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Directors Report

Dear Members,

The Directors of your Company have pleasure in presenting their 29th Annual Report of the business and operations of the Company along with the Audited Financial Statements for the year ended March 31, 2019.

1. FINANCIAL RESULTS:

The financial performance of your Company for the year ended March 31, 2019 is as under:

(Rs in lakhs)
PARTICULARS 2018-19 2017-18
Revenue from operations (Net) 39,196.35 32,692.59
Other Income 2,474.68 2,056.29
Profit before Depreciation, Interest & Tax (PBDIT) 5,256.86 5,204.84
Interest and Financial Expenses 43.97 73.06
Profit before Depreciation and Tax (PBDT) 5,212.89 5,131.78
Depreciation 539.79 472.64
Profit before Tax (PBT) 4,673.10 4,659.14
Provision for Tax - Current 1,233.13 1,449.16
- Deferred Tax (Net of Adjustment) (8.79) (647.26)
- Total Tax Expenses 1,224.34 801.90
Profit after tax (PAT) 3,448.76 3,857.24
Other Comprehensive Income (83.50) (9.68)
Total Comprehensive Income for the period 3,365.26 3,847.56
Earnings per share (R)
- Basic 4.29 4.80
- Diluted 4.29 4.80

2. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review as stipulated under Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented as under:-

A. ACRYLIC FIBER INDUSTRY-GLOBAL AND INDIAN PERSPECTIVE:

Primary raw material of Acrylic Fiber is Acrylonitrile which in turn is a crude oil derivative. Crude oil prices witnessed roller coaster movement during the year from USD 68 bbl in April 18 high of USD 86 bbl in Oct 18 to only sharply fall to USD 50 bbl in Dec 18 before recovering to USD 68 bbl in March 19. Such movement was prompted by decisions of US administration to re-impose sanctions on Iran and countries buying crude oil from Iran w.e.f. Nov 18 and later grant of 180 days waiver to eight countries including India and several other events with global ramifications. There were short term gluts and shortages of crude oil further aggravated by shifting sentiments which led to very volatile conditions. Actions by some governments to unilaterally impose or hike custom duties on imports from several selected countries also had its share of effect on disruptions and volatility in global markets. Some of the countries responded with reciprocal duties. Such actions caused rush of exports to beat the deadlines of higher duties causing sudden demand and then a steep fall in demand after implementation of increased duties. Such actions and responses keep the global trade on tenterhooks and in a flux leading to uncertainties and protective measures which are not in best interest of global trade. Acrylonitrile and Acrylic Fiber were not left untouched by these upheavals in global trade measures.

Acrylonitrile prices rose by about 15-17% between Apr-18 and Sep-18, then crashed by about 35-40% by Feb-19 and rebounded about 20-22% in Mar-19. This see-saw was caused by global macro factors as discussed above as also by simultaneous turnarounds of Chinese Acrylonitrile producers and good demand from its other derivatives like ABS, Adiponitrile and Acrylamide.

At global level, Acrylic Fiber suffered a drop in demand in 2018 over 2017, China contributing the most to it. Additional capacities commissioned in China in recent years, turmoil in Turkey leading to large erosion in Turkey's Acrylic Fiber demand and large demand drop in China did not allow Acrylonitrile price increases to be passed on fully and affected margins of Acrylic Fiber producers. Extent of drop and rise in Acrylonitrile prices were the worst in last one decade.

Extended winter in India this year was helpful in creating a better demand for winter wear in India. However, global turmoil caused by sharp price drop in end of 2018/ beginning of 2019 and drop in demand globally led Acrylic Fiber producers from China, Thailand, Turkey, Peru, Mexico and Belorussia to dump large volumes in India. Such dumping has happened in past as well whenever there is a demand drop outside India causing oversupply and consequential impacts.

B. FINANCIAL ANALYSIS AND REVIEW OF OPERATIONS:

PRODUCTION & SALES REVIEW:

Your Company has achieved a turnover of Rs39,196.35 lakhs against a turnover of Rs 32,692.59 lakhs in the previous year. After providing for depreciation of Rs 539.79 lakhs (previous year Rs 472.64 lakhs) and provision for current tax of Rs 1233.13 lakhs (previous year Rs 1449.16 lakhs), deferred tax of Rs (8.79) lakhs (previous year Rs (647.26) lakhs), Profit after Tax (after considering Other Comprehensive Income) of the Company is Rs 3,365.26 lakhs as against Rs 3,847.56 lakhs in the previous year. This is about 12.54% lower than 2017-18.

