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Pidilite Industries Ltd.

BSE: 500331 | NSE: PIDILITIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE318A01026 | SECTOR: Chemicals

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Sep 18, 13:16
1461.90 -10.05 (-0.68%)
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5-Day
35,990
10-Day
63,910
30-Day
65,225
14,753
  • Prev. Close

    1471.95

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    1488.95

  • Bid Price (Qty.)

    1461.90 (4)

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NSE Live

Sep 18, 13:16
1461.70 -10.00 (-0.68%)
Volume
AVERAGE VOLUME
5-Day
800,437
10-Day
845,779
30-Day
1,125,375
449,670
  • Prev. Close

    1471.70

  • Open Price

    1485.15

  • Bid Price (Qty.)

    1462.15 (28)

  • Offer Price (Qty.)

    1462.40 (34)

Annual Report

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Director’s Report

The Directors take pleasure in presenting the Forty Seventh Annual Report together with Audited Financial statements for the year ended 31st March, 2016. Financial Results (Rs. in Million) 2015-16 2014-15 Gross Turnover 50385 46582 Turnover, Net of Excise 47064 43748 Profit Before Tax 10133 6685 Current Year''s Tax 2987 1561 Profit After Current Year''s Tax 7146 5124 Deferred Tax 116 106 Profit After Tax 7030 5018 Profit Brought Forward 4662 2184 * Profit available for appropriation 11692 7202 Appropriations Interim Dividend paid 1871 - Tax on Interim Dividend 381 - Proposed Dividend on Equity Shares 256 1487 Tax on Dividend 52 303 Transfer to General Reserve - 750 Total 2560 2540 Balance Carried to Balance Sheet 9132 4662 11692 7202 *Net of depreciation of Rs. 133.93 million on transition to schedule II of the Companies Act, 2013 on tangible fixed assets with nil remaining useful life (Net of deferred tax). Financial Performance The Operating Profit for the year at Rs. 11640 million increased by 44.5% and Net Profit at Rs. 7030 million increased by 40.1%. Income tax for the current year at Rs. 2987 million is higher by 91.3%. Due to the slowdown in the overall economic environment, sales of the Company''s products were affected. Sales of Consumer & Bazaar products grew by 8.7%, lower than the growth rates recorded in the last 5 years. Sales of Industrial products grew at a much slower rate of less than 1% due to weak domestic environment and slowdown in exports. Decline in input prices led to improved margins for the year. The Indian Rupee was at Rs. 66.31 to a US $ as on 31st March, 2016 as compared to Rs. 62.62 to a US $ as on 31st March, 2015. Dividend An interim dividend of Rs. 3.65 per equity share of Rs. 1/- each amounting to Rs. 1871.3 million, was declared and paid during the year. In addition, the Directors recommend a final dividend of Rs. 0.50 per equity share of Rs. 1/- each, out of the current year''s profit, on 512.68 million equity shares of Rs. 1 each amounting to Rs. 256.3 million. Dividend for the current year will be free of tax in the hands of shareholders upto an amount aggregating to Rs. 10 lacs. The dividend payout amount has grown at a CAGR of 22.9% during the last 5 years. The total dividend for the financial year 2015-16 aggregates to Rs. 4.15 per equity share (previous year @ Rs. 2.90 per equity share) amounting to Rs. 2127.6 million (previous year Rs. 1486.7 million). Term Finance The Company has no outstanding term loans. Capital Expenditure The total expenditure during the year was Rs. 1344.1 million, spent on fixed assets for various manufacturing units, offices, laboratories, warehouses and on information technology. Synthetic Elastomer Project The Company has made several attempts in the past few years to find a strategic partner for the project. While several parties have shown interest, discussions have not yet progressed sufficiently. The Management team intends to intensify its efforts in search of a strategic partner in the coming financial year. In the meantime, the Company intends to utilize Dahej site for manufacturing Adhesives and other products for the export market. Manufacturing The new manufacturing facility at Karad, Maharashtra to produce electrical insulation tapes, was commissioned in August, 2015 and the manufacturing facility at Mahad, Maharashtra to produce Fevicol range of products, was commissioned in February, 2016. Manufacturing capacity was enhanced at two plants at Himachal Pradesh. Fixed Deposits The Company has not accepted any fixed deposits during the year 2015-16. Subsidiaries Investment in Subsidiaries During the year, investment of Rs. 1088.5 million was made in subsidiaries. Of these Rs. 412.6 million was invested in overseas subsidiaries and Rs. 675.9 million was invested in domestic subsidiaries. The investments in overseas subsidiaries were mainly in Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda (Rs. 127.3 million), Pidilite Middle East Ltd (Rs. 199.2 million) for onward investments in Pidilite MEA Chemicals LLC (formerly known as Jupiter Chemicals LLC) and Pidilite International Pte Ltd (Rs. 86.1 million). The investments in domestic subsidiaries were mainly in Nina Waterproofing Systems Pvt Ltd (Rs. 611.3 million), Building Envelope Systems India Ltd (Rs. 64.5 million) and Wood Coat Pvt Ltd (Rs. 0.1 million). Performance of Domestic Subsidiaries Nina Waterproofing System Pvt Ltd which commenced operations in April, 2015 reported sales of Rs. 1437.4 million and Profit after Tax of Rs. 89.7 million. Percept Waterproofing Services Ltd reported sales of Rs. 291.7 million and Profit after Tax of Rs. 5.7 million. Building