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AksharChem (India)

BSE: 524598|NSE: AKSHARCHEM|ISIN: INE542B01011|SECTOR: Dyes & Pigments
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Directors Report Year End : Mar '16    Mar 15

DEAR SHAREHOLDERS,

The Directors are pleased to present their Twenty Seventh Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31, 2016.

FINANCIAL HIGHLIGHTS

(Rs. in Lacs)

Particulars

Standalone

Consolidated

Current Year 2015-16

Previous Year 2014-15

Current Year 2015-16

Previous Year 2014-15

Revenue from operations

18,770.61

19,981.58

18,770.61

19,981.58

Other Operating Income

12.53

17.58

12.53

17.58

Other Income from investment

116.83

205.99

116.83

205.99

Total Income

18,899.97

20,205.15

18,899.97

20,205.15

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

3,351.73

2,951.44

3,351.56

2,951.44

Less: Finance Costs

334.63

325.33

334.63

325.33

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

3,017.10

2,626.11

3,016.93

2,626.11

Less: Depreciation

424.18

390.79

424.18

390.79

Profit for the year before Extra Ordinary Item/Exceptional Items, Prior period adjustments and Tax Expenses

2,592.92

2,235.31

2,592.75

2,235.31

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

Nil

Nil

Nil

Nil

Profit for the year before Prior period adjustments and Tax Expenses

2,592.92

2,235.31

2,592.75

2,235.31

Add/(Less): Prior Period Adjustments

Nil

115.65

Nil

115.65

Profit for the year before Tax Expenses

2,592.92

2,350.96

2,592.75

2,350.96

Less: Current Tax

768.00

647.30

768.00

647.30

Less: Deferred Tax

161.13

103.65

161.13

103.65

Net Profit for the year

1,663.79

1,600.01

1,663.62

1,600.01

Add: Balance brought forward from last year

3,429.61

2,286.72

3,429.61

2,286.72

Surplus available for Appropriation

5,093.40

3,886.73

5,093.22

3,886.73

Appropriation

Transfer to General Reserve

Nil

150.00

Nil

150.00

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

Nil

255.95

Nil

255.95

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

255.95

Nil

255.95

Nil

Tax on dividend

52.11

51.18

52.11

51.18

Balance carried over to Balance Sheet

4,785.34

3,429.60

4,785.16

3,429.60

Total

5,093.40

3,886.73

5,093.22

3,886.73

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, 2016 and the total outgo was Rs. 255.95 Lacs towards dividend and Rs. 52.11 Lacs towards dividend distribution tax.

During the previous financial year, the Company has paid final dividend of Rs 3.50 per equity share (35% on face value of Rs. 10 each), and the total outgo was Rs. 255.95 Lacs towards dividend and Rs. 51.18 Lacs towards dividend distribution tax.

TRANSFER TO RESERVES

Your Company has not transferred any amount to General Reserve (Previous Year the Company has transferred Rs. 150 Lacs to General Reserve). Your company has retained amount of Rs. 4785 Lacs in the Statement of Profit and Loss.

STATE OF COMPANY''S AFFAIRS

The highlights of the Company’s performance are as under:

General

As the global economy particularly Europe is not stable and there were lot of uncertainties in the global economy, the commodity prices and capital markets was too volatile and unpredictable, which has affected the overall performance of the Company. Despite of this your company has been able to improve profitability.

Results of Operations

During the year under review, the turnover of the Company was Rs. 18,899 Lacs as compared to Rs. 20,205 Lacs of the previous year. However, the Profit after Tax (PAT) has increased from Rs. 1,600 Lacs to Rs. 1,664 Lacs.

Exports

The export turnover has decreased from Rs. 17,475 Lacs to Rs. 15,346 Lacs compared to previous year. The company is making continuous efforts to increase the export sales.

Capital Expenditure

During the year under review the Company has incurred capital expenditure of Rs. 808.16 Lacs.

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, 2016.

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.

AUTHORISED SHARE CAPITAL

During the year under review, there is no change in the Authorized Share Capital of the Company.

SHARE CAPITAL

During the year under review, the paid up capital of the Company has remained the same.

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. 6.73 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, 2016.

SUBSIDIARY COMPANIES

During the year under review the Company has acquired one subsidiary namely M/s. Akshar Pigments Pvt. Ltd. by acquiring 99.90% stake therein and also subscribed 5100 Equity Shares of Rs. 10 each (51% stake) equity shares of M/s. Chhatral Environment Management System Private Limited, however subsequently sold the entire stake in M/s. Chhatral Environment System Pvt. Ltd.. Hence, at the end of the financial year the Company has one subsidiary company namely M/s. Akshar Pigments Private Limited. The Board reviewed the affairs of the Company’s subsidiary during the year at regular intervals. In accordance with section 129(3) of the Companies Act, 2013, the Company has prepared Consolidated Financial Statements of the Company and its subsidiary, which form part of this Annual Report. The consolidated Financial Statement have been prepared on the basis of audited financial statements of the Company and its subsidiary Company, as approved by their respective Board of Directors. Further a statement containing salient features of the Financial Statements of each subsidiary in Form AOC-1 forms part of the Consolidated Financial Statements.

CONSOLIDATED ACCOUNTS

The Consolidated Financial Statements of your Company for the financial year 2015-16 are prepared in compliance with applicable provisions of the Companies Act, 2013 read with the Rules issued there under, applicable Accounting Standards and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the Listing Regulations). The consolidated financial statements have been prepared on the basis of audited financial statements of your Company, its subsidiaries as approved by the respective Board of Directors.

CERTIFICATIONS

Your Company has ISO 14001:2004 certification and ISO 9001-2008 for quality management system for plant at Village Indrad.

