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Company Information

Home » Market » Company Information

Mangalam Organics Ltd.

Sep 19, 04:01
348.60 +16.60 (+ 5.00 %)
 
VOLUME : 65282
Prev. Close 332.00
Open Price 329.95
TODAY'S LOW / HIGH
329.95
 
 
 
348.60
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
242.05
 
 
 
614.00
Mangalam Organics Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 298.56 Cr. P/BV 2.46 Book Value ( ₹ ) 141.68
52 Week High/Low ( ₹ ) 614/242 FV/ML 10/1 P/E(X) 4.11
Bookclosure 18/09/2019 TTM EPS ( ₹ ) 88.32 Div Yield (%) 0.29
DIRECTOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

DIRECTORS’ REPORT

To,

The Members

The Directors have pleasure in presenting their Thirty Sixth Annual Report together with the Audited Statement of Accounts for the financial year ended 31st March, 2018.

FINANCIAL RESULT: The summarized financial results of the Company for the year ended 31st March, 2018 are presented below:

2017-2018 Rupees in Lacs

2016-2017 Rupees in Lacs

Gross Sales including other Income

24548.41

19737.41

Gross Profit before interest, Depreciation and Taxation

2645.44

1272.72

Interest

256.27

446.34

Depreciation

550.28

529.70

Less Provision for Taxation

700.00

90.00

Less: MAT Credit

0.00

0.00

Provision for deferred taxation

- 306.67

- 279.85

Tax Adjustment

13.23

6.14

Net Profit for the year

1432.33

477.24

Surplus brought forward from previous year

2753.44

2276.20

Balance Available for Appropriation

4185.77

2753.44

Appropriations

a) General Reserve

0.00

0.00

b) Dividend

0.00

0.00

c) Dividend Tax

0.00

0.00

Balance carried forward to Balance Sheet

4185.77

2753.44

The Performance, Plans and Prospects of your Company

Your Company is a chemicals manufacturer and has Terpenes and Synthetic Resins as primary segments. Both segments of your Company have performed well in F.Y. 2017-18. Your Company has achieved Net Sales Turnover of Rs. 244.24 Cr. with a Profit After Tax of Rs. 14.32 Cr. during F.Y. 2017-18. approximately 90% of the revenue has come from Terpene Chemicals.

Terpenes

Your Company manufacturers a range of products under the Terpenes Segment namely Camphor, Dipentene and Sodium Acetate.

Our various efforts to improve yields, reduce time cycles and reduce energy costs have generated positive results as can be seen through our improved profitability ratios. We continue to improve by bench marking against leading firms across the chemical industry, closely analysing our own results, engaging leading consultants, experimenting in our laboratory & pilot plant facilities and most importantly questioning age old procedures and practices. Your Company has successfully registered for REACH to export its products to the European Market and also has been awarded an Indian Pharmacopeia certification as it prepares to apply for GMP certification.

Camphor is our primary product in this segment contributing 80% of Terpene sales. As it is a naturally derived product that completely burns off with no residue, it finds its widest application in religious use in the domestic market, as it imparts a sense of complete purity to the religious devotee. We are pleased with our performance in this market and are confident of continuing growth in the years to come, as we strive hard to grow our capacities and grades offered from the same unit to capture larger market share in the domestic and export markets.

Camphor presents a large retail opportunity which enables the Company to forward integrate and diversify into the FMCG space. Your Company continues to create a foundation for this journey ahead and has applied for registration three brands which it intends to sell through Modern Trade, General Trade and E-Commerce.

"Mangalam" - Camphor tablets for pious purposes

"CamPure" - Home care products based on camphor such as Camphor Cone, Camphor Sticks, Camphor Air Purifier "Cam " - Healthcare products based on camphor such as Pain Relief Spray, Pain Balm, Nasal Inhaler

Dipentene, a by-product in the manufacturing is used as a solvent in the paint industry. Demand for Dipentene grows in line with the demand for paint. Therefore, we see this product as being a contributor to growth for the foreseeable future in India. Dipentene is also gaining interest in the export market as a substitute for "Limonene" (obtained from orange oil). Dependence is a ready substitute in formulations of cleaning and decreasing agents, as Limonene supply shortages get more acute. Your Company is also in the process of providing various grades of this material which the market requires and therefore the customer base and realization will increase.

Sodium Acetate, a by-product manufactured is used as a dye intermediate by textile and dye manufacturers. It has wide range of application in the leather tanning industries and is being exported to Europe.

