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Rallis India Ltd

BSE: 500355 | NSE: RALLIS ISIN: INE613A01020
Market Cap: [Rs.Cr.] 4,157.24 Face Value: [Rs.] 1
Industry: Pesticides / Agrochemicals - Indian

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Management Discussions

INDUSTRY STRUCTURE

Agricultural production needs to significantly increase to meet the demands of thegrowing world population. Some estimates put this target as doubling the quantity of foodproduction by 2050. With a limitation of bringing more land under agriculture, most of theadditional production will need to come from higher crop yields. This increased outputwill also be necessary to provide feedstock for the rising biofuel consumption.

Experts believe that developing countries and emerging economies will play anincreasingly important role in agricultural markets in the near future. Higher consumptionof agricultural products is also being driven by the developing countries, where percapita incomes are rising, leading to increased consumption of protein rich foods,including meat and dairy products.

As per FAO reports, without agrochemicals, food production will decline, many fruitsand vegetables would be in short supply and prices would rise. Some 20 to 40 percent ofthe world's potential crop production is already lost annually, being affected by weeds,pests and diseases.

India has the latent potential to become a predominant player in global agricultureproduction as well as trade. Given the hardworking nature and entrepreneurial zeal ofIndian farmers, need of the hour is to provide them exposure to the global best practicesand farm technologies. Steady investments in technology development, irrigationinfrastructure, emphasis on modern agricultural practices and provision of agriculturalcredit and subsidies are the major factors that contribute to agriculture growth.

Indian agriculture has undergone rapid transformation in the past two decades. Thepolicy of globalisation and liberalisation has opened up new avenues for agriculturalmodernisation. This has not only led to commercialisation and diversification, but alsotriggered various technological and institutional innovations owing also to investmentsfrom corporate entities.

RallisRs.range of products and services caters to agriculture in India and selectgeographies overseas. The product range comprises a wide variety of crop protectionchemicals and nutrition products for various crops. Rallis also has a significant presencein the Seeds segment through its subsidiary Metahelix Life Sciences.

INDIAN MARKETS

Crop Protection Chemicals:

Agrochemicals market in India is estimated at over '13,000 crores, which is about 4% ofthe global agrochemicals market. The Indian market is dominated with products which areoff-patent, therefore distribution reach and strong brands are key to grow in this market.The market is also witnessing introduction of newer molecules and products for specificneeds, leading to higher growth rates in recent times. Overall consumption of cropprotection chemicals however continues to remain low at 0.6 kg per hectare againstconsumption in USA and China at 7 Kg and 13 kg per hectare respectively. Lower purchasingpower and lack of awareness among farmers about crop protection chemicals are the keyreasons for the lower consumption of crop protection chemicals in India.

Rallis is therefore well positioned to grow in this segment on its strength ofdistribution reach, new product introduction and branding skills and the ability to buildenduring relationships with channel partners and farmers. Rallis over the years hasinvested significant resources in building brands, channel network and farmer network.Currently, RallisRs.network covers 80% of India's districts extensively. Your Company isworking on investing in specific initiatives to expand the reach of channel and builddirect connect with the farmers. Some of the specific initiatives in this regard areRallis Kisan Kutumb (RKK) that enables Rallis to connect with over 1 million farmers,Bhagidari Sabha and Anubandh that are aimed at increasing connect with channel partners.Other initiatives leveraging information and communication technologies are also underwayto strengthen our connect with farmers and channel partners.

The crop protection volume growth in 2014-15 was muted due to variation and volatilityin climatic factors. The south-west monsoon was erratic and had a delayed onset leading toslowing the pace of sowing of key crops. The Rabi season also witnessed unseasonal rainsand hailstorms which impacted standing crop in large parts of northern and western India.Due to these unfavourable climatic conditions, overall farm productivity was impactedleading to poor yields and output. Coupled with this have been low commodity prices. Thishas led to a drop in farm incomes, leading to a sluggish cash cycle and poor farmsentiments. It is therefore vital that conditions improve with a better monsoonperformance along with increase in crop prices.

Other Agro Inputs:

Seeds, Plant Growth Nutrient (PGN) and Organic Manure are the other significant agroinputs where Rallis is building up market presence. These products are expected to grow ata faster rate and have a significant contribution to the domestic business in years tocome.

