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Ahluwalia Contracts India Ltd.

BSE: 532811 | NSE: AHLUCONT | Series: NA | ISIN: INE758C01029 | SECTOR: Construction & Contracting - Civil

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Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Director’s Report

Dear Members,

The Directors are pleased in presenting the 39th Annual Report along with the Audited Financial Statements for the financial year ended 31st March, 2018.

REVIEW OF OPERATIONS

Your Company’s performance during the year as compared with that during the financial year ended 31st March, 2018 is summarized below:

(Rs. In Lakhs)

PARTICULARS

Year Ended

Year Ended

31.3.2018

31.3.2017

Revenue from Operations

164658.50

142657.61

Other Income

630.88

836.44

Total Income:

165289.38

143494.05

Total Expenditure other than Finance Cost and Depreciation and Amortisation

142732.62

125288.62

Profit Before Finance Cost and Depreciation and Amortisation and Tax

22556.76

18205.43

Depreciation and Amortisation Expenses

2562.77

2390.39

Profit Before Finance Cost and Tax

19993.99

15815.04

Finance Cost (Net)

2507.85

2708.22

Profit Before Tax

17486.14

13106.82

Provision for Current Tax

6703.86

3660.65

Provision for Deferred Tax

-762.39

814.84

Net Profit

11544.67

8631.33

Re-measurement of Defined Benefits Plans

116.08

-97.10

Total Comprehensive Income

11660.76

8534.24

Profit after Tax available for appropriation

Appropriation

Dividend on Equity Shares

200.96

0

Tax on Distributed Profit

41.31

0

Total Appropriation

Previous year’s figures have been regrouped/ rearranged wherever considered necessary.

DIVIDEND

The Board of Directors has recommended dividend @15% per equity shares (i.e. 0.30P) for the financial year ended 2017-18 subject to approval by the shareholders of the Company.

ADOPTION OF INDIAN ACCOUNTING STANDARDS (“IND AS”)

The Company has adopted Indian Accounting Standards (“Ind AS”) and accordingly these financial statements have been prepared in accordance with the same as required under section 133 of the Companies Act, 2013 read with rules made there under. The date of transition to Ind AS is 01st April, 2016. These financial statements for the year ended 31st March, 2018 are the Company’s first Ind AS financial statements. The impact of transition has been accounted for in the opening reserves and the comparative period figures have been reinstated accordingly.

OPERATIONS

During the year ended 31st March, 2018, your Company has achieved a Total turnover of Rs.1652.89 Crores as compared to Rs.1434.95 Crores in the previous year, thereby increasing by 15.18% as compared with previous year. The Company has earned a net Profit of Rs.115.41 Crores as against the profit of Rs.86.00 Crores in last year. The earning per share (EPS) for the financial year 2017-18 stood at Rs.17.23 against Rs.12.87 during previous year. On consolidated basis, the total income of your company and its subsidiaries stands at Rs.1,652.89 Crores.

KEY MANAGERIAL PERSONNEL

In accordance with the provisions of section 2(51), 203 of the Companies Act, 2013 read with Companies (Appointment & Remuneration of Managerial personnel) Rules 2014, the following are designated as Key Managerial Personnel of your Company by the Board:

- Mr. Bikramjit Ahluwalia, Managing Director- Executive

- Mr. Shobhit Uppal, Dy. Managing Director- Executive

- Mr. Vikas Ahluwalia, Whole Time Director- Executive

- Mr. Vinay Pal, Whole Time Director- Executive

- Mr. Satbeer Singh, Chief Financial Officer - KMPs

- Mr. Vipin Kumar Tiwari, Company Secretary - KMPS

Mr. Shobhit Uppal, Whole Time Director is liable to retire by rotation in the ensuing Annual General Meeting and being eligible offer himself for re-appointment. Your Directors recommend his re-appointment as Director in the forthcoming Annual General Meeting of the Company. Mr. Vikas Ahluwalia was appointed as a Whole Time Director of the Company for a period of 3 years w.e.f. 1st April, 2018. Further, Mr. Bikramjit Ahluwalia was re-appointed as the managing director of the Company w.e.f. 1st April, 2018 for a period of 3 years and Mr. Shobhit Uppal was re-appointed as Whole Time Director of the Company for another period of 3 years w.e.f. 1st April, 2018 and Mr Vinay Pal re-appointed as Whole time Director of the Company or another period of 3 years w.e.f. 14th August, 2018

