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Director's Report
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Navkar Corporation LtdIndustry : Miscellaneous
BSE Code:539332
ISIN Demat:INE278M01019
Book Value(Rs):117.96
NSE Symbol:NAVKARCORP
Div & Yield %:0
Market Cap (Rs Cr.):320.61
P/E(TTM):6.85
EPS(TTM):3.11
Face Value(Rs):10
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Dear Members,

The Directors of your Company are pleased to present the Eleventh Annual Report on the business and operations of the Company together with the Audited Financial Statements for the Financial Year ended March 31, 2019.

FINANCIAL HIGHLIGHTS (र in Lakhs)
Particulars FY 2018-19 FY2017-18
Revenue from Operations 48,258.39 42,817.36
Other Income 123.75 295.27
Total Revenue 48,382.14 43,112.63
Less: Expenses 41,511.58 30,274.29
Profit Before Tax 6,870.56 12,838.34
Less: Tax Expenses 1,588.63 2,746.57
Profit for the Year 5,281.93 10,091.77
Other Comprehensive Income for the year (net of taxes) 5.86 12.49
Total Comprehensive Income for the year 5,287.79 10,104.26

Pursuant to the provisions of the Companies Act, 2013 read with rules framed thereunder, the Financial Statements of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

STATE OF COMPANY'S AFFAIRS AND RESULTS OF OPERATIONS

The Company has one of the largest Container Freight Stations (CFS) and Inland Container Depot (ICD). These are key links of International Trades in India. They play essential role in the Indian infrastructure for Cargo Handling and Transportation. The Company has three Container Freight Stations (CFS), two at Ajivali, one at Somathane in Panvel and Inland Container Depot at ICD Tumb. The CFS/ICD segment operations cater to the handling of import/export cargo, warehousing, customs clearance and other related ancillary services.

RESULTS OF OPERATIONS

The Company's total Revenue increased to र 48382.14 lakh as against र 43112.63 lakh in the previous fiscal year. As a result the Company has posted net profit of र 5281.93 lakh for FY 2018-19 as compared to the net profit of र 10091.77 lakh for FY 2017-18. Earnings Per Share of the Company have decreased to र 3.51 as compared to र 6.92 in a previous fiscal year. Major reasons for decreased in the profitability is due to increased of Direct Port Delivery (DPD) Movements, depreciation and finance cost. There are no other material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and date of signing of this report.

SCHEME OF AMALGAMATION AND CONSEQUENTLY EFFECT ON SHARE CAPITAL

National Company Law Tribunal (NCLT), Mumbai Bench sanctioned the Scheme of Amalgamation of Navkar Terminals Limited ("Transferor Company") into Navkar Corporation Limited ("Transferee Company") and their respective shareholders vide its order dated March 28, 2018. The certified true copy of the NCLT Order was filed with Registrar of Companies on May 11, 2018. Consequent upon the Scheme became effective from May 11, 2018.

Increase in Authorised Share Capital consequent to the above mentioned scheme of Amalgamation

In order to give effect to the Scheme of Amalgamation with Navkar Terminals Limited, Authorised Share Capital of your Company was increased from र 1,70,00,00,000/ (Rupees One Hundred and Seventy Crore only) comprising 16,50,00,000 Equity Shares of face value of ' 10/-(Rupees Ten Only) and 50,00,000 0% Cumulative Redeemable Preference Shares of face value of र 10/-(Rupees Ten Only) to र 2,26,00,00,000/- (Rupees Two Hundred Twenty Six Crore Only) divided into 21,50,00,000 (Twenty One Crore Fifty Lakh) Equity Shares of ' 10/- (Rupees Ten Only) each, 50,00,000 (Fifty Lakh) 0% Cumulative Redeemable Preference Shares of र 10/- (Rupees Ten Only) each and 6,00,000 (Six Lakh) 6% Cumulative Redeemable Preference Shares of र 100/- (Rupees One Hundred Only) each.

Increase in Paid up Share Capital consequent to the above mentioned Scheme of Amalgamation.

