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Shree Metalloys Ltd.

BSE: 531962 Sector: Others
NSE: N.A. ISIN Code: INE914B01012
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VOLUME 100
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P/E 16.29
Mkt Cap.(Rs cr) 3
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OPEN 5.70
CLOSE 5.70
VOLUME 100
52-Week high 22.40
52-Week low 5.70
P/E 16.29
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Metalloys Ltd. (SHREEMETALLOYS) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the 23rd AnnualReport on business and operations of the Company together with the Audited FinancialStatements of the Company for the year ended on 31st March 2017.

I. FINANCIAL RESULTS:

The financial performance of the Company for the year ended 31st March2017 is summarized below:

FINANCIAL RESULTS F.Y 2016-17 F.Y 2015-2016
Total Revenue from Operations (Net) 455520106 431455274
(Incl. Changes in Inventories)
Total Expenditure(Excluding Depreciation) 450970308 427392816
Gross Profit/(Loss) 4549798 4062458
Less:
Depreciation 2073768 2085588
Provision for Taxation 534000 375000
Earlier year's Tax - 288
Deferred Tax liabilities 231181 400038
Extra Ordinary Items - -
(Investments written off)
Profit/ (Loss) after Tax (PAT) 1710849 1201543

II. OVERVIEW OF COMPANY'S FINANCIAL PERFORMANCE:

The overall Revenue of the Company for the Current Financial year2016-17 has increased to Rs.455520106/- as compared to Rs.431455274/- in thePrevious Financial year 2015-16. The Company's PAT as on 31st March 2017is recorded at Rupees 1710849/-as against 1201543/- in the previous year after aProvision Of Tax of Rupees 534000/-.

Your directors are confident and optimistic of achieving upward growthand achieving much better results in the coming years.

III. AMOUNT TRANSFERRED TO RESERVE:

During the year under review the Company has not transferred anyamount to reserves.

IV. DIVIDEND:

To conserve the resources for the future requirement of the companyyour directors have not recommended any dividend for the year.

V. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION ANDPROTECTION FUND:

Since there was no unpaid/unclaimed Dividend declared and paid lastyear the provisions of Section 125 of the Companies Act 2013 do not apply.

VI. CHANGES IN SHARE CAPITAL:

At present the paid up Equity Share Capital of the Company is Rs.52563000/-(Five Crore Twenty Five Lakh and Sixty Three Thousand rupees only).

The company has neither issued shares with differential rights as todividend voting or otherwise nor issued shares (including sweat equity shares) to theemployees or directors of the company under any scheme. Your Company does not have anyESOP scheme for its employees/Directors.

VII. PUBLIC DEPOSITS:

The Company has not accepted or renewed any amount falling within thepurview of provisions of Section 73 and 76 of the Companies Act 2013 ("theAct") read with the Companies (Acceptance of Deposit) Rules 2014 during the periodunder review. Hence the requirement for furnishing the details of deposits which are notin compliance with Chapter V of the Act is not applicable. The question of non complianceof the relevant provisions of the law relating to acceptance of deposit does not arise.

VIII. CHANGE IN THE NATURE OF THE BUSINESS:

During the year there is no change in the nature of the business ofthe Company.

IX. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

During the year under review the Company has entered into anycontracts or arrangements with related parties in terms of Section 188(1) of the CompaniesAct 2013.The particulars of Contracts or Arrangements made with related parties requiredto be furnished under section 134(3)(h) are disclosed in the prescribed form (FormAOC-2) which is attached to this Report as Annexure- "A".

X. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDERSECTION 186 OF THE COMPANIES ACT 2013:

The company has not given any loans or guarantees covered under theprovisions of section 186 of the Companies Act 2013 during the financial period underreview. The details of the investments made by company are given in the notes to thefinancial statements.

XI. MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITIONOF THE COMPANY WHICH

HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TOWHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

No material changes and commitments affecting the financial position ofthe Company occurred between the end of the financial year to which this financialstatements relate and the date of this report.

