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Neo Infracon Ltd.

BSE: 514332 Sector: Infrastructure
NSE: N.A. ISIN Code: INE216I01017
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NSE 05:30 | 01 Jan Neo Infracon Ltd
OPEN 46.80
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VOLUME 100
52-Week high 49.30
52-Week low 32.50
P/E 161.38
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 46.80
CLOSE 46.80
VOLUME 100
52-Week high 49.30
52-Week low 32.50
P/E 161.38
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Neo Infracon Ltd. (NEOINFRACON) - Director Report

Company director report

Your Directors have pleasure in presenting their 34th Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March 31 2017.

Financial Summary or performance of the company :

(In Rs.)

STANDALONE

CONSOLIDATED

PARTICULARS YEAR ENDED 31.03.2017 YEAR ENDED 31.03.2016 YEAR ENDED 31.03.2017 YEAR ENDED 31.03.2016
Revenue from operations 30098400 33023456 55858400 63943456
Revenue from Other Income 3547968 1010096 2674083 1445595
Total Income 33646368 34033552 58532483 65389051
Profit before Financial Expenses Preliminary expenses Depreciation and Taxation 6508664 3575780 9959182 5298686
Less: Financial expenses 3844918 3512645 3606668 3606668
Operating profit before Preliminary expenses Depreciation & Taxation 2663746 63135 3576.311 1692018
Less: Depreciation & Preliminary expenses written off 18289 14231 1537617 758818
Profit before Taxation 2645457 48904 2038694 933200
Less : Provision for Taxation
Current Tax 1250000 600000 2355313 1372700
Short/(Excess) tax provision for earlier years (1179) 16480 (119451) 16480
Deferred Tax (1369) 6310 (144381) (47016)
Profit after Taxation 1398004 (573886) (52787) (408964)
Add: Balance brought forward 6561085 7134971 6726007 7134971
Profit available for appropriation 7959089 6561085 6673220 6726007

1. Review of Operations:

The performance of the company during the year was satisfactory. The company during theyear has posted a Turnover of Rs. 33646348 as against Rs. 34033552 during the previousyear. The Consolidated turnover of the Company was Rs. 58532483 as against Rs.65389051 in previous year.

The government of India is now paying considerable interest in policy liberalizationssimplification of approval process more tax benefit for home loan interest and othersbecause of that new hope has been pumped in this sector and it is expected that in futuremore such effort will help to rejuvenate this sector. As various new things are in line inthis sector and government vision of affordable housing to all it seems that real estatesector is going to perform well in future.

2. Dividend

Your directors propose not to declare dividend in financial year 2016-17 to keep profitfor future business opportunities your directors do not recommend any dividend for theyear.

3. Reserves

The Board of Directors of the Company has decided to transfer all current year profitearned by the Company in to reserve of the Company for consolidation of resources andbetter performance in the future.

4. Transfer to Reserve:

Your Company proposed to transfer all profit which is Rs.1398004/- to the GeneralReserve for the year under review

5. Matters Related To Directors And Key Managerial Personnel:

A. Composition of the Board:

The composition of the Board is in conformity with Company Act 2013 which inter aliastipulates that the Board should have an optimum combination of executive andnon-executive directors with at least one woman Director and at least 1/3 of the Boardshould consist of independent Directors. As on 31st March 2017 the Board comprised sixDirectors including one Woman and independent Directors. The board comprised six directorsincluding one woman independent director and two independent director.

B. Changes in Directors and Key Managerial Personnel:

During the year under review the Mr. Ankush Mehta retire by rotation but beingeligible for reappointment.

Above appointment has been done after recommendation of appointed person by theNomination and Remuneration Committee of the company and as per applicable qualificationper given in Companies Act 2013. Stock exchange has been intimated properly from time totime any such appointment and resignation.

The Company is controlled and managed by Mr. Naresh Keshrimal Mehta as ManagingDirector of the Company Mr. Dilipkumar Keshrimal Mehta as Director and Chief FinanceController of the Company and Mr. Ankush Nareshkumar Mehta as Director of the Company.

