apcotex industries ltd share price Directors report


Your Directors have pleasure in presenting to you the Thirty Seventh (37th) Annual Report of the Company and the Audited Financial Statements for the year ended 31st March 2023.




Rs. in Lakhs

Particulars 31st March 2023 31st March 2022 Growth %
Income from operations
(a) Revenue from operations 107,992.88 95,689.09
(b) Other income 728.97 789.08
Total income from operations 108,721.84 96,478.17 13%
Gross Profit Before Depreciation, Finance cost & Tax 16,580.62 14,770.94
(a) Finance costs 505.82 325.47
(b) Depreciation & amortization expense 1,523.33 1,409.47
Profit before tax 14,551.47 13,036.00 12%
Tax expenses 3,757.59 3,155.39
Profit after Tax 10,793.88 9,880.61 9%
Other Comprehensive Income for the year (216.67) 1,269.20
Total Comprehensive Income for the year 10,577.21 11,149.81
Earnings per Share (EPS)
(a) Basic 20.82 19.06
(b) Diluted 20.82 19.06


Pursuant to the approval of the Board of Directors on 25th January 2023, the Company paid an interim dividend @ of Rs. 2.00/- (previous year - Rs. 2.00/-) per equity share of the face value of Rs. 2.00/- each to the Shareholders who were on the register of members as on 7th February 2023, being the record date fixed for this purpose.

Interim Dividend absorbed a sum of Rs. 1,036.90 Lakhs out of the net profits after tax for the financial year 2022-23.


Based on Companys performance, your directors are pleased to recommend for approval of members, a final dividend @ of Rs. 3.50/- (previous year - Rs. 3.00/-) per equity share of the face value of Rs. 2.00/- each for the financial year 2022-23. Dividend, if approved, will absorb a sum of Rs. 1,814.57 Lakhs out of net profit after tax and will be paid to those Shareholders whose name appears on the Register of Members on 12th day of June 2023.

The total dividend is Rs. 5.50 (275%) [Previous Year - Rs.5.00 (250%)] for the financial year 2022-23, including the Interim dividend @ Rs. 2.00/- per Equity Share (100%) and Proposed Final Dividend @ Rs. 3.50/- per share (175%) per equity share of the face value of Rs. 2.00/- each. Total dividend payout for the financial year 2022-23 amounts to Rs. 2851.47 Lakhs (Previous Year - Rs. 2,592.25 Lakhs).

The Dividend Distribution policy of the Company may be accessed at the following weblink




There is no amount proposed to be transfered to Reserves out of profit of the financial year 2022-23.


An income of Rs 85.80 Lakhs (net) has been generated from renewable energy through wind turbine generator installed at Sadawaghapur, Taluka - Patan, District Satara and solar project at Taloja Plant during the financial year 2022-23 [Previous year - Rs. 67.69 Lakhs- (net)] which was netted off against the power cost.



The information under the provisions of Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are given in the Annexure I, forming part of this report.


The Annual Return has been placed on the website of the Company and can be accessed at https://apcotex.com/uploads/documents// NzIzNzAv-24-05-23.pdf. In terms of Rules 11 and 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return shall be filed with the Registrar of Companies within the prescribed timelines.


There is no change in the share capital of the Company during the financial year under review. The paid-up Equity Share Capital as on 31st March 2023 was Rs. 1,036.90 Lakhs., comprising of 5,18,44,960 equity shares of face value of Rs. 2.00/- each.


The Company has Investments of Rs. 8,795.78 Lakhs (previous year 9,751.53 Lakhs) as at 31st March 2023.

The working capital management of the company is robust and involves a well-organized process which facilitates continuous monitoring and control over receivables, inventories and other parameters affecting cash flow and liquidity.


The Board meets at regular intervals to discuss and decide on business policies and strategy apart from regular Board business. During the financial year under review, the Board of Directors met 5 times. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

The details of the Board Meetings and the attendance of Directors are provided in the Corporate Governance Report.


The Audit Committee comprises of Mr. Kamlesh Vikamsey who is the Chairman of the Committee, Mrs. Priyamvada Bhumkar and Mr. Udayan Choksi, are the Non-Executive Independent Directors. More details on the committee are given in the Corporate Governance Report.

All the recommendations of the audit committee are accepted by the Board.


