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DCM Shriram Industries Directors Report, DCM Shriram Ind Reports by Directors
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DCM Shriram Industries

BSE: 523369|NSE: DCMSRMIND|ISIN: INE843D01019|SECTOR: Sugar
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Directors Report Year End : Mar '18    Mar 17

The Directors have pleasure in presenting the Annual Report and the Audited Financial Statements of your Company for the year ended 31st March, 2018.

From a slow GDP growth of 6.7% in the financial year 2016-17 due to the impact of demonetization, the growth story started falling in place with a GDP growth of 7.4% in the year 2017-18. The growth would have been higher, but for the introduction of GST and its teething problems. The growth is still better than China’s which is not a mean achievement. Things are looking up and in the current financial year, the growth rate is expected to be around 7.8%. Implementation of GST provisions has more or less stabilized and as a result the monthly GST collection has started to clock in over a lakh crore of rupees per month. Stable inflation, the measures being taken for ensuring ease of doing business at various levels and the push being given to infrastructure projects should further impact the economy positively. The upward surge in oil prices may off set gains in the economy to some extent.

Regulatory shortcomings in the Banking sector particularly PSBs over the last 5 years reportedly resulted in frauds of over one lakh crore rupees. This coupled with NPAs of over Rs.8 lakh crore, declared so far, are a matter of concern for the economy. These may erode the confidence of the general public in the banking system. The measures taken by the Govt. including the Insolvency and Bankruptcy Code, put in place within record time and improved upon from time to time based on experience of administering the Code, should go a long way in addressing the problem.

Your Company’s performance during the year under review was satisfactory despite the adverse conditions faced by the sugar industry from the 3rd quarter onwards due to bumper production and falling sugar prices. The situation continues to be grave with mounting cane arrears. It is hoped that Central and State Governments will take measures to support the industry to tide over the situation, and put in long term stable policies.

Financial Summary

The Company achieved a turnover of Rs.1742 cr. against Rs.1574 cr. in the previous year. The gross profit at Rs.87.96 cr. against Rs.170.31 cr. in the previous year is lower by 48% due to the losses in the sugar business in the last 2 quarters of the year. The net profit at Rs.57.56 cr. as compared to Rs.120.36 cr. in the previous year, was also lower for the same reason. The figures for the previous year were converged to be in line with Ind AS, as the Company adopted Ind AS in preparing the financial statements for the year 2017-18.

Appropriation and Dividend

The Board of Directors is happy to recommend a dividend of Rs. 4 (40%) per equity share of Rs.10 for the year ended 31.3.2018. The payout of dividend for the year under review, inclusive of corporate tax on dividend distribution, is Rs.8.38 cr.

An amount of Rs.207.70 cr, which includes Rs.164.86 cr. brought forward from the previous year, is being carried forward as surplus in the statement of Profit & Loss.

Auditors’ Report

There are no qualifications, reservation, or adverse remarks or disclaimer in the Auditors’ Report to the members on the Annual Financial Statements for the year ended 31.3.2018.

Secretarial Audit Report

M/s. Chandrasekaran Associates, Company Secretaries, carried out the Secretarial Audit for the year 201718 pursuant to Section 204 of the Companies Act, 2013. A copy of their Report in Form MR-3 as per Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure - 1. There is no qualification in the Report.

THE STATE OF COMPANY’S AFFAIRS

Sugar

During the year Daurala Sugar Works (DSW) produced 2.29 Lakh MT of sugar, highest in any year, by crushing 21.05 Lakh MT of cane as against 1.85 Lakh MT of sugar by crushing 17.29 Lakh MT in the previous year. Sugar recovery in the year at 10.90% was better than 10.72% last year. The improvement in sugar recovery was a reflection of continued efforts made by the factory to identify and popularize the cultivation of high sucrose varieties in cooperation with the farmers.

Supply of power to grid was as planned. Realisation from sale of Renewable Energy Certificates (RECs) was better than expected. As on 31st March, 2018, REC inventory stood largely liquidated due to good demand.