In accordance with the provisions of section 149 of the Companies Act, 2013 all the independent directors are non-rotational. The details of the familiarization programmes for Independent Directors are disclosed on the Company’s website http://www.acilnet.com

DECLARATION OF INDEPENDENCE

Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act, 2013 read with the Schedules and Rules issued thereunder as well as the SEBI (Listing Obligations and Disclosures Requirement) Regulations, 2015.

DISCLOSURE OF COMMISSION PAID TO MANAGING OR WHOLE TIME DIRECTORS

There is no commission paid or payable by your company to the Managing Director or the Whole Time Director.

MEETINGS OF THE BOARD OF DIRECTORS:

During the year under review, the Board met five times on 30.05.2017, 22.08.2017, 16.11.2017, 14.02.2018 & 28.03.2018. The details of attendance of Directors in these meetings are given separately under Corporate Governance Report.

COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority. The following Committees constituted by the Board function according to their respective roles and defined scope:

- Audit Committee

- Nomination and Remuneration Committee

- Stakeholders Relationship Committee

- Corporate Social Responsibility Committee

COMPOSITION OF THE COMMITTEE OF THE BOARD OF DIRECTORS OF THE COMPANY IS AS BELOW: AUDIT COMMITTEE:

1. Mr. Arun K. Gupta- Chairman (Non-executive Independent Director)

2. Mr. Shobhit Uppal - Member (Executive Director)

3. Mr. Vinay Pal - Member (Executive Director)

4. Mr. S K Chawla - Member (Non-executive Independent Director)

5. Dr. Sushil Chandra - Member (Non-executive Independent Director)

6. Dr. Mohinder Kaur Sahlot - Member (Non-executive Independent Director)

During the year under review, all the recommendations of the Audit Committee were accepted by the Board.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

1. Mr. S K Chawla- Chairman (Non-executive Independent Director)

2. Mr. Shobhit Uppal- Member (Executive Director)

3. Dr. Sushil Chandra - Member (Non-executive Independent Director)

NOMINATION AND REMUNERATION COMMITTEE:

1. Mr. S K Chawla - Chairman (Non-executive Independent Director)

2. Mr. Arun K Gupta - Member (Non-executive Independent Director)

3. Dr. Sushil Chandra- Member (Non-executive Independent Director )

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

1. Dr. Sushil Chandra - Chairman (Non-executive Independent Director)

2. Mr. Shobhit Uppal - Member (Executive Director)

3. Mr. Arun K Gupta - Member (Non-executive Independent Director)

The terms of reference & details of meetings of these Committees and their attendance are given separately under Corporate Governance Report.

BOARD EVALUATION MECHANISM

Pursuant to provisions of the Companies Act, 2013 and the listing obligations, the Board has carried out Annual Performance evaluation of its own performance, those of Directors individually and of various committee. The performance of individual Directors was evaluated on parameters, such as, number of meeting attended, contribution in the growth and formulating the strategy in the interest of the Company and minority shareholders, time devoted apart from attending the meeting of the company, active participation in long term strategic planning, ability to contribute by introducing best practices to address business challenge and risk etc.

The Directors expressed their satisfaction with the evaluation process.

REMUNERATION POLICY FOR THE DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

The Board has, on the Recommendation of the Nomination and remuneration committee, formed a policy for selection and appointment of Director, Key Managerial personnel, Senior Management and their remuneration, The remuneration policy along with the criteria for determining the qualification, positive attribute, independence of a Director is available on the website of the Company viz www.acilnet.com

SHARE CAPITAL

The Company has only one kind of Shares i.e. Equity shares with same voting rights.

