Allcargo Logistics Ltd

BSE: 532749 | NSE: ALLCARGO | ISIN: INE418H01029 
Market Cap: [Rs.Cr.] 4,143.19 | Face Value: [Rs.] 2
Industry: Miscellaneous

Director's Report


The Members of

Allcargo Logistics Limited

Your Directors take pleasure in presenting the Twenty First Annual Report of theCompany, both on Standalone and Consolidated basis, together with Audited Statement ofAccounts for the year ended March 31, 2014.


Your Company's performance during the year under review is summarized below:


For the Year Ended

Standalone Results

Consolidated Results

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013
Sales & Other Income 102,204 108,235 489,593 399,245
Profit Before Interest, Depreciation / Amortization and Taxes 23,371 27,171 42,781 42,234
Interest 2,863 2,667 5,632 4,144
Depreciation & other amortisation 13,475 11,676 17,546 14,735
Profit Before Tax 7,033 12,828 19,603 23,354
Provision For Tax 1,421 1,273 4,159 5,121
Profit After Tax 5,612 11,555 15,444 18,233
Profit attributable to Minority Interest - - (511) (1,294)
Share of Profit of Associates - - - 35
Profit brought forward from previous year 54,322 46,219 81,422 67,456
Amount available for Appropriations 59,886 57,774 96,409 84,881
Proposed Dividend 1,891 1,883 1,891 1,882
Tax on Dividend 321 320 321 320
Transfer to General Reserve 561 1,156 561 1,156
Transfer to Tonnage Tax Reserve - - 18 -
Transfer to Capital Redemption Reserve - 83 - 101
Profit carried to Balance Sheet 57,113 54,332 93,615 81,422


The year under review was very challenging for your Company as macroeconomicenvironment continued to remain unstable and volatile and slow down of the Indian as wellas global economy affected the trade flows. These uncontrollable factors have impactedperformance of your Company under review. However your Company continued to remain focusedon its strategic goals and in order to further strengthen the LCS and FCL businessglobally, your Company has made two major acquisitions outside India viz. 100% stake in USbased Econocaribe Consolidators and 75% stake in Netherland based FCL Marine Agencies.

Econocaribe Consolidatores, established in 1968, is a leading Less then Container Load(LCL) consolidator (NVOCC) in the United States. With its headquarters in Miami, Florida,Econocaribe Consolidators has 9 offices in the United States and 22 receiving terminalsthroughout the United States and Canada, as well as partners across the world. EconocaribeConsolidators specializes in freight consolidation and Full Container Load (FCL) servicesto Latin America, the Caribbean, Europe, the Mediterranean, the Middle East, Africa andAsia. They also offer import LCL/FCL transportation services from around the world intothe United States and Puerto Rico. Ecu Line offices had been working since last 6 years inthe United States, engaging Econocaribe Consolidators as its agent. This acquisition nowenables Ecu Line to complete its service offerings, both in terms of global capabilitiesand coverage. The acquisition also increases Ecu Line's foot hold in the US market, whichwill facilitate growth into and out of US market and rest of the world being the largesteconomy in the world.

FCL Marine Agencies Rotterdam is a leading neutral NVO service provider in FCL segment,operating in Europe, USA and Canada. With Ecu-Line's global leadership as a neutral LCLprovider with network across 90 countries and 200 own offices globally, its acquisition ofFCL Marine Agencies Rotterdam, is a step forward to consolidate its global leadership andcater to its customer's request for a neutral Full Container Load (FCL) service throughits global network and benchmark services. Taking into consideration the evolving globalrequirements of customers, Ecu-Line has taken this step to provide them with world classFCL services.

Both these acquisitions have been successfully integrated with the Company. Inaddition, your Company has continued to put in serious efforts to strengthen itscustomer-centric approach and its ability to innovate customer specific solutions to focuson pricing and aggressive marketing strategy and to undertake disciplined projectexecutions, coupled with prudent financial and human resources management and bettercontrol over costs. The Government has also recently taken a number of measures to fasttrack infrastructure and industrial growth. It is expected that the years ahead wouldbring new opportunities in the key business areas that your Company is focused on.

