DIRECTORS' REPORT To Dear Members, Mayur Uniquoters Limited 1. Your directors take pleasure in presenting their 22nd Annual Report on the business and operations of the Company and the audited financial statement for the Financial Year ended March 31st, 2015. 2. STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK India's macro-economic prospects have strengthened and the country is best positioned among emerging market economies, gaining global investor's attention, says a report by ICICI Bank. The improvement in India's economic fundamentals has accelerated in Financial Year 2014-2015 with the combined impact of a strong government mandate, RBI's inflation focus supported by benign global commodity prices. India has become a promising investment destination for foreign companies looking to do business here. Mr. Narendra Modi, Prime Minister of India, has launched the 'Make in India' initiative with the aim to give the Indian economy global recognition. This initiative is expected to increase the purchasing power of the common man, which would further boost demand, and hence spur development, in addition to benefiting investors. In the current economic scenario and looking at the improvement in industrial growth across the globe in all the sectors, Mayur is definitely sure of giving the exemplary performance. Today the companies are operating in the environment where the survival of fittest is the law of land. The major contributing factors towards the success of Mayur is the customer centric approach, ability to analysis and satisfy the demand of the customer, development of the new products, introduction of new ideas resulting into cost reduction and value addition to protect the margin as well as helping the customers to increase their margin. Mayur is now on the fast track adapting to the change in economic scenario and technological innovations keeping in mind the object of the becoming the global player. Mayur is on the high growth trajectory and is devoted to develop the new value added products to create the textures to dress up the icon globally. Mayur is one of the largest manufacturers of synthetic leather in India having an installed capacity of 3.05 million linear meters per month. The production during the Financial Year 2014-15 is 23.07 million linear meters as against 21.16 million linear meters in Financial Year 2013-14. In Financial Year 2014-15, the production of 6th coating line from ISOTEX, Italy having a wider a width of 2 meters has resulted in cost reduction through more production with the fixed cost remaining the same. Economic of scales as started kicking up and is expected to increase in near future. Looking at the 50% increase in production capacity, you must be surprised that how much the company is pretty confident of the future business prospects that the company will be able to use the enhanced capacity. You must be keen to know that the company is in the process of installing the PU plant having the installed capacity of 6,00,000 linear meters per month in the state of Rajasthan. Since the PU plant requires the lot of water and Rajasthan being the dry state/dry zone, therefore the use of the ground water is not allowed hence an application have been moved with the government of Rajasthan for their approval for the usage of the waste water of near by town called rengus the approval of which is expected in the near future. Your company has delivered the good performance in the Financial Year 2014-15 with the revenue growth of 8.68% with the total revenue of Rs. 51,225.78 lacs during the Financial Year 2014-15 and profit after tax stand at Rs. 6,590.10 lacs with growth of 16.03% Consumption growth in India has been growing during the last few years across all the segments with the rising disposable income and improved standard of living which we believe that it will continue to surge in the years to come. Mayur is one of the company from India supplying to the US automotive giants which has led to the exponential growth in the export segment. Higher realization as the result of higher value added products have also lead to higher EBIDTA margins. The company is in the process exploring the new markets as well as to explore the new avenues and new segments with the aim to increase it's global presence leading to the increasing in the margins. The company acknowledges the importance of the plant and employees as the base behind the success of the company. Your company believes that it's the teamwork of the employees which have enabled the company to reach the new heights. The company is committed to work together keeping in full trust on each other and to make all the full faith efforts to keep itself in the high growth trajectory to achieve newer heights. 3. DIVIDEND Mayur has always strived to maintain a balance by providing an appropriate return to the shareholders while simultaneously retaining a reasonable portion of the profit to maintain healthy financial leverage with a view to support and fund the future expansion plans. Mayur has a well-defined dividend policy which ensures good and healthy return to its members. Your directors are pleased to recommend a final dividend of 16% (i.e Rs.0.80/-) on 4,62,77,600 equity shares of Rs 5/- each. The company had distributed first interim dividend of Rs. 0.70/- per equity share of Rs. 5/- each in August 2014. The second interim dividend of Rs. 0.75/- and third interim dividend of Rs. 0.80/- were paid on the equity shares of Rs 5/-each in November 2014 and February 2015 respectively. Thus, the aggregate payout as a dividend will be Rs. 1411.46 lacs excluding dividend distribution tax of Rs. 273.84 lacs 4. TRANSFER TO RESERVES We propose to transfer Rs. 659.10 lacs to general reserve during the financial year ended March 31st, 2015. 