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Sterlite Technologies Ltd.

BSE: 532374 | NSE: STLTECH |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE089C01029 | SECTOR: Cables - Telephone

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Annual Report

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

Director’s Report

To the Members,

The Directors are pleased to present the Annual Report for the Financial Year 2018-19 together with the audited financial statements of the Company for the year ended March 31, 2019.

Financial Summary/Highlights

(Rs. in crores)





2017-18 H



Net Revenue from Operations



5,087.26 3,205 .49

Profit / (Loss) before Interest, Depreciation & Tax





Add: Finance Income





Less: Finance cost





Less: Depreciation and amortisation expense





Net Profit/(Loss) before taxation





Total Tax Expenses





Net Profit /(Loss) for the year after tax





Share of profit/(loss) of Joint venture





Net Profit for the year after tax & share in profit/(loss) of joint venture





Loss from Discontinued Operations





Profit for the year





Share of profit of minority interest





Net Profit attributable to owners of the Company





Balance carried forward from previous year





Amount available for appropriation






Equity dividend and tax thereon





Transfer to debenture redemption reserve










Balance carried forward to the next year







FY19 closed with Revenues of Rs. 4,862.63 crores, EBITDA of Rs. 1,053.84 crores, PAT of Rs. 535.22 crores and EBITDA margins of 22%.


FY19 closed with Revenues of Rs. 5,087.26 crores, EBITDA of Rs. 1,147.08 crores, Net Profit attributable to owners of the Company Rs. 562.75 crores and EBITDA margins of 23%.


Highlights of your Company’s operations and state of affairs for the Financial Year 2018-19 are included in the Management Discussion and Analysis Report which forms part of this Annual Report.


The Board of Directors (‘the Board’) is pleased to recommend a final dividend of Rs. 3.50/- per Equity Share (i.e. 175%) of Rs. 2/- each for the FY19. The distribution of dividend will result in payout of around Rs. 140.89 crores (excluding tax) on dividend. The dividend payout is subject to approval of shareholders at the ensuing Annual General Meeting (‘AGM’). The Company proposes not to carry any amount to reserves for the FY 19.

In accordance with the Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (‘Listing Regulations’), the Board of Directors approved the Dividend Distribution Policy of the Company on October 27, 2016. The Dividend Distribution Policy is attached as Annexure I to this Report and is also available on the website of the Company at

Acquisition of Metallurgica

Sterlite Tech, through its wholly owned Italian subsidiary Sterlite Technologies S.p.A, acquired 100% stake in Metallurgica Bresciana S.p.A (Metallurgica), Italy. Metallurgica designs and manufactures special precision optical fiber cables and specialised copper cables for various communication applications. The acquisition will significantly expand Sterlite Tech’s market presence in Europe. It will bring new tier-1 customers, augment product portfolio, and enhance flexibility and ability to better serve the European market.

Corporate Governance

A Report on Corporate Governance, in terms of Regulation 34 of the Listing Regulations, along with a Certificate from Practising Company Secretary, certifying compliance of conditions of Corporate Governance enumerated in the Listing Regulations, is presented in a separate section forming part of this Annual Report.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, giving detailed analysis of Company’s operations, as stipulated under Regulation 34 of the Listing Regulations, is presented in a separate section forming part of this Annual Report.

Business Responsibility Report

As stipulated under Regulation 34 of the Listing Regulations, the Company has included a separate section on Business Responsibility as a part of this Annual Report.

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

There are no adverse material changes or commitments occurred between end of the financial year and date of the report which may affect the financial position of the Company or may require disclosure.

Board Meetings

During FY19, six meetings of the Board of Directors were held. The said meetings were held on April 25, 2018;

July 19, 2018; September 14, 2018; October 24, 2018; December 19, 2018 and January 24, 2019. The maximum time-gap between any two consecutive meetings did not exceed one hundred and twenty days. Video/Tele-conferencing facilities are made available to facilitate Directors travelling abroad, or present at other locations, to participate in the meetings.

Composition of Audit Committee

The Board has constituted the Audit Committee which comprises of Mr. A. R. Narayanaswamy as the Chairman;

Mr. Arun Todarwal, Mr. Sandip Das and Mr. Pravin Agarwal as the Members. All recommendations given by Audit Committee during FY19 were accepted by the Board.

Further details on the Audit Committee and other Committees of the Board are given in the Corporate Governance Report, which forms a part of this Annual Report.

