The Directors of Arman Financial Services Ltd ("Arman", "Company")and its wholly-owned subsidiary, Namra Finance Limited ("Namra","Subsidiary") are pleased to present the Management Discussion & Analysis("MD&A") Report for the Year Ended 31st March, 2014. As far as growth andprofits, Arman had another record year in all aspects of financial performance likeProfit, Income, Assets Size, Disbursements, etc. We would also like to take theopportunity to inform you about Namra Finance Limited, a wholly-owned subsidiary of Arman,which was formed to demerge and exclusively conduct business in Microfinance last year. Wetake great pride to note that Namra was the first Company in India to be granted theNBFC-MFI License, a testament to our systems, processes, transparency, governance,management, and good standing with the RBI; qualities that we strive to maintain. We arealso pleased to inform you that the demerger was successfully completed during FY 13-14.We have continued to invest into our systems, network, and servicing capabilities, whichcombined with our strong capital base, position us well for future growth
It is prudent to draw attention to the reader that the MD&A may make references tobusiness projections or expectations. Any forward-looking statement made by the Company,are based on our current expectations and assumptions regarding our business, the economy,and other future conditions. Because forward-looking statement relate to the future, theyare subject to inherent uncertainties, risks, and changes in circumstances that aredifficult to predict. Out actual results may differ materially from those contemplated bythe forward-looking statements. We caution you, therefore, against relying on any of theseforward looking statements. They are neither statements of historical fact nor guaranteesor assurances of future performance. There are no limitations to the factors that couldcause the actual results to vary materially from those in any of the projections orforward-looking statements.
About Arman Group
Arman Financial Services Ltd. is a category 'A' Non-Banking Finance Company (NBFC)listed and traded on the Bombay Stock Exchange (BSE). Arman also operates a wholly-ownedsubsidiary, Namra Finance Ltd, exclusively for its Microfinance operations. We operatemostly in unorganized and underserviced segment of the economy and mostly serve nichemarkets. Long before 'financial inclusion' became a mainstream phrase, the vast majorityof our customers have been Indians on the bottom of the pyramid. We understood theiraspirations and supported them in their hour of need.
We do this by developing a business model characterized by very close customerinteraction and relationships and a deep understanding of customer needs. If we at Armanwere to pick one distinctive criterion that separates us from a Bank and other NBFCs, isthe last mile credit delivery system. We serve areas and clients where it is simply notpossible for banks to provide financial services under the current market scenario. We atArman have been able to bring in higher operating efficiencies within the system based onthe understanding and strength of our superior knowledge of local markets, and ourefficient, proactive, and conservative origination systems.
The Arman Group operates in two major business segments 1. Two-wheeler andthree-wheeler financing under Arman Financial Services Ltd., and 2. JLG Microfinance underArman's wholly-owned subsidiary, Namra Finance Ltd. The portfolio between the twoverticals is divided almost equally. This allows us to operate a well-diversified company.
At the end of the fiscal year, we operated out of 33 branches spread throughoutGujarat. With both of our business segments, Arman is strategically placed to cater torising rural demand. Rural India's share in overall GDP is around 50%. Within this, nearly40% of rural income arises from agriculture. As a result, high food prices imply aconsiderable rise in rural income. The immediate result of rising food prices is thetransfer of wealth from urban to rural India. In addition, the greater thrust of thegovernment towards rural India has been a boon to the rural economy and resulted insignificant higher disposable incomes for the rural population, and many are now in aposition to pursue entrepreneurial endeavours, boost their income generating activities,or to purchase a two-wheeler vehicles.
Due to our extensive distribution networks in semi-urban and rural areas, we expectNBFCs such as ours to be the key beneficiary of the rise in rural incomes, as a result ofhigher food prices and efforts to improve agricultural productivity. We are strategicallypoised, with over 2 decades of experience in the rural financing market, and havedeveloped a sound business model for this niche. This model is difficult for otherfinanciers (banks in particular) to replicate. We have also built up robust branchnetworks over the years and are especially strong in under-banked credit-starvedrural/semi-urban areas.