C. Director's attendance record and details of Directorships Positions held:

Name of Director Designation & Category of Directorship No. of Board Meeting attended
NARESH KESHRIMAL MEHTA Managing Director 5
ANKUSH NARESHKUMAR MEHTA Non-Executive Director 5
RAJEN BACHUBHAI MEHTA Non-Executive Independent Director 5
VARISHA RAMESH KANUNGO Non-Executive Independent Director 4
BOHMAN JAMSHED IRANI Non-Executive Independent Director 1
DILIP KESHRIMAL MEHTA Executive Director and Chief Financial Officer 5

Declaration by an Independent Director(s) and re- appointment

The company during the year under review has taken a declaration by an IndependentDirector(s) that he/they meet the criteria of independence as provided in sub-section (6)of Section 149 of the Companies Act 2013

The company has three Independent Director of its as a set of Practice Company used totake declaration of Independence from Independent Director in the first board meeting ofdirectors after their appointment and in every first board Meeting of the Financial Year.An independent director who has been appointed in last AGM shall hold office for a term upto five consecutive years on the Board of a Company but shall be eligible forreappointment for next five years on passing of a special resolution by the Company.

6. Board Evaluation:

Pursuant to the provisions of the Companies Act 2013 read with the Rules issued thereunder and pursuant of Regulation of Listing Obligation and Disclosure Requirement theBoard in consultation with Internal Auditor had carried out an annual performanceevaluation of its own performance the directors individually as well as the evaluation ofthe working of its Audit Committee and Nomination and Remuneration Committee. The Board ofDirectors expressed their satisfaction with the evaluation process.

7. Number of meetings of the Board of Directors:

During the year under review company have Five Board Meetings as on 30th May 2016;12th August 2016; 19th August 2016; 10th November 2016; 7th February 2017 and FourAudit committee meeting were convened and held the details of which are given in theCorporate Governance Report. The Intervening gap between the meetings was within theperiod prescribed under the companies act 2013.

A. Board Committees:

The Board of Directors has constituted three Committees viz. Audit CommitteeNomination and Remuneration Committee Stakeholders' Grievance Committee and Committee ofBoard of Directors. All decisions pertaining to the constitution of Committeesappointment of Members and fixing of terms of reference / role of the committees are takenby the Board of Directors. Detailed particulars relating to the above Committees have beenfurnished in Corporate Governance for the year ended 31 March 2017.

8. Remuneration Policy:

The Board has on the recommendation of the Nomination and Remuneration Committeeframed and adopted a policy for selection and appointment of Directors Senior Managementand their remuneration pursuant to the provisions of the Companies Act 2013. TheRemuneration Policy is stated in the Corporate Governance Report.

9. Deposits:

During the year under review your company has not accepted any deposit. Hence theprovision for disclosure of the information relating to deposit is not applicable oncompany for the financial Year under review.

10. 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 change and commitment affecting the financial position of the company haveoccurred between the end of the financial year (FY 17) of the company to which thefinancial statement related and the date of this Board Report.

11. Details of significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future:

No significant and material order passed by the any regulators or courts or tribunalsimpacting the going concern status and company's operation in future as the companybelieve in high compliance standard Hence the chances of any non compliances and anymishap is very less.

12. Subsidiary Companies and Consolidated Financial Statements:

The consolidated financial statements of the Company and its subsidiaries prepared inaccordance with applicable accounting standards issued by the Institute of CharteredAccountants of India forms part of this Annual Report. In terms of Section 136 of theCompanies Act 2013 ('the Act') financial statements of the subsidiary companies are notrequired to be sent to the members of the Company. The Company will provide a copy ofseparate annual accounts in respect of each of its subsidiary to any shareholder of theCompany if so desired and said annual accounts will also be kept open for inspection atthe Registered Office of the Company.