5. SHARE CAPITAL • Company has increase its authorized share capital from Rs. 25 crores to Rs. 86 crores by creating 15,25,000 compulsory convertible participating preference shares (CCPPS) of face value of Rs. 400 each. • Further during the year, company has issued and allotted 14,86,000 Compulsory Convertible Participating Preference Shares (CCPPS) of Rs. 400 each at a premium of Rs. 71.06. However, as on the date of this report the said CCPPS got converted into the 29,72,000 equity shares of the company of face value of Rs. 5 each on the terms of its issue. • The members in the extra ordinary general meeting held on 22.03.2014, had approved the issue of bonus shares in proportion of 1:1 and consequently the paid up share capital of the company has increased accordingly and the Board of Directors in their meeting held on 03.04.2014 had issued bonus shares to the shareholders of the company. • As on the date of this report and consequent to conversion of CCPPS into equity shares of the company, the paid up share capital stood at Rs. 23,13,88,000/- 6. NOS. OF MEETINGS OF THE BOARD OF DIRECTORS During the year 8 (eight) board meetings were convened and held on the dates as mentioned below in the table. Other details pertaining to attendance at the meetings are given in the corporate governance report attached with this report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the listing agreement: 7. DIRECTORS AND KEY MANAGERIAL PERSONNEL Enhancing the competencies of the board and attracting as well as retaining talented employees for role of KMP/ a level below KMP are the basis for the Nomination and Remuneration Committee to select a candidate for appointment to the Board. While recommending a candidate for appointment, the Nomination and Remuneration Committee has regard to: • assessing the appointee against a range of criteria which includes but not be limited to qualifications, skills, regional and industry experience, background and other qualities required to operate successfully in the position, with due regard for the benefits from diversifying the Board; • the extent to which the appointee is likely to contribute to the overall effectiveness of the board, work constructively with the existing directors and enhance the efficiencies of the company; • the skills and experience that the appointee brings to the role of KMP/Senior official and how an appointee will enhance the skill sets and experience of the board as a whole; • the nature of existing positions held by the appointee including directorships or other relationships and the impact they may have on the appointee's ability to exercise independent judgment; > APPOINTMENT OR RE-APPOINTMENT • In accordance with the provisions of the Companies Act, 2013 and the articles of association of the company, Mr. Arun Kumar Bagaria, Executive Director of the company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for reappointment. • During the Financial Year 2014-2015, Mr. Manav Poddar, Executive Director of the company who retired by rotation, have been re-appointed at the Annual General Meeting of the company held on 16.09.2014. • Apart from this, Mrs. Tanuja Agarwal, who was inducted in the Board as an additional director w.e.f. 26.07.2014 have also been regularised in the aforesaid Annual General Meeting held on 16.09.2014. • Also, Mr. Prahalad Sahay Jangid, has been appointed as, chief financial officer with effect from 12.08.2014. As required under clause 49 of the listing agreement with the stock exchanges, the relevant details of director retiring by rotation and seeking re-appointment at the ensuing AGM are furnished as annexure to the Notice of AGM. > DECLARATION BY INDEPENDENT DIRECTOR The board of the company consists of 7 directors out of which the four (4) are the Independent directors as per the requirement of the provision of section 149(6) of the Companies Act, 2013. The Independent Directors viz. Mr. Rameshwar Pareek, Mr. Kanwarjit Singh, Mr. B.L. Bajaj and Mrs. 8. Tanuja Agarwal have affirmed that they continue to meet all the requirements specified under subsection (6) of section 149 of Companies Act, 2013 in respect of their position as an "Independent Director" of Mayur Uniquoters Limited. > FORMAL ANNUAL EVALUATION The evaluation/assessment of the directors, KMPs and the senior officials of the company is to be conducted on an annual basis and to satisfy the requirements of the Companies Act, 2013. The company has devised a Policy for performance evaluation of independent directors, board, committees and other individual directors which include criteria for performance evaluation of the non-executive directors and executive directors. The company have also engaged the professionals for looking at the best practices prevalent in the industry and advising with respect to evaluation of board members. On the basis of recommendations of the professionals and the policy for performance evaluation of independent directors, board, committees and other individual directors, a process of evaluation was followed by the board for its own performance and that of its committees and individual directors. The details of programmes for familiarization of independent directors with the company, their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company and related matters have been elaborately devised by the top management and efforts are being made to create the awareness about the same. 9. STATUTORY AUDITOR M/s Madhukar Garg & Co., Chartered Accountants (Firm Registration No. 000866C) the statutory auditors of the company were appointed as statutory auditors of the company pursuant to resolution passed by the shareholders at the 21st Annual General Meeting held on 16.09.2014 for a term of three years according to Section 139 and 142 of Companies Act, 2013. Their appointment is subject to ratification at the ensuing Annual General Meeting. They have confirmed their eligibility under the Act and that they are not disqualified. > AUDITOR'S REPORT The qualification/ observations of the auditors given in the Auditor's Report are self-explanatory and have been explained/ clarified, wherever necessary, in the notes to the Financial Statements. 