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Chaman Lal Setia Exports Ltd.

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Annual Report

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

Director’s Report

To,

The Members,

Chaman Lal Setia Exports Ltd.

The Directors have pleasure in presenting before you the 24th Annual Report on the business and operations of the Company, together with the Audited Financial Statements for the financial year ended 31st March, 2018.

1. RICE BUSINESS---------PERFORMANCE AT A GLANCE

This is the first year of implementation of the Indian Accounting Standard (Ind AS). The Standalone Financial Statements for the year ended March 31st, 2018 have been prepared in accordance with the Indian Accounting Standards (IND AS) notified under section 133 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014. The Financial Statements for the year ended March 31, 2017 have been restated in accordance with Ind AS for comparative information.

The Company’s financial performance, for the year ended March 31, 2018 is summarised below

Particulars

Amount (in Lacs) Y.E. 31.03.2018

Amount (in Lacs) Y.E 31.03.2017

Revenue From Operations

74656.26

49331.73

Other Income

174.80

260.23

Total Income

74831.06

49591.96

Profit before Interest & Depreciation

7010.79

6572.53

Interest

600.25

333.63

Provision For Depreciation

405.19

426.80

Profit before Tax

6005.35

5812.10

Less Provisions for taxation

1840.09

1956.40

Profit after taxation

4165.26

3855.70

Other Comprehensive Income

0

0

Total Comprehensive Income

4165.26

3855.70

Transfer to General Reserve

416.53

385.57

Current Assets

30279.27

22836.17

Current Liabilities

10203.31

7217.25

Working Capital

20075.96

15618.92

Capital Employed

23037.93

17928.71

EPS

8.05

7.44

Book Value

37.53

28.07

2. HIGHLIGHTS OF PERFORMANCE:

During the year under review the Company has registered a sale of Rs. 73907.47 Lakhs against previous year sales of Rs. 49282.36 lakhs.

3. EXPORTS

The Company continues to strengthen its exports during the year 2017-2018. Exports during the year increased to Rs. 65076.83. lakhs from Rs.40359.36 lakhs in financial year 2017.

4. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:-

Your Company has no subsidiary or Associate Company and during the year also no Company have became or ceased to be the subsidiary, joint venture or Associate Company.

5. TRANSFER TO RESERVES

The Company has transferred an amount of Rs. 416.53 Lakhs to General reserves.

6. DIVIDEND

During the year under review, the Board of Directors have recommended final dividend of Rs. 0.42 per equity share of Rs. 2/- each (i.e. 21%) for the financial year ended March 31, 2018 in their Board Meeting held on 29.05.2018 on Equity Share Capital of Company. The dividend payment is subject to approval of shareholders in the ensuing Annual General Meeting .

7. TRANSFER OF UNCLAIMED DIVIDEND/SHARES TO INVESTOR EDUCATION & PROTECTION FUND

During the year, pursuant to the provisions of Section 124 and Section 125 of the Companies Act,2013, dividend amounting Rs. 204488/- was lying unpaid/unclaimed with the Company for a period of seven years after Declaration of Dividend for the financial year ended 2009-2010 was transferred to the Investor Education and Protection Fund .The Unpaid / Unclaimed amount for the Financial Year 2010-11 will be transferred during November 2018. Shareholders are, therefore, advised to contact the Company immediately in case of non-receipt or non encashment of Dividend.

Pursuant to the provisions of Section 124(6) of the Companies Act, 2013 read with Rule 6 of the Investor Education and Protection Fund Authority ( Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time (IEPF Rules) the Company has transferred 161234 Equity Shares which belongs to total 122 shareholders of the Company whose dividend was not been paid or claimed seven consecutive years or more into the Demat Account of the IEPF Authority held with NSDL (DPID/Client ID IN30078/10656671)

Before transferring the above mentioned shares the Company has sent out individual communication to the concerned shareholders whose shares were liable to be transferred to IEPF Authorities to take immediate action in the matter and list of such shareholders was also placed on the website of the Company. Further Company also published a Notice in the newspapers, informing the Members who had not claimed their shares for a period of 7 years to claim the same from the Company.

