The Directors have pleasure in presenting the 59th Annual Report and
Audited Statement of Accounts of the Company for the year ended 31st
(Rs. in crores)
Group Consolidated Company Standalone
2015-16 2014-15 2015-16 2014-15
Operation 2213.22 3916.00 357.35 345.22
and Tax * 191.18 184.30 93.19 156.66
(Gain)] 15.09 19.12 7.74 11.88
Depreciation 23.42 22.96 11.55 12.24
tax 152.67 142.22 73.90 132.54
Tax 22.55 26.35 19.71 22.14
-Deferred 3.98 3.56 0.32 2.56
Net Profit after
tax 126.14 112.31 53.87 107.83
Interest 12.81 8.90 - -
Net Profit for
the Year 113.33 103.41 53.87 107.83
Profit & Loss 140.87 220.33 138.15 198.80
for Appropriations 254.20 323.29 192.02 306.63
Transfer to General - -
Reserves (150.00) (150.00)
Reserve (9.82) 3.36 (1.25) 5.00
Reserve - (12.00) - -
Rs. 2.50) per share} (30.06) (25.05) (30.06) (25.05)
Tax thereon (6.12) 1.27 (6.12) 1.56
Tax on Preference
declared by a
Company - - - -
- Final - - - -
Tax thereon - - - -
Closing Balance 208.20 140.87 154.59 138.15
Revenue from operations increased marginally by 3.51% at Rs. 357.35
crores (previous year Rs. 345.22 crores). The Gross Profit (before net
interest, depreciation, tax, hedging cost & foreign exchange loss
(gain), PBIDT decreased to Rs.93.19 crores (previous year Rs. 156.66
crores) on account of lower other income. Profit before Tax was lower
at Rs.73.90 crores (previous year Rs. 132.54 crores) and Profit after
Tax decreased to Rs. 53.87 crores (previous year Rs. 107.83 crores) due
to lower other income.
The Operating performance of the Group has shown improvement. The
Revenue for the year decreased to Rs. 2213.22 crores (previous year Rs.
3916.00 crores) on account of lower commodity prices. The Profit before
Tax for the year rose to Rs. 152.67 crores (previous year Rs. 142.22
crores) an increase of 7.35% on year on year basis. The Profit after
Tax for the year rose to Rs. 126.14 crores (previous year Rs. 112.31
crores), an increase of 12.31% on year on year basis.
Revenues of the group for Liquid Division were higher for the year by
11.21% at Rs. 170.60 crores (previous year Rs. 153.40 crores) due to
better capacity utilization. Normalised EBITDA increased to Rs. 102.38
crores compared to Rs. 97.39 crores in previous year, an increase of
5.12%. The revenues and margins continued to remain strong.
The revenue for Gas Division during the year was Rs. 2042.62 crores
(previous year Rs. 3762.60 crores) on account of lower LPG prices. The
normalized EBITDA increased to Rs. 121.23 crores as compared to Rs.
84.65 crores in previous year, mainly due to improved margins and
higher throughput volumes.
Outlook for the Group
The oil, gas and chemical logistics business continues to show good
potential as India''s import and exports of oil products, LPG and
The company is poised to take advantage of this growth by operating its
newly established facilities at Haldia and Pipavav at higher rates of
capacity utilization. A new LPG terminal is under construction at
Haldia and a new liquids terminal is planned at Kandla.
The company continues to evaluate and manage its dividend policy to
build long term shareholder value. The Directors recommended three
interim dividends during the financial year ended 31st March, 2016
aggregating to total dividend of 90% i.e. Rs. 0.90 per share of Rs. 1/-
each (previous year Rs. 7.25 per share of Rs. 10/- each).
New Projects and Expansion
In light of increased demand for LPG in the region, the company
recently tripled its LPG storage capacity at Pipavav to 8,100 MT This
additional capacity will be available for use in FY 2016-17
The Company is setting up a fully refrigerated LPG terminal at Haldia
Dock Complex, West Bengal, with a static storage capacity of 25,000 MT
and throughput capacity of 1,500,000 MT per annum. Terminal
construction is underway with all the requisite environmental permits
secured and is expected to be commissioned in 2017-18. This will be the
largest LPG terminal in the Aegis portfolio. The Company has also
signed a 20 year Memorandum of Understanding (MoU) with a large public
sector unit as the anchor customer for use of this terminal.
