TO THE SHAREHOLDERS
FOR FINANCIAL YEAR ENDED 31ST MARCH 2018
SUNIL INDUSTRIES LIMITED DOMBIVLI
Your Directors have great pleasure in presenting 42nd Annual Report along withthe Audited Balance Sheet and Profit and Loss Account for the year ended on 31st March2018
1) FINANCIAL RESULTS
The financial Results are briefly indicated below:
(Amt in `)
|PARTICULARS ||For the year ended on |
| ||31st March 2018 ||31st March 2017 |
|Total Income ||1540211612 ||1435478702 |
|Total Expenditure ||1517774349 ||1414123674 |
|Net Profit/(Loss) before Tax ||22437263 ||21355028 |
|Provision for Tax ||7921355 ||5929458 |
|Net Profit/(Loss) after Tax ||14515928 ||15425570 |
|Profit/(Loss) b/f previous year ||97583752 ||82158182 |
|Balance c/f to Balance Sheet ||112099680 ||97583752 |
2) TRANSFER TO RESERVES
There are no transfers to any specific reserves during the Financial year.
3) REVIEW OF OPERATIONS
During the year ended 31st March 2018 your Company reported total Income of Rs.1540211612/- which in comparison to previous years figures have increased byapproximately 7.30 % this is due to sustained efforts of the management to increase theoverall productivity and sales . The Net Profit after tax is Rs. 14515928/- as comparedto Rs. 15425570/-in previous year marking a reduction of approximately 6 % which isprimarily due to increase of Taxes and impact of other financial factors.
In order to conserve the reserves for a sustainable future your Company do notrecommend dividend for the financial year 2017-18.
5) FUTURE PROSPECTS
The future for the Indian textile industry looks promising buoyed by both strongdomestic consumption as well as export demand. With consumerism and disposable income onthe rise the retail sector has experienced a rapid growth in the past decade with theentry of several international players like Marks & Spencer Guess and Next into theIndian market. High economic growth has resulted in higher disposable income. This has ledto rise in demand for products creating a huge domestic market. The domestic market forapparel and lifestyle products currently estimated at US$ 85 billion is expected toreach US$ 160 billion by 2025.
6) THE CHANGE IN THE NATURE OF BUSINESS IF ANY;
There is no change in the nature of business of the Company.
7) TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND.
The provisions of Section 125(2) of the Companies Act 2013 do not apply as there is nounpaid dividends pending of the Company.
8) CONSERVATION OF ENERGY-TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE ETC.
The information pertaining to conservation of energy technology absorption Foreignexchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is Annexure A toDirectors Report.
9) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICYOF THE COMPANY
The Company has in place a mechanism to identify assess monitor and mitigate variousrisks to key business objectives. Major risks identified by the businesses and functionsare systematically addressed and also discussed at the meetings of the Audit Committee andthe Board of Directors of the Company.
The Companys internal control systems are commensurate with the nature of itsbusiness and the size and complexity of its operations. These are routinely tested andcertified by Statutory as well as Internal Auditors. Significant audit observations andfollow up actions thereon are reported to the Audit Committee.
10) INTERNAL CONTROL SYSTEM
The Companys internal controls system has been established on values of integrityand operational excellence and it supports the vision of the Company "To be the mostsustainable and competitive Company in our industry". The Companys internalcontrol systems are commensurate with the nature of its business and the size andcomplexity of its operations. These are routinely tested and certified by Statutory aswell as Internal Auditors. Significant audit observations and follow up actions thereonare reported to the Audit Committee.
11) DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES
The Company is not required to constitute a Corporate Social Responsibility Committeeas it does not fall within purview of Section 135 of the Companies Act 2013 and hence itis not required to formulate policy on corporate social responsibility.
12) PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013
The particulars of investment made under Section 186 of the Companies Act 2013 havebeen disclosed in the financial statements in Note 3 of the Financial Statement.
The particulars of loans made under Section 186 of the Companies Act 2013 have beendisclosed in the financial statements in Note 9 of the Financial Statement.
The Company has given not given any loans falling under section 185 and 186 of theCompanies Act 2013 nor has it provided any Corporate Bank guarantee.
13) PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All the related party transactions are entered on arms length basis in theordinary course of business and are in compliance with the applicable provisions of theCompanies Act 2013 and the Listing Regulations. There are no materially significantrelated party transactions made by the Company with Promoters Directors or Key ManagerialPersonnel etc. which may have potential conflict with the interest of the Company at largeor which warrants the approval of the shareholders. Accordingly transactions are beingreported in Form AOC-2 i.e Annexure B in terms of Section 134 Companies (Accounts)Rules of the Act read with Rule 8 of the 2014. However the details of the transactionswith Related Party are provided in the Companys financial statements in accordancewith the Accounting Standards as applicable to the Company.
