K C P Ltd
Directors Reports
Dear Shareholders,
Your Directors take pleasure in presenting their 77th Annual Report of the company
together with the Audited Financial Statements (Standalone and Consolidated) for the
financial year ended 31st March, 2018.
1. Financial Results:
Financial information – Standalone and Consolidated
|
For the year ended |
For the year ended |
| Particulars |
31/03/2018 |
31/03/2017 |
31/03/2018 |
31/03/2017 |
|
Stand Alone |
Consolidated (GROUP) |
| Revenue from Operations |
105,999 |
94,899 |
151,995 |
136,171 |
| Profit for the year (EBDITA) |
19,669 |
14,871 |
25,558 |
22,890 |
| Less: a) Interest and Finance charges |
3,529 |
4,725 |
4,234 |
4,993 |
| b) Depreciation & Amortization |
4,903 |
4,861 |
7,051 |
6,259 |
| Profit before Tax |
11,237 |
5,285 |
14,273 |
11,638 |
| Tax Expense |
3,110 |
1,876 |
3,112 |
1,948 |
| Profit for the Year from Continuing Operations |
8,127 |
3,409 |
11,161 |
9,690 |
| Profit / (Loss) from Discontinued Operations |
|
(36) |
- |
(36) |
| Less : Tax expense of Discontinued Operations |
|
(8) |
- |
(8) |
| Profit / (Loss) from Discontinued Operations After Tax |
- |
(28) |
- |
(28) |
| Profit for the Year |
8,127 |
3,381 |
11,161 |
9,662 |
| Add : Share of Profit from Joint Veture |
|
|
105 |
100 |
| Less : Non-Controlling Share of Profit |
|
|
2,315 |
2,107 |
| Profit / (Loss) after Non controlling interest |
8,127 |
3,381 |
8,951 |
7,655 |
| Other Comprehensive Income (OCI) |
(27) |
(266) |
(363) |
(1,178) |
| Add : Share of OCI from Joint Veture |
|
|
(30) |
5 |
| Less : Non-Controlling Share of OCI |
|
|
(102) |
(304) |
| OCI after Non controlling share |
(27) |
(266) |
(291) |
(869) |
| Total Comprehensive Income (TCI) |
8,100 |
3,115 |
10,873 |
8,589 |
| Less : Non-Controlling Share of TCI |
|
|
2,213 |
1,803 |
| Total Comprehensive income after non-controlling interest |
8,100 |
3,115 |
8,660 |
6,786 |
| Profit for the year |
8,127 |
3,381 |
8,951 |
7,655 |
| Add: Surplus brought forward from earlier year |
10,952 |
7,571 |
26,792 |
19,145 |
| Less: Dividend Paid (including DDT) |
2,578 |
- |
2,586 |
8 |
| Surplus at the end of the Year |
16,501 |
10,952 |
33,157 |
26,792 |
2. Indian Accounting Standards (IND AS)
The Ministry of Corporate Affairs (MCA) vide its notification in the Official Gazette
dated February 16, 2015 notified the Indian Accounting Standards (Ind AS) applicable to
certain classes of Companies in a phased manner. The Ind AS has replaced the existing
Indian GAAP prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of
the Companies (Accounts) Rules, 2014 and the Ind AS is applicable for our Company from
April 1, 2017, with a transition date of April 1, 2016 and IGAAP as the previous GAAP.
The following are the areas which had an impact on account of transition to Ind AS :
• Fair valuation of certain financial instruments
• Employee costs pertaining to defined benefit obligations• Discounting of
certain long-term liabilities• Loss allowance on certain financial assets The
reconciliation and description of the effect of the transition from IGAAP to IND AS have
been provided in Note 1.5 and Note xx in the notes to accounts in the standalone and
consolidated financial statements respectively.
3. Dividend
The Board has recommended for the approval of the shareholders at the ensuing Annual
general Meeting a dividend of Re 1/- per share (100% on paid-up share capital of the
Company).
4. Transfer to Reserves
The company has not transferred any amount to the reserves for the year ended March 31,
2018.