Concern shareholders may still claim the shares or apply for refund to the IEPF Authority by making an application in the prescribed form. The voting rights on shares transferred to the IEPF Authority shall remain frozen until the rightful owner claims the shares. The shares held in such Demat account shall not be transferred or dealt with in any manner whatsoever except for the purposes of transferring the shares back to the claimant as and when he approaches the Authority. All benefits accruing on such shares e.g. bonus shares, split. Consolidation, fraction shares etc. shall also be credited to such Demat Account.

8. BOARD OF DIRECTORS

As on March 31, 2018, your Company’s Board has a strength of 12 (Twelve) Directors. There are 6 Executive Directors and 6 Non Executive Independent Directors including one woman Director . The detailed section on ‘Board of Directors’ is given in the separate section titled ‘Report on Corporate Governance’ forming part of this Annual Report. Mr. Rajeev Setia and Mr. Sukarn Setia wholetime Director of Company is liable to retire by rotation at ensuing AGM and being eligible for re-appointment in accordance with provisions of the Companies Act, 2013. The brief resume of the Directors and other related information has been detailed in the Notice convening the 24th AGM of your Company. The Board recommends their re-appointment at the ensuing Annual General Meeting.

During the year, there was no change in composition of Directors. However after the closure of financial year, Mr. Parmod Kumar Independent Director of Company has submitted his resignation w.e.f 29.05.2018 in Board Meeting dated 29.05.2018 and further Board of Directors have appointed Mr. Arun Kumar Verma as an additional Independent Director of Company w.e.f 29.05.2018 .

9. DECLARATION BY INDEPENDENT DIRECTORS

In pursuance of sub-section (7) of Section 149 of the Companies Act, 2013 all the Independent Directors on the Board have furnished the declaration that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 read with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 .

10. KEY MANAGERIAL PERSONNEL

As required under section 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re- enactment (s) for the time being in force), the Company has noted that Mr. Chaman Lal Setia, Managing Director, Mr. Rajeev Setia, Wholetime Director and Chief Financial Officer and Miss Kanika Nevtia, Company Secretary are the Key Managerial Personnel of the Company.

11. AUDIT COMMITTEE

The Company has an Audit Committee in place, constituted as per the provisions of Section 177 of the Companies Act, 2013 read with Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, information about composition of Audit Committee and other details are given in Corporate Governance Report, forming part of this Annual Report. During the year , Board has accepted the recommendations of Audit Committee. The Audit Committee is comprising of Mr. Inder Dev Kukkar as Chairman, Mr. Naresh Kumar Suneja and Mr. Vijay Kumar Jhamb as members.

12. NUMBER OF MEETINGS OF THE BOARD

The Board of Directors duly met 5 times during the financial year from 01.04.2017 to 31.03.2018. The details of which are given in the Corporate Governance Report forming part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Pursuant to the requirements of Schedule IV to the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, a separate Meeting of the Independent Directors of the Company was also held on 29.03.2018 without the presence of Non-Independent Directors and Members of the management and full details of such meeting is given in Corporate Goverence Report forming part of this report.

13. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and rules made thereunder and SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015 (including any amendment thereunder from time to time ) the Board , on recommendation of the Nomination and Remuneration Committee has carried out an annual performance evaluation of its own performance, Committees of the Board and individual Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new compliance requirements. The annual performance evaluation of the Board, its Committees and each Director has been carried out for the financial year 2017-18 in accordance with the framework and details for the same has been provided in the Corporate Governance Report, which is a part of this Annual Report.

Pursuant to the provisions of the Companies Act, 2013 and rules made thereunder and SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015 (including any amendment thereunder from time to time ), a structured questionnaire was prepared after taking into consideration the various aspects of the Board’s functioning, composition of Board and its Committees, culture, execution and performance of specific duties, obligations and governance.