During the year under review, the issued, subscribed and paid-up capital stood at Rs.13.39 Crores as at 31st March, 2018.

TRANSFER TO RESERVE

The Company did not transfer any amount to General Reserve during the year.

SUBSIDIARY COMPANIES

The Company has five subsidiaries as on 31st March, 2018. There are no associate companies or joint venture companies within the meaning of section 2(6) of the Companies Act, 2013 (“Act”). There has been no material change in the nature of the business of the subsidiaries.

Pursuant to provisions of section 129(3) of the Act, a statement containing salient features of the financial statements of the Company’s subsidiaries in Form AOC-1 is annexed as Annexure I to the Boards report of the Company.

Further, pursuant to the provisions of section 136 of the Act, 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 i.e. www.acilnet.com. These documents will also be available for inspection during business hours at our registered office.

PUBLIC DEPOSITS

During the year under review, your company has neither invited nor accepted any public deposits from the public.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The familiarization programme aims to provide Independent Directors with the scenario of Engineering, Procurement and Construction Industry, the business model, the socio-economic environment in which the Company operates, the operational and financial performance of the Company. The familiarization programme also seeks to update the Independent Directors with their roles, rights, responsibilities, duties under the Act and other statutes. The policy on Company’s familiarization programme for Independent Directors is also posted on the Company’s website at www.acilnet.com

CREDIT RATING

The Company’s financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies as given below:

Facilities

Rating

Long Term Facilities

“CARE A Stable (Single A; Outlook; Stable)

Long /Short Term Facilities

“CARE A; Stable /CARE A1

(Single A; Outlook; Stable; A one)

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Companies Act, 2013 (“the Act”) and Accounting Standard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accounting for Investments in Associates and AS - 27 on Financial Reporting of Interests in Joint Ventures, the audited consolidated financial statement is provided in the Annual Report.

HUMAN RESOURCE MANAGEMENT

Skilled Human Resource is the very backbone of any Company & in following this Ahluwalia Contracts (India) Ltd. is no exemption. HR is directly responsible for hiring talent pool as & when required.

It is to be taken into account that the Company has an internal assessment and training programme for developing the skills of the existing workforce/Staff through many internal/external training programs. Ahluwalia Contracts (India) Ltd is a leading player in the Building Construction (Civil Engineering) Sector. Our Company (ACIL) deals in engineering service & delivery business, and thus the role of human resources is pivotal in providing excellent quality service to the various industries.

The Company has successfully initiated a management trainee program under which ten management graduates from top business schools have been inducted into the Company. This program aims to build a talent pipeline for future and act as a source for industry and a business ready general management talent. We are continually focusing on Institutional, Commercial, residential, Hospitals, University while building a talent pipeline as well as have invested in various HR tools like succession planning processes, internal job rotations and job enlargements for an efficient & productive work environment.

We believe in proactively planning for the future growth and accordingly we have undertaken a major organization restructuring. A new organization vertical for Businesses Growth has been created and the Company operations have been streamlined subsequently under Chief Executive Officer.

The Company continuously strive to invest in prestigious Projects like Commercial Building’s and at the same time projecting capable Staff’s for leadership development. To further develop the skills of the employees, trainings were provided in various other areas like technical, behavioral and leadership. Sales force and client service areas are also been addressed on priority level & trainings have been designed and delivered through mobile learning, computer simulations and classroom programs for easy & smooth working coordination.

In terms of Industrial relations, the preceding year continued to be cordial and the Company is entirely committed to maintain decent industrial relations by maintaining regular effective communication, meetings and negotiation for the near-term times.

Last but not the least it can be concluded with reference quote of our Company’s Vision “To be the company of choice for construction of complex buildings by continuously setting higher standards of excellence in different facets of EPC in building construction industry”

PARTICULARS OF EMPLOYEES RELATED DISCLOSURES

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013, and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the prescribed format and annexed herewith as Annexure-II to this report.