The Company is expanding its Haldia liquids terminal by adding 25,000
KL of storage capacity which is expected to be commissioned in Q4
The Company has initiated a project of debottlenecking of Mumbai LPG
terminal by connecting it by pipeline to the Uran-Chakan cross country
LPG pipeline. This will result in increased throughput capacity and
less road movement of LPG.
In Kandla, the Company is building 100,000 KL of liquid capacity for
chemicals and petrochemicals, which is expected to be commissioned in
Q1 FY 17-18.
The company continues to look for opportunities to lease or acquire
land at major and minor ports in India.
Allotment of Land at Ports
Aegis Group is continuing with its strategy of adding more terminals to
its portfolio, offering its customers logistics services at every major
gateway into and out of India. With the additional land allotments,
Aegis Group is continuing its strategy of building a necklace of port
terminals around India''s coast line. The company already has additional
land at the key ports of Pipavav, Haldia, New Mangalore, Kandla and
Kochi available for new projects and will continue to evaluate new
opportunities for land at all ports.
The credit rating agency, Credit Analysis and Research Ltd. (CARE) has
continued to assign a short term credit rating of A1 '' (A One Plus) and
long term rating of AA-'' (Double A Minus).
India Ratings and Research (Ind-Ra) has assigned the Company a
Long-Term Issuer Rating of ''IND AA. The Outlook is Stable.
Consolidated Financial Statements
In compliance with the directions by Ministry of Corporate Affairs,
Govt, of India (MCA), the Consolidated Financial Statements of Aegis
Group as provided in this Annual Report are prepared in accordance with
the Accounting Standard (AS 21) CONSOLIDATED FINANCIAL STATEMENTS.
The Consolidated Financial Statements include Financial Results of its
For information of members, a separate statement containing salient
features of the financial details of the Company''s subsidiaries for the
year ended 31st March, 2016 in Form AOC-1 is included along with the
financial statement in this Annual Report. The Annual Accounts of these
subsidiaries will be made available to the holding and subsidiary
companies'' Members seeking such information at any point of time. The
annual accounts of the subsidiary companies will also be kept for
inspection by any Member at Head/Corporate Office of the Company and
that of the subsidiary companies concerned and the same shall be
displayed on the website of the Company www.aeqisindia.com.
The Annual Report of the Company, the quarterly/half yearly and the
annual results and the press releases of the Company are also placed on
the Company''s website: www.aeqisindia.com.
The Company has nine subsidiaries (out of which, seven are wholly owned
subsidiaries) as on 31st March, 2016 having business akin and germane
to the business of holding Company, whose details are given in the
Annual Report and there has been no change in the nature of business of
its subsidiaries during the year. The operating & financial Performance
of the subsidiary Companies are as provided below:
Sea Lord Containers Limited
During the year under review, the Company''s Bulk Liquid terminal
continued operations at full capacity. The Company recorded a Turnover
of Rs. 48.58 Crores (Previous year Rs. 39.38 Crores), increase of
23.34% on YoY basis on account of product mix. Net Profit after Tax was
recorded at Rs. 33.29 Crores (Previous year Rs. 23.91 Crores), an
increase of 39.20%.
Aegis Gas (LPG) Private Limited (wholly owned subsidiary)
The revenue for the year has decreased to Rs. 105.09 Crores as against
Rs. 111.21 Crores of the previous year on account of lower commodity
prices. The Company commissioned its additional Gas Storage Terminal
capacity 2700 MT Profit after tax was therefore higher at Rs. 15.64
Crores as compared to Rs. 12.58 Crores in previous year.
Hindustan Aegis LPG Limited (wholly owned subsidiary)
During the year 2015-16, the operating revenue decreased to Rs. 1215.59
Crores from Rs. 2789.15 Crores in previous year on account of lower
volumes and prices. Profit after tax for the year ended 31st March,
2016 was Rs. 11.38 Crores as compared to profit of Rs. 5.40 Crores in
Konkan Storage Systems (Kochi) Private Limited (wholly owned
During the year under review, the Income was Rs. 4.55 Crores as against
Rs. 4.85 Crores in the previous year. The company made a net profit of
Rs. 0.65 Crore as against Rs. 1.53 Crore in the previous year.
