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Kalyani Commercials Ltd.

BSE: 538403 Sector: Others
NSE: KALYANI ISIN Code: INE610E01010
BSE 05:30 | 01 Jan Kalyani Commercials Ltd
NSE 05:30 | 01 Jan Kalyani Commercials Ltd

Kalyani Commercials Ltd. (KALYANI) - Director Report

Company director report

To

The Shareholders

The Board of Directors hereby presents its 32nd Director’s Report onbusiness and operations of the Company along with Standalone & Consolidated AuditedFinancial Statements for the Financial Year ended on 31st March 2017.

1. BACKGROUND

The Company is a Non Deposit Accepting Non-Banking Finance Company ("NBFC")holding a Certificate of Registration (14.00928) from the Reserve Bank of India("RBI").

2. STATE OF COMPANY’S AFFAIR

With the expected positive momentum in the Indian economy the Company is focused ongrowth and achieving profitability along with a renewed commitment to enhance quality andcustomer service and to reduce costs. Innovations investment and positive modificationsare expected in the near future boosting the Company's revenues. Together with forwardlooking strategy the Company is also focusing extensively on expanding the business andoperational improvements through various strategic projects for operational excellence andcost cutting initiatives.

3. FINANCIAL RESULTS

The Financial performance of the Company for the financial year ended 31stMarch 2017 is summarized below:-

(Rs. In Crore except EPS)

Particulars Consolidated For the year Ended Standalone For the year Ended
31.03.2017 31.03.2016 31.03.2017 31.03.2016
Total Revenue (I) 468.04 536.23 454.62 536.23
Total Expenses (II) 467.23 535.32 453.84 535.32
Profit Before Tax & Extraordinary Item 0.81 0.91 0.78 0.91
Tax Expenses
- Current Tax 0.28 0.31 0.27 0.31
- Deferred Tax Liability(Net) (0.008) (0.02) (0.03) (0.02)
- Income Tax Earlier Year (0.006) 0.006 (0.006) 0.006
Profit After Tax 0.55 0.62 0.55 0.62
Earning Per Share (EPS) 5.53 6.21 5.47 6.21

4. OPERATIONAL PERFORMANCE

During the period collectively the company achieved revenue of Rs. 468.04/- crores forthe year ended 31st March 2017 as against Rs. 536.23/- for the year ended 31stMarch 2016. The Company earned a profit of Rs. 0.55/- crores during the year ended 31stMarch 2017 as against the profit of Rs. 0.62/- crores in previous year ended 31stMarch 2016.

5. DIVIDEND

The company is planning to expand and thereby would need funds to invest in futureprojects. It thereby regret not to recommend any dividend but the directors are hopefulfor better results in enduing future.

6. RESERVES AND SURPLUS

The Company has Rs. 56021323/- in the reserve and surplus. Out of which the Companyhas transferred a reserve of Rs. 17900/- as required under Section 45-IC of RBI Act 1934to the Statutory Reserve. Other than this the Company is not transferring any amount toreserve out the current year’s surplus.

7. SHARE CAPITAL

During the year under review the share capital of the company remains unchanged andthe company has also not issued any equity shares with differential rights and sweatequity shares.

8. LISTING OF SECURITIES

Since 1989 the equity shares of the Company were listed on Delhi Stock ExchangeLimited but it got derecognized vide SEBI order no. WTM/PS/45/MRD/DSA/NOV/2014 dated19th November 2014. Pursuant to which name of the Company was appearing onthe Dissemination Board of BSE Limited (BSE). Further the Company made an application forDirect Listing of 1000000 equity shares of Rs. 10 each to National Stock Exchange ofIndia

Limited (NSE) as per the Direct Listing Norms prescribed by NSE on 10thMarch 2016. Favorably the Company got listed on NSE and therefore admitted to dealings onthe Exchange w. e. f. February 13 2017.

The Annual listing fees for the year 2016-17 have been paid to the Stock Exchange.

