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Shashijit Infraprojects Ltd.

BSE: 540147 Sector: Infrastructure
NSE: N.A. ISIN Code: INE700V01013
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P/E 23.22
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OPEN 29.00
CLOSE 29.95
VOLUME 8000
52-Week high 39.75
52-Week low 20.35
P/E 23.22
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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Shashijit Infraprojects Ltd. (SHASHIJITINFRA) - Director Report

Company director report

To

Dear Members of Shashijit Infraprojects Limited Vapi.

Your Directors have pleasure in presenting their 10th Annual Report on the business andoperation of the Company and Company's Audited Financial Statement for the financial yearended 31st March 2017;

1. FINANCIAL HIGHLIGHTS

The Company's financial performances for the year under review along with previousyear's figures are given hereunder:

(Amount in Rupees)

Particulars Year Ended 31st March 2017 Year Ended 31st March 2016
Revenue from operations 254779976 242029192
Other Income 3254255 497407
Total Income 258034231 242526599
Less: Expenditure 234838473 219855760
Earnings before Interest Tax Depreciation and amortization (EBITDA) 23195758 22670839
Less: Finance Cost 3669920 3636478
Depreciation 5130716 5983903
Profit Before Tax 14395122 13050458
Less: Tax Expense 52941 16 4544375
Net Profit 9101006 8506083

2. STATE OF THE COMPANY'S AFFAIRS

The key highlights pertaining to the business of the Company for the year 2016-17 andperiod subsequent there to have been given hereunder;

• During the year under review your Company achieved revenue of Rs.254779976/-as against Rs.242029192/- in FY 2015-16 and EBT of Rs.14395122/- as againstRs.13050458/- in F.Y 2015-16.

• Profit after tax of the Company during the year under review has increased toRs. 9101006/- as compared to Net Profit of Rs.8506083/- in the previous year.

• The Directors trust that the Shareholders will find the performance of theCompany for F.Y. 2016-1 7 to be satisfactory and the Earning per Share (EPS) of theCompany is 1 .23 per Share.

• The Company is into business of civil construction for industrial commercialand residential projects.

• During the year under review there has been no change in the nature of thebusiness of the Company.

• Paid up share capital of the company increased to Rs.62920000 fromRs.520000 Pursuant to Bonus issue of 6240000(Sixty Two Lacs Forty Thousand) Equityshares of face value of Rs.10/- each dated 30th August 2016. Thereafter the Company cameup with Initial publicoffering (IPO) of Rs.34920000 (Rupees Three Crore Forty Nine LacsTwenty Thousand) under SME platform of BSE and 2328000 (Twenty Three Lacs Twenty Eightthousand) Equity share of Rs.10/- each at price of Rs.15/- per Equity shares were allottedas on 1 0th October 201 6. Thus total paid up share capital stood at Rs.86200000/-with 86.20.000 Equity Shares of Rs.10/- each fully paid up on 31/03/2017.

3. APPROPRIATIONS

• DIVIDEND

Considering the Company's financial performance the Directors have recommended aDividend of Rs.0.125/- (1.25%) per Equity Share on the Capital of 8620000 Equity Sharesof Rs.10/- each for the F.Y 2016-17.

•TRANSFER TO RESERVE & SURPLUS

The Company has transferred whole amount of Profit to Reserves & Surplus account asper attached audited Balance Sheet for the year ended on 31 st March 201 7.

•BONUS SHARE

The Company has allotted 6240000 (Sixty Two Lacs Forty Thousand) fully-paid-up EquityShares of face value of Rs.10/- each as Bonus Shares dated 30th August 2016 to theshareholders of the Company in the proportion of 1 20:1 share held in accordance with theprovisions of Section 63 of the Companies Act 201 3 read with Rule 1 4 of the Companies(Share Capital and Debentures) Rules 201 4. Consequently the paid up share capitalincreased to Rs.62920000/- (Sixty Crore Twenty Nine Lacs Twenty Thousand) divided into62.92.000 Equity Shares of Rs.10/- Each fully paid up.

