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J. K. Cement Ltd.

BSE: 532644 | NSE: JKCEMENT |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE823G01014 | SECTOR: Cement - Major

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Annual Report

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

Director’s Report

DIRECTORS’ REPORT

Dear Members,

The Directors have pleasure in presenting Company’s Twenty Fifth Annual Report and Audited Financial Statements for the year ended 31st March, 2019

1 FINANCIAL RESULTS

Rs,Lacs

Particulars

2018-19

2017-18

Gross Turnover

491919.04

470955.40

Profit before depreciation & tax

66793.84

62599.53

Less: Depreciation

19436.50

18626.77

Profit Before Tax

47357.34

43972.76

Tax Expense (Including deferred tax and tax adjustment of earlier years)

14867.80

9785.40

Profit After Tax

32489.54

34187.36

Add: Retained earnings at the beginning of the year

91463.67

69890.85

Transfer to Debenture Redemption Reserve

(87.60)

9.40

Dividend to Equity Shares (including tax thereon)

9315.10

8430

Balance to be carried forward

105672.09

91463.67

2 PERFORMANCE OF THE COMPANY

Your Company’s performance during the year under report has overall improved. The Company’s gross turnover increased by 4.5% to Rs,4919.19 Crore during the year compared to Rs,4709.55 Crore in previous year. Profit before Depreciation and Tax increased to 668 Crores compared to Rs,626 Crores.

3 PERFORMANCE OF THE SUBSIDIARY/JOINT VENTURE COMPANIES

The Company has three subsidiaries. There has been no material change in the nature of the business of subsidiaries.

SUBSIDIARY COMPANY

J.K. Cement (Fujairah) FZC recorded net income of AED 4416725 (equivalent to Rs,822.16 Lacs) for the year ended 31st December, 2018 (Previous year net income of AED 1,501.675 equivalent to Rs,266.26 Lacs)

JK Cement Works (Fujairah) FZC is involved in principal business of manufacturing and sale of white cement in Middle East and GCC market and has recorded a turnover of AED 140,964,721 (Previous year AED 143,747,087). It recorded a loss of AED 37,235,407 (equivalent to Rs,6685.22 Lacs) for the year ended 31st December, 2018 {Previous year a loss of AED 30,883,604 (equivalent to Rs,5567.40 Lacs)}

JK White Cement (Africa) Ltd. is second level step down subsidiary of the Company newly incorporated on 4th November, 2018 in Republic of Tanzania. 99.90 % stake is held by JK Cement Works (Fujairah) FZC. It is engaged in the business of manufacturing/trading/import/export of all types of cement, wall putty other allied products, cement clinker, limestone, gypsum etc.

Jaykaycem (Central) Ltd, intends to set up grey cement manufacturing facilities, recorded a net profit of Rs,3.85 Lacs (previous year loss Rs,64.41 Lacs) for the year ended 31st March, 2019.

JOINT VENTURE

During the year under report Bander Coal Company Private Limited has been liquidated.

4. CONSOLIDATED FINANCIAL STATEMENTS

The statement as required under Section 129 of the Companies Act, 2013, in respect of the subsidiaries of the Company viz. J.K. Cement (Fujairah) FZC, J.K. Cement Works (Fujairah) FZC and Jaykaycem (Central) Ltd are annexed and forms an integral part of this Report. Consolidated Financial Statements prepared in accordance with relevant Accounting Standards issued by the Institute of Chartered Accountants of India, form part of the Annual Report and Accounts.

5. DIVIDEND

In terms of Dividend Policy your Directors are pleased to recommend dividend of Rs,10 per equity share (previous year Rs,10 per equity share) of face value of Rs,10 each aggregating to Rs,93.15 Crore (Previous Year Rs,84.30 Crore) for the financial year ended 31st March, 2019

6. TRANSFER TO RESERVES

The Company proposes to transfer Rs,87.60 Lacs (previous year Rs,9.40 Lacs) from Debenture Redemption Reserve and Rs,10000 Lacs ( previous year Rs,6000 Lacs) to General Reserve during Financial Year 2018-19

7. SHARE CAPITAL

The paid up Equity Share Capital as at 31st March, 2019 remained at Rs,77.27 Crores. During the period under report, your Company has issued 7341001 Nos of Equity Shares to QIBs by way of Qualified Institutional Placement and raised Rs,510.79 Crores which your Company utilised in terms of Placement Document except for idle surplus funds amounting to Rs,440.60 Crores not required for immediate, gainfully invested in liquid investments payable on demand of which Rs,255.60 Crores was outstanding as on 31.3.19.

