretary at the Registered Office / Corporate Office of your Company. The financialstatements including the consolidated financial statements financial statements ofsubsidiaries and all other documents shall also be available on Company's websitewww.grmrice.com in downloadable format.

SHARE CAPITAL:

The paid up equity capital as on March 31 2018 was Rs. 36895000.There has been nochange in the Equity Share Capital of the Company during the year. The Company has noother type of securities except equity shares forming part of paid up capital.

TRANSFER OF AMOUNTS AND SHARES TO INVESTOR EDUCATION & PROTECTION FUND

Pursuant to the provisions of Section 124 of the Audit Companies Act 2013 andInvestor Education and Protection Fund Authority (Accounting Transfer and Refund)Amendment Rules 2017 read with all relevant notifications as issued by the Ministry ofCorporate Affairs from time to time all shares in respect of which dividend has remainedunpaid or unclaimed for a period of seven years have been transferred by the Companywithin the stipulated due date to the Investor Education and Protection Fund (IEPF).

Your Company during the year 2017-18 has transferred a total amount aggregating to Rs.358008 as Unpaid Final Dividend for FY 2009-10 to the Investor Education and ProtectionFund. This amount was lying unclaimed/ unpaid with the Company for a period of seven yearsafter Declaration of Dividend for the financial year 2009-10.

A list of shareholders alongwith their folio number or DP. ID. & Client ID. whohave not claimed their dividends for the last seven consecutive years i.e. 2010-11 to2016-17 and whose shares are therefore liable for transfer to the IEPF Demat account hasbeen displayed on the website of the Company at www.grmrice.com.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statements relatesand till the date of this Report.

SEGMENT REPORTING

Your company is engaged and focused on single activity of ‘Rice Sheller' toprovide better results and to be leader in its core activity.

BOARD OF DIRECTORS

As on March 31 2018 your Company's Board has a strength of 06 (Six) Directorsincluding 1 (One) Woman Director. The Chairman of the Board is an Executive Director.

The composition of the Board is as below:

Category Number of Directors % to Total Number of Directors
Executive Directors 2 33.33
Non Executive Non Independent Director 1 16.67
Independent Non-Executive 3 50.00
Directors

AUDIT COMMITTEE

As on March 31 2018 the Audit Committee of GRM Overseas Limited comprises offollowing 3 (Three) Members all are Independent Non-Executive Directors:

Name Designation
Mr.Chetan Kapoor Chairman
Mr. Vikram Malik Member
Ms. Kiran Dua Member

All the recommendation made by the Audit Committee was accepted by the Board ofDirectors. The Powers and role of the Audit Committee are included in report on CorporateGovernance forming part of this Annual Report.

KEY MANAGERIAL PERSONNEL:

The following employees were designated as whole-time key managerial personnel by theBoard of Directors during the year under review:

(i) Mr. Rohit Garg Managing Director (ii) Mr. Atul Garg Joint Managing Director (iii)Mr. Rattan Lal Mittal Chief Financial Officer (v) Mr .Sumit Bajaj- Company Secretary

REMUNERATION POLICY

The Board has on the recommendation of the Appointment & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The Remuneration Policy is stated in the Corporate Governance Report.

NUMBER OF MEETINGS OF THE BOARD

During the Financial Year 2017-18 9 (Nine) Board meetings were held. For detailsthereof kindly refer to the section ‘Board Meeting and Procedures - Details of BoardMeetings held and attended by the directors during the financial year 2017-18 in thereport of Corporate Governance forming part of this Annual Report.

STATEMENT ON ANNUAL EVALUATION OF THE BOARD COMMITTEES AND INDIVIDUAL DIRECTORS

The Board has laid down the manner and criteria of evaluation of the Board of its ownCommittees and Individual Directors in which annual evaluation of the Board Committees ofthe Board and Individual Directors would be evaluated. The said criteria are aligned withthe SEBI circular dated 5th January 2017 on ‘Guidance Note on Board Evaluation'. Theevaluation includes various criteria including performance knowledge roles andresponsibilities etc.