Rallis along with its subsidiary Metahelix is building a good presence in the seedssegment. Your Company is focused on research in hybrid seeds, comprising paddy, maize,millet, cotton and vegetables. Our overall seed sales have been growing handsomely overthe past few years and this momentum will be supported with the good pipeline of hybridsin store across these crops.

The health of Indian soils over the years has deteriorated due to unhealthy agronomypractices, leading to depletion of secondary and micronutrients from the soil. Various PGNproducts and Organic Manure help in addressing this serious issue which is resulting instagnation or declining agriculture yields.

Your Company has, over the last few years introduced a number of PGNs which have beenreceived well by the farming community. During the year, Rallis also launched AMPLUS thatfalls in the category of bio fertilisers. This category has great potential and is a focusarea for your Company.

The GeoGreen brand of Organic Manure introduced by your Company in 2012-13 has hadencouraging response from the farmers leading to repeat buying. GeoGreen volumes have beensteadily going up and will continue to be a focus segment for your Company to drive volumeand market share.

Other initiatives such as MoPu (grow More Pulses) and Samrudh Krishi also madesignificant progress, providing your Company an opportunity to showcase its strength inrecommending best agriculture practices to the farmers who have subscribed to theseservices. During the year, an MOU was signed with the Madhya Pradesh Government forextending MoPu programme in nine districts of the State.

INTERNATIONAL MARKETS

The global crop protection market grew at 4.1% and is currently estimated at US$ 56billion. Strong growth was recorded in LATAM, European and Asian markets which togethernow account for US$ 44.7 billion. RallisRs.international agro chemicals business recordeda good growth during the year and achieved the milestone of crossing Rs.500 crores inexports for the first time.

With strengths in technology and technical competence, your Company is also focusing onbuilding a business platform on Contract Manufacturing for leading global corporations.During the year, discussion and activities with some leading Companies progressed well.There are several projects in different stages of execution. One new product wascommercialised during the year for contract manufacture. Your Company is also wellpositioned to invest in required facilities at Dahej for the purpose.

All these business segments put together, comprising the Non-pesticide portfolio (NPP)segment contributed to 33% of the total revenues for the year. This records satisfactoryprogress in building the second pillar of business, which is intended to go up to 40% ofrevenues in future.

RALLIS' OVERALL PERFORMANCE

Consolidated Results:

Your Company's gross sales for the year 2014-15 crossed the key milestone of '1,900crores, reflecting a growth of 4.1% over the previous year. The Company's profit beforetax during the year at Rs.221.59 crores, grew by 3.4%. Net profit after minority interestrose 3.5% to '157.22 crores.

Standalone Results:

The gross sales for the year 2014-15, at '1,622.16 crores were 0.7% less than theprevious year. Profit before tax was lower by 1.6% at Rs.205.75 crores, while net profitfor the year stood at '145.41 crores, a decline of 0.6% over the previous year.

RESEARCH & DEVELOPMENT (R&D)

Most of the Company's products qualify to be known as knowledge products, makingR&D vital and critical for the introduction of new products and improvement inexisting product lines. Rallis R&D center is situated in Bengaluru and is known asRallis Innovation Chemistry Hub (RICH). RICH is recognized by the Department of Scientific& Industrial Research, Government of India.

Focus of RICH is on developing new molecules, formulations and products, which can becommercialized not only in India but also in international markets. RICH closely workswith many other reputed R&D centers. The Origin brand that offered a combination ofinsecticide and fungicide for the first time in Indian markets, launched by Rallis duringFY 15, was designed and developed by RICH.

Focus of RICH is on:

• Creating new product pipelines with integrated efforts of Chemistry, Formulationand Product development. o Developing innovative and safer formulations with a focus oneco-friendly water based products. o Developing scalable, environment friendly and greenprocesses and technology transfer for commercialization. o Ensuring compliance with allregulations pertaining to domestic and international business.

• Working at grassroots level with farmers to develop package of practices thatgives optimal returns to farmers in terms of higher yield and lower cost of cultivation.