Directors and Key Manangerial Personnel

During the year under review, Ms. Avaantika Kakkar resigned as an Independent Director of the Company effective May 22, 2018 due to other pre-occupations. Your Directors place on record their appreciation for the valuable contribution made by Ms. Avaantika Kakkar during her tenure as director of the Company.

Upon the recommendation of the Nomination and Remuneration Committee, Ms. Kumud Srinivasan was appointed as Additional Director (Non-Executive, Independent) effective May 22, 2018 and her appointment as Independent Director was also approved by the Members in Annual General Meeting (AGM) held on June 26, 2018.

Mr. Arun Todarwal & Mr. A.R. Narayanaswamy were appointed as Independent Directors of the Company for a period of 5 years from April 1, 2014 to March 31, 2019 by the Members in AGM held on August 19, 2014. Upon the recommendation of the Nomination and Remuneration Committee, Board of Directors through its circular resolution dated March 28, 2019 approved the re-appointment of Mr. Arun Todarwal and Mr. A.R. Narayanaswamy, as Additional Directors (Independent) of the Company for a second term of two years with effect from April 1, 2019 to March 31, 2021 based on the skills, experience, knowledge and report of their performance evaluation and their independence from management. The re-appointment is subject to the approval of the shareholders at the ensuing Annual General Meeting by way of a Special Resolution.

Pursuant to Section 149 read with Section 152 of the Companies Act, 2013 (‘the Act’), Mr. Pravin Agarwal, Vice Chairman & Whole-time Director will retire by rotation at the ensuing AGM and being eligible, offers himself for re-appointment. The Board recommends his appointment.

Details of the aforesaid proposals for appointment of Mr. Arun Todarwal, Mr. A. R. Narayanaswamy and Mr. Pravin Agarwal, are provided in the Annexure to the Notice of the AGM.

The Company has received necessary declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the Act and the Listing Regulations.

Pursuant to provisions of Section 203 of the Act, and the Rules made thereunder, following are the Key Managerial Personnel (KMP) of the Company:

1. Dr. Anand Agarwal - Chief Executive Officer

2. Mr. Anupam Jindal - Chief Financial Officer

3. Mr. Amit Deshpande - Company Secretary

There has been no change in the KMP during FY19.

Performance Evaluation of the Board, its Committees and Individual Directors

The Board of Directors of the Company is committed to assessing its own performance as a Board in order to identify its strengths and areas in which it may improve its functioning. To that end, the Nomination and Remuneration Committee has established processes for performance evaluation of Independent Directors, the Board and Committees of the Board. Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out an annual evaluation of its own performance, performance of its Committees as well as the directors individually. Details of the evaluation mechanism are provided in the Corporate Governance Report.

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration (‘NRC Policy’). The NRC Policy of the Company includes criteria for determining qualifications, positive attributes and independence of a director and policy relating to the remuneration of Directors, Key Managerial Personnel and other employees and is framed with the object of attracting, retaining and motivating talent which is required to run the Company successfully. The Policy can also be accessed on Company’s website at the link:

Directors’ Responsibility Statement

Pursuant to provisions of Section 134(3)(c) and Section 134(5) of the Act, your Directors state that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2019, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2019 and of the profit of the Company for the year April 1, 2018 to March 31, 2019;

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

d) they have prepared the annual accounts on a ‘going concern’ basis;

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

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Compliance with Secretarial Standards

Your Directors confirm that the Secretarial Standard - 1 on Meetings of Board of Directors and Secretarial Standard - 2 on General Meetings, issued by The Institute of Company Secretaries of India, have been duly complied with.

Contracts or Arrangements with Related Parties

All contracts and arrangements with related parties, entered by the Company during the financial year, were in the ordinary course of business and on an arm’s length basis.

During the year, the Company had not entered into any contract or arrangement with related parties which could be considered ‘material’ in terms of the Company’s Related Party Transactions Policy. Accordingly, there are no transactions that are required to be reported in Form AOC-2.

Details regarding the policy, approval and review of Related Party Transactions are provided in the Corporate Governance Report.

Subsidiaries and Joint Ventures

In accordance with Section 129(3) of the Act, a statement containing salient features of the financial statements of the subsidiary companies in Form AOC-1 is provided as part of the consolidated financial statement. Hence, a separate report on the performance and financial position of each of the subsidiaries and joint venture companies is not repeated here for the sake of brevity. This also includes highlights of performance of Jiangsu Sterlite Tongguang Fibre Co. Ltd. and Metallurgica Bresciana S.p.A., material subsidiaries of the Company.