The performance evaluation of the Independent Director was completed during the year under review. The performance evaluation of the Chairman and Executive Directors were carried out by Non-Executive Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

14. DIRECTOR’S RESPONSIBILITY

As stipulated under the provisions contained in Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 the Directors hereby confirm that :

(a) in the preparation of the Annual Accounts for the year ended 31st March, 2018, the applicable Indian Accounting Standards (Ind AS) have been followed and there are no material departures;

(b) the Directors have selected appropriated accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year March 31, 2018 and of the profit of the company for the Financial year ended March, 31, 2018;

(c) the Directors have taken proper and sufficient care 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 Directors have prepared the annual accounts for the year ended March 31, 2018 on a going concern basis;

(e) the Directors have laid down internal financial controls in the company that are adequate and are operating effectively; and

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

15. MANAGEMENT DISCUSSION AND ANALYSIS REPORT :-

The Management Discussion and Analysis Report, for the year under review, giving detailed analysis of Company’s operations, as stipulated under Regulation 34 of SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015, is presented in a separate section, which forms a part of this Annual Report.

16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXHANGE EARNING AND OUTGOING :-

Statement giving the particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under Section 134 (3) (m) of Companies Act, 2013 read with Rules 8 of Companies (Accounts ) Rules, 2014 is given in the Annexure -A which forms part of this report.

17. GENERAL SHAREHOLDER INFORMATION

General Shareholder information is given in item no. 10 Of the Report on Corporate Governance forming part of the Annual Report.

18. Disclosure Relating to Remuneration of Directors, Key Managerial personnel and Particulars of Employees

The remuneration paid to the Directors is in accordance with the Nomination and Remuneration Policy of your Company formulated in accordance with Section 178 of the Companies Act, 2013 read with Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification (s) or re-enactment for time being in force) . The salient aspects covered in the Nomination and Remuneration policy have been outlined in the Corporate Governance Report which forms part of this report. The full policy is available at on the website of the Company at weblink www.maharanirice.in.

The statement containing the details required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 is attached as ‘Annexure’ B which forms part of this Report.

19. EXTRACT OF ANNUAL RETURN :-

Pursuant to the provisions of Section 134(3) (a) of the Companies Act, 2013, an extract of the Annual Return as provided under sub section (3) of section 92 of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration ) Rules, 2014, an extract of the Annual Return in form MGT-9 is enclosed herewith as Annexure - C Which forms part of this Report.

20. STATUTORY AUDITOR AND THEIR REPORT :-

M/s. R Chopra & Associates Chartered Accountants, (FRN: 022992N) were appointed as Statutory Auditors of the Company in the 23rd AGM (held on 28th September, 2017) to hold office for a period of 5 years until the conclusion of the 28th AGM subject to ratification at every Annual General Meeting.

However in accordance with the Companies Amendment Act, 2017, enforced on 07th May, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditor is not required to be ratified at every Annual General Meeting. Therefore, they will continue as Statutory Auditor for next financial year.

There are no observations (including any qualification, reservation, adverse remark or disclaimer)of the Auditors in their Audit Report that may call for any explanation from the Directors. Further the notes to accounts referred to in the Auditor’s Report are self-explanatory.

21. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules made there under, the Company had appointed M/s. Sunil Dhawan & Associates, Practicing Company Secretary as Secretarial Auditors of the Company for the year 2017-2018 to conduct secretarial audit and to ensure compliance by the Company with various Acts applicable to the Company. The report of the Secretarial Auditor for the financial year 2017-18 is enclosed as Annexure D to this report

As per the observation as given by the Secretarial Auditor, regarding the CSR Amount not spent by the company the explanation to the same has been given to the Secretarial Auditors which forms part of the Secretarial Audit Report and the detailed justification to the same is also being given in Annexure- E under Annual Report on CSR Activities which forms part of the Directors Report.

22. CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance requirements under the Companies Act,2013 and as stipulated under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate statement on detailed report on Corporate Governance along with a certificate from a Practicing Chartered Accountant, confirming compliance with the conditions of Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Annual Report.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR)

In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of your Company have constituted a CSR Committee. However w.e.f 29.05.2018 CSR Committee has been re-constituted due to resignation of one Director named Mr. Parmod Kumar . After re-constitution new CSR Committee comprises Mr. Arun Kumar Verma additional independent Director and Chairman of CSR Committee, Mr. Rajeev Setia and Mr. Vijay Setia Executive Directors of Company as other members of CSR Committee. The Board has also approved a CSR policy , on the recommendations of the CSR Committee which is available on the website of the Company at www.maharanirice.in. The Report on CSR activities as required under Companies (Corporate Social Responsibility) Rules, 2014, including a brief outline of the Company’s CSR Policy, total amount to be spent under CSR for the financial year, amount unspent and the reason for the unspent amount, is set out at Annexure-E forming part of this Report.