At the start of financial year 2017-18, sugar prices were healthy at around Rs. 3600 per qtl. because of lower sugar stocks. The prices started dropping sharply from December, 2017 in line with the increasing trends of production, estimated at over 31 Million MT for Sugar Season 2017-18, an increase of 53% over the last year. The situation presently is grim with sugar prices ruling around Rs.2700 per qtl. and Industry expecting further losses for the next two years. This has led to storage & liquidity problems resulting in accumulation of cane dues in excess of Rs. 20,000 cr., with Uttar Pradesh alone accounting for about Rs. 12,500 cr.

International sugar prices, which at the start of the year were ranging around US$ 480 per MT, fell to US$ 345 MT by March, 2018 due to anticipated higher production in most sugar producing countries like Brazil, India etc., resulting in a Global surplus of 10 to 11 Million MT.

The Industry and the cane farmers have been representing to the Central and State Governments to arrest the fall in sugar prices. The Government has taken the following steps to address the situation:

- Import duty increased to 100% from 40%

- Custom duty on sugar exports removed.

- Compulsory export of 2 Million MT under Minimum Indicative Export Quantity (MIEQ) notified; and

- Support for farmers at Rs. 55 per MT of sugarcane purchased by Sugar Mills.

The above steps however have not provided any significant relief in the face of continuing rise in sugar production.

There is a substantial gap between the Fair & Remunerative sugarcane Price (FRP) declared by the Central Government and the State Government Advised Sugarcane Price (SAP), resulting in higher losses for Sugar Mills in Northern India. To bridge the gap, the Industry is requesting the respective State Governments to absorb the differential price. Further, for future the Industry is requesting the State Government to refrain from announcing any SAP, and limit cane price to FRP, in terms of the Rangarajan formula as has been done by Maharashtra & Karnataka and as proposed by Tamil Nadu Government from next year.

Alcohol operations continue to be normal. Most of the production was tied-up with Oil Marketing Companies for admixing with petrol. In our continued efforts to adopt the latest technologies, we are replacing our conventional distillation plant with a modern Multi Pressure Distillation Plant. This would reduce the quantum of effluent generated and would also improve product quality. The same is proposed to be commissioned by September, 2018.

Alcohol prices remained by and large stable. The molasses prices in U.P. have fallen sharply due to higher cane crush and closure of some Distilleries. Our Unit is operating at optimum levels. Since, we largely operate on molasses from our own Sugar Factory, we are not impacted by deviations in molasses prices.

The bottling operations continue to show steady growth and Company is in the process of further augmenting its capacity.

On the operational front, the Unit continued to post good results reflecting in improved efficiency and reduced cost. In the next Season, the Company is taking steps to improve farm productivity and to improve efficiency of the boilers, apart from normal debottlenecking. The Company continues to lay emphasis on improved productivity and operational optimization in all areas of activity.

Chemicals

There was an up-swing in the prospects of Chemicals Business as a result of curtailment/ stoppage of production in China due to clamp down by its Environmental Authorities. It is expected that this situation will continue as Chinese producers will either have to invest significantly in better environmental management (thereby also increasing their operating cost) or shut down.

Consequently, international prices of our main products have improved to more viable level, and profits correspondingly increased.

There was some moderation, however, as our user industry was also adversely affected by lower availability of some of their major inputs they source from China.

Overall the prospects for the Chemicals business look better.

The Company continued its focus on optimizing processes and cost of production through an active R & D programme.

Rayon

Shriram Rayons achieved highest ever export sales for the second consecutive year. The turnover for the year was also highest ever.

With debottlenecking in yarn production capacity and commensurate increase in conversion capacity in textile section, the Unit achieved its highest production level in the year.

The operating margins were under pressure due to strengthening of the Rupee affecting export realization and a steep increase in the price of Caustic Soda, a key raw material.

Nylon Chafer sale increased during the year. The Unit was exploring export markets for the product and achieved a breakthrough during the year. The Unit received regular order during the year.

The capability to use agro-fuel helped the Unit to keep energy cost under control in spite of shortage in coal supply under fuel supply agreement from Coal India. A one MW Solar power plant was installed and operationalized during the year.

