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Acrysil (India) Ltd.

BSE: 524091 | NSE: ACRYSIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE482D01024 | SECTOR: Plastics - Moulded Articles and Furnitures

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Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Director’s Report

The Directors are pleased to present the Thirty First Annual Report on business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2018. This report states compliance as per the requirements of the Companies'' Act, 2013 (the Act), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and other rules and regulations as applicable to the Company.

1. Financial Summary/Performance of the Company

The highlights of the financial performance for the year under review as compared to the previous financial year are given below:

(Rs. in Lakhs)

Sr. No.









Net Sales / Income from Operations






Other Income






Total Income (1 2)






Total Expenditure






Operating Profit before Finance Cost, Depreciation, Tax and Minority Interest (3-4)






Finance Cost












Profit before Tax and Minority Interest (5-6-7)






Provision for Taxation






Net Profit after Tax and before Non-Controlling Interest (8-9)






Non-Controlling Interest






Net Profit after Tax & Non-Controlling Interest (10-11)






Total other Comprehensive Income (Net ofTax)






Total Comprehensive Income






1. The previous year figures has been regrouped wherever necessary.

2. The above figures are extracted from the audited standalone and consolidated financial statements as per Indian Accounting Standards (Ind AS).

3. Figures has been rounded off to nearest decimal

2. Performance Review


During the year under review, Sales Turnover increased to Rs.15380.37 lakhs as against Rs.14,136.76 lakhs in the previous year. The Profit After Tax for the year stood at Rs.641.42 lakhs as compared to Rs.626.12 lakhs in the previous year.


On consolidated basis, Sales turnover of your Company for the year was Rs.19646.70 Lakhs as against Rs.18098.65 Lakhs in the previous year. The Consolidated Profit Before Taxation and Minority Interest was Rs.1688.42 Lakhs against Rs.1268.75 Lakhs in the previous year. The Consolidated Profit after Tax and Minority Interest was Rs.1195.08 Lakhs against Rs.725.91 Lakhs in the previous year.

3. Applicability of Indian Accounting Standards

Your Company had adopted Ind-AS w.e.f. 1st April, 2017 pursuant to a notification dated 16th February, 2015, issued by the Ministry of Corporate Affairs, notifying the Companies (Indian Accounting Standard) Rules, 2015. Your Company has published Ind-AS Financials for the financial year ended 31st March, 2018 along with comparable as on 31st March, 2017 and Opening Statement of Assets and Liabilities as on 1st April, 2017.

Your Company has shared all four quarters re-stated Ind-AS Profit and Loss Statement with investors along with quarterly results for comparison.

4. Goods and Services Tax (GST)

The Goods and Services Tax (GST) is a landmark reform which will have a lasting impact on the economy and on businesses. Implementation of a well-designed GST model that applies to the widest possible base at a low rate can provide stimulus to the business and contribute to the Hon''ble Prime Minister''s mission of ''Make in India''.

Your Company has successfully implemented and migrated to GST w.e.f. 1st July, 2017 and changes across IT systems, Supply Chain and Operations have been made keeping in mind the sweeping changes that GST has brought in.

5. Dividend

Considering the consistent financial performance of your Company and promising future prospects while retaining capital to maintain a healthy Capital Adequacy Ratio and to support future growth your Board of Directors recommend a final dividend of 50 % (Rs. 5/-per Equity Share) on Equity Shares of Rs. 10/- each for the financial year ended March 31, 2018. The declaration and payment of dividend is subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

The Register of Members and Share Transfer Books will remain closed from Friday, September 21, 2018 to Thursday, September 27, 2018 (both days inclusive) for the purpose of payment of the final dividend for the financial year ended March 31, 2018.

6. Material Changes, Transaction and Commitment/ Change in the Nature of Business, if any

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.

7. The details of significant and material order passed by the regulators or courts or tribunals impacting the going concern status and Company''s operation in future

During the year under review, no significant or material order was passed by the Regulators or Courts or Tribunals which impact the going concern status and Company''s operations in future.

8. Management Discussion and Analysis (MDA)

Management''s Discussion and Analysis Report for the year, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), is presented in a separate section, forming part of the Annual Report.

9. Share Capital

The paid up Equity Share Capital as on March 31, 2018 stands at Rs. 5,18,89,760 divided into Rs. 51,88,976 equity shares of Rs. 10/- each. The Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares to the employees or Directors of the Company, under any Scheme (including sweat equity shares) during the year.