We have a strong bargaining power and brand name in niche rural markets. We mainlycompete with Banks, NBFCs, and money lenders. We have an advantage over such players owingto our diversified operations across Gujarat, strong parentage and brand (hence, a trustedname among borrowers), expertise gained over the years, and lower cost of funds due tolong relations with banks. We also suit rural customers, as alternative sources of fundsare unattractive (exorbitant interest charged by money-lenders, and lack of trust fornewer small NBFCs due to their poor track record and lack of vintage). In addition, wehave an edge over banks due to less stringent lending norms and less paper work; a lot ofour customers are not -comfortable by banks and their procedures. We have designed hasslefree underwriting procedures aimed at serving rural, often illiterate clientele. Our staffis heavily trained to make the process quick, simple, hassle free, and illiteratefriendly.
The demerger of Arman's Microfinance operations into Namra was successfully completedis the last fiscal year. Arman remained the holding company of Namra and also remaincommitted to its two-wheeler and three-wheeler segment, while Namra will exclusively beinvolved in JLG Microfinancing.
According to the World Economic Outlook (WEO) Report published by the InternationalMonetary Fund (IMF) in April 2014,Global activity has broadly strengthened during theprevious year and is expected to improve further in 2014-15, with much of the impetus forgrowth coming from advanced economies. The global economy grew by 3% in calendar year2013, supported by encouraging performance of the US economy. However, global growth wasweighed down by modest growth in the Euro Zone, Japan and Emerging Market and DevelopingEconomies.
Although downside risks have diminished overall, lower-than-expected inflation posesrisks for advanced economies, there is increased financial volatility in emerging marketeconomies, and increases in the cost of capital will likely dampen investment and weigh ongrowth. Emerging market economy policymakers must adopt measures to changing fundamentals,facilitate external adjustment, further monetary policy tightening, and carry outstructural reforms.
The report analyzes the causes of worldwide decreases in real interest rates since the1980s and concludes that global rates can be expected to rise in the medium term, but onlymoderately. A new pattern is emerging in the performance of global economies. Between 2009and 2012, the emerging market and developing economies had been spearheading globalrecovery as the advanced economies lurched from one crisis to another. Now the scenario ischanging, with the advanced world, led by the US, contributing around 20% of globaleconomic growth.
China's growth is expected to be around 7.5% in 2014, as the political leadership isensuring a gradual transition to a more sustainable growth path. Such a situation willpave the way for a period of more balanced global growth.
With India having unequivocally voted for political stability and better governance,the country's around 2-trillion dollar economy is also likely to pick up pace andcontribute significantly towards global recovery, but growth will be gradual. IMFestimates India's growth to be 5.4% and 6.4% in 2014 and 2015, respectively; up from 4.4%in 2013.
The Indian economy's growth rates were the envy of the world a few years ago. However,in the past few years due to lacklustre global growth and continuous policy paralysis bythe government, India's development has been stunted.
In the middle of 2013-14, there was indication that the US Federal Reserve waswithdrawing its Qualitative Easing programme. This led to a capital flight and asignificant decline in the value of the Rupee. India's grown lost a lot of ground and withhigh inflation, it made matters worse.
There as a signification fall in the infrastructure and corporate investments, andadverse effect on the asset quality of banks and other financial institutions. As expectedin a weak external environment, job prospects fell and with it, so did consumer confidenceand demand. This had a direct impact in the sale of different categories of vehicles.
On the positive spectrum, a good monsoon in 2013 alleviated some of the difficultiesand helped agriculture to recover, with record production in rice, wheat, pulses, oilseedand cotton. Both current account and foreign trade deficits narrowed significantly in thesecond half of fiscal 2014. Additionally, policy measures in the middle of the year helpedsomewhat reduce external vulnerabilities.
India requires further tightening of the monetary stance for a durable reduction ininflation andinflation expectations. Continued fiscal consolidation would be essential tolower macroeconomic imbalances. Policymakers must also concentrate on structural reformsto support investment, which has slowed markedly. Priorities for the new governmentinclude market-based pricing of natural resources to boost investment, addressing delaysin the implementation of infrastructure projects, improving policy frameworks in the powerand mining sectors, reforming the extensive network of subsidies, and securing passage ofthe new goods and services tax to underpin medium term fiscal consolidation.
For the past several years, NBFCs have rapidly emerged as an important segment of theIndian Financial System. The sector is now being recognized as complementary to thebanking sector due to the implementation of innovative marketing strategies, introductionof tailor made products, customer-oriented services, attractive rates of return ondeposits and simplified procedures. If fact, NBFCs have emerged as a powerful force forfinancial inclusion in India, serving the bottom of the pyramid rural clients.