XII. DISCLOSURE OF SIGNIFICANT AND MATERIAL ORDERS PASSED BYREGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'SOPERATIONS IN FUTURE:

No orders have been passed by any Regulator or Court or Tribunalimpacting on the going concern status and the Company's operations in future.

XIII. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES :

The Company does not have any Subsidiary Joint venture or AssociateCompany.

XIV. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

In Pursuant to Section 134(5)(e) of the Companies Act 2013 theInternal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. The nature of the Company's business andsize and complexity of its operations are in place and have been operating satisfactorily.Internal control systems consisting of policies and procedures are designed to ensurereliability of financial reporting timely feedback on achievement of operational andstrategic goals compliance with policies procedure applicable laws and regulations andthat all assets and resources are acquired economically used efficiently and adequatelyprotected.

During the period under review no material or serious observation hasbeen received from the Internal Auditors of the Company for inefficiency or inadequacy ofsuch controls.

XV. PARTICULARS OF EMPLOYEES(Disclosure under Rule 5 of Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014):

The information required under Section 197 of the Companies Act 2013read with rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 no remuneration is paid to any of the directors of the company andany employee of the Company is not exceeding the limits prescribed in the rule 5(2) of theCompanies (Appointment and Remuneration of Managerial Personnel)Rules 2014.

XVI. EXTRACT OF ANNUAL RETURN:

The extract of the Annual Return pursuant to the provisions of Section92 read with Rule 12 of the Companies (Management and administration) Rules 2014 in FormMGT-9 is appended here in Annexure- "B" to this Report.

XVII. PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTIONAND FOREIGN EXCHANGE EARNINGS AND OUTGO: i) CONSERVATION OF ENERGY :

The steps taken or impact on conservation of energy: As the Companydoes not have heavy plant and machineries which could have consume more electricitytherefore the Company has not taken any steps towards conservation of energy.

The steps taken by the Company for utilizing alternate sources ofenergy: The Company has not taken any steps to use alternate sources of energy.

The Capital investment on energy conservation equipments: Nil

ii) TECHNOLOGY ABSORPTION :

The efforts made towards technology absorption: No

The benefits derived like product improvement cost reduction productdevelopment or import substitution: Nil

In case of imported technology (imported during the last three yearsreckoned from the beginning of the financial year)- Not Applicable

- the details of technology imported

- the year of import;

- whether the technology been fully absorbed;

- if not fully absorbed areas where absorption has not taken placeand the reasons thereof; and

The expenditure incurred on Research and development ( R & D ) :NIL iii) FOREIGN EXCHANGE EARNINGS & OUT GO :

Foreign Exchange Earning : NIL

Foreign Exchange Outgo :

- CIF Value of Import : Rs. 54639176/-
- Expenditure in Foreign Currency : NIL

XVIII. AUDITORS :

The matters related to Auditors and their Reports are as under:

A. Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies Act 2013read with applicable Rules the term of office of M/s. Bharadia Maheshwari &Associates Chartered Accountants (Firm Registration No. 123767W)as Statutory Auditors ofthe Company shall come to an end at the conclusion of the forthcoming Annual GeneralMeeting of the Company.

The Board of Directors places on record its appreciation for theservices rendered by M/s Bharadia Maheshwari Chartered Accountants Ahmedabad asStatutory Auditors of the Company.

Subject to the approval of the members the Board of Directors hasrecommended the appointment of M/s. Talati & Talati Chartered AccountantsAhmedabad (Firm Registration No. 110758W) as the

Statutory Auditors of the Company pursuant to Section 139 of theCompanies Act 2013.

The Company has received letter from them to the effect that theirappointment if made would be within the limits prescribed under Section 141(3) (g) ofthe Companies Act 2013 and that they are not disqualified from appointment.