During the year under review, Sterlite Technologies S.p.A., Italy Metallurgica Bresciana S.p.A., Sterlite Innovative Solutions Limited and Sterlite Tech Connectivity Solutions Limited have become subsidiaries of the Company. Sterlite Technologies Europe Ventures Limited, Cyprus was struck off in FY19. Other than above, no company has ceased to be subsidiary/joint venture or associate of the Company in FY19.

Policy on material subsidiaries, as approved by the Board of Directors, may be accessed on the Company’s website at

The Audited Financial Statements of the Subsidiary Companies have not been included in the Annual Report.

The financial statements of the Subsidiary Companies and the related information will be made available, upon request, to the members seeking such information at any point of time. These financial statements will also be kept for inspection by any member at the Registered Office of the Company and that of the respective Subsidiary Companies and are also available on the Website of the Company

Financial Statements

The physical copies of the statement containing the salient features of all the documents, as prescribed in Section 136(1) of the Act, read with Regulation 36 of the Listing Regulations, is being sent to all the shareholders/debenture holders of the Company who have not registered their email address(es). Any shareholder interested in obtaining the physical copies of the complete Annual Report may write to the “Company Secretary” at the Corporate Office of the Company at Pune or to the Registrar & Transfer Agent on its address as appearing in Corporate Governance Report of this Annual Report.

The consolidated financial statements of the Company prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, duly audited by Statutory Auditors, also forms part of this Annual Report.

Statutory Auditors

M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration No. 012754N/N500016) (‘PWC’) were appointed as the Statutory Auditors for a period of 5 years from the conclusion of the AGM of the Company held on July 4, 2017. The requirement of seeking ratification of the members for continuance of their appointment has been withdrawn consequent upon the changes made by the Companies (Amendment) Act, 2017 with effect from May 07, 2018.Hence the resolution seeking ratification of the members for appointment of PWC is not being placed at the ensuing Annual General Meeting.

Explanation on Statutory Auditor’s Qualification

The remark of Auditors at basis for Qualified Opinion paragraph of the Auditor’s Report over Note No. 44 in Notes to Accounts to the Standalone Ind AS financial statements of the Company regarding demand of excise and customs duty and penalty amounting to Rs. 188 crores is self-explanatory and does not require further comment.

In the year 2004-05 CESTAT upheld the demand of Rs. 188 crores and interest thereon for alleged breach of norms pertaining to Export Oriented Unit (EOU). The Company had filed an appeal before the Hon’ble High Court of Bombay against this order. The Department had also made an appeal against the same CESTAT order before the High Court of Bombay. The Company’s appeal against this order was dismissed by the Hon’ble High Court on the grounds that appeal is not maintainable in High Court, however without prejudice to the rights of the Company. Subsequently, the Company had filed a Special Leave Petition (SLP) and appeal before the Supreme Court of India which was admitted by the Court. Hon’ble Supreme Court has also maintained the stay granted by Hon’ble High Court. The Hon’ble Supreme Court, considering that the departmental appeal against the CESTAT order was still pending before the High Court, disposed of the Special Leave Petition of the Company and directed that the records of the departmental appeal be transferred to the Supreme Court and both the Appeals i.e. Departmental Appeal as well as Civil Appeal of the Company be heard together by the Supreme Court. The Company has obtained legal opinion from a leading Law firm in India having expertise on Indirect tax matters which states that the Company has a strong case in its favour and the provision made in respect of the above matter is adequate. Given the complexity of the matter and considering the views expressed by the law firm, the Audit Committee considers that the current provisioning in the books is adequate based on the best possible estimate.

Secretarial Auditor

Pursuant to Section 204 of the Act, Dr. K.R. Chandratre, Practising Company Secretary, was appointed to conduct the Secretarial Audit of the Company, for the financial year ended March 31, 2019. The Report of the Secretarial Auditor is annexed as Annexure II to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Cost Auditor

Pursuant to Section 148 of the Act, read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its telecom products are required to be audited. Mr. Kiran Naik, Cost Accountant, has conducted audit of the cost accounts of the Company for said products for FY19. Mr. Kiran Naik has also been appointed as the Cost Auditor for FY20 and he has confirmed that his appointment is within the prescribed limits. As required by the provisions of the Act, a resolution seeking Members’ approval for the remuneration payable to Mr. Kiran Naik, Cost Auditor is included in the Notice convening the ensuing AGM.

