K G Denim Ltd
Directors Reports
MANAGEMENT DISCUSSION AND ANALYSIS
Dear Shareholders,
We have pleasure in presenting the Twenty-Seventh Annual Report of the
Company together with the Audited Statement of Accounts for the year ended 31st
March 2019.
| FINANCIAL RESULTS |
|
(द
in lakhs) |
|
Standalone |
Consolidated |
| PARTICULARS |
For the year
ended 31st March 2019 |
For the year
ended 31st March 2018 |
For the year
ended 31st March 2019 |
For the year
ended 31st March 2018 |
| Revenue from Operations and |
|
|
|
|
| Other Income |
69580 |
63867 |
72876 |
71985 |
| Profit before Finance Cost,
Depreciation, |
|
|
|
|
| Extraordinary Items and Tax
Expense |
5887 |
4702 |
5691 |
4201 |
| Less : Finance Cost |
2499 |
2435 |
2592 |
2582 |
| Profit before Depreciation,
Extraordinary |
|
|
|
|
| Items and Tax Expense |
3388 |
2267 |
3099 |
1619 |
| Less : Depreciation |
1684 |
1391 |
1692 |
1445 |
| Profit before Extraordinary
Items and |
|
|
|
|
| Tax Expense |
1704 |
876 |
1407 |
174 |
| Less : Exceptional Items |
163 |
- |
163 |
- |
| Current, Deferred & earlier
year tax |
444 |
293 |
391 |
83 |
| Profit from continuing
operations |
1097 |
583 |
853 |
91 |
| Add : Other Comprehensive
Income |
222 |
48 |
43 |
32 |
| Net Profit for the year |
875 |
631 |
810 |
123 |
STATE OF THE COMPANY'S AFFAIRS
During the period under review, the Company had earned revenue of
द69580 lakh and Net Profit of द875 lakh on standalone basis and द72876 lakh and
द810 lakh respectively on consolidated basis.
PERFORMANCE OF THE COMPANY
The Company has three main product segments viz., Fabric (Denim /
Apparel), Home Textiles and Apparel.
The Company has performed well in terms of turnover with a growth of 9%
over the previous year. The export sales grew by 16%. The Company has bagged Golden Trophy
awarded by Texprocil for its export performance. The domestic sales were maintained during
the year.
During the year ended 31.03.2019 total Fabric production was 342 lakh
meters as against 371 lakh meters in 2017-18.
Sale of Fabric was 338 lakh meters in 2018-19 as against 355 lakh
meters in 2017-18.
The Net Profit had increased due to increase in export volumes and
favourable exchange rates.
DIVIDEND
The Board of Directors recommends a dividend of 7.50 % (i.e. द0.75)
per equity share of the Company for the year 2018-19. The Dividend tax payable amounts to
द39.56 lakh.
INDUSTRY STRUCTURE AND DEVELOPMENT
There has been pressure on sales, particularly on denim fabrics. We are
witnessing sluggish sales across the mid segment and high end brands at the retail end
resulting in piling up of inventory at the brands and also at the manufacturers' end.
This has put all the mills in the market to downsize the production by 40 to 50% which
would remain for few more months until the market emerges back to the old state.
The scenario in Europe has not changed much since the last year due to
slowdown in economy resulting in all the retailers struggling to step up sales. Export of
fabrics has had a hit due to this situation and we are hoping the market would pick up
from the next season.
Efforts are being taken to target new makets and we have made inroads
in Ukraine and Korea although the Market has high competition from India, Pakistan and
Turkey.
Due to US-China trade war there is huge pressure on Chinese mills to
ship fabrics to other countries like Bangladesh, Vietnam and few others at much lower
prices making it difficult for other countries to sell.
OPPORTUNITIES AND THREATS
We are expecting the domestic market to improve during the festive
season resulting in fabric sales to improve to brands and retailers in the domestic
segment.
