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PPAP Automotive

BSE: 532934|NSE: PPAP|ISIN: INE095I01015|SECTOR: Auto Ancillaries
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Directors Report Year End : Mar '18    Mar 16

Dear Members,

PPAP Automotive Limited

The Directors have pleasure in presenting the Twenty Third Annual Report of your Company along with the audited standalone and consolidated financial statements and the Auditors’ report thereon for the year ended 31st March, 2018.

Financial Highlights and State of Company’s Affairs

(Rs. in lacs)

Particulars

For the year ended

Standalone

Consolidated

31st March, 2018

31st March, 2017

31st March, 2018

31st March, 2017

Revenue from operations (net of excise)

39,762.33

34,501.20

39,762.33

34,501.20

Profit before interest, tax and depreciation

8,746.46

6,867.66

8,936.34

7,158.42

Less: interest

442.39

626.80

442.39

626.80

Depreciation & amortization

2,598.96

2,438.54

2,598.96

2,438.54

Profit / (loss) before tax (PBT)

5,705.11

3,802.54

5,894.99

4,093.08

Less: Tax expenses

1,963.94

1,297.16

1,963.94

1,297.16

Profit / (loss) for the period

3,741.17

2,505.38

3,931.05

2,795.92

The Company has adopted “Ind AS” with effect from 1st April, 2017. Financial statements for the year ended and as at 1st April, 2017 have been re-stated to conform to Ind AS Note 2 to the consolidated financial statement provides further explanation on the transition to Ind AS.

Company’s Performance

The Company has adopted Indian Accounting Standards (Ind AS) with effect from 1st April, 2017, pursuant to the notification of Companies (Indian Accounting Standard) Rules, 2015 issued by the Ministry of Corporate Affairs. Previous years’ figures have been restated and audited by the statutory auditors of the Company.

During the financial year 2017-18, revenue from operations on standalone basis increased to Rs. 39,762.33 lacs as against Rs. 34,501.20 lacs in the previous year registring a growth of 15.25%.

Employee cost as a percentage to revenue from operations increased to 15.90% (Rs. 6,322.85 lacs) against 15.44% (Rs. 5,236.31 lacs) in the previous year

Other expenses as a percentage to revenue from operations decreased to 12.69% (Rs. 5,047.78 lacs) as against 12.97% (Rs. 4,474.93 lacs) in the previous year

The profit after tax for the current year is Rs. 3,741.17 lacs as against Rs. 2,505.38 lacs in the previous year registring a growth of 49.32%.

Consolidated financial statements

As per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and applicable provisions of the Companies Act, 2013 read with the Rules issued thereunder, the consolidated financial statements of the Company for the financial year 2017-18 have been prepared in compliance with applicable Ind AS and on the basis of audited financial statements of the Company, Joint Venture and associate companies, as approved by the respective Board of Directors.

The consolidated financial statements together with the auditors’ report form part of this annual report.

Dividend

During the financial year 2017-18, your Company declared and paid to the shareholders, an interim dividend of Rs. 2.00 (Rupees two only) per equity share of face value of Rs. 10 (Rupees ten) each in the month of November, 2017.

The Board of Directors of the Company are pleased to recommend a final dividend of Rs. 2.50 (Rupees two and fifty paisa only) per equity share of face value of Rs. 10 (Rupees ten) each for approval of the shareholders at the ensuing Annual General Meeting (AGM). On approval, the total dividend (interim dividend and final dividend) for the financial year 2017-18 will be Rs. 4.50 (Rupees four and fifty paisa only) per equity share of the face value of Rs.10 (Rupees ten) each as against the total dividend of Rs. 3 (Rupees three only) per equity share of the face value of Rs. 10 (Rupees ten) paid for the previous financial year 2016-17.

Deposits

Your Company has not accepted any deposit within the meaning of provisions of Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 for the year ended 31st March, 2018.

Technical collaboration

The Company has technical collaborations with Tokai Kogyo Co. Limited, Japan; Nissen Chemitec Corporation, Japan; and Tokai Kogyo Seiki Co. Limited, Japan. Your Company is receiving the requisite support as per the needs of the business.

The technology partners of your Company has extend their continuous support in terms of new product development, innovations, latest technology, quality, productivity, etc. as per the needs of your Company.

Extract of annual return

The details forming part of the extract of the Annual Return as on 31st March, 2018 in form MGT-9 in accordance with Section 92(3) of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014, annexed as “Annexure-A” to this report.