24. RISK MANAGEMENT

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process has been established by the Company. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate them. A detailed exercise is being carried out to identify, evaluate, monitor and manage risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework. Discussion on risks and concerns are covered in the Management Discussion and Analysis Report.

25. CREDIT RATING

During the year the Company has received following ratings:-

CRISIL

Total Bank Loan Facilities Rated

Rs. 100 Crore

CRISIL

Long Term Rating

CRISIL A-/Stable (Upgraded from CRISIL BBB /Positive)

Short Term Rating

CRISIL A2 (Upgraded from CRISIL A2)

Further as on 04.07.2018, Company received credit ratings from CARE RATINGS LIMITED which are as follows:-

Facilities

Amount (Rs. Crore)

Rating

Long-Term/Short Term facilities

75.00

CARE A-; Stable/Care A2

(Single A Minus; Outlook; Stable/A Two Plus

Total

75.00

Facilities

(Rs. Seventy Five Crore Only)

DUN & BRAD STREET

During the year Dun & Bradstreet has given Rating of 5A2 which implies that the Company has a tangible networth of INR 645,950,000 and above as per latest available audited financial statements. Composite appraisal 2 indicates that the overall status of Company is good.

26. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 :-

During the year under review no such complaint or grievance occurred under the Act named The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act , 2013,

27. DISCLOSURE ON DEPOSITS FROM PUBLIC

During the year under review, the Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

28. DEMATERIALISATION OF SHARES

The Company has agreements with both National Securities Depository Ltd. and Central Depository Services (India) Ltd. whereby the Shareholders have an option to dematerialise their shares with either of the depositories. As on 31.03.2018, about 97.72% of the Company’s Equity Shares has been held in dematerialized form.

29. SHARE CAPITAL OF THE COMPANY :-

The Paid-up equity share capital of the Company as on March 31, 2018 was Rs. 1034.67 lakhs. There has been no change in the Equity Share Capital of the Company during the year. The Company has no other type of securities except equity shares forming part of paid-up capital.

The Company’s shares are listed and actively traded on the below mentioned Stock Exchange:-

BSE Limited (BSE)

Phiroze Jeejeebhoy Towers,

25th Floor, Dalal Street,

Mumbai - 400 001

30. PARTICULARS OF LOAN, GUARANTEES OR INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT, 2013 :-

During the financial year ended March 31, 2018 , the Company has neither made any investment (s) nor given any loan or guarantee(s) or provided any security within the meaning of the provisions of section 186 of the Companies Act, 2013.

31. PARTICULARS OF CONTRACTS/ARRANGEMENTS/TRANSACTIONS WITH RELATED PARTIES UNDER SECTION 188(1) OF COMPANIES ACT, 2013

All Contracts/arrangements/transactions entered by the Company during the financial year 2017-2018 with related parties were on an arm’s length basis and were in the ordinary course of business and in accordance with the provisions of the Companies Act, 2013, read with Rules issued thereunder and the SEBI Listing Regulations. During the year the Company had not entered into any contracts/ arrangements / transactions with related parties which could be considered as material under the Companies Act, 2013 and rules made thereunder and under SEBI Listing Regulations.

Prior omnibus approval of the Audit Committee has been obtained on for transactions with related parties which are of a foreseeable and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted and a statement giving details of all transactions with related parties are placed before the Audit Committee for their review on a periodic basis.

The details of the related party transactions as per Indian Accounting Standard Ind AS 24 are set out in Note 12(ii)a to the Standalone Financial Statements forming part of this Annual Report. Further Form No. AOC-2 is attached as ‘Annexure-F’ which forms part of this report.

The Company has also adopted a Related Party Transactions Policy. The Policy, as approved by the Board, is uploaded on the Company’s website at the weblink: www.maharanirice.in

32. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has adopted Whistle Blower Policy/Vigil Mechanism to provide a formal mechanism for the Directors and employees to report their concerns about unethical behavior, actual or suspected fraud or violation of Company’s Code of Conduct and mismanagement, if any. The implementation and details of the Whistle Blower Policy has been mentioned in the Report of Corporate Governance and also uploaded on Company’s website i.e. www.maharanirice.in.