Envelope Systems India Ltd reported sales of Rs. 46.2 million and Profit after Tax of Rs. 7.7 million. During the year, the Company along with its Wholly Owned Subsidiary Fevicol Company Ltd incorporated Wood. Coat Pvt Ltd (WCPL). Due to the joint venture agreement executed with Industria Chimica Adriatica Spa (ICA), the Company, alongwith its wholly-owned subsidiary, Fevicol Company Ltd, now holds 50% of the shareholding in WCPL and the remaining 50% of the shareholding is held by ICA alongwith a partner of the erstwhile Indian distributor of ICA. Subsequently, WCPL acquired on a slump sale basis, the wood coating distribution business from Italcoats and is now the exclusive distributor of ICA wood finishes in India and other select countries. WCPL proposes to setup a facility i for manufacture of wood finishes. Performance of Overseas Subsidiaries Total Sales grew by 21.4% in constant currency term. Considering the currency movement over the period, the reported growth is 18.9%. The subsidiary in US reported sales growth of 12.7% at constant currency. Sargent Art business continues to deliver higher sales driven by robust retail segment growth. The focus on international business also resulted in higher sales in both Cyclo and Sargent Business. Higher volumes coupled with better product mix resulted in the US subsidiary reporting 142% growth in profit before tax. The subsidiary in Brazil reported sales shrinkage of 6.8% in the current financial year at constant currency due to current economic recession. The strategic initiatives for cost reduction and margin improvement have been executed and started showing results in the last quarter of the financial year. Despite drop in sales, Brazil subsidiary reported 72.4% reduction in operating losses. The subsidiary in Bangladesh reported net sales growth of 59% at constant currency. Increased geographical reach and addition of new product categories resulted in 121.9% growth in profit before tax. The subsidiary in Egypt reported sales growth of 6.3% at constant currency. Margins were under stress due to sharp currency devaluation (~14%) against the USD. The subsidiary reported marginal operating losses of Rs.2.1 million. Sales of the subsidiaries in Thailand grew by 7.7% at constant currency. Business was impacted in the first half of the financial year, mainly due to low government spending on key projects. Margins however improved due to reduction in key raw materials'' prices and better product mix. Profit before tax grew by 58.5%. The subsidiary in Dubai reported sales growth of 98% at constant currency. This includes business of import and distribution of the Company''s products in the GCC and CIS countries which was started in November 2014. During the year in December, 2015, the subsidiary has successfully commissioned capacity modern automated plant for manufacturing construction chemicals. Losses at PBT level have gone up by 181.5% over last year due to investment in people and market development. The subsidiary in Srilanka started operation in October, 2015 and achieved breakeven profit. During the year, business has acquired Intellectual Property and Trademark rights from CIC Holdings PLC, Srilanka for manufacturing and distribution of their adhesive products. The subsidiary in Singapore reported growth in sales by 14.4%. PBT during the year was down by 44.2% over last year mainly due to lower royalty income from group companies. The sale in Latin America of the products bearing the Trademark Rally was low and the earning from royalty was minimal. The subsidiary in Singapore therefore, sold the Trademark Rally registered in few countries of Latin America. The profit on such sale was Rs. 43 million. The subsidiary continues to retain right for Rally brand for rest of the world. Full year reported profit (PBT) of overseas subsidiaries is Rs. 226.8 million as compared to PBT loss of Rs. 20.2 million last year. In constant currency and excluding extraordinary transaction, the overseas subsidiaries made a profit of Rs. 212.1 million as compared to profit of Rs. 31.1 million . last year. During the year, the subsidiary in Ethiopia was allotted land admeasuring 10,000 sq.m. on lease for 80 years by Ethiopian land development authorities. The subsidiary has started the initial work of project engineering for construction of a factory. During the year: a) Building System Solution Trading Limited Liability Company was incorporated in Qatar to be engaged in trading of building materials in which Pidilite Middle East Ltd, (a Wholly Owned Subsidiary) is the controlling shareholder. b) Plus Call Technical Services L.L.C was incorporated in Dubai as a joint venture of Pidilite Middle East Ltd (a Wholly Owned Subsidiary) with a local operating partner. c) Pidilite Lanka (Private) Limited was incorporated during the year. The Company has invested Rs. 104.8 million in Pidilite Lanka (Private) Limited (as on 31st March, 2016) During the year the following companies became subsidiaries of the Company 1. Pidilite Lanka (Private) Limited 2. Wood Coat Pvt Ltd 3. Building System Solution Trading Limited Liability Company Consolidated Financial Statements In accordance with the requirements of Accounting Standards AS 21 (read with AS 23 and AS 27), issued by the Institute of Chartered Accountants of India, the Consolidated Financial Statements of the Company and its subsidiaries, associate and joint venture company are annexed to this Annual Report. A statement containing the salient features of the Company''s subsidiaries, associate and joint venture company