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AksharChem (India)

BSE: 524598|NSE: AKSHARCHEM|ISIN: INE542B01011|SECTOR: Dyes & Pigments
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Directors Report Year End : Mar '17    Mar 16

Dear Shareholders,

The Directors are pleased to present their Twenty Eighth Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31, 2017.

FINANCIAL HIGHLIGHTS (Rs. Lakhs)

particulars

Current Year 2016-17

previous Year 2015-16

Revenue from operations

25,965.21

18,770.61

Other Income

581.02

129.35

Total Income

26,546.23

18,899.97

Profit for the year before Finance Costs, Depreciation, Extra Ordinary Item/Exceptional Items and Tax Expenses

8,529.42

3,351.73

Less: Finance Costs

302.06

334.63

Profit for the year before Depreciation, Extra Ordinary Item/ Exceptional Items and Tax Expenses

8,227.36

3,017.10

Less: Depreciation

468.69

424.18

Profit for the year before Extra Ordinary Item/Exceptional Items and Tax Expenses

7,758.68

2,592.92

Add/(Less): Extra Ordinary Item/ Exceptional Items

Nil

Nil

Profit for the year before Tax Expenses

7,758.68

2,592.92

Less: Current Tax

2,299.82

768.00

Less: Deferred Tax

266.97

161.13

Net Profit for the year

5,191.89

1,663.79

Add: Balance brought forward from last year

4,785.33

3,429.61

Surplus available for Appropriation

9,977.22

5,093.40

Appropriation

Transfer to General Reserve

Nil

Nil

Interim Dividend of Rs. 3.50 per Equity Share (P. Y. Rs. 3.50 per Equity Share)

255.95

255.95

Tax on dividend

52.11

52.11

Balance carried over to Balance Sheet

9,669.16

4,785.34

Total

9,977.25

5,093.40

DIVIDEND

After considering the profitability, cash flow and overall financial performance of the Company, your Board of Directors of the Company have declared interim dividend of Rs. 3.50 per equity share (35% on the face value of Rs. 10/- each) for the year ended March 31, 2017 and the total outgo was Rs. 255.95 Lakhs towards dividend and Rs. 52.11 Lakhs towards dividend distribution tax.

During the previous financial year, the Company has paid Interim dividend of Rs 3.50 per equity share (35% on face value of Rs. 10 each), and the total outgo was Rs. 255.95 Lakhs towards dividend and Rs. 52.11 Lakhs towards dividend distribution tax.

TRANSFER TO RESERVES

Your Company has not transferred any amount to General Reserve (Also in Previous Year the Company has not transferred any amount to General Reserve). Your company has retained amount of Rs. 9,669.16 Lakhs in the Statement of Profit and Loss.

STATE OF COMPANY''S AFFAIRS

The highlights of the Company''s performance are as under: General

This year was an outstanding year for the Indian Chemical industry especially those companies who compete with China. Due to the crackdown by the Chinese government on the pollution causing industries there was a short supply in Dye Intermediates market as China was the major supplier. Stricter environmental norms and increased costs have substantially eroded the low-cost advantage of Chinese manufacturers. This resulted in a huge spike in the prices of Dye Intermediates which benefited the Indian exporters and the Dye Intermediate manufacturers.

Coming to the CPC Green business. This is the business where there is no China factor and as a result the prices and margins generally tend to be stable and it is proven to do so in FY 2017. CPC Green contributed to 32% of our revenues in FY 2017.

Results of Operations

During the year under review, the turnover of the Company was Rs. 25,965.21 Lakhs as compared to Rs. 18,770.61 Lakhs of the previous year. The Profit after Tax (PAT) has increased from Rs. 1,663.79 Lakhs to Rs. 5,191.89 Lakhs.

Exports

The export turnover has increased from Rs. 15,346.77 Lakhs to Rs. 23,259.62 Lakhs compared to previous year.

Capital Expenditure

During the year under review the Company has incurred capital expenditure of Rs. 1,501.53 Lakhs.

EXPANSION OF CAPACITIES

During the year under review the Company has successfully completed the process of expansion of CPC Green Plant with the capacity of 160 MTPM and Copper Sulphate (By Product) Plant with the capacity of 25 MTPM.