4. CHANGE IN THE NAME OF COMPANY

Pursuant to Section 13 and other applicable provisions and rules if any of theCompanies Act 2013 the Board has passed the Resolution for Change the name of Companyfrom " Shashijit Construction Private Limited" to "Shashijit InfraprojectsPrivate Limited" in the Extraordinary General Meeting of the Company held on 10thJune 2016. Subsequently Registrar of Companies Gujarat Dadra and Nagar Haveli hasissued a fresh certificate of incorporation dated 20th June 201 6 certifying the changeof name of Company as per Rule 29 of the Companies (Incorporation) Rules 2014.

5. CONVERSION OF THE COMPANY FROM THE PRIVATE LIMITED TO PUBLIC LIMITED

Pursuant to Section 1 4 and other applicable provisions and rules if any of theCompanies Act 201 3 the approval of the members accorded for the conversion of thestatus of the Company from "Shashijit Infraprojects Private Limited" to"Shashijit Infraprojects Limited" in the Extra-ordinary General Meeting of theCompany held on 27th July 2016. Subsequently the Registrar of Companies Gujarat Dadraand Nagar Haveli has issued a fresh certificate of incorporation dated 24th August 2016certifying the conversion of Company into public limited company.

6. CLASSES OF SHARES

As on date the Company has only one class of share capital i.e. Equity Shares of Rs.10/- each.

7. EXTRACTS OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 as requiredunder Section 92 of the Companies Act 2013 read with Rule 12 of the Companies (Managementand administration) Rules 2014 is included in this Report as "Annexure - IV"and forms an integral part of this Report.

8. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

During the financial year 2016-17 20 meeting of the Board of Directors were held. TheProvisions of Companies Act 201 3 and Listing Agreement were adhered to while consideringthe time gap between meetings.

9. INITIAL PUBLIC OFFERING (IPO)

During the year under review your Company entered into the Capital Markets with amaiden public issued of 2328000 equity shares of Rs.10/- each at a premium of Rs.5/- pershare aggregating to Rs.34920000/-. The issued received good response and the same wasoversubscribed 1 .26 times. The equity shares have been listed and traded on the SMEPlatform of BSE Limited subsequent to the issued subscribed and paid up capital of yourCompany stands at Rs.86200000/- divided into 8620000 equity shares of Rs.10/- eachfully paid up. The Company has spent/utilized Rs.29900000/- from the proceeds of thefunds raised under the IPO as per the object of the issue up to 31 st March 201 7 andremaining unutilized amount of Rs.5000000/- has been kept in Fixed Deposit in Bank. Thedisclosure in compliance with the SEBI Regulation 32 of the SEBI (LODR) Regulations 201 5is as under:

(Rs. in Lacs)

Objects stated in Prospectus Amount Disclosed in the Prospectus Actual Utilization Variation (Excess/Less Amount Incurred)
Purchase of Machinery and Scaffolding Equipment 120.00 70.00 (50.00)
Loan Repayment 25.00 25.00 0.00
Working Capital Requirements 90.00 90.00 0.00
General Corporate Purposes 64.20 64.20 0.00
Issue related expenses 50.00 50.00 0.00
Total 349.20 299.20 (50.00)

10. CHANGES IN AUTHORISED SHARE CAPITAL

The initial Authorized Share Capital of Rs.2500000/- divided into 250000 EquityShares of Rs.10/- each was increased to Rs.100000000/- divided into 10000000 EquityShares of Rs.10/- each pursuant to an Ordinary Resolution passed in Extra-ordinary GeneralMeeting of Shareholders held on 1st August 2016.

11. DEPOSI TS

The Company has neither accepted nor renewed any deposits u/s 73 to 76 of the CompaniesAct 201 3 during the year under review nor there any outstanding deposit if earlier yearswithin the meaning of Section 58A of the Companies Act 1956.

12. MEETING OF INDEPENDENT DIRECTORS

The Independent Director of the Company met one time during the year on Friday 24thMarch 201 7 under the requirement of Regulation 24 of SEBI (LODR) Regulations 201 5.

