GKB Ophthalmics Ltd Directors Report.
Dear Shareholders,
Your Directors have great pleasure in
presenting before you the 37th Annual Report of the Company together with the Audited
Annual Financial Statements of the Company for the year ended March 31, 2019.
FINANCIAL RESULTS:
The Companys financial performance for the
year under review along with the previous year figures is given hereunder:
2018-19 |
2017-18 |
|
Revenue from Operations & Other Income |
3,309.29 |
3,848.66 |
Profit/Loss before Financial Charges,
Depreciation & Taxation |
157.08 |
6.80 |
Less: Finance Charges |
139.34 |
122.75 |
Less: Depreciation |
343.13 |
158.16 |
Less: Deferred Tax |
(47.54) |
(16.57) |
Profit/ ( Loss) for the year |
(277.85) |
(257.55) |
Other Comprehensive Income ( Net of Taxes) |
5.97 |
(7.87) |
Total Comprehensive Income for the year |
(271.88) |
(265.42) |
Balance from previous years |
1,359.33 |
1,624.76 |
Balance carried forward |
1,087.45 |
1,359.33 |
OPERATIONS:
During the year under review, the turnover
of the Company was lower to the tune of Rs. 3,309.29 lakhs compared to Rs. 3,848.66 lakhs
in the previous financial year. There was a net loss of Rs. 277.85 lakhs during the
current financial year compared to a net loss of Rs. 257.55 lakhs during the previous
financial year. As there was lack of demand for glass lenses, the Company had to switch on
totally to manufacture of Plastic Lenses. As far as manufacturing of Plastic Lenses is
concerned , there is stiff competition from China. Due to ongoing US China Trade
War, China is dumping their lenses more fiercely in Indian market, at lower than cost
price. The Company is in the advanced stage of making a representation to the Central
Government on imposing Anti Dumping Duty.
DIVIDEND:
With the view to conserve the resources,
your Directors regret their inability to recommend any dividend for the year 2018-19. No
amount has been transferred to reserve for the financial year ended March 31, 2019.
SHARE CAPITAL:
The paid up equity share capital as on March
31, 2019 is Rs. 464.06 lakhs. The Share Capital of the company has been increased by Rs.
48.70 lakhs as the company has issued Equity shares to Non- Promoters and Non Promoter
Groups, on preferential basis.
ISSUE OF SHARES ON PREFERENTIAL BASIS:-
The company has issued 6,50,000 equity shares of Rs 10 each on preferential
basis. Out of which 4,87,000 equits shares were subscribed by Non- Promoters and Non-
Promoter Groups, pursuant to a resolution passed by the shareholders in the Extra Ordinary
General Meeting held on June 04, 2018. The total
consideration received was Rs. 7.54 crores.
The in-principle approval from BSE Ltd.,
was received on July 13, 2018 and the shares were allotted within 15 days on July 27,
2018, in compliance with Chapter VII of SEBI (ICDR) Regulations, 2009. The issue price of
the Shares was Rs. 155/- which included a premium of Rs. 145/- per share. The price was determined on the basis of a valuation
report given by Statutory Auditor, MSKA & Associates, Chartered Accountants, appointed
by the Audit Committee.
ISSUE OF EQUITY CONVERTIBLE WARRANTS:-
The Company has issued 7,50,000 Equity
Convertible Warrants, on preferential basis to Promoters and Non- Promoters/ Non Promoter
Groups, pursuant to a resolution passed by the shareholders
on June 04, 2018. The issue price of the Warrant was Rs. 155/- which included a
premium of Rs. 145/- per warrant out of which 25% of the consideration was received
upfront, in compliance with Chapter VII of SEBI (ICDR) Regulations, 2009. The price was
determined on the basis of a valuation report given by Statutory Auditor, MSKA &
Associates, Chartered Accountants, appointed by the Audit Committee.
