To, The Members of CMI Limited
The Board of Directors presents the Forty Nine (49th) Annual Report on the business and operations together with the Company''''s Audited Financial Statements and the Auditor''''s Report thereon for the financial year ended 31st March, 2016.
Financial Performance Summary (Rs. in Lakhs)
Less: Total Expenditure excluding Depreciation
Profit before Depreciation and Tax
Add: Exceptional items
Profit Before Tax
Less: Provision for Tax
Net Profit for the Year carried to the Balance Sheet
Overall, FY2015-16 has been a very successful year; there is an increase of about 77.0% in the turnover of your Company. The profit before depreciation and tax has increased by 157.3% while the net profit has increased by 169.6%. Your Company has adopted adequate cost control measures throughout the year, and has been aggressive in its quest for new business and maintained pricing disciplines. This helped to deliver a decent revenue growth during the year, with major improvement in margins. Your Company continues to focus on production of quality cables to broaden its customer base and to set a benchmark in the competitive market. With stable government at centre, the long term outlook of cable industry is expected to be favourable, driven by power sector reforms, modernization of railways, new metro railways and other infrastructures developmental projects.
The Board, in its meeting held on 03rd December, 2015 declared an interim dividend of Rs. 1/- per equity share of the face value of Rs. 10/- each fully paid up.
Total interim dividend (excluding dividend distribution tax) for the current year is Rs. 133.774 Lakhs as against Nil in the previous year. Total dividend (including dividend tax) as a percentage of net profit after tax is 9.47% as compared to Nil in the previous year.
The Board of Directors does not recommend any final dividend for the financial year ended 31st March, 2016.
During the year under review, your Company has transferred an Amount of Rs. 1,699.59 Lakhs to General Reserves.
AUDITORS AND THEIR REPORT
M/s J. K. Manocha & Associates, Chartered Accountants, Delhi, (Firm Registration No. FRN: 007345N), the Statutory Auditors of the Company, who retires at the conclusion of this Annual General Meeting (AGM), being eligible, offer themselves for re-appointment as Statutory Auditors of the Company from the conclusion of this ensuing 49th AGM up to the conclusion of the 50th AGM to be held in the year 2017.
Accordingly, in terms of the first proviso of section 139 of the Companies Act, 2013 and based upon the recommendation of Audit Committee and Board of Directors, the re-appointment of M/s J. K. Manocha & Associates, Chartered Accountant, Statutory Auditor is being sought from the Members at the ensuing 49th AGM.
The observations made in the Auditor''''s Report on the audited accounts of the Company for the year ended 31st March, 2016, are self explanatory and therefore, do not require further explanation. The Auditor''''s Report does not contain any qualification, reservation or adverse remark.
Since the tenure of M/s J. K. Manocha & Associates as Statutory Auditor of the Company is getting over at 50th AGM, hence in order to comply with the provisions of Section 139 of the Act and to ensure a better understanding of system and practices followed in the Company before change in Auditors, it is proposed to appoint M/s. Krishna Neeraj & Associates, Chartered Accountants, (Firm Registration No.023233N) as the Statutory Auditors of the Company, to hold office from the conclusion of 49th Annual General Meeting until the conclusion of the 54th Annual General Meeting of the Company. However, with a view to gain the benefit of expertise and long association with M/s J. K. Manocha & Associates, it is proposed to appoint joint statutory auditors for the financial year 2016-17 as it will also ensure smooth transition. Accordingly, it is proposed to appoint M/s J. K. Manocha & Associates and Krishna Neeraj & Associates, Chartered Accountants, as Joint Statutory Auditors for the financial year 2016-17.
A special notice has been received under section 140(4)(i) of the Companies Act, 2013 from a member proposing appointment of M/s Krishna Neeraj & Associates, Chartered Accountants, as the statutory auditors. The Audit Committee has considered the qualification and experience of the proposed statutory auditors and has recommended their appointment as above.
Documents related to the appointment of M/s J. K. Manocha & Associates and Krishna Neeraj & Associates as Statutory Auditors shall remain open for inspection by the members at the registered office of the Company during normal business hours on any working day.