The Unit continued receiving appreciation and awards from various agencies for the efforts in improving production, reduction in energy cost, and quality systems.

The Unit kept up efforts for improving effluent and emission controls by upgrading the facilities. Engineering Projects

As a measure of exploring new avenues, the Company has decided to venture into defence equipment manufacturing. The Company has successfully designed, developed and tested a Light Bullet Proof Vehicle - ZEBU- for use by the Indian Defence and Paramilitary Forces. The vehicle was displayed at DEFEXPO 2018 at Chennai. It is hoped that with the Government of India’s ‘Make in India’ initiative and opening up of defence production to private sector, there will be opportunities in the sector. The effort is exploratory.

Material changes and commitments

No material changes or commitments have occurred between the end of the financial year to which the financial statements relate and the date of this Report, affecting the financial position of the Company.

Subsidiary/ Associate Companies

The Company has a non-material wholly owned subsidiary, Daurala Foods & Beverages Pvt. Ltd.(DFBL), which is not carrying on any operations presently. DCM Hyundai Limited (DHL) is an associate company. The required information with regard to the performance and financial position of the subsidiary and associate companies are annexed in Form AOC - I as annexure to the Annual Financial Statements for the year ended 31.3.2018. There has been no change in relationship of subsidiary/ associate companies during the year.

BOARD MEETINGS AND DIRECTORS

Meetings of the Board

During the year 2017-18 five Board meetings were held. The dates of the meetings, attendance, etc., are given in the Corporate Governance Report annexed hereto.

Declaration u/s 149(6) of the Act

All the Independent Directors (IDs) have given declarations u/s 149(6) of the Act confirming that they meet the criteria of independence as laid down under the said Section.

The Directors of the Company have also confirmed that they were not disqualified to be appointed as Directors as per Section 164(2) of the Companies Act, 2013.

Familiarization Programme for Independent Directors

The Independent Directors of the Company have been on the Board for over 4 years and are fully familiar with its operations. As such no separate familiarization programme was organized during the year.

The Directors are also kept updated with information on the Company, the industry and developments in different segments in which the Company operates, at the Board meetings while reviewing the operations, quarterly/annual financial results and considering the budgets.

A familiarization programme for IDs laid down by the Board has been posted on the Company’s website -https://www.dcmsr.com.

Policy on Board Diversity

The Board of Directors in its meeting held on 30.5.2016 has approved a Policy on Board Diversity, devised by the Nomination & Remuneration Committee (NRC) as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A copy of the same has been posted on the Company’s website - https://www.dcmsr.com.

Directors Appointment and Remuneration

Appointment of directors on the Board of the Company is based on the recommendations of the Nomination and Remuneration Committee (NRC). NRC identifies and recommends to the Board, persons for appointment on the Board, after considering the necessary and desirable competencies. NRC takes into account positive attributes like integrity, maturity, judgement, leadership position, time and willingness, financial acumen, management experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, research, etc.

In case of Independent Directors (IDs) they should fulfill the criteria of independence as per the Act and Regulation 25 of the SEBI (LODR) Regulations, 2015 in addition to the general criteria stated above. It is ensured that a person to be appointed as director has not suffered any disqualification under the Act or any other law to hold such an office. There has been no change in the composition of the Board for the last 3 years.

The directors of the Company are paid remuneration as per the Remuneration Policy of the Company, the gist of which is given under the heading ‘Remuneration Policy’ herein below. The details of remuneration paid to the directors during the year 2017-18 are given in Form MGT-9 annexed hereto and also in the Corporate Governance Report forming part of this Report.

Changes in Directors or KMP

There has been no change in the composition of the Board of Directors or Key Managerial Personnel during the year 2017-18.

The Board of Directors, on the recommendation of the NRC, has reappointed Shri Alok B. Shriram, Vice Chairman & Dy. Managing Director, whose current term of office expires on 30.9.2018, w.e.f. 1.10.2018 for a further period of 5 years on revised terms and conditions, subject to the approval of the shareholders u/s 196 and other applicable provisions of the Companies Act, 2013 at the ensuing AGM and subject to the provisions of any other Regulations, as may be applicable from time to time.