The total consideration received was Rs. 2.90 crores i.e. 25% of the total issue price. The
warrants are issued to Promoters and Non- Promoters/ Non Promoter Groups. The Promoters
have subscribed for 2,00,000 Warrants out of 7,50,000 Warrants and 5,50,000 Warrants are
subscribed by Non- Promoters/ Non - Promoter Groups. The warrants may be converted into
Equity Shares before the expiry of 18 months from the date of allotment of the Warrants,
i.e. July 27, 2018, subject to receipt of remaining 75% of the issue price.
SUBSIDIARIES:
The Company has a Wholly Owned Subsidiary,
namely, GKB Ophthalmics Products FZE, Sharjah, UAE. The
Lens Company NJ, USA, is a Wholly Owned Subsidiary of GKB Ophthalmics Products FZE and a
Step Down Subsidiary of the Company. The proposal for winding up of GKB Ophthalmics GmbH,
is pending for approval with Reserve Bank of India, Mumbai.
On October 05, 2018, GSV Ophthalmics Private
Limited has been incorporated and is a Wholly Owned Subsidiary of the Company. We are in
the process of completing various formalities
required for the project.
A statement under Section 129(3) of the
Companies Act, 2013, containing salient features of the financial statement and
performance of subsidiaries in Form AOC-1, is
annexed with the Consolidated Financial Statements. In
terms of Section 136(1)(a) of the Companies Act, 2013, the
Audited Accounts of the subsidiaries are placed on website of the Company at www.gkb.net. A
copy of the audited financial statements in respect of each of the subsidiaries will be
made available to interested shareholders, upon a written request. The audited accounts of
the subsidiaries are also available at the Registered Office of the Company, for
inspection, during business hours.
TRANSFERS TO INVESTOR EDUCATION AND
PROTECTION FUND (IEPF)
The Ministry of Corporate Affairs has set up
the Investor Education and Protection Fund for promotion of investor awareness and
protection of investor interests. In terms of Section 124 of the Companies Act, 2013 and
the rules made thereunder, the dividends in respect of the shares of the Company which
have remained unpaid or unclaimed for seven consecutive years or more, are required to be
transferred to IEPF.
The Company has not declared any dividend
since 2010-11 and hence there are no unclaimed dividends to be transferred to IEPF from
2010-11, onwards.
ACCREDITION:
The Company has been accredited with ISO
9001:2015 by TUV SUD , South Asia Private Limited.
CHANGE IN PROMOTERS SHAREHOLDING:
The Company has allotted 4,87,000 Equity
Shares of Rs. 155 each ( including a premium of Rs 145) on preferential basis to Non
Promoters and Non Promoter Groups. Consequently, the Promoters shareholding has gone down
to 48.41% from 54.08% and Public shareholding has gone up to 51.59% from 45.92%.
CHANGE IN NATURE OF BUSINESS, IF ANY:
There has been no change in the nature of
business of the Company during the year 2018-19.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Mr. Prakash V. Joshi will be retiring by
rotation at the forthcoming AGM, pursuant to Articles of Association of the Company being
eligible offers himself for re-appointment. Brief
resume together with other relevant details of Mr. Prakash Joshi are given in Annexure to
the Notice for the ensuing Annual General Meeting.
Mr. Christopher Hickman, Non-Executive
Independent Director, resigned with effect from September 05, 2018, due to personal
reasons. The Board places on record its appreciation for the guidance provided by him,
during his tenure , as a Director of the Company. Mr. Gaurav Gupta, has relinquished the
position of Non-Executive Director w.e.f. April 20, 2019. Mr. Prakash V. Joshi has
relinquished the office of Executive Director and is now a Non-Executive Director w.e.f.
February 01, 2019.
Mr. Noel Da Silva has ceased to be the Chief Financial Officer, Company Secretary and Key
Managerial Personnel of the Company, with effect from March 31, 2019. Mr. Gurudas Sawant
has been appointment as the Chief Financial Officer and Key Managerial Personnel of the
Company and Ms. Pooja Bicholkar has been appointment as Company Secretary and Key
Managerial Personnel of the company, both, with effect from April 01, 2019.