The Directors have appointed M/s Ajay Kumar Singh and Co., Cost Accountants, as Cost Auditor to audit the accounts relating to cable manufacturing for the financial year ending 31st March, 2017.
Ms. Sarita Yadav, Internal Auditor of the Company, presents report and makes presentations to the audit committee on internal audit, which is reviewed by the audit committee from time to time.
Pursuant to provision of Section 204 of the Companies Act, 2012, and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed M/s Himanshu Sharma & Associates, Practicing Company Secretaries for conducting Secretarial Audit of the Company for the financial year 2015-16.
The Secretarial Audit Report is annexed as Annexure -1. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
INTERNAL CONTROL SYSTEM
Your Company has a well placed, proper and adequate internal control system, which ensures that all assets are safeguarded and protected and that the transactions are authorized, recorded and reported correctly. Your Company''''s internal control system comprises audit and compliance by in-house internal Audit Division. The Internal Auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. The independence of the audit and compliance is ensured by direct reporting of Internal Audit Division and Internal Auditor to the Audit Committee of the Board.
During the year under review, your Company has improved its long term credit rating to CARE BBB-. The BBB- awarded by Care Analysis and Research Limited (CARE) reflects moderate degree of safety regarding timely servicing of financial obligation. Your Company''''s short term credit rating has also improved to CARE A3 by Care Analysis and Research Limited (CARE), reflecting moderate degree of safety regarding timely payment of financial obligations.
SEGMENT WISE PERFORMANCE:
Your Company operates only in one segment.
There are following material changes and commitments, affecting the financial position of the Company between the end of financial year of your Company and the date of Director''''s Report:
- Your Company has applied for the listing of above said 7,00,000 Equity shares on 08th June, 2016 and received Listing Approval of 7,00,000 Equity shares from the Bombay Stock Exchange Limited vide its letter no. DCS/PREF/AM/FIP/1154/2016-17 dated 01st July, 2016. The Board of Directors of your Company at their meeting held on 19th March, 2016 had allotted these Equity shares consequent to conversion of 7,00,000 warrants issued @ Rs. 101/- per warrant (including premium of Rs 91/-per warrant), to promoters, on a preferential basis in accordance with provisions specified under Chapter VII of SEBI (ICDR) Regulations, 2009.
- During the year, pursuant to the provisions of Section 391 to 394 of the Companies Act, 1956 and all other applicable provisions, if any, of the Companies Act, 1956 as well as the provisions of Companies Act, 2013, as and when the said provisions become applicable (hereinafter collectively referred to as "Acts") and subject to the necessary sanction(s), approval(s), confirmation(s) by the Hon''''ble High Court of Delhi at New Delhi or National Company Law Tribunal, the Board of Directors at their Board Meeting held on 30th March, 2016, approved the scheme of Scheme of Amalgamation by and between CMI Energy India Private Limited (formerly known as General Cable Energy India Private Limited) (Transferor Company) and CMI Limited (Transferee Company) with effect from 01st March, 2016 being the Appointed Date upon and subject to the terms and conditions as contained in the Scheme of Amalgamation.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
Your Company has in place adequate internal financial controls with reference to financial statements.
During the year, such controls were checked and no reportable material weaknesses were observed.
DETAILS OF SUBSIDIARY / JOINT VENTURES / ASSOCIATE COMPANIES
The names of companies which have become or ceased to be its Subsidiaries, joint ventures or associate companies during the year.
During the year, the Company has acquired 100% shareholding of CMI Energy India Private Limited (previously known as General Cable Energy India Private Limited).
Performance & Financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement.
Pursuant to provisions of section 129(3) of the Act, a statement containing salient features of the financial statements of the Company''''s subsidiaries in Form AOC-1, appended as Annexure -2 is attached to the Report.
Further, pursuant to the provisions of section 136 of the Act, the Company''''s consolidated financial statements along with relevant documents and separate audited financial statement of subsidiaries are available on the website of the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNELS:
Change in Directorship
Ms. Archana Bansal was appointed as an Additional Director of the Company w.e.f. 01st May, 2015 and regularised as an Independent Director in 48th AGM held on 29th September, 2015, for five consecutive years, up to 30th April, 2020.