10. Transfer to Reserves

The Company proposes to transfer sum of '' 200.00 Lakhs to the General Reserves. An amount of Rs.3195.08 Lakhs is proposed to be retained in the Statement of Profit and Loss of standalone financials.

11. Subsidiary Companies

As on March 31, 2018, the Company has seven subsidiaries, including three overseas subsidiaries and one step down overseas subsidiary. There has been no material change in the nature of the business of the subsidiaries. There are no associate companies or joint venture companies within the meaning of Section 2(6) of the Act. Financials of subsidiaries are disclosed in the consolidated financial statements, which forms part of this Annual Report. Pursuant to sub-section (3) of section 129 of the Act and Rule 8(1) of the Companies (Accounts) Rules, 2014, the statement containing the salient feature of the financial statements of a Company''s subsidiaries in Form AOC-1 is attached to the financial statements.

Pursuant to the provisions of Section 136 of the Companies Act, 2013, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited Accounts in respect of subsidiaries, are available on the website of the Company.

During the year under review, Acrysil International FZCO, Dubai became the wholly owned subsidiary of the Company. Except that, no company become or ceased to be Company''s Subsidiaries, joint ventures or associate companies.

The Board has approved a Policy Statement for determining ''Material'' Subsidiaries of the Company viz. Acrysil Limited and the same is available on the website of the Company i.e. under ''Company Policies'' in the ''Investor Relations section.

The Audit Committee of the Company reviews the financial statements, in particular, the investments made by the unlisted subsidiary company.

The minutes of the Board Meetings of the unlisted subsidiary companies were also placed at the Board Meeting of the Company.

Further, the Annual Accounts and related documents of the subsidiary company shall be kept open for inspection at the registered office of the Company. The Company will also make available copy thereof upon specific request by any Member of the Company interested in obtaining the same. Further, pursuant to Accounting Standard AS-21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company in this Annual Report include the financial information of its subsidiary.

12. Directors and Key Managerial Personnel

The Board of Directors of the Company is led by the Executive Chairman and Managing Director and comprises four other Independent Directors as on March 31, 2018. Pursuant to the provisions of Section 152 of the Companies Act, 2013, and the Articles of Association of the Company, Mr. Chirag Ashwin Parekh, Chairman and Managing Director is due to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Mr. Chirag A. Parekh, Chairman and Managing Director, Mr. Anand H. Sharma, Chief Financial officer and Mr. Damodar Sejpal, Company Secretary and Compliance officer are the Key Managerial Personnel of the Company in accordance with the provisions of Section 2(51) and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

There has been no change in the Key Managerial Personnel during the financial year 2017-18.

a. Board Meetings

During the year, 6(Six) Board meetings were held, with gap between Meetings not exceeding the period prescribed under the Companies Act, 2013. Details of Board and Board committee meetings held during the year are given in the Corporate Governance Report which forms part of the Annual Report.

Board meeting dates are finalized in consultation with all directors and agenda papers backed up by comprehensive notes and detailed background information are circulated well in advance before the date of the meeting thereby enabling the Board to take informed decisions. A detailed presentation is also made to apprise the Board of important developments in industry, segments, business operations, marketing, products etc.

In accordance with the provisions of Schedule IV of Companies Act, 2013 (the Act) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations), a separate meeting of the Independent Directors of the Company was held on 29th March, 2018 to review the performance of Non-Independent Directors (including the Chairpersons) and the entire Board. The Independent Directors also reviewed the quality, quantity and time lines of the flow of information between the Management and the Board.

b. Independent Director''s Familiarization Programme

The Company familiarises its Independent Directors pursuant to the requirements of Regulation 25 of LODR with their roles, rights, responsibility in the Company, nature of the industry in which the Company operates and business model management structure, product portfolio, Industry overview, manufacturing operations, internal control system and processes, FOREX management , risk management framework, functioning of various divisions, HR Management, CSR activities etc. The details of such familiarization programmes for Independent Directors are posted on the website of the Company and can be accessed at upload/pdf/ 7832Nomination%20&%20Remune ration%20Policy.pdf

c. Evaluation of Board, Committees and Directors

Considering the Performance Evaluation Guidelines which was formulated by the Nomination and Remuneration Committee (NRC), the Board and NRC approved the framework for evaluating the performance, on an annual basis, of the Board, its Committees and each director including the Chairman of the Board of Directors.