ENVIRONMENT, HEALTH & SAFETY (EHS)

Safety and Health:

"No business objective can be deemed more important than the physical safety ofall our employees and associates. Each one of us should try and make it our personalmission to translate this belief into reality. Only if ensuring the safety of our peoplebecomes a mission will it be possible for us to raise the bar on safety and reachstandards that will be on par with the best companies in the world." - Ratan Tata,Chairman Emeritus, Tata Sons

Your Company firmly believes in the ethos of the above message and our safety andhealth standards are continuously improved, so we say that "Safety is a condition ofEmployment" and not a choice. We believe that a safety culture is core to takingsafety to higher levels and our leadership continuously works towards establishing,sustaining and improving the safety culture. Alongside it is our endeavor to adopt bestpractices with national and international benchmarks to raise the bar on safety.

In recent years, we have chosen to focus on Behavior Based Safety (BBS), Process SafetyManagement (PSM) and Road Safety. This has started with signing the BBS commitment bysenior Leadership along with all employees. We have engaged and utilized various internaland external resources and experts for handholding and ushering our employees to practiceand excel in these three focus areas. Under Responsible Care presented by ICC, our Safetypractice "Excelling Safety Culture through Behavior Based Safety (BBS)" inRallis was chosen as one of the promising practices in TATA Group.

As a part of PSM, your Company engaged a safety expert agency for carrying out SafetyIntegrity Level (SIL) and Layer of Protection Analysis (LOPA) study of various Unitprocesses and Unit operations at Ankleshwar, Dahej and Lote plants. The outcomes of thesestudies are being used to enhance Process Automation in all the Units, which will in turnimprove process safety at the sites. Similarly, for Road Safety the Company engaged RoadSafety Foundation, an NGO and expert in providing road safety training. In the last twoyears, we have conducted more than 30 programmes across India, covering more than 10,000people including our employees, community, school and college students, police personnel,industrial associations etc. These efforts have been recognized in different forumsincluding "Best Compliant Company" under the Process Safety Code.

Environment Footprint and Climate change:

Environment sustainability can only be gauged by monitoring environment performancewith the measurement of water footprint and carbon footprint. Climate change has beenidentified as one of the greatest challenges facing nations, governments, business andcitizens over future decades. Climate change has implications for both human and naturalsystems and could lead to significant changes in resource use, production and economicactivity. At Rallis, we have recognized this fact and started GHG emission monitoring manyyears back. For measuring our carbon footprint, we followed International standard ISO14064 covering scope 1, scope 2 and scope 3. This exercise is part of our monitoring andmeasurement of Greening Index, which covers our environment performance with respect towater usage, energy usage, greening, waste reduction and greening of the products. Tostrengthen the monitoring process, we have engaged Tata Quality Management Services (TQMS)for carrying out water foot printing of all our manufacturing Units. Year on year, we haveimproved our Greening Index by reducing the carbon foot print intensity, recycling oftreated water, converting waste into useful byproduct, increasing the green cover andproducing more water based formulates.

Your Company has laid out systems going beyond regulations by continuously working ondifferent technologies in effluent management to upgrade waste water treatment in all thetechnical manufacturing Units. This has paved the way for total recycling of treated waterin Ankleshwar Unit and other Units are progressing to achieve the same in the coming year.

TOTAL SHAREHOLDER RETURN

Shareholders are an important part of the stakeholder family. Enhancing shareholdervalue and increase in investor returns over the year is a major focus area for yourCompany. The Company measures the value created for its investors through the TotalShareholder Return (TSR).

TSR is the yearly rate of return of an investment made considering capital appreciationplus dividends over time. The TSR of an investment made in your Company in March 2006,kept till the last trading day of March 2015 works out to be an attractive 32% per annum.This means that if one had invested '100 in RallisRs.stock in March 2006, the total valuethat the investment would have earned would be Rs.994, if one had sold the stock on thelast trading day of March 2015.

The dividend payout of the Company has improved over the years, from Rs.4/- per sharein 2006 (on Equity Shares of '10/- each) to Rs.2.40 per share in 2014 (on Equity Shares ofRe.1/- each). Along with the recommended final dividend of Rs.1.50 per share, the dividendpayout of the Company in 2015 will be Rs.2.50 per share. The EVA (Economic Value Added) ofthe Company, impacted by the higher working capital, decreased to Rs.40.85 crores during2014-15, against Rs.56.88 crores during 2013-14.