8. FINANCE

During the year under report, your Company has availed a sum of Rs,130 Crores towards disbursement of term loans (previous year no such disbursement). However it repaid Rs,170.74 Crores (previous year Rs,241.46 Crore) towards Term Loan and NCD.

9. CREDIT RATING

Inspite of challenging cement industry scenario, CARE has reaffirmed your Company’s rating as “CARE AA” for long term bank facilities and “CARE A1 ” for short term bank facilities.

10. PARTICULARS OF GUARANTEES OR INVESTMENTS BY THE COMPANY

Details of Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Notes to the Financial Statements.

11. OPERATIONS

Grey Cement

During the year under report production increased by 6.11% at 8.37 Million Tonne (compared to 7.89 Million Tonne last year) and sales increased by 6% at 8.36 Million Tonne (compared to 7.88 Million Tonne last year).

White Cement

Production of White Cement & Wall Putty increased by 7.31% at 12.62 Lac Tonne during the year compared to 11.76 Lac Tonne last year. Sale was also in tandem with production.

Remuneration Paid

% increase in

Ratio to Remuneration

SN

Name

Designation

2018-19

2017-18

Remuneration from previous year

1

Mr.Yadupati Singhania**

Chairman &

Managing Director (KMP)

186032400

142382400

30.66 %

190:1

2

Mr.Ajay Kumar Saraogi**

President (Corporate Affairs)& Chief Financial Officer (KMP)

26070000

22652000

15.09%

27:1

3

Mr.Shambhu Singh

Asst. Vice President (Legal) & Company Secretary (KMP)

5335000

4541000

17.49%

5:1

includes remuneration in AED from foreign subsidiary companies during the calendar year 2018.

12. PROJECTS OF THE COMPANY

Projects undertaken/completed

Your Company’s brown field expansion at Mangrol, Chittorgarh, Rajasthan with split grinding unit in U.P. and Gujrat having total cement production capacity of 4.2 Million Tonne Per Annum at estimated cost outlay of Rs,2000 Crores is progressing at rapid pace.

13. PERSONNEL

13.1 Industrial Relations

The industrial relations during the period under review generally remained cordial at all cement plants.

13.2 Particulars of Employees

List of employees getting salary in excess of the limits as specified under the provisions of Section 134 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 throughout or part of the financial year under review is annexed separately marked as Annexure - E. However, the Annual Report excluding the aforesaid information is being sent to all the members of the Company pursuant to proviso to Section 136 of the Companies Act, 2013. Any member interested in obtaining such particulars may inspect and/or send the request to the Company at its Registered and Corporate Office. None of the employee listed in the said Annexure is a relative of any Director of the Company except Shri Yadupati Singhania, Chairman and Managing Director. None of the employee hold (by himself or along with his spouse and dependent children) more than two percent of the equity shares of the Company

The information required pursuant to Section 197(12) read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in respect of employees of the Company and Directors is furnished hereunder:

Particulars about Key Managerial Personnel including Chairman & Managing Director.

13.3 Human Resources and Industrial Relations

Particulars about other Non Executive Directors.

SN

Name

Remuneration Paid

% increase in Remuneration from previous year

Designation

2018-19

2017-18

1

Smt. Sushila Devi Singhania

Non Executive Non Independent

1500000

1426000

5.2

2

Shri A. Karati

Non Executive Independent

1225000

1200500

2

3

Shri J.N. Godbole

Non Executive Independent

1350000

1375875

-

4

Dr. K.B. Agarwal

Non Executive Independent

1725000

1651250

4.47

5

Shri K.N. Khandelwal

Non Executive Non Independent

1400000

1350750

3.6

6

Shri Raj Kumar Lohia

Non Executive Independent

1225000

1250875

-

7

Shri Suparas Bhandari

Non Executive Independent

1350000

1325625

2

8

Mr. Paul Heinz Hugentobler

Non Executive Non Independent

12060355

11863380

-

9

Mrs. Deepa Gopalan Wadhwa

Non Executive Independent

1075000

-

-

The Company has a structured induction process at all locations. Objective appraisal systems based on Key Result Areas (KRAs) are in place for Senior Management Staff.

The Corporate HR is effectively involved in nurturing, enhancing and retaining talent through job satisfaction, management development programme etc.

14. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATOR(S) OR COURT(S )/ MATTER OF EMPHASIS

The Competition commission of India (CCI) vide its order dated 31.8.2016 imposed a penalty of Rs,12,854 lacs on the Company. The Appeal was heard whereupon National Company Law Appellate Tribunal (NCLAT) vide order dated 25.7.2018 upheld CCI’s order. The Company has filed statutory appeal before the Hon’ble Supreme Court, which vide its order dated 5.10.2018 has admitted the appeal and directed that the interim order of stay passed by the Tribunal in this matter will continue for the time being. The Company, backed by legal opinion, believes that it has a good case and accordingly no provision has been made in the Audited Annual Report of 2018-19.

In a separate matter, CCI imposed penalty of Rs,928 lacs vide order dated 19.1.2017 for alleged contravention of provision of Competition Act, 2002 by the Company. On Company’s appeal,

NCLAT has stayed the operation of CCI’s order.

The matter is pending for hearing before NCLAT. Based on Legal opinion, the Company believes that it has a good case and accordingly, no provision has been made in the Audited Annual Report of 2018-19.

Members’ attention is drawn to the statement on contingent liabilities in the notes forming part of the Financial Statements.

15. CORPORATE GOVERNANCE

A report on Corporate Governance alongwith the Practising Company Secretary’s Certificate on its compliance, forms an integral part of this Report.

16. PUBLIC DEPOSITS

Your Company has not invited any deposits from public/ shareholders under Section 73 and 74 of the Companies Act, 2013.

17. WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company has a Whistle Blower Policy to report genuine concerns or grievances, if any. The Whistle Blower Policy has been posted on the website of the Company.

18. MITIGATION OF RISK.

The Company has been addressing various risks impacting the Company including details of significant changes in key financial ratios which is more fully provided in annexed Management Discussion and Analysis. As per the Listing Regulation Risk Management Committee for enforcing Risk Management Policy is constituted by the Company.

18A. COMMODITY PRICE RISK/FOREIGN EXCHANGE RISK AND HEDGING ACTIVITIES:

Your Company hedges its foreign currency exposure in respect of its imports and export receivables as per its laid down policies.

Your Company uses a mix of various derivatives instruments like forward covers, currency swaps, interest rates swaps or a mix of all. Your Company does not have material exposure of any commodity and accordingly, no hedging activities for the same are carried out. Therefore, there is no disclosure to offer in terms of SEBI circular No. SEBI/HO/ CFD/CMD1/CIR/P/2018/0000000141 dated 15th November, 2018.

19. REMUNERATION POLICY

The Board of Directors and Nomination & Remuneration Committee, follows a policy concerning remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. The Policy also covers criteria for selection and appointment of Board Members and Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.

20. RELATED PARTY TRANSACTIONS

All the related party transactions are entered on arm’s length basis, in the ordinary course of business and are in compliance with the applicable provisions of the Companies Act, 2013 and the Listing Regulations. There are no materially significant related party transaction made by the Company with Promoters, Directors or Key Managerial Personnel etc. which may have potential conflict with the interest of the Company at large or which warrants the approval of the shareholders. Accordingly, no transactions are being reported in Form AOC-2 in terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014. However, the details of the transactions with Related Party are provided in the Company’s financial statements in accordance with the Accounting Standards.

All Related Party Transactions are presented to the Audit Committee and the Board. Omnibus approval is obtained for the transactions which are foreseen and repetitive in nature. A statement of all related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature, value and terms and conditions of the transactions. The statement is supported by the certificate from the CMD and the CFO. The Related Party Transactions Policy as approved by the Board is uploaded on the Company’s website at www.jkcement.com.

21. AUDITORS’ REPORT

Your Company prepares its financial statements in compliance with the requirements of the Companies Act, 2013 and the Generally Accepted Accounting Principles (GAAP) in India.

The financial statements have been prepared on historical cost basis (except items disclosed in significant accounting policies). The estimates and judgements relating to the financial statements are made on a prudent basis, so as to reflect a true and fair manner, the form and substance of transactions and reasonably present the Company’s state of affairs, profits and cash flows for the year ended 31st March, 2019.

Auditors’ Report to the shareholders does not contain any qualification in the standalone or

in the consolidated financial statements for the year under report. However, Auditors have drawn attention of shareholders on penalty imposed by Competition Commission of India (CCI), the matter is adequately covered by para 14 above read alongwith notes on accounts.

22. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY

The Board has adopted policies and procedures for ensuring 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.

The Company’s internal control system is commensurate with its size, scale and complexities of its operations. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to strengthen the same. It also reviews the quarterly Internal Audit Reports.