In line with the statutory requirements enshrined under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5, the Board carried out a performance evaluation of itself, its Committees and of all individual Directors including Independent Directors and the Chairman of the Board of Directors based on various parameters relating to attendance, roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees.

d. Policy on Appointment and Remuneration of Directors

The Board, on the recommendation of the Nomination & Remuneration Committee, formulated criteria for determining Qualifications, Positive Attributes and Independence of a Director and a Policy for remuneration of Directors, Key managerial Personnel and senior management. The Board has formulated Nomination and Remuneration Policy is posted on the website of the Company and can be accessed at upload/pdf/7832Nomination%20&%20Remuneratio n%20Policy.pdf

e. Declaration by Independent Directors

The Independent Directors of the Company have furnished the declaration to the Company under Section 149(7) of the Companies Act, 2013, that he/ she meets the criteria of independence prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

13. Auditors

a. Statutory Auditors

M/s. P A R K & Company, Chartered Accountants were appointed as Statutory Auditors of the Company for a period of 5 (Five) years from FY 2017 - 18 to 2021 - 22 at the 30th Annual General Meeting held on September 20, 2017. In view of the amendment to Section 139 of the Companies Act, 2013, the Company is not required to ratify the appointment of the Statutory Auditor at every Annual General Meeting. Hence, the item of ratification of appointment of Statutory Auditor is not considered in this Annual General Meeting. In view of the same M/s. P A R K & Company, Chartered Accountants will continue to act as Statutory Auditors of your Company for Financial Year 2018-19.

Statutory Auditors'' Report

The Board has duly reviewed the Statutory Auditor''s Report and the observations and comments, appearing in the report are self-explanatory and do not call for any further explanation /clarification by the Board of Directors as provided under Section 134 of the Act.

b. Cost Auditors

Pursuant to Section 148 of the Act, read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its Kitchen Sinks under other manufacturing activity are required to be audited by Cost Auditors.

The Board of Directors, as per recommendation of Audit Committee, has appointed M/s. S. K. Rajani& Co., Cost Accountants (FRN: 101113) as Cost Auditors of the Company, for the financial year 2018-19on a remuneration of Rs. 60,000/- subject to ratification by members.

A resolution seeking ratification for the remuneration payable to Cost Auditors forms part of the Notice of 31st Annual General Meeting of the Company and same is recommended for your consideration and ratification.

The Company has filed the Cost Audit Report with the Ministry of Corporate Affairs within the stipulated time period prescribed under the Companies (Cost Record and Audit) Rules, 2014.

c. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. P. P. Shah & Co., a firm of Company Secretaries in Practice to conduct the Secretarial Audit of the Company. The secretarial audit report for the financial year 2017-18 forms part of the Annual Report as Annexure V to the Board''s report. The Secretarial Audit Report is self-explanatory in nature and do not require any further comments and explanations.

The Board has appointed M/s. P. P. Shah & Co., Practicing Company Secretaries, as secretarial auditor of the Company for financial year 2018-19.

d. Auditors'' Certificate on Corporate Governance

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the auditors'' certificate on corporate governance is form part of Annual Report. The auditors'' certificate for financial year 2017-18 does not contain any qualification, reservation or adverse remark.

14. Internal Control System and Compliance Framework

In the opinion of the Board, the Company has an Internal Control System, commensurate with size, scale and complexity of its operations. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations.

Internal Controls are continuously evaluated by the Internal Auditors and Management. Findings from internal audits are reviewed by the Management and by the Audit Committee and corrective actions and controls have been put in place wherever necessary. Scope of work of Internal Auditors covers review of controls on accounting, statutory and other compliances and operational areas in addition to reviews relating to efficiency and economy in operations.

During the year, Internal Financial Controls (IFC) testing process was done in order to review adequacy and strength of IFC followed by the Company. As per the assessment, there are no major concerns and controls are strong.

The Board has also put in place requisite legal compliance framework to ensure compliance of all the applicable laws and those systems are adequate and operating effectively.

15. Audit committee

The Company has an Audit Committee pursuant to the requirements of the Act read with the rules framed there under and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details relating to the same are given in the Report on Corporate Governance forming part of this Report.

