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Sanghi Industries Ltd.

BSE: 526521 Sector: Industrials
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OPEN 81.95
VOLUME 12574
52-Week high 144.00
52-Week low 72.80
P/E 21.63
Mkt Cap.(Rs cr) 2,019
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 81.95
CLOSE 81.95
VOLUME 12574
52-Week high 144.00
52-Week low 72.80
P/E 21.63
Mkt Cap.(Rs cr) 2,019
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sanghi Industries Ltd. (SANGHIIND) - Director Report

Company director report


The Members of Sanghi Industries Limited

Your Directors take pleasure in presenting the 31st Annual Report togetherwith the audited financial statements for the year ended 31st March2018.

Financial Performance:

(Rs. in Crore)

Particulars 2017-2018 2016-2017
Total Income 1074.03 1104.26
Profit before Interest Depreciation and Taxation 237.81 200.43
Interest 72.12 64.23
Operating Profit 165.69 136.20
Depreciation 72.38 73.06
Profit Before Tax (PBT) 93.31 63.14
(Add) / Less : Provision for Tax - -
Profit After Tax (PAT) 93.31 63.14
Other Comprehensive Income 0.05 (0.17)
Total Comprehensive Income 93.36 62.97


In order to conserve the resources your Directors do not recommend any dividend forthe year under review.

Dividend Distribution Policy

Securities and Exchange Board of India (‘SEBI') has vide notification dated 8thJuly 2016 amended the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 by introducing new Regulation 43A which requires the top 500 listedcompanies (based on the market capitalization calculated as on 31st March ofevery year) to formulate a Dividend Distribution Policy and disclose the same on theirwebsites and in the Annual Reports.

The Company's market capitalization as on 31st March 2018 is Rs. 2965.57Crore as per closing price of Rs. 118.15 at NSE and the Company falls under the list oftop 500 listed companies as per the market capitalization as on 31st March2018 it has formulated the Dividend Distribution Policy which is uploaded on theCompany's website at policies

Transfer To Reserves

During the year under review the company has transferred Rs. 0.88 Crores to DebentureRedemption Reserve.

Operations and Performance of the Company

During the year ended 31st March 2018 the total revenue was Rs. 1074.03Crores against Rs. 1104.26 Crores in the previous year. The Profit Before and after Taxfor the year has been Rs. 93.31 Crores against Rs. 63.14 Crores in previous year. TheTotal Comprehensive Income for the year is Rs. 93.36 Crores against Rs. 62.97 Crores inprevious year. Goods and Service Tax (GST) has been implemented w.e.f. 1st July2017. Accordingly GST is being levied as against Excise duty applicable hitherto. Sinceexcise duty is included in the revenue and GST is not included in revenue total revenuefor the year ended 31st March 2018 are not comparable with the previous year.

The results are analysed at length in Management Discussion and Analysis report.

Raising of Funds through Qualified Institutional Placement (QIP)

During the year under review Company has issued 31021000 Equity Shares of Rs. 10/-each at an issue price of Rs. 129/- each (including premium of Rs. 119/- each) toQualified Institutional Buyers (QIB). The amount raised through QIP was Rs. 400.17 Crores.Pursuant to allotment of equity shares in the QIP the paid up share capital of theCompany stands increased to Rs. 251 Crores (comprising of 251000000 equity shares ofRs. 10/- each) as on 31st March 2018.

Issue of Non-Convertible Debentures (NCDs) on Private Placement Basis and earlyRedemption of existing NCDs

During the year under review Company has issued 2560 Secured Listed RatedRedeemable Non-Convertible Debentures ("NCDs") of face value of Rs. 1000000/-each aggregating to Rs. 2560000000/- (Rupees Two Hundred Fifty Six Crores Only) onPrivate Placement basis with a fixed coupon rate of 10.50% listed on ‘Wholesale DebtMarket' Segment of BSE Limited. The proceeds of above NCDs have been utilised for earlyredemption of existing 2564829 Secured Unlisted Redeemable Non-Convertible Debenturesof Rs. 1000/- each aggregating to Rs. 2564829000/- (Rupees Two Hundred Fifty Six CroreForty Eight Lacs Twenty Nine Thousand Only) which were issued in the month of March 2016with a tenure of Five years on private placement basis having fixed coupon rate of 15.50%.Consequent to above as on date there are 2560 outstanding Non-Convertible Debentures ofthe Company aggregating to

Rs. 256 Crores which were issued on 7th March 2018.

