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Balkrishna Industries Ltd.


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Series: EQ | ISIN: INE787D01026 | SECTOR: Tyres

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Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Director’s Report

Dear Shareholders,

The Directors are pleased to present the 57th Annual Report of Balkrishna Industries Limited (the “Company”) along with the audited financial statements for the financial year ended 31st March, 2019. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.


Shri Dharaprasadji Poddar, erstwhile Chairman Emeritus left for heavenly abode on 20th October, 2018. Late Shri Dharaprasadji Poddar was associated with Company since 1993, as a Chairman of the Company. Under the able leadership of Late Shri Dharaprasadji Poddar, the Company has grown from strength to strength and has benefited immensely from his valuable guidance and foresightedness over the years. He was a man of vision, determination and intelligence yet believed in simplicity. He stepped down as a Chairman of the Company in 2012. The Board of Directors of the Company express their deep condolences and pay tribute to Late Shri Dharaprasadji Poddar, a great visionary leader.


(Rs. in Lakhs)




Current Year ended

Previous Year ended

Current Year ended

Previous Year ended

31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

Revenue from Operations





Other Income





Total Income





Gross Profit





Less: Depreciation





Profit before tax





Less: Provision for tax

Current Tax





Deferred Tax





Profit after Tax






Your Company enjoys the status of “Four Star Export House”.


Your Company has undertaken various projects/expansion 2018-19 which are as under :

A) Carbon Black: The Company had started the Carbon Project during the financial year 2017-18 with a capacity of 60,000 MTs p.a. The company revised the said capacity to 1,40,000 MTs p.a during the financial year under consideration. The total capital outlay for full capacity of 1,40,000 MTs is estimated at Rs. 42,500 Lakhs. The first phase of project of 60,000 MTs is almost complete and company is in the process of giving a finishing touch to it and hoping to commence commercial production by end of June 2019. The second phase of 80,000 MTs capacity is likely to be completed by financial year 2020-21.

B) Greenfield Tire Plant in US: Your Company have approved a Capex plan for setting up a Greenfield tire plant in United State of America (USA) with a capacity of 20,000 MTs p.a through its wholly owned subsidiary company in USA. The board has approved total investment upto USD 100 million. It will be funded via investments from your Company and debt. However, the Company is still trying to find out right location for the plant.

C) Waluj Plant : The Company had set up the Waluj plant in 1987 to produce 2-3 wheeler tires and from time to time the company carried out modernization / expansion during last 30 years as per the changing requirement of the company. Since plant is very old and need complete revamping to protect its existing capacity, the Board decided to construct a green field tire project on its freehold land of 22 acres which is in the vicinity of around 5 kms from existing plant. The total capital outlay of the said project is estimated at Rs. 50,000 Lakhs which will include Co-generation plant, mixing plant and in-house warehousing facilities for raw materials and finished goods. It will bring lot of operational efficiency and will lead to saving of operational cost as well.

D) Bhuj Plant: The company is currently producing All Steel OTR Radial Tires upto 49”. In order to complete the entire range and to meet overall demand in higher dimensional tires, your company is proposing to set up additional facilities of 5,000 MTs p.a. for 51” to 57” tires with an estimated Capital out lay of Rs. 50,000 Lakhs. It also includes setting up of an additional mixing line and warehouse.


Your Directors are pleased to inform that your Company has a consistent track record of dividend payment. The Board of Directors are pleased to recommend a Final Dividend of Rs. 2.00 per equity share for the financial year 2018-19. The total Dividend for financial year 2018-19 aggregates to Rs. 8.00 per equity share which includes three Interim Dividend aggregate to Rs. 6.00 per equity share. The final dividend on equity shares is subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company scheduled to be held on 13th July, 2019. The final dividend once approved by Shareholders will be paid on or after 15th July, 2019 but within stipulated time. The Register of Members and Share Transfer Books of the Company will remain closed from 8th July, 2019 to 9th July, 2019 (both days inclusive) for the purpose of payment of the Dividend and 57th Annual General Meeting.

Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations, 2015”), the Board has approved and adopted a Dividend Distribution Policy, attached as Annexure - I.


The paid up Share Capital of the Company as on 31st March, 2019 was Rs. 3,866 Lakhs. As on 31st March, 2019, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity and none of the Directors of the Company hold any convertible instruments.


The Company proposes to transfer Rs. 30,000 Lakhs to General Reserves.