The Board of Directors has evaluated its Committees Individual Directors (i.e.Executive and Non-executive Director) and the Board itself. After evaluation the Boardfound their performances upto the mark and satisfactory. The Nomination and RemunerationCommittee has also evaluated the individual performance of each Director and found itsatisfactory.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement the Directors confirm:

i) that in the preparation of the Annual Accounts for the year ended March 31 2018the applicable Indian Accounting standards (Ind AS) have been followed and that there areno material departures; ii) that appropriate accounting policies have been selected andapplied consistently and judgments and estimates that are reasonable and prudent have beenmade so as to give a true and fair view of the state of affairs as at March 31 2018 andof the profit of the Company for the Financial year ended March 31 2018; iii) that properand sufficient care has been taken for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act 2013 for safeguarding the assets ofthe Company and for preventing and detecting fraud and other irregularities; iv) that theannual accounts for the year ended March 312018 have been prepared on a going concernbasis; v) that they had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and vi) that they had devised proper systems to ensure compliance with theprovisions of all applicable law sand that such systems were adequate and operatingeffectively.

DECLARATION BY INDEPENDENT DIRECTOR(S) AND RE-APPOINTMENT IF ANY

All Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013read with SEBI Listing Regulations so as to qualify themselves to be appointed asIndependent Directors under the provisions of the Companies Act 2013 and SEBI ListingRegulations.

OPERATIONS PERFORMANCE AND FUTURE OUTLOOK OF THE COMPANY

A detailed review of operations and performance and future outlook of the Company isgiven separately under the head ‘Management Discussion & Analysis' pursuant toRegulation 34 read with Part B of Schedule V of SEBI Listing Regulations and the same isannexed and forms part of this Annual Report.

PARTICULARS OF REMUNERATION OF DIRECTORS AND KMPs

A statement containing the details of the Remuneration of Directors and KMPs asrequired under Section 197(12) of the Companies Act 2013 read with Rule 5 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is attachedas part of this Report.

EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 92(3) of the Companies Act 2013 read with Rule12 of the Companies (Management and Administration) Rules 2014 an extract of the AnnualReturn in Form MGT-9 is attached as ‘Annexure 1' which forms part of this Report.

AUDITORS AND AUDITORS' REPORT

i) STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Companies Act 2013 and rules framedtheir under the tenure of current auditors M/s Vishal Malhotra & Co. CharteredAccountants (FRN-012750N) shall come to an end at the conclusion of forthcoming AGM.

Further subject to the approval of shareholders of the Company in the ensuing annualgeneral meeting M/s. Vinod Kumar & Associates. Chartered Accountants (FirmRegistration No. 002304N) was recommended for appointment by the Audit Committee andapproved by the Board as Statutory Auditors of the Company to hold office from theconclusion of the 24th Annual General Meeting till the conclusion of 25th Annual GeneralMeeting of the Company to be held in the year 2019 at such remuneration as may bemutually agreed between the Board of Directors of the Company in consultation withstatutory auditors.

The Company has also received a certificate from the Auditors to the effect interaliathat their appointment if made would be within the limits laid down by the Act and theyare not disqualified for such appointment under the provisions of applicable laws.

The present Statutory Auditors- M/s Vishal Malhotra & Co. Chartered Accountantshave submitted their Report on the Financial Statements of the Company for the FY 2017-18which forms part of the Annual Report 2017-18. The Notes on financial statement referredto in the Auditors' Report are self-explanatory and do not call for any further comments.The Auditors' Report does not contain any qualification reservation or adverse remark.

There have been no instances of fraud reported by the Statutory Auditors under Section143(12) of Companies Act 2013 read with rules framed thereunder either to the Company orto the Central Government.

ii) SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act 2013 read withCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Companyhas appointed M/s Devesh Arora & Associates Company Secretaries having their officeat WZ-466A Ground Floor Basai Darapur New Delhi-110015 to undertake the SecretarialAudit functions of the Company.

The Secretarial Audit Report submitted by M/s Devesh Arora & Associates in theprescribed form MR- 3 is attached as ‘Annexure 2' which forms part of this Report.The Secretarial Auditors' Report does not contain any qualification reservation oradverse remark.

EXPLANATIONS OR COMMENTS BY THE BOARD ON QUALIFICATION RESERVATION OR ADVERSE REMARKOR DISCLAIMER MADE:

There is no other qualification reservation or adverse remark or disclaimer made bythe auditor in his report; and the company secretary in practice in his secretarial auditreport.