13. Directors' Responsibility Statement:

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofthe provisions of Section 134(3)C of the Companies Act 2013 that :

A. In the preparation of the annual financial statements for the year ended March 312017 the applicable accounting standards have been followed along with proper explanationrelating to material departures if any;

B. Such accounting policies as mentioned in the Notes to the financial statements havebeen selected and applied consistently and judgments and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as at March 31 2017 and of the Profit of the Company for the year ended on thatdate

C. Proper and sufficient care has been taken for maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

D. The annual financial statements have been prepared on a going concern basis;

E. Proper internal financial controls had been laid down and followed and that suchinternal financial controls are adequate and were operating effectively; and

F. Proper systems to ensure compliance with the provisions of all applicable laws werein places which were adequate and operating effectively.

14. Share Capital:

The Issued Subscribed and Paid Up equity share capital of the company as on March 312017 was Rs. 53068000. Each equity shares is fully paid up. During the year under reviewthe company has not issued shares with differential voting right nor granted stock optionnor sweat equity.

15. Extract of the annual return:

The Extract of Annual Return as provided under Section 92(3) of the Companies Act 2013and as prescribed in Form No. MGT-9 of the Companies (Management and Administration)Rules 2015 is annexed herewith as Annexure II and forms an integral part of this Report.

16. Conservation of energy technology absorption and foreign exchange earnings andoutgo:

The particulars as required under the provisions of Section 134(3) (m) of the CompaniesAct 2013 read with Rule 8 of the Companies (Accounts) Rules 2015 in respect ofconservation of energy and technology absorption have not been furnished considering thenature of activities undertaken by the Company during the year under review.

The details of foreign exchange earnings and outgo during the year under review are asbelow: As the company business is totally situated in within the national boundaries andno agreement for purchase or sale done with any foreign parties. Hence for the year underreview company has no foreign exchange earnings or expenses.

17. Corporate Social Responsibility:

During the year under review company has not exceeds any of the limit prescribed insection 135 Hence the company does not require to comply with provision Corporate SocialResponsibility nor required to make any provision of expenses for CSR activities given inSchedule VII of the Companies Act 2013.

18. Details of establishment of vigil mechanism for directors and employees :

The Company has a vigil mechanism named Whistle Blower Policy to deal with anyinstances of fraud and mismanagement in the Company. The details of the Whistle BlowerPolicy are explained in the Corporate Governance Report and also posted on the website ofthe Company. It is affirmed that no personnel of the Company has been denied access to theAudit Committee.

19. Nomination and Remuneration Committee:

The Nomination and Remuneration Committee is constituted in line with the regulatoryrequirements mandated by the Companies Act 2013. The details of the Committee and itsterms of reference are set out in the Corporate Governance Report forming part of theBoard's Report.

20. Particulars of loans guarantees or investments under section 186:

During the year under review the company has provided Short Term Loan to its WhollyOwned Subsidiary of Rs. 25079836 as investment is made to Wholly Owned Subsidiary hencesection 186(3) is not applicable to such loan and advances. Except this loan company hasnot provided any short or long term loan and advances Guarantee or securities or madeinvestment in any body corporate or any other person as defined in section 186 ofCompanies Act 2013.

21. Particulars of contracts or arrangements with related parties:

All related party transactions that were entered into during the financial year were onan arm's length basis and were in the ordinary course of business and the provisions ofthe Companies Act 2013 Rules made there under are not attracted. As a matter of goodcorporate disclosure practice by the company Form AOC 2 is given in Annexure I There areno materially significant related party transactions made by the Company with PromotersDirectors Key Managerial Personnel or other designated persons which may have a potentialconflict with the interest of the Company at large.

All Related Party Transactions are placed before the Audit Committee and also the Boardfor approval. Prior omnibus approval of the Audit Committee is obtained on a quarterlybasis for transactions which are of foreseen and repetitive nature. The transactionsentered into pursuant to omnibus approval so granted are audited and a statement givingdetails of all related party transactions is placed before the Audit Committee and theBoard of Directors for their approval on a quarterly basis.

Details of transactions with Related Parties are given in the notes to the FinancialStatements.