Meetings of the Board of Directors

The Board of Directors met five times during the financial year 2017-18, the details of which are given in the corporate governance report that forms part of this annual report. The intervening gap between any two meetings was in compliance with the period prescribed by the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Audit Committee

The Audit Committee’s purpose is to oversee the quality and integrity of accounting, auditing and financial reporting process including reviewing of the Company’s statutory and internal audit reports. The Audit Committee also gives recommendations for enhancement in scope and coverage of internal audit for specific areas wherever it is felt necessary. The Audit Committee is provided with all the necessary assistance and information to carry out its functions effectively. All the members of the Audit Committee have the requisite financial, legal and management expertise.

The details of composition of the Audit Committee, its terms of reference and the number of meetings held during the year under review, are given in the corporate governance report.

The corporate governance report have been detailed in a separate section and is attached separately to this annual report.

Directors and key managerial personnel

Mr. Abhishek Jain (DIN: 00137651), Whole Time Director has been elevated to the position of the Chief Executive Officer and Managing Director (CEO & MD) of the Company with effect from 1st April, 2017.

In accordance with the provisions of the Companies Act, 2013 and in terms of Articles of Association of the Company, Mrs. Vinay Kumari Jain (DIN: 00228718), NonExecutive Director of the Company, retires by rotation, she being eligible, has offered herself for re-appointment as a Director

Mr. Ajay Kumar Jain (DIN: 00148839) is on the Board of the Company since 18th October, 1995 as Managing Director and was also appointed as Chairman on 10th February, 2014.

The current tenure of Mr. Ajay Kumar Jain, as Chairman & Managing Director will expire on 31st October, 2018. The Board at its meeting held on 21st May, 2018 on recommendation of the Nomination and Remuneration Committee has approved the re-appointment of Mr. Ajay Kumar Jain, as Chairman & Managing Director (CMD) of the Company for a tenure of five years with effect from 1st November, 2018 up to 31st October, 2023, subject to the approval of shareholders at 23rd AGM.

Pursuant to the provisions of the Companies Act, 2013, Mr. Bhuwan Kumar Chaturvedi (DIN: 00144487) was appointed as a Non-Executive Independent Director for five consecutive years, for a term up to 25th December, 2018 by the shareholders of the Company at 19th AGM of the Company held on 27th September, 2014. Mr. Bhuwan Kumar Chaturvedi is eligible for re-appointment as a Non-Executive Independent Director for another term of five consecutive years. Pursuant to the provisions of the Companies Act, 2013, the Board at its meeting held on 21st May, 2018 on recommendation of the Nomination and Remuneration Committee has approved the reappointment of Mr. Bhuwan Kumar Chaturvedi as a Non-Executive Independent Director for another term of five consecutive years i.e. from 26th December, 2018 up to 25th December, 2023, subject to the approval of the shareholders through a special resolution at the 23rd AGM.

Pursuant to the provisions of the Companies Act, 2013, Mr. Pravin Kumar Gupta (DIN: 06491563) was appointed as a Non-Executive Independent Director for five consecutive years for a term up to 31st March, 2019 by the shareholders of the Company at 19th AGM of the Company held on 27th September, 2014. Mr. Pravin Kumar Gupta is eligible for re-appointment as a Non-Executive Independent Director for another term of five consecutive years. Pursuant to the provisions of the Companies Act, 2013, the Board at its meeting held on 21st May, 2018 on recommendation of the Nomination and Remuneration Committee has approved the re-appointment of Mr. Pravin Kumar Gupta as a NonExecutive Independent Director for another term of five consecutive years from 1st April, 2019 up to 31st March, 2024, subject to the approval of the shareholders through a special resolution at the 23rd AGM.

Pursuant to the provisions of the Companies Act, 2013, Mr. Ashok Kumar Jain (DIN: 06881412) was appointed as a Non-Executive Independent Director for five consecutive years for a term up to 26th May, 2019 by the shareholders of the Company at 19th AGM of the Company held on 27th September, 2014. Mr. Ashok Kumar Jain is eligible for re-appointment as a Non-Executive Independent Director for another term of five consecutive years. Pursuant to the provisions of the Companies Act, 2013, the Board at its meeting held on 21st May, 2018 on recommendation of the Nomination and Remuneration Committee has approved the re-appointment of Mr. Ashok Kumar Jain as a Non-Executive Independent Director for another term of five consecutive years from 27th May, 2019 up to 26th May, 2024, subject to the approval of the shareholders through a special resolution at the 23rd AGM.