As per amendment made under Schedule V read with Regulation 34(3) to the Listing Regulations, details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios and any changes in Return on Net Worth of the Company including explanations therefor are given below:








Debtors Turnover ratio (Days) *





Inventory Turnover ratio (Days) **





Interest Coverage Ratio ( ICR) # $ 1





Current Ratio ##





Net Debt - Equity Ratio ! $ 2





Operating Profit Margin !!





Net Profit Margin ~





Return on Net Worth





* Accounts receivables / Sales * 365 days

** Closing stock of finished and traded goods / sales *365 days

# EBIT / finance cost

## Current Assets /Current liabilities

! (Long term borrowings short term borrowing current maturities less current investment, cash and Cash Equivalents) / Total equity !! EBIT / Operating Income ~ PAT / Total Income EBIT / Net Worth $ Reason for variance (> 25%)

$ 1 The ICR increased due to lower finance cost as company paid its term loan.

$ 2 The net debt / equity decreased due to repayment of long term loan.


During the year under review, Thristha Synthetics Limited, the wholly owned subsidiary of your Company, incorporated in year 2013, has voluntarily made an application with the Registrar of Companies (ROC), Mumbai, Ministry of Corporate Affairs, for striking off its name from the records of ROC after meeting / discharging all the necessary requirements for striking off, which is currently under process of striking off.

At the end of the year under review, the Company had following wholly owned subsidiary companies namely BKT Tyres Limited and following Overseas Subsidiary Companies namely BKT EUROPE S.R.L., BKT USA INC, BKT TIRES (CANADA) INC., BKT EXIM US, INC and subsidiary of BKT EXIM Us, INC - BKT TIRES INC. The Company does not have any material subsidiary as per the thresholds laid down under the Listing regulations. A policy on material subsidiaries has been formulated by the Company and posted on the website of the Company and can be accessed on the Company’s website at the link:

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing the salient features of the financial position of subsidiary companies in Form AOC-1 attached as Annexure II.


Pursuant to Section 134 (3)(c) and 134(5) of the Companies Act, 2013, your Directors, to the best of their knowledge and belief, make following statements that:

(i) that in the preparation of the annual accounts for the year ended 31st March, 2019, the applicable accounting standards have been followed and there are no material departures from the same;

(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2019 and the Statement of Profit and Loss of the Company for the financial year ended 31st March, 2019;

(iii) the Directors have taken proper and sufficient care for maintenance of adequate accounting records in accordance with provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts of the Company on a “going concern” basis;

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

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


All contracts /arrangements / transactions entered by the Company during the financial year with related parties were in ordinary course of business and on an arm’s length basis. During the year, the Company has not entered into any contracts /arrangements / transactions with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC - 2 is not applicable to your Company.

The Policy on materiality of related party transactions and dealing with related party transactions are approved by the Board and can be accessed on the Company’s website at the link: The details of transactions / contracts / arrangements entered by the Company with Related parties during the financial year are set out in the Notes to the Financial Statement.

The Board of Directors of the Company has approved the criteria for making the omnibus approval by the Audit Committee within the overall framework of the policy on related party transactions. Prior omnibus approval is obtained for related party transactions which are of repetitive nature and proposed to be entered in the ordinary course of business and at arm’s length during the financial year. All related party transactions are placed before the Audit Committee for review and approval. None of the Directors has any pecuniary relationship or transactions vis-a-vis the Company except remuneration and sitting fees.


The Company’s social initiatives empower society and provide a holistic growth platform. The Company believes that Corporate Social Responsibility (CSR) projects should be sustainable and with the long term purpose of improving the quality of living for the less privileged and for increasing social assets. The funds should be carefully spent on CSR so that they result in the ultimate objectives meted out in the Company’s CSR Policy. The Board of Directors of the Company has approved a Corporate Social Responsibility (CSR) Policy based on the recommendation of the CSR Committee. The brief outline of the CSR policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure-III. The Board of Directors has formed a committee on CSR in accordance with Companies Act, 2013. The terms of reference of the Corporate Social Responsibility Committee, number and dates of meetings held, composition and attendance of the Directors during the financial year ended 31st March, 2019 are given separately in the Corporate Governance Report. During the year, the Company was required to spend Rs. 1,893 lakhs. The Company has already identified various CSR projects having a total commitment of Rs. 1,894 lakhs. Out of the total commitment of Rs. 1,894 lakhs, the Company has actually spent Rs. 1,697 lakhs and balance amount of Rs. 197 lakhs was unspent. Out of balance amount of Rs. 197 lakhs, Company had already spent Rs. 70 lakhs on the identified CSR project in the month of April, 2019 and remaining amount of Rs. 127 lakhs will be spent as the CSR project progresses further, considering the fact that the CSR projects are already identified.