Change in Nature of Business

There are no material changes in the nature of business during the year under review.

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 andthe date of this report.

Significant and material orders passed by the Regulators or Courts or Tribunals

During the year under review there were no significant or material order passed by anyregulatory authority court or tribunal which shall affect the going concern status of theCompany's operations in future.

Management Discussion and Analysis

A report on Management Discussion and Analysis (MDA) which forms part of this Reportinter-alia deals adequately with the operations and also current and future outlook of theCompany.


The Company has not accepted or renewed any deposits from public falling within thepurview of Section 73 of Companies Act 2013 and the Companies (Acceptance of Deposits)Rules 2014.

Particulars of loans guarantees or investments under Section 186 of the Companies Act2013

The Company has not made any Loans or provided any guarantee or made any investmentsfalling under purview of Section 186 of the Companies Act 2013 during the financial year2017-18.

Subsidiary Company

The Company has incorporated a Wholly owned Subsidiary Company "Sange TestingService (Sanghai) Co. Ltd.' at Shanghai China. However the company has not invested anyfunds in the said subsidiary company and the said subsidiary company has also not startedany operations hence the company is not required to provide details of subsidiarycompany under prescribed Form AOC – 1.

Corporate Governance Report

In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 aReport on Corporate Governance is attached as Annexure I forming part of thisreport along with the certificate from auditors confirming the compliance.

Details of Board of Directors and Key Managerial Personnel Board of Directors

In accordance with the provisions of Section 152 of the Companies Act 2013 and theRules framed thereunder Shri Alok Sanghi (holding DIN: 00033506) whole -time Director ofthe Company retires by rotation at the forthcoming Annual General Meeting and he beingeligible offers himself for re-appointment.

Shri Nirubha B. Gohil (DIN 05149953) has been re-appointed as Whole-time Director ofthe Company for the period of three years w.e.f. 22nd December 2017 for which necessaryapproval has been obtained from the members at the Extra-ordinary General Meeting held on3rd March 2018.

In accordance with the provisions of Section 149 161 and other applicable provisionsthe Companies Act 2013 and the Rules framed thereunder Shri Sundaram Balasubramanian(DIN: 02849971) has been appointed as an Additional Director in the category ofNon-Executive Independent Director of the Company with effect from 9thNovember 2017 to hold the office till the conclusion of forthcoming Annual Generalmeeting. The resolution proposing regularization of his appointment is set out in theNotice convening the Annual General Meeting. Your Directors recommend theirappointment/regularization of appointment.

During the year under review Shri T. M. Jagan Mohan (DIN: 00423263) has resigned asIndependent Director of the company with effect from 14th December 2017 due topre-occupation.

Key Managerial Personnel

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of theCompanies Act 2013 are as follows:

1. Shri Ravi Sanghi Chairman and Managing Director

2. Smt. Bina Engineer Chief Financial Officer and Whole Time Director

3. Shri Anil Agrawal Company Secretary

There were no changes in Key Managerial Personnel during the year.

Declaration by Independent Directors

Pursuant to the provisions of Section 134 of the Companies Act 2013 with respect tothe declaration given by the Independent Directors of the Company under Section 149(6) ofthe Companies Act 2013 the Board hereby confirms that all the Independent Directors havegiven declarations and further confirms that they meet the criteria of Independence as perthe provisions of Section 149(6).

Policy on Directors' appointment and remuneration

Pursuant to the requirements of Section 134 and 178 of the Companies Act 2013 thepolicy on appointment of Board Members and policy on remuneration of the Directors KMPsand Senior Management is attached as Annexure II to this report.

Performance evaluation of the Board Committees and Independent Directors

Pursuant to the provisions of the Companies Act 2013 and Rules made thereunder readwith the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 theBoard has carried the evaluation of its own performance individual Directors itsCommittees including the Chairman of the Board on the basis of attendance contributionand various criteria as recommended by the Nomination and Remuneration Committee of theCompany. The evaluation of the working of the Board its committees experience andexpertise performance of specific duties and obligations etc were carried out. TheDirectors expressed their satisfaction with the evaluation process and outcome.

The performance of each of the non-independent directors (including the Chairman) wasalso evaluated by the Independent Directors at the separate meeting held of IndependentDirectors of the Company.