The definition of Independence of Directors is derived from Regulation 16 of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013. Based on the confirmations/ disclosures received from the Independent Directors and on evaluation of the relationships disclosed, the following Non-Executive Directors are Independent in terms of Regulation 16 of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013;

1. Dr. S. Sivaram

2. Mr. Shailesh Vaidya

3. Mr. Kamlesh Vikamsey

4. Mrs. Priyamvada Bhumkar

5. Mr. Udayan Choksi

In compliance with Schedule IV of the Companies Act, 2013 and Rules thereunder, and SEBI (LODR) Regulations, 2015, the Independent Directors met on 20th March 2023 to discuss issues as prescribed under the said Act and Regulations.


In compliance with the Companies Act, 2013 and Regulation 19 read with Schedule II of SEBI (LODR), Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually including the

Chairman as well as the evaluation of Committees. A structured questionnaire was prepared covering various aspects of the Boards functioning such as adequacy of composition of Board and Committees, Board communication, timeliness and unbiased information of right length and quality of information, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual directors including the Chairman of the Board, who were evaluated on parameters such as attendance and participation in the discussion and deliberation at the meeting, understanding role and responsibilities as board member, demonstration of knowledge, skill and experience that make him/her a valuable resource for the board.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Executive Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.


The Nomination and Remuneration Policy of the Company is hosted on the website of the company at the following web link:

https://apcotex.com/uploads/documents// NTk2NzM4-23-12-22.pdf

Disclosure pertaining to remuneration and other details as required under section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed as Annexure II to this Report.


There are no qualifications, reservations or adverse remarks or disclaimers made by M/s. SGDG & Associates LLP, Chartered Accountants, Statutory Auditors, in their report.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Directors had appointed M/s. D.S. Momaya & Co. LLP, to undertake the Secretarial Audit of your Company for the year ended 31st March 2023.

During the year, the Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company.

The Secretarial Auditors have issued an unqualified audit report for the year ended 31st March 2023. The comments made by the Secretarial Auditors are self-explanatory. Their report is annexed herewith as Annexure V to this Report.


All the related party transactions during the year are entered on arms length basis and are in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. There are no materially significant related party transactions entered into by the Company with Promoters, Directors or KMP etc., which may have potential conflict with the interest of the company at large.

All related party transactions are first approved by the Audit Committee and thereafter placed before the Board for their consideration and approval. A statement of all related party transactions is presented before the Audit Committee meeting on quarterly basis, specifying the nature, value and terms and conditions of the transactions.

The particulars of Contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 read with Rule 15 of The Companies (Meetings of Board and its Powers) Rules 2014 is appended to this report in prescribed Form AOC 2 as Annexure III.

The Related Party Transaction Policy is uploaded on the companys website at the following web link https://apcotex.com/uploads/ documents//ODIwMzMx-23-12-22.pdf


There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.


The Company has established a vigil mechanism for Directors and Employees to report their genuine concerns in compliance with provision of section 177 (10) of the Companies Act, 2013 and Regulation 22 of SEBI (LODR) Regulations, 2015.

The Audit Committee of the Board oversees the functioning of this policy. Protected disclosures can be made by a whistle blower through several channels to report actual or suspected frauds and violation of Companys Code of Conduct and/or Ethics Policy.

The details of the policy have been disclosed on the Companys website at https://apcotex.com/uploads/ documents//NzQzNzc5-23-12-22.pdf


The Company has always strived to adopt appropriate standards for good Corporate Governance.

Detailed report on Corporate Governance forms a part of this report. A certificate from M/s.

D.S. Momaya & Co. LLP, Company Secretaries regarding compliance of conditions of Corporate Governance as stipulated under Regulation 34 read with Schedule V of SEBI (LODR) Regulations, 2015 is annexed to the said Report.


The Company has a Risk Management Policy and has constituted a Risk Management Committee as required under Listing Regulations. The Risk Management Policy articulates the Companys approach to address uncertainties in its endeavour to achieve its stated explicit and implicit objectives. It prescribes the roles and responsibilities of various stakeholders within the Company, the structure for managing risks and the framework for risk management. The risk identification, assessment and mitigation process actively involves people at all levels in the management.

All risk identification, assessment and mitigation exercise are carried out before the annual planning exercise and the specific risk mitigation tasks along with resources are made part of the annual budgets and functional objectives for the coming year(s). These are reviewed periodically by the respective functions and necessary course corrections are made if necessary.