B. Secretarial Auditors

Section 204 read with Section 134(3) of the Companies Act 2013mandates to obtain Secretarial Audit Report from Practising Company Secretary. M/s VishwasSharma & Associates Practising Company Secretaries had been appointed as SecretarialAuditor of the Company for the financial year 2016-17. Secretarial Audit Report issued byM/s Vishwas Sharma & Associates Practising Company Secretaries in Form MR-3 attachedand marked as Annexure-"C" for the period under review forms part ofthis report.

The said report contains observation or qualification relating to thenon-appointment of Company Secretary by the Company during the period under review andnon-compliance of regulations of 31(2) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 i.e. hundred percent of shareholding of promoter(s) andpromoter group should be in Dematerialized form.

The Board of Directors of your Company would like to explain on thesaid observation that the Board of your Company continues its efforts to search thecandidate for the post of Company Secretary and will appoint the Company Secretary as soonas possible.

The Board would like to explain on the said observation that theshareholding of the Promoters have been increased in demat form and the concernedPromoters whose shareholding are yet to be dematerialized have confirmed to initiate theprocess of converting their shares into demat form.

Cost Auditors

The Company has not appointed the Cost Auditor as pursuant toSection 148(1) of the Companies Act 2013 read with the Companies (Cost Records and Audit)Amendment Rules 2014 as the cost audit is not applicable to the Company .

XIX. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL: a)Composition of Board:

Name of Director Designation Category
(DIN)
Mr. Pratik R. Kabra Chairman & Managing Director Executive Non-independent
(DIN: 00006358)
Mr. Govindlal Mangilal Dudani* Director Executive Professional
(DIN:07775287)
Mr. Bhupendra Singh Rajput Director Non-executive Independent
(DIN: 00853722)
Mr. Jogesh D. Choksi# Director Executive Non-independent
Mr. Pankhil D. Desai Director Non-executive Independent
(DIN: 02908540)
Mrs. Kanchan G. Kabra Director Non-executive Independent
(DIN: 03417138) Woman Director

* Mr.Jogesh Choksi ceased to be the director of the Company witheffect from 04/04/2017

# Mr. Govindlal Dudani was appointed as an additional director on04/04/2017

b) Retire by Rotation and subsequent re-appointment :

Mr. Pratik R. Kabra Managing Director (DIN: 00006358) is liableto retire by rotation at the ensuing AGM in accordance with the provisions ofSection 152(6) of the Companies Act 2013 read with the

Companies (Appointment and Qualification of Directors) Rules 2014 andthe Articles of Association of Company and being eligible have offered himself forreappointment. Appropriate resolutions for the re-appointment are being placed for yourapproval at the ensuing AGM. The Board recommends his re-appointment.

c) Appointment Appointment of Mr. Pratik R. Kabra ManagingDirector (DIN: 00006358) of the Company:

Pursuant to the provisions of section 152161196197 and 203of the Companies Act 2013 the Board in the said meeting appointed Mr. Pratik R. Kabra(DIN: 00006358) as a Managing director of the Company for a period of five (5) years w.e.f28.05.2016 and also obtained the consent of the Shareholders of the company in the AnnualGeneral Meeting held on 27th September 2016.

Appointment of Mr. Govindlal M. Dudani ( DIN: 07775287) as anadditional director of the Company: In accordance with the provisions of Section 149(1)and 161(1) of the Companies Act 2013 Mr. Govindlal M. Dudani (DIN: 07775287) wasappointed as Additional Director by the Board of Directors of the Company in their Meetingheld on 04th April 2017.

The relevant details including profile of Mr. Govindlal M. Dudani isincluded separately in the Notice calling the 23rd Annual General Meeting ofthe Shareholders.

d) CESSATIONS:

Mr. JOGESH CHOKSHI

Mr. JOGESH D. CHOKSHI [DIN- 00006630] Director of the Company hasresigned from the directorship of the Company and also from the post of CFO with effectfrom 04/04/2017.