The CSR policy of the Company is available on the Company’s website and can be accessed on the Company’s website at the link:


‘Risk Management’ is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of uncertain events or to maximize the realization of opportunities. Risk management also provides a system for the setting of priorities when there are competing demands on limited resources. Risk management also attempts to identify and manage threats that could severely impact or bring down the organization.

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company risk management framework. Pursuant to Regulation 21 of Listing Regulations, the Board of Directors at their meeting held on 8th February, 2019, has constituted Risk Management Committee comprising of Mr. Pankaj Ghadiali, Chairman of the Committee and Independent Director, Mr. Arvind Poddar, Mr. Rajiv Poddar, Mr. Vipul Shah, Directors of the Company and Mr. Basant Bansal, KMP are Members of the Committee. The primary objective of Committee to control risk incurred by the Company with a view to prevent unacceptable losses, to provide an effective means of identifying, measuring and monitoring credit exposures incurred by Company and to keep such risk at or below pre-determined levels. The Company has framed a Risk Management Policy to identify and access the key business risk areas and a risk mitigation process. The policy aims to ensure resilience for sustainable growth and sound corporate governance by having an identified process of risk identification and management in compliance with the provisions of the Companies Act, 2013. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s Activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment.

The Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit Committee.

There are no risks, which in the opinion of the Board threaten the existence of the Company.


Your Directors are pleased to inform that based on the recommendations of the Nomination and Remuneration Committee as well as Board of Directors, the Shareholders by passing Ordinary resolution through Postal Ballot have re-appointed Mr. Rajiv Poddar, as Joint Managing Director of the Company for a period of further five years with effect from 22nd January, 2019. During the year, Mr. Khurshed Doongaji, one of the Independent Director of the Company, had resigned from the Directorship of the Company with effect from close of business hours of 8th February, 2019 due to his personal health conditions. Your Directors place on record his appreciation of the guidance given and services rendered by Mr. Khurshed Doongaji during his tenure as Independent Director of the Company.

During the year under review, based on the recommendations of the Nomination and Remuneration Committee, the Board had appointed three New Additional Directors i.e Mrs. Shruti Shah (DIN:08337714) with effect from 8th February, 2019, Mr. Sandeep Junnarkar (DIN:00003534) and Mr. Rajendra Hingwala (DIN:00160602) with effect from 28th March, 2019 respectively, to hold the office upto the date of forthcoming 57th Annual General Meeting (AGM). Further, subject to approval of the Members at the ensuing AGM, the Board had appointed, Mrs. Shruti Shah as an Independent Director for a term of 5 years with effect from 8th February, 2019 till 7th February, 2024, Mr. Sandeep Junnarkar and Mr. Rajendra Hingwala as an Independent Directors for a term of 5 years with effect from 28th March, 2019 till 27th March, 2024 respectively. The above appointments form a part of the Notice of the forthcoming 57th AGM and the resolutions are recommended for your approval. It is proposed to appoint Mrs. Shruti Shah, Mr. Sandeep Junnarkar and Mr. Rajendra Hingwala as an Independent Directors, not liable to retire by rotation, for a period of five years from date of appointment.

I n accordance with provisions of the Companies Act, 2013 and Articles of Association of the Company, Mrs. Vijaylaxmi Poddar, Non Executive Non Independent Director of the Company, retires by rotation at the ensuing AGM and being eligible seeks reappointment. The Board recommends her re-appointment.

Brief profile of the Directors being appointed and re-appointed as required under Regulations 36(3) of Listing Regulations, 2015 and Secretarial Standard on General Meetings are provided in the notice for the forthcoming AGM of the Company.

The Company has received declaration from all Independent Directors of the Company confirming that they meet with the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 as well as Regulation 16(1)(b) of the Listing Regulations, 2015.

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirement set out by the SEBI. The Company has complied with the requirements of Corporate Governance as stipulated under the Listing Regulations, 2015 and accordingly, the Report on Corporate Governance forms a part of this Annual Report. The requisite certificate from the auditors of the Company confirming compliance with the conditions of the Corporate Governance is attached to the Report on Corporate Governance.