Consolidated Performance:

Your Company has earned total revenue of Rs 489,593 Lakhs and earned a net profit afterminority interest of Rs 14,933 Lakhs as compared to revenue of Rs 399,245 Lakhs and netprofit after minority interest of Rs 16,974 Lakhs in preceding financial year,representing growth of 23% in total revenue & drop of 12% in net profit. The growth inrevenue is mainly on account of increase in volume which includes the two acquisition madeduring the year under review. Drop in net profit was mainly attributable to increasedfinance cost and one time write off of goodwill arising out of the merger of MHTCLogistics Pvt.Ltd. with the Company. Earning before interest, tax and depreciation(EBITDA) is Rs 42,781 Lakhs as compared to Rs 42,234 Lakhs in preceding financial year,representing marginal growth of 1%.

Stand-alone Performance:

Your Company has earned total revenue of Rs 102,204 Lakhs and earned a net profit of Rs5,612 Lakhs as compared to revenue of Rs 108,235 Lakhs and net profit of Rs 11,555 Lakhsin the preceding financial year, representing drop of 6% in total revenue & drop of51% in net profit. The drop in net profit was mainly attributable to the one time writeoff arising out of the merger of MHTC Logistics Pvt.Ltd. with the Company and increase infinance cost. Earnings before interest, tax and depreciation (EBITDA) is Rs 23,371 Lakhsas compared to Rs 27,171 Lakhs in preceding financial year, representing drop of 14%. Thedrop in EBITDA is mainly on account of increase in finance cost.

The company is now coming back on a strong growth path having exited the year with aone billion dollar turnover rate and its efforts to improve efficiency, productivity andprofitability will improve overall returns. For detailed segment wise performance, membersare requested to refer to the Management Discussion and Analysis Report annexed to thisreport.


Considering the performance of the Company during the year under review, your Directorsare pleased to recommend a dividend @ 75% i.e. Rs 1.50 per equity share of Rs 2 each.

The Dividend, if approved by the members at the ensuing Annual General Meeting, willabsorb a sum of 2,212 Lakhs including dividend distribution tax.


The operating performance of various subsidiaries were also affected since themacroeconomic environment remain unstable and volatile but nevertheless the subsidiariesput their best efforts to sustain such turbulent times and achieved sustainable growthduring the year under review.

Considering the Group's policy on gaining 100% control over the affairs of subsidiarycompanies across the globe, your Company has acquired / increased its stake in followingindirect subsidiary companies, during the year under review.

i. Acquired balance 40% stake in Ecu Line Australia Pty Ltd as a result Ecu LineAustralia Pty Ltd has become 100% subsidiary of Ecuhold NV;

ii. Acquired balance 40% stake in Ecu Line New Zealand Ltd as a result Ecu Line NewZealand Ltd has become 100% subsidiary of Ecuhold NV;

iii. Increased stake to 90% by acquiring 10% stake in Translogistik InternationaleSpedition GmbH, Germany;

iv. Acquired 75% stake in FCL Marine Agencies BV, Netherland;

v. Acquired balance 30% stake in Ecu-Line Peru SA and Flamingo Line del Peru SA and asa result Ecu-Line Peru SA and Flamingo Line del Peru SA have become 100% subsidiary ofEcuhold NV;

vi. Acquired balance 49% stake in Ecu-Line Switzerland GmbH as a result Ecu-LineSwitzerland GmbH has become 100% subsidiary of Ecuhold NV;

vii. Increased stake to 82% by acquiring 19% stake in SHE Maritime Services Ltd.;

viii. Acquired 100% stake in Econocaribe Consolidators, Inc., Econoline Storage Corp.and ECI Customs Brokerage through Prism Global, LLC, the wholly owned subsidiary ofEcuhold NV;

During the year under review, your Company has divested its stake in the followingjoint venture companies, as they are no longer relevant to its requirements .

i. Divested stake held in Transworld Logistics & Shipping Services LLC, a jointventure company;

ii. Divested stake held in Sealand Warehousing Pvt.Ltd. and Gujarat Integrated MaritimeComplex Pvt.Ltd.

The stand-alone audited financial statements of all subsidiaries operating in India andOverseas are not attached to this report in view of the general exemption granted underSection 212 of the Companies Act, 1956 by the Ministry of Corporate Affairs, Government ofIndia vide its Circular No.51/12/2007- CL-III dated February 8, 2011 and February 21,2011. The statement pursuant to Section 212 of the Companies Act, 1956 relating to thesubsidiary companies along with a statement of financial highlights of subsidiariesoperations providing relevant details are attached and form part of this Annual Report.