in the prescribed form is attached. The Consolidated Financial Statements have been prepared on the basis of audited financial statements of the Company, its subsidiaries, associate company and joint venture, as approved by their respective Board of Directors except Plus Call Technical Services L.L.C, for which the financial statements have been approved by the management of the joint venture. The Consolidated Financial Statements of the Company for the financial year 2015-16 are prepared in compliance with applicable provisions of the Companies Act, 2013, Accounting Standards and presented in compliance with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). Directors and Key Managerial Personnel Shri Vinod Kumar Dasari has been appointed as an Additional Director by the Board of Directors with effect from 1st September, 2015. In terms of Section 161 of the Companies Act, 2013, he holds office upto the date of the ensuing Annual General Meeting. Notice in writing with requisite deposit has been received from a member proposing his candidature for the office of Independent Director for a term of 5 years from the date of this Annual General Meeting upto the conclusion of the 52nd Annual General Meeting to be held in respect of financial year ending 31st March, 2021. Shri Vinod Kumar Dasari shall not be liable to retire by rotation. He has given the declaration of independence as per Section 149 (6) of the Companies Act, 2013. Members approval is sought by way of Special Resolution for continuation of emplyoment of Shri M B Parekh as Whole Time Director designated as Executive Chairman for remaining period of his office upto 31st July, 2018 on attaining 70 years of age. While such continuation of employment may not require any further approval of the shareholders, as a matter of abundant caution, it is proposed to obtain approval of the shareholders at the ensuing Annual General Meeting. Shri N J Jhaveri, Director of the Company passed away on 6th June, 2015. He was associated with the Company since 1996. The Directors place on record their sincere appreciation of the valuable services rendered by Shri N J Jhaveri during his tenure as Director of the Company. Shri Sandeep Batra, resigned with effect from 18th September, 2015, as the Chief Financial Officer (Key Managerial Personnel) of the Company. In terms of Section 203 of Companies Act, 2013, the Board has appointed Shri Pradeep Jain as the Chief Financial Officer (Key Managerial Personnel) of the Company with effect from 11th January, 2016. In accordance with the Articles of Association of the Company, Shri A B Parekh and Shri Sabyaschi Patnaik, Directors of the Company, retire by rotation and being eligible, offer themselves for re-appointment. The members'' approval is being sought at the ensuing Annual General Meeting for the above appointments. _ Directors'' Responsibility Statement Your Directors confirm that: - in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; - the directors have selected such 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 ended 31st March, 2016 and of the profit of the company for that period; - 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; - the directors have prepared the annual accounts on a going concern basis; and - the Board has laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; - the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. Annual Evaluation by the Board of its Own Performance, its Committees and individual Directors The Board of Directors of the Company has put in place evaluation of its own performance, its committees and individual directors. The result of the evaluation is satisfactory and adequate and meets the requirement of the Company. Familiarisation Programme The Company has put in place an induction and familiarisation programme for all its Directors including the Independent Directors. The familiarisation programme for Independent Directors in terms of provisions of Regulation 46(2)(i) of Listing Regulations, is uploaded on the website of the Company. Number of Meetings of Board of Directors Seven meetings of the Board of Directors of the Company were held during the year. For further details, please refer to Corporate Governance section of this Annual Report. Statement of Declaration on Independence given by Independent Directors All the Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of Listing Regulations. Corporate Governance Reports on Corporate Governance and Management Discussion and Analysis, in accordance with Listing Regulations, along with a certificate from M/s M M Sheth & Co., Practising Company Secretaries, are given separately in this Annual Report. Statutory Auditors In accordance with the provisions of Companies Act, 2013, at the Annual General Meeting held on 25th September, 2014, the shareholders had appointed M/s Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors of the Company, for a period of 4 years i.e. up to the conclusion of 49th Annual General Meeting to be held for the adoption of accounts for the financial year ending 31st March, 2018. M/s Deloitte Haskins & Sells, Chartered Accountants, have consented to be the Auditors of the Company, if their appointment is ratified by the members at the Annual General Meeting and have also confirmed that their appointment is as per the provisions of Section 141 of the Companies Act, 2013 and Rule 4 of Companies (Audit and Auditors) Rules, 2014. There is no qualification or adverse remark in Auditors'' Report. There is no incident of fraud requiring reporting by the auditors under