13. BOARD EVALUATION

The evaluation of all the Directors and the Board as a whole was conducted based on thecriteria and framework adopted by the Board. The evaluation process has been explained inthe Corporate Governance Report section in this Annual Report.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review details of Appointment and Resignation of Directors &KMPs are as under:

Sr. No. Name DIN Current Designation Occupation Term

Nationality

Age
1. Mr. Ajit Deepchand Jain (DIN: 01846992)

Indian

53 years
Chairman & Managing Director
Date of Appointment as Director: 05/1 1/2007
Date of Appointment as Chairman & Managing Director:
28/08/2016
Term:3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
2. Mrs. Shashi Ajit Jain (DIN: 01847023)

Indian

49 years
Whole-time Director
Date of Appointment as Director: 05/1 1/2007
Date of Appointment as Whole-time Director: 28/08/2016
Term: 3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
3. Ms. Aakruti Ajit Jain (DIN: 02591552)

Indian

26 years
Whole-time Director
Date of Appointment as Director: 01/07/2009
Date of Appointment as Whole-time Director: 28/08/2016
Term:3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
4. Mr. Anil Dadamchand Jain (DIN: 07596536) Indian

55 years

Additional Independent Director
Date of Appointment as Additional Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2016-17
Occupation: Service
5. Mr. Dheeraj Mohanlal Khandelwal (DIN: 07595594) Indian

42 years

Additional Independent Director
Date of Appointment as Additional Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2016-17
Occupation: Practicing Chartered Accountant
5. Mr. Prabhat Ramkrishna Gupta (DIN: 07595615) Indian

52 years

Additional Independent Director
Date of Appointment as Additional Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2016-17
Occupation: Business

The Board of Director in their meeting held on 25th August 2016 appointed Mr. IshwarM. Patil as Chief Financial Officer (CFO) of the Company under Section 203 of CompaniesAct 2013.

Mr. Manthan Dineshbhai Shah was appointed as Company Secretary & Compliance Officerand key managerial personnel under section 203 of Companies Act 201 3 by the Board ofDirectors of the Company in their meeting held on 25th August 2016.

15. MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANYOCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THIS FINANCIALSTATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of theCompany which have occurred during the financial year of the Company to which thefinancial statement relate and the date of this report.

16. DECLARATION BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF SECTION 149

A declaration by an Independent Director(s) that they meet the criteria of independenceas provided in sub-section (6) of Section 149 of the Companies Act 2013 has been taken bythe company and the same is forming part of the Directors' Report as Annexure-II.

17. CONSTITUTION OF COMITTEES AUDIT COMMITTEE

The Company has constituted an Audit Committee in accordance with Section 177(1) of theCompanies Act 2013 the details of which have been provided in the Corporate GovernanceReport forming part of this Annual Report. There has been no instance where the Board ofDirectors had not accepted any recommendation of the Audit Committee.

NOMINATION & REMUNARATION COMMITTEE

The Company has constituted Nomination and Remuneration Committee in accordance withSection 178 of the Companies Act 2013 the details of which have been provided in theCorporate Governance Report forming part of this Annual Report.

STAKEHOLDER RELATIONSHIP COMMITTEE

The Company has constituted Stakeholder relationship Committee in accordance withSection 178 of the Companies Act 2013 the details of which have been provided in theCorporate Governance Report forming part of this Annual Report.

18. AUDITORS

STATUTORY AUDITORS

As per the Companies Act 2013 auditors are permitted to hold office for a maximumperiod of 1 0 years continuously. In order to meet the statutory mandate during thecurrent year M/S Kakaria & Associates Chartered Accountants Statutory Auditors ofthe Company will not seek re-appointment and will retire. The Board of Directors on therecommendations of the Audit Committee at the meeting held on Monday 28th August 2017have decided to recommend to the shareholders the appointment of M/S NPV &Associates Chartered Accountants (Firm Registration Number- 129408W) as the StatutoryAuditor of the Company for a period of 5 years from the conclusion of the 1 0th AnnualGeneral Meeting until the conclusion of the 1 5th Annual General Meeting of the Companysubject to ratification annually by shareholders. M/S NPV & Associates CharteredAccountants have given their consent to act as Statutory Auditors and have also confirmedthat their appointment if made will be in accordance with the provisions of theCompanies Act 201 3.