Pursuant to provisions of Section 2 (51) and
Section 203 of the Companies Act, 2013 read with Rule 8 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the following are the Key Managerial
Personnel (KMP) of the Company as on the date of this report:-
Sr. No. |
Name of the KMP |
Designation |
1 |
Mr. K. G. Gupta |
Managing Director |
2 |
Mr. Gurudas Sawant |
Chief Financial Officer |
3 |
Ms. Pooja Bicholkar |
Company Secretary |
SEPARATE MEETING OF THE INDEPENDENT
DIRECTORS:
In terms of Section 149 (8) read with
Schedule IV, of the Companies Act, 2013, the Independent Directors held a Meeting on March
25, 2019, without the attendance of Non-Independent Directors and members of Management.
All the Independent Directors were present at the meeting.
At this meeting, the Independent Directors:
1. Reviewed the performance of the
Non-Independent Directors and the Board as a whole.
2. Reviewed the performance of Chairperson,
taking into account the views of Executive Director and Non-Executive Directors.
3. Assessed the quality, quantity and
timeliness of flow of information between the Company Management and the Board that is
necessary for the Board to effectively and reasonably perform their duties.
4. Discussed and decided about the
familiarization of Independent Directors programme, conducted by the Company and also
views of the Independent Directors on the familiarization
programmes.
INDEPENDENT DIRECTORS DECLARATION
The Independent Directors have submitted the
Declaration of Independence, as required pursuant to Section 149 of the Companies Act,
2013 and provisions of the Listing Regulations, 2015, stating that they meet the criteria
of independence, as provided therein. The Independent Directors have complied with the
Code for Independent Directors prescribed in Schedule IV to the Act.
MEETINGS OF THE BOARD OF DIRECTORS:
During the year under review, eight Board
Meetings were held. Further details are given in Corporate Governance Report, forming part
of this Report. The maximum gap between two Board Meetings held during the year was not
more than 120 days.
AUDIT COMMITTEE:
The composition of the Audit Committee and
other details are given in Corporate Governance Report, which is part of this report.
NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee
has formulated the criteria for determining qualifications, positive attributes and
independence of a director, relating to remuneration for directors, key managerial
personnel as provided under section 178(3) of the Companies Act, 2013 and Listing
Regulations, 2015.
The Remuneration Policy is stated in the
Corporate Governance Report which is part of this report. Further details have been
disseminated on the Companys website www.gkb.net
PERFORMANCE EVALUATION:
The Board evaluated the performance of the
Board as a whole, Committees of the Board and the performance of individual directors
including the Chairman of the Board pursuant to Regulation 17(10) of the Listing
Regulations. The performance of the Board, Committees and individual Directors was
evaluated by the Board seeking inputs from all the Directors. The Independent Directors also carried out the
performance evaluation in terms of Part VIII of Schedule IV of the Companies Act, 2013, in
their meeting held on March 25, 2019.
The details of the Performance Evaluation
carried out is provided in the Corporate Governance Report which is a part of this report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to provision of Section 134 (5) of
the Companies Act, 2013, the Board of Directors to the best of their knowledge and ability
hereby state and confirm:
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
b) that they have selected such accounting policies
and applied them consistently and made judgements 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 financial year and of the Profit and Loss of the Company for
that period;
c) that
they have taken
proper and sufficient care for the maintenance of
adequate accounting records in accordance with the
provisions of this Act,
for safeguarding the assets of the Company and for
preventing and detecting
fraud and other irregularities
d) that they have prepared the annual
accounts on a going concern basis;
e) that
they have laid down internal financial controls to be followed by the Company andyle=mso-spacerun: yes> that such internal financial controls
are adequate and were operating effectively; and
f) that
they have devised proper
systems to ensure compliance with the provisions of
all applicable laws and that such systems were
adequate and operating effectively.
AUDITORS:
Pursuant to provisions of Section 139 of the
Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, in the 36th
Annual General Meeting held on August 27, 2018, M/s. MSKA & Associates, Chartered
Accountants (FRN 105047 W) were appointed as Statutory Auditors of the Company for a term
of five years at such remuneration and out of pocket expenses, as may be decided by the
Board of Directors of the Company. The Statutory Auditor to hold the office till the
conclusion of the Annual General Meeting to be held in the year 2022-23.