During the Financial year 2017-18, the recommendations and ratifications of Audit Committee were duly approved, ratified and accepted by the Board of Directors.

16. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013 and the Rules thereunder. As required under law, an Internal Complaints Committee (ICC) has been constituted for reporting and conducting inquiry into the complaints made by the victim on the harassment at the work place. During the year under review, there were no complaints pertaining to sexual harassment.

17. Risk Management and Policy on Risk Management

Your Company recognizes that the risk is an integral part of business and is committed to managing the risks in proactive and efficient manner. Your Company periodically assesses the risks in the internal and external environment along with the treating the risks and incorporates risk management plants in its strategy, business and operational plans.

Your Company, through its risk management process strives to contain impact and likelihood of the risks within the risk appetite as agreed from time to time with the Board of Directors.

Major risks identified for the Company by the management are Currency fluctuation, Manufacturing & Supply, Information Technology and new capital investments return. The management is however, of the view that none of the above risks may threaten the existence of the Company as robust Risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the Company in case any of these risks materialise.

The Board of Directors has also adopted a formal Risk Management policy for the Company, whereby, risks are broadly categorized with the parameters of identification, assessment, monitoring and mitigation of various risks. Policy on Risk Management is posted on the website of the Company and can be accessed at pdf/1902risk-management-policy.pdf

18. Vigil Mechanism

The Board of Directors of the Company has approved and adopted a Whistle Blower Policy of the Company for establishing a vigil mechanism for directors and employees to report genuine concerns regarding fraud or unethical behavior as required under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In appropriate cases any personnel of the Company can have direct access to the audit committee.

We affirm that no personnel has been denied access to the Audit Committee. The Whistle Blower Policy is posted on the website of the Company at 9512vigil-mechanism.pdf

19. Related Party Transactions and Policy on Related Party Transactions

All the Related Party Transactions entered during the financial year were at arm''s length basis and in the ordinary course of the Company''s business. All such contracts or arrangements were entered into only with prior approval of the Audit Committee. Omnibus approval was obtained for the transactions of repetitive nature. The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board is uploaded on the Company''s website at 5203related-party-transcation-policy.pdf

There are no materially 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.

Accordingly, particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 at arm''s length transactions under third proviso thereto are disclosed in Form No. AOC-2 in Annexure - II and form part of this Report.

None of the Non-Executive Directors has any pecuniary relationship or transactions with the Company other than sitting fees payable to them.

20. Managerial Remuneration and Particulars of Employees

The ratio of remuneration of each director to the median of employees'' remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of the Board''s report and statement of particulars of employees is annexed as Annexure IV.

21. Insurance

The Company takes a very pragmatic approach towards insurance. Adequate cover has been taken for all movable and immovable assets against foreseeable perils like fire, riot, earthquake, floods, terrorism etc. and other risks which are considered necessary by the management.

In addition to this coverage, a statutory Public Liability Insurance Policy has been taken to cover the Company for providing against the public liability arising out of industrial accidents for employees working in plants.

22. Loans, Guarantees or Investments

The Details of Loans given, Guarantees and Securities provided and Investments made by the Company in compliance with the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

23. Corporate Social Responsibility (CSR)

In accordance with the provisions of Section 135 of the Companies Act, 2013 and Rules framed there under your Company has adopted a policy for CSR and the Board has constituted a Committee for implementing the CSR activities. Composition of the Committee and other details are provided in Corporate Governance Report. In financial year 2017-18, the Company has under taken various CSR activities directly and/or through implementing agency and the projects undertaken by the Company are in accordance with Schedule VII of the Companies Act, 2013. The report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is given in Annexure III, forming part of this report.

24. Deposits

The Company has not accepted any fixed deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014 during the year. There are no unclaimed/unpaid deposits as on March 31, 2018.

25. Extract of the Annual Return

In accordance with the provisions of section 92(3)(a) of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014 (as amended), an extract of the Annual Return is annexed to this report as Annexure - I.

26. Secretarial Standards

Secretarial Standard SS-1 and SS-2 relating to ''Meetings of the Board of Directors'' and ''General Meetings'' respectively , have been duly followed by the Company.