5. Share Capital
The paid up Equity Share Capital as on March 31, 2018 is Rs. 1289.21 Lakhs. The Company
has neither issued shares with differential rights as to dividend, voting or otherwise nor
issued shares (including sweat equity shares) to the employees or Directors of the
Company, under any Scheme.
No disclosure is required under Section 67(3)(c) of the Act, 2013 (Act) as the
provisions of the said Section are not applicable
6. Credit Rating
CRISIL has reaffirmed the ratings of the Company (The KCP Limited) bank loan facilities
and other debt facilities as detailed below.
| Long Term Rating |
CRISIL A-/Stable (Reaffirmed) |
| Short Term Rating |
CRISIL A2 +(Reaffirmed) |
| Rs. 7000 lakhs Non- Convertible Debentures |
CRISIL A-/Stable (Reaffirmed) |
| Fixed Deposits |
FA/Stable (Reaffirmed) |
7. Fixed Deposits:
The total amount of Fixed Deposits outstanding as on 31st March, 2018 was Rs.8740.48
lakhs as compared to the figure of Rs.9231.02 lakhs as on 31-3-2017. As on 31st March,
2018, Fixed Deposits matured and remained unclaimed were Rs.1017.29 lakhs from 473
depositors. As on the date of this report, Fixed Deposits relating to 248 Depositors
amounting to Rs.755.15 lakhs have been renewed and Fixed Deposits of Rs.86.99 lakhs of 41
depositors repaid.
Depositors have been intimated regarding the maturity of deposits with a request to
either renew or claim their deposits. As per the provisions of the Companies Act, 2013,
deposits remaining unclaimed for a period of seven years from the date they became due for
payment have to be transferred to the Investor Education and Protection Fund (IEPF)
established by the Central Government. Accordingly, during the year, an amount of
Rs.1,87,000/- towards unclaimed deposits and Rs.21,000/- towards Stale cheque unclaimed on
deposits has been transferred to the IEPF.
8. Particulars of Loans, Guarantees and Investments
Details of Loans, Guarantees and Investments covered under the provisions of Section
186 of the Act are given in notes to the financial statements.
9. Management Discussion & Analysis report:
In terms of the provisions of Regulation 34(2) of the Listing Regulations, the
Management Discussion and Analysis forms part of this Report and all matters pertaining to
Industry structure and developments, opportunities and threats, segment/product wise
performance, outlook, risks and concerns, internal control and systems, etc are discussed
in this report.
10. Line 2 Expansion of Brown filed cement project, Muktyala:
Discussed in detail in Management Discussion & Analysis report
11. Related Party transactions:
The details of contracts or arrangements entered with the related parties along with
the Justification is provided in Form AOC 2 as Annexure- 6 of this report.
There were no materially significant related party transactions with Promoters,
Directors, Key Managerial Personnel or other designated persons, which may have a
potential conflict with the interest of the Company at large.
All Related Party Transactions are placed before the Audit Committee for The policy on
Related Party Transactions as approved by the Board is available at www.kcp.co.in.
No whole time Director or Managing Director of the company is in receipt of any salary
or Commission from Subsidiary company in terms of Section 197(4) of the Companies Act,
2013.
12. Corporate Social Responsibility (CSR)
Aspartofitsinitiativesunder"CorporateSocialResponsibility (CSR), the Company has
undertaken projects in the areas of Education, Livelihood, Women empowerment, Health,
Drinking water and Sanitation. These projects are largely in accordance with Schedule VII
of the Companies Act, 2013.
The Company is committed to identifying and supporting programmes aimed at:
• Empowerment of the disadvantaged sections of the society through education,
healthcare, drinking water & sanitation and eradicating hunger and poverty, through
livelihood generation and skill development;
• Supporting environmental and ecological balance through afforestation, soil
conservation, rain water harvesting, conservation of flora & fauna, and similar
programmes;
• Promotion of sports through training of sports persons;
• Undertake rural development projects;
The Company has constituted a CSR Committee in accordance with Section 135 of the
Companies Act, 2013. The CSR Committee has formulated and recommended to the Board, a CSR
Policy indicating the activities to be undertaken by the Company, which has been approved
by the Board. The CSR Policy may be accessed on the Company's website at www.kcp.co.in.