Your Company has issued and allotted 99,790 (Ninety Nine Thousand Seven Hundred and Ninety), 6% Cumulative Redeemable Preference Shares of र 100/- each, to Preference Shareholders of Transferor Company on such terms and conditions as mentioned in the approved Scheme.

Further, the issued, subscribed and paid up share capital of your Company stood at ' 153,81,70,810 /- (Rupees One Hundred Fifty Three Crore Eighty One Lakh Seventy Thousand Eight Hundred Ten Only) divided into 15,05,19,181 (Fifteen Crore Five Lakhs Nineteen Thousand One Hundred Eighty One) Equity Shares of र 10/- (Rupees Ten Only ) each, 23,00,000 (Twenty Three Lakh) 0% cumulative Redeemable Preference Shares of र 10/- (Rupees Ten Only) each and 99790 (Ninety Nine Thousand Seven Hundred Ninety) 6% Cumulative Redeemable Preference Shares of र 100/- (Rupees One Hundred Only).

DIVIDEND AND RESERVES

With a view to conserve the resources for current as well as future business requirements and expansion plans, your Board is of the view that the current year's profit be ploughed back into the operations and hence no dividend is recommended for the financial year ended March 31,2019.

As per Regulation 43 A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formulated Dividend Distribution Policy taking into account the parameters prescribed in the said Regulations. The Dividend Distribution Policy is available on Company's website at http://www.navkarcfs.com/b7 download/policies/Dividend-Distribution-Policy.pdf

The details of reserves and surplus are provided in note no 19 of the notes to the financial statement.

AWARDS AND RECOGNITIONS

The Company has received the following awards and recognitions during the financial year 2018-19:

1. CFS of the Year 2018 - Awarded CFS of the Year Award at the 3rd Edition of the India Maritime Awards organized by Daily Shipping Times at St. Regis, Mumbai on Friday June 22, 2018. This award was received for integrated performance by a Container Freight Station serving a major port. It is held by Daily Shipping Times each year.

2. CFS of the Year 2018 - Navkar was awarded the "CFS Operator of the Year" for all round performance of a Container Freight Station at a specific location, at the 9th Edition of MALA AWARDS (Maritime and Logistics Awards) 2018 held on Friday, 31st August 2018 in Mumbai.

3. CFS of the Year (Specific) 2018- This award was received on 5th Dec 2018 (at Sahara Star Hotel) at the SIXTH SAMUDRA MANTHAN AWARDS 2018. This award given to a Container Freight Station based upon its growth, and volume during the financial Year. It is organized by Bhandarkar Publications.

4. CFS of the Year - 2019 - The award was received on Feb 18, 2019 at the Park Hotel, New Delhi at the 9th Annual Supply Chain & Logistics Summit & Excellence Awards 2019. It was held and organized by the Indian Chamber of Commerce, (of Kolkata) which is the oldest chamber of commerce in India.

CREDIT RATING

The Company has received credit rating from India Ratings & Research (Ind-Ra) which denotes high degree of safety regarding timely servicing of financial obligation. The Company has received the following credit ratings for its Term Loan and Cash Credit facilities on March 14, 2019.

Instrument Type Size of Issue (Million) Rating / Outlook Rating Action
Term Loan INR 3,060 IND A/Stable Assigned
Cash Credit Facilities INR 300 IND A/Stable/ IND A1 Assigned

PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits from the public falling within the meaning of Sections 73 and 76 of the Act and the Rules framed thereunder.

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the financial year 2018-19, as stipulated under Regulation 34 read with Schedule V to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section forming part of the Annual Report.

CORPORATE GOVERNANCE REPORT

Your Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

A separate section on the Corporate Governance together with requisite certificate obtained from the M/s. HS Associates, Practicing Company Secretaries, confirming compliance with the provisions of Corporate Governance as stipulated in Regulation 34 read along with Schedule V of the Listing Regulations, is included in the Annual Report.

SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANY

During the period under review, your company has no subsidiary, joint venture and associate Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The composition of the Board is in conformity with Section 149 of the Companies Act, 2013 and Regulation 17 of the SEBI Listing Regulations, which stipulates that the Board should have optimum combination of Executive and Non-executive Directors with at least one Independent Woman Director and at least 50% of the Board should consist of Independent directors, as the Chairman of our Board is an Executive Director.