NBFCs are characterized by their ability to provide niche financial services in theIndian economy. Because of their relative organizational flexibility leading to a betterresponse mechanism, they are often able to provide tailor-made services relatively fasterthan banks. This enables them to build up a clientele that ranges from small borrowers toestablished corporates. NBFCs have often been leaders in financial innovations, which arecapable of enhancing the functional efficiency of the financial system.
RBI's report titled "Report on trends on progress of banking in India"observes: "Non-Banking Financial Institutions (NBFIs) are playing pivotal role inbroadening access to financial services, enhancing competition and diversification of thefinancial sector. They are increasingly being recognised as complementary to the bankingsystem capable of absorbing shocks and spreading risk mitigation at the times of financialdistress", further "NBFCs perform a diversified range of functions and offervarious financial services to individual, corporate and institutional clients. They havebeen helping to bridge the credit gaps in several sectors where the institutions likebanks are unable to venture. With the growing importance assigned to financial inclusion,NBFCs have come to be regarded as important financial intermediaries particularly for thesmall-scale and retail sectors."
NBFC's are governed and are required to be registered with RBI, follow stringentprudential norms prescribed by RBI in the matters of capital adequacy, credit investmentnorms, asset-liability management, income recognition, accounting standards, assetclassification, provisioning for NPA and several disclosure requirements. Besides this,RBI also supervises the functioning of NBFCs by conducting annual on-site audits throughits officials. Such a rigorous regulatory framework ensures that NBFCs function properlyand follow all the guidelines of RBI. Thus in all respect the monitoring of NBFCs issimilar to banks.
During this fiscal year, NBFCs have continued their growth at a rapid pace and gainedmarket share in various asset classes courtesy of inherent strengths. NBFCs overall havegrown at a CAGR of 25% from FY 10-13 driven by growth in segments such as auto, gold,commercial vehicles, construction equipment, and others.
NBFCs witnessed healthy growth despite the weakness in the economy. The asset qualityhas been fair although a few of the gold loan companies has also come under pressure dueto changes in regulation and sharp volatility in gold prices. It is expected, however,that the asset quality of the gold lending companies to improve. The asset quality of theauto finance company, especially four-wheeler and truck finance, is likely to remain underpressure.
Growth is expected to be moderate in the near term, primarily as a result of lowerdisbursement by the gold loan industry and construction equipment loan companies. Overall,Crisil has projected the portfolio of NBFCs to grow by 16-18% CAGR in the current from theprevious FY.
Banks and mutual funds remain the major creditors of NBFCs, despite unfavourableregulatory changes in the last three years - bank loans to NBFCs excluded frompriority-sector lending from 1 April 2011 (except to 'eligible micro financeinstitutions'), restrictions placed on providing credit enhancement in bilateralassignment transactions under the revised securitization guidelines of August 2012 and thesectorial cap of 30% on mutual funds' debt investments (by the Securities & ExchangeBoard of India in October 2012). Bank funds to NBFCs, especially NBFC-MFIs have increasedsignificantly from the previous fiscal year.
Environment and Regulations
Dr. Raghuram Rajan has been appointed as the new governor of the RBI. Dr. Rajan has areputation of being a reformist and as a development oriented regulator, and it isexpected that he will bring in better reforms targeting growth.
The Nachiket Mor Committee, which was formed by the RBI for Comprehensive FinancialServices for Small Businesses and Low Income Households, has specifically noted in itsJanuary 2014 report that NBFCs are not "Shadow Banks".
It is also a point of pride for NBFCs that the RBI, after an exhaustive due diligence,issued 2 new banking licenses in April 2014 out of a pool of 25 applicants, which includedmany of the corporate power houses of India. Both of the selected applicants were NBFCs,the first IDFC Ltd., and the second Bandhan Microfinance. By selecting Bandhan, RBI hasmade a strong statement for promoting financial inclusion. RBI is further expected toprovide guidance on issuing differentiated licenses under the proposed framework, and hasalso released draft guidelines on Payments Banks and Small Banks. The proposed guidelinesare very encouraging. Other differentiated licenses could be wholesale banks and retailbanks.
Some of the highlights of the most pertinent regulatory changes are listed below:
Gold loan NBFCs were advised to maintain a low LTV (Loan to Value) ratio not toexceed 60%. This was mainly to manage fluctuating gold prices and declining asset quality.