AUDITORS REPORT:
The Auditors Report is unmodified and there
are no qualifications, reservations or adverse remarks or disclaimers. In respect of the observation made by the Auditors in
their report, the Boards response thereon is as follows:
(i) Paragraph 2 (g) (iii)
The Dividend for the financial year 2009-10
was paid to the shareholders by way of Dividend Warrants. Upon the Dividend Warrants
becoming out of date/ Warrants not received/ misplaced by
the shareholders, the Company had issued to the shareholders Demand Drafts in lieu of Dividend Warrants.
In terms of Circular no.
SEBI/HO/MIRSD/DOP1/CIR/P/2018/73, of Securities and Exchange Board of India, dated April
20, 2018, Annexure , I (3), Provisions with regard to payment of Dividend/ Interest/
Redemption, the processing Bank shall ensure
that any balances lying unpaid in Demand Draft Account, beyond the validity period of the
instrument shall be cancelled and the Demand Draft amounts transferred earlier by the Bank
in the said account shall be credited back immediately to the Unpaid Dividend Account of
the Company .
The unclaimed dividend was lying with the
Bank in their Stale Demand Draft Account. In November 2018, the processing Bank has sent
us the list of 75 shareholders with balance
aggregating to Rs. 25,842, who did not encash their Demand Draft. Thereafter, the Bank
credited back only Rs. 12,822 out of Rs. 25,842 to
Unpaid Dividend Account 2009-10, pertaining to 11 shareholders only, whose names also
appear in the list of Stale Demand Draft account. Hence there is a duplication.
Further, as per the said SEBI circular, the
Bank is required to submit to our Company the reconciled data which has not been received
by the Company till date. The matter is being sorted out with the Bank and once the entire
amount is credited to Unpaid Dividend Account, the same will be transferred to Investor
Education and Protection Fund (IEPF).
(ii) Annexure B, vii (a) and (b) are self explanatory.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS:
There is no significant or material order
passed by any Regulators or Courts or Tribunals impacting the going concern status and
Companys operations in future.
INTERNAL FINANCIAL CONTROL:
As per Section
134 (5) (e) of the Companies Act, 2013, read with Rule 8 (viii) of
Companies (Accounts) Rules, 2014, the Board has
laid the Internal Financial Control to be followed by the Company and that such Internal
Financial Controls are adequate and are operating effectively. As per Section 143(3)(i) of the Companies Act, 2013, a report issued by M/s. MSKA &
Associates, Statutory Auditors of the Company is attached with their Independent Auditors
Report, which is self explanatory.
RISK MANAGEMENT POLICY:
The Company from time to time identifies and
assesses the various business risks and mitigates these risks by determining a response
strategy. There are no potential business risk which in the opinion of the board threaten
the existence of the Company.
PRATICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186:
Particulars of loans, guarantees given and
investments made during the year as required under Section 186 of the Companies Act, 2013
and Schedule V of the Listing Regulations are given in the notes to financial statements.
RELATED PARTY TRANSACTIONS:
All transactions entered into with related
parties, pursuant to Section 188 of the Companies Act, 2013 and Regulation 23 of Listing Regulations, during the year were at arms
length basis and in ordinary course of business. Therefore,
disclosure in Form AOC-2, is not required.
The Company has formulated a policy on
materiality of related party transactions and on dealing with related party transactions
in terms of Regulation 23(1) of Listing Regulations. The Board of Directors of the Company
has approved and adopted a policy on related party transactions and the same has been
uploaded on Companys website
(http://gkb.net/en/wp-content/uploads/Accounts/Related-party-transactions-policy.pdf)
EXTRACT OF ANNUAL RETURN:
A copy of the annual return has been placed
on the website of the company and the web address is www.gkb.net
CORPORATE GOVERNANCE:
A separate section on Corporate Governance
practices followed by the Company, together with certificate from the Practising Company
Secretary confirming compliance, Management Discussion and Analysis Report and Declaration
regarding compliance of Code of Conduct by Board Members and Senior Management Personnel
forms the part of this annual report.
