Your Directors have pleasure in presenting the 18th Annual Report on thebusiness and operations together with the Audited Accounts for the financial year ended 31stMarch 2017.
1. FINANCIAL HIGHLIGHTS
The financial highlights of the company for the year under review are summarized asunder:
Rs. In lacs
|Particulars ||STANDALONE ||CONSOLIDATED |
| ||2016-17 ||2015-16 ||2016-17 ||2015-16 |
|Revenue from Operations ||15715.21 ||15932.67 ||15715.21 ||15932.67 |
|Other Income ||41.23 ||457.69 ||41.23 ||457.69 |
|Total Revenue ||15756.44 ||16390.36 ||15756.44 ||16390.36 |
|Total Expenditure ||16682.21 ||17908.73 ||16669.08 ||17915.74 |
|Profit Before Interest & Depreciation ||1433.64 ||707.72 ||1446.77 ||700.75 |
|Finance Charges ||1439.26 ||1168.17 ||1439.26 ||1168.17 |
|Depreciation ||920.15 ||1057.92 ||920.16 ||1057.95 |
|Net Profit before Tax ||(925.77) ||(1518.37) ||(912.65) ||(1525.37) |
|Provision for tax ||(100.14) ||(193.21) ||(100.14) ||(193.32) |
|Net Profit After Tax ||(825.64) ||(1325.16) ||(819.42) ||(1332.06) |
|Balance of Profit brought forward ||1103.16 ||2428.32 ||1085.77 ||2417.84 |
|Balance available for appropriation ||(825.64) ||(1325.16) ||(819.42) ||(1332.06) |
|General Reserve ||7.44 ||7.44 ||7.44 ||7.44 |
|Proposed Dividend ||- ||- ||- ||- |
|Balance Carried Forward ||277.52 ||1103.16 ||266.36 ||1085.77 |
2. DIVIDEND & RESERVES
Due to inadequate profit your directors are not in a position to recommend any dividendfor the financial year ended 31st March 2017. No amount has been transferredto General Reserve.
3. UTILIZATION OF IPO PROCEEDS
The Statutory Auditor M/s. Saurabh R Shah & Co. has provided the Certificate tothe Board of Directors of the Company which was noted and thereafter approved in the BoardMeeting held on 10th February 2017 which states that entire fund raised fromthe issue has been utilized for the purpose of the objects as stated in Prospectus of theCompany dated 18th October 2010:
|Sr. No. ||Particulars ||Amount of projected utilization of funds as per offer document (Rs. In Lakhs) ||Amount of actual utilization (Rs. In Lakhs) ||Deviation (if any) |
|1 ||Setting up New Project ||5770.49 ||4685.36 ||(1085.15) |
|2 ||General Corporate Purposes ||25.00 ||10.00 ||(15) |
|3 ||Issue Expense ||482.36 ||510.69 ||28.33 |
|4 ||Long Term Working Capital ||500.00 ||1571.82 ||1071.82 |
| ||Total : ||6777.85 ||6777.85 || |
Set up of the Phase I and Phase II new project is completed and Company hasalready started the Commercial Production.
4. UNPAID AND UNCLAIMED SHARE APPLICATION AMOUNT
Pursuant to Section 124 of the Companies Act 2013 read with provisions of InvestorsEducation & protection Fund Authority (Accounting Audit Transfer & Refund) Rules2016 and subsequently amended as Investor Education and Protection Fund Authority(Accounting Audit Transfer and Refund) Amendment Rules 2017 Share Application moneydue for refund which remained unclaimed by the shareholders for seven consecutive yearsor more to be transferred by the Company in favour of Investor Education and ProtectionFund (IEPF) Authority as created by Central Government. The Company has communicated toall the concerned shareholders individually whose application money are liable to betransferred to IEPF Authority. The Company has also given newspaper advertisement datedJuly 20 2017 regarding proposed transfer in favour of IEPF Authority in respect of whichApplication Money has not been claimed for seven consecutive years by the respectiveshareholders. The Company has also uploaded the details of such shareholders and amountdue for transfer to IEPF Authority on the website of the Company at www.gyscoal.com.Accordingly in case the Company does not receive any communication from the concernedshareholder the Company shall transfer the money to the IEPF Authority by the due date asper the procedure stipulated in the Rules.