RallisRs.stock price has significantly out-performed the BSE Sensex during the past 10years. If both the Rallis stock price and Sensex were indexed to 100 as on the lasttrading day of March 2006, the y-o-y performance of the Rallis stock and Sensex till FY2015 is shown in the chart.

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
Rallis Share Price 330 248 Rs.335 392 1,255 1,321 121 115 173 226
Sensex 11,280 13,072 15,644 9,709 17,528 19,445 17,404 18,836 22,386 27,957

OPPORTUNITIES AND OUTLOOK

India's population, the second largest in the world is estimated to increase over time.Given the Government's initiative on food security, per-capita consumption of food grainsand therefore the demand for them will only increase. Prevention of crop losses is theimmediate requirement to bridge the demand-supply gap in foodgrains, which necessitatesdeeper penetration of agrochemicals. Additionally, factors such as decline in theavailability - and the increasing cost - of farm labour are growth drivers for theAgrochemical sector.

India is growing to become a preferred destination for manufacturing as global majorslook for outsourcing a lot of their product requirements out of the country. Thereforeyour Company is well placed in servicing this opportunity with its strong manufacturingand technical capability to become a reliable strategic outsourcing partner for theseCompanies.

As the Indian farmers look for better agronomy practices and solutions, your Companyhas opportunity to provide these services into the future. Understanding farmer needs anddeveloping the right solutions is the mainstay of your Company and along with the strongrelationship with farmers and partners, this will provide the platform for growth into thefuture.

RISKS, CONCERNS AND THREATS

Despite the strong growth drivers, Indian agrochemicals industry faces challenges interms of low awareness among large number of end users spread across the geography.Managing inventory and distribution costs is a challenge for the industry players in thewake of volatility in business environment.

The performance of the crop protection industry and other agri inputs is dependent onmonsoons, pest and disease incidences on crops. Major fluctuations in total rainfall andits distribution affect the crop acreages and overall productivity and have a directcorrelation with sales. Agrochemical companies face issues due to seasonal nature ofdemand, unpredictability of pest attacks and high dependence on monsoons.

Compliance to growing regulatory norms will be a continuing requirement and could alsolead to delays in obtaining the necessary approvals. Changes in guidelines or policies invarious geographies may also lead to sudden disruption of business in specified products.

Many Agrochemical Companies have foreign exchange exposure either in the form of forexloans or exports and imports. For Companies which operate largely in the domestic arenaany major forex movement may affect profitability due to fluctuating import costs. Whileon the one side input costs could increase, weak monsoons could reduce pricingflexibility, thereby affecting margins. Your Company does not have any foreign currencyloans and has both exports and imports, providing thereby a natural hedge against forexmovements.

INTERNAL CONTROLS SYSTEMS AND ADEQUACY

The Company maintains appropriate systems of internal controls, including monitoringprocedures, to ensure that all assets are safeguarded against loss from unauthorised useor disposition. Company policies, guidelines and procedures provide for adequate checksand balances and are meant to ensure that all transactions are authorised, recorded andreported correctly.

The Internal Audit Department reviews the efficiency and effectiveness of these systemsand procedures. Added objectives include evaluating the reliability of financial andoperational information and ensuring compliances with applicable laws and regulations.

The Audit Committee approves and reviews the audit plan for the year based on riskassessment as well as the Company's objectives and strategies. As with any element ofbusiness strategy, the key to targeting audit efforts has been to understand theopportunities and risks to the business from a sustainability standpoint.

The scope and authority of the Corporate Audit Department is derived from the AuditCharter approved by the Audit Committee. The Internal Audit programme has focusedprimarily on checks and controls on systems and processes, monitoring compliances,continuous upgrade of controls and current business risk assessment. Post the audit, theprocesses are rated through the risk control index.

HUMAN RESOURCES

Human Resources are key to the success of Rallis. Your Company has several processes inplace to ensure the continual training and growth of its employees over the entire lifecycle. Processes are also in place to attract and recruit talent into the Company.

While Rallis is an equal opportunity employer, special focus is given to enhancediversity and promote employment for under-represented segments of society by way ofaffirmative actions to ensure that these segments get their due in building the TeamRallis.

The Company has elaborate processes in place to prevent discrimination and harassmentincluding sexual harassment. Whistle blower policy is also in place.