RESOURCE UTILIZATION:

(a) Fixed Assets:

The gross fixed assets (including work-in-progress) as at March 31, 2019 were Rs 7,062.10 lakhs as compared to Rs 6,848.97 lakhs in the previous year. Under Ind AS, land on lease is considered as operating lease. Therefore net block of leasehold land as on March 31, 2019 and as on March 31, 2018 has been re-classified under the head 'Other non-current assets' and 'Other current assets' as pre-payments of leasehold land' and excluded from Gross Fixed Assets.

(b) Current Assets:

The current assets as on March 31, 2019 were Rs 33,138.03 lakhs as against Rs 22,749.72 lakhs in the previous year. Inventory level was at Rs 7,637.17 lakhs as against Rs 5,246.52 lakhs in the previous year.

FINANCIAL CONDITIONS & LIQUIDITY: Liquidity & Capital Resources:

(Rs in lakhs)
PARTICULARS 2018-19 2017-18
Cash & cash equivalents:
Beginning of the year 409.29 905.95
End of the year 176.70 409.29
Net cash provided/ (used) by:
Operating Activities (2,550.60) 308.95
Investing Activities (778.77) 652.19
Financial Activities (2,004.42) (1,457.80)

C. CAPACITY ENHANCEMENT PROGRAMME

Your company has been periodically enhancing production Capacity by internal efforts since last about a decade. Company has received Consolidated Consent Authorization on 15/03/19 to enhance capacity to 22,000 MTpa from 20,000 MTpa currently. Company is already working on augmenting necessary facilities to achieve increased production at the earliest. Increase in production is expected to make Company's products more competitive and retain its leadership in market.

D. BUSINESS OUTLOOK

Indicators at macro level are positive and supportive of consumption. India's GDP is estimated to have grown by 6.80% in 2018-19. As estimated by various global institutions, the GDP may grow @7% in the year 2019-20. On the other hand, Chinese economy is expected to continue slowdown from approximately 6.5% in 2018 to 6.2% in 2019 and 6.0% in 2020. Inflation has steadily come down to 4.30%. Emphasis of the Government on increasing rural incomes and providing financial support to poor is a positive for Acrylic Fiber industry in medium and long term. Increasing per capita income augurs well for Acrylic Fiber consumption especially with inflation remaining in check. Global economic slowdown is not expected to have large impact on Acrylic Fiber consumption in India.

E. MAJOR RISK AND AREA OF CONCERN

Low rate of inflation in India and growing agriculture output are positives for consumption of basic items that include clothing and textiles. However, a less than normal monsoon, slower industrial output increase on back of slowdown in global economies can be a dampener in spending by middle and lower income sections of Indian society. Dumping by overseas Acrylic Fiber producers continues to be a threat in 2019-20 as well. Enhanced action by government to curtail such imports of Acrylic Fiber will help in creating level playing field for entire Acrylic Fiber supply chain. Spurt in crude oil prices can upset the market economics leading to demand drop. Higher crude oil prices can also cause depreciation of Indian Rupee making Acrylic Fiber more expensive.

F. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The company reviews its Systems and Processes periodically to assess their robustness and sufficiency in view of business requirements, best industrial practices, corporate governance, statutory compliances, controls and audit purpose. This is supplemented by a bi-annual Internal Audit to identify areas that might need further review and attention of Senior Management. Recommendations of Internal and Statutory Auditors are viewed as an opportunity to look at our system from an independent view. Senior Management of your Company is committed to make the operations process driven and transparent and strengthen informed decision making so as to minimize chances of deviations and taken timely corrective action.

G. INTERNAL FINANCIAL CONTROL:

The Company has in place requisite and adequate controls for financial matters to ensure all compliances - internal as well as statutory. The systems related to these matters are regularly reviewed and updated to keep them in sync with changing times. During the year, no reportable material weakness in the design or operation was observed.

H. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS:

The development of human resource through systematic training, building of congenial work environment, installing culture of ownership and promotion of innovative thinking and approach have always received utmost attention and focus in your Company.