As on March 31, 2019 the Board of Directors of the Company Comprises 3 (Three) Executive Directors and 3 (Three) NonExecutive Independent Directors including one Woman Director.

Directors retiring by rotation

In terms of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company Mr. Nemichand J Mehta, (DIN 01131811), retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for reappointment. Accordingly Board recommends his reappointment.

Appointment of Whole time Director

To comply with amended regulation 17 of SEBI (LODR), Regulation 2015 and based on the recommendation of Nomination and Remuneration Committee, Board at its meeting held on March 30, 2019 appointed Capt. Dinesh Gautama as a Whole time Director for a period of 3 (Three) years w.e.f. March 30, 2019 on such terms and conditions as detailed in the Notice of the Annual General Meeting, subject to approval of shareholders. Accordingly Board recommends his appointment.

Brief profile of Directors seeking appointment or re-appointment, detailed in the Notice convening the 11th AGM.

Resignation of Director

During the year under review, the Company has received resignation of Mr. Lalit Menghnani (DIN 06614582), Independent Director of the Company w.e.f. May 25, 2018. The Board at the meeting held on June 21, 2018 noted his resignation and placed on record its appreciation for his support and invaluable contribution in the functioning of the Board.

Mr. Sandeep Kumar Singh (DIN 02814440) was appointed as Non-executive- Independent Director by the Board of Directors w.e.f. August 23, 2018, further his appointment regularized and approved in last Annual General Meeting.

Key Managerial Personnel of the Company as on March 31 2019 are as follows;

Mr. Shantilal J Mehta - Chairman and Managing Director
Mr. Nemichand J Mehta - Whole time Director
Capt. Dinesh Gautama - Whole time Director & Chief Executive Officer
Mr. Anish Maheshwari - Chief Financial Officer
Ms. Deepa Gehani - Company Secretary & Compliance Officer

DECLARATION BY INDEPENDENT DIRECTORS

Independent Director have given written declarations to the Company confirming that they meets the criteria of independence as mentioned under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI LODR Regulations.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the annual performance of the Board, its Committees, Chairperson and Individual Directors including Independent Directors was evaluated as per the criteria laid down by the Nomination and Remuneration Committee. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report which forms part of this Annual Report.

NUMBER OF MEETINGS OF THE BOARD

During the year, Seven (07) Board Meetings were held, details of which are provided in the Corporate Governance Report. The intervening gap between the Meetings was in compliance with the requirements stipulated under the provisions of the Companies Act, 2013.

1 (One) separate meeting of the Independent Directors of the Company was held on May 21, 2018 in accordance with the provisions of the Schedule IV of the Companies Act, 2013.

COMMITTEES OF THE BOARD

In order to strengthen its functioning, the Board of Directors has constituted the following committees as per the requirement of the Companies Act, 2013 and SEBI (LODR) Regulation, 2015, as amended from time to time

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. Finance and Operation Committee

Details of compositions, meetings, terms of reference of the Committees and attendance of the Committee Members at each of the Meetings are given in the 'Report on Corporate Governance' of the Company which forms part of this Report.

AUDIT COMMITTEE

Composition of the Audit Committee meets the requirement of Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. As on March 31, 2019, the Composition of the committee is as under:

Mr. Ashok Kumar Thakur - Chairman (Independent Director)

Ms. Pooja H. Goyal - Member (Independent Director)

Mr. Nemichand J. Mehta - Member (Whole time Director)

During the period under review, there were no instances of nonacceptance of any recommendation of the Audit Committee of the Company by the Board of Directors.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

a) In the preparation of the annual accounts for the year ended March 31, 2019, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) 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 March 31,2019 and of the profit of the Company for the year ended on that date;

c) The Directors have taken proper and sufficient care 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 Directors have prepared the annual accounts on a going concern basis; and

e) 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.

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

INTERNAL FINANCIAL CONTROLS AND AUDIT

Your Company has established and maintained a framework of internal financial controls and compliance systems. Based on the same and the work performed by the internal auditors, statutory auditors and the reviews performed by top management team and the Audit Committee, your Directors are of the opinion that your Company's Internal Financial Controls were adequate and effective during the financial year 2018-19.