The Company will make available the Annual Accounts of the subsidiary companies andrelated information to any member of the Company and its subsidiaries who may beinterested in obtaining the same. The annual accounts of the subsidiary companies willalso be kept open for inspection by any investor at the registered office of the Companyand its subsidiary companies.


As required under the Listing Agreement with the Stock Exchanges, the attachedConsolidated Financial Statements of the Company and all its subsidiaries have beenprepared in accordance with the Accounting Standard AS-21 -Consolidated FinancialStatements read with Accounting Standard AS 23-Accounting for Investment in Associates andAccounting Standard AS 27-Financial Reporting of interest in joint Ventures, whichincludes financial results of its subsidiaries, joint ventures and associate companies andforms part of this Annual Report.


Disclosures pursuant to Clause 12 of the SEBI (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines, 1999, relating to the Company's ESOP Scheme ason March 31, 2014 are set out in Annexure II annexed to this report. The ESOP Scheme had avalidity period of 7 years from the date of its formation and accordingly has expired onJanuary 11, 2013.

A certificate from the Statutory Auditors of the Company M/s. B S R & Co. LLP,Chartered Accountants, Mumbai and M/s Appan & Lokhandwala Associates, CharteredAccountants, Mumbai, with respect to the implementation of Company's ESOP Scheme, will beplaced before the Members at the ensuing Annual General Meeting and a copy of the sameshall be available for inspection at the Registered Office of the Company on all workingdays, except Saturday and Sunday, between 11.00 a.m. to 2.00 p.m., upto the date of AnnualGeneral Meeting.


The Scheme of Arrangement between the Company, MHTC Logistics Pvt. Ltd., and theirrespective shareholders and creditors made u/s 391 to 394 of the Companies Act, 1956 readwith section 78, 100 to 103 of the Companies Act, 1956, for amalgamation of MHTC LogisticsPvt.Ltd., the wholly owned subsidiary of the Company, with the Company was sanctioned bythe Hon'ble Bombay High Court vide order dated December 6, 2013. Pursuant to the saidCourt order, MHTC Logistics Pvt.Ltd. the wholly owned subsidiary of the Company, has beenamalgamated with the Company with effect from April 1, 2012 ("The AppointedDate"). The authenticated copies of the Court order along with the Scheme have beenfiled with the Registrar of Companies, Mumbai, Maharashtra by the Company and MHTCLogistics Pvt.Ltd. on January 24, 2014 and accordingly the Scheme has become effectivefrom that date. Accordingly, the financial statements of MHTC Logistics Pvt. Ltd. for theyear ended March 31, 2014, have been considered in the financial statements of theCompany.

The Company has carried out the accounting treatment prescribed in the Scheme asapproved by the Hon'ble Bombay High Court. The required disclosures for accounting ofScheme as per the "Pooling of Interest Method" as given under AccountingStandard 14 (AS 14) "Accounting for Amalgamations" as prescribed under theCompanies (Accounting Standards) Rules 2006 have been provided. Accordingly in accordancewith the approved Scheme:

a) Gh e Company has taken over all the assets aggregating to Rs 3,540 Lakhs andliabilities aggregating to Rs 2,081 Lakhs at their respective book values. As per theScheme the identity of reserves of MHTC is required to be maintained by the Company as onthe Appointed Date aggregating to Rs 1,438 Lakhs. On cancellation of investments made bythe Company in MHTC against the share capital and the net assets of MHTC taken over as onthe Appointed Date there was a deficit of Rs 3,410 Lakhs which has been debited to the"Goodwill Account" of the Company.

b) The Goodwill has been amortized fully during the financial year 2013-14.

c) G ri or to the Appointed Date, MHTC was holding 373,491 equity shares of theCompany. As a consequence of and as per the approved Scheme of Arrangement the aforesaidinvestment of MHTC in the Company has been cancelled and accordingly the share capital ofthe Company stands reduced by Rs 7 Lakhs and the Securities Premium Account of the Companystands reduced by Rs 635 Lakhs.

d) I n terms of the Scheme, the Appointed Date of the amalgamation being April 01,2012, the net loss of the MHTC during the financial year 2012-13 aggregating to Rs 88Lakhs has been transferred, to the extent not accounted already, to the surplus in theStatement of Profit and Loss in the books of the Company upon amalgamation.

e) N o further consideration is payable or receivable on implementation of the Schemeas it involves amalgamation of a wholly owned Subsidiary with the Company.