INTELLECTUAL PROPERTY RIGHTS

During the year under review the Company has filed trademark applications with the Registrar of Trade Marks, Trade Marks Registry, Gujarat for its logo i.e. AksharChem and its product Pigment Green 7, i.e. Asaflow. The applications are under process.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

There was no change in the nature of business of the Company during the financial year ended 31st March, 2017.

MATERIAL CHANGES AND COMMITMENT, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There has been no material changes and commitment, affecting the financial position of the Company which has occurred between the end of financial year to which the financial statements relate and the date of the report.

CHANGE IN PROMOTERS HOLDING

During the year under review, promoters family trusts Mrugesh Jaykrishna Family Trust-2 and Munjal M. Jaykrishna Family Trust were in receipt of the SEBI order both dated March 10, 2016 bearing reference no. WTM/PS/186/CFD-DCR/MAR/2016 and WTM/PS/185/CFD-DCR/MAR/2016 respectively granting an exemption from making an open offer under Regulation 3 of the Takeover Regulations in respect of the acquisition of shares of the Company. Accordingly, during the year 25,43,571 (34.78%) equity shares held by Mrs. Paru M. Jaykrishna and 6,21,247 shares (8.49%) equity shares held by Mr. Gokul M. Jaykrishna, of the Company, were transferred to Mrugesh Jaykrishna Family Trust -2 and 11,25,804 (15.39%) equity shares held by Mr. Munjal M. Jaykrishna and 5,04,557 (6.90%) equity shares held by Mr. Gokul M. Jaykrishna were transferred to Munjal M. Jaykrishna Family Trust by way of block deal in a phased manner at a price prevailing on the stock exchange on the date of respective tranche of acquisition, pursuant to the direction of aforesaid SEBI order.

Further, Mrugesh Jaykrishna Family Trust -2 has acquired 24,001 (0.33%) Equity Shares of the Company through the stock exchange during the year. The total promoter shareholding of the Company hence stands increased to 70.33% from 70.00%.

During the year under review, the name/status of the promoter company was changed from Intercon Finance Private Limited to Chelsea Marketing LLP.

AUTHORISED SHARE CAPITAL

During the year under review, the Authorized Share Capital of the Company has increased from Rs. 850.00 Lakhs to Rs. 2,000.00 Lakhs by passing of resolution through Postal Ballot.

SHARE CAPITAL

Pursuant to the resolution of the Board of Directors of the Company dated November 14, 2016 and July 13, 2017, the resolution of the QIP Committee dated July 14, 2017, the approval of the shareholders of the Company by way of a special resolution, through a postal ballot, the results of which were declared on January 4, 2017, your Company undertook a Qualified Institutions Placement of up to 8,89,690 Equity Shares of Rs. 10 each of the Company at an issue price of Rs. 776 per equity share, and allotment of the said equity shares pursuant to the issue was made on 20th July 2017.

Issue of Shares with differential rights

During the year under review, the Company has not issued equity shares with differential rights.

Issue of Sweat Equity Shares

During the year under review, the Company has not issued Sweat Equity Shares.

Issue of Employee Stock Options

During the year under review, the Company has not issued any shares under Employee Stock Option.

FINANCE AND INSURANCE

During the year under review the Company has availed Rs. 2.77 Crores Corporate loan from the Corporate Loan of Rs. 9.50 Crores sanctioned by State Bank of India, hence the Company has been financed by State Bank of India for Working capital, Term Loan and Corporate Loan.

All insurable interests of the Company, including plant and machinery, building, stocks, vehicles, stores and spares have been adequately insured against various risks and perils.

PUBLIC DEPOSITS

The Company has not accepted deposit from public during the year and there was no deposit outstanding on March 31, 2017.

SUBSIDIARY COMPANIES

During the year under review the Company has sold the entire stake of M/s. Akshar Pigments Private Limited. Hence, at the end of the financial year the Company does not have any subsidiary company.

CERTIFICATIONS

During the year under review the Company has upgraded its quality certification with new standard ISO 9001:2015 certification for quality management system and renewed ISO 14001:2004 certification for environment management system of its plants of Vinyl Sulphone and CPC Green at Village Indrad.