9. DETAILS OF SUBSIDIARIES ASSOCIATES AND JOINT VENTURE COMPANIES

Name of the Companies which become or ceased as Subsidiaries/ Joint Ventures/Associates Companies during the year:

S. No. Company Subsidiary/ Joint Venture/ Associates Company Date on which become Subsidiary/ Joint Venture/ Associate Company
1. Ganganagar Vehicles Private Limited Subsidiary 28th November 2016
2. Nekub Consultancy Limited Wholly Owned Subsidiary 15th March 2017
3. YYKS Buildcon Limited Wholly Owned Subsidiary 15th March 2017

Pursuant to sub-section (3) of Section 129 of the Act and rules made thereunder thestatement containing the salient feature of the financial Statement of a Company’sSubsidiary or subsidiaries associate company or companies and joint venture or venturesis given herewith AOC-1 as Annexure-I .

Further during the period under review the Company generated the revenue of Rs.486.04 crores collectively at group level.

As the wholly owned subsidiaries Companies as mentioned above came into the group atthe end of financial year only therefore they does not contribute to the overallperformance of the Company.

Also the annual accounts and related documents of the subsidiaries shall be kept openfor inspection at the Registered of the Company after their finalization.

Further pursuant to Accounting Standards i.e. AS-21 issued by the Institute ofChartered Accountants of India Consolidated Financial Statements presented by the Companyin this Annual Report includes the financial information of its subsidiaries.

10. BRANCHES OF THE COMPANY

During the period under review the Company has 5 (five) branches in Delhi and Kotaboth. The details of such branches are mentioned herein below:

S. No. Name Address
1. Ganganagar Motors (Kota) A-165 I.P.I.A. Road no. 5 Jhalawar Road Kota Rajasthan 324005
2. Aarav Motors B-11 Opp. Airport Gate Jhalawar Road Kota Rajasthan 324005
3. Aarav Motors Behind Sant Pal School Loha Mandi Sajidehra Kota Rajasthan 324005
4. Aarav Motors 15/2 Mathura Road Sector 27-A Faridabad Haryana 121003
5. BPCL Filling Station Khasra No. 142 & 143 Village Vrindavan NH-12 Jhalawar Rajasthan 326001

11. DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was payable or outstanding as on 31stMarch 2017.

The company has neither accepted nor renewed any deposits falling under chapter V ofCompanies Act 2013.

12. PARTICULARS OF CONTRACT OR ARRANGEMENT WITH RELATED PARTIES U/S 188(1)

The particulars of every contract or arrangements entered into by the Company withrelated parties referred to in subsection (1) of section 188 of the Companies Act 2013including certain arm’s length transactions under third proviso thereto are disclosedin Form AOC -2 as Annexure -II.

13. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP) APPOINTED / RESIGNED DURINGTHE YEAR

Pursuant to the provisions of the Companies Act 2013 and the Company’s Articlesof Association Mr. Nitesh Gupta

Director retires by rotation and being eligible offers himself for re-appointment.

No Director/Key Managerial Personnel have retired or resigned during the year. Furtherlist of directors/KMP is mentioned herein below for your reference:

LIST OF DIRECTORS AS ON 31ST MARCH 2017:

S. No. Name Designation
1. Shankar Lal Agarwal Managing Director
2. Sourabh Agarwal Whole-time Director
3. Manushree Agarwal Director
4. Nitesh Gupta Director
5. Alok Kumar Gupta Independent Director
6. Mukesh Joshi Independent Director

LIST OF KEY MANAGERIAL PERSONNEL (KMP) AS ON 31ST MARCH 2017:

S. No. Name Designation
1. Shankar Lal Agarwal Managing Director
2. Sourabh Agarwal Chief Financial Officer
3. Vikramjit Singh Company Secretary and Compliance Officer

14. MEETINGS HELD DURING THE F.Y. 2016-2017

The Agenda and Notice of the Meetings were circulated well in advance to the respectiveDirectors. During the year under review 6 (Six) Board Meetings 4 (Four) Audit CommitteeMeetings 4 (Four) Shareholder’s Grievance

Committee Meetings 1 (One) Finance & Investment Committee Meeting 1 (One)Nomination and Remuneration Committee and 1 (One) Independent Director’s CommitteeMeeting were convened and held. The intervening gap between the Meetings was within theperiod prescribed under the Companies Act 2013 i.e. the maximum interval between any twomeetings did not exceed 120 days.