The Company has devised the Nomination and Remuneration Policy for the selection, appointment and remuneration of the Directors, Key Managerial Personnel and also remuneration of other employees including Senior Management employees who have the capacity and ability to lead the Company towards achieving sustainable development. The extract of Nomination and Remuneration Policy is provided in the Corporate Governance Report and forms part of Board’s Report.

The Criteria for appointment and remuneration of Directors is as under:

(i) Criteria for Appointment of Managing Director / Whole Time Director / Director:

The Nomination and Remuneration Committee shall identify persons of integrity who possess relevant expertise and experience particularly in Tire Industry, leadership qualities required for the position and shall take into consideration recommendation, if any, received from any member of the Board.

(ii) Criteria for Appointment of Independent Director:

The Independent Director shall be of high integrity with relevant expertise and experience so as to have as diverse Board with Directors having expertise in the fields of manufacturing, marketing, finance, taxation, law, governance and general management.


The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual Directors pursuant to applicable provisions of the Act and the corporate governance requirements as prescribed by applicable regulations of Listing Regulations 2015.

The performance of the board was evaluated by the board after seeking inputs from all the Directors present in the meeting on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The Nomination and Remuneration Committee had evaluated the performance of individual Directors on the basis of criteria such as the contribution of the individual Director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

The Securities and Exchange Board of India (SEBI) vide circular SEBI/H0/CFD/CMD/CIR/2017/004 dated 5th January, 2017, issued a Guidance Note on Board Evaluation about various aspects involved in the Board Evaluation process to benefit all stakeholders. While evaluating the performance the above guidance note was considered. Performance evaluation of Independent Directors was carried out by the entire board, excluding the Independent Director being evaluated. A meeting of the Independent Director, with Mr. Pannkaj Ghadiali as the Chairman, was held on 28th March, 2019, to review the performance of the Non-Independent Directors, the Board as a whole and the Chairman on the parameters of effectiveness and to assess the quality, quantity and timeliness of the flow of information between the Management and the Board. The same were discussed in the board meeting that followed the meeting of the Independent Directors, at which the performance of the board, its committees, and individual Directors were also discussed. The Directors expressed their satisfaction with the evaluation process.


Statutory Auditor:

Pursuant to Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, the members of the Company at its AGM held on 9th September, 2017 had approved the appointment of M/s. N G Thakrar & Co., Chartered Accountants (Firm Registration No. 110907W) as the Statutory Auditors in place of the retiring Statutory Auditors M/s. Jayantilal Thakkar & Co., Chartered Accountants (Firm Registration No. 104133W) for a period of 5 years for the auditing of the accounts of the Company from the conclusion of 55th AGM till the conclusion of 60th AGM of the Company (from financial year 2018 to financial year 2022). Pursuant to amendments in Section 139 of the Companies Act, 2013, the requirements to place the matter relating to such appointment for ratification by members at every AGM has been omitted with effect from 7th May, 2018.

Internal Auditor:

The Board has appointed M/s. Dilip A. Jain & Associates as an Internal Auditors for a period of 1 (One) year for Financial Year 2018-19 under Section 138 of the Companies Act, 2013 and they have completed the Internal Audit as per the scope as defined by the Audit Committee. Further, the Board has appointed M/s R T D & Associates as an Internal Auditors for the Financial year 2019-20 under Section 138 of the Companies Act, 2013 and they will be completing the Internal Audit as per the scope as defined by the Audit Committee.

Secretarial Auditor:

The Company has appointed Mr. G.B.B Babuji, Company Secretary in Whole Time Practice, to conduct Secretarial Audit for the financial year 2018-19 as required by Section 204 of the Companies Act, 2013 and rules made thereunder. The Company provided all assistance and facilities to the Secretarial Auditors for conducting their audit. Further, pursuant to SEBI Circular CIR/CFD/ CMD1/27/2019 dated 8th February, 2019, Mr. G.B.B Babuji, has also conducted the Annual Secretarial Compliance. The Secretarial Audit Report for the financial year ended 31st March, 2019 is annexed herewith marked as Annexure - IV.

Cost Auditor:

In terms of Section 148 of the Companies Act, 2013 read with Rule 5 of Companies (Cost Records and Audit) Rules, 2014, (“Cost Records Rules”) as amended from time to time, the Company maintained its Cost records on regular basis in such manner which facilitated the calculation as may be prescribed by the Rules. Also, cost records maintained in such manner which enable the Company to exercise, to the extent possible, control over the various operations and costs to achieve optimum economies in utilization of resources. The Company’s revenue from exports, in foreign exchange, exceeds 80% per cent of Company’s total revenue. Pursuant to Rule 4 of Cost Records Rules of Companies Act, 2013 as amended from time to time, Cost Audit is not applicable to the Company for the financial year 2018-19.