33. INDUSTRIAL RELATION

The Industrial relations in all the units and branches of your Company remained cordial throughout the year and have resulted in sustained growth of the company.

34. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURED SINCE 31ST MARCH, 2018 TILL THE DATE OF THIS REPORT :-

There has been no material change/commitment affecting the financial position of the Company which have occurred since 31st March, 2018 till the date of this Report.

35. LISTING WITH STOCK EXCHANGE

The Company confirms that it has paid the Annual Listing fee for the year 2018-19 to BSE where the Company’s Shares are listed.

36. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Financial Control System, commensurate with the size, scale and complexity of its operations. Your Company has adopted requisite procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

The Internal Auditor of the Company checks and verifies the internal control and monitor them from time to time as and when required. The Company continues to ensure proper and adequate systems and procedures commensurate with the size, scale and nature of its business.

37. PREVENTION OF INSIDER TRADING:

Board of directors in their Board Meeting held on 29.05.2015 approved Chaman Lal Setia Exports Ltd. Code of Conduct i.e. Code for Internal Procedures & Practices and Conduct For Regulating, Monitoring and Reporting of Trading by Insiders of Chaman Lal Setia Exports Limited in accordance with the requirements of SEBI (Prohibition of insider trading) Regulation, 2015 and further Board of Directors in their Board Meeting dated 13.02.2017 amended aforesaid Code of Conduct in terms of SEBI (Prohibition of Insider Trading) Regulations, 2015 and same was intimated to BSE also and full copy of amended code of conduct has been uploaded at the website of the Company i.e. www.maharanirice.in. The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors, Promoters and designated employees of the Company.

38 . FUTURE EXPANSION

The Future expansion endeavour of the Company is always a going on process specially in the field of Quality improvement and development of new product with lower cost and energy savings The Management of the company understands that it has to improve upon to face the ever changing circumstances and evolvements globally.

39. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERNS STATUS AND COMPANY’S OPERATIONS IN FUTURE

The Company has not received any significant or material orders passed by any Regulatory Authority, Court or Tribunal which shall impact the going concern status and Company’s operations in future.

40. REPORTING OF FRAUDS

There have been no material instances of fraud reported by the Auditors under section 143(12) of the Act and Rules framed thereunder either to the Company or to the Central Government.

41. CHANGE IN NATURE OF BUSINESS, IF ANY ;-

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

42. NEW PACKING UNIT:-

Your Company in month of April, 2018, has commenced its new packing unit at Gandhidham, Gujarat and same was intimated to Stock Exchange too.

43. SHIFITING OF CREDIT LIMIT:-

During the year Company has shifted its credit limit from Punjab National Bank to HDFC Bank and same had been reported to Stock Exchange too.

44. DIVERSITY OF THE BOARD:-

The Company believes that diversity is important to the work culture at any organisation. In particular, a diverse Board, among others, will enhance the quality of decisions by utilizing different skills, qualifications and professional experience for achieving sustainable and balances development.

45. COMPLIANCES WITH SECRETARIAL STANDARDS

During the year, the Company is in compliance of both erstwhile and revised Secretarial Standard issued by the Institute of Company Secretaries of India.

46. ACKNOWLEDGEMENT:

The Board places on record its appreciation for the continued co-operation and support extended to the Company by its customers which enables the Company to make every effort in understanding their unique needs and deliver maximum customer satisfaction. We place on record our appreciation of the contribution made by the employees at all levels, whose hard work, co-operation and support helped us face all challenges and deliver results.

We acknowledge the support of our Members of Company, vendors, the regulators, the esteemed league of bankers, financial institutions, rating agencies, government agencies, Stock Exchange, depositories, auditors, consultants, business associates and other stakeholders.

For and on behalf of the Board of Directors

Place: Amritsar sd/-

Date: 28.08.2018 Chaman Lal Setia

Chairman & Managing Director

Din :- 01125789

Director’s Report