The policy on Related Party Transactions as approved by the Board is uploaded on thewebsite of the Company.

None of the Directors has any pecuniary relationships or transactions vis-a-vis theCompany.

22. Particulars of Employees:

The information required pursuant to Section 197 of the Companies Act 2013 ('the Act')read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2015 in respect of employees of the Company will be provided upon request. Interms of Section 136 of the Act the Report and Accounts are being sent to the Members andothers entitled thereto excluding the information on employees' particulars which isavailable 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. If any Member is interested in obtaining a copy thereof such Member may write tothe Company Secretary in this regard.

None of the employees listed in the said Annexure is related to any Director of theCompany. None of the employees hold (by himself or along with his / her spouse anddependent children) more than 2% of the equity shares of the Company.

23. Statutory Auditors:

The company auditor M/S. D. Kothary & Co. Chartered Accountants has been appointedas a company statutory auditor for five Annual General Meeting at last year subject toratification of member at each AGM.

Pursuant to the provision of section 139 to 143 of the Companies Act 2013 read withthe rules of the Companies (Audit and Auditors) Rules 2016 The Audit Committee and theBoard have recommended their ratification of the Auditor for upcoming Annual GeneralMeeting of the company as such remuneration plus service tax out of pocket expensestraveling expenses as may be mutually agreed between the Board of Director of the Company.

24. Auditors' Report:

Pursuant to the provisions of Section 139 to 143 of the Companies Act 2013 and theCompanies (Audit and Auditor) Rules 2015 the Board of Directors had appointed M/S. D.Kothary & Co. Charted Accountants to undertake the Statutory Audit of the Company forthe financial year 2016-2017. The Report of the Statutory Auditor is annexed herewith inAnnual Report and forms an integral part of this Report.

There are no qualifications reservations or adverse remarks or disclaimers made by theStatutory Auditor in his Statutory Audit Report.

25. Secretarial Audit Report:

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2015 the Board of Directorshad appointed M/s. Paresh D Pandya & Associates Company Secretaries in Practice toundertake the Secretarial Audit of the Company for the financial year 2016-2017. TheReport of the Secretarial Auditor is annexed herewith as Annexure III and forms anintegral part of this Report.

There are no qualifications reservations or adverse remarks or disclaimers made by theSecretarial Auditor in his Secretarial Audit Report.

26. Details in respect of adequacy of internal financial controls with reference to theFinancial Statements:

The company has an adequate Internal Control System Commensurate with the size scaleand complexity of its operations. The scope of the Internal Audit (IA) function outsourcesto M/S. Chaturvedi & Patel Chartered Accountants as of current is well defined in theengagement letter of the internal auditor duly approved by the audit committee. Tomaintain its objectivity and Independence the Internal Auditor report to the AuditCommittee.

The Internal Auditor evaluates the adequacy of the internal control system in thecompany on the basis of statement of operation procedure instruction manuals accountingpolicy and procedure.

27. Audit Committee:

During the year under Review Company have Four Audit Committee Meetings as on 30th May2016; 12th August 2016; 10th November 2016; 7th February 2017 The Audit Committee isconstituted in line with the regulatory requirements mandated by the Companies Act 2013.More than half of member of Audit committee is Independent Director. The Audit Committeehas Independent Director as a Chairman.

The Audit Committee shall mandatorily review the following information:

(1) Management discussion and analysis of financial condition and results ofoperations;

(2) Statement of significant related party transactions (as defined by the auditcommittee) submitted by management;

(3) Management letters / letters of internal control weaknesses issued by the statutoryauditors;

(4) Internal audit reports relating to internal control weaknesses; and

(5) The appointment removal and terms of remuneration of the chief internal auditorshall be subject to review by the audit committee.

(6) Statement of deviations:

(a) Quarterly statement of deviation(s) including report of monitoring agency ifapplicable submitted to stock exchange.

(b) Annual statement of funds utilized for purposes other than those stated in theoffer document/prospectus/notice.