The details of the policy have been disclosed on the Companys website at:

https: //apcotex.com/uploads/documents// MzUvOTg1-23-12-22.pdf


The Company has a Corporate Social Responsibility (CSR) Committee constituted in compliance with Section 135 of the Companies Act, 2013. The CSR policy of the Company is published on the Companys website at https://apcotex.com/uploads/documents// NzE3Njc5-23-12-22.pdf

CSR activities of the Company are carried directly and through Non-Government Organizations (NGOs), who have track record of minimum of 3 years in carrying out the activities, and other criteria as prescribed under Section 135 of the Companies Act, 2013 read with Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, as amended from time to time.

The Company has under-taken projects in the areas of Healthcare and Education, around the area surrounding the factories/corporate office which are as per Schedule VII of the Companies Act, 2013 brief details of which are as under:

During the year under review, the Company was required to spend Rs. 138.85 Lakhs, being 2% of the average net profit of previous three financial years, against which Company had spent 140.15 Lakhs during the financial year 2022-23.

The Company has carried out the various CSR activities through NGO Partners, some of the details are mentioned herein:

EdelGive Foundation

The Shareholders are aware that one of the strategic projects that EdelGive and the Company are working on is with an NGO called Utthan who undertook a detailed survey of the villages surrounding the Valia plant and made a strategic plan to utilize the CSR funds for Water and Sanitation activities which included building water sources, toilets and several training and health & hygiene awareness sessions.

In this project, the Company has supported for construction and renovation of over 400 toilets, installed over 20 toilet seats for persons with disabilities, elderly and pregnant women. To ensure the safe discharge of grey water or household wastewater, washing platforms and soak pits were constructed. Also, demonstration models of solid waste management pits were constructed to create awareness about proper solid-waste collection, which is important for the protection of public health, safety, and environmental quality. Borewells and roof water harvesting tanks were developed to ensure safe and adequate drinking water. An ecosan toilet was built in the home of a member of the Dungari village. The household member intends to use Ecosan manure on the farm. Community mobilisation activities for Social and Behavioural Communication Change were organised which included hamlet meetings, community awareness programs and school-based programs.

The consistent efforts over a period of time have resulted in reduction in open defecation, drudgery for women to fetch water. It has increased the use of functional toilets, enhanced the hygiene conditions with use of toilets, washing platforms, soak pits, and increased the participation of community members, especially women.

Catalysts for Social Action

Your company in collaboration with Catalysts for Social Action, society and a trust, started a ‘ADOPT A HOME & LIVELIHOOD & AFTERCARE SUPPORT program to provide support to children and youths at three Child Care institutions (CCI) in Navi Mumbai, Maharashtra:-

CCI 1 - Rays of Hope - Kharghar, Navi Mumbai CCI 2 - Swapnalaya - Panvel, Navi Mumbai CCI 3 - Panchdeep - Panvel, Navi Mumbai

The project was adopted with a view to provide necessities in the areas of hygiene and sanitation, safe living spaces for children, improve developmental aspects around education, aftercare initiatives for over 18-year-olds, vocational training, mentoring support and to build the capacity of CCI management and staff for sustained outcomes.

To develop overall personality of kids, various activities like dance workshop, lantern-making workshop, diya making and sports activities, are undertaken. Bindas Bol program from communicative English was held. On the occasion of Marathi Bhasha Din, slogan writing competition, poster making on different languages spoken in Maharashtra, were made and displayed by the children.

Seva Sadan Society

Your company has collaborated with Seva Sadan Society to fund Secondary School Education (Stds. 5 to 7 in the academic year 2022-23) at Seva Sadan Societys English Medium School for 61 students. To improve the academic progress remedial teaching that is one-on-one teaching to the identified students is provided after school hours. Enrollment of Education Consultant, new recruitment of teachers, introduction of library period are few steps undertaken to provide quality education.

In the aftercare program, Young Adults were enrolled for upskilling, who dont have family support. Few are currently pursuing courses and others have been placed in jobs.

Deepak Foundation

Your company has worked with Deepak Foundation for Skill Development of Youth & Self-Help Group women in Facility Management & Services around Taloja Plant area. Necessary training has been imparted to 76 youths in four batches including on the job / practical training apart from the classroom training sessions. Out of 76 youths, 48 trainees have secured employment or have opted for self-employment.

The details as required under Section 135 of the Companies Act, 2013 are provided in CSR Report which is annexed herewith as Annexure IV. For the year 202223, the Chief Financial Officer of the Company has certified that the funds of CSR have been utilized for the purposes and in the manner as approved by the Board of Directors of the Company.