Going forward, your Company will work to increase its production quantities of camphor and related products, explore opportunities in intermediate products and their derivatives (fragrance and flavor Industry), improve its quality to compete in the international market, and invest further in its retail initiative.

Synthetic Resins

Your Company manufactures three types of synthetic resins, each of these have large domestic and export markets.

Terpene Phenolic Resin - This resin has application as a tackifier in the adhesive, tyre and rubber industries. Your Company is proud to inform you that it has been able to forge a strategic alliance with M/S Les Derives Resiniques & Terpeniques (DRT), France, where in, your Company will take lead to manufacture the products under DRT's technical guidance and DRT will use its global network to market and distribute the product on a worldwide basis. The initial qualification and approval processes with customers are lengthy - we foresee large volumes, revenue and strong profitability from this in the years to come

Alkyl Phenolic Resin - This resin has application in Neoprene and Chloroprene rubber based adhesives. Your Company is working closely with leading consultants to introduce a range of products to provide one stop solution to distributors and companies

Rosin Esters - This resin has application in pressure sensitive adhesives. Your Company is working with leading consultants to further improve the quality of its products to global standards to unlock export market opportunities.

We are positive on all three resin categories and will continue our efforts to develop volume business in each category supported by healthy margins.

DIVIDEND:

Your Directors are pleased to recommend a dividend of Rs. 1 (One) per equity share of face value of Rs. 10/- each on the equity share capital of Rs. 8,56,44,400/- and seeks your approval for the same.

TRANSFER TO RESERVE:

Your Company proposes to transfer Rs. Nil to General Reserves out of the amount available for appropriations during the financial year 2017-2018 (as compared to Rs. Nil in the previous financial year).

MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW

The Company is engaged in the manufacturing and selling activities of Camphor, Sodium Acetate and by products, Terpene Chemicals and Synthetics Resins at its units located at Kumbhivali Village, Taluka Khalapur, Khopoli,

District Raigad, Maharashtra MEETINGS

A calendar of meeting is prepared and circulated in advance to the Directors. During the year seven meetings were convened and held, the details of which are given in the Corporate Governance Report.

AUDIT COMMITTEE

Audit Committee is in existence in accordance with the Provisions of Section 177 of the Companies Act, 2013; kindly refer section on Corporate Governance, under head "Audit Committee" for matters relating to the constitution, meetings and functions of this committee.

NOMINATION AND REMUNERATION COMMITTEE

A Nomination and Remuneration Committee is in existence in accordance with the provisions of Subsection 1 of Section 178 of the Companies Act, 2013. Kindly refer section on Corporate Governance under head "Nomination and Remuneration Committee" for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by the Committee

CORPORATE SOCIAL RESPONSIBILITY:

Pursuant to the Provisions of Section 135 of the Companies Act and Rules made there under, the Board has constituted a CSR Committee under the Chairmanship of Mr. Sharad Saraf. The other members of the Committee are Mr. Kamalkumar Dujodwala and Mrs. Anita Shriya. A CSR Policy has been framed and placed on the Company's website. Other details of the CSR activities as required under Section 135 of the Act are given in the CSR Report as "Annexure C".

RISK MANAGEMENT POLICY

The Board of Directors of the Company has put in place a Risk Management Policy which aims at enhancing shareholders' value and providing an optimum risk reward trade off. The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

ANNUAL EVALUATION OF DIRECTORS, COMMITTEE AND BOARD :

The Nomination and Remuneration Committee of the Board has formulated a performance evaluation framework under which the Committee has identified criteria upon which every Director, every Committee and the Board as a whole shall be evaluated. During the year, review of every Director, every Committee and the Board has been carried out.

DETAILS OF THE SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE

There are no significant and material orders passed by the Regulators / Courts that would impact the going concern status of the Company and its future operations.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

There is change in the composition of Board of Directors of the Company and the Key Managerial Personnel during the year under review. At present there are Six Directors on the Board i.e. Mr. Kamalkumar Dujodwala, Mr. Pannkaj Dujodwala and four Independent Directors i.e. Mr. Rajkumar Jatia, Mr. Sharad Saraf, Mr. S. N. Baheti and Mrs. Anita Shriya the details of which are given in the Corporate Governance. During the year Mr. Rajkumar Saraf resigned w.e.f. 19thJuly, 2017 and Mr. S. N. Baheti has been appointed w.e.f. 14th August, 2017.