The Board also on the recommendation of NRC, reappointed Shri Tilak Dhar, Chairman & Managing Director and Shri Madhav B. Shriram, Dy. Managing Director, whose current terms of office expire on 31.3.2019 w.e.f. 1.10.2018 for a further period of 5 years, on revised terms and conditions, subject to the approval of the shareholders u/s 196 and other applicable provisions of the Companies Act, 2013 at the ensuing AGM and subject to the provisions of any other Regulations, as may be applicable from time to time.

The reappointment of Shri Tilak Dhar and Shri Madhav B. Shriram have been advanced by six months as permitted u/s 196 of the Act, with a view to synchronize the dates of reappointment of these three Managerial Personnel.

Annual Evaluation of Board and Directors

As required under the Act and the SEBI (LODR) Regulations, 2015 evaluation of the performance of the IDs, Board as a whole, Executive Directors, the Chairman and the Committees during the year 2017-18 was carried out by the Board of Directors based on the criteria laid down by the NRC. A copy of the ‘criteria’ is annexed as Annexure 2 hereto.

Based on the criteria, the Board reviewed the performance of the Board as a whole with particular reference to structure, quality of deliberations in the meetings, functions, performance of the management and feed back etc. It was concluded that the Board adheres to the highest standards in all above areas, and the performance was constructive and met the test of objectivity in achieving the goals of the Company. The Board noted that the Committees carried out their functions keeping in view the requirements mandated under the Companies Act/ SEBI (LODR) Regulations pursuant to which they were constituted, effectively. The Board then reviewed the performance of Directors individually and concluded that all of them had given very valuable inputs / contributions in achieving the goals of the Company. It was noted that the Executive Directors performed with utmost responsibility in achieving the operating targets. The Independent Directors contributed greatly by providing valuable inputs and guidance. It was noted with appreciation that the IDs adhered to the Code of Independence as per Schedule IV of the Act and to the restriction with regard to pecuniary relationship with the Company during the period under evaluation. The Board also noted that Shri Tilak Dhar, CMD, continued to lead from the front and appreciated his ability to steer the Company.

The IDs in a separate meeting reviewed and evaluated the performance of non-Independent Directors, the Board as a whole, the Board Committees and the performance of the Chairman of the Company taking into account the views of Executive Directors, based on the criteria laid down by the NRC.

The IDs also reviewed the quality, quantity and timeliness of flow of information between the Company management and the Board which are necessary for the Board to effectively and reasonably perform its duties.

Directors’ Responsibility Statement

As required under Section 134(3)(c) of the Act, your Directors state that:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) the directors had selected such accounting policies and applied them consistently and made judgements 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 and of the profit or loss of the Company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) 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.

Internal Financial Controls

A comprehensive and effective internal financial control system is followed by the Company at all its establishments. This is further strengthened by an internal audit process under the overall supervision of the Audit Committee of the Board. The services for the internal audit are outsourced. Qualified and experienced professionals are engaged to ensure effective and independent evaluation of, inter alia, the internal financial controls.

The Audit Committee lays down the schedule for internal audit. Internal audit reports are placed before the Committee with management comments. Suggestions are implemented and reported to the Audit Committee.

Apart from the above, an effective budgeting and monitoring system is also in place. Budgets are reviewed by Audit Committee and approved by the Board. The operating results are compared and monitored with the approved budgets periodically. An Executive Committee comprising of senior management team meets every month, reviews all aspects of operations and chalks out remedial measures and strategies, wherever necessary.

An effective communication/ reporting system operates between the Units, Divisions and Corporate Office to keep various establishments abreast of regulatory changes and ensure compliances.

Loans, Guarantees and Investments

The particulars of loans given by the Company are given in Note no.15 of the Stand alone Financial Statements for the year ended 31.3.2018.

The Company has not made any investment or provided any guarantee covered u/s 186 of the Companies Act, 2013, during the year except surplus funds placed in liquid funds of Mutual funds on short term basis, which have all been redeemed during the year.