Directors' Responsibility Statement

To the best of their knowledge and belief and according to the information andexplanations obtained by them and pursuant to the provisions of Section 134(5) of theCompanies Act 2013 with respect to the Directors' Responsibility Statement yourDirectors confirm that: a) in the preparation of the annual financial statement theapplicable accounting standards had been followed and that no material departures havebeen made for the same; b) they had selected such appropriate accounting policies andapplied them consistently and made judgments and estimates that were reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at theend of the financial year on 31st March 2018 and of the profit of the Companyfor the year under review; c) they had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; d) they had prepared the accounts for the yearended 31st March 2018 on a ‘going concern' basis; e) they had laid downinternal financial controls to be followed by the Company and that such internal financialcontrols are adequate and operating effectively; and f) they had devised proper systems toensure compliance with the provisions of all applicable laws and that such systems wereadequate and operating effectively.

Number of Board Meetings

During the year under review the Board of Directors duly met Five (5) times. Thedetails of the Board Meetings are provided in the Corporate Governance Report which isannexed to the Report. The intervening gap between the two meetings was within the limitprescribed under the Companies Act 2013 and Listing Regulations.

Disclosure on the compliance of Secretarial Standards:

The Directors confirm to the best of their knowledge and belief that the Company hascomplied with the applicable provisions of Secretarial Standards on the Meeting of theBoard of Directors issued by the Institute of Company Secretaries of India.

Risk Management Policy

Your company has developed and implemented a Risk Management Policy pursuant to Section134(3)(n) of the Companies Act 2013 read with Companies (Accounts) Rules 2014 whichincludes identification of elements of risk if any which in the opinion of the Boardmay threaten the existence of the Company.

The risk management process is designed to safeguard the organization from variousrisks through adequate and timely action. It is designed to anticipate evaluate andmitigate risks in order to minimise its impact on the business. The risk managementframework of the Company is appropriate compared to the size of the Company and theenvironment under which the Company operates.

At present in the opinion of the Board there is no identification of risk element thatmay threaten the existence of the Company.

Vigil Mechanism

In accordance with the provisions of Section 177(9) of the Companies Act 2013 and therules made thereunder read with the Regulation 22 of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 your company has established a vigil mechanismtermed as Whistle Blower Policy for Directors and employees to report the unethicalbehavior malpractices wrongful conduct frauds violations of the Company's Code ofConduct which also provides for adequate safeguards against victimization of director(s)/ employees who avail of the mechanism and also provide for direct access to the WhistleOfficer / Chairman of the Audit Committee.

The Whistle Blower Policy is made available on the website of the Company

Policy on prevention prohibition and redressal of sexual harassment at workplace

Company has framed a policy on Sexual Harassment at workplace which aims to provideprotection to women employees at workplace and prevent and redress complaints of sexualharassment and for matters connected therewith or incidental thereto with the objectiveof providing a safe working environment where employees feel secure.

The Company has not received any complaint under the Sexual Harassment of women atWorkplace during the financial year under review.


The properties and assets of the Company are adequately insured.


Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies Act 2013 and the rulesframed thereunder M/s. Chaturvedi

& Shah Chartered Accountants (Firm Registration Number: 101720W) Mumbai and M/s.S. K. Mehta & Co. Chartered Accountants (Firm Registration Number: 000478N) Delhiwere appointed as Joint Statutory Auditors of the Company for the consecutive term of 5years to hold office till the conclusion of 35th Annual General Meeting of theCompany subject to ratification of appointment at every Annual General Meeting at suchremuneration as shall be fixed by Shri Ravi Sanghi Chairman and Managing Director of theCompany in consultation with the Joint Statutory Auditors.

Members are requested to consider the ratification of appointment of M/s. Chaturvedi& Shah and M/s. S. K. Mehta & Co. Both the auditors have submitted a certificateconfirming that their appointment if ratified will be in accordance with Section 139read with Section 141 of the Companies Act 2013.

Accordingly a resolution for ratification of appointment of Joint Statutory Auditorsis proposed. The Board recommends passing of proposed resolution.

Secretarial Auditors

M/s. Parikh Dave & Associates Practicing Company Secretaries were appointed asSecretarial Auditors of the Company for the financial year 2017-18 pursuant to theprovisions of Section 204 of the Companies Act 2013. The Secretarial Audit Reportsubmitted by them in prescribed form MR-3 is attached as Annexure III to thisReport.