SECRETARIAL AUDIT:
As per provisions of Section 204 of the
Companies Act, 2013 read with Rule 9 of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Secretarial Audit Report submitted by Ms. Girija
Nagvekar, Practising Company Secretary, for the financial year ended March 31, 2019,
forming part of this Annual Report, is annexed herewith as Annexure - I. The Secretarial
Audit Report is self-explanatory and requires no comments.
CORPORATE SOCIAL RESPONSIBILITY:
Provisions of Section 135 of the Companies
Act, 2013, and Rules made thereunder, regarding Corporate Social Responsibility are not
applicable to the Company.
INSURANCE:
The Company has taken adequate insurance
covers for its properties and insurable interest.
PERSONNEL:
The relations between the employees and the
management, during the year, have been cordial.
MATERIAL CHANGES AND COMMITTMENTS :
There are no material changes and
commitments, 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 this report.
PARTICULARS UNDER SECTION 197(12) AND RULE 5
OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
(i) the ratio of the remuneration of each
director to the median remuneration of the employees of the Company for the financial
year:
Name |
Ratio |
Mr. K. G. Gupta, Managing Director |
22:1 |
Mr. Prakash V. Joshi, Executive Director* |
5:1 |
* Prakash Joshi, the Executive
Director was designated as Non-executive Director w.e.f. February 01, 2019.
(ii) (a) the percentage increase in
remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company
Secretary or Manager, if any, in the financial year:
Name |
Percentage |
Mr. K. G. Gupta, Managing Director |
0% |
Mr. Prakash V. Joshi, Executive Director |
NA |
Mr. Noel da Silva, CFO & Company
Secretary** |
5.27% |
**Mr. Noel Da Silva, Chief Financial Officer
and Company Secretary and Key Managerial Personnel relinquished his position with effect
from March 31, 2019
(ii)(b) The Non-Executive Directors of the
Company are entitled to sitting fees within the limits approved by the Board of Directors
and shareholders. The details of remuneration of Directors are provided in the Corporate
Governance Report.
(iii) the percentage increase in the
median remuneration of employees in the financial
year : 9.21%
(iv) the number of permanent employees on
the rolls of Company : 192
(v) average percentile increase already made
in the salaries of employees other than the managerial personnel
in the last financial year and its comparison with the percentile increase in the
managerial remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration:
Average percentage increase made in the
salaries of employees other than the managerial personnel in the last financial year i.e.
2018-19 was 11.41% whereas the increase in the managerial remuneration for the same
financial year was 1.32%.
(vi) comparison of each remuneration of the
Key Managerial against the performance of the Company:
The remuneration of the Managing Director
was within the minimum remuneration as per Schedule V, Part II and Section II of the
Companies Act, 2013.
(vii) the key parameters for any variable
component of remuneration availed by the directors :
Mr. K. G. Gupta, Managing Director is
entitled to commission not exceeding 1% of the net profit of the Company
computed in the manner laid down under the Act as may be determined by the Board. Due to net loss, no commission was paid to him for the
year under review. None of the other Directors are
paid any remuneration except sitting fees and traveling expenses for attending Board and
Committee Meetings.
(viii) the ratio of the remuneration of the highest paid director to
that of the employees who are not directors but receive remuneration in excess of the
highest paid director during the year : N.A.
(xi) affirmation that the remuneration is as
per the remuneration policy of the Company : The remuneration is as per the Remuneration Policy of
the Company.
PARTICULARS OF EMPLOYEES:
None of the employees is covered under Section
197 of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration
of Managerial Personnel) Rules 2014.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As per Listing Regulations, Management
Discussion and Analysis Report is attached to this report.
