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Olectra Greentech Ltd.

BSE: 532439 | NSE: OLECTRA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE260D01016 | SECTOR: Telecommunications - Service

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BSE Live

Jan 23, 14:32
179.10 5.50 (3.17%)
Volume
AVERAGE VOLUME
5-Day
4,303
10-Day
6,531
30-Day
12,721
4,869
  • Prev. Close

    173.60

  • Open Price

    177.00

  • Bid Price (Qty.)

    178.25 (5)

  • Offer Price (Qty.)

    178.80 (5)

NSE Live

Jan 23, 14:32
178.65 5.00 (2.88%)
Volume
AVERAGE VOLUME
5-Day
99,902
10-Day
79,409
30-Day
119,900
49,223
  • Prev. Close

    173.65

  • Open Price

    175.30

  • Bid Price (Qty.)

    178.40 (5)

  • Offer Price (Qty.)

    178.65 (3)

Annual Report

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

Director’s Report

To

The Shareholders,

The Directors are pleased to present the 18th Annual Report and the audited financial statements of your Company for the year ended on March 31, 2018.

FINANCIAL PERFORMANCE

The financial performance of the Company for the year ended on March 31, 2018, is summarized as below:

(Rs. in lakhs)

Particulars

Standalone

Consolidated

2017-18

2016-17

2017-18

2016-17

Gross Sales

16,421.53

11,406.64

16,421.53

11,406.64

Net Sales

16,148.75

10,488.45

16,148.75

10,488.45

Other Income

733.74

120.37

733.74

120.37

Total Income

16,882.49

10,608.82

16,882.49

10,608.82

Total Expenditure

14,758.09

8,477.13

14,758.09

8,477.13

Operating Profit (PBIDT)

2,124.40

2,131.69

2,124.40

2,131.69

Interest

612.87

572.61

612.87

572.61

Depreciation and Write Offs

322.23

246.31

322.23

246.31

Profit before Tax

1,189.30

1,312.77

1,189.30

1,312.77

Provision for taxation

- Current

81.47

460.39

81.47

460.39

- Deferred

218.56

10.44

218.56

10.44

Net Profit after tax

889.27

841.94

889.27

841.94

Other comprehensive income

Re-measurement gains/(losses) on defined benefit plan

(73.85)

(11.17)

(73.85)

(11.17)

Income-tax effect

20.55

3.73

20.55

3.73

Other comprehensive income for the year, net of tax

(53.30)

(7.44)

(53.30)

(7.44)

Total comprehensive income for the

835.97

834.50

835.97

834.50

year

Surplus brought forward from previous year

(571.11)

(1,405.61)

(571.25)

(1,405.75)

Less : Depreciation adjustment

-

-

-

-

Balance available for appropriation

264.86

(571.11)

264.72

(571.25)

- Proposed Dividend on Equity Shares

-

-

-

-

- Provision for Dividend Tax

-

-

-

-

- Transfer to General Reserves

-

-

-

-

- Others

-

-

-

-

Surplus carried forward to Balance Sheet

264.86

(571.11)

264.72

(571.25)

Equity Share Capital

(5,01,80,737 (March 31, 2017: 3,60,80,737) equity shares of Rs.4/- each fully paid-up)

2,007.23

1,443.23

2,007.23

1,443.23

E.P.S (without OCI) (Rupees)

2.07

2.33

2.07

2.33

Net Worth

19,835.09

6,623.57

19,834.96

6,623.44

Book Value in rupees (face Value of Rs. 4/each)

39.53

18.36

39.53

18.36

GENERAL REVIEW OF OPERATIONS

During the year under review, your Company has achieved a gross turnover of Rs. 16,421.53 lakhs as against Rs.11,406.64 lakhs for the previous financial year. The Net Profit for the year ended 31st March, 2018 was Rs. 889.27 Lakhs as against Rs. 841.94 Lakhs for the year ended 31st March 2017.

The Company has started commercial production and delivery of electric buses during the financial year.

DIVIDEND

No dividend is recommended for the financial year 2017-18 to conserve funds to meet business expansion and development plans of the Company.

TRANSFER TO GENERAL RESERVES

No amount has been transferred to Reserves during the year.

CHANGES IN CAPITAL STRUCTURE

The Authorised Share Capital of the Company now stands at Rs.60,00,00,000/- (Rupees Sixty Crores Only), divided into 15,00,00,000 (Fifteen Crores Only) Equity Shares of Rs.4/- each.