Your company has been continuously endeavoring on strengthening culture of team work and commitment to excellence. The industrial relations remained cordial during the year.

The Company employed 282 persons during the year.

I. SUMMARY OF KEY FINANCIAL RATIOS:

Particulars 2018-19 2017-18 % change
Debtors Turnover Ratio (Days) 15 23 -35.63
Inventory Turnover (Days) 71 59 21.41
Interest Coverage Ratio (Times) 91.70 60.26 52.17
Current Ratio (Times) 3.46 3.33 3.93
Debt Equity Ratio (Times) 0.00 0.00 0.00
EBIDTA Margin (%) 13.41 15.92 -15.76
Net Profit Margin (%) 8.80 11.80 -25.43
Return on Net Worth (%) 10.34 12.08 -14.42

Debtors Turnover Ratio fluctuation primarily on account of higher turnover due to sale rate variation during current year.

Interest Coverage Ratio increased due to decrease in Interest cost on account of decrease in LC Bill discounting during 2018-19.

Net Profit Margin decreased primarily on account of higher turnover due to sale rate variation during current year.

Return on Net Worth decreased primarily on account of decrease in net profits attributable to lower operating profits during financial year 2018-19.

3. DIVIDEND:

The Board of Directors in its meeting held on May 06, 2019 has recommended a dividend of Rs 2.50 /- per share on the fully paid up Equity Shares of the Company.

4. CONSOLIDATED FINANCIAL STATEMENT:

As your Company does not have any subsidiary, associate or joint venture company, therefore, the provisions of Companies Act, 2013 & Indian Accounting Standards (Ind AS) 110, 111, 112 in relation to consolidation of accounts do not apply.

5. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

 The Company does not have any subsidiary/material subsidiary, associate or joint venture company.

6. DIRECTORS:

Liable to retire by rotation: In accordance with the provisions of the Articles of Association of the Company, Mr. Sachit Jain, Director of the Company, retires by rotation at the conclusion of the forthcoming Annual General Meeting and being eligible, offers himself for reappointment. The Board recommended his appointment for the consideration of the members of the Company at the ensuing Annual General Meeting.

Declaration under Section 149(6):

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules there of.

Company's Policy relating to Directors' appointment, payment of remuneration and discharge of their duties:

The Nomination & Remuneration Committee of the Company has formulated the Nomination & Remuneration Policy on Director's appointment and remuneration which includes the criteria for determining qualifications, positive attributes, independence of a director and other matters as provided under Section 178(3) of the Companies Act, 2013. The Nomination & Remuneration Policy is annexed hereto and forms part of this report as Annexure I.

Familiarization Programmes for Board Members:

Your Company has formulated Familiarization Programme for all the Board members in accordance with Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Schedule IV of the Companies Act, 2013 which provides that the Company shall familiarize the Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of Industry in which the Company operates, business model of the Company etc. through various programs.

The Familiarization Programme for Board members may be accessed on the Company's website at the link: https://www.vardhman.com/user_files/investor/VAL_ Familisation%20program.pdf

Annual Evaluation of the Board Performance:

The Meeting of Independent Directors of the Company for the Calendar Year 2018 was held on October 27, 2018 to evaluate the performance of Non-Independent Directors, Chairman of the Company and the Board as a whole. The evaluation was done by way of discussions on the performance of the Non- Independent Directors, Chairman and Board as a whole.

A policy on the performance evaluation of Independent Directors, Board, Committees and other individual Directors which includes criteria for performance evaluation of non-executive directors and executive directors has been formulated by the Company.

7. KEY MANAGERIAL PERSONNEL (KMP):

In compliance with provisions of Section 203 of the Companies Act, 2013, following are the KMPs of the Company as on 31st March, 2019:

Sr. No. Name Designation
1. Bal Krishan Choudhary Managing Director
2. Vivek Gupta Chief Financial Officer
3. Ankur Gauba* Company Secretary

* Mr. Ankur Gauba has left the Company w.e.f. 30th March, 2019 and Mr. Satin Katyal has been appointed as Company Secretary of the Company w.e.f. 6th May, 2019.

8. NUMBER OF BOARD MEETINGS:

During the year under review, the Board met four (4) times and the intervening gap between any two meetings was within the period prescribed under the Companies Act, 2013. The details of Board Meeting are set out in Corporate Governance Report which forms part of this Annual Report.