Due to Geo Political situations and various countries imposing trade
restrictions difficulties are being experienced in the export market.
At the domestic market also there has been tepid demand and the overall
demand has shown downward trend.
LISTING OF EQUITY SHARES
The Company's Equity shares are listed at the following Stock
Exchange:
BSE Limited, Phiroze JeeJeebhoy Towers, Dalal Street, Mumbai-400 001.
The Company has paid the Annual Listing Fees to the said Stock Exchange
for the Financial Year 2019-20.
PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES
The Company has two wholly owned subsidiaries Trigger Apparels Limited
and KG Denim (USA) Inc.
The Company's wholly owned subsidiary Trigger Apparels Limited is
engaged in the marketing of readymade garments.
During the year, the gross turnover in Trigger Apparels Limited was
द40.95 lakh against द11500 lakh during the previous year. The Subsidiary Company has
registered a loss of द39 lakh as against a loss of द504 lakh in the previous year. The
subsidiary is reorganising its products and marketing channels.
There has been an improvement in margins compared to earlier years. The
overall loss is on account of liquidation of stocks in the first quarter of 2018-19.
KG Denim (USA) Inc. had achieved a turnover of द246.76 lakh and
registered a loss of द25.96 lakh during the year mainly on account of initial
advertisement and sales promotion expenses.
As per the provisions of Section 129 of the Companies Act, 2013 read
with Companies (Accounts) Rules, 2014, a separate statement containing the salient
features of the financial statements of the Subsidiary companies is prepared in Form AOC-1
and same is enclosed to this report as Annexure-1.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements have been prepared by the
Company's Management in accordance with the requirements of Accounting Standards 21
issued by The Institute of Chartered Accountants of India (ICAI) and as per the provisions
of Companies Act, 2013.
As per the provisions of Section 136 of the Companies Act, 2013, the
Company has placed separate audited accounts of its subsidiaries on its website www.kgdenim.com and copy of separate audited financial
statements of its subsidiaries will be provided to the shareholders at their request.
CEO/CFO CERTIFICATION
The Managing Director and Chief Financial Officer of the Company have
submitted a Certificate to the Board as required under Clause 49 of the Listing Agreement
for the year ended 31st March, 2019.
MEETINGS OF THE BOARD OF DIRECTORS
During the year ended 31st March, 2019, five Board Meetings
were held.
The dates on which the Board meetings were held are 25th May
2018, 01st August 2018, 14th November 2018, 03rd January
2019 and 9th February 2019.
A meeting of the Independent Directors of the Board was held on 5th
February, 2019.
Details of meetings of the Board and its Committees are disclosed in
the report on Corporate Governance.
DIRECTORS' RESPONSIBILITY STATEMENT AS
REQUIRED UNDER SECTION 134 OF THE COMPANIES ACT, 2013
Pursuant to the requirement under Section 134 of the Companies Act,
2013, with respect to the Directors' Responsibility Statement the Board of Directors
of the Company hereby confirms:
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed;
ii) that the Directors 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 as at 31st
March 2019 and Statement of Profit and Loss Account of the Company for that period;
iii) that the Directors 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;
iv) that the Directors have prepared the Annual Accounts for the
Financial Year ended 31st March, 2019 on a going concern basis;
v) that the Directors 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 the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are adequate and
operating effectively.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT
DIRECTORS UNDER SUB-SECTION (7) OF SECTION 149 OF THE COMPANIES ACT, 2013
The Independent Directors have submitted the declarations of
independence, as required pursuant to Section 149(7) of the Companies Act, 2013 stating
that they meet the criteria of independence as provided in sub-section(6).
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee consisted of Shri K N V
Ramani, Chairman with Shri G V S Desikan and Shri G P Muniappan as members.