All Related Party Transactions are presented to the Audit Committee and the Board andwherever forecasted Omnibus approval is obtained for the transactions which are foreseenand repetitive in nature. A statement of all related party transactions is presentedbefore the Audit Committee on a quarterly basis specifying the nature value and termsand conditions of the transactions.
The Related Party Transactions Policy as approved by the Board is uploaded on theCompanys website at www.sunilgroup.com
14) POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
The Company has zero tolerance towards sexual harassment at the workplace and towardsthis end has adopted a policy in line with the provisions of Sexual Harassment of Womenat Workplace (Prevention Prohibition and Redressal) Act 2013 and the Rules thereunder.All employees (permanent contractual temporary trainees) are covered under the saidpolicy. An Internal Complaints Committee has also been set up to redress complaintsreceived on sexual harassment. During the financial year under review the Company has notreceived any complaints of sexual harassment from any of the employees of the Company.
15) EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
The auditors report does not contain any qualifications reservations or adverseremarks but secretarial Audit Report contains qualifications pursuant to Section 203 ofCompanies Act 2013 towards non-appointment of Company Secretary and regulations 31 (2) ofListing Obligation and Disclosure Requirements Regulations 2015 for Dematerialization ofPromoters shareholding; section 129 of Companies Act 2013 for Presentation of Certainitems in the Financial Statements of the Company. The company would like to inform thatPromoters being distant relatives of each other are scattered all over and hence it isvery difficult to convert each promoters physical holding into demat however thecompany is in the process for conversion of the same as per regulations 31 (2) of LODR.Further the Company has Appointed Company Secretary on 22nd August 2017 thus Complyingwith provisions of Section 203 of the Act Further it states that the certain Disclosuresas per section 129 of the Act are disclosed in rather different presentation and stated inthe Financial Satememts.
The Report of the secretarial auditor in MR-3 is given as an annexure which forms partof this report.
16) ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and Administration) Rules 2014 is furnished as AnnexureC to Directors Report
17) NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
During the financial year the Board had met Eight (8) times on 30.05.2017;07.06.2017; 14.08.2017; 22.08.2017; 14.09.2017; 14.11.2017; 13.12.2017 and 14.02.2018.
18) DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act 2013 The Board of Directors of theCompany hereby confirm: (i) That in the preparation of the annual accounts the applicableaccounting standards have been followed and there has been no material departure.
(ii) That the selected accounting policies were applied consistently and the Directorsmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at March 31 2018 and that of the profitof the Company for the year ended on that date.
(iii) That proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
(iv) That the annual accounts have been prepared on a going concern basis.
(v) The Board has laid down internal financial controls to be followed by the companyand that such internal financial controls are adequate and were operating effectively.
(vi) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
The Company has neither accepted nor renewed any deposits during the year under review.
20) PARTICULARS OF EMPLOYEES AND MEDIAN REMUNERATION
The information required under section 197 of the Act read with rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are givenbelow:
a. The ratio of the remuneration of each director to the median remuneration of theemployees of the Company for the financial year:
|Name of the directors ||Ratio to median Remuneration |
| ||Non-executive directors |
|Mr. Rohit Gadia ||NA |
|Mr. Mohd. Iqbal ||NA |
|Mr. Rohit Gadia ||NA |
|Mrs. Shruti Saraf ||NA |
|Executive directors || |
|Mr. Vinod Lath ||8.1:1 |
|Mr. Pradeep Roongta ||8.1:1 |
|Mr. Ramesh Khanna ||8.6:1 |
|Company Secretary || |
|Ms. Neha Thanvi ||1.8:1 |
b. The percentage increase in remuneration of each director chief executive officerchief financial officer company secretary in the financial year:
|Directors Chief Executive Officer Chief Financial Officer and Company Secretary increase inremunerationin the financialyear || |
|Mr. Rohit Gadia ||NA |
|Mr. Rajesh Tibrewal ||NA |
|Mr. Mohd. Iqbal ||NA |
|Mrs. Shruti Saraf ||NA |
|Mr. Vinod Lath ||NO Increase from last year |
|Mr. Pradeep Roongta ||NO Increase from last year |
|Mr. Ramesh Khanna ||98.75% |
|Ms. Neha Thanvi ||100% (since 1st year of appointment) |
c. The median remuneration for the year 2017-18 is Rs 148134_/-
d. The percentage increase/(Decrease) in the median remuneration of employees inthe financial year: (32.17%)
e. The number of permanent employees on the rolls of Company: 38
f. The explanation on the relationship between average increase in remuneration andCompany Performance:
On an average employees received an annual increase of 5%
The increase in remuneration is in line with the market trends prevalent in theEconomy. In order to ensure that remuneration reflects Company performance theperformance pay is also linked to organization performance apart from anindividuals performance.