The Annual Report on CSR activities is annexed herewith as "Annexure- 3".
Details of various social projects and initiatives undertaken as part of our Corporate
Social Responsibility are given in report on CSR activities which forms part of this
Annual Report.
13. Risk Management
The Company has a robust Risk Management framework to identify, evaluate business risks
and opportunities. This framework seeks to create transparency, minimize adverse impact on
the business objectives and enhance the Company's competitive advantage. The business risk
framework defines the risk management approach across the enterprise at various levels,
including documentation and reporting.
The Board of Directors of the Company has formed a Risk Management Committee (even
though it is not mandatory) to monitor the risk management plan for the Company and
ensuring its effectiveness. The key risks identified by the Company and their mitigation
measures are as under:
Financial risk:
The financial risk for your Company emanates from fluctuations in interest rate,
exchange rate and commodity prices. Your Company has well defined policies for foreign
exchange, treasury investments, interest rate and imported coal hedging. The policies are
reviewed periodically to align with the changes in financial market practices and
regulations.
Competition Risks:
The Cement Industry is becoming intensely competitive with the foray of new entrants
and some of the existing players adopting inorganic growth strategies. To mitigate this
risk, the Company is leveraging on its expertise, experience and it's created capacities
to increase market share, enhance brand equity / visibility and enlarge product portfolio
and service offerings.
Risks, Concerns and Threats
The Company has formulated a Risk Management Policy, which is available on company
website www.kcp.co.in. .
14. Internal controls system and their adequacy
The company has designed and implemented a process driven framework for Internal
Financial controls within the meaning of the explanation to Section 134(5)(e) of the
Companies Act, 2013 and the necessary control systems considering the business
requirements, scale of operations, geographical spread and applicable statues of the
company are in place in the organisation. The systems include policies and procedures, IT
systems, delegation of authority, segregation of duties, internal audit and review
framework etc.
The Audit Committee reviews the plan for internal audit, significant internal audit
observations and functioning of the Company's Internal Audit department on a periodic
basis.
Revenue and capital expenditures are governed by approved budgets and the levels are
defined by a delegation of authority mechanism. Review of capital expenditure is
undertaken with reference to benefits expected in line with the policy for the same.
Major Investment decisions are approved by the Board of Directors on the
recommendations of the Investment committee of the company.
The Company has a formal system of internal financial control to ensure the reliability
of financial and operational information, regulatory & statutory compliances and
reporting processes resulting in financial discipline and accountability.
Company has designed the necessary internal financial controls and systems with regard
to adherence to Company's policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, accuracy and completeness of the accounting records and
the timely preparation of reliable financial information.
15. Human resources / industrial relations
Our Company continuously focus on people related programmes aimed at attracting,
developing and retaining talent within organisation by way of:
a) Employee Engagement - Company enjoys high engagement levels from its employees which
is reflected in its consistently improving performance and continuously aims to enhance
the engagement levels of its people by ensuring that its business practices are in
alignment with the holistic growth and development of its people which drives them to be
actively engaged with the Company.
b) Talent Management - Company is continuously working on strengthening and building
talent in its Human Resources management team for supporting its growth.
c) Work Environment - Company provides a congenial work atmosphere where every employee
enjoys his work and It works on creating people practices which makes it the best place to
work for everyone.
d) Occupational Health and Safety:
Safety of employees and workers is of utmost importance to the Company. To reinforce
the safety culture in the Company, it has identified occupational Health & Safety as
one of its focus areas. Various training programmes have been conducted at the plants.
Company regularly conducts Safety Audit to identify and eliminate potential safety
risks through an objective assessment of various equipments. Further, Mock drills on
emergency preparedness are conducted to meet any contingency.
Industrial Relations
Employee Relations at all the Units and divisions of the company remained cordial.
16. Sustainability
Company's sustainability initiatives are focussed on low carbon emission, use of
alternate fuels, water & resource conservation and environment management and is
recognised as one of the most efficient cement manufacturing organisation.