The Independent Directors are not liable to retire by rotation and the Managing Director is appointed for a period

of 5 years. Hence, the Company has only one Director on the Board to retire by rotation. In accordance with the provisions of the Companies Act, 2013 Mr. Kamalkumar Dujodwala retires by rotation at the ensuing AGM and being eligible offer himself for re-appointment as Director.

DECLARATION BY INDEPENDENT DIRECTORS:

Pursuant to the Provisions of Subsection (7) of Section 149 of the Companies Act, 2013 the Company has received individual declaration from all the independent Directors confirming that they fulfil the criteria of independence as specified in Section 149(6) of the Companies Act, 2013.

DISCLOSURE RELATED TO BOARD, COMMITTEES AND POLICIES:

The Board of Directors met 7 times during the financial year ended March 31, 2018 in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder. All the Directors actively participated in the meetings and provided their valuable inputs on the matters brought before the Board of Directors from time to time additionally on 13th November, 2017 the independent Directors held seperate meeting in compliance with the requirement of schedule IV of the Companies Act, 2013 and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DIRECTOR'S RESPONSIBILITY STATEMENT :

In terms of section 134(3) ( c) of the Companies Act, 2013, your Directors, to the best of their knowledge and belief and according to the information and explanations obtained by them in the normal course of their work state that in all material respects;

a) that in the preparation of the annual financial statements for the year ended March,2018 the applicable accounting standards have been followed;

b) that appropriate accounting policies have been selected, applied consistently and 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 as at March 31, 2018 and of the profit of the Company for the year ended on that date.

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) that the annual financial statements have been prepared on a going concern basis.

e) that proper internal financial controls were in place and the financial controls were adequate and operating effectively; and

f) that the systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

PUBLIC DEPOSITS

During the year under review, your Company neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as "Deposit" in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 and hence the requirement for furnishing the details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT BY THE COMPANY

The Company has not given any loans or guarantees or investments covered under the Provisions of Section 186 of the Companies Act, 2013.

RELATED PARTY TRANSACTION:

All related party transactions that were entered into during the financial year were at an arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with the Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

All related party transactions are placed before the Audit Committee for approval. Prior Omnibus approval of the Committee is obtained on a quarterly basis for the transactions which are of a foreseen and repetitive nature.

Details of the related party transaction during the year as required under Listing Regulations and Accounting Standards are given in Note 30 (c ) in the financial statements.

BUYBACK OF EQUITY SHARES OF THE COMPANY:

The Board of Directors at its meeting held on February 2, 2018 (the "Board Meeting"), had recommended, subject to the approval of the members of the Company through postal ballot, the proposal to Buy back up to 6,10,000 (Six Lakh Ten Thousand Only) fully paid up Equity Shares of the Company of face value of ' 10/each ("Equity Shares") (representing up to 6.74% of the total number of Equity shares in the Paid-up equity share capital of the Company) at a price of Rs.230/- (Rupees Two Hundred Thirty Only) per Equity share ("Buyback price") payable in cash for an aggregate amount of ' 14,03,00,000/- (Rupees Fourteen Crores and Three Lakhs Only ("Buyback Offer Size"), being equal to 24.32% of the paid up share capital and free reserves of the Company as per the latest audited standalone balance sheet of the Company as on December 31, 2017 from the Equity Shareholders / beneficial owners of the Equity Shares of the Company ("Shareholders") through a "Tender Offer" route in accordance with the provisions of the Companies Act, 2013 ("Companies Act") and, the Companies (Share Capital and Debentures) Rules, 2014 (the "Share Capital Rules"), the Companies (Management and Administration) Rules, 2014 (the "Management Rules") and in compliance with the Buyback Regulations ("Buyback "or "Buyback Offer").

The Company sought approval of its shareholders for the said Buyback by a special resolution through a postal ballot notice dated February 02, 2018. The Shareholders approved the Buyback of the Company's fully paid-up Equity Shares from the equity shareholders / beneficial owners of the Equity shares, on a proportionate basis, through the tender offer process pursuant to Article 61 of the Articles of Association of the Company and in accordance with provisions of the Companies Act, the Share Capital Rules, the Management Rules and the Buyback Regulations, by way of a special resolution, through the postal ballot ("Postal Ballot"), the results of which were announced on March 16th, 2018 ("Shareholders' Approval").

The Buyback Offer opened on Monday, April 23, 2018 and closed on Tuesday, May 08, 2018.

DETAILS OF BUYBACK:

4,88,240 (Four Lakh and Eighty Eight Thousand Two Hundred and Forty Only) Equity Shares were bought back under the Buyback at a price of Rs 230/- (Rupees Two Hundred and Thirty Only) per Equity Share.