AWARDS AND RECOGNITION

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

- Best Woman Entrepreneur at SME Business Excellence Awards 2014 organized by Dun & Bradstreet in association with Federal Bank Limited and Times Group.

- Runners’ up in the Best Woman Entrepreneur Exporter category at ECGC-D&B Indian Exporters’ Excellence Awards 2015 organized by Dun & Bradstreet in association with Export Credit Guarantee Corporation of India Ltd (ECGC).

CREDIT RATING

The CARE has upgraded rating of the Company from CARE A- (Single A Minus) to CARE A (Single A) assigned to the long term bank loans/ facilities. The CARE has also upgraded rating assigned to the short term bank loans/facilities from CARE A2 (A Two Plus) to CARE A1 (A One).

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 2015-16 has been paid.

LISTING AGREEMENT

The Securities and Exchange Board of India (SEBI), on September 2, 2015, issued SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the aim to consolidate and streamline the provisions of the Listing Agreement for different segments of capital markets to ensure better enforceability. The said regulations were effective December 1, 2015. Accordingly all listed entities were required to enter into the Listing Agreement within the six months from the effective date. The Company entered into Uniform Listing Agreement with BSE Limited and Ahmadabad Stock Exchange Limited during December, 2015.

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

The Company has a Risk Management framework to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company’s competitive advantage. The business risk framework defines the risk management approach across the enterprise at various levels including documentation and reporting. 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. Kiran 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 AND KEY MANAGERIAL PERSONEL

The salient aspects covered in the Nomination and Remuneration Policy has been outlined in the Corporate Governance Report which forms part of this report. And the remuneration paid to the Directors is in accordance with the Nomination and Remuneration Policy as mandated under Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing Regulations (including any statutory modification(s) or reenactments) for the time being in force).

The Chairperson and Managing Director Joint Managing Directors of your Company does not receive remuneration from the subsidiary of your Company.

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

Mr. Gokul M. Jaykrishna, has resigned from the post of the Joint Managing Director of the Company and appointed as Non-Executive Director w.e.f. October 9, 2015.

Retirement by Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Munjal M. Jaykrishna (holding DIN: 00671693) Joint Managing Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible have offered himself for re-appointment. The Board recommends his reappointment.

Re-Appointment of Chairperson & Managing Director

Mrs. Paru M. Jaykrishna has been re-appointed as Chairperson & Managing Director of the Company for a further period of 5 years w.e.f. 01.04.2016 in the meeting of Board of directors held on 14th March, 2016 and the same has been approved by the shareholders of the Company in the Extraordinary General Meeting held on August 22, 2016.

Key Managerial Personnel

The following persons are the Key Managerial Personnel:

Mrs. Paru M. Jaykrishna, Chairperson and 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 24th 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 Clause 49 of the Listing Agreement.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued there under and the Listing Regulations (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 2015-2016, the Board of Directors of the Company, met 6 (Six) times on May 21, 2015, August 12, 2015, October 9, 2015, October 29, 2015, January 25, 2016, and March 14, 2016.

INDEPENDENT DIRECTORS'' MEETING

A separate Meeting of the Independent Directors of the Company was also held on March 14, 2016, 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. Kiran 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 Listing Regulations. 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 AND AUDITORS'' REPORT

During the year under review, M/s. Trushit Chokshi & Associates, Chartered Accountants, Ahmadabad tendered their resignation from the position of Statutory Auditors of the Company on account of change in their constitution/status from proprietorship firm to partnership firm. However, there is no change in their registration number. Members at the Extra Ordinary General Meeting held on August 22, 2016 appointed M/s. Trushit Chokshi & Associates, Chartered Accountants, Ahmadabad (Firm Registration No.111072W) (in the capacity of Partnership Firm) as Statutory Auditor of the Company from the conclusion of the Extra Ordinary General Meeting until the conclusion of the ensuing Annual General Meeting of the Company.

On the recommendation of the Audit Committee M/s. Trushit Chokshi & Associates, Chartered Accountants, Ahmadabad, it is proposed to appoint them as Statutory auditors of the Company from the conclusion of the ensuing Annual General Meeting of the Company until the conclusion of the next Annual General Meeting of the Company.

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

As required under SEBI Listing Regulations, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

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, 2016. Your Board of Directors recommend their appointment as Independent Auditors for the financial year 2016-17.

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 2015-16, as required under Section 204 of the Companies Act, 2013 and Rules there under. Secretarial Audit Report for F.Y. 2015-16 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 Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS ENTERED INTO WITH RELATED PARTIES

All Related Party transactions that were entered into during the financial 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, 2016, 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, 2016 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 there were no frauds reported by Auditors under section 143 (12).

DISLOSURE 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, no case was reported to the Committee constituted under the said Act.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The management believes in the philosophy of the development of the Company as well as its employees. The management assigns the works by considering this philosophy and also gives them proper guidance and time for fulfillment of any of their responsibility. Hence, the employees also feel faithful and perform their duties with dedication. The Company is providing various types of training to the employees of the Company and also sponsors the training and seminars to be attended by the employees for advancement and up gradation of the technology and work culture. The attrition rate of the Company is very low as compare to other companies in the concerned market. Industrial relations remained harmonious with a focus on productivity, quality and safety throughout the year.

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 9001-2008 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.

For and on behalf of Board of Directors

Place : Indrad, Mehsana

Date : August 22, 2016

Registered Office: Paru M. Jaykrishna

166-169, Village Indrad, Chairperson and Managing Director

Kadi - Kalol Road, Dist : Mehsana DIN: 00671721

Gujarat - 382 715 (India)

CIN: L24110GJ1989PLC012441

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