Related Party Transactions

There has been no materially significant related party transactions between the Company and the Directors, Key Management Personnel, the subsidiary or the relatives except for those disclosed in the financial statements - Note No.45 of Notes to Accounts.

Accordingly, particulars of contracts or arrangements with related parties referred to in Section 188(1) along with the justification for entering into such contracts or arrangements in form AOC -2 does not form part of the Report.

The Board had framed a policy on related party transactions and placed the same on the Company’s website https://www.dcmsr.com.

CSR Activities

Pursuant to Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, a report in the prescribed proforma is annexed - Annexure 3. The Company has spent Rs.134.24 lakh on CSR activities during the year as required under the above Section of the Act.

Risk Management

The Board of Directors in its meeting held on 30.01.2006 undertook a comprehensive review of the risk assessment and minimization procedures/ policies followed by the Company at its various operations. While taking note of the same, the Board laid down that a half yearly status report of the risk assessment and steps taken to minimize the risks be placed before the Board. Such a report in respect of all the operations of the company is regularly placed before the Board and suggestions, if any, are implemented.

In view of the diversified business, there are no significant element of risk, which in the opinion of the Board may threaten the existence of the Company.

The Board of Directors while reviewing the existing risk assessment procedures, laid down a Risk Management Policy as required under Regulation 17 of SEBI (LODR) Regulations, 2015.

Public Deposits

Details relating to deposits covered under Chapter V of the Act.

I) Accepted during the year :

163.00

ii) Remained unpaid or unclaimed as at the : end of the year

Nil

iii) Whether there has been any default in } repayment of deposits or payment of interest } thereon during the year and if so, number of } such cases and the total amount involved : }

No

a) at the beginning of the year }

b) maximum during the year }

c) at the end of the year }

iv) The details of deposits which are not in } compliance with the requirement of } Chapter V of the Act. }

Nil

Significant Material Orders Passed by Regulators or Courts or Tribunals

No significant orders have been passed by any Regulators, Courts or Tribunals during the year impacting the going concern status and Company’s operations in future.

Extract of the Annual Return

Extract of the Annual Return for the year 2017-18 in Form MGT-9 is annexed - Annexure 4.

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

The required information as per Rule 8 (3) A, B & C of Companies (Accounts) Rules, 2014 is annexed -Annexure 5.

REMUNERATION POLICY

The Board of Directors in its meeting held on 14.8.2014 had laid down a Remuneration Policy as recommended by the NRC relating to remuneration of the Directors, Key Managerial Personnel (KMP), Sr. Management Personnel (SMP) and other employees of the Company. The Remuneration Policy is in accordance with Section 178 of the Act and the Rules made there under. The Remuneration Policy is posted on the Company’s website https://www.dcmsr.com The salient features of the Policy are given below:

i. Guiding principle

The guiding principle of the Policy is that the remuneration and other terms of employment should effectively help in attracting and retaining committed and competent personnel. The remuneration packages are designed keeping in view industry practices and cost of living.

ii. Directors

Non-executive directors are paid remuneration in the form of sitting fees for attending Board/ Committee meetings as fixed by the Board from time to time subject to statutory provisions. Presently sitting fee is Rs.50,000 per Board meeting and Rs.25,000 per Committee meeting. In addition, Non-executive Directors are to be paid commission on profits of up to 1% of the net profit of the Company, computed in the manner laid down u/s 198 of the Companies Act, 2013, in such amount and proportion as may be decided by the Board of Directors.

Remuneration of Executive Directors (Whole-time Directors) including Managing Director is fixed by the Board of Directors on the recommendation of the NRC, subject to the approval of the shareholders. The NRC, while recommending the remuneration, takes into account pay and employment conditions in the industry, merit and seniority of the person and paying capacity of the Company. The remuneration, which comprises of salary, perquisites, performance based reward/ profit based commission and retirement benefits as per Company Rules, is subject to the limits laid down under the Companies Act, 2013.

iii. Key Managerial Personnel and Sr. Management Personnel

Appointment and cessation of service of Key Managerial Personnel are subject to the approval of the NRC and Board of Directors. Remuneration of Key and Sr. Management Personnel is approved by CMD on the recommendation of the concerned Executive Director, keeping in view the Remuneration Policy.

iv. Other employees

The remuneration of other employees is fixed from time to time by the Management as per the guiding principle laid down in the Remuneration Policy and considering industry standards and cost of living. In addition to salary, they are also provided perquisites and retirement benefits as per schemes of the Company and statutory requirements, where applicable.