15. COMPOSITION OF COMMITTEES OF THE BOARD AS ON 31ST March 2017:

a) AUDIT COMMITTEE:

In compliance with the provisions of Section 177 of the Companies Act 2013 theprimary objective of the audit committee is to monitor and provide an effectivesupervision of the Management’s financial reporting process to ensure accurately andtimely disclosures with the highest levels of transparency integrity and quality offinancial reporting. The composition of Audit Committee of the Company is as following:

S. No. Name of Member Designation Category
1. Mukesh Joshi Chairman Non- Executive & Independent Director
2. Nitesh Gupta Member Non- Executive Director
3. Alok Kumar Gupta Member Non- Executive & Independent Director

The Board has accepted all the recommendations proposed by audit committee during theFinancial Year.

b) NOMINATION AND REMUNERATION COMMITTEE:

In compliance with provisions of 178(1) of the Companies Act 2013 the purpose of thecommittee is to screen and review individuals qualified to serve as executive directorsnon-executive directors and independent directors and to review their remunerationconsistent with criteria approved by the Board and to recommend for approval by theBoard of the Board. The composition of Nomination and Remuneration Committee of theCompany is as following:

S. No. Name of Member Designation Category
1. Mukesh Joshi Chairman Non- Executive & Independent Director
2. Nitesh Gupta Member Non- Executive Director
3. Alok Kumar Gupta Member Non- Executive & Independent Director

c) SHAREHOLDER’S RELATIONSHIP COMMITTEE:

In compliance with provisions of 178(5) of the Companies Act 2013 the purpose of thecommittee is to assist the Board and the Company in maintaining healthy relationships withall stakeholders. The composition of Shareholder’s Relationship Committee of theCompany is as following:

S. No. Name of Member Designation Category
1. Alok Kumar Gupta Chairman Non- Executive & Independent Director
2. Shankar Lal Agarwal Member Executive Director
3. Nitesh Gupta Member Non -Executive Director

d) FINANCE AND INVESTMENT COMMITTEE:

The Board of Directors has constituted Finance and Investment Committee to assist it inoverseeing acquisitions and investments made by the Company and provide oversight on keyinvestment policies of the Company. The composition of Finance and Investment Committee isas following:

S. No. Name of Member Designation Non-Executive/ Executive
1. Mukesh Joshi Chairman Non- Executive & Independent Director
2. Alok Kumar Gupta Member Non- Executive & Independent Director
Nitesh Gupta Member Non-Executive Director

16. DECLARATION BY INDEPENDENT DIRECTOR

The Independent Directors have submitted their declarations of independence asrequired pursuant to provisions of section 149(7) of the Act stating that they meet thecriteria of independence as provided in subsection (6) and Regulation 25 of ListingRegulations.

17. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTOR

In terms of regulation 25(7) of the SEBI (Listing Obligations and DisclosureRequirements) Regulation 2015 the Company familiarizes the Directors about their roleand responsibility at the time of their appointment through a formal letter ofappointment. All new independent directors inducted into the Board attend an orientationprogram. Presentations are regularly made at the meetings of the Board and its variousCommittees on the relevant subjects. The details of programs for familiarization ofIndependent Directors can be accessed on the Company’s website.

18. DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Companies Act 2013 the Directorshereby confirm that:

1.) in the preparation of annual accounts for the financial year ended 31stMarch 2017 the applicable accounting standards have been followed along with properexplanation relating to material departures;

2.) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Companies as at 31st March 2017 andof the loss of the Company for the period ended on that date;

3.) 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;

4.) the Directors have prepared the annual accounts on a going concern basis;

5.) the Directors have laid down proper internal financial controls to be followed bythe company and such internal financial control and adequate and were operatingeffectively ; and

6.) the Directors had devised proper system to ensure compliance with the provisions ofall applicable laws and such systems are adequate and operating effectively .