The Board places on record its appreciation for contributions andguidance provided by Mr. JOGESH D. CHOKSHI during his respective tenure as a Director ofthe Company.

Considering the above changes your Company has Five (5) Directorsconsisting of Three (3) Independent Directors One (1) Executive Director and one (1)Managing Director.

e) Key Managerial Personnel:

In accordance to the provisions of sections 2(19) and 203 of theCompanies Act 2013 read with Rule 8 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rule 2014 and other applicable provision (including anymodification or enactment thereof) if any Mr. Govindlal M. Dudani has been appointed asa Chief Financial Officer (CFO) of the company for a period of 2 years with effect from04th April2017.

As on the date of this report the following are the Key ManagerialPersonnel of the Company pursuant to Section 2(51) and Section 203 of the Companies Act2013 read with the Rules framed there under: The following persons have been designated asKey Managerial Personnel of the Company pursuant to Section 2(51) and Section 203 of theCompanies Act 2013 read with the Rules framed there under:

1. Mr. Pratik R. Kabra - Managing Director (DIN: 00006358)

2. Mr. Govindlal M. Dudani -Chief Financial Officer (DIN:07775287)(w.e.f 04.04.2017)

f) Declaration By Independent Director:

Mr. Bhupendra Singh Rajput (DIN: 00853722) Mr. Pankhil Desai (DIN:02908540) and Mrs. Kanchan G. Kabra (DIN: 03417138) are the existing Independent Directorsthe Company.

Your Company has received a statement of declarations from all theIndependent Directors that they meet the criteria of independence as laid down under thesection 149(6) of the Companies Act 2013 with the Schedules and Rules issued thereunderand also in accordance to Regulation 16(1)(b) of Securities and Exchange Board of India(Listing Obligations and Disclosures Requirements) Regulations 2015.

g) Board Evaluation: Pursuant to the provisions of theCompanies Act 2013 as provided under Schedule IV(Code of independent director) of the Actand the Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 made there under the Independent Directors held their meeting toevaluate the performance of the Non Independent Directors and the Board as a whole. EachBoard member's contribution their participation was evaluated and the domainknowledge they brought. They also evaluated the manner in which the information flowsbetween the Board and the Management and the manner in which various documents areprepared and furnished by the Board.

Subsequently the Board adopted a formal mechanism for evaluating itsperformance and as well as that of its Committees and individual Directors including theChairman of the Board. The exercise was carried out through a structured evaluationprocess covering various aspects of the Board functioning such as composition of the Board& committees experience & competencies performance of specific duties &obligations contribution at the meetings and otherwise independent judgment governanceissues etc.

XX. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act 2013(including anystatutory modification(s) or re- enactment(s) for the time being in force) the Board ofDirectors of your company states its responsibility Statement:

i. In the preparation of the annual accounts for the financial yearended 31st March 2017 the applicable accounting standards and Schedule III ofthe Companies Act 2013 (including any statutory modification(s) or re-enactment(s) forthe time being in force) have been followed along with proper explanation relating tomaterial departures;

ii. The directors had selected such accounting policies andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the Company at the end ofthe financial year as at 31st march 2017 and of the profit or loss of the Company for theyear ended 31st March 2017.

iii. The directors had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of CompaniesAct 2013(including any statutory modification(s) or re-enactment(s) for the time being inforce) for safeguarding the assets of the Company and for preventing and detecting fraudand other irregularities.

iv. The directors had prepared the annual accounts on a goingconcern basis.

v. The directors had laid down internal financial controls to befollowed by the company and that such internal financial controls are adequate and wereoperating effectively.

vi. The directors had devised proper system to ensure compliancewith the provisions of all applicable laws and that such system were adequate andoperating effectively.