RELATED PARTY TRANSACTIONS & PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The related party transactions that were entered into during the financial year were as on arm’s length basis and in the normal course of business. There are no mandatory significant related party transaction entered by the Company with Promoter, Directors, Key Managerial personnel or any other designated persons which may have potential effect with the interest of the company at large.

The related party transactions are placed before the Audit Committee as also the Board Approval where required prior omnibus approval of the Audit Committee was also obtained for transactions that are respective nature. The Transactions entered in to, present to the omnibus approval of the Audit Committee were placed before the Audit Committee for its review on the quarterly basis.

The Company has formed a policy on Related Party Transactions for the purpose of identification and monitoring of such transactions and the same is updated on the Company’s website http://www.acilnet.com. The details of related party transaction as per AOC-2 is attached as Annexure-III.

PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEES

The details of 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.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of The Companies (Management and Administration) Rules, 2014, the extract of Annual Return in Form MGT-9, is provided in Annexure-IV.

AUDITORS AND AUDITORS’ REPORT: STATUTORY AUDITORS:

M/s. Amod Agrawal & Associates, Chartered Accountants [Firm Registration No.: (005780N)],were appointed as Statutory Auditor of the Company for the period of three (3) years commencing from conclusion of 38th Annual General Meeting held on 28th September, 2017 till the conclusion of 41st Annual General Meeting to be held in the year 2020.

Further consequent to amendment in Section 139 of Companies Act, 2013 vide notification no. s.o. 1833(E) dated 7th May, 2018, ratification of appointment of Statutory Auditor in every Annual General Meeting is no longer required.

Further the Auditors Report for the Financial Year ended 31.03.2018 being self-explanatory does not call for any further comments from the Board of Directors.

During the period under review, no incident of frauds was reported by the Statutory Auditors pursuant to Section 143(12) of the Companies Act 2013.

SECRETARIAL AUDIT

Mr. Santosh Kumar Pradhan, Practicing Company Secretary (C.P. No. 7647) had been appointed by the Board upon the recommendation of the Audit Committee to undertake the secretarial audit of the Company for the financial year ended on 31st March, 2018. The secretarial audit report is annexed herewith as an Annexure V which forms an integral part of this report. The said report does not contain any qualification, reservation or adverse remarks or disclaimer.

COST RECORDS AND COST AUDIT REPORT:

On the recommendation of Audit Committee, the Board of Directors in its meeting held on 30th May, 2018 has appointed M/s Jitender Navneet & Company, Cost Accountants (FRN: 000119) as the Cost Auditor of the Company for the financial year 2017-18 on the aggregate remuneration of Rs.2.00 Lakhs p.a. (Rupees Two Lakhs only) plus taxes, as applicable and out of pocket expenses, in accordance with the provisions under Section 148 of the Companies Act, 2013 read with rules made there under. Further, M/s Jitender Navneet & Company, Cost Accountants (FRN: 000119 were also appointed as the Cost Auditors of the Company for the Financial Year 2018-19 to conduct the cost audit for the Financial Year ended 31st March, 2019.

Further, maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 20136 and rule 5(1)of the Companies (Cost Records and Audit) Rules,2014, are properly maintained by the company.

INTERNAL CONTROL SYSTEMS AND ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has adequate system of Internal Financial Controls to help Management review the effectiveness of the Financial and Operating Controls and assurance about adherence to Company’s laid down Systems and Procedures. As per the provisions of the Companies Act, 2013, internal controls and documentation are in place for all the activities. Both Internal Auditors and Statutory Auditors have verified, Internal Financial Controls (IFC) at entity level and operations level and satisfied about control effectiveness.

During the financial year 2017-18, such controls were tested and the design operation was observed.

The controls are reviewed at regular intervals to ensure that transactions are properly authorized and correctly reported and assets are safeguarded. The Audit Committee periodically reviews the findings and recommendations of the Auditors and takes necessary corrective actions as deemed necessary.

VIGIL MECHANISM

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior.