Aegis Group International Pte. Limited
The revenue for the year has decreased to Rs. 1500.44 Crores as against
Rs. 3374.32 Crores of the previous year. Profit after tax for the year
ended 31st March, 2016 was Rs. 11.22 Crores as compared to profit of
Rs. 16.09 Crores in previous year. Aegis International Marine Services
Pte. Limited (wholly owned subsidiary)
The revenue for the year has decreased to Rs. 8.82 Crores as against
Rs. 41.22 Crores of the previous year on account of lower volumes. Loss
for the year ended 31st March, 2016 was Rs. 0.06 Crore as compared to
profit of Rs. 0.31 Crore in previous year.
Aegis LPG Logistics (Pipavav) Limited (wholly owned subsidiary)
The Company incurred normal expenditure of Rs. 0.20 lacs during the
year (Previous year Rs. 0.26 lacs). The Company has not commenced any
commercial operations as yet.
Aegis Terminal (Pipavav) Limited (wholly owned subsidiary)
The Company incurred normal expenditure of Rs. 0.20 lacs during the
year (Previous year Rs. 0.27 lacs). The Company has not commenced any
commercial operations as yet.
Eastern India LPG Company Private Limited (wholly owned subsidiary)
The Company incurred normal expenditure of Rs. 0.59 lacs during the
year (previous year Rs. 0.58 lacs). The Company has not commenced any
commercial operations as yet.
Fixed Deposits During the year under review, the Company has not
invited any fresh fixed deposits nor renewed any existing fixed
deposits from its shareholders and general public.
The total amount of fixed deposits matured and remaining unclaimed with
the Company as on 31st March, 2016 was Rs. 2.45 lacs. There were no
overdue deposits other than those unclaimed at the year end. There is
no default in payment of interest and repayment of matured deposits &
interest thereon by the Company.
A report on Corporate Governance, as stipulated under ''Schedule V of
SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (SEBI LODR) together with a certificate of compliance from the
Auditors, forms part of this report.
Management Discussion and Analysis
In compliance with ''Schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a separate section on
Management Discussion and Analysis, which also includes further details
on the state of affairs of the Company, forms part of this Annual
Listing of Company''s Securities
The Company''s Equity Shares continue to remain listed with the BSE Ltd.
and National Stock Exchange of India Ltd. and the stipulated Listing
Fees for the financial year 2016-17 have been paid to both the Stock
During the year, the Company has sub-divided (split) its equity share
from the face value of Rs. 10/- each into Re. 1/- each.
The Company''s Redeemable Non-Convertible Debentures are listed on the
Wholesale Debt Market Segment of National Stock Exchange of India Ltd.
and the stipulated Listing Fees for the financial year 2016-17 have
Change in Registrar and Transfer Agent
The Board of Directors of the Company has on 10th May, 2016 duly
approved the appointment of M/s. Link Intime India Pvt. Ltd. as
Registrar & Share Transfer Agent of the Company w.e.f. 21st May, 2016
in place of M/s. Sharepro Services (India) Private Limited, the
Company''s existing Registrar and Share Transfer Agent of the Company
whose services are terminated w.e.f. closure of business hours on
Friday, 20th May, 2016.
The aforesaid was done in accordance with SEBI''s Interim Order
WTM/RKA/MIRSD2/41/2016 dated 22nd March, 2016.
Directors & Key Management Personnel Pursuant to section 152 of the
Companies Act, 2013, Mr. Anil M. Chandaria, Director of the Company
retires by rotation and being eligible, offers himself for
Pursuant to section 161 of the Companies Act, 2013, during the year
Board of Directors, on recommendation of Nomination and Remuneration
Committee, had appointed Ms. Poonam Ravi Kumar as Additional Director
in the category Independent at their meeting held on 11th August, 2015
and Mr. Raj Kishore Singh as Additional Director at their meeting held
on 10th March, 2016. Both the Directors will hold office upto the
ensuing Annual General Meeting. Appropriate resolutions for the
appointment/ re-appointment of the Directors are being placed for
approval of the members at the Annual General meeting. Your Directors
recommend the appointment of Ms. Poonam Ravi Kumar as Independent
Director to hold office upto 5 (five) consecutive years up to 10th
August, 2020 and appointment of Mr. Raj Kishore Singh as a Director at
the ensuing Annual General Meeting.