27. Directors'' Responsibility Statement

Pursuant to the provision of Section 134 of the Companies Act 2013, the directors to the best of their knowledge and belief hereby confirmed :

a. that in the preparation of the annual accounts for the year ended March 31, 2018, the applicable

Accounting Standards had been followed along with proper explanation relating to material departures, if any;

b. that the directors had selected 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 a airs of the Company at the end of the financial year ended March 31, 2018 and of the profit of the Company for that period;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the annual accounts/financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

f. that 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

28. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information relating to Conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be given under Section 134 of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure VI and forms part of this report.

29. Corporate Governance

Your Company is committed to maintain the highest standards of Corporate Governance, reinforcing the valuable relationship between the Company and its Stakeholders.

Pursuant to Regulation 34 of the SEBI LODR Regulations, a separate report on Corporate Governance has been included in this Annual Report along with a certificate from the Secretarial Auditors of the Company regarding the compliance with provisions of Corporate Governance.

All Board members and senior management personnel have affirmed compliance with the Code of Conduct for the year 2017-18. A declaration to this effect signed by the Chairman & Managing Director of the Company is contained in this Annual Report.

The Chairman & Managing Director and CFO have certified to the Board with regard to the financial statements and other matters as required under Regulation 17(8) of the SEBI LODR Regulations and the said certificate is contained in this Annual Report.

30. Human Resource

Your Company firmly believes that Human Resource function is closely integrated with the business and has been an important pillar supporting growth aspiration. The function focuses on Leadership Development, Succession Planning and Skills &Competency Development. At Acrysil, the Human Resource function is a business partner that focuses on improving the way of life, work culture, employee engagement, productivity, effectiveness and efficiency. The Company believes in developing an engaged, efficient and committed employee base that is aware and empowered.

Employee Engagement Programs are integral part of the function and are designed in a manner that keeps motivational levels high and they range from competitive sports to celebration festivals, cultural events to recognition through rewarding for exceptional achievement. Company also conducts in-house training programs to develop leadership as well as technical / functional capabilities in order to meet future talent requirements. Industrial relations were cordial throughout the year.

31. Disclosures under Section 134(3)(l) of the Companies Act, 2013

Except as disclosed elsewhere in this report, there have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.

32. Unclaimed Dividend

Pursuant to the provisions of Section 205A of the Companies Act, 1956 (Section 124 of the Companies Act, 2013), your company has transferred Rs. 402,732/- during the year to the Investor Education and Protection Fund. This amount was lying unclaimed/unpaid with the Company for a period of seven years after declaration of Dividend for the financial year ended 2009-10.

Here below are the proposed dates for transfer of the unpaid dividend to IEPF by the Company.

Financial Year

Date of declaration

Proposed date for transfer to IEPF*























1. Investors are requested to send in their claim at least 15 days prior to due date for transfer to IEPF for ensuring payment of their dividend.

2. Indicative dates, actual dates may vary.

31. Transfer of shares to Investor Education & Protection Fund (IEPF)

Pursuant to the provisions of the Companies Act, 2013 read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company is required to transfer equity shares in respect of which dividends have not been claimed for a period of seven years continuously, to IEPF. The Company has transferred 37,054 shares to IEPF during the year under review. Details of these shares are available on the Company''s website i.e. Further, shares in respect of which dividend will remain unclaimed progressively for seven consecutive years, will be reviewed for transfer to the Investor Education and Protection Fund as required by law. The Company will transfer the said shares, after sending an intimation of such proposed transfer in advance to the concerned shareholders, as well as, publish a public notice in this regard. Names of such transferees will be available on the Company''s website i.e.

Gratitude & Acknowledgments

It is our strong belief that caring for our business constituents has ensured our success in the past and will do so in future. The Board acknowledges with gratitude the co-operation and assistance provided to your company by Bankers, Investors, Customers, Suppliers and Government Authorities. The Board place on record earnest appreciation for the unstinted commitment, dedication, hard work and significant contribution made by employees ensuring sustained growth of the Company.

The Board also takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders.

Mumbai, By order of the Board of Directors

July 25, 2018 Chirag A Parekh

DIN:00298807 Chairman & Managing Director

Registered Office:

B-307, Citi Point, J. B. Nagar, Andheri Kurla Road,

Andheri (East), Mumbai - 400059.

Tel: (91-22) 4015 7817 / 7818 / 7819 Fax: (91-22) 2825 8052.

CIN: L26914MH1987PLC042283


Director’s Report