The Paid Up Equity Share Capital of the Company as on March 31, 2018 is as follows:

Particulars

Rs.

Paid Up Equity Share Capital as on 31.03.2017

14,43,22,948

Add: Issued and allotted during the year under Preferential Allotment

5,64,00,000

Total

20,07,22,948

During the year under review, 1,41,00,000 equity shares were issued and allotted under preferential basis to non-promoters at a price of Rs.80.10/- each, including premium of Rs. 76.10/- each.

In addition, the Company issued, on preferential basis to the Promoter Group, 54,00,000 Convertible warrants of Rs.4/- each at a premium of Rs.76.10/- per warrant amounting to Rs.43,25,40,000/- and 25% consideration of Rs. 10,81,35,000/- was received up to March 31, 2018.

ADOPTION OF INDIAN ACCOUNTING STANDARDS

The Company adopted the Indian Accounting Standards (“IndAS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 from April 1, 2017 for the preparation and presentation of the financial statements. Consequently, the Financial Statements of the previous year have had to be restated to conform to the provisions of IndAS.

The corresponding reconciliation and description of the effects of this transition from the provisions of the Companies (Accounting Standards) Rules, 2005 has been provided under Note 42 to the Standalone Financial Statements and Note 41 to the Consolidated Financial Statements.

REGISTERED OFFICE

The Registered Office of the Company, for administrative convenience, was shifted to Centre Point Building, 4th Floor, Plot No: 359 to 363/401, US Consulate Lane, Begumpet, Secunderabad 500 016 effective from December 15, 2017.

NAME CHANGE

The name of the Company was changed to Olectra Greentech Limited effective July 6, 2018. The change was as a part of corporate rebranding and to reflect the current focus and business activities of the Company.

CHANGES IN THE DIRECTORS OR KEY MANAGERIAL PERSONNEL (KMP) DURING THE FINANCIAL YEAR

The following appointments were made during the year:

- Mr. N.K.Rawal - as Additional Director and Managing Director effective from December 12, 2017. The office of Managing Director was approved by Shareholders via Postal Ballot conducted on June 30, 2018. His office as Additional Director is till the date of forthcoming Annual General Meeting and hence, his appointment as Director is put before you for your approval. He is also designated as KMP.

- Justice Mrs.Gyan Sudha Misra (Retd.) -as Additional Director and Independent Director effective from May 23, 2018. The office of Independent Director was approved by Shareholders via Postal Ballot conducted on June 30, 2018. Her office as Additional Director is till the date of forthcoming Annual General Meeting and hence, her appointment as Director is put before you for your approval.

- Mr. N. Naga Satyam - as Additional Director and Executive Director effective from May 23, 2018. The office of Executive Director was approved by Shareholders via Postal Ballot conducted on June 30, 2018. His office as Additional Director is till the date of forthcoming Annual General Meeting and hence, his appointment as Director is put before you for your approval.

- Mr.B.Sharat Chandra - as Chief Financial Officer (CFO/KMP) effective from December 12, 2017. He is also designated as KMP.

Re-appointments:

As per the provisions of The Companies Act, 2013, the Director who has been longest in office has to retire by rotation at the ensuing AGM and if eligible, will be re-appointed by the members in the said General Meeting. Since the Board consists of additional directors, no director can be made liable to retire by rotation.

Resignations:

Mr. L.P.Sashikumar resigned as Managing Director and member of the Board effective December 12, 2017.

Mrs.Mahita Caddell resigned as Director effective December 12, 2017.

Mr. P.Syam Prasad resigned from the office of Chief Financial Officer effective December 12, 2017.

All Independent Directors have furnished the requisite declarations to the Company that they meet the relevant independence criteria as laid down in Section 149(6) of The Companies Act, 2013 as well as the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Brief profiles of Directors being appointed / reappointed at the forthcoming Eighteenth Annual General Meeting have been given in the Notice.

KEY MANAGERIAL PERSONNEL

The following are the Key Managerial Personnel as on the Board’s Report date:

- Mr.N.K.Rawal, Managing Director (DIN 01630545)

- Mr.B.Sharat Chandra, Chief Financial Officer

- Mr.P.Hanuman Prasad, Company Secretary & Compliance Officer

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and as per the applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015,the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

REMUNERATION POLICY

The Board had, on the recommendation of the Nomination & Remuneration Committee (NRC), framed a policy for selection and appointment of Directors, key managerial personnel and other employees and their remuneration.