9. AUDITORS AND AUDITORS' REPORT: Statutory Auditors:

M/s. SCV & CO. LLP. (Formerly S.C. Vasudeva & Co.), Chartered Accountants (Registration no. 000235N/N500089) were appointed as Statutory Auditors of the Company by the Members for a term of five consecutive years starting from the conclusion of 27th Annual General Meeting till the conclusion of 32nd Annual General Meeting of the Company. The report of the Statutory Auditors along with the Notes to Schedules forms part of the Annual Report and contains an Unmodified Opinion without any qualification, reservation or adverse remark.

Secretarial Auditor:

M/s Ashok K. Singla & Associates, Company Secretaries, were appointed as Secretarial Auditors of the Company by the Board of Directors of the Company in its meeting held on May 3, 2018 for the Financial Year 2018-19. The Secretarial Auditors of the Company have submitted their Report in Form No. MR-3 as required under Section 204 of the Companies Act, 2013 for the Financial Year ended March 31, 2019. This Report is self-explanatory and requires no comments. The Report forms part of Directors' Report as Annexure II.

Cost Auditor:

The Company is maintaining the Cost Records, as specified by the Central Government under Section 148(1) of the Companies Act, 2013.

The Board of Directors has appointed Mr. R.A. Mehta, Practising Cost Accountant, as the Cost Auditor of the Company to conduct Cost Audit of the Accounts for the financial year 2019-20. However, as per provisions of Section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014, the remuneration to be paid to the Cost Auditor is subject to ratification by members at the Annual General Meeting. Accordingly, the remuneration to be paid to Mr. R.A. Mehta, Practising Cost Accountant, for financial year 2019-20 is placed for ratification by the members.

10. AUDIT COMMITTEE:

Composition of Audit Committee:

The Audit Committee consists of Mr. S.P. Singh, Mr. M.C. Gupta, Mrs. Apinder Sodhi, Independent Directors and Mr. D.L. Sharma, Director. Mrs. Apinder Sodhi was appointed as a member of Audit Committee w.e.f. May 3, 2018. Mr. S.P. Singh is the Chairman of the Committee and Company Secretary of the Company is the Secretary of the Committee. All the recommendations made by the Audit Committee were accepted by the Board.

11. VIGIL MECHANISM & SEXUAL HARASMENT OF WOMEN AT WORKPLACE: Vigil Mechanism:

Pursuant to the provisions of Section 177(9) of the Companies Act, 2013, the Company has established a 'Vigil Mechanism' incorporating Whistle Blower Policy in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for employees and Directors of the Company, for expressing the genuine concerns of unethical behavior, actual or suspected fraud or violation of the codes of conduct by way of direct access to the Chairman/ Chairman of the Audit Committee. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns.

The Policy on Vigil Mechanism and Whistle Blower Policy as approved by the Board may be accessed on the Company's website at the link: https://www.vardhman. com/user_files/investor/342a7263db1c05444c897e9056 f0e1d9707cda151436265916.pdf

Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Your Directors further state that during the year under review, there were no complaints filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

12. CORPORATE GOVERNANCE:

The Company has in place a system of Corporate Governance. Corporate Governance is about maximizing shareholder value legally, ethically and sustainably. A separate report on Corporate Governance forming part of the Annual Report of the Company is annexed hereto. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Corporate Governance Clauses of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the report on Corporate Governance.

13. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Vision & core areas of CSR: Your Company is committed to and fully aware of its Corporate Social Responsibility (CSR), the guidelines in respect of which were more clearly laid down in the Companies Act, 2013. The Company's vision on CSR is that the Company being a responsible Corporate Citizen would continue to make a serious endeavor for a quality value addition and constructive contribution in building a healthy and better society through its CSR related initiatives and focus on education, environment, health care and other social causes.

CSR Policy: The Corporate Social Responsibility (CSR) Policy of the Company indicating the activities to be undertaken by the Company, as approved by the Board, may be accessed on the Company's website at the link:

https://www.vardhman.com/user_files/investor/61a9901 14df67d8501b530691cbe89070be539571436265843.pdf

During the year, the Company has spent Rs 74.50 Lakhs on CSR activities. The disclosures related to CSR activities pursuant to Section 134(3) of the Companies Act, 2013 read with Rule 9 of Companies (Accounts) Rules, 2014 and Companies (Corporate Social Responsibility) Rules, 2014 are annexed hereto and form part of this report as Annexure III.