AWARDS AND RECOGNITION

- During the year under review, Mrs. Paru M. Jaykrishna, Chairperson and Managing Director of the Company was adjudged:

- Top Performer Women Entrepreneur-NON MSME by Federation of Indian Export Organizations (FIEO)

- During the year under review the Company has received the following awards

- Award of Excellency 2015-16 Dyes & Dye Intermediates Panel Small Scale Sector from CHEMEXCIL

- Second Award for self-manufactured direct export of Dye Intermediates in 2014-15 from The Gujarat Dyestuffs Manufacturers Association (GDMA)

- Special Trophy for self-manufactured direct export of Dyes of Rs. 14 Crores and above in 2014-15 from The Gujarat Dyestuffs Manufacturers Association (GDMA)

- Trophy for self-manufactured domestic sale of Dye Intermediates between Rs. 5 Crores to Rs. 15 Crores in 2014-15 from The Gujarat Dyestuffs Manufacturers Association (GDMA)

CREDIT RATING

The CARE has upgraded rating of the Company from CARE A (Single A) to CARE A (Single A Plus) assigned to the long term bank loans/facilities. The CARE has also upgraded rating assigned to the short term bank loans/facilities from CARE A1 (A One) to CARE A1 (A One Plus).

LISTING

The Equity Shares of the Company continue to be listed on BSE Limited and Ahmadabad Stock Exchange Limited and required Listing Fees for the year 2017-18 has been paid.

73,12,900 Equity Shares of Rs. 10 each got listed on National Stock Exchange of India Limited (NSE) and the trading commenced w.e.f. March 28, 2017. The required fees for the year 2016-17 and

2017-18 have been paid.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as prescribed under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, are enclosed as Annexure A to the Board''s report.

RISK MANAGEMENT

We believe that risk management is an integral part of our operations. It is essential to identify and manage risks in order to reduce uncertainties and ensure continuity of business. We have a risk management framework and team that implements the processes specified in the framework. Further details are set out in the Management Discussion and Analysis Report forming part of the Directors'' Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

In accordance with the provisions of Section 135 of the Companies Act, 2013 and the rules framed there under, the Company has a Corporate Social Responsibility Committee of Directors comprising Mrs. Paru M. Jaykrishna - Chairperson, Mr. Gautam Jain and Mr. Kirankumar J. Mehta has inter alia also formulated a CSR Policy.

The role of the CSR Committee is to review the CSR policy, indicate activities to be undertaken by the Company towards CSR activities and formulate a transparent monitoring mechanism to ensure implementation of projects and activities undertaken by the Company towards CSR initiatives.

The Report on CSR Activities, which forms part of the Directors'' Report, is annexed as Annexure B to this report.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS ANDKEY MANAGERIAL PERSONNEL

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy on selection and appointment of Directors, Senior Management and their remuneration. The Nomination and Remuneration Policy is put up on the website of the Company at : www.aksharchemindia. com

The details of programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at : www.aksharchemindia.com

DISCLOSURES ON MANAGERIAL REMUNERATION

Details of Managerial Remuneration as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as per Annexure C to this report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Resignation of Director

Mr. Jayprakash M. Patel (holding DIN: 00256790), has resigned as an Independent Director of the Company w.e.f. March 7, 2017. The Board places on record its sense of appreciation for the assistance and guidance provided by Mr. Jayprakash M. Patel during his tenure as an Independent Director of the Company.

Retirement by Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mrs. Paru M. Jaykrishna (holding DIN: 00671721) Chairperson and Managing

Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible have offered herself for reappointment. The Board recommends her reappointment.

Key Managerial personnel

The following persons are the Key Managerial Personnel:

Mrs. Paru M. Jaykrishna, Chairperson & Managing Director Mr. Munjal M. Jaykrishna, Joint Managing Director & CFO Mr. Meet J. Joshi, Company Secretary

Women Director

The Board of Directors of the Company includes a woman director viz. Mrs. Paru M. Jaykrishna. Accordingly, the Company is in compliance with the requirement of section 149(1) of the Companies Act, 2013 read with Rule 3 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Independent Directors

All the Independent directors have been appointed for the term of five consecutive years from the date of Annual General Meeting of the Company held on 25th September, 2014 till the date of 30th Annual General Meeting in the year 2019, hence no Independent Director of the Company are liable to retire during the year under review.

Declaration by Independent Directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued there under and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s) or re-enactment(s) for the time being in force), the process for evaluation of the annual performance of the Directors/ Board/ Committees was carried out.