From time to time, your Company participates in assessment by various expert bodies tomeasure effectiveness of actions taken on HR related matters. During the year, Rallisparticipated in assessment under Tata Affirmative Action Programme wherein significantprogress was noted by the assessors over the last assessment. The Company also runs aspecific programme for training rural youth in agri practices to enhance theiremployability in Agri inputs sector in rural India.

As a result of effective HR processes, the overall Employee Engagement Score (EES) atRallis continues to be among the top scores among the industry peers and way above averageEES scores for similar companies in India. The results of the EES have been veryencouraging, with the ratio of engaged to disengaged employees improving to 19:1 from theearlier ratio of 16:1.

As a continuous endeavor of building functional competencies, CAD (CompetencyAssessment and Development) initiative has been taken to a higher level, involving moredepartments and roles as per plan.

The Ankleshwar Unit of the Company has 73 non management employees. The overallrelations with these bargainable employees at Ankleshwar were cordial and harmoniousduring the year 2014-15. As on 31st March, 2015, the employee strength of the Company was909, as compared to 869 as on 31st March, 2014 (excluding trainees).

BUSINESS EXCELLENCE

Business Excellence is a way of life at Rallis. The Company participated in TataBusiness Excellence Model assessment as a part of its Parent Company Tata ChemicalsLimited and registered significant increase in scores. During the year, Rallis alsoparticipated in CII HR Excellence Assessment and won the recognition under"Significant Achievement Category".

During the year, the Company also organized Deep Dive Assessment for furtherimprovements in manufacturing and supply chain area. The recommendations made by theassessing teams are under implementation.

INFORMATION TECHNOLOGY

Information Technology is core to the Company's processes, improvement andtransformational initiatives. Rallis continues to explore and implement new emergingtechnologies for furthering business objectives. During the year, the Company implementeda few processes on cloud and mobility platform. Rallis is currently working on a detailedroad map for IT that will support its growth strategy in the years to come.

CORPORATE SUSTAINABILITY AND AFFIRMATIVE ACTION

"In a free enterprise the community is not just another stakeholder in businessbut is in fact the very purpose of its existence" - Jamsetji Tata, Founder, TataGroup Taking inspiration from the above words, the Company has developed an integratedmodel on sustainability, including the environmental and social aspects.

Integrated Approach:

Sustainability is one of the pillars in the Company's Rallis Poised growth agenda andit emphasizes the engagement of various stakeholders to understand the business needs anddevelop future strategies. Based on various stakeholdersRs.response, the Company hasdeveloped an integrated model of Sustainability focusing on Environment and CorporateSocial Responsibility (CSR) and Affirmative Action (AA) initiatives.

The integrated model depicts that under Environment, key focus areas are IndustrialWaste Management and Energy and Greening. Under CSR and AA, key focus areas are NaturalResource Management and Employability through skill development. Your Company hasdeveloped detailed long term and short term plans on all key focus areas. To ensure properimplementation of sustainability initiatives, the Company has a strong team at thecorporate level, equally supported by trained Sustainability champions across alllocations. These champions are responsible for driving various sustainability initiativesat their respective locations. The progress is reviewed regularly in Steering Committeemeetings chaired by the Managing Director and CSR Board Committee. Some of the highlightsof the Company's CSR programmes are given below.

Employability, Skill Development and Education:

As per the above model, your Company decided to take up Employability embedded withEducation as its major focus area. Under Employability, the Company has chalked out twoprogrammes, namely TATA Rallis Agri Input Training Scheme (TRAITS) and Fixed Term Trainees(FTT) to have a visible impact on society. Agro chemical industry needs a pool of manpowerfrom the rural background for Agri- interventions and skill set for such work is uniqueand is developed through special training. Through this intervention which nurtures andequips youth, opportunity is created for them in the Company and elsewhere, as this kindof skill set is in demand across various Organizations.

The Company implements Education interventions under its RUBY (Rallis Ujjwal BhavishyaYojana) initiative. Through this intervention, focus is on improving the quality ofeducation and skill building by imparting training, exposures and informal education tostudents, including skill development workshop, with a view to enhance employability inthe long term.