Brief description of terms of reference:
1. identifying persons who are qualified to become directors and who
may be appointed in senior management in accordance with the criteria laid down and
recommend to the Board for their appointment and removal;
2. carry on the evaluation of every director's performance;
3. formulation of the criteria for determining qualifications, positive
attributes and independence of a director;
4. recommend to the Board a policy relating to the remuneration of the
directors, key managerial personnel and other employees;
5. formulation of criteria for evaluation of Independent Directors and
the Board;
6. devising a policy on Board diversity; and
7. any other matter as the Board may decide from time to time.
NOMINATION AND REMUNERATION POLICY THE OBJECTIVES
OF THE POLICY
1. To lay down criteria and terms and conditions with regard to
identifying persons who are qualified to become Directors (Executive and Non-Executive)
and persons who may be appointed in Senior Management and Key Managerial positions and to
determine their remuneration.
2. To determine remuneration based on the Company's size and
financial position and trends and practices on remuneration prevailing in peer companies.
3. To carry out evaluation of the performance of Directors.
4. To provide them reward linked directly to their effort, performance,
dedication and achievement relating to the Company's operations.
5. To retain, motivate and promote talent and to ensure long term
sustainability of talented managerial persons and create competitive advantage.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
UNDER SECTION 186 OF COMPANIES ACT, 2013
The details of Loans, Guarantees given and Investments made during the
Financial Year ended on 31st March, 2019 are given in the notes to Financial
Statements in compliance with the provisions of Section 186 of the Companies Act, 2013
read with Companies (Meetings of Board and its Powers) Rules, 2014.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH
RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188 OF COMPANIES ACT, 2013
The Company adopted a Related Party Transaction Policy in terms of SEBI
regulations for compliance with Corporate Governance and Clause 49 of the Listing
Agreement. The policy has also been hosted on the Company's website. All transactions
entered into with Related Parties for the year 2018-19 were on Arm's length basis.
There were no material related party transactions in terms of the
Related Party Transaction Policy adopted.
Thus disclosures in Form AOC-2 as per Companies Act, 2013 and Rule 8 of
Companies (Account) Rules, 2014 are not required.
Further, there were no material related party transaction with the
Promoters, Directors or Key Managerial Personnel during the year.
All related party transactions are placed before the Audit Committee as
also to the Board for approval on a quarterly basis. Omnibus approval was obtained for
transaction of repetitive nature.
BUY BACK OF EQUITY SHARES
The Board, at its meeting held on 14.11.2018, which was subsequently
revised at the Board Meeting held on 03.01.2019, proposed for Buy Back of its Equity
Shares to the extent of 2196500 Equity Shares at द40/- per share with an overall buy
back size द8,78,60,000/- through Tender Offer basis. The offer opened on 22.01.2019 and
closed on 04.02.2019. Total number of shares tendered was 16080 Equity Shares amounting to
द6,43,200/-. Necessary formalities have been complied with.
TRANSFER OF AMOUNT TO RESERVES
In terms of Section 69 of the Companies Act, 2013 a sum of द1.61
lakh, being face value of द10 of 16080 shares bought back, was transferred to Capital
Redemption Reserve.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return is prepared in Form MGT-9 as per the
provisions of the Companies Act, 2013 and Rule 12 of Companies (Management and
Administration) Rules, 2014 and the same is enclosed as Annexure - 2 to this Report.
THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO PURSUANT TO PROVISIONS OF SECTION 134(3)(m) OF THE
COMPANIES ACT, 2013 READ WITH THE COMPANIES (ACCOUNTS) RULES, 2014
Information with respect to conservation of energy, technology
absorption, foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Act
read with Companies (Accounts) Rules, 2014 is prepared and the same is enclosed as
Annexure - 3 to this Report.
RISK MANAGEMENT COMMITTEE
Risk Management Committee consists of Shri B Sriramulu as Chairman with
Shri S Muthuswamy and Shri M Balaji as members.