Pursuant to Section 177(9) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the listing agreement, a vigil mechanism was established for directors and employees to report to the management instances of unethical behavior, actual or suspected, fraud or violation of the Company’s code of conduct or ethics policy. The copy of vigil mechanism policy is uploaded on the website of your company at http://www.acilnet.com

CORPORATE GOVERNANCE

Pursuant to the provisions of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Corporate Governance has been incorporated in the Annual Report for the information of the shareholders. A certificate from the Practicing Company Secretary of the Company regarding compliance with the conditions of Corporate Governance as stipulated under the said Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 also forms part of this Report

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

Your Company’s Code of Conduct for Prevention of Insider Trading covers all the Directors, senior management personnel, persons forming part of promoter(s)/promoter group(s) and such other designated employees of the Company, who are expected to have access to unpublished price sensitive information relating to the Company. The Directors, their relatives, senior management personnel, persons forming part of promoter(s)/promoter group(s), designated employees etc. are restricted in purchasing, selling and dealing in the shares of the Company while in possession of unpublished price sensitive information about the Company as well as during the closure of trading window.

The Board of Directors has approved and adopted the Code of Conduct to Regulate, fair disclosure, Monitor and Report Trading by Insiders in line with SEBI (Prohibition of Insider Trading) Regulation, 2015 and the same can be accessed on the website: http://www.acilnet.com/about/code-of-conduct.

CORPORATE SOCIAL RESPONSIBILITY

Report on Corporate Social Responsibility as per rule 8 of Companies (Corporate Social Responsibility Policy) Rules 2014. The Company is committed to improve quality of lives of people in the Community. The Company has framed its CSR Policy in compliance with the provisions of the Companies Act, 2013.

A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs.

Eleven major areas:

1. Education - Women literacy, child education, job related skills

2. Gender equality

3. Environment & sustainability

4. Sanitation and hygiene

5. Safe drinking water

6. Poverty

7. Malnutrition

8. Encouraging preventive health care

9. Protection and preservation of national heritage

10. Benefit of armed forces veterans & contributing to DMS Relief fund

11. Health aids and accessories

The details of Corporate Social responsibility are as under: Composition of CSR Committee:

Name of Members

Category

Dr. Sushil Chandra,

Independent Director-Non-Executive

Chairman

Mr. Shobhit Uppal

Whole Time Director- Executive

Mr. Arun K Gupta

Independent Director-Non- Executive

The details of Corporate Social Responsibility provisions are attached as Annexure-VI.

SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS

There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future. The Company has received Notices from the Ministry of Corporate Affairs for inspection of books of Accounts of the Company and Company has filed reply alongwith necessary documents.

MATERIAL CHANGES & COMMITMENTS SUBSEQUENT TO THE BALANCE SHEET DATE

In terms of Section 134(3)(l) of the Companies Act, 2013, no material changes and commitments which could affect the Company’s financial position have occurred between the end of the financial year of the Company and date of this 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 Ahluwalia Contracts (India) Ltd premises through various interventions and practices. The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment.

The Company has in place robust policy on prevention of sexual harassment at workplace. The policy aims at prevention of harassment of employees as well as contractors and lays down the guidelines for identification, reporting and prevention of sexual harassment. There is Internal Complaint Committee (ICC) which is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the policy. ICC has its presence at corporate office as well as at site locations.

During the year ended 31st March, 2018, the ICC has not received any complaints pertaining to sexual harassment.

Disclosure under Secretarial Standard-1 (SS-1):

Adherence by a Company to the Secretarial Standards is mandatory as per Sub-section (10) of Section 118 of Companies Act, 2013.