Cost Auditors

The Company has appointed M/s. N. D. Birla & Co. Cost Accountants Ahmedabad ascost auditor of the Company for audit of cost accounting records for the year 2018-19. TheAudit report of the cost accounts of the Company for the year ended 31st March2018 will be submitted to the Central Government in due course.

Audit Committee

During the year under review Company has reconstituted the Audit Committee. The AuditCommittee of the Company as on 31st March 2018 consists of following Directorsas its members:

1. Shri Sadashiv Sawrikar - Chairman
2. Shri R. K. Pandey - Member
3. Shri D. K. Kambale - Member

Internal Financial Control and their adequacy

The Company has adopted internal control system considering the nature of its businessand the size and complexity of operations. The Board has adopted the policies andprocedures for ensuring the orderly and efficient conduct of its business includingadherence to the Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial disclosures etc. systems and proceduresare periodically reviewed to keep pace with the growing size and complexity of yourcompany's operations.

Contracts or Agreements with Related Parties

During the year under review there were no Related Party Transactions entered by thecompany with related parties falling under Section 188 of the Companies Act 2013 hencereporting in Form AOC-2 as required under provisions of Section 134 read with Section 188of the Companies Act 2013 and Rule8(2) of the Companies (Accounts) Rules 2014 is notapplicable to the Company.

Necessary related party disclosures are provided in Note 34 which is forming the partof the notes to financial statements. The policy on Related Party Transactions has beenuploaded on the website i.e Particulars ofemployees

The information required under Section 197 of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014is attached as Annexure IV to this report.

The statement containing particulars of employees as required under section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 will be provided upon request. In terms of Section 136of the Companies Act 2013 the Report and accounts are being sent to the members andothers entitled thereto excluding the information on employees particulars which isavailable for inspection by members at the Registered office of the Company duringbusiness hours on working days of the Company. If any member is interested in obtaining acopy thereof such member may write to the Company Secretary in this regard.

Corporate Social Responsibility

At Sanghi Industries Limited (SIL) the Corporate Social Responsibility (CSR) has beenan integral part of the way we have been doing our business since inception. SIL is having4.1 million tonnes per annum capacity cement plant in the Abdasa taluka of Kutch districtin Gujarat. Right from the beginning SIL has focused on developing the socialinfrastructure in the surrounding area where most villages suffered from chronic ills likelimited livelihood options acute scarcity of water poor or no healthcare facilitiesbarren land and no set up for education.

SIL has always believed in transformation of socio-economic conditions of the region itoperates in. The company is conscious about the responsibility towards society and hasproved itself as a responsible Corporate Citizen.

SIL enjoys the distinction of being one of the first cement companies in India to beawarded SA:8000:2008 i.e. Social Accountability Certificate for its plant for the lastseven years (earlier SA:8000:2001). Social Accounting is a process of ongoing monitoringevaluation and accountability which helps an organization to measure its performanceagainst social environmental and economic objectives and ensures that its working is inaccordance with its values.

This certification is a result of the sincere and untiring efforts put in by themanagement for fulfilling its Corporate Social Responsibility in to over the last decadefor:

Creating green revolution in the desert Kutch region by cultivating land for growingtrees fruits vegetables and flowers.

Providing educational facilities through a CBSE affiliated School;

Providing hospitals and first aid facilities within few hundred kilometers; and

Conducting social awareness programmes on various issues

The company has constituted the Corporate Social Responsibility Committee in compliancewith the provisions of section 135 of the Companies Act 2013 read with the Companies(Corporate Social Responsibility Policy) Rules 2014. The Corporate Social Responsibilitypolicy enumerating the CSR Activities to be undertaken by the Company in accordance withthe Schedule VII of the Companies Act 2013 approved and adopted by the Board of Directorsis also placed on the website of the Company Therequisite details on CSR Activities pursuant to Section 135 of the Companies Act 2013 andrules framed thereunder are annexed as Annexure V to this report.

The details relating to the Composition of committee and meetings convened of theCommittee etc. are furnished in the Corporate Governance Report which is forming the partof this report.