19. CORPORATE GOVERNANCE REPORT

As per Regulation 15 of the SEBI (Listing Regulations and Disclosure ObligationsRequirements) Regulations 2015 the provisions of Chapter IV of the said ListingRegulations 2015 the Compliance with the corporate governance provisions as specified inRegulations 17 18 19 20 21 22 23 24 25 26 27 and clauses (b) to (i) ofsub-regulation (2) of Regulation 46 and para C D and E of Schedule V shall not bemandatory for the time being in respect of the following class of companies: A. Thelisted entity having Paid up Equity Share Capital not exceeding Rs.10 Crore and Net Worthnot exceeding Rs.25 Crore as on the last day of the previous financial year; B. TheListed Entity which has listed its specified securities on the SME Exchange. Since theCompany is neither listed exclusively on the SME Exchange nor its paid-up share capitaland net-worth exceeds the prescribed threshold limits therefore Regulations 17 to 27 andRegulation 46 are not applicable on the Company.

20. BOARD EVALUATION

In pursuant to applicable Sections of Companies Act 2013 and the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board in consultation withits Nomination and Remuneration Committee has formulated a framework and criteria toevaluate the performance of the entire Board of the Company its Committee and IndividualDirector including Independent Directors.

The Nomination and Remuneration Committee has carried out the evaluation of everyDirector’s performance (including Independent Director).

The Independent Directors has met separately without any presence of Non-IndependentDirector and member of management to discuss the performance of Non-Independent Directorsand Board as a whole.

21. SECRETARIAL AUDIT

As required under Section 204 (I) of the Companies Act 2013 read with Rule 9 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Companyappointed M/s. Grover Ahuja & Associates Practicing Company Secretary to conduct theSecretarial Audit for the year 2016-17. The Secretarial Audit Report received from themform part of Annual Report as Annexure III.

22. SECRETARIAL AUDITORS’ REPORT

The Secretarial Auditor remarks are self-explanatory and do not require anyclarification from the Board except the following:

Remark 1: The company has not obtained Statutory Auditors Certificate for Financialyear 2015-16 and not complied with the Statutory reserve & provisioning requirementsas required under para 15 of Non-Systemically Important Non

Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms(Reserve Bank ) Directions 2015.

Board Clarification: As there was no NBFC activity during the reporting period thecertificate as required under para 15 of Non-Systemically Important Non-Banking Financial(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions2015 from statutory auditor was not obtained for the financial year 2015-16. TheManagement is concerned about the NBFC compliances in true letter and spirit and herebyreport that it has undertaken NBFC activities during the financial year 2016-17. Itfurther ensures that it will comply with the required provisions as and when requiredfrom time to time.

Remark 2: The Company has transferred the amount of profit related to NBFC Divisiononly to the Reserve Fund pursuant to section 45-IC of RBI Act.

Board Clarification: Since NBFC activity during the reporting period comprises ofminute percentage of its net profit and thereby the management inadvertently transferredthe amount of profit related to NBFC Division only to the Reserve Fund pursuant to section45-IC of RBI Act. The Board now assures to comply with the said requirement.

Remark 3: CIC Registration as provided under the Circular No. RBI/2014-15/458 hasnot been acquired by the Company.

Board Clarification: The Board assures that the Company will comply with all theprovisions of the Non Banking Financial Companies Prudential Norms in due course.

23. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIESACT 2013

Pursuant to Section 186(11) of the Companies Act 2013 disclosure under Section134(3)(g) of the Companies Act 2013 is not applicable on the Company.

24. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of Annual Return in form MGT-9 as requiredunder Section 134(3) of the Companies Act 2013 is included in this report as AnnexureIV and forms integral part of this report.

25. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company’s operations in future.

26. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments affecting the financial position ofthe company which have occurred between the end of the financial year of the Company towhich the financial statements relate and till the date of this annual report.