Brief profile of Directors seeking appointment and reappointment along with other details as stipulated under SEBI (Listing Obligations & Disclosure Requirements) Regulation, 2015, are given in the notice of 23rd AGM.

Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under Section 149(6) of the Companies Act, 2013 and under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the year, Independent Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings of the committee(s).

The terms and conditions of appointment of the Independent Directors are placed on the website of the Company at http://ppapco.in/Template-of-Letters-of-Appointment-to-Independent-Directors.pdf

Credit rating

During the year under review, the credit rating agency CRISIL has upgraded the credit rating of your Company on the long-term bank facilities to ‘CRISIL A / Stable’ from ‘CRISIL A / Positive’ and reaffirmed the short-term bank facilities at ‘CRISIL A1’ on 9th August, 2017.

Details of credit ratings:

Long term Bank Loan

CRISIL A / Stable

facilities

(Upgraded from ‘CRISIL A

/ Positive’)

Short term Bank Loan

CRISIL A1 (Reaffirmed)

facilities

Directors’ responsibility statement

In terms of and pursuant to Section 134(3)(c) of the Companies Act, 2013, as amended from time to time, in relation to the financial statements for the year ended 31st March, 2018, to the best of their knowledge and belief your Directors confirm the following:

i. that in the preparation of annual financial statements for the financial year ended 31st March, 2018, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

ii. that 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 as at 31st March, 2018 and of the profit and loss of the Company for the financial year ended 31st March, 2018;

iii. that the 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. that the financial statements for the financial year ended 31st March, 2018 have been prepared on a “going concern basis”;

v. that the internal financial controls are adequate and are operating effectively; and

vi. that proper systems to ensure compliance with the provisions of all applicable laws are adequate and operating effectively.

Evaluation of the Board’s performance / effectiveness

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has carried out annual performance evaluation of its own performance, the Directors individually, as well as, the evaluation of the working of its Committees. The manner in which the evaluation has been carried out has been explained in the corporate governance report attached to this report.

Nomination and remuneration policy

The remuneration paid to the Directors is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force). The salient aspects covered in the Nomination and Remuneration Policy have been given hereunder:

In accordance with the Nomination and Remuneration Policy, the Nomination and Remuneration Committee has, inter alia, the following responsibilities:

1. Ensure appropriate induction and training program: The Committee shall ensure that there is an appropriate induction and training program in place for new Directors, Key Managerial Persons and members of senior management and review its effectiveness,

2. Formulating the criteria for appointment as a Director: The Committee shall formulate criteria and review them on an ongoing basis, for determining qualifications, skills, experience, expertise, qualities, attributes, etc, required to be a Director of the Company,

3. Identify persons who are qualified to be Directors / Independent Directors / KMPs / SMPs: The Committee shall identify persons who are qualified to become Directors / Independent Directors / KMPs / SMPs and who satisfy the criteria laid down under the provisions of the Companies Act, 2013, Rules made thereunder SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 or any other enactment, for the time being in force,

4. Nominate candidates for Directorships subject to the approval of Board: The Committee shall recommend to the Board the appointment of potential candidates as Non-Executive Director or Independent Director or Executive Director, as the case may be.

5. Evaluate the performance of the Board: The Committee shall determine a process for evaluating the performance of every Director, every Committee of the Board and of the Board as a whole including the Chairman, on an annual basis.

6. Remuneration of Managing Director / Directors: The Committee shall ensure that the tenure of Executive Directors and their compensation packages are in accordance with applicable laws and in line with the Company’s objectives, shareholders’ interests and benchmarked with the industry.

7. Review performance and compensation of NonExecutive Independent Directors: The Committee shall review the performance of Non-Executive Independent Directors of the Company. The Committee shall ensure that the Non-Executive Independent Directors may receive remuneration by way of sitting fees for attending the meetings of Board or Committee(s), thereof provided that the amount of such fees shall be subject to ceiling / limits as provided under the Companies Act, 2013 and Rules made thereunder or any other enactment, for the time being, in force.

8. Review performance and compensation of KMPs / SMPs etc.: The Committee shall ensure that the remuneration to be paid to KMPs / SMPs shall be based on their experience, qualifications and expertise and governed by the limits, if any, prescribed under the Companies Act, 2013 and Rules made thereunder or any other enactment, for the time being, in force.

9. Directors’ and Officers’ Insurance: The Committee shall ensure that the insurance taken by the Company on behalf of its Directors, KMPs / SMPs either for indemnifying them against any liability or any other matter as may be deemed fit, the premium paid on such insurance, shall not be treated as part of the remuneration payable, to any such personnel.