Revised guidelines on securitization were issued that necessitated that theassets securitized have a minimum holding period depending on the type of assets and thatthe originator needs to retain a portion of the securitized portfolio. The guidelines alsodealt with bilateral assignments under which no credit enhancement can be provided by theoriginator.
RBI asked NBFCs to initiate steps for allotting Unique Customer IdentificationCode (UCIC) to all their customers while entering into any new relationships to avoidmultiple identities.
RBI relaxed External Commercial Borrowing (ECB) route for NBFC-AFC (AssetFinance Company) by allowing them borrow under the automatic route so long as the minimumaverage maturity period is five years.
RBI issued a circular for NBFCs with restricted NBFCs private placement to twicea year and capped the number of investors to 49 in each private placement. Minimuminvestment by an investor had a floor of Rs. 25 lakhs. There is an exception on thetwice-a-year policy for NCDs.
RBI asked all NBFCs to file and register the records of all equitable mortgagescreated in their favour on or after 31/3/2011 and all new equitable mortgages goingforward.
RBI advised NBFCs that protection against dishonoured ECS mandates are providedunder section 25 of the Payments and Settlements Systems Act, 2007, which provides thatsame rights and benefits as are available under Section 138 of the Negotiable InstrumentsAct, 1881. Therefore, it advised NBFCs that there was no need to take additional chequesas security in addition to ECS mandates.
All NBFCs with total asset size of Rs. 50 Crores or more have been asked tosubmit information in respect of all their branches functioning on a quarterly basisbeginning June 30, 2013.
The RBI issued a notification on 7th February 2014,which made modifications tothe NBF-MFI directions with regard to pricing of credit whereby the earlier 26% interestrate cap imposed was reviewed and modified. The interest rates to be charged by NBFC-MFIsto its borrowers and will be calculated to be lower of the following: The cost of fundsplus margin (currently 10% or 12% for companies with asset size of more than or less thanRs. 100 crores, respectively); or The average base rate of the five largest commercialbanks by assets multiplied by 2.75.
In a first of its kind, RBI recognized Microfinance Institutions Network (MFIN)as a Self-Regulatory Organization (SRO). MFIN consists of approximately 45 MFI member(Including Arman's subsidiary, Namra), which controls over 90% of the total MFI businessin india. The SRO has several responsibilities, including formulating and administrating acode of conduct, having grievance and dispute education, monitoring compliance withregulatory framework, surveillance of microfinance sector, training and awarenessprogrammes for the members, etc.
Arman Financial Services Ltd. (Vehicle Finance Arm of Arman Group)
The two-wheeler industry grew marginally by 7.1%, from 16.9 million units sold in FY2013-14 compared to 15.8 million units in FY 2012-13. The motorcycle volumes, whichaccounts for a majority of the two-wheeler sales, grew by 4.3% from 11.95 million units inFY 2012-13 to 12.5 million units in FY 2013-14. The scooter category performed much betterwith 22.1% growth in sales, from 3.07 million units in FY 2012-13 to 3.75 million units inFY 2013-14. Like in the previous years, sales of moped declines by 7.8% from 0.79 millionunits in 2012-13 to 0.73 million units in 2013-14.
NBFCs, as an entity, play a very useful role in channelizing funds towards acquisitionof commercial vehicles and consequently, aid in the development of the road transportindustry. Needless to mention, the road transport sector accounts for nearly 70% of goodsmovement and 80% of passenger movement across the length and breadth of the country andthe role of NBFCs in the growth and development of this sector has been historicallyacknowledged by several committees set up by the Government and RBI, over the years.
Over the last few decades, roadways have dominantly improved their share due to greatercoverage, higher flexibility and lower risk of handling losses for commercialtransportation. Further, the government's investment in the development of nationalhighways over the last few years has led to higher demand for road transport. With furtherimprovement in road infrastructure and higher growth expected in road transport, and thegrowth of the Indian middle-class, demand for vehicles are expected to consistentlyincrease over the next decade.
Arman's Business Operations
Arman has become a regional leader in vehicle finance not by reinventing financing, butby providing affordable financing with simple, no-hassle loan product, serviced by anexceptional team and world class systems. By enabling affordable personal mobility, wepromise a better life for tens of thousands of Indian middle class and emerging middleclass, and help families move up the economic ladder and improve their livelihood. We tryto be a bridge between people's aspirations and reality.