The salient features of the Nomination and Remuneration Policy of the Company includes the criteria for determining qualifications, positive attributes and independence of a director in addition to recommending the remuneration for the directors, key managerial personnel and other employees.

The said Policy is available at www.olectra.com MEETINGS

During the year under review, Eleven (11) Board Meetings, Five (5) Audit Committee & Four (4) Stakeholders Relationship Committee Meetings, One (1) Nomination and Remuneration Committee Meeting and One (1) Independent Directors’ Meeting 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.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details on the familiarization programme for Independent Directors is reported in the Corporate Governance Report.

BOARD DIVERSITY

The Policy on Board diversity of the company devised by the Nomination and Remuneration Committee and approved by the Board is available on the website of the company at www.olectra.com.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of The Companies Act, 2013, the Directors , to the best of their knowledge and belief, state that:

a. in the preparation of the Annual Accounts, applicable accounting standards have been followed along with proper explanation relating to material departures;

b. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made 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 ended 31st March, 2018 and of the loss for that period;

c. proper and sufficient care was taken 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 Annual Accounts have been prepared on a going concern basis;

e. internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and operating effectively; and

f. proper systems have been devised by the Company to ensure compliance with the provisions of applicable laws and that such systems were adequate and operating effectively.

SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES - THEIR PERFORMANCE

As at 31st March, 2018, T F Solarpower Private Limited (TFSPL) is the wholly owned subsidiary of the Company.

The Financial Statements of TFSPL as at 31st March, 2018 have been consolidated with the Financial Statements of the Company. The Consolidated Financial Statements of the Company in respect of the year forms part of this Annual Report.

On transition of financial statements as per Indian Accounting Standards, Ind AS 101 allows an entity to treat fair value as deemed cost for investments held in subsidiaries, associates and joint ventures.

Accordingly, the Company has elected to treat fair value as deemed cost for its investments held in its subsidiary. The fair value of such investments was considered as Nil with an adjustment of Rs. 6,01,00,000/- being recognised to the carrying value reported under the Previous GAAP.

The only wholly-owned subsidiary company, TFSPL, has not started any business operations .

No other company has become Associate or Joint Venture during the year under review.

A Statement containing the salient features of the financial statements of Subsidiaries , Associate Companies / Joint Ventures in Form AOC-1 appears in Annexure -1 to this Annual Report.

DEPOSITS

The deposits covered under Chapter V of The Companies Act, 2013 were neither accepted during the year nor remained unpaid or unclaimed as at the end of the financial year 2017- 18. As such, there has been no default in repayment of deposits or payment of interest thereon at the beginning or at the end of the year.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has an Internal Audit and Internal Control System, commensurate with the size, scale and complexity of its operations. In order to maintain its objective and independence, the Internal Audit Office reports to the Chairman of the Audit Committee.

The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company complies with the provisions of Section 135 of The Companies Act, 2013, relating to Corporate Social Responsibility.

The CSR Committee of the Board consists of Mr.M.Gopalakrishna (Chairman), B.Appa Rao and Mr.N.K.Rawal.

A Report on CSR activities as mandated under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is given in Annexure-2 to this Report.

INSURANCE

All the properties of your company including its building, plant & machinery and stocks have been adequately insured.

RELATED PARTY DISCLOSURES

There are no related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

The Company has no contracts (or) arrangements (or) transactions with related parties that are not at arm’s length basis.

However, there are a few non-material transactions with related parties that are at arm’s length basis.

Consequently, disclosures in Form AOC-2 pursuant to Rule 8(2) of The Companies (Accounts) Rules, 2014 are not required.

The policy on Related Party Transactions as approved by the Board was uploaded on the Company’s website: www.olectra.com. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Sec 186 of The Companies Act, 2013 are given in Note 32 to Standalone Financial Statements and Note 33 to Consolidated Financial Statements.

STATUTORY AUDITORS AND REPORT

In the Annual General Meeting held on September 28, 2017, M/s. PCN & Associates, {Formerly, M/S. Chandra Babu Naidu & Co}, Chartered Accountants, {Firm Registration No.016016S}, was appointed as Statutory Auditors of the Company to hold office till the conclusion of the 22nd Annual General Meeting to be held in the year 2022.