Particulars of employees

The information required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) in respect of Directors / employees of the Company, annexed as “Annexure-B” to this report.

Joint ventures and associates

During the year under review, none of the Company have become / ceased to be the joint ventures, subsidiaries and associates of your Company

In accordance with Section 129(3) of the Companies Act, 2013, your Company has prepared consolidated financial statements of the Company, which forms part of this annual report. Further, a statement containing the salient features of the financial statements of our associates and joint venture in the prescribed form AOC-1, annexed as “Annexure-C” to this report which covers the financial position of associates and joint venture Company and hence not repeated here for the sake of brevity.

Corporate governance report

Your Company is committed to maintain high standards of corporate governance and adhere to the corporate governance requirements set out by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. At the Company, we constantly strive to evolve and follow up on the corporate governance guidelines and its best practices.

The compliance report on corporate governance and a certificate from M/s VLA & Associates, Company Secretaries, secretarial auditors of the Company, regarding compliance of the conditions of corporate governance, as stipulated under Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, annexed to this annual report.

Management discussion and analysis report

As required under Regulation 34(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a detailed management discussion and analysis report is presented in a separate section forming part of this annual report.

Material changes and commitments affecting financial position between end of the financial year and date of report.

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year to which the financial statements relate and the date of the report.

Particulars of loans, guarantees and investments

During the year under review, your Company has not given any loan or guarantee which is covered under the provisions of Section 186 of the Companies Act, 2013. However, details of investments made during the year, are given under note 6 of the standalone financial statements of the Company.

Related party transactions

During financial year 2017-18, all contracts / transactions entered into by your Company with related parties under Section 188(1) of the Companies Act, 2013 were in the ordinary course of business and on an arm’s length basis. During financial year 2017-18, your Company has not entered into any contracts / arrangements / transactions with related parties which could be considered ‘material’ in accordance with its policy on materiality of related party transactions. Thus, there are no transactions required to be reported in form AOC-2.

The details of the related party transactions as per Ind AS 24 are set out in note 40 to the standalone financial statements of the Company.

Auditors and Auditors’ report Auditors

- Statutory auditors

Pursuant to the provisions of Section 139(2) of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, M/s O P Bagla & Co. (Registration No. 000018N), Chartered Accountants, New Delhi were appointed as the statutory auditors of the Company at the 19th AGM of the Company held on 27th September, 2014 for the period of four years i.e. up to the conclusion of the 23rd AGM to be held in the year 2018. The firm has converted itself into a Limited Liability Partnership (LLP) under the provisions of the Limited Liability Partnership Act, 2008 and is now known as M/s O P Bagla & Co. LLP with effect from 25th April, 2018.

The present term of M/s O P Bagla & Co. LLP, will expire at the conclusion of ensuing AGM of the Company The Board upon the recommendation of Audit Committee proposed to re-appoint M/s O P Bagla & Co. LLP, Chartered Accountants, as the statutory auditors of the Company for the second term of five consecutive years to hold office from the conclusion of the 23rd AGM till the conclusion of the 28th AGM of the Company to be held in the year 2024.

The Company has also received a consent letter from the auditors for re-appointment as the statutory auditors for the second term of five consecutive years under Section 139 and 141 of Companies Act, 2013. Statutory auditors’ report

The Auditors’ report does not contain any qualification, reservation(s) or adverse remark(s). The notes on financial statements referred to in the Auditors’ report are self-explanatory and do not call for further comments.

- Secretarial auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has appointed M/s VLA & Associates, Company Secretaries, as secretarial auditors to conduct the secretarial audit of the Company for the financial year ended 31st March, 2019.

The secretarial audit report for the financial year 31st March, 2018 in form MR-3 is attached as “Annexure-D” to this report.

Secretarial auditors’ report

The report of secretarial auditors is forming part of this report and does not contain any qualification(s), reservation(s) or adverse remark(s).

- Cost auditors

The Board of Directors, on recommendation of the Audit Committee, appointed M/s Rakesh Singh & Co., Cost Accountants, (Registration No. 000247) as cost auditors to audit the cost accounts of the Company for the financial year 2018-19 in terms of the provisions of Section 148 of the Companies Act, 2013. The remuneration payable to the cost auditors is required to be ratified by the shareholders at the AGM. Accordingly, resolution ratifying the remuneration payable to M/s Rakesh Singh & Co., Cost Accountants, (Registration No. 000247) forms a part of the notice dated 21st May, 2018 convening the 23rd AGM.