10. SECRETARIAL AUDITOR In consonance with the requirements of section 204 of the Companies Act, 2013 and rules made thereunder, M/s V. M. & Associates, Company Secretaries in practice, Jaipur, was appointed to conduct the secretarial audit of the company for the Financial Year 2014-15. The Board has re-appointed M/s V. M. & Associates, Company Secretaries in practice, Jaipur as secretarial auditor of the company to carry out secretarial audit of the Company for the financial year 2015-16. > SECRETARIAL AUDITOR'S REPORT An audit report issued by M/s V. M. & Associates, Company Secretaries, in respect of the secretarial audit of the Company for the financial year ended 31st March, 2015, is given in Annexure 1 to this Report. The secretarial audit report for the financial year ended 31st March, 2015 is self-explanatory and have been explained/ clarified, wherever necessary. 11. COST AUDITORS In accordance of provisions of Section 148 of the Companies Act, 2013, The Board of Directors of the Company has appointed M/s. Pawan Gupta & Associates, Cost Accountants, as the cost auditor of the company for the year ended March 31st, 2015. In view of the same and in terms of the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, M/s. Pawan Gupta & Associates, Cost Accountants have been re-appointed as cost auditors to conduct the audit of cost records of your company for the Financial Year 2015-16. The remuneration proposed to be paid to them requires ratification of the shareholders of the company. In view of this, your ratification for payment of remuneration to cost auditors is being sought at the ensuing AGM. > COST AUDITOR'S REPORT The audit report of the cost auditor of the company for the year ended March 31st, 2015, will be submitted to the central government in due course. 12. AUDIT COMMITTEE The company has constituted the audit committee in line with the provision of the Companies Act, 2013 and the listing agreement entered by the company with the stock exchanges. As on 31st March, 2015 the audit committee consist of 5 members out of which the 4 are the independent directors. The details of the composition of the audit committee along their meetings held/attended have been given elsewhere in the corporate governance report. 13. NOMINATION AND REMUNERATION COMMITTEE AND POLICY The company has constituted the Nomination & Remuneration Committee in line with the provision of the Companies Act, 2013 and the listing agreement entered by the company with the stock exchanges. As on 31st March, 2015 the nomination & remuneration committee consist of 5 members in which 4 are the Independent directors.The details of the composition of the Nomination & Remuneration Committee along their meetings held/ attended have been given in the corporate governance report. The policy formulated by Nomination & Remuneration Committee on director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters as specified u/s 178(3) of the Companies Act, 2013 and same was approved by the Board of Directors of the company The board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report. > MANAGERIAL REMUNERATION A) Details of the ratio of the remuneration of each director to the median employee's remuneration and other details as required pursuant to Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has been provided in Annexure II to this report. 14. CODE OF CONDUCT The Chairman & Managing Director has confirmed and declared that all the members of the board and the senior management have affirmed compliance with the code of conduct. 15. CODE FOR PREVENTION OF INSIDER TRADING PRACTICES In compliance with the SEBI Regulations on prevention of insider trading, the company has formulated and implemented a comprehensive code of conduct for prevention of insider trading by its management and employees. The code lays down guidelines advising them on procedures to be followed and disclosures to be made while dealing with shares of Mayur. 16. VIGIL MECHANISM The company has established a whistle blower policy which also incorporates a vigil mechanism in terms of the listing agreement for directors and employees commensurate to the size and the business of the company to promote ethical behavior in all its business activities and to report concerns and unethical behavior, actual or suspected fraud or violation of our code of conduct and ethics. Under the said mechanism, the employees are free to report violations of applicable laws and regulations and the code of conduct. It also provides for adequate safeguards against the victimization of persons who use such mechanism. 17. RISK MANAGEMENT POLICY During the year, your directors have constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the company's enterprise wide risk management framework and (b) Overseeing that all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. The company has developed and implemented a risk management policy which encompasses practices relating to identification, assessment monitoring and mitigation of various risks to key business objectives. The Risk management framework of the company seeks to minimize adverse impact of risks on our key business objectives and enables the company to leverage market opportunities effectively. The various key risks to key business objectives are as follows: Liquidity Risk: It is the risk that the company will be unable to meet its financial commitment to a Bank/ financial institution in any location, any currency at any point in time. liquidity risk can manifest in three different dimensions for the company. Funding Risk: To replace net outflows due to unanticipated outflows. Time Risk: To compensate for non receipt of expected inflows of funds. Call Risk: Due to crystallization of contingent liabilities or inability to undertake profitable business opportunities when desirable. Interest Rate Risk: It is the risk where changes in market interest rates might adversely affect the company's financial condition. The short term/ immediate impact of changes in interest rates are on the company's net interest income (NII). On a longer term, changes in interest rates impact the cash flows on the assets, liabilities and off-balance sheet items, giving rise to a risk to the net worth of the company arising out of all repricing mismatches and other interest rate sensitive positions. The company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The company's management systems, organisational structures, processes, standards, code of conduct and behaviours together form the Mayur Management System (MMS) that governs how the Group conducts the business of the company and manages associated risks. The company has introduced several improvements to Integrated Enterprise risk management, internal controls management and assurance frameworks and processes to drive a common integrated view of risks, optimal risk mitigation responses and efficient management of internal control and assurance activities. This integration is enabled by all three being fully aligned across group wide risk management, internal control and internal audit methodologies and processes. 