The Report of the Auditors for the year ended 31st March, 2018 forming part of this Annual Report does not contain any qualification, reservation, observation, adverse remark or disclaimer.

COST AUDITOR

Upon the recommendation of the Audit Committee, M/s. EVS & Associates, Cost Accountants, were appointed to audit the cost accounting records maintained by the Company for the financial year ended March 31st, 2018 at a remuneration of Rs. 1,60,000, plus applicable taxes and reimbursement of out of pocket expenses. The remuneration requires ratification by shareholders and an appropriate Resolution has been incorporated in the Notice convening the 18th Annual General Meeting.

Cost Records are required to be maintained by the Company Under Section 148(1) of the Companies Act, 2013. Accordingly, such accounts & records made and maintained.

SECRETARIAL AUDIT

M/s. Prathap Satla & Associates, Practicing Company Secretaries, were appointed by the Board to conduct Secretarial audit for the Financial Year 2017-18. The Secretarial Audit Report appears under Annexure-3 to this Report.

Management Reply:

The Company had a Woman Director who resigned on 12.12.2017. In this regard, the company was looking for a suitable Woman Director (Independent Category) and appointed Justice Mrs. Gyan Sudha Misra on 23.05.2018.

Total time taken for replacement of a Woman Director was beyond the stipulated statutory timelines of 3 months (or) next board meeting whichever is later.

SECRETARIAL STANDARDS

The Company complies with all the applicable Secretarial Standards issued by The Institute of Company Secretaries of India.

ANNUAL RETURN

In pursuant to the provisions of Sec 134(3)(a) of The Companies Act, 2013, the extract of the Annual Return in Form MGT-9 is appended as Annexure-4 to the Board’s Report.

LISTING ON STOCK EXCHANGES

The Company’s shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). For more details on listing, refer Corporate Governance Report. The Company duly pays the annual listing fees.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

Regulation 34 read with Schedule V of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates Corporate Governance and Management & Discussion Analysis Reports to be part of this Directors’ Report. The same are attached as Annexure-5 and Annexure-6 respectively.

PARTICULARS OF EMPLOYEES AND REMUNERATION

In terms of the first proviso to Section 136 of the Act, the Reports and Accounts are being sent to the Shareholders excluding the information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any shareholder interested in obtaining the same may write to the Company Secretary at the Registered Office of the Company. The said information is available for inspection by the Members at the Registered Office of the Company on any working day of the Company upto the date of the 18th Annual General Meeting.

The statement containing information as required under the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Manegerial Personnel) Rules, 2014 is given in Annexure-7 and forms part of this Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSTION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT

The Company via Postal ballot conducted on June 30, 2018 passed the following resolutions, inter-alia, affecting the financial position of the Company:

Increase of Authorised Share Capital:

In the Postal Ballot held on June 30, 2018, the Authorised Share Capital of the Company was increased from Rs.24,65,00,000/- comprising of 6,16,25,000 Equity Shares of Rs.4/- each to Rs.60,00,00,000/- (Rupees Sixty Crores Only) comprising of 15,00,00,000 Equity Shares of Rs.4/- each.

Right Equity Shares:

The Board of Directors in its meeting held on May 23, 2018, recommended the issue of Equity Shares on Rights basis. The consent of the members was accorded via postal ballot on June 30, 2018 to issue, offer and allot such number of equity shares of Rs.4/- each for cash at a premium of Rs.96/- per share which in the aggregate shall not exceed Rs.560 Crores on Rights basis in proportion of 1:1.

However, in view of the volatile market conditions, which may impact the successful completion of the rights issue and receipt of targeted funds into the Company, the Board in its meeting held on August 10, 2018 decided in favour of proceeding with the alternative means to raise the required funds through preferential issue and consequently has withdrawn the rights issue proposal.

Preferential Issue and Open Offer:

Your Company has sought consent from its members in the Extra-Ordinary General Meeting going to be held on September 10, 2018 for issue of 2,65,00,000 Equity Shares and 91,00,000 Convertible Warrants at Rs.175.30/- per security to M/s. MEIL Holdings Limited (MEIL), having its Registered Office at S-2, TIE, Balanagar, Hyderabad 500 037. MEIL also entered into Share Purchase Agreement on August 10, 2018 with the existing Corporate Promoter, Trinity Infraventures Limited for purchasing of 1,00,00,000 (One Crore Only) Equity Shares.

