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Your Board of Directors are pleased to present the 36th Annual Report on the business and operations of the Company, together with the Audited Financial Statements for the financial year ended 31st March, 2019.
The summary of the financial performance of the company for the financial year ended 31st March, 2019 as compared to the previous year is as below:
Amounts in Rs. Lakh
|Revenue from operations and other income||100,443.47||122,003.00|
|Profit before Tax||515.44||57.06|
|Total tax expenses||472.11||(708.73)|
|Profit (Loss) for the period||43.33||765.79|
|Other Comprehensive income||(154.69)||200.46|
|Total Comprehensive income||(111.36)||966.46|
|Earnings per Share (EPS)||0.20||3.58|
TRANSFER TO RESERVE
No amount is proposed to be transferred to the General Reserve of the Company for the financial year 2018-19.
Your Directors do not recommend any dividend for the financial year 2018-19.
MATERIAL CHANGES AND COMMITMENTS IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY
From last few years, the Company is going through a tough time. Due to continuous low demand from two wheeler manufacturers, coupled with increasing labour costs and fixed costs, the Company has not been doing well in two-wheeler business. Consequently, the Company, with the consent of shareholders has sold various assets of its Sprocket Plant, Dharuhera and Speedomax Plant, Sidhrawali and has closed operation of these plants in June, 2019. As the Company is doing well in other business areas, these events may not affect the overall financial position of the Company significantly. In opinion of the Board, there have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year under review to which the financial statements relate and the date of this Report except the above mentioned matters
CHANGE IN THE NATURE OF BUSINESS
During the year under review, there has been no change in the nature of business of the Company. The main business activity of the Company primarily continues to be manufacturing and supply of sheet metal components. The Company is continuously exploring the possibility of venturing into new business areas to minimize its business risks. Indian Railways has been one of the main growth drivers in recent times for the Company so it was proposed to venture into new products in this area.
STATE OF THE COMPANYS AFFAIRS, OPERATIONS AND FUTURE PROSPECTS
During the financial year 2018-19, the total revenue of the Company was Rs. 1004.43 Crores as compared to total revenue of Rs. 1220.03 Crores during the previous financial year 2017-18, thus resulting in a de-growth over previous year. However, Profit before tax for the year under review was Rs. 5.15 Crore as against Rs. 0.57 Crore for the previous financial year.
Financial year 2018-19 was a challenging year for the Company. The demand from 2 Wheelers (2W) manufacturers declined continuously. Increasing labour costs and fixed costs impacted the business of the Company adversely. Consequently, the Company had to resort to leaning of its workers. Later, the Company had to take tough decision to close operations in two of its plants. However, during the year under review, demand from commercial vehicle manufacturers and Indian Railways witnessed a very good growth and poised to grow further in coming years also.
The management in recent past has realigned its focus on non-two wheeler business areas. The management is continuously working on to increase its customer base & product portfolio for Indian Railways, passenger car manufacturers and Commercial Vehicle manufacturers. Recently, the Board has, approved setting up of two manufacturing units in Uttar Pradesh to cater to Commercial Vehicle Customer and Indian Railways.
For further details, Shareholders may refer to Management Discussion and Analysis and Corporate Governance Report that forms part of this Report.
The Authorised Share Capital of the Company is Rs. 30.00. 00.000 (Rupees Thirty Crores Only) divided into 2.65.00. 000 equity shares of Rs. 10 each; 20,00,000 equity shares with differential voting rights of Rs. 10 each and 1,50,000 Optionally Convertible Cumulative Preference Shares (12%) of Rs. 100 each. The paid up share capital of the Company, as on 31st March, 2019, was 21,38,82,130 divided into 2,13,88,213 equity shares of Rs. 10 each.
The Company has not issued shares with differential voting rights. As on 31st March, 2019, none of the Directors of the Company hold instruments convertible into equity shares of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report has been appended separately, which forms part of the Annual Report.
Corporate Governance is the application of best Management Practices, Compliance of Laws in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders i.e. shareholders, management, employees, customers, vendors, regulators and the community at large. Your Company places prime importance on reliable financial information, integrity, transparency, empowerment and compliance with the law, in letter and spirit.
The regulators have also emphasised on the requirement of good corporate governance practices in corporate management. Your Company also takes proactive approach and revisits its governance practices from time to time so as to meet business and regulatory requirements.
The provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to the Corporate Governance for the year 2018-19 has been provided in the Corporate Governance Report, which is attached here separately along with a Certificate from Practicing Company Secretary on compliance with corporate governance norms, and forms part of the Annual Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of Directors of the Company has optimum combination of executive and non-executive directors including independent directors and woman directors in compliance with the provisions of the Companies Act, 2013 ("the Act") and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board in its meeting held on 19th July, 2018 appointed Mr. Devashish Mehta as an Additional Director of the Company with immediate effect. Further, the Board appointed Mr. Devashish Mehta as Joint Managing Director of the Company also with immediate effect which was later approved by the Shareholders at 35th Annual General Meeting of the Company held on 17th September, 2018.
In terms of the provisions of the Act and Article of Association of the Company, Mr. Jatender Kumar Mehta (DIN: 00028207) and Mrs. Sakshi Kaura (DIN: 02094522), retire by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for re-appointment.
APPOINTMENT/RE-APPOINTMENT OF INDEPENDENT DIRECTOR
The Board in its meeting held on 19th July, 2018, has appointed Mr. Bharat Kaushal as an Additional Director of the Company in the category of Independent Director with immediate effect. Further, appointment of Mr. Bharat Kaushal as an Independent Director of the Company was approved by the shareholders at 35th Annual General Meeting of the Company held on 17th September, 2018.
The Board in its meeting held on 22nd October, 2018, has appointed Mr. Panja Pradeep Kumar as an Additional Director of the Company in the category of Independent Director with immediate effect. Further, appointment of Mr. Panja Pradeep Kumar as an Independent Director of the Company is subject to approval of the shareholders in the ensuing Annual General Meeting. Accordingly, subject to the approval of the members, the Board of Directors of the Company, at its meeting held on 13th August, 2019, have recommended the appointment of Mr. Panja Pradeep Kumar as Independent Directors of the Company, for a term of five years, to the members in ensuing Annual General Meeting.
The Shareholders of the Company has approved, by passing of Special Resolutions at the Extra-Ordinary General Meeting meeting held on 16th February, 2019, the continuation of Dr. Ramesh Chandra Vaish and Mr. Triloki Nath Kapoor, as a Non-Executive Independent Directors, who have attained the age of 75 years, for the remaining period of their term in the Company.
All Directors of the Company have given declarations that they are not debarred from holding the office of Director by virtue of any SEBI Order or any other such statutory authority as required under the Circular dated June 20, 2018 issued by BSE Limited and National Stock Exchange of India Limited.
Further, there is no change in the composition of Key Managerial Personnel (except mentioned above) of the Company.
MEETINGS OF THE BOARD
During the year under review, 9 (Nine) meetings of the Board of Directors were held respectively on 17th April, 2018, 12th May, 2018, 7th June, 2018, 19th July, 2018, 7th September, 2018, 22nd October, 2018, 3rd December, 2018, 18th January, 2019 and 16th February, 2019. Details of Board Meetings and Committee Meetings and attendance thereof is disclosed in the Corporate Governance Report attached separately to this report.
COMPOSITION AND RECOMMENDATION OF AUDIT COMMITTEE
During the year under review, the Board has in its meeting held on 19th July, 2018, inducted Mr. Devashish Mehta, Joint Managing Director and Mr. Deep Kapuria, Independent Director into the Audit Committee of the Board. Further, subsequent to the year under review, the Board in its meeting held on 30th May, 2019, has inducted Mr. Panja Pradeep Kumar, Independent Director into the Audit Committee. Currently, the composition of Audit Committee is as follows:
1. Dr. Ramesh Chandra Vaish - Chairman (Nonexecutive Independent Director)
2. Dr. Triloki Nath Kapoor - Vice-Chairman (Nonexecutive Independent Director)
3. Mr. Jatender Kumar Mehta - Member (Executive Director)
4. Mrs. Novel Singhal Lavasa - Member (Nonexecutive Independent Director)
5. Mr. Deep Kapuria - Member (Non-executive Independent Director)
6. Mr. Devashish Mehta - Member (Executive Director)
7. Mr. Panja Pradeep Kumar - Member (Nonexecutive Independent Director)
There has been no instance wherein the Board had not accepted any recommendation of the Audit Committee.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the provisions of the Companies Act, 2013 the Directors confirm that
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors had 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 loss of the company for that period;
(c) the directors had 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) the directors had prepared the annual accounts on a going concern basis;
(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS
All independent directors of the Company have given declarations, that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulations 16(1)(b) & 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
NOMINATION AND REMUNERATION POLICY
In terms of Section 178(3) of the Companies Act, 2013, upon recommendation of the Nomination and Remuneration Committee, the Board has adopted the Nomination and Remuneration Policy of the Company. The Policy includes the criteria for determining qualifications, positive attributes, independence of a director and other prescribed matters, are governed by such policy. During the Financial Year 2018-19.