23. DIRECTORS AND KEY MANAGERIAL PERSONNEL.

23.1 In accordance with the provisions of Section 152 of Companies Act, 2013 and the Company’s Articles of Association, Mr. Paul Heinz Hugentobler ( DIN 00452691) will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

Mrs. Deepa Gopalan Wadhwa (DIN 07862942), Mr. Saurabh Chandra (DIN 02726077) and Mr. Ashok Sinha (DIN 00070477) were appointed as Additional Directors during the year are being confirmed/appointed as Non Executive Independent Directors for five consecutive years.

Mr. Achintya Karati (DIN 00024412),

Mr. Jayant Narayan Godbole (DIN 00056830), Mr. Suparas Bhandari (DIN 00159637),

Dr. Krishna Behari Agarwal (DIN 00339934) and Mr. Raj Kumar Lohia (DIN 00203659) were appointed as Non Executive Independent Directors by the Shareholders in the Annual General Meeting held on 26.7.2014 for five consecutive years and now since the said term would be expiring it is proposed to appoint all of them for another term. All Independent Directors have given declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Listing Regulation

SEBI (LODR) (Amendment) Regulation 2018 has inserted Regulation 17(1A) w.e.f. 1.4.2019 whereupon a Director crossed and/or would be crossing 75 years of age during tenure of Directorship requires approval of Shareholders by way of Special Resolution for continuing in the office. Accordingly, Mrs. Sushila Devi Singhania (DIN 00142549), Dr. K.B.Agarwal (DIN 00339934) and Mr. Kailash Nath Khandelwal (DIN 00037250) are seeking approval from Shareholders in order to continue in the Office w.e.f. 1.4.2019.

The term of Mr. Yadupati Singhania as Chairman and Managing Director would expire on 31.3.2020. Approval of Shareholders by way of Special Resolution is being sought for another term of three years w.e.f. 1.4.2020 as Managing Director.

23.2. Key Managerial Personnel

During the year under report, following Officials acted as Key Managerial Personnel:-

SN Name of the Official

Designation

Shri Yadupati Singhania

Chairman & Managing Director

Shri Ajay Kumar Saraogi

President

(Corporate Affairs) & CFO

Shri Shambhu Singh

Asst. Vice President (Legal) & Company Secretary

24. MEETINGS OF THE BOARD OF DIRECTORS

During the year 2018-19, five Board Meetings were convened and held, the details of which are given in the Corporate Governance Report.

The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

25. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, the Board has carried out an annual performance evaluation of its Independent Directors and the Independent Directors also evaluated the performance of Non- Independent Directors.

The Board of Directors expressed their satisfaction with the evaluation process. The Board of Directors also evaluated the functioning/performance of Audit Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee, CSR Committee, Committee of Directors and expressed satisfaction with their functioning/performance.

26. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability confirm that :

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures;

ii) The Directors have selected such accounting policies, judgments and estimates that are reasonable and prudent and applied them consistently, so as to give a true and fair view of the state of affairs of the company as on 31st March, 2019, and of the statement of Profit and Loss and cash flow of the company for the period ended 31st March, 2019;

iii) 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;

iv) The annual accounts have been prepared on an ongoing concern basis;

v) Proper internal financial controls to be followed by the company has been laid down and that such internal financial controls are adequate and were operating effectively and

vi) Proper systems to ensure compliance with the provisions of all applicable laws has been devised and that such systems were adequate and operating effectively.

27. STATUTORY AUDITOR

At the 23rd Annual General Meeting held on 29/07/2017, M/s S.R. Batliboi & Co. LLP, Chartered Accountants, (ICAI Firm Registration No. 301003E/ E300005) were appointed as the Statutory Auditors of the Company to hold office till the conclusion of 28th Annual General Meeting. As per amended provisions of Companies (Amendment) Act, 2017 the Board of Directors ratified appointment of M/s

S.R. Batliboi & Associates from conclusion of 25th Annual General Meeting till 26th Annual General Meeting. The Statutory Auditors have consented to the said appointment and confirmed that their appointment, if made, would be within the limits mentioned under Section 143(3)(g) of the Companies Act 2013 and the Companies (Audit and Auditors) Rules, 2014.

28. COST AUDITOR

Pursuant to section 148 of the Companies Act, 2013 the Board of Directors on the recommendation of the Audit Committee appointed M/s K.G. Goyal & Company Cost

Accountants, as the Cost Auditors of the company for the Financial Year 2019-20 and has recommended their remuneration to the Shareholders for ratification at the ensuing Annual General meeting. M/s K.G.Goyal & Company, have confirmed that their appointment is within the limits of the Section 139 of the Companies Act, 2013, and have also certified that they are free from any disqualifications specified under Section 141 of the Companies Act, 2013.