On successful completion of the Preferential Issue, conversion of all Warrants and aquisition of shares from Trinity Infraventures Limited, MEIL holding will be 50.01% of the paid up equity share capital. This triggers Open Offer formalities under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and hence, MEIL gave Public Announcement on August 10, 2018 to acquire 2,37,06,992 (26% of Emerging Equity Shares of 9,11,80,737) fully paid up equity shares of your Company from Public Shareholders of the Company.

All the Open Offer procedures and compliances are being carried on by the Company and the MEIL The result will be intimated to public in general through paper publication and posted on the website of the Company and disseminated through both the Stock Exchanges viz., BSE and NSE.

CODE OF CONDUCT

All the Independent Directors and senior management confirmed the compliance of code of conduct. The Company believes in “Zero Tolerance” against bribery, corruption and unethical dealings / behaviours of any form and the Board has laid down the directives to counter such acts. The Code laid down by the Board is known as “Code of Business Conduct” which forms an Appendix to the Code. The Code has been posted on the Company’s website www. olectra.com

PREVENTION OF INSIDER TRADING:

In Pursuance of SEBI (Prohibition of Insider Trading) Regulations 2015, the Company has framed and adopted the following policies for regulating, monitoring and reporting of trading by Insiders and uploaded in the website of the Company.

i) Code Of Internal Procedures And Conduct for Regulating, Monitoring and Reporting of trading by Insiders;

ii) Code Of Practices & Procedures for Fair disclosure of unpublished price sensitive information;

The Board is responsible for implementation of the Code. All the Directors and the designated employees have confirmed compliance with the Code.

RISK MANAGEMENT POLICY:

In pursuant to the provisions of the Section 134 (3)(n) of The Companies Act 2013, the Company is implementing all measures to mitigate and manage the risk including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has adopted Whistle Blower Policy to deal with fraud unethical behaviour - actual or suspected, fraud or violation of company’s code of conduct or ethics policy. The policy can be found on web site of the Company www. olectra.com. For more details, refer Corporate Governance Report.

OTHER POLICIES UNDER SEBI (LODR) REGULATIONS,2015

The Company has formulated and adopted the following policies as required under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

- Archival Policy

- Determination of Materiality of Events

- Preservation of Documents Policy

All policies are available on our website at www. olectra.com.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Sec 134 (3) (m) of The Companies Act, 2013 read with Rule 8 of The Companies (Account) Rules, 2014 are mentioned in Annexure-8 to this Report.

GOING CONCERN STATUS

There were no orders passed by the Regulators or Courts or Tribunal impacting the Company’s going concern status and/or its future operations.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

The Company has in place an anti-sexual harassment policy in compliance with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The Company has complied with the provisions relating to the consitution of Internal complaints committee. All employees are covered under this policy. No complaints were received during the year under review.

CERTIFICATES AND AWARDS Certificates:

1. ISO 9001:2015 - In accordance with TUV NORD CERT procedures (For Design, Development, Manufacture, Assembly, Supply & After sales Service of Electric Vehicles)

2. ISO 14001:2015 - Issued by Indian Register Quality Systems (For Design, Development, Manufacture and Supply of Composite Insulators nd Fiber Reinforced Plastic (FRP) Rods)

3. ISO 9001:2015 - Issued by Indian Register Quality Systems (For Design, Development, Marketing, Manufacturing and Supply of Fiber Reinforced Plastic (FRP) Rods and Composite Insulators)

Awards:

1. Winner (Supplier-Insulator) (2017)

2. Appreciation (Support for critical targets -Insulators Supply) (2017)

3. Runner-Up (Supplier-Insulator) (May, 2018) PERSONNEL

Personnel relations have remained very cordial during the period.

ACKNOWLEDGEMENTS

We thank our customers, vendors, investors, bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible because of their hard work, solidarity, cooperation and support.

Also, we thank the Government of India including various Government Departments / Agencies for their support and we look forward to their continued support in future.

For and on behalf of the Board

Sd/- Sd/-

N.K.Rawal N.Naga Satyam

Managing Director Whole-time Director

DIN: 01630545 DIN: 02600472

Place: Secunderabad

Date: 10.08.2018

Director’s Report