Further, the statutory auditors of your company have also issued a report on internal control over financial reporting (as defined in section 143 of Companies Act, 2013) for the financial year ended March 31, 2019, which forms part to the Statutory Auditors Report.

RISK MANAGEMENT POLICY

The Company has long been following the principle of risk minimization as is the norm in every industry, it has now become a compulsion.

Therefore the Board members were regularly informed about risk assessment and minimization procedures after which the board formally adopted steps for framing, implementing and monitoring the risk management plan for the company.

The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to risk management to guide decisions on risk related issues. The Audit Committee has additional oversight in the area of the financial risk and controls.

Pursuant to the provision of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with respect to the formation of the Risk Management Committee, is not applicable to your Company.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT 2013

The Company has in place a Policy for Prevention, Prohibition and Punishment of Sexual Harassment of Women at Work place in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees are covered under this policy. During the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No. of complaints filed during the year No. of complaints disposed off during the year No. of complaints pending
Nil Nil Nil

ESTABLISHMENT OF VIGIL MECHANISM / WHISTLE BLOWER POLICY

As per provisions of Section 177 of the Companies Act, 2013 and applicable Rules framed thereunder, the Company has established a vigil mechanism in form of Whistle Blower Policy for Directors and employees to report their genuine concerns about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct or ethics policy, details of which are provided in the Corporate Governance Report, which forms part of the Annual Report. The policy has been placed on the website of the Company.

The Policy provides for adequate safeguards against victimization of Directors/employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee. During the FY 2018-19, the Company has not received any complaints through vigil mechanism.

The Whistle Blower Policy is available on the Company's website at the link i.e. http://www.navkarcfs.com/b/download/policies/ vigil-mechanism-or-whistle-blower-policy.pdf?v=1.3

NOMINATION AND REMUNERATION POLICY

The Current policy is to have an appropriate proportion of executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As on March 31, 2019, the Board consists of six members, including a managing director, whole time director and three are independent directors. The Company has framed a Nomination, Remuneration and Evaluation Policy.

The information with respect to the Company's policy on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (4) of section 178 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is available on the Company's website at the link i.e. http://www.navkarcfs.com/b/ download/policies/nomination-&-remuneration-policy.pdf?v=1.3

CORPORATE SOCIAL RESPONSIBILITY

As required under the provisions of the Section 135 of the Companies Act, 2013, the Board has constituted the Corporate Social Responsibility Committee which monitors and oversees various CSR initiatives and activities of the Company. The Committee comprises three directors with Non-Executive- Independent Director as its Chairperson. Further details such as composition, terms, functions, meetings and attendance of directors of the said committee are provided in the Corporate Governance Report forming part of this Annual Report.

The Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure 1 and forms an integral part of this Report. Policy on Corporate Social Responsibility is available on the Company's website at the link http://www.navkarcfs.com/b/download/ policies/CSR-Policy.pdf

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Notes to the Financial Statements.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the Financial Year 2018-19 were on arm's length basis and in compliance of applicable provisions of Companies Act, 2013 and SEBI (LODR), Regulations 2015. These transactions were placed before the Audit Committee and Board of Directors for approval and noting on quarterly basis. There are no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the Company at large.

Prior omnibus approval was obtained for annual transactions which are of recurring nature. A statement containing details of all transactions entered into pursuant to omnibus approval are placed before the Audit Committee and the Board for review and approval on a quarterly basis.

The particulars of contracts or arrangements with related parties referred to in Section 188(1) read with section 134(1 )(h) and applicable rules of the Companies Act, 2013 are provided in the prescribed form AOC-2 as Annexure 2 which forms part of this Report.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board of Directors of the Company can be viewed on the website of the Company through the link: http://www.navkarcfs.com/b/ download/policies/RPT-Policy.pdf

AUDITORS AND AUDITORS' REPORT Statutory Auditors

M/s. S. K. Patodia & Associates, Chartered Accountants (Firm Registration No.: 112723W) will complete their present term at the conclusion of the ensuing AGM of the Company.