Pursuant to the Scheme of Arrangement between the Company, MHTC Logistics Pvt. Ltd.,and their respective shareholders and creditors made u/s 391 to 394 of the Companies Act,1956 read with section 78, 100 to 103 of the Companies Act, 1956, becoming effective,equity shares held by MHTC Logistics Pvt.Ltd. in the Company has been cancelled andaccordingly the issued, subscribed and paid up share capital of the Company stands reducedfrom Rs 252,842,506 divided into 126,421,253 equity shares of Rs 2 each fully paid to Rs252,095,524 divided into 126,047,762 equity shares of Rs 2 each fully paid.

The Equity Shares of the Company are listed and traded in compulsory dematerializedform on the BSE Limited and the National Stock Exchange of India Limited. Your Company haspaid the Annual Listing fees and Annual Custody fees to the Stock Exchanges andDepositories up-to-date.


The year under review was very special for your Company as it has received many awardsand recognitions for the significant contribution made by your Company in development andgrowth of the logistic industry.

• Gl l cargo Logistics was awarded as the 'LCL Consolidator of the Year inNorthern India' at North India Multimodal Logistics Awards, 2014;

• Gl l cargo's NVOCC division was conferred with 'LCL Consolidator of theYear' award, at the 5th edition of the South East Cargo & Logistics Awards2013;

• Gl l cargo's NVOCC division was awarded 'LCL Consolidator of the Year' atCargo & Logistics Awards 2014;

• Gl l cargo Logistics was awarded the 'Best CFS Operations' byIndian Chamber of Commerce (ICC) at the ICC Supply Chain and Logistics Excellence Awards2014;

• Gl l cargo's CFS at JNPT Transindia Logistics Park' was awarded with 'ContainerFreight Station Operator of the Year'

at the Maritime and Logistics Awards (MALA) 2013;

• Gl l cargo's IT & CFS teams were honoured with the 'EDGE (EnterpriseDriving Growth & Excellence through IT) Award' by Information Week for theRFID Project implementation at CFS locations;

• Gl l cargo's equipment division was awarded 'Best Service Provider' byD P World consecutively for the 2nd time;

• Gl l cargo's Project and Engineering division was awarded with 'Heavy LiftMover of the Year' at the Maritime and Logistics Awards (MALA) 2013;

Gn dia's leading investment journal Dalal Street in its 'Elite 100'list of top 100 companies across India, ranked Allcargo Logistics at #91;

Gn the listing of 'The Economic Times - India's Biggest 500Companies', Allcargo Logistics was listed at #221 amongst the top 500 biggestcompanies across India. Last year Allcargo was ranked at #226;

• G usinessworld in its 'The BW Real 500' listing ranked Allcargo216th among India's Top 500 Non-Financial companies and also ranked Allcargo 9 amongcompanies with most number of subsidiaries;

• Gvvashya house, the corporate headquarters of Allcargo, received LeedIndia for Core & Shell Silver Rating' from Indian Green Building Council forachieving Green Building Standards;

• A llcargo's Corporate Social Responsibility (CSR) initiatives under the AvashyaFoundation was conferred with 'Corporate Social Responsibility' at theMaritime and Logistics Awards (MALA) 2013;

• Gl l cargo's Executive Chairman Mr. Shashi Kiran Shetty was conferred with 'BusinessLeader & Visionary of the Year' award at the Maritime and Logistics Awards(MALA) 2013;

• G aharashtra Chambers of Commerce Industry & Agriculture (MACCIA) and IBNLokmat, conferred Mr. Shashi Kiran Shetty with 'Excellence in the Logistics,Transport and Hospitality' Award';

• G usiness World in its nationwide survey ranking 'India's Most ValueableCEOs' ranked Mr. Shashi Kiran Shetty at 61 position amongst the top performers inthe country.

• G r. Shashi Kiran Shetty was conferred with 'Business Leader of the Year' byCHEMTECH Foundation at the 'Leadership Excellence Award 2014;

• Ms. Shantha Martin, CEO - ISC, Middle East, Africa (S&E) was conferred 'CEOof the Year' award at the International Women's Leadership Forum's Women'sLeadership & Innovation Awards, 2014;.