PARTICULARS OF EMPLOYEES

The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided as Annexure D to this report.

NUMBER OF MEETINGS OF THE BOARD

During the financial year 2016-2017, the Board of Directors of the Company, met 8 (Eight) times on May 24, 2016, July 22, 2016, August 14, 2016, August 22, 2016, November 7, 2016, November

14, 2016, January 23, 2017, and March 16, 2017.

During the year under review, one resolution for taking note of resignation of Mr. Jayprakash M. Patel (DIN: 00256790) as Independent Director of the Company was passed by circulation on March 08, 2017 and the same has been approved in subsequent meeting held on March 16, 2017.

INDEPENDENT DIRECTORS'' MEETING

A separate Meeting of the Independent Directors of the Company was also held on March 16, 2017, whereat the prescribed items enumerated under Schedule IV to the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were discussed.

AUDIT COMMITTEE

The composition of the Audit committee, as per the applicable provisions of the Act and Rules, are as follows:

Mr. Kirankumar J. Mehta - Chairman Dr. Pradeep Jha - Member Mr. Param J. Shah - Member

A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this Annual Report.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have adopted the vigil mechanism/whistle blower policy which is in compliance with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Employees can raise concerns regarding any discrimination, harassment, victimization, any other unfair practice being adopted against them or any instances of fraud by or against your Company. The Audit Committee oversees the vigil mechanism.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Board has adopted policies and procedures to ensure the orderly and efficient conduct of its business, including but not limited to the prevention and detection of frauds and errors, the safeguarding of its assets, the accuracy and completeness of the accounting records, adherence to the company''s policies, periodical review of financial performance of Company and review of the accounts every quarter by Statutory Auditors.

STATUTORY AUDITORS

M/s. Trushit Chokshi & Associates, Chartered Accountants (Firm Registration No. 111072W), Ahmadabad, have been appointed as the statutory auditors of the Company in the capacity of Partnership Firm, in the Annual General Meeting held in the year 2016 for the FY 2016-17 and have completed a term. Their term as statutory auditors is up to the conclusion of the forthcoming AGM. In accordance with the provisions of Section 139 of the Act, M/s. Mahendra N. Shah & Co., Chartered Accountants (Firm Registration No. 105775W), Ahmadabad are proposed to be appointed as statutory auditors for a period of 5 years commencing from the conclusion of ensuing AGM till the conclusion of the 33rd AGM of the Company to be held in 2022, subject to ratification of their appointment at every AGM, if so required under the Act.

M/s. Mahendra N. Shah & Co. have consented to their appointment as Statutory Auditors and have confirmed that their appointment, if made, will be in accordance with Section 139 read with Section 141 of the Act. Members are requested to approve the appointment of M/s. Mahendra N. Shah & Co. and authorize the Board of Directors to fix their remuneration. Your Board of Directors recommends their appointment as statutory auditors.

On the recommendation of the Audit Committee, it is proposed to appoint M/s. Mahendra N. Shah & Co. as statutory auditors of the Company from the conclusion of the ensuing Annual General Meeting of the Company until the conclusion of the 33rd Annual General Meeting of the Company to be held in 2022.

The Company has received a letter to the effect that their appointment, if made, would be within the prescribed limit under Section 139 (1) of the Companies Act, 2013 and that they are not disqualified for appointment within the meaning of Section 141 of the said Act and rules framed there under.

As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the statutory auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

AUDITORS'' REPORT

The Audit for the year 2016-17 have been carried out by M/s. Trushit Chokshi & Associates, Chartered Accountants (Firm Registration No. 111072W), Ahmadabad and the notes on financial statement referred to in the Auditor''s Report are self-explanatory and do not call for any further comments. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review.

The Auditors'' Report does not contain any qualification, reservation or adverse remark on the financial statements for the year ended March 31, 2017.

SECRETARIAL AUDITORS

Mr. Bipin L. Makawana, Practicing Company Secretary (Membership No. A15650), was appointed to conduct the secretarial audit of the Company for the financial year 2016-17, as required under Section 204 of the Companies Act, 2013 and Rules there under. Secretarial Audit Report for F.Y. 2016-17 forms part of the Annual Report as Annexure E to the Board''s report.