17. Vigil Mechanism / Whistle Blower Policy
The Company has a vigil mechanism named Whistle blower Policy to deal with instance of
fraud and mismanagement, if any.
The details of the Whistle blower Policy is explained in the Corporate Governance
Report and also posted on the website of the Company www.kcp.co.in.
18. Report under the Prevention of Sexual Harassment Act
Pursuant to the Prevention of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Rules framed there under Company has implemented
a policy on prevention, prohibition and redressal of sexual harassment at the workplace,
All women, permanent, temporary or contractual including those of service providers are
covered under the policy and an Internal Complaints Committee has been formed to redress
the complaints. There were no complaints reported during the year.
19. Directors and Key Managerial Personnel (KMP)
As per the provisions of section 152 of the Companies Act, 2013 read with the Articles
of Association of the Company,
Smt.Kavitha Dutt Chitturi, Director (DIN : 00139274) retires by rotation at the
forthcoming Annual General Meeting and being eligible offers herself for reappointment and
the requisite details in this connection is contained in the notice convening the meeting
and the Corporate Governance Report.
The Company has received declarations from all the Independent Directors confirming
that they meet the criteria of independence as prescribed under section 149(6) of the
Companies Act, 2013 and also comply with Regulations 16 & 25 of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (Listing Regulations).
A brief resume of the Director proposed to be re-appointed, the nature of her expertise
in specific functional areas, names of companies in which she has held Directorships,
committee memberships/ chairmanships, her shareholding etc., are furnished in the
explanatory statement to the notice of the ensuing AGM.
The Directors recommend her re-appointment at the ensuing AGM.
None of the Directors of the Company have resigned as Director of the Company.
During the year there was no change (appointment or cessation) in the office of KMP.
20. Board Evaluation
In accordance with the Companies Act, 2013 and Listing Regulations, the Board has
carried out evaluation of its own performance, the performance of Committees of the Board
and also the directors individually. The manner in which the evaluation was carried out
and the process adopted has been given in the Corporate Governance Report.
21. Disclosure on Audit Committee
The Audit Committee as on March 31, 2018 comprises of the following Directors:
Sri. O. Swaminatha Reddy (Chairman), Smt. Kavitha Dutt Chitturi, Joint Managing
Director, Sri V.H. Ramakrishnan, Sri. Vijay Sankar, Sri. P.S. Kumar and Sri. M.
Narasimhappa are members of the committee.
All recommendations of Audit Committee were accepted by the Board of Directors.
22. Material changes and commitments affecting the financial position of the Company
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 of the Company to
which the financial statements relate and the date of this report.
23. Auditors
Pursuant to the provisions of Section 139 of the Companies Act, 2013, M/s. K.S. Rao
& Company Chartered Accountants, (Firm Registration No.003109S) Hyderabad have been
appointed as Statutory Auditors of the Company for a term of five consecutive years, to
hold office from the conclusion of the 74th Annual General Meeting until the conclusion of
79th Annual General Meeting of the Company on such remuneration as may be decided by the
Board on the recommendations of Audit Committee of the Company.
Report of Statutory Auditors
The Auditors M/s. K.S. Rao & Company Chartered Accountants, (Firm Registration
No.003109S) Hyderabad, have submitted their Report on the Financial Statements of the
Company for the FY 2017-18, which forms part of the Annual Report.
The Notes on Financial Statements referred to in the Auditors' Report are
self-explanatory and do not call for any further comments.
24. Cost Auditors and their Report
As per Section 148 of the Companies Act, 2013 read with Rules framed there under, M/s
Narsimhamurthy & Co, Cost Accountants, Hyderabad and Mahadevan & Co, Chennai as
the Cost Auditors for the Cement and Engineering units for the year 2017-18 were
re-appointed as Cost Auditors for the financial year 2018-19 to conduct cost audit of the
accounts maintained by the Company in respect of the various products prescribed under the
applicable Cost Audit Rules. The remuneration of Cost Auditors has been approved by the
Board of Directors on the recommendation of Audit Committee. The requisite resolution for
ratification of remuneration of Cost Auditors by members of the Company has been set out
in the Notice of ensuing annual general meeting. The Cost Auditors have certified that
their appointment is within the limits of Section 141(3)(g) of the Companies Act, 2013 and
that they are not disqualified from appointment within the meaning of the said Act.