CORPORATE GOVERNANCE

The Corporate Governance report which form an integral part of this Report are set outas separate Annexures together with the Certificate from the auditors of the Companyregarding compliance with the requirements of Corporate Governance as stipulated inListing Obligation and Disclosure Requirements) 2015.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The company has duly constituted CSR Committee which is responsible for fulfilling theCSR objectives of the company.

The Annual Report on CSR activities is annexed herewith as: Annexure 3

ENERGY CONSERVATION RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNINGS AND OUTGO

Pursuant to provisions of Section 134 of the Companies Act 2013 read with Rule 8(3) ofthe Companies (Accounts) Rules 2014 the details of activities in the nature of EnergyConservation Research and Development Technology Absorption and Foreign ExchangeEarnings and Outgo is attached as ‘Annexure 4' which forms part of this Report

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. The scope and authority of the Internal Audit function isdefined in the Internal Audit Manual. To maintain its objectivity and independence theInternal Audit function reports to the Chairman of the Audit Committee of the Board &to the Chairman & Managing Director.

The Internal Audit Department monitors and evaluates the efficacy and adequacy ofinternal control system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company. Based on the report of internalaudit function process owners undertake corrective action in their respective areas andthereby strengthen the controls. Significant audit observations and recommendations alongwith corrective actions thereon are presented to the Audit Committee of the Board.

APPOINTMENT OF INTERNAL AUDITOR:

The Company has appointed Ms.Heena Aggarwal as an Internal Auditor of the Company. Ms.Heena Aggarwalplaced the internal audit report to the Company which is self explanatoryand need no comments.

DISCLOSURE ON DEPOSITS UNDER CHAPTER V

The Company has neither accepted nor renewed any deposits during the Financial Year2017-18 in terms of Chapter V of the Companies Act 2013. Further the Company is nothaving any Unpaid or Unclaimed Deposits at the end of the Financial Year.

POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Board of Directors of the Company has laid down a policy on prevention of sexualharassment at the workplace. A Complaint Committee has also been formed by the Board ofDirectors to look into the complaints received if any. During the year the Company didnot receive any complaint under the said policy.

CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES

During the year under review there was no Change in Capital Structure and Listing ofShares. The Company's shares are listed and actively traded on the Bombay Stock Exchange.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013.The details of the investments made by company isgiven in the notes to the financial statements.

RELATED PARTY TRANSACTIONS:

During the year under review the Board has adopted a policy to regulate thetransactions of the Company with its related parties. As per policy all the related partytransactions required prior approval of Audit Committee and Board of Directors of theCompany. Prior approval of shareholders of the Company is also required for certainrelated party transactions as prescribed under Companies Act 2013 and listing agreement.The said policy is available at the company website viz. http/www.grmrice.com.

All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of the business. There are nomaterially significant related party transactions made by the company with promoters keymanagerial personnel or other designated persons which may have potential conflict withinterest of the company at large.

DISCLOSURE ON VIGIL MECHANISM (WHISTLE BLOWER POLICY)

Pursuant to Regulation 22 of SEBI Listing Regulations your Company has established amechanism called Vigil Mechanism (Whistle Blower Policy)' for directors and employees toreport to the appropriate authorities of unethical behaviour actual or suspected fraudor violation of the Company's code of conduct or ethics policy and provides safeguardsagainst victimization of employees who avail the mechanism. The policy permits all thedirectors and employees to report their concerns directly to the Chairman of the AuditCommittee of the Company.

‘The Vigil Mechanism (Whistle Blower Policy)' as approved by the Board isuploaded on the Company's website.

MATERIAL ORDERS BY GOVERNING AUTHORITIES

There were no significant or material orders passed by any governing authority of theCompany including regulators courts or tribunals which could affect the going concernstatus and the Company's operations in future.

FINANCE:

Cash and cash equivalents as at March 31 2018 was Rs. 3003025 The company continuesto focus on judicious management of its working capital Receivables inventories andother working capital parameters were kept under strict check through continuousmonitoring.

INDUSTRIAL RELATIONS:

During the year under review your Company enjoyed cordial relationship with workersand employees at all levels.