FINANCE:
The Company has availed fresh term loan from
State Bank of India of Rs. 220.00 lakhs during the financial year ended March 31, 2019. Total Fund based exposure of the Company with the Banks
was to the tune of Rs. 1120.00 lakhs. Total Non-Fund based exposure of the Company with
the Banks was to the tune of Rs. 610.00 lakhs
PUBLIC DEPOSITS
The Company has not accepted any deposits
from public and as such, no amount on account of principal or interest on deposits from
public deposits was outstanding as on 31st March 2019.
CREDIT RATING:
CRISIL Limited the credit rating
agency, has assigned the credit rating of CRISIL B/Stable (Re-affirmed) to the
long-term Bank facilities availed by the Company and credit rating of CRISIL A4
(Re-affirmed) to the short-term Bank facilities availed/proposed by the Company.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has in place a Vigil Mechanism.
It provides a channel to the employees to report to the management concerns about
unethical behavior, actual or suspected fraud or violation of the code of conduct policy
and the same has been posted on the Companys website www.gkb.net.
REPORTING OF FRAUD BY AUDITORS:
During the year under review, no offense
involving fraud has been committed against the Company by its employees or officers
of the Company in terms of Section 143(12) of the Companies Act, 2013.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (Prevention, Prohibition and Redressal) Act, 2013.
The Company has in place an Anti Sexual
Harassment Policy in line with the requirements of The Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal ) Act, 2013. Internal Complaints Committee (ICC) has been set up to
redress complaints received regarding sexual harassment. All
employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year under review no complaints
were received.
RESUME OF HEALTH & SAFETY PERFORMANCE OF
THE FACTORY:
In terms of Section 90 B (5) (d) of the Goa
Factories Rules, 1985, the Company has a Occupational Health, Safety and Environment
Policy, through which every employee is made responsible for the observance of the
measures designed to prevent accidents, damage to property, occupational ill- health and
avoidable environmental pollutants.
Safety & Health :- For the safe work environment, Hazard
Identification & Risk Assessment workshops and training programme were conducted for
the employees on First Aid procedure and Behavioural Safety Programme, programme on
Occupational Safety, Health & Environment, etc. with a view to equip them to recognize
the hazards and risks associated with a given task and take preemptive action. Also, the
Annual event via Safety Week Celebrations was celebrated from (04-10 March 2019) for
Statutory requirements under Factories Act and familiarization course in General Fire
Fighting was organised.
Audit - Occupational Safety & Health Audit, and
Internal Electrical Safety Audit was conducted to assess potential fire hazards in the
factory set-up and to provide assurance on the implementation and effectiveness of these
system and processes. The company has organized the medical check-up, health consultation
and counselling during the period from June 2018 till September 2018.
Environment: - The Company has been focusing on
achieving environmental standards with go green philosophy. The plant is certified with
ISO 9001:2015 which is upgraded from ISO 9001:2008 from the previous year. The plant has
continued their efforts for water conservation. Licenses under Pollution control are
periodically renewed under Air, Water and Hazard Waste Management. The process of Solid
waste management disposal is on regular basis through Mumbai Waste Management Ltd., Taloja
in Maharashtra.
OTHER DISCLOSURES:-
1) The consolidated financial statement is also
being presented in addition to the standalone financial statement of the company.
2) The maintenance of cost records is not
applicable to the Company as per the amended Companies (Cost Records and Audit) Rules,
2014, prescribed by the Central Government under Section 148(1) of the Companies Act,
2013.
CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
Particulars required to be disclosed under
the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014 are
annexed herewith as Annexure II and forms an
integral part of this report.
ACKNOWLEDGEMENT:
Your Directors wish to acknowledge and are
grateful for the excellent support received from all levels, customers, vendors,
regulatory authorities, bankers, shareholders and all other stakeholders. Your Directors
recognize and appreciate the hard work and efforts put in by all the employees of the
Company and their contribution to the progress of the Company in a very challenging
environment.
For and on behalf of the Board of Directors |
||
K. G. Gupta |
||
Place |
: Mapusa - Goa. |
Chairman and Managing Director |
Date |
: May 30, 2019 |
DIN : 00051863 |