The Cost Audit Report for the financial year 2016-17, issued by M/s Narsimhamurthy
& Co, Cost Accountants, Hyderabad and Mahadevan & Co, Chennai as the Cost
Auditors, in respect of the various products prescribed under Cost Audit Rules was filed
with the Ministry of Corporate Affairs within the due date.
25. Secretarial Auditors and their Report
Smt.Sobana Pranesh, Company Secretary in practice, was appointed as Secretarial
Auditors of the Company for the financial year 2017-18 pursuant to Section 204 of the
Companies Act, 2013.
The Secretarial Audit Report submitted by her in the prescribed form MR- 3 is attached
as `Annexure- 7` to this Report.
There are no qualifications or observations or adverse remarks or disclaimer of the
Secretarial Auditors in the Report issued by them for the financial year 2017-18.
Smt.Sobana Pranesh, Company Secretary in practice has been re-appointed to conduct the
Secretarial Audit of the Company for the year 2018-19.
26. Details in respect of frauds reported by Auditors other than those which are
reportable to the Central Government
The Statutory Auditors, Cost Auditors or Secretarial Auditors of the Company have not
reported any frauds to the Audit Committee or to the Board of Directors under Section
143(12) of the Companies Act, 2013 and rules made there under.
27. Subsidiary Company:
Pursuant to Section 129 (3) of the Companies Act, 2013 and Ind-AS 110, Consolidated
Financial Statements presented by the Company include the financial statements of its
subsidiaries.
In terms of provisions of Section 136 of the Companies Act, 2013, separate audited
accounts of the subsidiary companies shall be available on its website at www.kcp. co.in.
The Company will make available physical copies of these documents upon request by any
shareholder of the Company interested in obtaining the same.
These documents shall also be available for inspection at the registered office of the
Company during business hours up to the date of ensuing AGM.
Your Company does not have any Indian Subsidiary company.
The Audit Committee and Board review the financial statements, significant
transactions, working and the financial results of the subsidiary company in Vietnam, KCP
Vietnam Industries Limited.
There is no material change in the nature of the business of the subsidiary and Joint
Venture. A statement containing brief financial details of the subsidiaries is included in
the Annual Report in Form AOC 1 as Annexure 5.
No company ceased to be its Subsidiary, joint venture or associate company during the
year
28. Policy on Directors' Appointment and Remuneration and Other Details (Pursuant to
Section 134(3)(e) and Section 178(3) of the Companies Act, 2013)
The Board has on the recommendation of the NRC framed a policy for selection and
appointment of Directors, Senior Management and their remuneration and also framed the
criteria for determining qualifications, positive attributes and independence of
directors. The Remuneration Policy and criteria for Board nominations are available on the
Company's website at www.kcp.co.in
Composition of the Board shall be in compliance with the SEBI Regulations. Majority of
the Directors shall have specialised knowledge/experience in the areas like Banking,
Accountancy, Finance, etc.
The Executive Chairman, Managing Director, Joint Managing Director and Technical
Director are paid remuneration as approved by the Shareholders as per the applicable
provisions of the Companies Act, 2013 and rules made there under but are not paid sitting
fees.
The Executive Chairman, Managing Director, Joint Managing Director and Technical
Director, Company Secretary and Chief Financial Officer shall be the Key Managerial
Personnel (KMPs) of the Company.
All persons who are Directors / KMPs, members of Senior Management and all other
employees shall abide by the Code of Conduct. Independent Directors are not entitled for
ESOPs.
Directors/KMPs shall not acquire any disqualification and shall be persons of sound
integrity and honesty, apart from knowledge, experience, etc. in their respective fields.
29. Number of Meetings of the Board
5 (Five) Meetings of the Board of Directors were held during the year, the details of
which are given in the Corporate Governance Report.