DIRECTORS:

In accordance with the Section 152 of the Companies Act 2013 & Articles ofAssociation of the Company Mr. Hukam Chand Garg Director of the Company retire byrotation at the ensuing Annual General Meeting & being eligible offers herself forre-appointment and the Board of Directors recommends for his re-appointment.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act 2013 and applicable provisions of theSEBI (LODR) Regulations 2015 the Board has carried out an evaluation of its ownperformance the directors individually as well as the evaluation of the working of itsAudit Appointment & Remuneration Committees. The manner in which the evaluation hasbeen carried out has been explained in the Corporate Governance Report.

CODE OF CONDUCT:

The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day to day business operations ofthe company. The Company believes in "Zero Tolerance" against briberycorruption and unethical dealings / behaviors of any form and the Board has laid down thedirectives to counter such acts. The code laid down by the Board is known as "code ofbusiness conduct" which forms an Appendix to the Code. The Code has been posted onthe Company's website www.grmrice.com. The Code lays down the standard procedure ofbusiness conduct which is expected to be followed by the Directors and the designatedemployees in their business dealings and in particular on matters relating to integrity inthe work place in business practices and in dealing with stakeholders. The Code givesguidance through examples on the expected behaviour from an employee in a given situationand the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliancewith the Code. All Management Staff were given appropriate training in this regard.

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code requires pre-clearance for dealing in the Company's shares and prohibitsthe purchase or sale of Company shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code.

All Board Directors and the designated employees have confirmed compliance with theCode.

BUSINESS RISK MANAGEMENT:

Pursuant to section 134 (3) (n) of the Companies Act 2013 & provisions of SEBI(LODR) Regulations 2015 the company has constituted a business risk managementcommittee. The details of the committee and its terms of reference are set out in thecorporate governance report forming part of the Boards report.

At present the company has not identified any element of risk which may threaten theexistence of the company.

PARTICULARS OF EMPLOYEES:

PARTICULARS PURSUANT TO SECTION 197(12) READ WITH RULE 5(1) OF THE COMPANIES(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014

• The ratio of the remuneration of each director to the median employee'sremuneration for the financial year and such other details as prescribed is as givenbelow:

Name of Director Ratio
Shr iAtulGarg- (Whole-Time-Director) 24.27
ShriRohit Garg- (Whole-Time-Director) 24.27

• The percentage increase in remuneration of each director Chief FinancialOfficer Chief Executive Officer Company Secretary or Manager if any in the financialyear:-

S.No. Name Designation % Change
1. Mr. Rohit Garg Chairman & Managing Director 32.81
2. Mr. Atul Garg Whole-Time-Director 32.81
3. Mr. Hukam Chand Garg Director Nil
4. Mr. Sumit Bajaj Company Secretary NA
5. Mr. Rattan Lal Mittal Chief Financial Officer Nil

• The number of permanent employees on the rolls of company:-87

• The explanation on the relationship between average increase in remuneration andcompany performance:-

Year ended 2017 Year ended 2018 % increase
Employee benefit expenses 21774128 29360956.00 34.84
Sales 5911507500.40 9249603327.77 56.46
profit 55909247.89 116754272.74 108.82
EPS 15.15 31.65 108.91

• Average percentile 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 thereof and there are anyexceptional circumstances for increase in the managerial remuneration:-N.A

• The key parameters for any variable component of remuneration availed by thedirectors:-N.A

• 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:-N.A

• Affirmation that the remuneration is as per the remuneration policy of thecompany. YES

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required by Regulation 34 read with Para B of Schedule Vof Securities and ExchangeBoard of India (Listing Obligationsand Disclosure Requirements) Regulations 2015{‘SEBI (LODR)Regulations 2015'} a detailed ‘Management Discussion and AnalysisReport' (MDA) is attached as a separate section forming part of the Annual Report. Moredetails on operations and a view on the outlook for the current year are also given in the‘Management Discussion and Analysis Report'.

HEALTH SAFETY AND ENVIRONMENT PROTECTION:

The Company has complied with all the applicable environmental law and labour laws. TheCompany has been complying with the relevant laws and has been taking all necessarymeasures to protect the environment and maximize worker protection and safety.

ACKNOWLEDGMENTS:

Your Company and its Directors wish to extend their sincerest thanks to the Members ofthe Company Bankers State Government Local Bodies Customers Suppliers ExecutivesStaff and workers at all levels for their continuous co-operationand assistance.

For and on behalf of the Board of Directors
Delhi S/d-
August 14 2018 Rohit Garg
DIN:00673304
Chairman & Managing Director