Director's attendance record of Audit committee

Sr. No. Name of Director Designation & Category of Directorship No. of Audit Committee Meeting entitled to attended No. of Audit Committee Meeting attended
1 Mr. Rajen Mehta Non-Executive Independent Director 4 4
2 Mr. Ankush Mehta Non-Executive Director 4 4
3 Mr. Bohman Irani Non-Executive Independent Director 3 3

28. Nomination and Remuneration Committee:

The Nomination and Remuneration Committee is constituted in line with the regulatoryrequirements mandated by the Companies Act 2013. Following is the role and responsibilityof Nomination and Remuneration Committee.

(1) formulation of the criteria for determining qualifications positive attributes andindependence of a director and recommend to the board of directors a policy relating tothe remuneration of the directors key managerial personnel and other employees;

(2) Formulation of criteria for evaluation of performance of independent directors andthe board of directors;

(3) Devising a policy on diversity of board of directors;

(4) Identifying persons who are qualified to become directors and who may be appointedin senior management in accordance with the criteria laid down and recommend to the boardof directors their appointment and removal;

(5) Whether to extend or continue the term of appointment of the independent directoron the basis of the report of performance evaluation of independent directors;

Director's attendance record of Nomination and Remuneration Committee:

Sr. No. Name of Director Designation & Category of Directorship No. of Nomination and Remuneration Committee Meeting entitled to attended No. of Nomination and Remuneration Committee Meeting attended
1 Mr. Rajen Mehta Non-Executive Independent Director 1 1
2 Mr. Ankush Mehta Non-Executive Director 1 1
3 Ms. Varisha Kanungo Non-Executive Independent Director 1 1

* Resigned from the company A. Stakeholders Relationship Committee:

The Nomination and Remuneration Committee is constituted in line with the regulatoryrequirements mandated by the Companies Act 2013. The Committee considers and resolves thegrievances of the security holders of the listed entity including complaints related totransfer of shares non-receipt of annual report and non-receipt of declared dividends.

Director's attendance record of Stakeholder Relationship Committee:

Sr. No. Name of Director Designation & Category of Directorship No. of Stakeholder Relationship Committee Meeting entitled attended No. of Stakeholder Relationship Committee Meeting attended
1 Mr. Rajen Mehta Non-Executive Independent Director 4 4
2 Mr. Ankush Mehta Non-Executive Director 4 4
3 Mr. Dilip Mehta Executive Director 4 4

29. Vigil Mechanism:

Vigil Mechanism policy has been introduced by the Board on the framework for reportinginstances of unethical/improper conduct and action for suitable steps to investigate andcorrect the same. The Whistle blower policy which is under the ambit of Vigil Mechanism isan extension of the Company's Code of Conduct through which the Company seeks to provide amechanism for its employees Directors vendors or customers to disclose any unethical and/ or improper practice(s) taking place in the Company for appropriate action andreporting. Through this policy the Company provides the necessary safeguards to allWhistle Blowers for making in good faith.

30. Disclosure under The Sexual Harassment Of Women At Workplace (PreventionProhibition And Redressal) Act 2013:

Your Company has in place a Policy on Prevention Prohibition and Redressal of SexualHarassment at Workplace in line with the requirements of The Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013. The policy has set guidelineson the redressal and enquiry process that is to be followed by the complainants. Whiledealing with issues related to sexual harassment at the workplace towards any womenemployee's secrecy will be maintained and no women employee will be subjected to any kindof harassment and other mean of in-convinces for raising and issue or pointing outunethical behavior. All women employees (permanent temporary contractual and trainees)are covered under this policy. All employees are treated with dignity with a view tomaintain an environment free of sexual harassment whether physical verbal orpsychological.

It is further reported that no women employee during the year under review has approachthe management for having a sexual harassment complaint.

31. Risk management policy:

As a company during the year under review has pursuant to the requirement of regulationof the Listing Obligation and Disclosure Requirement has constituted a Risk ManagementPolicy. The details of the Policy are updated on company website and managerial employeeof the company is properly informed about their role and responsibility as per this policyeven they has been provide a formal training of how to identify the risk actions need tobe taken to mitigate the risk risk avoidance technique etc.