The Board on the recommendation of the Audit Committee, recommended for the approval of members appointment of Uttam Abuwala & Co. Chartered Accountants (fRN :111184W) as the Statutory Auditors of the Company for a period of 5 (five) consecutive years from the conclusion of the ensuing AGM till the conclusion of the 16th AGM of the Company to be held in the year 2024. On the recommendation of the Audit Committee, the Board also recommended for the approval of the Members, the remuneration of Uttam Abuwala & Co. Appropriate resolution seeking your approval to the appointment and remuneration of Uttam Abuwala & Co. as the Statutory Auditors is appearing in the Notice convening the 11th AGM of the Company.

The Notes on financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation, adverse remark or disclaimer. Secretarial Auditor

Pursuant to provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed M/s. HS Associates, a Firm of Practicing Company Secretaries, to undertake the Secretarial Audit of the Company for FY 2018-19. The Secretarial Audit report is annexed herewith as Annexure 3.

The Firm (HS Associates) has undertaken an audit for the financial year 2018-19 pursuant to SEBI Circular No. CIR/CFD/ CMD1/27/2019 dated 08th February, 2019 for all applicable compliances as per Securities and Exchange Board of India Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days of the end of the financial year.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Standards

During the period under review, the Company has complied with the all applicable Secretarial Standards i.e. SS1 and SS2 relating to meetings of Board of Directors and General Meetings respectively issued by the Institute of Company Secretaries of India.

Cost Auditors

In terms of rule 8 of the Companies (Accounts) Amendments Rules, 2018 read with section 148 of the Companies Act, 2013 the central Government has not specified maintenance of Cost records for your company.

EXTRACT OF ANNUAL RETURN

Extract of the Annual Return in form MGT 9, as provided under Section 92 of the Companies Act, 2013, is Annexed as 4 and forms an integral part of this Report. The Company has placed a copy of Annual Return on it's website that can be viewed by following the link: http://www.navkarcfs.com/b/investor-relations.php

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption and foreign exchange earning & outgo is given in Annexure 5, forms part of this report.

PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors and Employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been annexed as Annexure 6 to this Report.

In terms of Section 136 (1) of the Act, the Annual Report and the Audited Financial Statements are being sent to the Members and others entitled thereto. The said statement is also available for inspection by the Members at the Registered Office of the Company during business hours on working days up to the date of the ensuing AGM.

ENVIRONMENT AND SAFETY

Your Company is committed to make surrounding atmosphere at it's all CFS and ICD full of fresh air and greenery. In its efforts, huge number of trees has been planted at CFS and ICD year on year.

The Company pay special attention to the safety and smooth flow of the containers. To ensure this, our processes are designed such that they come built-in with safety features. Right from installing a revolutionary technology, like RFID-based container tracking to basking in the goodwill with shipping lines, importers and exporters, freight forwarders and custom house agents. The Company's policy requires conduct of operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources. Audit of safety measures taken by the Company is being carried out at regular interval.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Human Resources are important assets of the Company. Your Company has adopted employee friendly HR processes that held to grow and offer them personal developmental opportunities. The Company's HR policies encourage talent acquisition and retention process, ensure transparency, and facilitate development, building trust and encourage and support performance oriented environment. Providing equal opportunities to all employees and ensuring diversity by creating level playing field for under privileged segments of the society through positive actions are the ethos of team building process at Company. Your Company has such policies in place to prevent discrimination, sexual harassment and encourage talent.

GENERAL

The Board of 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 financial year 2018-19:

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

- Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

- The Company does not have any Employees' Stock Option Scheme.

- The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.

- ACKNOWLEDGEMENT

Your Directors wish to place on records their appreciation for the continued cooperation and support received from the Government of India, Government Authorities Banks, Customers and Shareholders during the period under review. Your Directors also wish to place on record their appreciation of the devoted and dedicated services rendered by all employees of the Company.