Under CSR initiatives, various educational activities have been taken up at locationsin accordance with the need of the area. The approach followed is to focus on creatingawareness about the importance of education, improving quality of education throughtraining, focus on holistic development of students and providing educational aids todeprived students. These interventions are implemented by the Company's CSR team alongwith Rallis volunteers. The Company also invites experts from different fields to interactand share their experiences with the students. These initiatives help build the confidencelevel as well as act as inspiration in the life of students. The Company's educationalinterventions have been getting positive feedback from school authorities.

The key focus in Education projects are developing IT skills through providing computerlabs and Science interventions promoting programmes like "Learn Science in Khel KhelMein". The Company's other interventions include activities like career guidance for10th and 12th standard students, kitchen garden activities, first aid training, Role Modellectures, selfdefense training to girl students, skill training, awareness on importanceof educating the girl child (Spoorthi programme), awareness programmes related to safewater, home and road safety.

In the year 2014-15, we have covered nine schools under our Education projectsimpacting over 1,700 students with 39% Affirmative background.

This year, your Company has also initiated sponsoring of meritorious students for basiccomputer programme for MS-CIT course. MS-CIT course is run by the Government ofMaharashtra and certificate holders from this course get employed in the IT field. Thisyear, about 50 students have been supported for the MS-CIT course.

Besides implementing the above interventions, the Company also supports infrastructuralneeds of the schools like building smart classes, toilet blocks, drinking water etc.

Natural Resource Management (NRM): Project "Jal Dhan":

Under NRM projects, the main thrust is to combat the impact of climate change inrainfed areas, through activities relating to rainwater harvesting, soil conservation,land shaping, pasture development, vegetative bunding and water resources conservation onthe basis of the entire compact micro-watershed, which would include both cultivated anduncultivated lands. The Company started its intervention in Lote (Konkan Region ofMaharashtra), where one of its manufacturing Units is located. The Konkan region isblessed with heavy rainfall every monsoon, yet faces water scarcity during summers due toits hilly terrain and lack of proper storage structure for rainwater. Land available forcultivation is also in small patches and thereby majorly paddy cultivation is done in thetraditional way.

In the year 2012-13, the Company intensified its intervention in this region in thevicinity of 5 km radius. For understanding the needs of the villagers, house to housesurvey was conducted. Based on the inputs, Integrated Watershed project was designed,focusing on harvesting rain water to make villagers water sufficient and motivate smallfarmers to opt for second crop from available water and focusing on overall development ofvillagers. In the years 2013-14 and 2014-15, the Company has covered more villages andenhanced the water shed structures to cover more beneficiaries.

Along with water conservation, the Company has also focused on afforestation, toincrease ground water level and soil conservation. Sacred forest was the area selected,with a focus on bio diversity, and more than 5,000 trees of mix forest species wereplanted in the region.

With the increase in water availability, farmers were imparted various modern andimproved farming techniques, including Government schemes, with the help of experts. Sitevisits, awareness sessions and actual demonstration on the field were organized by theCompany. As paddy is the major crop in this region, the Company introduced SRI technique(System of Rice Intensification) for paddy cultivation. This also led to an increase inthe income level of each family.

For empowering women covered under the Project area, Self Help Groups (SHGs) werecreated involving 60 women. SHG members have undergone number of awareness sessions andskill training.

Going forward, the project "Jal Dhan" will be further intensified by coveringadditional areas in Maharashtra and other States. Cautionary Statement

Statements in the Management Discussion and Analysis describing the Company'sobjectives, projections, estimates, expectations may be "forward- lookingstatements" within the meaning of applicable securities laws and regulations. Actualresults could differ materially from those expressed or implied. Important factors thatcould make a difference to the Company's operations include climatic conditions,

Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

R Gopalakrishnan , Chairman

B D Banerjee , Director

P S Meherhomji , Company Secretary

E A Kshirsagar , Director


Company Head Office / Quarters:

156/157 Nariman Bhavan,
15th Floor 227 Nariman Point,
Mumbai,
Maharashtra-400021
Phone : Maharashtra-91-22-66652700 / Maharashtra-
Fax : Maharashtra-91-22-66652827 / Maharashtra-
E-mail : investor_relations@rallis.co.in
Web : http://www.rallis.co.in

Registrars:

TSR Darashaw Ltd
6-10 Haji Moosa ,Patrawala Ind.Estate,DrEMoses Rd Mahalaxm,Mumbai - 400 011

 
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