Shareholders may note that the Unclaimed Share Application Money which will betransferred to the IEPF Authority including all benefits accruing on such amount if anycan be claimed back by them from IEPF Authority after following the procedure (i.e. anapplication in E-form No. IEPF-5) prescribed in the Rules. Shareholders may refer Rule 7of the said Rules for Refund of share application money.
The Amount of Rs. 25560/- is lying as the Amount of Application Money received and duefor refund in respect of the IPO of the Company in F.Y. 2010-2011. The last date on whichthe amount will be transferred to IEPF Authority will be 23rd October 2017.Therefore the shareholders are advised to claim such amounts immediately.
5. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Information on operational and financial performance etc. of the Company for thefinancial year is given in the Management Discussion and Analysis which is set out asAnnexure F to the Directors' Report.
6. FIXED DEPOSITS
The Company has not accepted any fixed deposit from public within the meaning ofSection 73 of the Companies Act 2013 and rules made thereunder.
7. SHARE CAPITAL
a. Sub-Division of Equity Shares.
Pursuant to the approval of the members accorded in 17th Annual GeneralMeeting of the Company held on 29th Septmber 2016 the Equity Shares of theCompany having a face value of Rs. 10/- (Rupees Ten only) each were sub-divided into 10(Ten) Equity Shares having a face value of Rs. 1/- (Rupee One only) each. Accordingly15827556 equity shares of face value of Rs. 10 each were sub-divided into 158275560equity shares of face value of Rs. 1 each w.e.f. 14th October 2016 as therecord date fixed for the said purpose.
b. Change in Authorised Share Capital.
During the financial year 2016-17 the Company pursuant to the approval of the membersaccorded in 17th Annual General Meeting of the Company held on 29thSeptmber 2016 has also amended its authorized share capital from 27000000 (Two CroreSeventy Lacs only) equity shares of Rs. 10/- (Rupees Ten Only) each into 270000000(Twenty Seven Crores only) equity shares of Rs. 1/- (Rupee One Only) each w.e.f. 14thOctober 2016 as the record date fixed for the said purpose.
8. SUBSIDIARY JOINT VENTURE & ASSOCIATE COMPANIES & CONSOLIDATEDFINANCIAL STATEMENT
During the FY 2016-17 the Company have subscribed 26% of shares in M/s. Goldman Hotelsand Resorts Private Limited New Delhi ("A SPV Company") which have beenincorporated on 4th November 2016 and has become the associate of your Company. Apartfrom this no Company has formed or ceased to be subsidiary joint venture or associate ofyour Company.
In accordance with Companies Act 2013 ("the Act") and Accounting Standard(AS)-21 on consolidated financial statement read with AS-23 on Account for investment inassociates and AS-27 on financial reporting of interest in Joint ventures the AuditedConsolidated financial statments is provided in the Annual Report.
The Company has prepared Consolidated Financial Statement of the Company and whilepreparing the Consolidated Financial Statements the Company has consolidated the accountsof our subsidiary and associate Company viz. Thai Indo Steel Co. Ltd. and M/s. GoldmanHotels and Resorts Private Limited as per the requirements of Accounting Standards issuedby the Institute of Chartered Accountants of India. The details of financial performanceof Subsidiary Company is furnished in Annexure C and attached to this report.
In accordance with Section 136 of the Companies Act 2013 the audited financialstatements including consolidated financial statements of the Company and auditedaccounts of each of its subsidiaries are available on our website www.gyscoal.com .
9. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'SAFFAIR
The Company is operating in only one segment i.e. Metal Industry. The company mainlymanufactures SS Angles SS Flats & SS Rounds and the % wise breakup of the products ofthe total turnover of the company is as under:-
|S.S. ANGLE BARS ||77 %3 |
|S.S. FLAT BARS ||5 % |
|S.S. ROUND BARS ||10%33 |
10. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS
Your Board has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures. Your Directors express their satisfaction and states thatthe Company is having the adequate Internal Finance Control System to the size of itsoperation.
11. CORPORATE GOVERNANCE REPORT
In terms of Regulation 34 of SEBI (Listing Obligation & Disclosure Requirements)Regulation 2015 (hereinafter "Listing Regulation") a Report on CorporateGovernance along with Compliance Certificate issued by Company Secretary in Practiceconfirming compliance of the conditions of Corporate Governance Report is attached as Annexure- G which forms part of the Director's Report.
12. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
The information pertaining to Conservation of Energy Technology Absorption ForeignExchange Earnings and Outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is furnished in Annexure A and is attached to this report.
13. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OFTHE COMPANY
Risk is an integral part of any business and therefore Risk Management is an importantfunction that the business management has to perform to ensure sustainable businessgrowth.
The Board of the Company has framed the Risk Management Policy. The details of thepolicy are as updated on website of the company www.gyscoal.com. The risk managementincludes identifying types of risks and its assessment risk handling and monitoring andreporting. At present the company has not identified any element of risk which maythreaten the existence of the company.
The Company does not fall under the ambit of top 100 listed entities determined on thebasis of market capitalisation as at the end of the immediately preceding financial year.Hence compliance under Regulation 21 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is not applicable.
14. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable.
15. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013
The details of Loans Guarantee and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statements.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on arm's lengthbasis. During the year the Company had not entered into anycontract/arrangement/transaction with related parties which could be considered materialin accordance with the policy of the Company on materiality of related party transactions.
The Policy on materiality of related party transactions and dealing with related partytransactions as approved by the Board may be accessed on the Company's website atwww.gyscoal.com.
Your Directors draw attention of the members to Note 32 to the financialstatement which sets out related party disclosures.
a) Statutory Auditor
The Statutory Auditor M/s. Saurabh R Shah & Co. Chartered Accountants (ICAIRegistration No. 112647W) Ahmedabad were appointed with your approval at the 17thAGM to hold such office till the conclusion of the 22nd AGM. On therecommendation of the Audit Committee and pursuant to Section 139 of the Act the Boardrecommended for the ratification of the Members the appointment of M/s. Saurabh R Shah& Co. Chartered Accountants (ICAI Registration No. 112647W) Ahmedabad from theconclusion of the ensuing AGM till the conclusion of the 19th AGM. Appropriateresolution for the said purpose is appearing in the Notice convening the 18thAGM of the Company.
b) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act 2013 read with theCompanies appointment and Remuneration of Managerial Personnel) Rules 2014 theSecretarial Audit for the year ended March 31 2017 was carried out by the SecretarialAuditor M/s. Chirag Shah & Associates Practicing Company Secretaries Ahmedabad. Thereport of M/s. Chirag Shah & Associates. is provided in the Annexure E formingpart of this Report pursuant to Section 204 of the Act.
The Board of Directors of your Company has appointed M/s. Samdani Shah & KabraPracticing Company Secretaries Ahmedabad to carry out Secretarial Audit of the Companyfor the FY 2017-18.
c) Internal Auditor
The Board of Directors has re-appointed M/s. M/s. Ravi Thakkar & Co. CharteredAccountants as Internal Auditor of your Company to conduct Internal Audit for the FY2017-18.
d) Cost Auditor
Pursuant to Section 148 of the Companies Act 2013 read with The Companies (CostRecords and Audit) Amendment Rules 2014 your Directors has on recommendation of theAudit Committee re-appointed M/s. V. H. Shah & Co. Cost Accountant (ICWAIRegistration No. 100257) Ahmedabad as Cost Auditor for conducting audit of costaccounting records maintained by the Company for "Steel Plant" for the financialyear 2017-18 at a remuneration of Rs. 40000/- (Rupees Forty Thousands only) plus out ofpocket expenses if any. As required under the Companies Act 2013 the remunerationpayable to the Cost Auditor is required to be placed before the Members in a generalmeeting for their ratification. Accordingly the resolution seeking Members' ratificationis included in the Notice convening the 18th Annual General Meeting.
18. STATUTORY AUDIT REPORT
The observation made in the Auditor's Report are self explanatory and therefore do notcall for any further comments under Section 134(3)(f) of the Act.
The explanation on adverse remarks / qualification(s) in the Auditor's Report - PointNo. (vii) (a) to the Standalone Financial Statements: According to the information andexplanations given to us and the records of the Company examined by us in our opinionthe Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities during the period. However in some cases such statutory dues arepaid after its due dates along with interest during the year.