Cost Audit Report for FY18 was filed with the Registrar of Companies within the prescribed timelines.

Internal Financial Controls

The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations. During the year, such controls were tested and the Company has, in all material respects, maintained adequate internal financial controls over financial reporting as of March 31, 2019 and are operating effectively, except for the possible effects of the material weakness as qualified by the auditors in their independent report on Internal Financial Controls.

In relation to the material weakness as mentioned above with regard to sufficiency of Provision relating to CESTAT order for breach of EOU norms, the Management believes that the Company has a strong case and does not require any further provisioning, based on the merits of the case and the legal opinion obtained.

The Board of Directors has devised systems, policies and procedures / frameworks, which are currently operational within the Company for ensuring the orderly and efficient conduct of its business, which includes adherence to Company’s policies, safeguarding assets of the Company, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial information. In line with best practices, the Audit Committee and the Board reviews these internal control systems to ensure they remain effective and are designed to achieve their intended purpose.

Where weaknesses, if any, are identified as a result of the reviews, corrective actions are then put in place to strengthen controls.

The systems/frameworks include proper delegation of authority, operating philosophies, policies and procedures, effective IT systems aligned to business requirements, an internal audit framework, an ethics framework, a risk management framework and adequate segregation of duties to ensure an acceptable level of risk.

The Company has documented Standard Operating Procedures (SOP) for key functions such as for procurement, project / expansion management, capital expenditure, human resources, sales and marketing, finance, treasury, compliance management, safety, health, and environment (SHE), and manufacturing. The Company’s internal audit activity is managed through the Management Assurance Services (‘MAS’) function. It is an important element of the overall process by which the Audit Committee and the Board obtains assurance on the effectiveness of relevant internal controls.

The scope of work including annual internal audit plan, authority, and resources of MAS are regularly reviewed and approved by the Audit Committee. Annual internal audit plan is aligned with ERM to ensure that all critical risks are covered in the audit plan. Besides, its work is supported by the services of leading international audit firms. The annual internal audit includes: monthly physical verification of inventory and review of accounts/MIS and a quarterly review of critical business processes. To enhance internal controls, the internal audit follows a stringent grading mechanism, monitoring and reporting of the implementation of internal auditors’ recommendations of internal auditors. The internal auditors make periodic presentations on audit observations, including the status of follow-up to the Audit Committee.

During the year under review, neither the Statutory Auditors nor the Secretarial Auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards'' report.

Legal Compliances Management

The Company mitigates its legal and regulatory compliance risks with the help of an online compliance management tool. It is a well-defined system for storing, monitoring and ensuring compliances under various legislations. Non-compliances, if any, are reported and corrective actions are taken within a reasonable time. Any regulatory amendment is updated periodically in the system. Based on reports from the system and certificates from functional heads, the CEO presents the quarterly compliance certificate to the Board at the Board meetings.

Business Risk Management

The Company has formally implemented Enterprise Risk Management framework and have policy to identify and assess the risk events, monitor and report on action taken to mitigate identified risks. A detailed exercise is carried out periodically to identify, evaluate, manage and monitor both business and non-business risk. The Audit Committee and the Board of Directors periodically review the risk and suggest steps to be taken to control and mitigate the same through a properly defined framework. Details of Risk Management are presented in a separate section forming part of this Annual Report.

The Board has constituted Risk Management Committee effective January 24, 2019. The Committee comprises of Mr. Sandip Das; Mr. Pravin Agarwal, Dr. Anand Agarwal, Directors and Mr. Anupam Jindal, Chief Financial Officer as the Members.

Vigil Mechanism / Whistle Blower Policy

The Company has established a vigil mechanism and formulated the Whistle Blower Policy (WB) to deal with instances of fraud and mismanagement, if any. The details of the WB Policy are explained in the Corporate Governance Report and also posted on the website of the Company.

Disclosure regarding Prevention of Sexual Harassment

The Company is committed to maintain a productive environment for all its employees at various levels in the organisation, free of sexual harassment and discrimination on the basis of gender. The Company has framed a policy on Prevention of Sexual Harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (“POSH Act”). The Company has also set up “Prevention of Sexual Harassment Committee, which is in compliance with the requirement of the POSH Act, to redress the Complaints received regarding sexual harassment which has formalised a free and fair enquiry process with clear timeline. During FY19, 1 pending complaint from last financial year was resolved. No other complaint was pending as on March 31, 2019.