Section 143(12) of the Companies Act 2013. Corporate Social Responsibility Committee The details of Corporate Social Responsibility Committee has been provided under Corporate Governance section of this Annual Report. The report as per Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached as Annexure 1. - Audit Committee The Audit Committee comprises of Directors namely Shri B S Mehta (Chairman), Shri Ranjan Kapur, Shri M B Parekh and Shri Uday Khanna as other members. All the recommendations made by the Audit Committee were accepted by the Board. Vigil Mechanism / Whistle Blower Policy The Company has established a Vigil mechanism for Directors and employees and the same has been communicated to the Directors and employees of the Company and the same is also posted on the website of the Company. Policy relating to Sexual Harassment The Company has formulated a Sexual Harassment Policy and has formed an Internal Complaints Committee. No complaints have been received during the year. Cost Auditor and Cost Audit Report Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, cost audit records are maintained by the Company. As required under the Companies Act, 2013, a resolution seeking approval of the members in this regard is included in the Notice convening the Annual General Meeting. Cost Audit Report for the year ended 31st March, 2016 will be submitted in due course. The Company has filed the Cost Audit Report for the year ended March, 2015 with the Central Government. Secretarial Auditor and Secretarial Audit Report Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s M M Sheth & Co., Practising Company Secretaries to undertake the Secretarial Audit of the Company. The Report of the Secretarial Auditor is attached as Annexure 2. There is no qualification or adverse remark in their report. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgo The particulars under Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 are attached to this Report as Annexure 3. Risk Management In compliance with Regulation 21 of Listing Regulations, a Risk Management Committee has been constituted by the Board. Risk Management Committee has been entrusted with roles and powers which include a) Review and approval of risk management plan b) Review progress on the risk management plan c) Propose methodology on risk classification and measurement. The Company has laid out a risk management plan for identification and mitigation of risks. The Company has constituted a Management Risk Committee which is chaired by the Executive Director and has functional heads as members of the Committee. Business heads are invited as and when required. Risks (Business / Reputation) and mitigation plans are considered by this Committee. The Risk Management Committee of the Board provides reasonable oversight of the risks. Contracts and Arrangements with Related Parties All Contracts/arrangements entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company did not enter into any contract/ arrangement/transaction with related parties which could be considered material. The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed through the following link: http://www.pidilite.com/financials-policies.html Your Directors draw attention of the members to Note no. 42 to the financial statement which sets out related party disclosures. Particulars of Loans, Guarantees or Investments Details of loans, guarantees or investments covered under the provisions of Section 186 of the Companies Act, 2013, are given in the notes to the Financial Statements. Employees Stock Option Scheme During the financial year 2013-14, 49,000 options were granted in one tranche to the eligible employees of the Company in terms of Employees Stock Option Scheme - 2012 (ESOS- 2012). During the previous financial year, 20,500 options had vested and were exercised and during the current financial year, 12,500 options were exercised by the employees. The Company accordingly made an allotment of 12,500 equity shares on 25th November, 2015. Further, during the year, 2,33,800 options were granted and these options vest in the manner as specified in ESOS-2012. The applicable disclosure as stipulated under the SEBI (Share Based Employee Benefits) Regulations, 2014 as on 31st March, 2016 with regard to Employee Stock Option Scheme is provided in Annexure 4 to this Report. ESOP- 2016 covering grant of 45,00,000 options (including 250,000 Options to be granted to Employees / Directors of the subsidiary companies) was approved by the shareholders through Postal Ballot. Result of the Postal Ballot was declared on 2nd April, 2016. Extract of Annual Return Extract of Annual Return of the Company is attached as Annexure 5 to this Report. Particulars of Employees and Related Disclosures Disclosure pertaining to remuneration as per Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure 6 to this Report. Details of employee remuneration as required under the provisions of Section 197 of the Companies Act, 2013 and Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available at the Registered Office of the Company during working hours and shall be made available to any shareholder on request. Business Responsibility Report A Business Responsibility Report as per Regulation 34 of the Listing Regulations, detailing the various initiatives taken by the Company on the environmental, social and governance front forms an integral part of this report. Industry Structure and Development There is no material change in the industry structure as was reported in the last year. The Company