Managerial Remuneration

The information required as per Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 pertaining to remuneration of Directors, KMP and comparisons are annexed -Annexure 6. It is affirmed that the remuneration is as per the Remuneration Policy of the Company.

Particulars of employees who have drawn remuneration of Rs.102 lakh or more per annum during the year 2017-18 are annexed - Annexure 7 .

Audit Committee

The Audit Committee presently comprises of three IDs and one Executive Director. Shri P.R. Khanna is the Chairman and Shri S.B. Mathur, Shri S.C. Kumar, all IDs and Shri K.N. Rao, Director & CEO (Rayons) are Members. There was no instance of the Board not accepting the recommendation of the Audit Committee.

Vigil Mechanism

Pursuant to Section 177 of the Act and Regulation 22 of SEBI (LODR) Regulations, 2015, the Board of Directors, on the recommendation of the Audit Committee, adopted a Vigil Mechanism (Whistle Blower Policy). The Policy has been circulated among the employees and also put on the website of the Company.

The Policy provides a channel to the employees to report to the management concerns about unethical behavior, actual or suspected fraud or violation of the code of conduct or policies. The mechanism provides for adequate safeguards against victimization of employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases.

Share Capital

During the year, the Company has not issued any share capital with differential voting rights, sweat equity or ESOP nor provided any money to the employees or trusts for purchase of its own shares.

The Company has not made any public offer of shares during the year.

Unclaimed Shares Suspense Account

The position with regard to the unclaimed equity shares, transferred to the Demat Suspense Account as required under SEBI (LODR) Regulations, is as under:

No. of Folios

No. of Shares

Outstanding shares in the suspense account as on 1st April, 2017

6056

83563

No. of shareholders approached for transfer of shares from the Account and no. of shares released during the year 2017-18

7

445

Shares transferred to IEPF as per IEPF Rules 2016

5534

74842

Balance as on 31.3.2018

51 5

8276

The voting rights on the above shares remain frozen till the shares are released to the rightful owners.

Statutory Auditors

Pursuant to Section 139 of the Companies Act, 2013, the shareholders in their meeting held on 22.8.2017 had appointed M/s. B S R & Co., LLP, Chartered Accountants (Firm Registration No.101248W/W100022), Gurugram as statutory auditors for holding office from the conclusion of the said AGM till the conclusion of the AGM to be held in the year 2022 on the recommendation of the Audit Sub-Committee and the Board of Directors.

Cost Auditors

M/s Ramanath Iyer & Co., Cost Accountants, (Regn No.13848), 808, Pearls Business Park, Netaji Subhash Place, Pitampura, Delhi - 110034, who were appointed as Cost Auditors of the Company for the year 2016-17, submitted the Cost Audit report, due for filing on or before 27.9.2017, to the Central Government on 12.9.2017. They have been reappointed as Cost Auditors for the year 2018-19. A resolution for ratification of their remuneration for the year 2018-19, as required under the Companies Act, 2013, forms part of the Notice convening the AGM.

Corporate Governance

Reports on Corporate Governance and Management Discussion & Analysis are annexed - Annexure 8. Anti-Sexual Harassment Policy Pursuant to the “Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013”, the Company constituted Internal Complaints Committees at all its workplaces. There has not been any instance of complaint reported in this regard to any of the Committees.

Acknowledgment

The Directors acknowledge the continued co-operation and support received from the banks and various government agencies, and all our business associates.

The Directors also place on record their appreciation of the contribution made by employees at all levels.

For and on behalf of the Board

New Delhi,

May 29, 2018 CHAIRMAN

Source : Dion Global Solutions Limited
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