Place: Navi Mumbai On behalf of the Board of Directors
Date: August 19, 2019 Shantilal Mehta
Registered Office: Chairman and Managing Director
205-206 J K Chambers, DIN: 00134162
Sector 17,Vashi
Navi Mumbai - 400703,
Maharashtra, India

   

Adani Ports & Special Economic Zone Ltd     323.80   Down   -8.00 (-2.41%)   Asian Paints Ltd     1,683.10   Up   39.50 (2.40%)   Axis Bank Ltd     384.95   Down   -6.00 (-1.53%)   Bajaj Auto Ltd     2,710.50   Up   110.50 (4.25%)   Bajaj Finance Ltd     1,953.65   Up   5.95 (0.31%)   Bajaj Finserv Ltd     4,404.90   Up   118.95 (2.78%)   Bharat Petroleum Corporation Ltd     342.80   Up   16.35 (5.01%)   Bharti Airtel Ltd     552.60   Down   -10.15 (-1.80%)   Bharti Infratel Ltd     229.95   Up   6.10 (2.73%)   Britannia Industries Ltd     3,378.85   Up   55.60 (1.67%)   Cipla Ltd     648.15   Up   19.80 (3.15%)   Coal India Ltd     141.30   Up   7.40 (5.53%)   Dr Reddys Laboratories Ltd     4,071.25   Up   183.50 (4.72%)   Eicher Motors Ltd     16,548.45   Up   311.95 (1.92%)   GAIL (India) Ltd     92.35   Up   3.25 (3.65%)   Grasim Industries Ltd     589.20   Up   12.70 (2.20%)   HCL Technologies Ltd     550.25   Up   7.60 (1.40%)   HDFC Bank Ltd     951.65   Up   6.40 (0.68%)   Hero Honda Motors Ltd     2,360.85   Up   62.75 (2.73%)   Hindalco Industries Ltd     138.85   Up   0.45 (0.33%)   Hindustan Unilever Ltd     2,057.35   Up   47.40 (2.36%)   Housing Development Finance Corporation Ltd     1,658.90   Up   35.20 (2.17%)   ICICI Bank Ltd     331.95   Up   5.10 (1.56%)   Indian Oil Corporation Ltd     83.20   Up   5.50 (7.08%)   IndusInd Bank Ltd     393.65   Up   6.80 (1.76%)   Infosys Technologies Ltd     691.00   Down   -16.40 (-2.32%)   ITC Ltd     197.35   Up   6.70 (3.51%)   JSW Steel Ltd     184.20   Up   0.05 (0.03%)   Kotak Mahindra Bank Ltd     1,224.00   Down   -5.45 (-0.44%)   Larsen & Toubro Ltd     932.25   Up   26.75 (2.95%)   Mahindra & Mahindra Ltd     436.35   Down   -4.05 (-0.92%)   Maruti Suzuki India Ltd     5,610.80   Up   142.45 (2.60%)   Nestle India Ltd     17,540.80   Up   551.65 (3.25%)   NIFTY (S&P CNX)     9,580.30   Up   90.20 (0.95%)   NTPC Ltd     97.85   Up   2.15 (2.25%)   Oil & Natural Gas Corpn Ltd     83.20   Up   4.35 (5.52%)   Power Grid Corporation of India Ltd     157.55   Up   0.30 (0.19%)   Reliance Industries Ltd     1,464.40   Down   -7.85 (-0.53%)   Shree Cement Ltd     20,857.30   Up   48.40 (0.23%)   State Bank of India     161.30   Up   3.10 (1.96%)   Sun Pharmaceuticals Industries Ltd     474.25   Up   15.15 (3.30%)   Tata Consultancy Services Ltd     1,972.35   Down   -31.95 (-1.59%)   Tata Motors Ltd     87.00   Down   0.00 (0.00%)   Tata Steel Ltd     295.20   Down   -0.30 (-0.10%)   Tech Mahindra Ltd     530.45   Up   0.75 (0.14%)   Titan Company Ltd     890.00   Down   -9.45 (-1.05%)   UltraTech Cement Ltd     3,904.85   Up   95.65 (2.51%)   UPL Ltd     405.85   Up   14.75 (3.77%)   Vedanta Ltd     92.20   Up   2.25 (2.50%)   Wipro Ltd     212.80   Up   13.45 (6.75%)   Zee Entertainment Enterprises Ltd     183.55   Up   2.85 (1.58%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com

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