14. RISK MANAGEMENT:

The Risk Management Policy required to be formulated under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been duly formulated and approved by the Board of Directors of the Company. The aim of risk management policy is to maximize opportunities in all activities and to minimize adversity. The policy includes identifying types of risks and its assessment, risk handling, monitoring and reporting, which in the opinion of the Board may threaten the existence of the Company. The Risk Management policy may be accessed on the Company's website at the link: https://www.vardhman. com/user_files/investor/8c586426f23ba3ac0445c849743 b72c67c19d6fd1436265890.pdf

15. INTERNAL FINANCIAL CONTROLS & ITS ADEQUACY:

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation were observed. A report on the Internal Financial Controls under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 as given by the Statutory Auditors of the Company forms part of Independent Auditor's Report on Financial Statements as Annexure A.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. The particulars of Contracts or Arrangements made with related parties as required under Section 134(3)(h) of the Companies Act, 2013 in specified form AOC-2 are covered under Note No. 35 to the financial statement, which is set out for related party transactions. The Policy on dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link: https://www.vardhman.com/user_ files/investor/1c9ec9e9c9ce1b5b82aef9485050628bbd4 0d5551436265865.pdf

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the financial statement (Please refer to Note 4, 5 and 8 to the financial statement).

18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Energy conservation continues to be an area of major emphasis in our Company. Efforts are made to optimize the energy cost while carrying out the manufacturing operations. Particulars with respect to conservation of energy and other areas as per Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, are annexed hereto and forms part of this report as Annexure IV.

19. ANNUAL RETURN:

Pursuant to the provisions of Section 134 (3) (a) of Companies Act, 2013 the web address of the extract of Annual Return is https://www.vardhman.com/user_files/ investor/MGT-9_VAL_2018-19.pdf

20. HUMAN RESOURCES /INDUSTRIAL RELATIONS:

Human resource is considered as the most valuable of all resources available to the Company. The Company continues to lay emphasis on building and sustaining an excellent organization climate based on human performance. The Management has been continuously endeavoring to build high performance culture on one hand and amiable work environment on the other hand. During the year, the Company employed around 282 employees on permanent rolls. Pursuit of proactive policies for industrial relations has resulted in a peaceful and harmonious situation on the shop floors of the plants.

21. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The disclosures in respect of managerial remuneration as required under section 197(12) read with Rule 5(1) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, are annexed hereto and forms part of this report. A statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in Rule 5 (2) and 5 (3) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, is not required to be given in case of your Company as none of the employees have received salary specified in these limits. In terms of section 197(14) of the Companies Act, 2013, the details regarding remuneration or commission received from any holding or subsidiary Company by any Managing or Whole Time Director are annexed hereto and form part of this report. All the above details are provided in Annexure V.

22. MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THIS REPORT:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate on the date of this report.

23. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, the Board, hereby submits its responsibility Statement:

a. In the preparation of the annual accounts, the applicable Accounting Standards have been followed along with the proper explanation relating to material departures;

b. Appropriate accounting policies have been selected and applied consistently, and have 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 as at 31st March, 2019 and of the profit of the Company for the year ended on 31st March, 2019;

c. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basis;

e. The Internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f. Proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

24. GENERAL DISCLOSURES:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

4. Transfer of unclaimed/unpaid Dividend to Investor Education and Protection Fund.

5. Change in nature of Business of Company.

6. No fraud has been reported by the Auditors to the Audit Committee or the Board.

7. There is no Corporate Insolvency Resolution process initiated under the Insolvency and Bankruptcy Code, 2016.

25. ACKNOWLEDGEMENT:

Your Directors are pleased to place on record their sincere gratitude to the Government, Bankers, Business Constituents and Shareholders for their continued and valuable co-operation and support to the Company and look forward to their continued support and co-operation in future too. They also take this opportunity to express their deep appreciation for the devoted and sincere services rendered by the employees at all levels of the operations of the Company during the year.

FOR AND ON BEHALF OF THE BOARD
Sd/-
Place : Gurugram (S.P. Oswal)
Dated : May 06, 2019 Chairman

   

   
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