Disclosure from Independent Directors
Pursuant to the provisions of Section 134 of the Companies Act, 2013
with respect to the declaration given by the Independent Director of
the Company under Section 149(6) of the Companies Act, 2013, the Board
hereby confirms that all the Independent Directors have given
declarations and further confirms that they meet the criteria of
Independence as per the provisions of Section 149(6) read with SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015.
As per the provisions of sections 139,141 of the Companies Act, 2013
and rules made thereunder, the Company had, in its Annual General
Meeting held on 31st July, 2014, approved the appointment of M/s.
Deloitte Haskins & Sells LLP, Chartered Accountants, Mumbai, (ICAI Firm
Registration No. 117366W/W-100018) to hold office till the conclusion
of the third consecutive Annual General Meeting, subject to
ratification by the members at every Annual General Meeting. In
compliance with the same, the Directors do hereby place for
ratification, the re-appointment of M/s. Deloitte Haskins & Sells LLP,
Chartered Accountants, Mumbai, until the conclusion of the next Annual
Occupational Health, Safety & Environment
The Company is holding ISO-9001 (2008), ISO-14001 (2004) and
OHSAS-18001 (2007) certifications and thereby meets all quality,
environmental and safety standards specified under these
The company carries out a monthly review of health, safety and
environment compliance for all sites and carries out regular mock
drills and emergency preparedness tests. The company carried out
various competitions like slogans, posters, ''spotting the hazards'' to
create awareness of safety amongst all levels of employees, contract
workmen and also transporters. The company completed internal safety
audit with external auditor.
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgo Details of energy conservation and research and
development activities undertaken by the Company along with the
information in accordance with the provisions of section 134 of
Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules,
2014, the extent as are applicable to the Company, are given in
Annexure ''A'' to the Directors'' Report.
Particulars of Employees
Disclosures pertaining to remuneration and other details as required
under section 197(12) of the Act read with Rule 5 (2) & (3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 forms part of the Annual Report.
However, having regard to the provisions of the first proviso to
section 136(1) of the Act, the Annual Report excluding the aforesaid
information is being sent to the members of the Company. The said
information is available for inspection at the registered office of the
Company during working hours and any member interested in obtaining
such information may write to the Company Secretary and the same will
be furnished on request.
Directors'' Responsibility Statement
The Directors would like to inform the Members that the Audited
Accounts for the financial year ended 31st March 2016 are in full
conformity with the requirement of the Companies Act, 2013. The
Financial Accounts are audited by the Statutory Auditors, Messrs
Deloitte Haskins & Sells LLP.
The Directors further confirm that:
a. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
b. The Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
c. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d. The Directors had prepared the annual accounts on a going concern
e. The Directors, had laid down adequate internal financial controls
to be followed by the company and that such internal financial controls
including with reference to Financial Statements are adequate and were
operating effectively; and
f. The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Internal Control Systems and their Adequacy
The Company has an effective internal control and risk-mitigation
system, which are constantly assessed and strengthened. The Company''s
internal control system is commensurate with its size, scale and
complexities of its operations. The internal and operational audit is
entrusted to Messrs Natvarlal Vepari and Company, a reputed firm of
Chartered Accountants. The main thrust of internal audit is to test and
review controls, appraisal of risks and business processes, besides
benchmarking controls with best practices in the industry.
The Audit Committee of the Board of Directors actively reviews the
adequacy and effectiveness of the internal control systems and suggests
improvements to strengthen the same. The Company has a robust
Management Information System, which is an integral part of the control
The Audit Committee of the Board of Directors, Statutory Auditors and
the Business Heads are periodically apprised of the internal audit
findings and corrective actions taken.