STATUTORY AUDITORS' OBSERVATIONS IN AUDIT REPORT

The notes on financial statement referred to in the Auditor's Report areself-explanatory. There is no qualification reservation or adverse remarks or disclaimerby the Auditors in their Report and do not call for any further explanation/comment fromthe Board.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Companies Act 2013 and Rules made thereunder theCompany had appointed Nitesh Shah & Associates Company Secretaries (Membership No.35681 COP No. 1 3222) as Secretarial Auditor of the Company to conduct the SecretarialAudit of the Company for the Financial year 2016-17 in the Board Meeting held on 31stJanuary 2017. The Company had provided all assistance and facilities to the SecretarialAuditor for conducting their Audit. The report of the Secretarial Auditor for thefinancial year 201 6-1 7 is annexed to this Report in Form MR-3 by Nitesh Shah &Associates Company Secretaries has been provided in an Annexure-III which forms part ofthe Directors' Report.

SECRETARIAL AUDITORS' OBSERVATIONS IN SECRETARIAL AUDIT REPORT

There is no qualification reservation or adverse remarks or disclaimer by the Auditorsin their Report and do not call for any further explanation/comment from the Board.

INTERNAL AUDITORS

Pursuant to Section 1 38 of the Companies Act 201 3 read with Companies (Accounts)Rules 2014 the Company has appointed Mr. Rahul Kala Chartered Accountant (MembershipNo. 428047) as the Internal Auditor of the Company to carry put the Internal Audit of theFunctions and activities of the Company.

19. INTERNAL AUDIT & CONTROLS

The Company engaged Mr. Rahul Kala Chartered Accountant as Internal Auditor ofCompany. During the year the Company continued to implement his suggestions andrecommendations to improve the control environment. Their scope of work includes review ofprocesses for safeguarding the assets of the Company Identifying opportunities for costsaving review of operational efficiency effectiveness of systems and processesCompliance with Laws Regulations and Contracts and assessing the internal controlstrengths in all areas. Internal Auditor's findings are discussed with the process ownersand suitable corrective actions taken as per the directions of Audit Committee on anongoing basis to improve efficiency in operations.

20. DISCLOSURE OF PROVIDING VIGIL MECHANISM

The Company has established a vigil mechanism/whistle blower policy as per the Section179(9) & 179(10) of the Companies Act 2013 to overseas through the Audit committeethe genuine 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 employees and the Company.

The policy is readily available on Company's website www.shashijitinfraprojects.com.

21. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES

Section 135(1) of the Companies Act 2013 which is not applicable to the Company forfinancial year 2016-17. Hence Company does not have to form Policy regarding CorporateSocial Responsibility.

22. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

During the year the Company did not have any Subsidiary Joint venture or AssociateCompany and hence the details of financial performance are not required to be furnished.

23. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on the operations of the Company has beenprovided in a separate section which forms part of this Annual Report.

24. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION& REDRESSAL) ACT 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition&Redressal) Act 2013.

All employees (permanent contractual temporary trainees) are covered under thispolicy. The following is a summary of sexual harassment complaints received and disposedof during each Calendar year:

1. No. of complaints received --
2. No. of complaints disposed off --
3. No. of cases pending for more than 90 days --
4. No. of workshops or awareness programme against sexual harassment carried out
5. Nature of action taken by the employer or district officer --

25. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:

a) CONSERVATION OF ENERGY

1. The steps taken or impact on conservation of energy; The Company continued energy conservation efforts during the year. It h a s c l o s e l y m o n i t o re d p o we r consumption and running hours on day-to-day basis thus resulting in optimum utilization of energy.
2. The steps taken by the company for NIL
utilizing alternate sources of energy;
3. The capital investment on energy NIL
conservation equipment;

b) TECHNOLOGY ABSORPTION

1. The efforts made towards technology absorption; The activities of the Company at present do not involve technology absorption and research and development.
2. The benefits derived like cost reduction product development or import substitution; NIL
3. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- NIL
a) the details of technology imported;
b) the year of import;
c) whether the technology been fully absorbed;
d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; and
4. Expenditure incurred on Research and Development. NIL

c) FOREIGN EXCHANGE EARNINGS AND OUTGO-

The Foreign Exchange earned in terms of actual inflows during the year: NIL
The Foreign Exchange outgo during the year in terms of actual outflows: NIL

26. CORPORATE GOVERNANCE

Details regarding Corporate Governance Report of the Company regarding compliance ofthe conditions of Corporate Governance pursuant to SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 with stock exchanges is annexed here with inAnnexure- VI which forms part of the Directors Report.

27. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The particulars of Contracts or Arrangements made with related parties made pursuant toSection 188 are furnished in Annexure AOC-2 and is attached to this report.

The policy on the materiality of Related Party Transactions as approved by the Boardmay be accessed on the Company's website: www.shashijitinfraprojects.com

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

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 as on 31st March 2017 and hence the said details are notprovided.

29. DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS COURTSTRIBUNALS IMPACTING THE GOING CO NCERN STATUS & COMPANY'S OPERATIONS IN FUTURE

No significant & material orders has been passed by the regulators courtstribunals against the Company impacting the going concern status & company'soperations in future the requirement of disclosure is not applicable.

30. HUMAN RESOURCES & INDUSTRIAL RELATIONS

The Company is pleased to report that during the year under reporting the industrialrelations were cordial.

31. PARTICULARS OF EMPLOYEES

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remunerationof Managerial Personnel) Rules 2014 requiring particulars of the employees in receipt ofremuneration in excess of Rs.102 lacs per year to be disclosed in the Report of Board ofDirectors is not applicable to the Company as none of the employees was in receipt ofremuneration in excess of Rs.102 lacs during the financial year 2016-17.

32. 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 Section 1 34(3) (c) of the Companies Act 201 3:

a) ACCOUNTING STANDARD

In the preparation of the annual accounts the applicable accounting standards had beenfollowed along with proper explanation relating to material departures;

b) ACCOUNTING POLICIES

The directors had selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of the financial year and of theprofit and loss of the company for that period.

c) PROPER EFFICIENT AND CARE

The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

d) GOING CONCERN BASIS

The directors had prepared the annual accounts on a going concern basis;

e) INTERNAL FINANCIAL CONTROLS

The directors had laid down internal financial controls to be followed by the companyand that such internal financial controls are adequate and were operating effectively.

f) COMPLIANCE WITH ALL LAWS

The directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

33. LISTING WITH STOCK EXCHANGE

Shashijit Infraprojects Limited got its shares listed on SME Platform of the BSELimited on October 17th 2016. It has paid Annual Listing Fees for the year 2016-2017 toBSE Limited.

34. CFO/CEO CERTIFICATION

The CFO/CEO certification on the financial statement of the Company as required underRegulation 17(8) of the SEBI (ICDR) Regulations 2015 forms part of this Annual Re port.

35. CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Memberof the Board and all employees in the course of day to day operations of the Company inaccordance with the applicable Accounting Standards. The Code laid down by the Board isknown as "Code of Conduct".

The Code has been posted on the Company's website " www.shashijitinfraprojects.com".

36. REPORTING ON SUSTAINABILITY

We are continuously striving to promote better and more effective sustainability policyand practices. In order to ensure transparent communication of our sustainability effortsto all our

stakeholders we have made conscious efforts through technology innovation and effectivecommunication and transparency.

37. RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM

The company has established a well-defined process of risk management wherein theidentification analysis and assessment of the various risks measuring of the probableimpact of such risks formulation of risk mitigation strategy and implementation of thesame takes place in a structured manner. Though the various risks associated with thebusiness cannot be eliminated completely all efforts are made to minimize the impact ofsuch risks on the operations of the Company. Necessary internal control systems are alsoput in place by the Company on various activities across the board to ensure that businessoperations are directed towards attaining the stated organizational objectives withoptimum utilization of the resources.

38. OTHER DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

1) Details relating to deposits covered under Chapter V of the Act.

2) Issue of equity shares with differential rights as to dividend voting or otherwise.

3) Issue of shares (including sweat equity shares) to employees of the Company underany scheme.

4) Neither the Managing Director nor the Whole-time Directors of the Company receiveany remuneration or commission from any of its subsidiaries.

39. ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to all the concerned particularlyCompany's ba nkers Bombay Stock Exchange Limited various government authoritiessuppliers clientele and the staff of the Company and well-wishers of the Company and fortheir continued support extended to the operations of the Company during the year underreview. Your Directors also acknowledges gratefully the shareholders for their support andconfidence reposed on your company.

For and on behalf of the Board of Directors
SHASHIJIT INFRAPROJECTS LIMITED
Sd/-
Ajit Jain
Place: Vapi (Chairman & Managing Director)
Date : 28th August 2017 DIN: 01846992