In terms of Section 178(4) of the Act, such policy is disclosed on website of the Company at the below link:http://www.omaxauto.com/other-reports .
ANNUAL PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The evaluation of performance of the Board, its Committees and individual directors for the financial year 2018-19 was carried out in accordance with the policy for evaluation of the performance of the Board of Directors of the Company. The evaluation forms and criteria for evaluation of Board of Directors, Managing Director / Executive Directors, Non-Executive Independent Directors, Board Committees and Chairman of the Company, were circulated to all the directors for their feedback/ ratings. The forms were submitted back to the Company by the directors with their feedback/ ratings. On the basis of their feedback/ratings, the Board evaluated the performance of Board of Directors, Managing Director / Executive Director, Non-Executive Independent Director, Board Committees and the Chairperson of the Company. The Board was satisfied with the evaluation results.
The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations. The Company has established a vigil mechanism and has adopted the "Vigil Mechanism/ Whistle Blower Policy". As per the policy objective, the Company encourages its employees who have concerns about suspected misconduct, to come forward and express these concerns without fear of punishment or unfair treatment. A vigil mechanism provides a channel to the employees and directors to report to the management concerns about unethical behaviour, actual or suspected fraud or violation of the Codes of conduct or policy. The mechanism provides for adequate safeguards against victimization of employees and directors to avail the mechanism and also provide for direct access to the Managing Director/Chairman of the Audit Committee in exceptional cases. Such policy is available on the website of the Company i.e. www.omaxauto.com . During the Financal Year 2018-19, the policy was revised on 30th March, 2019.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
As a good corporate citizen, the Company understands the significance of inclusive growth and wellbeing of all stakeholders, including the society at large. Your Company has been taking initiatives under Corporate Social Responsibility (CSR) for society at large, well before it has been prescribed under Companies Act, 2013. The Company has a well-defined Policy on CSR as per the requirement of Section 135 of the Companies Act, 2013 which covers the activities as prescribed under Schedule VII of the Companies Act, 2013.
During the year under review, your Company has carried out activities primarily related to promoting/providing education to the poor and underprivileged children.
The details about the policy developed and implemented by the Company on Corporate Social Responsibility initiatives taken during the year, the reasons for the unspent amount on CSR and Composition of CSR Committee, as required under clause (o) of sub-section (3) of the Section 134 of the Companies Act, 2013 are provided in the CSR Annual Report in terms of Rule 8 of the Companies (Corporate Social responsibility) Rules, 2014, which is attached as Annexure-1 and forms part of this report.
The CSR Liability for the FY 2018-19 was Rs. 31.11 Lacs. Out of the budgeted amount of Rs. 35.50 Lacs (out of cumulative funds available) for approved projects, an amount of Rs. 31.12 Lacs (including Rs. 0.64 Lakh spent for project of previous year) was spent during the year. As the budget was based on estimation, the actual amount was below the estimated expenses. The unbudgeted amount and the unutilized portion of the budgeted amount will be utilized to fund future CSR projects. The unspent CSR amount as on 31.03.2019 for previous financial years are as follows.
Amounts in Rs. Lacs
|Sl. No.||Particulars||2018 19||2017 18||2016 17||2015 16||2014 15||Total|
|1.||CSR Liability (2% of Net Profit)||31.11||17.32||12.42||18.11||51.11||130.07|
|3.||Amount outstanding as Unspent at 31.03.2019||21.54|
The detailed report on initiatives taken by the company during the year under review can be accessed at the website of the company at www.omaxauto.com .
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
The Board of Directors of the Company has adopted a policy as the Risk Management Policy of the Company with main objective of to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. The functions of the Risk Management Committee includes preparation of company-wide framework for risk management, fixing roles and responsibilities, communicating the risk management objective, allocating resources, drawing action plan, determining criteria for defining major and minor risks, deciding strategies for escalated major risk areas, updating company-wide Risk register and preparing MIS report for review of Audit Committee.
The implementation and monitoring of this policy is currently assigned to the Audit Committee of the Board. Though the Board is striving to identify various elements of risk, however, in the opinion of the Board, there has been no element of risk which may threaten the existence of the Company.