As per the disclosure requirement of para (9) of Secretarial Standard-1 (SS-1) the Company is in compliance of applicable Secretarial Standards.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) and 134(5) of the Companies Act, 2013, the Directors confirm that:

a. i n the preparation of the annual accounts for the financial year ended 31st March, 2018, the applicable accounting standards and Schedule III of the Companies Act, 2013, 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 your Company as at 31st March, 2018 and of the profit and loss of the Company for the financial year ended 31st March, 2018;

c. 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. the annual accounts have been prepared on a ‘going concern’ basis;

e. proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f. Proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

STOCK EXCHANGE LISTING

The shares of the Company are listed on BSE Limited (BSE), National Stock Exchange of India Limited and Calcutta Stock Exchange Association (CSE). The listing fee for the financial year 2018-19 has been paid to BSE, CSE and National Stock Exchange of India Limited.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Energy Management Program

The information in accordance with the provisions of Section 134 of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is below:

1 Replace incandescent lights with compact fluorescent lights (CFLs) or light-emitting diodes (LEDs) for desk lamps and overhead lighting. Using CFLs instead of comparable incandescent bulbs can save about 50% on your lighting costs. CFLs use only one-fourth the energy and last up to 10 times longer.

2 Switch off all unnecessary lights. Use dimmers, motion sensors, or occupancy sensors to automatically turn off lighting when not in use to reduce energy use and costs.

3 Use natural lighting or day lighting. When feasible, turn off lights near windows

4 Use task lighting; instead of brightly lighting an entire room, focus the light where you need it, to directly illuminate work areas.

5 Use ENERGY STAR products.

6 Close or adjust window blinds to block direct sunlight to reduce cooling needs during warm months. Overhangs or exterior window covers are most effective to block sunlight on south-facing windows.

7 In the winter months, open blinds on south-facing windows during the day to allow sunlight to naturally heat your workspace. At night, close the blinds to reduce heat loss.

8 Unplug equipment that drains energy when not in use (i.e. cell phone chargers, fans, coffeemakers, desktop printers, radios, etc.).

9 Replace desktop computers with thin clients or notebook computers and docking stations.

10 Replace cathode ray tube (CRT) monitors with LED or liquid crystal display (LCD) monitors.

11 Turn off photocopier at night or purchase a new copier with low standby feature. Purchase printers and fax machines with power management feature and use it.

12 Coordinate with vending machine vendor to turn off advertising lights.

13 Install low-flow toilets, urinals, faucets and shower heads.

14 Verify the energy management system switches into setback mode during unoccupied hours. Also, time clocks and computer controls may need adjustments after power outages or seasonal time changes.

15 Install meters to track energy use.

(i) The efforts made towards technology absorption:

From the technology infrastructure perspective, all the desktops and laptops that the Company uses are “Energy Star” certified. On top of that, we have configured policies which put the PC and monitors in a sleep mode after a pre-determined period of no-usage to conserve energy.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:

By adapting to these measures, the company has been able to reduce its energy consumption thereby reducing the cost of electricity etc. However, the exact cost reduction is not quantifiable.

(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year):

We don’t specifically import any technology for energy consumption.

(iv) The expenditure incurred on Research and Development:

Company has setup IT Software Department. These are service maintaining our large accounts and receiving a good feedback. Since it is an integral part of our continuous effort for improving our IT Technology, no research and development expenditure is separately allocated

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

The company has, during the year under review, transferred a sum of Rs.65,380/- to Investor Education and protection fund, in compliance with provisions of the Companies Act, 2013. The said amount represents dividend for the year 2009-10 which remained unclaimed by the shareholders of the company for period exceeding 7 years from its due date of payment.

GENERAL

Your Board of Directors further confirms that (a) Your Company has not issued equity shares with differential rights as to dividend, voting or otherwise; and, (b) there is no scheme in your Company to finance any employee to purchase shares of your Company.

ACKNOWLEDGEMENT

Your Directors would like to express their gratitude to Banks, Central Government, State Government, PSU’s for various cooperation extended to the Company. The Board also places on record its appreciation of the devoted services of the employees, support and co-operation extended by the valued business associates, clients and the continuous patronage of the shareholders of the Company.

On behalf of the Board of Directors

Regd. Office: (BIKRAMJIT AHLUWALIA)

Plot No. A-177, Chairman & Managing Director

Okhla Industrial Area, Phase-I, DIN No. 00304947

New Delhi-110020

Dated: 14th August, 2018

Director’s Report