Ms. Himani Jain and Mr. Abhishek Aggarwal who were appointed as Additional Directors of the Company w.e.f. 31st March, 2015 had resigned as Additional Directors of the Company w.e.f. 01st May, 2015.
Mr. Kishor Punamchand Ostwal and Mr. Manoj Bishan Mittal have been appointed as the Additional Directors of the Company w.e.f. 29th July, 2016 who will be regularized as the Independent Directors at the ensuing 49th Annual General Meeting.
Changes in Key Managerial Personnel (KMP)
Mr. Raj Kumar resigned as Chief Financial Officer w.e.f. 01st March, 2016 and Mr. Ghan Shyam Dass was appointed as Chief Financial Officer of the Company w.e.f. 01st March, 2016 in place of Mr. Raj Kumar.
Mr. Amit Jain, Chairman Cum Managing Director; Mr. V. K. Gupta, Whole-time Director; Mr. Ghan Shyam Dass, Chief Financial Officer and Mr. Subodh Kumar Barnwal, Company Secretary are the KMPs of the Company as per provisions of the Act.
Directors liable to retire by rotation
Mr. Vijay Kumar Gupta is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.
Re-appointment of Chairman cum Managing Director
Mr. Amit Jain was re-appointed as Managing Director of your Company at 45th AGM held on 29th September, 2012 for a period of three years w.e.f. 01st October, 2012. Due to his foresightedness and hard work, the Company is growing continuously under his leadership. Considering his valuable efforts, the Board of Directors at their meeting held on 29th September, 2015, on recommendation of Nomination and Remuneration Committee, re-appointed him as Chairman cum Managing Director of the Company w.e.f. 01st October, 2015 till 30th September, 2020, for five years subject to approval of shareholders at this AGM.
Increase in remuneration of Chairman cum Managing Director and Whole-time Director
The Board of Directors of your Company, at their meeting held on 29th July, 2016, subject to approval of the shareholders of the Company, has proposed to increase the remuneration payable to Mr. Amit Jain, Chairman Cum Managing Director and Mr. V. K. Gupta, Whole-time Director upto the remaining tenure of their appointment. The requisite resolution along with the explanatory statement is provided in the notice convening the ensuing Annual General Meeting.
A brief resume and other relevant details in respect of all the above Directors, being proposed for appointment and re-appointment, are given in the Explanatory Statement to the Notice convening the Annual General Meeting as well as under Corporate Governance Report of the Board. The Board of Directors recommends the appointment and re-appointment of Directors as aforesaid.
None of the Directors of your Company is disqualified under the provision of the Companies Act, 2013.
Declaration by Independent Directors
The Independent Directors hold office for a fixed term of five years and are not liable to retire by rotation. Your Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Act and under the SEBI (LODR), Regulations, 2015.
As on the date of this report, the Board consists of following members:
Name of Director
Date of Appointment
Mr. Amit Jain
Chairman cum Managing Director
01st October, 2002
Mr. Pyare Lal Khanna
30th September, 2004
Mr. Vijay Kumar Gupta
15th January, 2009
Mr. Ramesh Chand
27th February, 2009
Mrs. Archana Bansal
01st May, 2015
Mr. Kishor Punamchand Ostwal
29th July, 2016
Mr. Manoj Bishan Mittal
29th July, 2016
*The Board proposed to regularize Mr. Kishor Punamchand Ostwal and Mr. Manoj Bishan Mittal as the Non-Executive Independent Directors at the ensuing 49th Annual General Meeting who were appointed as Additional Directors w.e.f. 29th July, 2016.
Evaluation of the Board, its Committees and Individual Directors
Your 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.
Pursuant to the provisions of the Act, the Board has carried out an annual evaluation of its own performance, the individual Directors (including the Chairman) as well as an evaluation of the working of all Board Committees. The Board of Directors was assisted by the Nomination and Remuneration Committee. Some of the performance indicators based on which evaluation takes place are experience, expertise, knowledge and skills required for achieving strategy and for implementation of best governance practices which ultimately contributes to the growth of the Company in compliance with all policies of the Company.