M/s. BGJC Associates LLP, Chartered Accountants (Firm Registration No. 003304N), were appointed as Statutory Auditor of the Company at the 34th Annual General Meeting (AGM) till the conclusion of 39th AGM of the Company.
In terms of Section 204 of the Companies Act, 2013 read with the rules made thereunder, and upon the recommendation of the Audit Committee, the Board of Directors has appointed M/s. Chandrasekaran Associates, Company Secretaries as the Secretarial Auditors of the Company to conduct Secretarial Audit for the financial year 2019-20.
In terms of Section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, the Board of Directors, on recommendation of the Audit Committee, has re-appointed M/s. HM & Associates, Chartered Accountants, M/s. Singhi Chugh & Kumar, Chartered Accountants and M/s. N. Kochhar & Co., Chartered Accountants as Internal Auditors of the Company for the financial year 2019-20.
The Board of Directors of the Company, on the recommendations made by the Audit Committee, has appointed M/s. JSN & Co., Cost Accountants (Firm Registration No. 000455) as the Cost Auditor of the Company to conduct the audit of the cost records for the financial year 2019-20. The remuneration proposed to be paid to the Cost Auditor, subject to ratification by the shareholders of the Company at the ensuing 36th AGM, would not exceed Rs. 1.2 Lakhs excluding taxes and out of pocket expenses, if any.
The Company has received consent from M/s. JSN & Co., Cost Accountants, to act as the Cost Auditor for conducting audit of the cost records for the financial year 2019-20 along with a certificate confirming their independence and arms length relationship.
AUDITORS REPORT Statutory Audit Report
M/s. BGJC Associates LLP, Chartered Accountants (Firm Registration No. 003304N), Statutory Auditors of the Company have submitted their reports on the financial statements of the Company for the financial year ended 31st March, 2019. There has been no observation or comment of the auditors on financial transactions or matters which has any adverse effect on the functioning of the company; further, there is also no qualification, reservation or adverse remarks in the Auditors Reports on the financial statement of the Company for the financial year ended 31st March, 2019.
There has been no fraud reported by the Statutory Auditors under Section 143(12) of the Companies Act, 2013 for the financial year 2018-19.
Secretarial Audit Report
In terms of Section 204(1) of the Act, a Secretarial Audit Report, given by M/s. Chandrasekaran Associates, the Secretarial Auditor of the Company, in prescribed form has been annexed as Annexure-2 hereto and forms part of this Report. Further, there has been no qualification, reservation or adverse remarks or disclaimer or qualification made by the Secretarial Auditors in their report for the financial year ended 31st March, 2019 except delay in filing 2(two) e-form with the Registrar of Companies during the Financial Year 2018-19, which was beyond the prescribed time period of 30 days.
In this regard it is clarified that Company has inadvertently missed filing of the two -forms within the prescribed time period of 30 days. The Company will take care of not repeating the similar instances in future.
Cost Audit Report
M/s. JSN & Co., Cost Accountants (Firm Registration No. 000455), Cost Auditors of the Company have submitted their reports on the cost records of the Company for the financial year ended 31st March, 2019. There has been no qualification, reservation or adverse remarks in the Auditors Reports on the cost records of the Company for the financial year ended 31st March, 2019.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any subsidiary company or joint venture or associate company. There was no company which had become or ceased to be the subsidiary, joint venture or associate company of the Company during the year under review.
During the year under review, the Company had not invited or accepted any deposits from public under Chapter V of the Companies Act, 2013 and the Rules made thereunder.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS/ TRIBUNALS
There has been no significant and material order passed by any regulator, courts or tribunals impacting the going concern status and operations of the Company in future.
INTERNAL FINANCIAL CONTROLS
For the purposes of effective internal financial control, the Company has adopted various policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to 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 information. For further discussion on adequacy of internal financial controls, please refer the discussion in Management Discussion and Analysis that forms part of this Report.
LOANS, GUARANTEES AND INVESTMENT
During the financial year under review, the Company has not given any loan or guarantee or made any investment in terms of Section 186 of the Companies Act, 2013.
RELATED PARTY TRANSACTIONS
During the year under review, there were new transaction with related parties falling under the purview of Section 188 of the Act. All the transactions with the related parties were in ordinary course of business and on arms length basis, therefore the Company is not required to give details of related party transactions in Form AOC-2. All transactions with related parties were duly reviewed by the Audit Committee of the Board. In terms of Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Para A of Schedule V thereto, the Related Party disclosures have been provided separately in the Corporate Governance Report, which form part of the Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE OUTGO
In terms of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014, a statement containing details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in the manner as prescribed under the Companies (Accounts) Rules, 2014, is given in Annexure - 3 hereto and forms part of this Report.