Rural financing and financial inclusion is more than a buzz word for us. It lies in thecentre of our business model. We have helped a large number of first-time borrowers, withno credit history, but a commitment to achieve their aspirations. We have helped themcreate a credit history and trained them about financial discipline, so that they can beconfident participants in the transformation of rural India. Where required, we havehelped them open bank accounts at their local branches. We are proud to say that 100% ofour vehicle finance customers have bank accounts.
The new government in India has risen to power on similar hopes and aspirations. Thehope of better roads, longer hours of electricity supply, the prospect of more jobs, andthe prospect of a better life and happiness. We are confident that a sustained period ofdecisive policymaking, coupled with a gradual increase in the business cycle will bodewell for India and the two-wheeler & three-wheeler industry.
Arman has been operating in 2/3 wheeler segment for the past decade, and have developeda niche in this market. Our Two/Three-Wheeler branches/sales-offices include Ahmedabad,Gandhinagar, Kalol, Kadi, Mehsana, Sabarkantha, Palanpur, Vadodara, Kheda, Anand, Sevalia,and Tarapur. Ahmedabad still remains our strongest branch, and the growth in other regionsis excellent as we move into Semi-Urban and Rural areas. As far as Ahmedabad market shareis concerned, the Company continues to rank in the top-five in the hypothecation oftwo-wheeler and three-wheeler vehicles.
Arman operates in almost all major dealers in Gujarat, and the financing the schemesoffered by the company remain very attractive and popular by our customers. This isevident by the sheer volume of cases the company receives versus the competitor, thefeedback we receive from the customers, and the amount of repeat customers we get on ayearly basis. What sets us apart from the competition is that we offer very flexibleproducts where all the loan variables including tenure, down-payment, fees, instalmentamount etc. can be determined based on the customer's needs. Additionally, our quickunderwriting time is a huge advantage for us. A customer can literally walk into a dealerearly afternoon and walk out with a new motorcycle in the evening. During that very shortperiod, we conduct background checks, telephonic verification, CIBIL credit check, Homeand Business/work Field Investigation check, fill all the necessary paper work, collectall relevant documentation from the customer, including KYC documents, and perform allother underwriting tasks. This is no ordinary feat, and our operations have work in syncand like clockwork.
Very recently in August 2014, Arman has been upgraded to an Investment Grade BankRating of BBB- (Triple B minus) by CARE ratings. An investment grade rating speaks volumesabout our business operations and the rating agency's confidence for Arman.
Namra Finance Ltd., A Wholly-Owned Subsidiary of Arman Financial Services Ltd.(Microfinance Arm of Arman Group) Industry
Ever since microcredit first began to capture public attention 25 years ago, it hasbeen proclaimed a tool of extraordinary power to lift poor people, particularly women, outof poverty, by providing access to credit to better fund business endeavors. Along theway, microcredit expanded into microfinance, which consists of offering a variety offinancial products to poor customers, including savings products, pension products,insurance products, and credit for non- business expenditures.
The Micro-Finance sector has undergone tremendous changes in the past three years owingto the crisis that the sector has seen.The NBFC Microfinance Institutions (MFI) was incrisis propagated by the Andhra Pradesh Micro Finance Institutions (Regulation of MoneyLending) Ordinance, 2010. However, as discussed in length above, the sector has almostfully recovered. Microfinance has now been established and acknowledged as a significantcomponent of the financial system in the country and its contribution to financialinclusion continues to rival, and likely exceeds by a vast margin, that of the ruralbanking system.
The book Portfolios of the Poor: How the World's Poor Live on $2 a Day (Collins,Morduch, Rutherford, and Ruthven 2009) presents the results of year-long financial diariescollected about twice a month from hundreds of rural and urban households in India,Bangladesh, and South Africa. These diaries reveal that financial instruments are criticalsurvival tools for poor households-indeed, that these tools are even more important forthe poor than for richer people.
The study finds that a great difficulty faced by the poor is not only the amount oftheir income, but also the irregularity of that income. To meet basic consumption needs,poor households must save and borrow constantly. Whether or not financial services liftpeople out of poverty, these services are vital tools in helping the poor to cope withtheir circumstance. The poor use credit and savings not only to smooth consumption, butalso to deal with emergencies like health problems and to accumulate the larger sums theyneed to seize business opportunities and pay for big-ticket expenses like education,weddings, or funerals.