There are no qualifications in the reports of the Statutory Auditors and Secretarial Auditor.

There was no instance of fraud during the year under review, which required to be reported by Statutory Auditors in their reports as mentioned under sub-section (12) of Section 143 of the Act.


The industrial relations with staff and workers during the year under review continue to be cordial.


There is no change in the nature of business of your Company during the year under review.


i. Vigil Mechanism /Whistle Blower Policy:

The Vigil Mechanism of the Company which also incorporate a whistle blower policy in the terms of SEBI (Listing Obligations and Disclosure Requirements), 2015 deals with instances of fraud and mismanagement, if any. Adequate safeguards have been provided against victimization of persons who use the vigil mechanism. The Policy on vigil mechanism and whistle blower policy may be accessed on the Company’s website at the link:

ii. Audit Committee:

The Audit Committee comprised of Four Independent Non-Executive Directors as on 31st March, 2019 viz. Mr. Pannkaj Ghadiali (Chairman), Mr. Ashok Saraf, Mr. Laxmidas Merchant and Mrs. Shruti Shah. All the recommendations made by the Audit Committee were accepted by the Board.

iii. Number of Board Meeting:

The Board of Directors of the Company met six times in the year, the details of which are provided in the Corporate Governance Report.

iv. Particulars of loans given, investment made, guarantees given and securities provided:

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the Notes Nos. 14,5,10,47 & 50 to Financial statement forming a part of this Annual Report.

v. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo:

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 are provided in Annexure - V and forms an integral part of this report.

vii. Extract of Annual Return:

Extract of Annual Return of the Company is annexed herewith as Annexure - VI to this report.

However, for the compliance of conditions of Section 134, copy of the Annual Return for the financial year ended 31st March, 2019 shall be placed on the Company’s website

viii. Particulars of Employees and related disclosures:

The information required under Section 197(12) of the Companies Act, 2013 read with Rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure - VII.

A statement comprising the names of top 10 employees in terms of remuneration drawn and every person employed throughout the year, who were in receipt of remuneration in terms of Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in the Report.

However, having regard to the provisions of the first proviso to Section 136 of the Act, the details are excluded in the report sent to members. Members who are interested in obtaining the particulars may write to the Company Secretary at registered/ corporate office of the Company. The aforesaid information is available for inspection 21 days before and up to the date of the ensuing AGM during the business hours on working days.

ix. Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013:

The Company has formulated and implemented a policy of prevention of sexual harassment at the workplace with mechanism of loading/redressal complaints. During the year under review, there were no complaints reported to the Board.

x. Business Responsibility Report:

As mandated by Regulations - 34(2)(f) of Listing Regulations, 2015, Business Responsibility Report, of the Company for the year ended 31st March, 2019, describing the initiatives taken by the Company from an environmental, social and governance prospective, in the prescribed form is annexed as Annexure - VIII.

xi. Compliance with the Institute of Company Secretaries of India (“ICSI”) Secretarial Standards:

The relevant Secretarial Standards issued by the ICSI related to the Board Meetings and General Meeting have been complied with by the Company.

No disclosure or reporting is required in respect of the following items as there were no transaction on these items during the year under review:

1. Details relating to deposit and unclaimed deposits or interest thereon.

2. Issue of equity shares with differential rights as to dividend or voting.

3. Issue of shares (including sweat equity shares) and Employee Stock Option Scheme of the Company under any scheme.

4. None of the managerial personnel i.e. Managing Director, Joint Managing Director and Whole-time Director of the Company are in receipt of remuneration / commission from Subsidiary Companies of the Company.

5. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern and Company’s operation in future.


Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functions and areas as well as the efficient utilization of the Company’s resources for sustainable and profitable growth.

The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. The Board of Directors also wish to place on record its deep sense of appreciation for the dedicated and committed services by the Company’s executives, staff and workers.

Last but not least, your Directors wish to place on record their warm appreciation to you for your continuous support and encouragement.

For and on behalf of the Board of Directors

Place : Mumbai, ARVIND PODDAR

Dated : 17th May, 2019 Chairman & Managing Director

DIN: 00089984

Director’s Report