The total amount utilized in the Buyback is Rs. 11,22,95,200/- (Rupees Eleven Crores Twenty Two Lakh Ninety Five Thousand Two Hundred Only) excluding transaction costs viz. brokerage, applicable taxes such as securities transaction tax, goods and service tax, stamp duty, etc.

The Registrar to the Buyback M/s. Universal Capital Securities Private Limited ("Registrar"), considered 319 valid bids for 4,88,240 Equity Shares in response to the Buyback, resulting in the subscription of

approximately 0.80 times of the maximum number of shares proposed to be bought back. The details of valid bids considered by the Registrar are as follows:

Sr.

No.

Category of Shareholders

No. of Equity Shares reserved in Buyback

No. of Valid Bids

Total Valid Equity Shares Tendered

% Response

1.

Reserved category for Small Shareholders

1,00,829

260

69,779

69.21

2.

General category of other Shareholders

5,09,171

59

4,18,461

82.18

Total

6,10,000

319

4,88,240

80.04

All valid applications have been considered for the purpose of acceptance in accordance with the Buy-back Regulations and Paragraph 22 of the Letter of Offer. The communication of acceptance / rejection has been dispatched by the Registrar to the Buyback to respective Shareholders on May 17, 2018.

The settlement of all valid bids was completed by the Clearing Corporation on May 16, 2018. The funds have been directly paid out to Eligible Shareholders whose shares have been accepted under the Buyback. If bank account details of any Eligible Shareholders holding Equity Shares in dematerialized form were not available or if the funds transfer instructions were rejected by the Reserve Bank of India or any relevant bank, due to any reason, then the amounts payable to the Eligible Shareholders were transferred to the concerned Selling Members for onward transfer to such Eligible Shareholders holding Equity Shares in dematerialized form.

Demat Equity Shares accepted under the Buyback have been transferred to the Company's Demat Escrow Account on May 16, 2018. The unaccepted demat Equity Shares have been returned to respective Shareholder Brokers / custodians by the Clearing Corporation on May 16, 2018. The unaccepted physical share certificates, if any, has been dispatched to the registered address of the respective eligible Equity Shareholders on or before May17, 2018.

The extinguishment of 4,88,240 Equity Shares accepted under the Buyback, comprising of (a) 4,84,390 Equity Shares in dematerialized form and (b) 3,850 Equity Shares in physical form was completed.

The shareholding pattern of the Company Pre-Buyback (as on April 04, 2018) the Record Date and Post Buyback is as under:

Particulars

Pre-Buyback

Post Buyback

No. of Equity Shares

% of the existing Equity Share Capital

No. of Equity Shares

% of post buyback Equity Share Capital

Promoters

42,46,211

46.91

42,46,211

49.58

Foreign Investors (including Non Resident Indians, OCBs, FIIs, etc.)

1,52,298

1.68

Indian Financial Institutions (incl. Banks, Mutual Funds, etc.)

--

--

--

--

Other Public Investors (including Individuals, Bodies Corporate, etc.)

46,54,171

51.41

43,18,229

50.42

Total

90,52,680

100.00

85,64,440

100.00

VIGIL MECHANISM FOR THE DIRECTORS AND EMPLOYEES

In compliance with the provisions of Section 177(9) of the Companies Act, 2013 the Board of Directors of the Company has framed the "Whistle Blower Policy" as the vigil mechanism for directors and employees of the Company. The Whistle Blower Policy covering all employees and Directors is hosted on the Company's website at www.mangalamorganics.com.

COST AUDITORS

Pursuant to the Provisions of Section 148 of the Companies Act, 2013 read with notifications / circulars issued by the Ministry of Corporate Affairs from time to time and as per the recommendation of the Audit Committee, the Board of Director at their meeting held on 6thMay, 2017, appointed M/s. NKJ & Associates (Mr. Naresh Jethwani) Cost Accountants as the Cost Auditors of the Company for FY 2017-2018. The Cost Audit Report for FY 2017-2018 will be filed within the period stipulated under the Companies Act, 2013.

In respect of FY 2018-2019, the Board based on the recommendation of the Audit Committee has approved the appointment of M/s. NKJ & Associates (Mr. Naresh Jethwani, Cost Accountant) as the Cost Auditors of the Company. A resolution for ratification of the remuneration to be paid for such appointment is included in the notice of the ensuing Annual General Meeting.