g. Comparison of the remuneration of the key managerial personnel against theperformance of the Company:
Aggregate remuneration of key managerial personnel (KMP) in FY 31.03.2018
|Revenue ||Rs. 1535488117/- |
|Remuneration of KMPs (as a % of revenue) ||0.10% |
|Profit before Tax (PBT) ||Rs. 22437263/- |
|Remuneration of KMP (as a % of PBT) ||6.47% |
h. Variations in the market capitalisation of the Company price earnings ratio as atthe closing date of the current financial year and previous financial year:
|Particulars ||March 31 2018 ||March 31 2017 ||% Change |
|Market Capitalisation ||144270000 ||143430000 ||0.58 % |
|Price Earnings Ratio ||9.93 : 1 ||9.31 : 1 ||6.66% |
i. Percentage increase over decrease in the market quotations of the shares of theCompany in comparison to the rate at which the Company came out with the last publicoffer:
|Particulars ||March 31 2018 ||IPO ||% Change |
|Market Price (BSE) ||34.35 ||30.00 ||14.50% |
j. Average percentile increases already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration:
The average annual increase was around (32.17%)
There Increase in the managerial remuneration for the relevant year as compared toprevious year is 26.60%
k. Comparison of each remuneration of the key managerial personnel against theperformance of the Company:
| ||Mr. Vinod Lath ||Mr. Pradeep Roongta ||Mr. Ramesh Khanna |
| ||(Managing Director) ||(Whole-Time Director & CFO) ||(Whole-Time Director) |
|Remuneration in 2018 ||1200000 ||1200000 ||1276000 |
| ||Revenue : ||1535488118 || |
|Remuneration as % of revenue ||0.08 ||0.08 ||0.05 |
| ||Profit before Tax (PBT): ||22437263 || |
|Remuneration as % of Profit before Tax ||5.62 ||5.62 ||3.00 |
l. The key parameters for any variable component of remuneration availed by thedirectors:
There are no variable components of remuneration provided to the Directors
m. The ratio of the remuneration of the highest paid director to that of the employeeswho are not directors but receive remuneration in excess of the highest paid directorduring the year: None
n. Affirmation that the remuneration is as per the remuneration policy of the Company:
The Nomination and Remuneration Committee of the Company has affirmed at its meetingheld on 14TH February 2018 that the remuneration is as per the remuneration policy of theCompany. The policy is available on the companys website: www.sunilgroup.com.
o. The statement containing particulars and remuneration paid to employees asrequired under section 197(12) of the Act read with Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 are not applicable tothe Company since there are no employees drawing remuneration in excess of the prescribedlimits and hence not disclosed in the Report.
21) BOARD OF DIRECTORS
The Board of Directors of the Company is duly constituted as per the applicableprovisions of the Companies Act 2013 and that of the Listing Obligations and DisclosureRequirements Regulations 2015.
Mr. Rajesh Tibrewal was appointed as an Additional Director on 22nd August2017 and was duly ratified as a Directors at the AGM held on 26th September2017.
Mr. Pradeep Roongta is liable to retire by rotation in this 42nd AnnualGeneral Meeting and being eligible he has offered himself for reappointment as Director.
Mr. Mohd. Iqbal resigned from the post of Independent Director of the Companywith effect from close of business hours on 03rd June 2017
22) ATTRIBUTES QUALIFICATIONS & INDEPENDENCE OF DIRECTORS THEIR APPOINTMENT ANDREMUNERATION
The Nomination & Remuneration Committee of Directors have approved a Policy forSelection Appointment and Remuneration of Directors which inter-alia requires thatcomposition of remuneration is reasonable and sufficient to attract retain and motivateDirectors KMP and senior management employees and the Directors appointed shall be ofhigh integrity with relevant expertise and experience so as to have diverse Board and ThePolicy also lays down the positive attributes/ criteria while recommending the candidaturefor the appointment as Director.
23) DECLARATION OF INDEPENDENT DIRECTORS
Tour Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of independence as prescribed under the provisions of Section149 of the Companies Act 2013 read with the Schedules and Rules issued thereunder as wellas Regulation 16(1)(b) of Listing Regulations (including any statutory modification(s) orre-enactment(s) for the time being in force).
24) FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The familiarization programme aims to provide Independent Directors with the Textileindustry scenario the socioeconomic environment in which the Company operates thebusiness model the operational and financial performance of the Company significantdevelopments so as to enable them to take well informed decisions in a timely manner. Thefamiliarization programme also seeks to update the Directors on the rolesresponsibilities rights and duties under the Act and other statutes. The policy onCompanys familiarization programme for Independent Directors is posted onCompanys website at www.sunilgroup.com along with the Familiarization programme forF.Y 2017-18 along with the hours spent on the Programme.
25) STATUTORY AUDITORS
P R Agarwal & Awasthi Chartered Accountants Mumbai registered with the Instituteof Chartered Accountants of India vide firm registration no 117940W were appointed asStatutory Auditors in place of retiring Auditors M/s V. K Beswal & Associates at theAnnual General Meeting held on Tuesday 26th September 2017 for the period of three (5)years. i.e. upto the Annual General Meeting to be held in year 2022 subject toratification by the shareholders of the Company at each Annual General Meeting thereafter.
Pursuant to the Notification issued by the Ministry of Corporate Affairs on 7th May2018 amending section 139 of the Companies Act 2013 the mandatory requirement forratification of appointment of Auditors by the Members at every
AGM has been omitted and hence your Company has not proposed ratification ofappointment of Statutory Auditors at the forthcoming AGM.
The Company has received letter from them to the effect that their appointment is validand within the prescribed limits under Section 141(3)(g) of the Companies Act 2013 andthat they are not disqualified from appointment.
The resolution for approval for payment of remuneration is put forward for yourapproval in the ensuing Annual General Meeting.
26) COST AUDITOR
M/s Shanker Chaudhary & Co Cost Accountant are appointed as Cost Accountants incompliance of Section 148(1) read with Section 139 of the Companies Act 2013 to auditCost records maintained by the Company for the financial year ended 31st March 2018. Theresolution for ratification of remuneration paid to them is put forward for your approvalin compliance of Section 148 read with Companies (Audit and Auditors) Rules 2014.
27) INTERNAL AUDITORS
The company had appointed H. Mehta & Co. Chartered Accountants Mumbai asinternal auditor of the company for financial year 2017-18.
28) SECRETARIAL AUDITOR
The Company has appointed M/s HS Associates Company Secretaries as SecretarialAuditors of the Company to carry out the Secretarial Audit for the Financial Year 2017-18and to issue Secretarial Audit Report as per the prescribed format under rules in terms ofSection 204(1) of the Companies Act 2013 and Rule 9 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. The report of secretarial Auditor isappended to this report as Annexure D to Directors Report.
29) MANAGEMENTS DISCUSSION AND ANALYSIS REPORT
The Managements Discussion and Analysis Report for the year under review asstipulated under regulation 34 (3) and Part B of schedule V of the SEBI (ListingObligation and Disclosure Requirement) Regulation 2015 is annexed to this Annual Report
30) CORPORATE GOVERNANCE
The Company is committed towards maintaining the highest standards of CorporateGovernance and adhering to the Corporate Governance requirements as set out by Securitiesand Exchange Board of India. The Report on Corporate Governance as stipulated underregulation 34 (3) and Part C of schedule V of the SEBI (Listing Obligation and DisclosureRequirement) Regulation 2015 forms part of the Annual Report. The Certificate from thepracticing Company Secretary confirming compliance with the conditions of CorporateGovernance as stipulated under regulation 34 (3) and Part E of schedule V of the SEBI(Listing Obligation and Disclosure Requirement) Regulation 2015 is also published in thisAnnual Report
31) SUBSIDIARY JOINT VENTURES AND ASSOCIATE COMPANIES
The company does not have any subsidiary joint venture or associate company andtherefore provision with respect to Section 129 of the Companies Act 2013 are notapplicable to the Company.
32) REPORT ON CORPORATE GOVERNANCE
The Report on Corporate Governance as stipulated under regulation 34 (3) and Part C ofschedule V of the SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015prepared by HS Associates Company Secretaries forms part of the Annual Report and isannexed hereto as Annexure E.
33) DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM
The Audit Committee consists of the following members
|Mr. Rajesh Tibrewal ||Chairman |
|Mr. Rohit Gadia ||Member |
|MS. Shruti Saraf ||Member |
|Mr. Pradeep Roongta ||Member |
The above composition of the Audit Committee consists of independent directors viz.Mr. Rajesh Tibrewal and Mr. Rohit Gadia and Ms. Shruti Saraf who form the majority.