operates under two major business segments i.e. Branded Consumer & Bazaar products and Industrial products. Products such as Adhesives, Sealants, Art & Craft Material and Others, Construction and Paint Chemicals are covered under Branded Consumer & Bazaar Products segment. These products are widely used by carpenters, painters, plumbers, mechanics, households, students, offices etc. Industrial Products segment covers products such as industrial adhesives, synthetic resins, organic pigments, pigment preparations, surfactants etc. and caters to various industries like packaging, textiles, paints, printing inks, paper, leather etc. In both the above business segments, there are a few medium to large companies with national presence and a large number of small companies which are active regionally. There is growing presence of multinationals in many of the product categories in which the Company operates. As mentioned in last year''s report, the VAM plant has been modified to make a range of Speciality Acetates as import of VAM continues to remain more viable as opposed to in-house manufacture. The plant now also manufactures Di-isopropyl Ether (DIPE). The technology for these products have been indigenously developed and these products are gaining acceptance with customers. Current Year Outlook Recent trends suggest a weak economic scenario in the current year. This is likely to have an adverse impact on the demand for the Company''s products. It is expected that the economic scenario may improve only by the end of the year. Prices of major Raw materials and packing material were lower in the current year primarily due to sharp decline in crude prices and going forward marginal increase in costs are expected. Three manufacturing units in Himachal Pradesh and one manufacturing unit in Assam enjoy exemption from excise duty and income tax. One of these units in Himachal Pradesh will be completing its income tax holiday period in the financial year 2016-17. The Company''s major subsidiaries are in USA, Brazil, Thailand, Egypt, Dubai and Bangladesh. The economic situation in Brazil is challenging with several key sectors like construction and real estate showing contraction. This is likely to have a negative effect on the performance of Brazilian subsidiary. Other overseas subsidiaries, in aggregate, are working towards an improved performance, subject to no significant adverse impact on current business environment. Outlook on Opportunities, Threats, Risks and Concerns The Indian economy provides a large opportunity to the Company to market its differentiated products. Higher growth in select global economies could provide a boost to exports. Slower growth of the Indian economy could impact the performance of the Company. Overseas subsidiaries by virtue of their relatively smaller size remain vulnerable to the political and economic uncertainties of their respective countries. Internal Control Systems and their Adequacy The Company has adequate internal financial control procedures commensurate with its size and nature of business. The Company has appointed Internal Auditors who periodically audit the adequacy and effectiveness of the internal controls laid down by the management and suggest improvements. The Audit Committee of the Board of Directors periodically reviews the audit plans, internal audit reports and adequacy of internal controls. Significant/Material orders passed by the Regulators There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations in future. Human Resources The Company continues to place significant importance on its Human Resources and enjoys cordial relations at all levels. The journey of transformation from being professionally run by family to being run by a family of professionals which started a few years ago, culminated with the joining of Shri Bharat Puri as Managing Director on 10th April, 2015. Prior to joining as the Managing Director, Shri Bharat Puri had been associated with the Company as an Independent Director on the Board, for the past seven years. Formation of the Pidilite Leadership Team (PLT) led by Shri Bharat Puri, helped in creating a cohesive senior management group aligned to the overall Company objectives. A Large Scale Interactive Process (LSIP) was initiated by the leadership team, to enhance connect with the frontline sales force and the middle management cadre. This has helped in aligning employees to Company''s vision, values and objectives and augment energy levels. During the year, the Talent Management process has further evolved and strengthened. The Performance Management System has undergone considerable improvement and has enabled sharpening the process of setting goals and objectives. The total number of employees as on 31st March, 2016 was 4978. General Company has not issued equity share with differential rights as well as sweat equity shares. Disclosure Relating to Remuneration of Directors and Key Managerial Personnel The remuneration paid to the Directors is in accordance with the Remuneration Policy formulated in accordance with Section 178 of the Companies Act, 2013. Appreciation Your Directors wish to place on record their appreciation of the contribution made by employees at all levels to the continued growth and prosperity of your Company. Your Directors also wish to place on record their appreciation to the shareholders, dealers, distributors, consumers, banks and other financial institutions for their continued support. FOR AND ON BEHALF OF THE BOARD Mumbai M B Parekh Date : 19th May, 2016 Executive Chairman

Director’s Report