27. CHANGE IN THE NATURE OF BUSINESS

There has been no change in nature of business during the financial year under review.

28. STATUTORY AUDITORS

In accordance with the provisions of Section 139 of the Act and the rules framed thereunder M/s M.C. Bhandari & Co. Chartered Accountants were appointed as statutoryauditors of the Company from the conclusion of the annual general meeting (AGM) of theCompany held on September 30 2014 until the conclusion of the AGM to be held in the year2017 subject to ratification of their appointment at every AGM.

Further the Board has sought for re-appointment of M.C. Bhandari & Co. CharteredAccountants for a period of five years from the conclusion of ensuing AGM till theconclusion of the AGM to be held in the year 2022 subject to ratification of theirappointment at every AGM of the Company.

29. STATUTORY AUDITORS’ REPORT

The observation made by the Auditors are self explanatory and do not require anyfurther clarifications. The Statutory Auditors have not reported any incident of fraud tothe Audit Committee of the Company in the year under review.

30. PARTICULARS OF EMPLOYEES

The information as per Section 197 read with Rule 5(1) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 is as under:

(i). The ratio of remuneration of each director to the median remuneration of theemployees of the employees of the Company for the financial year 2016-17:

S. No. Directors Ratio to median remuneration
Mr. Shankar Lal Agarwal NIL
1
Mr. Sourabh Agarwal 7.34:1
2
Mr. Alok Kumar Gupta NIL
3
NIL
4 Mr. Nitesh Gupta
Mrs. Manushree Agarwal NIL
5
NIL
6 Mr. Mukesh Joshi

(ii). There has been no percentage increase in the remuneration of any DirectorChief Financial Officer Chief Executive Officer and Company Secretary in the financialyear 2016-17.

(iii). There has been no percentage increase in the median remuneration ofemployees in the financial year 2016-17.

(iv). The total number of permanent employees on the rolls of the Company during thefinancial year was 259.

(v). There has been no average percentile increase in the salaries of employees andmanagerial personnel as well. The total remuneration to employees for the Financial Year2015-16 was Rs. 25597064.5/- as compared to Rs. 20649378/- in the Financial Year2015-16.

(vi). The Company affirms that remuneration given is as per the remuneration policy ofthe Company.

The information as per Section 197 read with Rule 5(2) of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 is attached herewith as AnnexureV.

However as per the provisions of Section 136 of the Act the Report and Accounts arebeing sent to all the members excluding the information on particulars of employees whichis available for inspection by the members at the Registered Office of the Company duringbusiness hours on working days of the Company up to the date of the ensuing Annual GeneralMeeting.

31. DISCLOSURE UNDER RULE 5 (2) & (3) OF THE COMPANIES (APPOINTMENT ANDREMUNERATION) RULES 2014

No Directors/employees of the Company was in receipt of amount exceeding a salary ofRs. 850000/- per month or more when employed for a part of the financial year and Rs.10200000/- per annum or more when employed for whole of the year under the provisionof Rule 5 (2) & (3) of The Companies(Appointment And Remuneration) Rules 2014 asamended from time to time.

32. HUMAN RESOURCES

The Company recognizes people as its most valuable asset and it has built an opentransparent and meritocratic culture to nature this asset. The company has kept a sharpfocus on Employee Engagement. The Company’s Human Resources is commensurate with thesize nature and operation of the Company. It looks at the employees entire life cycle toensure timely interventions and help build a long-lasting and fruitful career.

33. CORPORATE POLICY

We seek to promote and follow the highest level of ethical standards in our businesstransactions. The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015mandated the formulation of certain policies for all listed companies. All the policiesare available on the website of the Company.

The Policies are reviewed periodically by the Board and updated on the basis of needand new Compliance.