COMMITTEE OF THE BOARD
A. Audit Committee
i. Composition of Audit Committee : The Audit Committee comprises two Independent Directors namely, Mr. Ramesh Chand (Chairman) and Mr. Pyare Lal Khanna and Mr. Vijay Kumar Gupta, Executive Director as other members.
ii. Reasons for not accepting the : All the recommendations made by the Audit Committee recommendations of the Audit were accepted by the Board.
Committee, if any
B. Nomination & Remuneration Committee
The policies have been laid down by the Nomination And Remuneration Committee for remuneration of Directors, KMPs & other employees and the criteria have been formulated by the committee for determining qualifications, attributes & independence of a Director.
Pursuant to section 178 (3) of Companies Act, 2013, the Nomination and Remuneration Committee shall formulate the criteria for determining qualifications, positive attributes and independence of a Director and recommend to the Board a policy, relating to the remuneration for the Director, key Managerial Personnel and other employees.
Accordingly, in order to comply with the aforesaid provisions the following policies are available on the website of your Company (www.cmilimited.in):
a. Policy for selection of Directors and determining Directors independence; and
b. Remuneration Policy for Directors, Key Managerial Personnel and other employees.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
Your Company promotes ethical behaviour in all its business activities and has put in place a mechanism for reporting illegal or unethical behaviour. Your Company has a Vigil mechanism and Whistle Blower policy under which the employees are free to report violations of applicable laws and regulations and the Code of Conduct. Employees may also report to the Chairman of the Audit Committee. During the financial year, no employee was denied access to the Audit Committee.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The particulars of Loans, Guarantees and Investment in pursuance to Section 186 of the Companies Act, 2013 have been disclosed in the financial statements read together with Notes annexed to and forming an integral part of the financial statements.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Under Section 135 of the Companies Act, 2013, the CSR Committee has been constituted.
The brief outline of the CSR policy of your Company and the initiatives undertaken by your Company on CSR activities during the year are set out in Annexure - 3 of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. For other details regarding the CSR Committee, please refer to the Corporate Governance Report, which forms part of this report.
RELATED PARTY TRANSACTIONS:
Particulars of Contracts or Arrangements with Related parties referred to in Section 188(1) are included in Form AOC- 2 (Annexure - 4).
EXTRACT OF THE ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in Form MGT 9 is a part of this Annual Report (Annexure - 5).
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and operations of your Company in future.
However, the BSE had issued a suspension notice no. 20160304-28 dated 28th March, 2016 to its trading members which included name of your Company. The suspension was withdrawn by BSE on 31st March, 2016 in pursuance of orders of Hon''''ble High Court of Delhi in Writ Petition W.P.(C) 2857/2016 filed by your Company, on 30th March, 2016. The matter stands resolved and closed without any adverse findings as communicated by BSE vide their letter dated 15th June, 2016.
DIRECTORS'''' RESPONSIBILITY STATEMENT
Pursuant to Sub-section (5) of Section 134 of the Companies Act, 2013 with respect to the Directors'''' Responsibility Statement, it is hereby confirmed that:
i. In the preparation of the Annual Accounts for the year ended 31st March, 2016, the applicable accounting standards read with requirements set out under Schedule III of the Act have been followed and no material departures have been made from the same.
ii. Appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2016 and of the profit of the Company for that year ended on that date except to the extent mentioned in notes to accounts;
iii. Proper and sufficient care has been taken 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.
iv. The Annual Accounts have been prepared on a going concern basis.
v. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
NUMBER OF MEETINGS:
During the year, Eighteen (18) Board Meetings and one Independent Directors'''' Meeting were held. The Details of which are given in the Corporate Governance Report. The provisions of Companies Act, 2013 and listing agreement were adhered to while considering the time gap between two meetings.
Extraordinary General Meetings
One Extra ordinary General Meeting was held on 23rd July, 2015 during FY2015-16.
Your Company''''s shares are listed on the Bombay Stock Exchange and Delhi Stock Exchange and are traded on Bombay Stock Exchange actively.
Your Company has made application to National Stock Exchange Limited as on 07th December, 2015 for listing of Company''''s Shares.