Your Company believes that winning of such recognitions was due to the hard work,passion and spirit of team work of the employees and thoughtful leaders, whose novelthinking and innovative approach have led them to attain excellence in their field. Theseawards are a testimony to the commitment to the stakeholders of the Company and seamlessintegrated logistics solutions.


In accordance with the provisions of the Companies Act, 2013 and that of Articles ofAssociation of the Company, Mr. Kaiwan Kalyaniwalla and Mr. Umesh Shetty, Directors of theCompany, retire by rotation at this Annual General Meeting. Being eligible, they offerthemselves for re-appointment. The Board recommends their re-appointment.

In accordance with the provision of the erstwhile provisions of the Companies Act, 1956and that of Articles of Association of the Company, Mr. Keki Elavia and Mr. Hari Mundra,Non-Executive Independent Directors, retire at the ensuing Annual General Meeting. TheCompany has received notices in writing from members proposing Mr. Keki Elavia and Mr.Hari Mundra for appointment as Independent Directors of the Company for a fixed term of 5years upto March 31, 2019. The Board recommends their appointment at the ensuing AnnualGeneral Meeting.

Mr. Mohinder Pal Bansal and Prof. Jayaraman Ramachandran were appointed asNon-Executive Independent Directors of the Company liable to retire by rotation inaccordance with the provision of the erstwhile provisions of the Companies Act, 1956. TheCompany has received notices in writing from members proposing Mr. Mohinder Pal Bansal andProf. Jayaraman Ramachandran for appointment as Independent Directors of the Company for afixed term of five years upto March 31, 2019. The Board recommends their appointment atthe ensuing Annual General Meeting.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed both undersub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of theListing Agreement with the Stock Exchanges.

Brief resume of directors seeking appointment and re-appointment as required in termsof Clause 49 of the Listing Agreement with the Stock Exchanges, are included in theCorporate Governance Report annexed to this Annual Report.


M/s B S R & Co.LLP, Chartered Accountants, Mumbai (ICAI Registration No. 101248W),and M/s. Appan & Lokhandwala Associates, Chartered Accountants, Mumbai, (ICAIRegistration No. 117040W) the Statutory Auditors of the Company, retire at the conclusionof this Annual General Meeting. M/s B S R & Co.LLP and M/s Appan & LokhandwalaAssociates, being eligible, have expressed their willingness for re-appointment at theensuing Annual General Meeting,

The Company has received letters from M/s B S R & Co.LLP and M/s Appan &Lokhandwala Associates, to the effect that their appointment, if made, would be within theprescribed limits under section 141(3)(g) of the Companies Act, 2013. The Audit Committeeand Board of Directors recommend re-appointment of M/s B S R & Co.LLP and M/s Appan& Lokhandwala Associates, as Statutory Auditors of the Company to hold office from theconclusion of the ensuing Annual General Meeting till the conclusion of the next AnnualGeneral Meeting and to fix their remuneration.

The Notes on Financial Statements referred to in the Auditors' Report are selfexplanatory and do not call for any further comments.


The Company has an adequate internal audit system implemented by an in-house departmentand supported by independent Chartered Accountant firms to carry out audit of variousbranches and functions of the Company and its subsidiaries.

Systems, procedures and processes are being upgraded / implemented to furtherstrengthen the existing internal control measures, procedures and processes to increaseoperational efficiencies and to safeguard the Company from any fraud, misrepresentationand non-compliance with statutory requirements.


During the year under review, your Company has not accepted any deposits within themeaning of Section 58A and Section 58AA of the Companies Act, 1956 and rules madethereunder.


Your Company continues to have highest domestic credit rating for its long term andshort term credit facilities obtained from various Banks. CRISIL has re-affirmedAA-/Stable for its long term debt and A1+ for its short term debt. The rating denotes highdegree of safety regarding timely servicing of financial obligation.


Your Company believes in safety and health enrichment of its employees and committed toprovide a healthy and safe workplace for all its employees at each work location.Successfully managing Health & Safety risks is an essential component of our businessstrategy. The Company has identified Health & Safety risk arising from its activitiesand has put proper systems, processes and controls mechanism to mitigate them.