Significant and material orders
There are no significant and material orders passed by the
regulators/courts/tribunals impacting the going concern status and the
Company''s operations in future.
Composition of Audit Committee
The Company has an Audit Committee comprising of the following four
Non-Executive Directors, out of which three are Independent Directors:
1. Mr. Dineshchandra J. Khimasia (Chairman)
2. Mr. Kapoorchand M. Chandaria
3. Mr. Kanwaljit S. Nagpal
4. Mr. Rajnikant J. Karavadia
During the year, the Board of Directors of the Company had always
accepted the recommendations of the Audit Committee.
Vigil Mechanism for Directors and Employees
The Company, pursuant to section 177 of Companies Act, 2013 read along
with the rules made thereunder and Regulation 22 of SEBI LODR, have
established vigil mechanism for Directors and Employees to report
concerns about unethical behaviour, actual or suspected fraud or
violation of the Company''s code of conduct or ethics policy. The scope
of the policy is that it covers any alleged wrongful conduct and other
matters or activity on account of which the interest of the Company is
affected and is formally reported by Whistle Blower(s). The Whistle
Blower''s role is that of a reporting party with reliable information.
They are not required or expected to act as investigators or finders of
facts, nor would they determine the appropriate corrective or remedial
action that may be warranted in a given case.
The Company has a vigil mechanism to deal with instance of fraud and
mismanagement, if any. The details of the said Policy are explained in
the Corporate Governance Report and also posted on the website of the
Extract of the annual return as provided under sub-section (3) of
Extract of the annual return as provided under sub-section (3) of
section 92 of Companies Act, 2013 as prescribed in Form MGT-9 is given
in Annexure ''B'' to the Directors'' Report.
Policy relating to remuneration of Directors, Key Managerial Personnel
and other Employees
In terms of the provisions of section 178 of the Companies Act, 2013
read with the Companies (Meetings of Board and its Powers) Rules, 2014
and Regulation 19 of SEBI LODR, the Company duly constituted a
Nomination and Remuneration (N&R) Committee comprising of the following
1. Mr. Dineshchandra J. Khimasia (Chairman)
2. Mr. Kanwaljit S. Nagpal
3. Mr. Rajnikant J. Karavadia
The N&R Committee identified persons who are qualified to become
Directors and who may be appointed in Senior Management in accordance
with the laid down criteria, recommend to the Board their appointment
and renewal and shall carry out evaluation of every Director''s
performance. The Committee formulates criteria for determining
qualifications, positive attributes and independence of a Director and
recommends to the Board a policy, relating to the remuneration for the
directors, key managerial personnel and other employees.
The Remuneration policy reflects the Company''s objectives for good
corporate governance as well as sustained and long-term value creation
for stakeholders''. The Policy will also help the Company to attain
optimal Board diversity and create a basis for succession planning. In
addition, it is intended to ensure that-
a) the Company is able to attract, develop and retain high-performing
and motivated Executives in a competitive international market;
b) the Executives are offered a competitive and market aligned
remuneration package, with fixed salaries being a significant
remuneration component, as permissible under the Applicable Law;
c) remuneration of the Executives are aligned with the Company''s
business strategies, values, key priorities and goals.
Disclosure of composition of the Corporate Social Responsibility
Committee Disclosure of composition of the Corporate Social
Responsibility Committee, contents of the CSR Policy and the format as
provided under section 135 of Companies Act, 2013 read along with
Companies (Corporate Social Responsibility Policy) Rules, 2014 is
provided in Annexure - ''C to the Directors'' Report.
Particulars of Loans, Guarantees or Investments
The Company is engaged in the business of providing infrastructural
facilities as specified under section 186(11)(a) of the Companies Act,
2013 read with Schedule VI to the Companies Act, 2013. However,
details of Loans, Guarantees and Investments are given in the notes to
the Financial Statements.
Disclosure of particulars of contracts/arrangements with related
All transactions entered into with the related parties are in the
ordinary course of business and are on arm''s length basis.
There are no significant related party transactions made by the Company
with Promoters, Directors, Key Managerial Personnel or other designated
persons which may have a potential conflict with the interest of the
Company at large.