The Committee had formulated a Risk Management Policy for dealing with
different kinds of risks which it faces in day to day operations of the Company. Risk
Management Policy of the Company outlines different kinds of risks and risk mitigating
measures to be adopted by the Board. The Company has adequate internal control systems and
procedures to combat the risk. The Risk management procedure is reviewed by the Audit
Committee and Board of Directors on a Quarterly basis at the time of review of Quarterly
Financial Results of the Company.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Corporate Social Responsibility is commitment of the Company to improve
the quality of life of the workforce and their families and also the community and society
at large. The Company believes in undertaking business in such a way that it leads to
overall development of all stakeholders and Society.
The Board of Directors of the Company has constituted Corporate Social
Responsibility Committee consisting of Shri KG Baalakrishnan as Chairman with Shri G V S
Desikan and Shri A Velusamy as Members and adopted policy for Corporate Social
Responsibility.
Corporate Social Responsibility policy was adopted by the Board of
Directors on the recommendation of Corporate Social Responsibility Committee.
The Report on CSR activities as required under the Companies (Corporate
Social Responsibility Policy) Rules, 2014 is annexed as Annexure -4.
EVALUATION OF BOARD
Evaluation of all Board members is done on an annual basis. The
evaluation is done by the Board, Nomination and Remuneration Committee and Independent
Directors with specific focus on the performance and effective functioning of the Board
and Individual Directors.
The manner in which the evaluation has been done is explained in the
report on Corporate Governance.
DIRECTORS
In accordance with the provisions of Section 152 of the Companies Act,
2013, Smt T Anandhi retires by rotation at the forthcoming Annual General Meeting and
being eligible offers herself for re-appointment.
KEY MANAGERIAL PERSONNEL
The following are the Key Managerial Personnel of the Company :
| 1. Shri B Sriramulu |
- Managing Director |
| 2. Shri B Srihari |
- Managing Director |
| 3. Shri M Balaji |
- Company Secretary |
| 4. Shri S Muthuswamy |
- Chief Financial Officer |
DEPOSITS
The Company has not accepted any deposits from the public in terms of
Section 73 of the Companies Act, 2013.
STATUTORY AUDITORS
M/s. Mohan & Venkataraman were appointed as Auditors of the Company
at the AGM held on 16.09.2017, to hold office as Auditors for a term of five financial
years commencing from 2017-18 to 2021-22 till conclusion of AGM to be held for financial
year 2021-22.
AUDITORS REPORT
M/s. Mohan & Venkataraman, Chartered Accountants (ICAI Regn.
No.007321S) have issued Auditors Report for the Financial Year ended 31st
March, 2019.
There are no qualifications in Auditors' Report.
INTERNAL AUDITORS
The Board of Directors of the Company had appointed Mr K Panneerselvam,
Chartered Accountant (Membership No.220574) to conduct Internal Audit of the Company.
COST AUDITORS
As per the requirement of Central Government and pursuant to Section
148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules,
2014 as amended from time to time, your Company has been carrying out audit of cost
records relating to Textile Divisions every year.
The Board of Directors, on the recommendation of Audit Committee, has
appointed Messrs M Nagarajan, Cost Accountants, (Firm Registration Number 6384) as Cost
Auditors to audit the cost accounts of the Company for the Financial Year 2019-20. As
required under the Companies Act, 2013, a resolution seeking members' approval for
the remuneration payable to the Cost Auditors forms part of the Notice convening the
Annual General Meeting for their ratification.
AUDIT COMMITTEE
Audit Committee consisted of Shri G P Muniappan as Chairman with Shri K
N V Ramani, Shri G V S Desikan and Shri A P Seturaaman as members.
All the members of the Audit Committee are Independent Directors.
There is no such incidence where Board has not accepted the
recommendation of the Audit Committee during the year under review. CORPORATE GOVERNANCE
The Corporate Governance, which forms part of this Report, together
with the Certificate from the Practicing Company Secretary of the Company regarding
compliance of conditions of Corporate Governance as stipulated in Schedule V of Regulation
34(3) of the SEBI (LODR) Regulations, 2015 is annexed as - Annexure - 5.