18. EXTRACT OF ANNUAL RETURN Relevant extract of annual return as on the Financial Year ended on March 31st, 2015 is given in Annexure III to this Report. 19. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS. In Mayur, the corporate audit division headed by chief financial officer who continuously monitors the effectiveness of the internal controls with an objective to provide to the audit committee and the Board of Directors, an independent, objective and reasonable assurance of the adequacy and effectiveness of the organization's risk management, control and governance processes. The division also assesses opportunities for improvement in business processes, systems & controls; provides recommendations, add value to the organization and follows up on the implementation of corrective actions and improvements in business processes after review by the audit committee and Senior Management. The scope and authority of the corporate audit division is designed in a manner that the audit plan is focused on the following objectives: • All operational and related activities are performed efficiently and effectively. • Significant financial, managerial and operating information that is relevant, accurate, and reliable is provided on time. • Review of identification and management of risks in consultation with the Risk Management Committee. • Resources are acquired economically, used efficiently and safeguarded adequately. • Employees' actions are in accordance with the company's policies and procedures, Mayur's code of conduct and applicable laws and regulations. • Significant legislative and regulatory provisions impacting the organization are recognised and addressed appropriately. • Opportunities identified during audits, for improving management control, business targets and profitability, process efficiency and the organization's image, are communicated to the appropriate level of management. • Shareholders' and other stakeholders' wealth is preserved, protected and enhanced. 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 was observed. 20. DEPOSITS In the beginning of the Financial Year 2014-15, there were no deposits lying with the company and further it is clarified that no money have been received which fall under the category of deposits during the Financial Year 2014-15. 21. PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS U/S 186 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 14, 16 & 20 to the financial statement). 22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act 2013 including certain arm's length transactions under third proviso thereto is disclosed in Form No. AOC-2. Annexure IV to this report. 23. CORPORATE GOVERNANCE The Company has complied with the corporate governance requirements as stipulated under the listing agreement with the stock exchanges. The company obtained a certificate from the auditors regarding compliance with clause 49 of the listing agreement and certificate has been annexed with the Board's Report. 24 DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 In order to prevent sexual harassment of women at workplace The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 have been notified on 9th December, 2013. Under the said Act every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at workplace of any women employee. Company has adopted a policy for prevention of sexual harassment of women at workplace and has set up committee for implementation of said policy. During the year company has not received any complaint of harassment and at the end of the year no complaint which need to be resolved. 25. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY The Corporate Social Responsibility Committee (CSR Committee) has formulated and recommended to the Board, a corporate social responsibility policy (CSR Policy) indicating the activities to be undertaken by the company, which has been approved by the Board. The key philosophy of all CSR initiatives of the company is guided by three core commitments of scale, impact and sustainability. The CSR initiatives of Mayur were marked by unrelenting commitment to several large scale key projects as well as initiation of several new projects identified under the 10 focus areas of Mayur. Activities included by Mayur in corporate social responsibility policies relating to:— (i) Reducing child mortality and improving maternal health; (ii) Promotion of education; (iii) Promoting gender equality and empowering women; (iv) Eradicating extreme hunger and poverty; (v) Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases; (vi) Ensuring environmental sustainability; (vii) Employment enhancing vocational skills; (viii)Social business projects; (ix) Contribution to the Prime Minister's National Relief Fund or any other fund set up by the central government or the state governments for socioeconomic development and relief and funds for the welfare of the scheduled castes, the scheduled tribes, other backward classes, minorities and women; and (x) Rural development projects. During the financial year 2014-15, Rs. 44.54 lacs was incurred on account of expenditure towards CSR. Details of the same is given in this report in Annexure V 26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information on conservation of energy, technology, absorption, foreign exchange earnings and outgo pursuant to section 134 of The Companies Act, 2013 read with Rule of the Companies (Accounts) Rules, 2014 is given in Annexure VI to this report. 