According to the information and explanations given to us no undisputed amountspayable in respect of sales tax customs duty excise duty cess and other materialstatutory dues applicable to it were in arrears as at 31st March 2017 for aperiod of more than six months from the date they became payable except Income Tax payableof Rs. 3393273/- for the A.Y. 2014-15
Point No. (vii) (b) to the Standalone Financial Statements: According to theinformation and explanations given to us the disputed statutory dues aggregating Rs.844606876/- that have not been deposited on account of disputed matter pending beforeappropriate authorities
Point No. (viii) to the Standalone Financial Statements: According to the informationand explanations given to us the Company has defaulted in repayment of dues aggregatingof Rs. 772884661/- to financial institutions banks or debenture holders during the yearand all those Accounts classified by bank as NPA interest on the same is not charged bythe bank in the said accounts. So the company has made provision of interest payable onsuch accounts at the interest rates sanctioned by the banks and shown under the OtherCurrent Liabilities in Balance Sheet.
Explanation to Point No. (vii) (a) Point No. (vii) (b) and Point No. (viii) to theStandalone Financial Statements: For Point No. (vii) (a) The audit qualifications pointedout by the auditor are just the disclosure of fact that the company has not deposited itsdisputed statutory dues with appropriate authority and has made default in repayment ofBank loan. This is not impacting financial position of the Company.
For Point No. (vii) (b) The stay order has been received against the amount disputedand not deposited & management is in the process of taking necessary steps to resolvepending statutory dues as mentioned in the Auditor's Report and taking measures to paythem within due course.
For Point No. (viii) in respect of default in repayment of Bank loans the company is inprocess of taking necessary steps to regularize those account.
19. SECRETARIAL AUDIT REPORT
The Board has appointed M/s Chirag Shah & Associates Practicing CompanySecretaries (ICSI Membership No. 5545 & CPN 3498) to conduct Secretarial Audit forthe financial year 2016-17. The Secretarial Audit Report for the financial year endedMarch 31 2017 is annexed herewith marked as Annexure E to this Report.
20. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDDISCHARGE OF THEIR DUTIES
The Company has adopted a Remuneration Policy for the Directors Key ManagerialPersonnel and other employees pursuant to Section 178(3) of the Companies Act 2013.
The philosophy for remuneration of Directors Key Managerial Personnel and all otheremployees of the Company is based on the commitment of fostering a culture of leadershipwith trust. The Remuneration Policy of the Company is aligned to this philosophy.
It is affirmed that the remuneration paid to Directors Key Managerial Personnel andall other employees is as per the Remuneration Policy of the Company. Details of theRemuneration Policy are given in the Corporate Governance Report.
Your Company has adopted a defined policy and procedure for Appointment of IndependentDirectors which has been put on Company website www.gyscoal.com.
21. EXTRACTS OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 is furnished in AnnexureB and is attached to this Report.
22. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company had 5 (Five) Board Meetings during the financial year under review. Thedetails of which are given in the Corporate Governance Report. The intervening gap betweenthe Meetings was within the period prescribed under the Companies Act 2013.
23. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 134(5) of the Companies Act 2013 ("theAct") the Board of Directors of your Company to the best of their knowledge andability confirm that:
a) in the preparation of the Annual Accounts the applicable accounting standards havebeen followed and there are no material departures;
b) they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of your Company at the end of the Financial Year and of the profitof your Company for that period;
c) they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of your Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the Annual Accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by your Company andthat such internal financial controls are adequate and are operating effectively;
f) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.
24. PARTICULARS OF EMPLOYEES
A statement containing the names and other particulars of employees in accordance withthe provisions of Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 isappended as Annexure D to this report. No employee has received remunerationin excess of the limits set out in Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Amendment Rules 2016 during FY 2016-17.
25. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company strongly believes in providing a safe and harassment free workplace to allits employees. The Company continuously endeavours to create and provide an environmentthat enables women employees to work without fear of prejudice gender bias and sexualharassment and/or any such orientation in implicit or explicit form. For this purpose theCompany has in place Policy of Protection of Women against Sexual Harassment at WorkPlace' and also formed Complaint Redressal Committees at various administrative units/Offices.
During the Financial Year 2016-17 the Company received no complaint of sexualharassment.
26. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As per Section 152 of the Companies Act 2013 Shri Viral M Shah (DIN 00014182)Chairman & Managing Director of the Company retires at this Annual General Meeting andbeing eligible offer himself for re-election. The Board of Directors recommended his re-appointment at the forthcoming Annual General Meeting. Pursuant to the recommendation ofNomination and Remuneration Committee the Board of Directors at its meeting held on 28thAugust 2017 has subject to the approval of the members at the forthcoming 18thAnnual General Meeting of the Company approved the re-appointment of Shri Viral M Shah(DIN 00014182) as Chairman & Managing Director of the Company for a furtherperiod of five years with effect from 3rd December 2017.