Employees Stock Option Scheme

The Company’s Employee Stock Option Schemes are in line with Company’s philosophy of sharing benefits of growth with the growth drivers and are in compliance with the applicable SEBI Regulations. The Company allotted 15,51,502 shares during the year to various employees who exercised their options. The Certificate from the Statutory Auditors confirming that the Scheme has been implemented in accordance with the SEBI Regulations and the resolution passed by the shareholders would be placed at the AGM for inspection by members.

Disclosures with respect to Stock Options, as required under Regulation 14 of the Regulations, are available in the Annexure III to this Report, Notes to the Financial Statements and can also be accessed on the Company’s website at

Particulars of Employees and Related Disclosures

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as Annexure IV to this Report.

A statement containing particulars of employees as required under Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided as a separate annexure forming part of this Report. However, the Annual Report is being sent to the members excluding the aforesaid annexure. The said information is available for inspection at the registered office of the Company during working hours and any member interested in obtaining such information may write to the Company Secretary or Registrar and Transfer Agent and the same will be furnished on request.

Extract of Annual Return

Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies Management and Administration) Rules, 2014, an extract of the Annual Return in Form MGT-9, is annexed herewith as Annexure - V.

Non-Convertible Debentures

As on March 31, 2019, the Company has outstanding Secured, Rated, Redeemable, Non-Convertible Debentures (NCDs) of Rs. 300 crores. The Company has maintained asset cover sufficient to discharge the principal amount along with outstanding Interest at all times for its NCDs. NCDs are listed on the debt segment of BSE Limited, as per the SEBI Guidelines and Listing Regulations.

The details of debenture trustee are as below-

Axis Trustee Services Limited

The Ruby, 2nd Floor, SW

29 Senapati Bapat Marg, Dadar West

Mumbai- 400 028

Contact No.: 91- 022-6230 0438

Credit Rating

The Company’s financial discipline is reflected in the strong credit rating ascribed by ICRA/CRISIL:







Non-Convertible Debentures





Commercial Papers





Line of credit





Particulars of Loans, Guarantees or Investments

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

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

The particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo as prescribed under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules, 2014, are given as Annexure VI to this Report.

Investor Education and Protection Fund (IEPF)

Pursuant to the provisions of Section 124 of the Act, relevant amounts which remained unpaid or unclaimed for a period of seven years have been transferred by the Company to the Investor Education and Protection Fund established by Central Government. Details of unpaid and unclaimed amounts lying with the Company as on June 26, 2018 (date of last AGM) have been uploaded on the Company’s website at disclosure

Transfer of ‘Underlying Shares’ to IEPF

In terms of Section 124(6) of the Act, read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company has transferred the equity shares in respect of which dividends have remained unclaimed for a period of seven consecutive years to the IEPF Account established by the Central Government. Details of shares transferred have been uploaded on the website of the Company.

Corporate Social Responsibility

The Board has constituted Sustainability and Corporate Social Responsibility Committee (‘CSR Committee’) which comprises Mr. Arun Todarwal, Chairman, Mr. A.R. Narayanaswamy, Mr. Pravin Agarwal and Dr. Anand Agarwal, Members. The Board has also approved a CSR policy based on recommendations of CSR Committee, which is available on the website of the Company at

As part of its initiatives under Corporate Social Responsibility, the Company has undertaken projects in the areas of Education, Health, Women Empowerment and Community Development during FY19.

During the year, the Company has spent Rs. 5.48 crores on CSR activities. The Annual Report on CSR activities, in accordance with Section 135 of the Act, read with Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure VII to this Report.


Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

a) The Company has not accepted any deposits from the public or otherwise in terms of Section 73 of the Act read with Companies (Acceptance of Deposit) Rules, 2014 and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

b) Issue of equity shares with differential rights as to dividend, voting or otherwise.

c) The Whole-time Directors of the Company do not receive any remuneration or commission from any of its subsidiaries.

d) No significant or material orders were passed by the Regulators, Courts or Tribunals which impact the going concern status and Company’s operations in future.

e) The Auditors have not reported any matter under Section 143 (12) of the Act, therefore no details are required to be disclosed under Section 134 (3)(ca) of the Act.


Your Directors would like to express their appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. Your Directors take on record their deep sense of appreciation to the contributions made by the employees through their hard work, dedication, competence, support and co-operation towards the progress of your Company.

For and on behalf of the Board of Directors

Place: Pune Pravin Agarwal Anand Agarwal

Date: April 23, 2019 Vice Chairman & CEO &

Whole-time Director Whole-time Director

Director’s Report