Business Responsibility Statement

AsperRegulation34(2)(f)ofSEBI(ListingObligationsandDisclosureRequirements)Regulations2015andanyamendmentthereoffor the time-to-time top 500 listed companies are required to submit as part of AnnualReport Business Responsibility Report describing the initiatives taken by them from theenvironmental social and governance perspective in the format prescribed bySEBI.Asthecompanyfallsunderthelistoftop500companiesasperthemarketcapitalizationason31stMarch2018itisapplicabletoyourcompany.TheBusinessResponsibilityReportoftheCompanyfortheyearended31stMarch2018isannexedtothisreportas

Annexure VI. extract of the Annual Return

Extract of the Annual Return as on 31st March 2018 in the prescribed formMGT-9 pursuant to provisions of Section 92(3) of the Companies Act 2013 and theCompanies (Management and Administration) Rules 2014 is annexed to this report as

Annexure VII.

Familiarization Programme for Independent Directors

In compliance with the requirements of SEBI regulations the Company has put in place afamiliarization programme for Independent Directors to familiarize them with their rolerights and responsibilities as directors the working of the Company nature of industryin which company operates business model etc. The details of familiarization programmeare explained in the Corporate Governance Report. The details of the familiarizationprogramme of Independent Directors of the Company is available on the website of theCompany at the following link:


The Company's equity shares are listed with the Stock Exchanges namely National StockExchange of India Limited (NSE) and BSE Limited (BSE). The Non-Convertible Debentures(NCDs) of the Company issued on private placement basis during the year under review arelisted on ‘Wholesale Debt Market' segment of BSE Limited. The Company has paid thelisting fees for the year 2018-19 to both the Stock Exchanges. environment AndPollution Control

The Company has established centralized Environmental team for environment managementand vigorously pursued its goal of sustainable development through exacting standard inenvironmental conservation emission control promotion of alternative fuel & rawmaterials and waste management. The company has certified with ISO:14001 standard since2004. The company has installed state of the art air pollution control systems like ESPBag house with membrane technology Fugitive emission control systems like dust extraction& dust suppression system in all required locations. The Company has installed stateof the art Clinker storage and loading system. The mining activities are being carried outby eco-friendly surface miner. The Company has concreting of internal roads truck parkingarea and plant floors.

The Company has implemented series of measures for environment and pollution control.Some of the measures implemented during the year are:

Commissioning of 13.5 MW waste heat recovery system;

Utilization of pond Ash in raw mix - 1st in Indian Cement sector since lastthree years;

Up-gradation of air pollution control systems of Raw mill and coal mills to latesttechnology;

Development of new composite cement mix and enhancement of ash utilization in blendedcement;

Implementation of carbon footprint analysis for greenhouse gas emission reduction; and

Massive plantation in the entire complex.

Conservation of energy Technology Absorption and Foreign exchange earnings and Outgo

(a) Conservation of energy
(i) the steps taken or impact on conservation of energy Up-gradation of Raw Mill Classifier to improve energy efficiency and product quality; Up-gradation to Coal Mills Classifier to improve energy efficiency and product quality;
Modification in Kiln inlet seal to reduced specific heat consumption;
Up-gradation of cement mill 2 circuit to improve productivity and energy efficiency;
Continuous process optimization & reduction in false air ingress;
Up-gradation of cooler ESP fields to reduce pressure drop;
Higher usage of alternative fuel in Kiln;
Conducted energy audit and implemented the energy conservation action plan;
Adaption of best practices and processes of the sector; and
Replacement of conventional lighting system with LED lighting system in Plant &
(ii) the steps taken by the company for utilizing alternate sources of energy Installed automated Alternative Fuel & Raw Material (AFR) system in Clinker plant for utilizing waste like Oil Coal Tar Plastics Oily cotton waste ETP sludge Paint sludge etc. generated by other industries as an alternative fuel in Kiln.
Increase thermal substitution rate year on year and achieved 8% TSR during the year.
Commissioning of 13.5 MW Waste Heat Recovery System for power generation.
iii) the capital investment on energy conservation equipments Rs. 1238 Lakhs
(b) Technology absorption
(i) the efforts made towards technology absorption The MIS Cell & Energy Steering Committee is working on energy accounting and conservation program by handling issues associated with it.
The Company strives to implement latest technologies for energy efficiency alternative resources & minimize adverse impact on environment.
The regular energy audit is carried out by the third party to identify the area for improvement.
(ii) the benefits derived like product improvement cost reduction product development or import substitution Product improvement cost reduction product development & import substitution
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year:- State of the art technology
a) the details of NA
technology imported
b) the year of import NA
c) whether the technology been fully absorbed NA
d) if not fully absorbed areas where absorption has not taken place and the reasons thereof NA
(c) Research and Development
(i) Specific areas in which R&D New Product / Process Developed.
carried out by the Company Improvement in existing production process(s).
Energy conservation.
Pollution control.
Alternative fuel and raw material.
Water conservation
(ii) Benefits derived as result of the above R&D Enhancement in cooler recuperation and cooling efficiency Enhancement in TSR (Thermal Substitution Rate) through increased AFR (Alternative Fuel Raw Material).
Development of various types of composite cement which is Eco-friendly.
Up-gradation of Coal Mills classifier to improve thermal efficiency. Kiln inlet seal modification for reduction of false air ingress to reduce energy consumption.
Reduction in overall % of Specific Limestone Consumption
Improve conversion factor from raw meal to clinker
Reduction in specific water consumption
(iii) Future Plan of Action Improvement in cement properties by utilizing nano particles technology.
Enhancement in product quality through computational fluid dynamic analysis.
Design of experiment in testing analysis.
New product development for specific usage i.e. Sleeper Cement and Limestone Calcined Clay Cement.