The Audit Committee has also received a certificate from the Cost Auditor certifying their independence and arm’s length relationship with the company.

The Cost Audit Report for the financial year 2017-18 was filed with Ministry of Corporate Affairs.

29. SECRETARIAL AUDIT

The Board had appointed M/s Reena Jakhodia & Associates, Kanpur, a firm of Company Secretaries in Practice, to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the Financial Year 2018-19 . The report of the Secretarial Auditor is annexed to this report as Annexure A. The report does not contain any qualification.

30. REPORTING OF FRAUD

The Auditors of the company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013. Further, no case of Fraud has been reported to the Management from any other sources.

31. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings and Annual General Meetings.

32. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility is an integral part of the Company’s ethos and policy and it has been pursuing this on a sustained basis. The Company assists in running of Schools at their Cement Plants, ITIs and Sir Padampat Singhania University, Udaipur imparting value based education to students. Also the Company played a constructive role in the infrastructural development of surrounding areas.

During the period under report, the Company undertook various activities e.g. Art, Culture, Community Welfare, Drinking Water, Sanitation, Education, Health, Rural Development, Eradicating Hunger/Poverty. The Annual Report on CSR activities is annexed herewith as Annexure B.

33. STATUTORY INFORMATION

33.1Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo.

Particulars with regard to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and outgo in accordance with the provisions of Section 134 (3)(m) of the Companies Act 2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014 in respect of Cement plants are annexed hereto as Annexure C and form part of the Report.

33.2 Extract of Annual Return

The details forming part of the extract of the Annual Return in form MGT- 9 as required under Section 92 of the Companies Act, 2013 is available at www.jkcement.com.

33.3 Business Responsibility Reporting

The Business Responsibility Report for the year ended 31st March, 2019 as stipulated under regulation 34 of the Listing Regulations is annexed as Annexure D and forms part of the Annual Report.

33.4 Management Discussion & Analysis (MDA) Statement

The MDA as required under Listing Regulation is annexed hereto and forms an integral part of this Report

34. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

During the year, the Company has transferred a sum of Rs,7,03,326/- which represents unclaimed dividend and 27560 Equity Shares which represents unclaimed shares to the Investor Education and Protection Fund in compliance with provisions of the Companies Act, 2013.

35. DISCLOSURES UNDER THE COMPANIES ACT, 2013 AND LISTING REGULATIONS

35.1 COMPOSITION OF AUDIT COMMITTEE:

The Board has constituted the Audit Committee which comprises of Dr. K.B. Agarwal as the Chairman and Shri A. Karati, Shri J.N. Godbole, Shri K.N. Khandelwal and Shri R.K. Lohia as members.

More details on the committee are given in the Corporate Governance Report.

35.2 POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

The Company has zero tolerance towards sexual harassment at the workplace and towards this end, has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. All employees (permanent contractual, temporary, trainees) are covered under the said policy. An Internal Complaints Committee has also been set up to redress complaints received on sexual harassment. During the financial year under review, the Company has not received any complaints of sexual harassment from any of the women employees of the Company.

36. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The familiarization programme aims to provide Independent Directors with the cement industry scenario, the socio-economic environment in which the Company operates, the business model, the operational and financial performance of the Company, significant developments so as to enable them to take well informed decisions in a timely manner. The familiarization programme also seeks to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes.

37. EQUAL OPPORTUNITY BY EMPLOYER

The Company has always provided a congenial atmosphere for work to all employees that is free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all irrespective of their caste, religion, colour, marital status and sex.

38. CAUTIONARY STATEMENT

Statements in the Directors Report and the Management Discussion and Analysis describing the company’s objectives, expectations or predictions, may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement.

Important factors that could influence the company’s operations include: global and domestic demand and supply conditions affecting selling prices, new capacity additions, availability of critical materials and their cost, changes in government policies and tax laws, economic development of the country, and other factors which are material to the business operations of the company.

39. ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation for the valuable support received by your Company from Banks, Govt. of Rajasthan, Govt. of Karnataka, Govt. of Haryana, Government of Madhya Pradesh, Central Govt. and Government of Fujairah. The Board thanks the employees at all levels for their dedication, commitment and hard work put in by them for Company’s achievements. Your Directors are grateful to the Shareholders/ Stakeholders for their confidence and faith reposed in Board.

For and on Behalf of the Board

Place : Kanpur Yadupati Singhania

Dated : 18th May, 2019 Chairman & Managing Director

Director’s Report