27. HUMAN RESOURCES Your Company treats its "human resources" as one of its most important assets. Company has always provided an amicable atmosphere for work to all sections of the society. Mayur is committed to respect universal human rights. The Company puts emphasis in providing equal opportunities at all levels, safe and healthy workplaces and protecting human health and environment. The Company provides opportunities to all its employees to improve their skills and capabilities. Mayur is an equal opportunity employer and does not discriminate on the grounds of race, religion, nationality, ethnic origin, colour, gender, age, citizenship, sexual orientation, marital status or any disability not affecting the functional requirements of the positionheld. The Company's expanding its commitment towards neighboring communities to improve their cultural, economic, educational, and social well-being. 28. ENVIRONMENT Mayur has taken several environmental initiatives for various issues like conservation, preservation and restoration of biodiversity. The Company makes efforts to minimize the environmental impact of its operations and its products through the adoption of sustainable practices and continuous improvement in environmental performance. The Company strives to contribute to environmental sustainability through developing and offering resource efficient and environmentally friendly products to the customers. Mayur has set up water recycling and rain harvesting facilities at its plant sites. As an integral part of its initiative to protect the environment, the Company monitors waste generation, emission of green house gases, effluents, quality of air, etc. at the plant sites. The management works to attain the goals like becoming carbon neutral, water positive and developing green zones in and around our manufacturing plants and offices. Mayur aspires for setting up an innocuous environment by working on standards that are aligned to international standards like ISO 9001. 29. HEALTH AND SAFETY Mayur has always taken promising steps towards health and safety through its policy, which focuses on people, technology and facilities, supported by the management commitment as their prime drivers. The dedicated "Safety Management Team" is working toward the prevention of man machine and material Incidents at corporate & unit level and to educate and motivate the employees about the Safety, Occupational & Environmental Policy (SH&E). The safety, occupational & health of its employees are embedded as core organizational values of the company. The company strives to ensure the health, safety and security of employees, contractors and others affected by business operations. The company's Safety, Occupational & Environmental Policy (SH&E) supports the development of a health and safety culture based on the principal that prevention is better than cure. As a guiding principle, the company wants to do business with suppliers who have implemented health and safety management systems that are aligned to international standards like OHSAS 18001. The contractors and service providers are required to comply with the company's health and safety standards, as applicable. Their competence and capability to undertake the tasks in a safe and healthy way must be assessed against agreed standards set in advance of the contract. By adopting such strategies, your company not only maintains a safe and secured working environment but also saves on huge costs of compensation by purging on accidental risks. 30. MANAGEMENT DISCUSSION AND ANALYSIS The Management Discussion and Analysis forms part of this Annual Report and has been annexed with the Board's Report. 31. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to sub section 3 (c) of Section 134 of the Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that: a) in the preparation of the annual accounts for the year ended March 31st, 2015, the applicable accounting standards 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 judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period; c) 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; 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 were operating effectively; and; 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. 32. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND Pursuant to the provisions of the Investor Education Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, the Company has already filed the necessary form and uploaded the details of unpaid and unclaimed amounts lying with the Company, as on the date of last AGM (i.e.16.09.2014), with the Ministry of Corporate Affairs. Secretarial Auditor & Statutory Auditor have observations regarding delay in transfer of amount to IEPF by the company and which was complied with. 33. LISTING OF SHARES Your Company's shares are listed at BSE Limited and National Stock Exchange Limited and the listing fee for the year 2015-16 has been duly paid. 34. ACKNOWLEDGEMENT Your Directors would like to express their appreciation for assistance and co-operation received from the bankers, central & state government, local authorities, client, vendors, advisors, consultants, associates at all levels for their continued guidance and support. Your Directors also wish to place on record their deep sense of appreciation for their commitment, dedication and hard work put in by every member of the Mayur Family. To them goes the credit for the Company's achievement and to you, our shareholders we are deeply grateful for the confidence and the faith that you have always reposed in us. For and on behalf of the Board S/d Suresh Kumar Poddar Chairman and Managing Director & CEO DIN: 00022395 Place: Jaitpura (Jaipur) Date: 12th June 2015 |