All Related Party Transactions are placed before the Audit Committee
for approval. Prior omnibus approval of the Audit Committee is obtained
on a yearly basis for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the
omnibus approval so granted are audited and a statement giving details
of all related party transactions is placed before the Audit Committee
on a quarterly basis. The policy on Related Party Transactions as
approved by the Board is uploaded on the Company''s website at
Development and implementation of Risk Management Policy
The Company has constituted a Risk Management Committee which is not a
mandatory requirement consisting of majority members of Board of
Directors comprising of the following members:
1. Mr. Raj K. Chandaria (Chairman)
2. Mr. Dineshchandra J. Khimasia
3. Mr. Kanwaljit S. Nagpal
4. Mr. Rajiv M. Chohan
The Committee lays down procedures to inform Board members about the
risk assessment and minimization procedures, monitor and review risk
management plan and for carrying out such other functions as may be
directed by the Board.
The Company adopted a risk management policy including identification
therein of elements of risk, and action taken by the Company to
mitigate those risks.
The specific objectives of the Risk Management Policy are to ensure
that all the current and future material risk exposures of the company
are identified, assessed, quantified, appropriately mitigated and
managed, to establish a framework for the company''s risk management
process and to ensure companywide implementation, to ensure systematic
and uniform assessment of risks related with Oil, Gas & Chemicals
Logistics business, to enable compliance with appropriate regulations,
wherever applicable, through the adoption of best practices and to
assure business growth with financial stability.
The details of Committee and its terms of reference are also set out in
the Corporate Governance Report forming part of the Board''s Report.
Material changes and commitments, if any, affecting the financial
position of the company There were no material changes and commitments,
which affected the financial position of the company between the end of
the financial year of the company to which the financial statements
relates and the date of the report.
Number of meetings of the Board of Directors
During the year ended 31st March, 2016, 5 Board Meetings were held on
the following dates:
The detailed composition of the Board of Directors along with the
number of Board Meetings and various committees has been provided in
the Corporate Governance Report.
Disclosure under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
Your Company has always believed in providing a safe and harassment
free workplace for every individual working in the Company''s premises
through various interventions and practices. The Company always
endeavours to create and provide an environment that is free from
discrimination and harassment including sexual harassment.
The policy on prevention of sexual harassment at Workplace aims at
prevention of harassment of employees and lays down the guidelines for
identification, reporting and prevention of undesired behaviour.
During the year ended 31st March 2016, there were nil complaints
recorded pertaining to sexual harassment.
Secretarial Audit Report
Pursuant to the provisions of section 134(3) and section 204 of
Companies Act, 2013 read along with the rules made thereunder, the
Board of Directors of the Company appointed Mr. Prasen Naithani of P.
Naithani & Associates, Company Secretaries in Practice, to conduct the
Secretarial Audit. The Secretarial Audit Report for the financial year
ended 31st March, 2016 forms part of this Report and is annexed
herewith as Annexure - ''D''.
The Secretarial Audit Report confirms that the Company has complied
with all the applicable provisions of the Companies Act, 2013,
Securities Contracts (Regulation) Act, 1956, Depositories Act, 1996,
the Foreign Exchange Management Act, 1999 to the extent applicable to
Overseas Direct Investment (ODI) and Foreign Direct Investment (FDI),
all the Regulations and Guidelines of SEBI as applicable to the
Company, including the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
the Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 1992, Listing Agreements with the Stock Exchanges
and the Memorandum and Articles of Association of the Company.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17
(10) SEBI LODR, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and Compliance Committees. The manner in which the
evaluation has been carried out has been explained in the Corporate
Your Directors place on the record their appreciation of the
contribution made by the employees at all levels who, through their
competence, diligence, solidarity, co-operation and support, have
enabled the Company to achieve the desired results during the year.
The Board of Directors gratefully acknowledge the assistance and
co-operation received from the authorities of Port Trust, Bankers,
Central and State Government Departments, Shareholders, Suppliers and
For and on behalf of the Board
Raj K. Chandaria Anish K. Chandaria
Vice Chairman & Managing Director Managing Director & CEO
DIN: 00037518 DIN: 00296538
Place : Mumbai
Dated : 30th May, 2016