30. Corporate Governance
The report on corporate governance along with a certificate from the Statutory Auditors
as required under the Listing Regulations is annexed to this Report. The report also
contains the details required to be provided on the board evaluation, remuneration policy,
implementation of a risk management policy, whistleblower policy /vigil mechanism etc.
The Executive Chairman and the Chief Financial Officer have submitted a certificate to
the Board regarding the financial statements and other matters as required under
Regulation 17(8) read with Schedule II of Part B of the Listing Regulations.
31. Transfer to the Investor Education and Protection Fund
Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") all
unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF
established by the Central Government, after the completion of seven years. Further
according to the Rules, the shares in respect of which dividend has not been encashed by
the shareholders for seven consecutive years or more shall also be transferred to the
demat account created by the IEPF Authority. Accordingly, the Company has transferred the
unclaimed and unpaid dividends. Further, the corresponding shares also be transferred as
per the requirements of the IEPF rules, details of which are provided on our website www.
kcp.co.in.
32. Particulars of Employees
Particulars pursuant to Section 197(12) and the relevant Rules
The information required under Section 197(12) of the Companies Act, 2013 and the rules
made there under, as amended, has been given in the annexure appended hereto and forms
part of this report as Annexure 1.
a) The ratio of the remuneration of each director to the median employee's
remuneration for the financial year and such other details as prescribed is as given
below:
| Name of the Director |
Director remuneration |
Median employee's remuneration |
Ratio |
|
(Rs. Lakhs) |
(Rs. Lakhs) |
|
| Dr.V.L.Dutt |
|
|
|
| - Executive chairman |
498.64 |
4.6 |
108:1 |
| Dr. V.L. |
|
|
|
| Indira Dutt |
373.98 |
4.6 |
81:1 |
| - Managing Director |
|
|
|
| Smt.Kavitha |
|
|
|
| Dutt Chitturi - |
186.99 |
4.6 |
40:1 |
| Joint Managing Director |
|
|
|
| Sri.V.Gandhi |
|
|
|
| - Technical Director |
186.99 |
4.6 |
40:1 |
b) The percentage increase/ (decrease) in the median remuneration of employees in
the Financial Year: (6.61)
c) The number of permanent employees (Management staff) on the rolls of company:
568
d) 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 any exceptional
circumstances for increase in the managerial remuneration:
Average increase in managerial remuneration is at par with increase in remuneration of
Employees other than Managerial Personnel and there is/are no exceptional circumstances
for increase in the managerial remuneration.
e) If remuneration is as per the remuneration policy of the company: Yes
33. Extract of Annual return
The details forming part of the extract of the Annual Return in form MGT 9 is
annexed herewith as "Annexure 4".
34. Significant and Material orders passed by the Regulators or Courts
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
35. Conservation of energy, technology absorption, foreign exchange earnings and outgo
The particulars relating to conservation of energy, technology absorption, research and
development, foreign exchange earnings and outgo as required to be disclosed under Section
134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014 are given in Annexure- 2 to this Report.
36. Director's Responsibility Statement
To the best of our knowledge and belief and according to the information and
explanations obtained by us, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:
(a) in the preparation of the annual financial statements for the year ended 31st
March, 2018, the applicable accounting standards, read with requirements set out under
Schedule III to the Act, have been followed and there are no material departures from the
same;
(b) the Directors 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 the
profit and loss of the Company for the period;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors have prepared the annual accounts on a ‘going concern' basis;
(e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
(f) the Directors have devised proper systems to ensure compliance with provisions of
all applicable laws and that such systems are adequate and operating effectively.
Acknowledgements
The Board of Directors wishes to place on record their gratitude to the Central
Government, State Governments, Company's Bankers, Customers, dealers and other business
associates for the assistance, co- operation and encouragement they extended to the
Company. Your Directors wish to whole heartedly thank the employees for their sincere and
devoted contribution to the company's continued performance. Your Directors are thankful
to the shareholders and deposit holders for their continued patronage.
|
For and on behalf of the Board of |
|
Directors |
| Place: Chennai |
(V.L. DUTT) |
| Date: 28th May, 2018 |
Executive Chairman |
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