VIGIL MECHANISM
The Board of Directors have adopted a Whistle Blower Policy which is
hosted on the Company's website. The Whistle Blower Policy aims for conducting the
affairs in a fair and transparent manner by adopting highest standards of professionalism,
honesty, integrity and ethical behaviour. All permanent employees of the Company are
covered under the Whistle Blower Policy.
A mechanism has been established for employees to report concerns about
unethical behavior, actual or suspected fraud or violation of Code of Conduct and Ethics.
It also provides for adequate safeguards against the victimization of employees who avail
of the mechanism and allows direct access to the Chairperson of the Audit Committee in
exceptional cases.
SECRETARIAL AUDITORS REPORT
As per the provisions of Section 204 of the Companies Act, 2013, the
Board of Directors have appointed Shri M.R.L.Narasimha, Practising Company Secretary
(C.P.No:799) as Secretarial Auditor to conduct Secretarial audit of the Company for the
Financial Year ended on 31st March, 2019.
Secretarial Audit Report issued by Shri M.R.L.Narasimha, Practising
Company Secretary in form MR-3 is enclosed as Annexure - 6 to this Annual Report.
There are no qualifications in Secretarial Audit Report except for the
violations which are reported in the Secretarial Auditors Report.
STATEMENT OF PARTICULARS OF APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL
The Statement of particulars of Appointment and Remuneration of
Managerial personnel as per Rule 5 of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is enclosed as Annexure - 7 to this Annual Report.
ENVIRONMENT
The Company holds due certification under ISO 14001 : 2004 which is
primarily focused on environmental management system. It ensures that the manufacturing of
products is carried on without affecting the environment in the working area and
surroundings.
The Company is a member of Sustainable Apparel Coalition (SAC). SAC
provides credible, practical and industry wide guidelines and provides tools to define,
measure and evaluate industry's product environmental and social performance support.
The Company has achieved one of the best scores in the apparel industry
as verified by a leading brand assessor.
During the current year, the Company has implemented various
environmental measures and reduction program like Green House Gas inventory measurement,
replacement of freon gas air conditioners, increasing the area of plantation etc.
The Company has improved effluent water treatment system conforming to
the Pollution Control Board parameters. A new plant has been added which has increased the
Biological treatment capacity by 60%. An advanced technology of Biological Diffuser
Aeration system has been introduced which has resulted in reduction in chemicals usage.
Consequently, reduction in sludge, improvement in outlet water quality and consistence and
improvement in RO recovery were achieved. The highlighting of our sustainability effort
can be seen in the link https://youtu.be/uZGhiwq6XSM .
HEALTH AND SAFETY
The Company has obtained certification under OHSAS 18001 : 2007
(Occupational Health and Safety Management Assessment Standard) which is an Integrated
Management System focusing on an organization's occupational health and safety
management system. This standard guides us to identify and control the conditions and
factors that affect the well-being of employees, contractors, visitors and any other
person in the work place.
The Company is implementing various health and safety practices in
continuous manner as per OHSAS-18001 standards and legal requirements.
The Company is conscious of improving the occupational and personal
health of its employees. In addition to free medical camps, the Company also organizes
employees' health check up in outside hospitals on an annual basis.
The Company provides a safer work environment for its employees. Basic
equipments are provided to ensure safety from fire. Awareness classes are being conducted
periodically with the help of external agencies about the basic safety, fire fighting,
mock drills, mass evacuation, first aid etc.,
POLICY ON SEXUAL HARASSMENT
The Company has adopted policy on Prevention of Sexual Harassment of
Women at Workplace in accordance with The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. During the Financial Year ended 31st
March, 2019, the Company has not received any complaints pertaining to sexual harassment.