The company conducts the Familiarization program when new Director(s) is/are appointed during the year. The Program aims to provide insights into the Company to enable the Independent Directors to understand its business in depth, to familiarize them with the process, business, and functionaries of the Company and to assist them in performing their role as Independent Directors of the Company. The familiarisation programme along with details of the same imparted to the Independent NonExecutive Directors during the year are available on the website of the Company at https://apcotex.com/uploads/ documents//MjAzOTAy-11-04-23.pdf


The Insider trading policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with the shares of the Company. The policy has been formulated to regulate, monitor, and ensure reporting of deals by designated person/ employees and maintain the highest ethical standards of dealing in Company securities.


Your Company maintains an adequate and effective internal control system commensurate with its size and complexity. The Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures. These are reviewed periodically and made part of work instructions or process in the company.

The Company periodically conducts physical verification of inventory, fixed assets and cash on hand and matches them with the books of accounts. Explanations are sought for any variance noticed from the respective functional heads.


The Directors confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

II. That they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

III. That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

IV. That they have prepared the annual accounts on a going concern basis;

V. That they, have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

VI. That they have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


All women who are associated with the Company either as permanent employees or temporary employees or contractual persons including service providers at the Company sites are covered under the above policy.

The company has constituted Internal Complaints Committee to ensure a harassment free working environment, to redress the complaints and to prevent sexual harassments, if any. No complaints relating to sexual harassment were received during the year.


Company has no Fixed Deposits at the end of the financial year. The Central Bureau of Investigation (CBI) has instructed the Company, not to repay the proceeds of four fixed deposits amounting to Rs. 0.48 Lakhs and accrued interest of Rs. 0.22 Lakhs thereon. These deposits matured during the first week of December 2002 and continue to remain with the Company.


All insurable assets of the Company including inventories, buildings, plant and machinery etc., as well as the liability under legislative enactments, are insured on reinstatement basis after due valuation of assets by an external agency. The Company also holds a Loss of Profit Policy for the financial year 2022-23.


The company ensures safe, healthy and eco-friendly environment at its plant and surrounding areas. The company continually works towards identification and reduction of risks and prevention of pollution at its plant and its surroundings.

Members of the Safety Committees of the Companys Taloja Plant and Valia Plant, have been regularly reviewing the safety measures and their implementation to ensure adequate safety in material handling and processing, control of pollution caused by liquid effluents, dust and emissions from chimney, etc. Samples are periodically drawn and the reports submitted to the Pollution Control Board indicating compliance with the standards.

Consent has been obtained from Maharashtra Pollution Control Board to operate the Plant at Taloja and from Gujarat Pollution Control Board to operate the Plant at Valia, Ankleshwar.

The company is working with the renowned consultants for implementation of Environment, Social and Governance (ESG) in the organisation. The disclosure requirement of Business Responsibility and Sustainability Report forms part of this report.


The information required under Section 197 of the Companies Act, 2013 and read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given in Annexure II.

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(2) & (3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, in respect of employees of your company is available for inspection by the members. Please refer to note no. 18 of the Notice of AGM for inspection of the same.


The Board of Directors on the recommendation of the Nomination and Remuneration Committee, recommend the re-appointment of Mr. Ravishankar Sharma (DIN: 08739672) as a Wholetime Director, designated as an Executive Director w.e.f 1st May 2023 for a term of three years subject to the approval of the members in the ensuing AGM.

The Board of Directors had on the recommendation of the Nomination and Remuneration Committee, at their meeting held on 20th October 2022, approved the appointment of Mr. Jeevan Mondkar (ACS 22565) as the Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company effective from 1st November 2022 in place of Mr. Anand Kumashi, Company Secretary & Compliance Officer of the Company, who retired on 31st October 2022. The Directors wish to place on record their appreciation for the contribution made by Mr. Anand Kumashi during his tenure with the Company.

Retirement by Rotation:

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and Articles of Association of the Company, Mr. Atul Choksey (DIN 00002102) will retire by rotation at the ensuing AGM of the Company and being eligible, offers himself for re-appointment. The Board recommends his re-appointment.

Brief resume, nature of expertise in specific functional areas, disclosure of relationships between directors inter-se, details of directorship held in other companies, membership of committees of the Board, shareholding in the Company held by the directors proposed to be appointed/re-appointed at the 37th AGM, is provided in the Notice of the AGM.