32. Policy for determining Materiality:

In pursuance of Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the company has adopted this policy for determination ofmateriality based on the criteria mentioned in the said regulation ("MaterialInformation") and that the information has been and is being promptly forwarded tothe Stock Exchange.

33. Policy on Preservation of Documents:

In terms of Regulation 9 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 ("Listing Regulations") the Board has adopted this Policy forPreservation of Documents as required under applicable regulations adhering to thefollowing mandatory provisions.

To determine preservation period for records/documents based on their reference valueand legal requirements. The following aspects are considered while arriving at thepreservation period:

1. Company's own information retrieval needs (reference value)

2. Statutory requirements under respective statutes.

3. Litigation requirements

4. To ensure easy retrieval.

5. To ensure that unwanted records do not occupy storage space.

34. Policy for determining Materiality:

In pursuance of Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the company has adopted this policy for determination ofmateriality based on the criteria mentioned in the said regulation ("MaterialInformation") and that the information has been and is being promptly forwarded tothe Stock Exchange.

35. Regulation 30(5)-Disclosure of events or information:

One or more Key Management Personnel would be authorized for the purpose of makingdisclosures to the Stock Exchanges under this Regulation and the contact details of suchpersonnel shall be also disclosed to the stock exchange as well as on the website of theCompany.

36. Archival Policy:

This Policy is framed in compliance of The Securities Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 ("LODR Regulations")notification dated September 2 2015 and other circulars as may be specified in thisregard.

37. Listing on Stock Exchanges:

Pursuant to the Reg. 109 - SEBI (ICDR) Regulation - 2009 (amendment) and SEBI (ListingObligations and Disclosure Requirements) Regulations - 2015 which were notified onSeptember 2 2015 with the objective of bringing the framework governing the regime oflisted entities in line with the Companies Act 2013 and as per LODR 2015 a new ListingObligation and Disclosure Requirement was executed with BSE Limited. The Annual ListingFee for the Financial Year 2017-18 has been duly paid within the stipulated time to BSELimited.

38. Separate Meeting of Independent Directors:

During the year under review the Independent Directors had in accordance with theprovisions of Schedule IV (Code for Independent Directors) of the Companies Act 2013 andRegulation 17 of the SEBI (LODR) met separately and discussed and reviewed inter-aliathe performance of Non-Independent Directors and the Board as a whole after taking intoconsideration the views of Executive and Non-Executive Directors.

They also assessed the quality quantity and timeliness of flow of information betweenthe Company's Management and the Board that are necessary for the Board to effectively andreasonably perform its duties. All the Independent Directors were present at the Meeting.

39. Corporate Governance Certificate:

As per Regulation 15 of Listing Obligation and Disclosure requirement all company who'spaid up capital is less than Ten Crore or Net worth less than Twenty-Five Crore are notrequired to compile Corporate Governance regulations. As the company paid up Capital isless than Ten Crore hence company is exempted from such compliance and it does not need tofurnish Corporate Governance Certificate as required.

40. Internal Financial Report:

The Board has adopted policies and procedures for efficient conduct of business. TheAudit Committee evaluates the efficacy and adequacy of financial control system in theCompany its compliance with operating systems accounting procedures and policies at alllocations of the Company and strives to maintain the Standard in Internal FinancialControl.

41. Personnel:

The industrial relations continued to be cordial at all levels throughout the year.Your Directors wish to thank all the Employees and Workmen of the Company for theircontribution support and continued cooperation throughout the year.

42. Acknowledgements:

]Your Directors would like to express their appreciation for the co-operation andassistance received from the Government authorities bankers financial institutionsvendors customers and shareholders during the year under review.

For and on behalf of the Board of Directors
Place: Mumbai Naresh K. Mehta Dilip K. Mehta
Date: 30th May 2017 (Managing Director) (Director & CFO)