(iv) Expenditure on R&D ( Rs. In Lakhs)
2017-18 2016-17
Capital 50.87 128.48
Recurring 158.25 129.90
Total R& D Expenditure 209.12 258.38

Foreign exchange earnings and Outgo

During the year under review Foreign Exchange earnings was Rs. 4968.40 Lacs and outgowas Rs. 1630.49 Lacs .

International Accreditations

Your Company is amongst the very few corporates in India and certainly one of the firstcement plants in India to receive the following 5 International accreditation.

ISO 9001:2008 (Quality Management System Standard)

ISO 14001:2004 (Environmental Management System Standard)

OHSAS 18001:2007 (Occupational Health & Safety Management System Standard)

SA 8000:2014 (Social Accountability System Certificate)

ISO/ IEC 17025:2005 (NABL accreditation for Chemical and Mechanical Testing)

Recognitions for Best Practices

Awards conferred during the "8th Metalliferous Mines Safety Swachhata& Silicosis Awareness Week 2017" under the aegis of Directorate General of MinesSafety Ahmedabad Region are as below:-

S. No. Awards conferred to Jadua Limestone Mines Awarded
1 Mine lighting & electrical installation Second Prize
2 Publicity Propaganda & Fire Fighting Third Prize
Awards conferred to Motiber Silica Sand Mines
1 Overall Performance Third Prize
2 Quarry Working & General Safety First Prize

The company has also won following award during celebration of "25th MinesEnvironment & Mineral Conservation Week Celebrations – 2017-18" MEMCCouncil of Gujarat under the aegis of Indian Bureau of Mines Gandhinagar Region:-

S. No. Awards conferred to Jadua Limestone Mines Awarded
1 Systematic & Scientific Development Second Prize

Best CFO Award

Mrs. Bina Engineer Whole Time Director and Chief Financial Officer (CFO) of theCompany is awarded "Best Woman CFO Award 2018" by Yes Bank and Business WorldMagazine on 11th May 2018 at Delhi. She has also received the prestigious award"Best CFO Award in Women Category- 2016" from the Institute of CharteredAccountants of India.

India's Most Trusted Company Award - 2017

Company has also won the India's Most Trusted (Cement Manufacturing) Company Award 2017from International Brand Consulting Corporation USA.

India's Top Challengers 2016-17

Company has also won the India's Top Challengers 2016-17 Trophy award from ConstructionWorld Magazine & Media.

Most Preferred Cement Brand by Real estate Sector Award 2017

Company has also won the most preferred Cement brand by Real Estate Sector Award 2017from DNA's Real Estate & Infrastructure Round Table & Awards.

Industrial Relations

The Company's Industrial relations with its employees continued to be cordialthroughout the year under review. Your Directors wish to place on record theirappreciation for the excellent team work with which the workers and officers of theCompany at all levels have contributed individually and collectively to the performance ofthe Company.

Appreciation / Acknowledgement

Your Directors wish to place on record their sincere appreciation for the excellentassistance and co-operation received from the Governmental authorities the consortium ofbanks and financial institutions customers vendors and investors for their continuedsupport during the year.

For and on behalf of the Board
Place : Ahmedabad Ravi Sanghi
Date : 19th May 2018 Chairman & Managing Director
(DIN: 00033594)