The Company has been taking various safety and welfare measures to protect itsemployees, equipments and other assets from any possible loss and / or damages. Toimplement such safety and welfare measures, the Company has formulated various policiessuch as Drug & Alcohol Policy, Occupational Health Policy, Driver & Vehicle SafetyPolicy, Mobile Telephone Policy, Smoking Policy etc.

The Equipment Hire Division is OHSAS compliant and a member of the globally recognizedLifting Equipment Engineers Association (LEEA, UK) and ISO certified. All Custom FreightStation (CFS) / Inland Container Depot (ICD) are certified for Occupational Health &Safety Management Systems (OHSAS)

The following safety measures are being taken at various locations:

• Fire & Safety drills are conducted for all employees and Security personnel.

• All Fire hydrants are monitored strictly, as the preparedness for fireemergency.

• All equipments are tested periodically to verify its safe load workingcondition. Fitness certificates are issued based on the compliance of the safety norms.

• A afety Awareness Campaign, Safety week, Environment day are being held /celebrated at each location to improve the awareness of employee.

• Aegular training/skills to staff, and contractors, to inculcate importance ofsafety among them.

• A re ated checks and awareness among drivers about negatives of alcohol and drugconsumptions and impact of families.

• Ac cident porn routes identified and supervisors allocated have control over thevehicle movement.

• A H SAS audits and Fire & Safety audits are conducted by competent agenciesat regular intervals.

• Ao rtnightly visit by Doctors to office for medical counseling to employees.

• A azMat training is provided to all CFS employees.

• Terrorist Threat Awareness Training is provided to CFS employees

• Medical Health check-up of all employees are conduced at regular intervals

• A CTV & Safety alarms are installed at each locations

• All equipments are mandatory ensured with PUC.

• Each equipment is put through comprehensive Quality Audit & Testing toensure strong compliance to Maintenance, Safety and Reliability aspects as perspecifications by various OEMs.

• A re en initiatives are taken at various locations to protect the environment.


Your Company has committed itself to making a difference in the lives ofunderprivileged and economically challenged citizens of our country. Allcargo's CorporateSocial Responsibility (CSR) initiatives, through 'Avashya Foundation' a non profitorganization and in collaboration with various NGOs across India, believes in nurturinginclusive development with a human touch. Your Company's CSR activities focus is to takeeach initiative beyond philanthropy and promote people centric inclusive development withthe active participation of the community at all levels. Allcargo's CSR initiatives aim tosupport:

Natural Disaster Relief by providing immediate and life essential supply of water,food and medicine to regions of India effected by natural disasters such as drought,flood, earthquakes, and other calamities.

Health Care by providing critical medical assistance for curative and preventivehealth care. Essential and life saving medicines and medical treatment are being madeavailable to all underprivileged and economically challenged section of the society acrossrural and urban regions of India.

Education for children and adults across the underprivileged and economicallychallenged sections of the rural as well as urban society. Created a platform forfinancial assistance, student's scholarships & adoption programs, parents awarenesscampaigns and education support infrastructure.

Women Empowerment by providing a platform for all women across the varied sectionsof the society for making a better living through education, skills development andemployment programs, to support themselves and their families.

Environmental Sustainability by focusing on creating awareness towards sustainableenvironmental practices in terms of infrastructure development, alternative energy,conservation of resources and training people to be more conscious, responsible andaccountable to the environment.

As required under the Companies Act, 2013, your Board has constituted the CorporateSocial Responsibility (CSR) Committee. The said Committee has been entrusted with theresponsibility of formulating and recommending to the Board, a Corporate SocialResponsibility Policy (CSR Policy) indicating the activities to be undertaken by theCompany, monitoring the implementation of the framework of the CSR Policy and recommendingthe amount to be spent on CSR activities.

For more details on CSR activities of the Company, members are requested to read theCorporate Social Responsibility Section of this Annual Report.


Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Shashi Kiran Shetty , Chairman & Managing Director

Adarsh Hegde , Director

Keki Elavia , Director

M P Bansal , Director

Company Head Office / Quarters:

6th Floor Avashya House,
CST Road Kalina Santacruz (E),
Phone : Maharashtra-91-22-66798100/26675830 / Maharashtra-
Fax : Maharashtra-91-22-66798195 / Maharashtra-
E-mail :
Web :


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