Statutory Auditors

M/s. SGDG & Associates LLP, Chartered Accountants (Firm Registration No. W100188) were appointed as Statutory Auditors of the Company for a period of five consecutive years at the 32nd AGM of the Company held on 27th July 2018 to hold office from the conclusion of the said Meeting till the conclusion of the 37th AGM to be held in the year 2023.

Your Board recommends the appointment of M/s. Manubhai & Shah LLP, Chartered Accountants (Firm Registration No. 106041W/W100136), as Statutory Auditors of the Company for a period of 5 years from the conclusion of this AGM till the conclusion of the 42nd AGM to be held in the year 2028, in place of retiring auditors viz. M/s. SGDG & Associates LLP, Chartered Accountants, on such remuneration as shall be fixed by the Board of ryond Directors of the Company. The Company has received letter from the M/s. Manubhai & Shah LlP, Chartered Accountants, to the effect that their appointment, if made, would be within the prescribed limit under Section 141 (3) (g) of the Companies Act, 2013 and that they are not disqualified from the appointment.

Cost Auditors

M/s. V J Talati & Co., Cost Accountants have been appointed as Cost Auditors of the Company for the financial year 2023-24 under Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules 2014. M/s. V J Talati & Co. have confirmed that they are free from any disqualifications as specified under the Companies Act, 2013.

The remuneration payable to the Cost Auditors is required to be placed before the Members in a general meeting for their ratification. Accordingly, resolution seeking Members ratification for the remuneration payable to M/s. V J Talati & Co., Cost Auditors is included at item No.7 of the Notice convening the AGM.

Secretarial Auditor

M/s. D.S. Momaya & Co. LLP, Company Secretaries, have been appointed to conduct the Secretarial Audit of the Company for the financial year 2022-23, pursuant to the provisions of Section 204 of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 as amended. The Report of the Secretarial Auditor is appended to this Report as Annexure V.

P. Maintenance of Cost Records

The maintenance of cost records as specified under Section 148 of the Companies Act, 2013 is applicable to the Company and accordingly all the cost records are made and maintained by the Company and audited by the cost auditors.


Certificate from Managing Director and Chief Financial Officer, pursuant to the Regulation 17 of SEBI (LODR) Regulations, 2015, for the financial year 2022-23 under review was placed before the Board of Directors of the Company at its meeting held on 27th April 2023.


The Company complies with all applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013 for the financial year ended 31st March 2023.

S. Business Responsibility and Sustainability Report (BRSR)

Detailed BRSR under Regulation 34 of SEBI (LODR) Regulations, 2015 forms a part of this report.


Pursuant to the applicable provisions of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the Rules), as amended from time to time, all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after completion of seven years. Further, according to the Rules, the shares on which dividend had remained unpaid or unclaimed by the shareholders for seven consecutive years or more are also be transferred to the demat account of the IEPF Authority. Accordingly, the Company has transferred the unclaimed dividend of Rs. 12,86,481/- for the year 2014-15 during August 2022. Considering 2014-15 as base year, the Company has transferred 9,154 Equity shares of Rs. 2 each/- held by 179 number of shareholders, on which the dividend was unclaimed for 7 consecutive years, to demat account of IEPFs authority, in compliance with IEPF Rules during the financial year 2022-23.

The Company had sent individual notices and also advertised in the newspapers seeking action from the Members who have not claimed their dividends for seven consecutive years or more.

The Company will be transferring the final dividend and corresponding shares for the financial year ended 201516 within statutory timelines. Members are requested to ensure that they claim the dividends and shares referred to above, before they are transferred to the said Fund. The due dates for transfer of unclaimed dividend to IEPF are provided in the report on Corporate Governance.

The Company has uploaded full details of such shareholders and shares due for transfer to IEPF Authority on its website at www.apcotex.com. Shareholders are requested to refer to the web-link https://apcotex.com/ investor-transfer-to-iepf to verify the details of unclaimed dividends and the shares liable to be transferred to IEPF Authority.


During the year no significant or material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Companys operations.


Your Directors take this opportunity to express their deep sense of gratitude to the Bankers, various departments of State / Central Government and local authorities for their continued guidance and support.

We would also like to place on record our sincere appreciation for the commitment, dedication and hard work put in by every member of the Apcotex family. To all shareholders, we are deeply grateful for the confidence and faith that you have always reposed in us.

The accompanying Annexures I to V are an integral part of this Directors Report.


Date: 27th April 2023
Place: Mumbai