The composition of the Committee was changed pursuant to resignation and appointment ofDirectors.
The Company has established a vigil mechanism policy to oversee the genuine concernsexpressed by the employees and other Directors. The Company has also provided adequatesafeguards against victimization of employees and Directors who express their concerns.The Company has also provided direct access to chairman of Audit committee on reportingissues concerning the interests of co-employees and the Company. The Vigil MechanismPolicy is available at the website of the company: www.sunilgroup.com
34) ANNUAL EVALUATION BY THE BOARD
In compliance with the Companies Act 2013 and Regulation 17 of the ListingRegulations the performance evaluation of the Board and its Committees were carried outduring the year under review. More details on the same are given in the CorporateGovernance Report.
The evaluation framework for assessing the performance of Directors comprises of thefollowing key areas:
i. Attendance of Board Meetings and Board Committee Meetings
ii. Quality of contribution to Board deliberations
iii. Strategic perspectives or inputs regarding future growth of Company and itsperformance
iv. Providing perspectives and feedback going beyond information provided by themanagement
v. Commitment to shareholder and other stakeholder interests
vi. The evaluation involves Self-Evaluation by the Board Member and subsequentlyassessment by the Board of Directors.
A member of the Board will not participate in the discussion of his / her evaluation.
35) 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
There have being no material changes and commitments affecting the financial positionof the Company occurred during the financial year.
36) THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTSOR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE
During the year there has been no significant material orders passed by the Regulatorsor Courts or Tribunals impacting the going concern status and companys operations infuture. However the company had received preliminary observation letter on 18th July2017 from the Office of Regional Director Western Region (Registrar of Companies)pursuant to section 206(5)/207 of Companies Act 2013 to which the Company duly replied on25th July 2017 with the necessary information. Further in contention with the same theCompany has filed for Compounding of offences under section 441 of the Companies Act 2013and as on the date of this report no order has been passed by the applicable Authoritieshence the Management is unable ascertain the material impact on going concern status ofthe Company and its operations in future.
37) COMMITTEES OF THE BOARD
As per the applicable provisions of the Companies Act 2013 and as per CorporateGovernance provisions as per Listing Obligations & Disclosure requirements (LODR)Regulations 2015 the company has three Committees of the Board.
There are currently three Committees of the Board as follows:
Nomination and Remuneration Committee
Stakeholders Relationship Committee
Details of all the Committees along with their charters composition and meetings heldduring the year are provided in the "Corporate Governance Report" forms a partof this Annual Report in Annexure E
38) COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS
Your Directors hereby confirm that the Company has complied with the necessaryprovisions of the Secretarial Standard 1 and Secretarial Standard 2 and revisedSecretarial Standard 1 and Secretarial Standard 2 w.e.f from 01st October 2017 to theextent applicable to the Company.
The Company seeks to Promote Highest levels of ethical standards in the normal businesstransaction guided by the value system. The SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 mandates formulation of certain policies for ListedCompanies. The Policies are reviewed periodically by the Board and are updated based onthe need and compliance as per the applicable laws and rules and amended from time totime. The policies are available on the website of the Company at www.sunilgroup.com.
40) OTHER DISCLOSURES
The company does not have any Employees Stock Option Scheme in force and henceparticulars are not furnished as the same are not applicable.
Pursuant to Regulation 27 of (Listing Obligation and Disclosure Requirements)Regulations 2015 report on Corporate Governance is given in Annexure E
41) CAUTIONARY STATEMENT
Statements in the Boards Report and the Management Discussion & Analysisdescribing the Companys objectives expectations or forecasts may be forward lookingwithin the meaning of applicable securities laws and regulations. Actual results maydiffer materially from those expressed in the statement. Important factors that couldinfluence the Companys operation include global and domestic demand and supplyconditions affecting selling prices of Raw Materials Finished Goods input availabilityand prices changes in government regulations tax laws economic developments within andoutside the country and other various other factors.
Your Company wishes to sincerely thank all the customers commercial banks financialinstitution creditors etc. for their continuing support and co-operation.
Your Directors express their appreciation for the dedicated and sincere servicesrendered by the employees of the company and also sincerely thank the shareholders for theconfidence reposed by them in the company and from the continued support and co-operationextended by them
| ||ON BEHALF OF THE BOARD |
| ||FOR SUNIL INDUSTRIES LIMITED |
| ||SD/- |
|DATE : 14th AUGUST 2018 ||VINOD LATH |
|PLACE : DOMBIVLI ||MANAGING DIRECTOR & CHAIRMAN |
| ||DIN NO: 00064774 |