XXI. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEWAND DATES:

The Company had conduct 5 (Five) Board meetings during the financialyear 2016-17 under review on: 28th May 2016 13th August 2016 24thAugust 2016 14th November 2016 and 10th February 2017 The detailsof attendance of Directors at the Board Meetings and at the last Annual General Meetingare as under:

Name of Director(s) Number of Board Meetings held and attended during the year Attended Last AGM
Held during the tenure Attended
Mr. Pratik R. Kabra 5 5 Yes
Mr. Jogesh D.Chokshi 5 3 Yes
Mr. Bhupendra Singh Rajput 5 5 Yes
Mr. Pankhil D. Desai 5 4 Yes
Mrs.Kanchan G. Kabra 5 4 Yes

XXII. COMMITTEES OF THE BOARD:

The Board Committees are set up under the formal approval of the Boardto carry out clearly defined roles under which are considered to be performed by membersof the Board. The Board supervises the execution of its responsibilities by the Committeesand is responsible for their action.

A) AUDIT COMMITTEE:

Pursuant to the provisions of section 177(8) of the Companies Act2013 the Board hereby disclose the composition of the Audit Committee and other relevantmatters as under:

Composition of the Commitee:

Name of Directors Category Designation Number of Meeting Held Number of Meeting Attended
Mr. Bhupendra Singh Rajput Non-executive & Independent Chairman 4 4
Mr. Pratik Kabra Executive(Promoter) & Non Independent Member 4 4
Mr. Pankhil D. Desai Non-executive & Independent Member 4 4

The Audit Committee acts in accordance with the terms of referencespecified by the Board of Directors of the Company. Further during the period underreview the Board of Directors of the Company had accepted all the recommendations of theCommittee.

During the Year 4(Four) meetings of the Committee were held on 28thMay 2016 13th August 2016 14th November 2016 and 10thFebruary 2017.The necessary quorum was present at the

Meetings.

Vigil Mechanism/Whistle Blower Policy:

Your Company is committed to highest standards of ethical moral andlegal business conduct of business operations. Accordingly the Board of Directors of theCompany has pursuant to the provisions of Section 177(9) of the Companies Act 2013 readwith Rule 7 of the Companies (Meetings of Board and its Powers) Rules 2014 framed theWhistle Blower Policy for Directors and employees of the Company to provide a mechanismwhich ensures adequate safeguards to employees and Directors from any victimization onraising of concerns of any violations of legal or regulatory requirements incorrect ormisrepresentation of any financial statements and reports etc.

The employees of the Company have the right/option to report theirconcern/grievance to the Chairman of the Audit Committee. No person has been denied accessto the chairman of the Audit Committee.

During the financial year 2016-17 all the directors and employees hadfull access to approach the Vigil Mechanism Officer. No complaint was received during theyear 2016-17 of any sort from any directors and employee of your company. Whistle BlowerPolicy is disclosed on the website of the Company www.shreemetalloys.com.

B) NOMINATION AND REMUNERATION COMMITTEE:

Composition of the Commitee:

Name of Directors Category Designation Number of Meeting Held Number of Meeting Attended
Mr. Bhupendra Singh Rajput Non-executive & Independent Chairman 1 1
Mr. Jogesh D. Chokshi* Executive & Non Independent Member 1 1
Mrs. Kanchan Kabra ** Non-executive & Independent Member 1 -
Mr. Pankhil D. Desai Non-executive & Independent Member 1 1

* ceased to be member of committee w.e.f 04.04.2017

** inducted as member of committee w.e.f 04.04.2017

The Board has in accordance with the provisions of sub-section (3) ofSection 178 of the Companies Act 2013 formulated the policy setting out the criteria fordetermining qualifications positive attributes independence of a Director and policyrelating to remuneration for Directors Key Managerial Personnel and other employees. Thesaid policy is furnished in Annexure- "D" and is attached to this report.

Meeting:

During the Year 1 (one) meeting of the committee was held on 28thMay 2016.