Both the RBI and the Central Government continue to recognize the crucial role playedby microfinance, and recognizes that "the microfinance sector is engaged in providingcredit and other financial services to the poor households and their microenterprises asan extended arm of the banking system."
As described succinctly in the CARE Microfinance Report, the Microfinance sector inIndia has gone through 3 broad risk phases in the past - high growth (till 2010), highvolatility (2010 - 11), consolidation (2011 - 13) and is now entering a IV phase ofrelative stability. Phase I ended with the start of AP crisis in 2010. This phase saw highgrowth in the sector attracting both debt and equity investments to a highly profitablesegment. Lack of seasoning of portfolio, high risk of regulatory & politicalintervention, portfolio concentration risks were some of the key credit constraints thenand most of the risks were latent. Phase II beginning with AP crisis and led to bankruptcyof major AP based MFIs due to geographic concentration and funding constraints for theoverall sector. With RBI providing a strong regulatory regime starting in 2011, the sectorentered Phase III of consolidation with the MFIs adjusting their business model to the newmarket & regulatory environment.
The sector is now entering into Phase IV and the MFIs have adapted to the new businessenvironment more than three years past the AP crisis. In this current phase, MFIs have theadvantage of a stable regulatory environment, with continuous adaptations issued by theRBI based on the changing business scenario. Due credit goes to The RBI for theirrelentless efforts in supporting Financial Inclusion and MFIs. As mentioned above, in afirst of its kind, RBI recognized Microfinance Institutions Network (MFIN) as aSelf-Regulatory Organization (SRO). To give this sort of recognition and power by the RBIto a non-government organization is a historic move to say the least. MFIN consists ofapproximately 45 MFI member (Including Namra), which controls over 90% of the total MFIbusiness in india. The SRO has several responsibilities, including formulating andadministrating a code of conduct, having grievance and dispute education, monitoringcompliance with regulatory framework, surveillance of microfinance sector, training andawareness programmes for the members, etc. Additionally, RBI has also issued two newBanking Licenses out of a pool of 25 applicants, one of being an NBFC-MFI, BandhanMicrofinance, which also speaks volumes but RBI's confidence in the industry.
The current phase is also characterized by having a more steady availability of funds,improving profitability, comfortable asset quality and capital adequacy, and lesser impactof concentration risk.
Government of India has also recognised the role of MFI in financial inclusion and hasintroduced draft MFI bill which is to be considered for approval in Parliament. Otherstate governments have also not introduced similar regulation like AP state governmentindicating likelihood of a stable regulatory environment going forward.
Total debt sanction to the MFIs has increased to Rs.11,001 crore in FY13 from Rs.6,661crore in FY12. The sector has also been attracting regular equity infusion from privateequity investors reflecting the increasing confidence of the investors regarding growthpotential in the sector.
The overall loan portfolio also increased by 35%, from Rs. 20,726 Crores in FY 12-13 to27,931 in FY 13-14. The table below shows key performance figures of the industry.
|Indicator||As of 31st March 2014||As of 31st March 2013||Change (%)|
|Clients||2.80 Cr||2.33 Cr||20%|
|Gross loan portfolio (Rs)||27,931 Cr||20,726 Cr||35%|
|Loan amount disbursed, annual (Rs)||34,968 Cr||23,686 Cr||48%|
It is encouraging to note that MFIs serve 2.8 Crore clients in India. That means thatMFIs have reached approximately 2.25% of India's population. A number which just a decadeago was less than 0.1%. However, the industry has a long way to go if it is going to coverthe 41% of the unbanked Indians.
Namra's Business Operations
On February 14, 2013, Namra Finance Ltd. became the first company in India to receivethe long awaited "NBFC-MFI" (Non-Banking Finance Company - MicrofinanceInstitution) License. This special category of NBFC was created by the RBI based on theMalegam Committee recommendations to serve the underserviced and the poor segment of Indiaby providing Mic
Chinubhai R Shah , Chairman
Jayendra B Patel , Vice Chairman & MD & CEO
Kaushikbhai D Shah , Director
Ritaben J Patel , Director
Company Head Office / Quarters:
502-503 Sakar III,
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Phone : Gujarat-91-079-27541989/30005000 / Gujarat-
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Web : http://www.armanindia.com
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