The Secretarial Auditor has not made any adverse comments or given any qualification, reservation or adverse remarks or disclaimer in their Audit Report.

COST AUDITOR

During the year under review, the provision regarding Cost Audit is not applicable to the Company.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 is appended as Annexure F to this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE

Particulars of loans, guarantees or investments covered under Section 186 of the Companies Act, 2013 forms part of the notes to the financial statements provided in this Annual Report.

PARTICULARSOFCONTRACTSORARRANGEMENTS ENTERED INTO WITH RELATED PARTIES

All Related Party transactions that were entered into during the year under review were in ordinary course of business and were on arm''s length basis. There are no materially significant related party transactions made by the Company which may have potential conflict of interest.

Further, there were no material related party transactions which are not in ordinary course of business and are not on arm''s length basis and hence there are no information required to be provided under Section 134(3)(h) of the Companies Act, 2013 read with rule 8(2) of the Companies (Accounts) Rules, 2014 in form AOC-2 and under Section 188(2) of the Companies Act, 2013.

SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND / OR THE COMPANY''S OPERATIONS IN FUTURE.

There were no significant or material orders passed by the regulators or Courts or Tribunals impacting the going concern status of the Company and / or the Company''s operations in future.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and Analysis Report is appended as Annexure G to this Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. A separate Corporate Governance Report as stipulated under Chapter IV read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished as Annexure H to this Report together with certificate from M/s. Trushit Chokshi & Associates, Chartered Accountants, Ahmadabad, confirming compliance with the conditions of Corporate Governance.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(3)(c) of the Companies Act, 2013 and based on the information provided by the management, your directors state that:

(a) in the preparation of the annual accounts for the year ended March 31, 2017, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

(b) the Directors have 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 as at March 31, 2017 and of the profit of the Company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a ''going concern'' basis;

(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

During the year under review there were no frauds reported by Auditors under section 143 (12).

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In line with the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under, the Company has adopted a policy for the same. During the year under review, no case was reported to the Committee.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our human capital contributes significantly to our business operations and we believe that employees are our valuable asset and core strength. To further support that strength, we have identified skill set building as one of key business drivers, and have focused our employee initiatives in that direction. We periodically organize various trainings for our employees to enhance their knowledge and skills. Our learning and development training programs are governed by quality business management principles adopted by us, which include a principle of in-depth identification of development needs and comprehensive structure of learning and development.

We believe that our human resources initiatives led to positive trends in the production, quality, cost, delivery, safety and morale parameters in manufacturing, a higher level of engagement in workers, better working relationships between sales managers and repartees. We also engage contract labour depending on our requirements from time to time, particularly at our manufacturing facilities. The attrition rate of the Company is very low as compare to other companies in the concerned sector. Industrial relations remained harmonious with a focus on productivity, quality and safety throughout the year. Your directors wish to place on record their sincere appreciation for the devoted services of all the employees and workers of the Company.

ENVIRONMENT SAFETY AND HEALTH

Your Company continues to exercise persistent and meticulous efforts towards greener earth and environment conservation. The Company preserves in its efforts to teach safe and environmentally accountable behavior in every employee, as well as its vendors. The Company is committed towards safety, not only of its own men and plant, but also of the society at large.

Solid waste generated at the Works, after treatment of its liquid effluent is shifted to a Gujarat Pollution Control Board (GPCB) approved site.

The Company continues to demonstrate its commitment to a clean and safe environment. The State of the art effluent treatment plant continues to run satisfactorily, so that the treated waste water discharged is well within the stipulated norms set by GPCB.

Your Company has ISO 14001:2004 and ISO 9001:2015 certification for its unit.

APPRECIATION AND ACKNOWLEDGEMENTS

Your Directors are grateful and pleased to place on record their thanks to Government of India, Government of Gujarat, Electricity supply companies, and Bankers for their excellent support, guidance and continued cooperation.

The Company is thankful to the shareholders for reposing trust in the Company and their unflinching enthusiasm and patronage.

Place : Indrad, Mehsana For and on behalf of Board of Directors

Date : 27.07.2017

Regd. Office: paru M. Jaykrishna

166-169, Village Indrad, Chairperson & Mg. Director

Kadi - Kalol Road,

Dist : Mehsana DIN: 00671721

Gujarat - 382 715 (India)

CIN: L24110GJ1989PLC012441

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