The details of Shri Viral M Shah are provided in the Notice of the Annual GeneralMeeting. There were no changes in the Key Managerial Personnel of the Company during theyear.
The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.
27. REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY
There are no significant and material order passed by the Regulators or Courts orTribunals which would impact the going concern status and the company's future operations.
28. ANNUAL EVALUATION OF BOARD'S PERFORMANCE
The Company has devised a policy for performance evaluation of Board its Committeesand other individual Directors which includes criteria for performance evaluation of theNon-Executive Directors and Executive Directors. The same is covered under CorporateGovernance Report.
29. APPLICABILITY OF THE INDIAN ACCOUNTING STANDARDS (IND AS)
As per Notification of Ministry of Corporate Affairs on 16th February 2015IND AS has come into force. The date of transition to IND AS is 1st April2016. As per clause (iii) of sub-rule (1) of Rule 4 of the Companies (Indian AccountingStandards) Rules 2015 Companies having a net worth of Rs. 500 crore or less shall complywith Ind AS for the accounting periods beginning on or after 01st April2017.
As the net worth of the Company is Rs. 712787277 and Rs. 795350795 as on 31stMarch 2017 and 31st March 2016 respectively which is below the thresholdlimit as per the above mentioned Rule. Therefore the Ind AS will be applicable to theCompany w.e.f. 01st April 2017.
30. GOODS AND SERVICES TAX (GST)
The introduction of Goods and Services Tax (GST) is a very significant step in thefield of indirect tax reforms in India. By amalgamating a large number of Central andState taxes into a single tax it would mitigate cascading or double taxation in a majorway and pave the way for a common national market.
GST by far was one of the most critical reforms which aims to streamline the country'scomplex indirect tax structure reduce fragmentation in markets for goods and serviceslower business costs and widen the overall tax base. Implementation of a well-designed GSTmodel can provide significant growth stimulus to the business and contribute to the PrimeMinister's mission of Make in India'.
Your Company has established a dedicated team to carry out changes to the businessprocess & IT systems as per the GST framework.
31. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM
The Audit Committee consists of the following members:
a) Shri Sunil Talati - Chairman
b) Shri Surendra Patel Member
c) Shri Viral Shah - Member
The Company has established a vigil mechanism and overseas through the committee thegenuine concerns expressed by the employees and other Directors. The Company has alsoprovided adequate safeguards against victimization of employees and Directors who expresstheir concerns. The Company has also provided direct access to the chairman of the AuditCommittee on reporting issues concerning the interests of the co employees and theCompany.
No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.
Your Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Companies activities during the year under review. Your Directors also acknowledgesgratefully the shareholders for their support and confidence reposed on your Company.
| ||For and on behalf of Board Of Directors |
| ||Viral M. Shah |
|Date : 28/08/2017 ||(Chairman & Managing Director) |
|Place : Ahmedabad ||DIN 00014182 |
ANNEXURE A - TO DIRECTORS' REPORT
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars of Energy Conservation Technology Absorption and Foreign Exchange Earningsand Outgo as required under Section 134 (3) (m) of the Companies Act 2013 read with theCompanies (Accounts) Rules 2014
A. CONSERVATION OF ENERGY :
(i) Steps taken for conservation of energy
The Company has adopted several energy conservation measures besides what had beencarried out earlier. Periodical testing is being taken for each unit of power supply toverify that the energy consumed is minimized.
(ii) Steps taken by the Company for utilizing alternate sources of energy: NA
(iii) The Capital investment on energy conservation equipments: NIL
B. TECHNOLOGY ABSORPTION :
(i) Efforts towards technology absorption :Continuous endeavor to improve ProductQuality & Process Yield.
(ii) The benefits derived like product improvement cost reduction product developmentor import Substitution: The Company is able to market its value added products in Domesticas well as International Market
(iii) Information regarding imported technology (Imported during last three years): NIL
(iv) Expenditure incurred on Research and Development : NIL
C. FOREIGN EXCHANGE EARNING AND OUTGO :
|Particulars ||Current Year ||Previous Year |
| ||(2016-17) ||(2015-16) |
| ||Rs. ||Rs. |
|Foreign Exchange earned ||5608.23 Lacs ||5899.14 Lacs |
|Foreign Exchange used ||313.23 Lacs ||147.16Lacs |