NATIONAL COMPANY LAW TRIBUNAL (NCLT) ORDER ON
COMPOUNDING OF OFFENCES
The Company was served with a Show Cause Notice by ROC for
non-compliance with Section 135 read with Section 134(3)(o) of the Companies Act, 2013
relating to non spending of expenditure on CSR activities in Financial Year 2014-15.
The Company had filed a Petition before National Company Law Tribunal
(NCLT) for Compounding of offences on 04.12.2018.
NCLT, vide its order dated 08.04.2019, allowed the Petition for
compounding of offences with a levy of fee of द1.00 lakh on the Company and द50,000/-
on each Director and Key Managerial Personnel.
The fees have been paid.
SOCIAL RESPONSIBILITIES
The Company is maintaining a hospital for serving the community
including supply of medicines at subsidised costs. As a part of social environmental
protection, agro forestry has been developed with a demo plant with the technical support
of Forest College, Coimbatore.
Besides, necessary essential services like providing potable drinking
water to near by villages, financial aids to schools etc., are also rendered.
INSURANCE
All properties and insurable interests of the Company including
building, plant and machinery and stocks have been fully insured. FINANCE
Your Directors acknowledge with gratitude, the valuable assistance and
support extended by our Bankers for Term Loans and Working Capital ie., Indian Bank,
Andhra Bank, State Bank of India, The South Indian Bank Limited and Allahabad Bank.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL
FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS
1. The Company maintains all its records in ERP System and the work
flow and approvals are routed through ERP System;
2. The Company has appointed Internal Auditors to observe the Internal
Controls, whether the work flow of organization is being done through the approved
policies of the Company. In every Quarter during the approval of Financial Statements,
Internal Auditors will present the Internal Audit Report and Management Comments on the
Internal Audit observations;
3. The Board of Directors of the Company have adopted various policies
like Related Party Transactions Policy, Whistle Blower Policy, Policy to determine
Material Subsidiaries and such other procedures for ensuring the orderly and efficient
conduct of its business for 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.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the Company.
THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND
COMPANY'S OPERATIONS IN FUTURE.
No Significant and material orders passed by the regulators or courts
or tribunals impacting the going concern status and company's operations in future.
Details of pending legal cases are furnished in Note No.41 to the
accounts.
MATERIAL CHANGES AND COMMITMENTS
There are no Material changes and commitments in the business
operations of the Company from the Financial Year ended 31st March, 2019 to the
date of signing of the Director's Report.
ACKNOWLEDGMENT
The Directors take this opportunity to place on record their sincere
thanks to the Banks and Financial Institutions, Insurance Companies, Central and State
Government Departments and the shareholders for their support and co-operation extended to
the Company from time to time.
PERSONNEL
The Directors wish to place on record their appreciation for the
co-operation extended by all sections of the employees. CAUTIONARY STATEMENT
The statement in this Directors' Report & Management
Discussion and Analysis contain forward looking statements regarding Company's
projections & expectations and the actual results could differ materially from those
expressed on account of various factors like raw material prices, change in demand,
government regulation etc., and the readers are cautioned against placing undue reliance
on the same.
PARTICULARS OF EMPLOYEES
Information pursuant to 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 given in Annexure - 7 to this report.
There was no employee in receipt of remuneration exceeding द60 lakh
per annum as per Section 197(12) read with Rule 5(2) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014. Hence the particulars are not
furnished.
The Company has presented in this Report, the consolidated financial
statements of the holding company and all its subsidiaries, duly audited by the Statutory
Auditors. The Company will make available the audited annual accounts and related
information of its subsidiaries, upon request by any of its shareholders. The annual
accounts of the subsidiary companies will also be kept for inspection by any member at the
Registered Office of the Company and its subsidiary companies.
Our humble prayers to Sri Venkateswaraswamy Vari of Then Thirumalai for
the continued prosperity of the Company.
|
On behalf of the Board |
|
KG Baalakrishnan |
| Coimbatore |
Executive Chairman |
| 05.08.2019 |
DIN: 00002174 |
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