DISCLOSURE OF PRESCRIBED DETAILS OF DIRECTORS REMUNERATION VIS-A-VIS EMPLOYEES REMUNERATION
In terms of Section 197(12) of the Act read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification and amendments thereto), the ratio of the remuneration of each director to the median employees remuneration and such other details as are required under such rules are attached separately as Annexure - 4, which forms part of this report.
EXTRACT OF ANNUAL RETURN
As required by Section 92(3) read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Extract of Annual Return of the Company in the prescribed Form MGT-9 is annexed to this Report as Annexure - 5.
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place a Policy on Prevention of Sexual Harassment at the Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The Company has constituted an Internal Complaints Committee to redress complaints received regarding sexual harassment.
The Directors further state that during the year under review, there was no complaint filed/received pursuant to the Sexual Harassment of Women at Workplace [Prevention, Prohibition and Redressal] Act, 2013.
ENVIRONMENT HEALTH AND SAFETY (EHS)
Your Company is committed for adhering to best Environmental, Safety & Health Practices during its manufacturing processes. It targets to achieve 100% Environmental Legal compliances with 100% customers satisfaction along with continuous trainings and awareness programs on different Environmental Burning Issues from time to time. In order to ensure effective implementation of OMAXs EHS Policy, the same is systematically communicated across all the levels and the employees are trained from time to time to not only build commitment at their levels but also encourage them to be effective promoters of this philosophy and take EHS as one of their key roles in day to day functioning. Environment, Health and Safety programs in the organization is the prime focus of top management to make safe and healthy work environment. The EHS programs protect the environment, conserve the natural resources, provide safe and healthy conditions for work, and comply with applicable laws and regulations.
The Company is committed for adopting Zero Incident free work environment by following continuous workplace and classrooms trainings, work permit systems, third party safety audits and stringent safety standards in the workplace. Safety and health compliances, start from our gates and occupy the topmost position in the yearly goals of the Company.
The Company targets to maintain minimum Zero Severity Rate and Frequency Rate to achieve Zero injury. All safety compliances being monitored via In-house and third party monthly safety audits to know least non-conformance to ensure our 100% safety compliances for our employees, associates and machinery to improve productivity. A dedicated EHS team is available in each unit under guidance of corporate EHS on day-to-day basis.
All EHS activities are monitored by monthly EHS MIS review mechanism with allocation of sufficient resources under separate cost centre for better accountability. The Company is also dedicated to save our precious natural resources with conservation of water by recycling our effluent after treatment by installing Reverse Osmosis Plants. For continuous monitoring and to operate our all ETPs at highest efficiency, we have established dedicated ETP Labs at all major locations with dedicated ETP Chemists to achieve and fulfil our commitment towards Zero Liquid Discharge. The Companys strength is Employee engagement and under this, celebrations of Environment and Safety Day, Fire & Mock Drills, EHS awareness training programs covering all employees and associates under scheduled classroom and floor level training are conducted. EHS Legal Compliance training programs are organized for all senior and middle management for better understanding throughout the year to create more vibrant environment amongst the employees so that each & every employee takes the responsibilities & guides others about non polluted environment. The Company also ensures 100% disposal of all generated Hazardous wastes as per Pollution Control guidelines. The Company has also started disposal of E-waste to authorized re-cyclers.
WEBLINK TO IMPORTANT DOCUMENTS/ INFORMATION:
The Company has hosted certain policies/documents/ information, including inter alia, Policy for determining Material Subsidiaries Policy on dealing with Related Party Transactions, Familiarization programmes for Independent Directors etc. as per the requirement of law or otherwise.
Following link could be used for accessing such polices/ documents/information:
COMPLIANCE OF SECRETARIAL STANDARDS ISSUED BY ICSI
During the financial year 2018-19, the Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards and that such systems are adequate and operating effectively.
ACKNOWLEDGEMENT / APPRECIATION
The Directors wish to convey their appreciation to business associates for their support and contribution during the year. The Directors would also like to thank the employees, shareholders, customers, suppliers, alliance partners, bankers and government agencies for the continued support given by them to the Company and their confidence reposed in the management. We look forward for your continued support in the future.
|For Omax Autos Limited|
|Tavinder Singh||Jatender Kumar Mehta|
|(Whole-time Director)||(Managing Director|
|Place : Gurugram|
|Date : 13th August, 2019|