The Company had filed the cost audit report for financial year 2016-17 on 7th September, 2017, in compliance under the Companies (Cost Records and Audit) Amendment Rules, 2014.

Corporate social responsibility

Your Company has been taking initiatives under Corporate Social Responsibility (CSR) for the society at large. The Company has a well-defined Policy on CSR as per the requirement of Section 135 of the Companies Act, 2013 which covers the activities as prescribed under Schedule VII of the Companies Act, 2013.

During the year under review, your Company has carried out activities primarily related to promoting education, ensuring environmental sustainability, preventive healthcare and vocational training.

CSR report, pursuant to Section 134(3)(o) of the Companies Act, 2013 and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014, annexed as “Annexure-E” to this report.

Risk management policy

The Company has established risk management framework that enables regular and active monitoring business activities for identification, assessment and mitigation of potential internal or external risks. The respective functional / business unit head(s) are entrusted with the responsibility of identifying, mitigating and monitoring of risk management. Risk management forms an integral part of the management and is an ongoing process integrated with the operations.

The Company’s risk management processes focuses on ensuring that these risks are identified promptly, mitigation action plan identified and executed timely.

There are no risks which in the opinion of the Board, threaten the existence of the Company. However, some of the risks which may pose challenges are set out in the management discussion and analysis report which forms a part of this annual report.

Policy on sexual harassment of women at workplace

Your Company has in place a policy on prevention of sexual harassment at workplace. This policy is in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. As per the said policy, an Internal Complaints Committee is also in place to redress complaints received regarding sexual harassment.

The Company is committed to providing equal opportunities without regard to their race, caste, sex, religion, colour, nationality, disability, etc. All women associates (permanent, temporary, contractual and trainees), as well as, any women visiting the Company’s office premises or women service providers are covered under this policy. All employees are treated with dignity with a view to maintain a work environment free of sexual harassment whether physical, verbal or psychological.

During the financial year under review the Company has not received any complaint on sexual harassments. The Company has also organized workshops and awareness programs against sexual harassment.

Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future

No significant and material orders have been passed during the year under review by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

Details on internal financial controls related to financial statements

Your Company has a robust and well embedded system of internal controls. This ensures that all assets are safeguarded and protected against loss from unauthorized use or disposition and all financial transactions are authorized, recorded and reported correctly.

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

The Company has an effective and reliable internal financial control system commensurate with the nature of its business, size and complexity of its operations.

This also identifies opportunities for improvement and ensure good practices imbibed in the processes that develop and strengthen the internal financial control systems and enhance the reliability of Company’s financial statements.

The Audit Committee reviews the internal audit plan, adequacy and effectiveness of the internal control system. Your Company has adopted Ind AS for the accounting period beginning on 1st April, 2017 pursuant to Ministry of Corporate Affairs notification dated 16th February, 2015 notifying the Companies (Indian Accounting Standard) Rules, 2015.

Whistle blower policy

Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have formulated whistle blower policy which is in compliance with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The whistle blower policy / vigil mechanism provides a mechanism for the Director / employee to report, without fear of victimization, any unethical behavior, suspected or actual fraud, violation of the code of conduct of the Company, etc. which are detrimental to the organization’s interest and reputation. The mechanism protects whistle blower from any kind of discrimination, harassment, victimization or any other unfair employment practice.

The Directors and employees in appropriate or exceptional cases have direct access to the Chairman of the Audit Committee. The said policy is placed on the Company’s website at www.ppapco.in.

Conservation of energy, technology absorption, foreign exchange earnings and outgo

During the year under review, your Company has been accorded the recognition from The Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology for its “In house research and development unit” for the plant of the Company situated at B-206A, Sector-81, Phase-II, Noida-201305, Uttar Pradesh.

The information as required under Section 134(3)(m) of the the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, annexed as “Annexure-F” to this report.

Acknowledgements

Your Directors wish to convey their appreciation to all the employees for their exemplary commitment, hard work and collective contribution to the Company’s performance. Your Directors also express their sincere gratitude to technology partners for sharing know how, continued support and confidence reposed in the Company.

Your Directors also thank all the business associates, banks, financial institutions and our shareholders for their assistance, co-operation and encouragement to the Company during the year.

For and on behalf of the Board of Directors

Place: Noida Ajay Kumar Jain Abhishek Jain

Date : 21st May, 2018 Chairman & CEO &

Managing Director Managing Director

DIN: 00148839 DIN: 00137651

Source : Dion Global Solutions Limited
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