C) STAKEHOLDERS RELATIONSHIP COMMITTEE:

During the period under review pursuant to Section 178(5) of theCompanies Act 2013 Regulation 20 of the Listing (Obligations and Disclosure Requirements)Regulations 2015 with Stock Exchanges. The Board of Directors of the Company constitutedthe Stakeholder's Relationship Committee.

Composition of the Committee:

Name of Directors Category Designation
Mr. Bhupendra Singh Rajput Non-executive & Independent Chairman
Mr. Pankhil D. Desai Non-executive & Independent Member
Mrs. Kanchan G. Kabra Non-executive & Independent Member

Details of Investor's grievances/ Complaints

No. of investors' complaints received by the RTA/ Company during the year : Nil
No. of complaints not solved to the satisfaction of shareholders/Investors during the year : Nil
No. of complaints pending as at the end of the current financial year 31st March 2017 : Nil

Compliance Officer

The Compliance officer of the Company is Mr. Nimish Bavishi.

XXIII. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

The Management's Discussion and Analysis Report for the year underreview as stipulated under Regulation 34(2)(e) of the Listing Regulations is given as anannexure to this report.

XXIV. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provision of section 135(1) of Companies Act 2013 i.e. CorporateSocial Responsibility is not applicable on the company. Therefore the company has norconstituted and developed CSR committee neither taken any steps towards Corporate SocialResponsibility.

XXV. STATEMENT REGARDING DEVELOPMENT AND IMPLEMENTATION OF RISKMANAGEMENT POLICY:

The Company does not have any Risk Management Policy or any statementconcerning development and implementation of risk management policy of the company as theelements of risk threatening the Company's existence are very minimal.

XXVI. CORPOTRATE GOVERNANCE:

As per the provisions of SEBI (Listing Obligations and Disclosuresrequirement) Regulation 2015 the annual report of the listed entity shall containCorporate Governance Report and it is also further provided that if the Company is nothaving the paid up share capital exceeding Rs. 10 crores and Net worth exceeding Rs. 25crores the said provisions are not applicable. As our Company does not have the paid upshare capital exceeding Rs. 10 crores and Net worth exceeding Rs. 25 crores theCorporate Governance Report is not applicable and therefore not provided by the Board.

XXVII. GENERAL SHAREHOLDERS INFORMATION:

Annual general meeting :

Day and Date Time Venue
Monday 25th September 2017 12.30 p.m. A/2 North View Apartment St. Xaviers College Road
Navrangpura Ahmedabad -380009

Financial Calendar for 2017-2018 (tentative schedule subjectto change)

The Company expects to announce the unaudited/audited quarterlyresults for the year 2017-18 as per the following schedule:

Period Approval of Quarterly results
Quarter ending 30th June 2017 By 2nd Week of August 2017
Quarter and half year ending 30th September 2017 By 2nd Week of November 2017
Quarter ending 31st December 2017 By 2nd Week of February 2018
The year ending 31st March 2018 By end of May 2018

listing:

The Equity Shares of the Company are listed on Bombay Stock Exchange(BSE). The company has paid its Annual Listing fees to the Stock Exchange for the year2016-17; further the Company is regular in compliances of various clauses and regulationsof the Listing Agreement and/or LODR.

ACKNOWLEDGEMENT:

Your Directors wish to acknowledge and place on record theirappreciation for the support extended by Bankers and Office bearers of GovernmentDepartment and Financial Institutions. Your Directors thank all esteemed customerssuppliers and business associates for their faith trust and confidence reposed in theCompany. Your Directors also acknowledge the continued invaluable support extended by youour shareholders and the confidence that you have placed in the company.

By Order of the Board of Directors
For Shree Metalloys Limited
Sd/-
Pratik R. Kabra
Date : 14th August 2017 Chairman & Managing Director
Place : Ahmedabad DIN: (00006358)
Registered Office:-
A/2 North View Apartment
St. Xaviers College Road
Navrangpura Ahmedabad -380009