STATUTORY AUDITORS APPOINTMENT:

Pursuant to the Provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 as amended M/s. NGST & Associates Chartered Accountants (Firm Registration No. 135159W), the Statutory Auditors of the Company, were appointed as Statutory Auditors of the Company till the conclusion of 39th Annual General Meeting of the Company. The Directors recommended that M/s. NGST & Associates, Chartered Accountants (Firm Registration No. 135159W), be ratified as the Statutory Auditors of the Company at the forth coming Annual General Meeting of the Company to

hold office till the conclusion of the next Annual General Meeting of the Company. The Company has received a certificate from the said Auditors that they are eligible to hold office as the Auditors of the Company and are not disqualified for being so appointed.

The observation and comments given in the Auditors report read together with the notes to the accounts are self explanatory and hence do not call for any further information and explanation under Section 134(3) of the Companies Act, 2013.

INTERNAL FINANCIAL CONTROLS:

The Internal Financial controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Auditors on the inefficiency or inadequacy of such controls.

INTERNAL CONTROL SYSTEMS :

Adequate internal control systems commensurate with the nature of the Company's business and size and complexity of its operations are in place and have been operating satisfactorily. Internal control system comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of women at the work place (Prevention, Prohibition and Redressal ) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.

All employees (Permanent, contractual, temporary, trainees) are covered under this policy. The following is a summary of sexual harassment complaints, received regarding sexual harassment.

- No of complaints received : Nil

- No of complaints disposed off : Nil EXTRACT OF THE ANNUAL RETURN

In accordance with Section 134(3) (a) of the Companies Act, 2013 an extract of the Annual Return as of 31STMarch, 2018 made under the provisions of Section 92(3) of the Act is enclosed as "Annexure B" which forms part of this report.

PARTICULARS OF EMPLOYEES

The Disclosure as required under Section 197 of the Companies Act, 2013 and under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 is available for inspection to the members at the registered office of the Company on any working days between 10.00 a.m. to 12.00 noon upto the date of the Annual General Meeting i.e. 29thSeptember, 2018. Information relating to remuneration of Directors under Section 197 read with Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rule 2014 has been given in the Corporate Governance Report.

SECRETARIAL AUDITORS

As required under Provisions of Section 204 of the Companies Act, 2013, the report in respect of the Secretarial Audit carried out by Mr. Yogesh Sharma, the Practicing Company Secretary (COP 12366) in Form MR-3 for the FY 2017-2018 forms part of this report as Annexure D". The said report does not contain any adverse observation or qualification or modified opinion requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

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

As required under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 the particulars relating to conservation of Energy, technology absorption and foreign exchange earnings and outgo are given in Annexure "A" hereto and forms part of this report.

FAMILARISATION PROGRAMME:

The Company's policy on programme and measures to familiarize Independent Directors about the Company and its business updates, development includes various measures viz., issue of appointment letters containing terms, duties etc., management information reports, presentation and other programs as may be appropriate from time to time. The policy and programme aims to provide insights into the Company to enable Independent Directors to understand the business, functionaries, business model and other matters. The said policy and details in this respect is displayed on the Company's website.

EMPLOYEES

The relation between the Company and its employees continue to be cordial. There were no employees during the year drawing remuneration more than prescribed ceiling under section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.

CORPORATE GOVERNANCE REPORT

The Company has complied with the Corporate Governance requirements under the Act and as stipulated under the Listing Regulations. A report on the Corporate Governance along with the certificate from the statutory auditors is separately given in the annual report.

SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION

The Company is conscious of the importance to environmental friendly and safe operations. The Company's policy requires conduct of operations in such a manner so as to ensure safety of all concerned, compliance of

environmental regulations and preservation of natural resources. All plants of the Company are fully complied with the laws, regulations and requirements stipulated by the concerned pollution Control Board.

LISTING

The equity shares of the Company are presently listed with The BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. The Company is regular in payment of listing fees.

GENERAL DISCLOSURE:

Your Directors state that the Company has made disclosures in this report for the items prescribed in Section 134(3) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 to the extent the transactions took place on those items during the year.

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

ACKNOWLEDGEMENT

The Board of Directors express appreciation for the sincere co-operation and assistance of Government Authorities, Bankers, Customers, Suppliers, Business Associates and the efforts put in by all the employees of the Company. The Board of Directors expresses their gratitude to all our valued shareholders for their confidence and continued support to the Company.

For and on behalf of the Board of Directors

Sd/-

Kamalkumar Dujodwala

Chairman

Place: Mumbai

Date: 19th May, 2018