The Key Policies are as follows:

Name of the Policy Brief Description
Vigil Mechanism/Whistle Blower Policy This policy has been established with a view to provide a tool to Directors and Employees of the Company to report to Management genuine concerns including unethical behavior actual or suspected fraud or violation of the code or the policy. The Policy also provides for adequate safeguards against victimization of Director(s)/Employee(s) who avail of the mechanism and also provides for direct access to the chairman of the Audit Committee in exceptional cases.
Risk Management Policy This Policy represents the basic standards of Risk Assessment to be followed by the Company. Changes in the Policy will become effective upon approval by the Board of Directors of the Company. All relevant employees must be thoroughly familiar or made familiar with it and make use of the material contained in this Policy.
Remuneration Policy The Board has on the recommendation of Nomination and Remuneration Committee framed and adopted a policy for selection and appointment of Directors Key Managerial Personnel Senior Management and their remuneration.
Policy for determining materiality of event or Information The Objective of this policy is to outline the guidelines to be followed by the Company for consistent transparent and timely public disclosures of material information events/information and to ensure that such information is adequately disseminated to the stock Exchange(s) where the securities of the Company are listed in pursuance with the Regulations and to provide an overall governance framework for such determination of materiality.
Policy of Preservation of Records This policy sets the Standards for classifying managing and storing the records of the Company. The Purpose of this policy is to establish framework for effective records Management and the process for Subsequent archival of such records.
KYC and AML Policies This policy is made to prevent criminal elements from using Company for money laundering activities and to enable the Company to know/ understand its customers and their financial dealings better which in turn would help the Company to manage risks prudently

34. REPORT UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT 2013

The Board confirms that no complaints/ cases has been filed / pending with the Companyunder the Prevention of Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 during the financial year 2016-17.

35. DISCLOSURE ABOUT COST AUDIT

As per the Cost Audit Orders Cost Audit is not applicable to the Company's for the FY2016-17.

36. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The disclosure as per Rule 9 of the Companies (Corporate Social Responsibility Policy)Rules 2014 is not applicable as Company is not covered under the criteria mentioned inSection 135(1) of the Companies Act 2013.

37. EMPLOYEE STOCK OPTIONS DETAILS

During the year under review the Company has no Employee’s Stock Options schemes.

38. MANAGEMENT DISCUSSIONS AND ANALYSIS

The Management Discussion and Analysis forms part of this Annual Report for the yearended 31st March 2017 and is annexed as Annexure- VI of this AnnualReport for the reference of the stakeholders.

39. INTERNAL AUDIT & CONTROL

The Company’s internal control system is designed to ensure operationalefficiency protection and conservation of resources accuracy and promptness in financialreporting and compliance with laws and regulations. The internal control system issupported by an internal audit process for reviewing the adequacy and efficacy of theCompany’s internal controls including its systems and processes and compliance withregulations and procedures.

Further pursuant to Section 138 of the Companies Act 2013 and the Companies(Accounts) Rules 2014 Ms. Pratibha Jain of M/s. R.L. Vijayveergiya & Co. CharteredAccountants having ICAI Membership No. 417338 is the Internal auditor of the Company whois performing all the duties as required to performed by the Internal auditor under theCompanies Act 2013.

40. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

In view of the nature of the activities carried out by the Company Section 134(3)(m)of the Companies Act 2013 read with Companies (Accounts) Rules 2014 relating toconservation of energy and technology absorption are not applicable to the Company.During the year under review the Company had no earnings and expenditure in foreignexchange.

41. ACKNOWLEDGEMENT AND APPRECIATION

Yours Directors would like to express their grateful appreciation for assistance andcooperation received from the Banks Government Authorities Customers Vendors andMembers during the year under review. Your Directors also wish to place on record theirdeep sense of appreciation for the committed services of the Executives staff and workersof the Company at all levels.

By the order of the Board

For Kalyani Commercials Limited

Sd/- Sd/-
Sourabh Agarwal Shankar Lal Agarwal
(Whole Time Director) (Managing Director)
DIN: 02168346 DIN: 01341113
Address: AE- 166 Shalimar Bagh Address: AE-166 Shalimar Bagh
New Delhi- 110088 New Delhi- 110088
Date: 04.08.2017
Place: New Delhi