- The Company has allotted 19,25,650 Equity shares having face value Rs. 10/- each to Non Promoters and 7,00,000 warrants convertible into equal number of Equity shares to Promoters group, at a premium of Rs 91/- Per Equity Share, on 14th August, 2015 , in pursuance of resolution for preferential issue passed by the members through Extra ordinary General Meeting on 23rd July, 2015 and received Listing Approval of 19,25,650 Equity shares from the Bombay Stock Exchange Limited vide its letter no DCS/PREF/KS/FIP/414/2015-16 dated 01st October, 2015 and trading approval on 31st October, 2015.
- The Board of Directors of your Company at their meeting held on 19th March, 2016 has allotted 7,00,000 Equity Shares in consequent to conversion of 7,00,000 warrants issued @ Rs. 101/- per warrant (including premium of Rs 91/- per warrant), to promoters, on a preferential basis in accordance with provisions specified under Chapter VII of SEBI (ICDR) Regulations, 2009.
Your Company has filed listing application for listing of above said 700,000 Equity Shares on 8th June, 2016 and received Listing Approval of 700,000 Equity shares from the Bombay Stock Exchange Limited vide its letter no DCS/PREF/AM/FIP/1154/2016-17 dated 01st July, 2016 Your Company has made preferential allotment of shares during the year and duly complied the requirements of section 42 and 62 of the Companies Act, 2013. Accordingly, the amount raised have been applied for the purpose of which funds were raised.
During the year under review, your Company has not accepted any deposits within the meaning of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules. Your Company did not have any unclaimed or overdue deposits as on 31st March, 2016.
Your Company has put in place an effective human resource acquisition and maintenance function, which is benchmarked along with best corporate practices designed to meet the organizational needs and it takes pride in its highly motivated manpower that contributed its best to your Company. The Employees'''' relations within the organization have been very cordial and harmonious during the year. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Your Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirement set out by SEBI. Your Company has also implemented best Corporate Governance practices. Your Company has taken adequate steps to adhere to all the stipulations laid down in Clause 49 of the Listing Agreement (''''Listing Agreement'''') with the stock exchanges for the period from 01st April, 2015 to 30th November, 2015 and as per the relevant provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulation) for the period from 01st December, 2015 to 31st March, 2016.
As per SEBI Listing Regulation-
- A report on Corporate Governance is included as a part of this Annual Report.
- Certificate of the CFO and Managing Director, inter alia, confirming the correctness of the financial statements, compliance with Company''''s Code of Conduct, adequacy of the Internal Control measure and reporting of matters to the Audit Committee, is attached and forms part of this report.
- Certificate from the Practicing Company Secretaries confirming the compliance with the conditions of Corporate Governance is attached to this report.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
The detailed analysis of the operating performance of your Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report.
HEALTH, SAFETY AND ENVIRONMENTAL (HSE) REVIEW
CMI Limited is committed to maintain the highest standards in the areas of Health, Safety and Environment. It has made good progress in these areas with no fatal accident reported during the period.
With an aim to certify its operational location CMI Limited, Plot No. 71 & 82, Sector - 06, Faridabad, Haryana -121006 with the integrated Management system OHSAS 18001 and ISO 14001 - Occupational Health, Safety and Environment, CMI Limited has got externally accreditation for its said manufacturing location by M/s American Quality Assessors.
The information required under section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is mentioned in Annexure - 6. No employees is in receipt of remuneration as specified under section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
The disclosure of particulars with respect to conservation of energy, technology absorption, Research and technology and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014, forming part of the Directors'''' Report are as under:
A. Conservation of Energy:-
a. Energy conservation measures taken:
A number of energy conservation techniques were initiated on a large scale and successfully implemented which helped in improving efficiency levels.
Some of the key initiatives were as follows:-
In the existing manufacturing units, your Company continued various initiatives to conserve / reduce environmental impact, by adapting to green manufacturing and concept of "Reduce, Reuse and Recycle" viz.
- Efficient maintenance and daily monitoring of capacitor bank for improvement of power factor.
- Replacing energy inefficient equipments with new technologies which are efficient with AC drives.
b. The capital investment on energy conservation equipments or any other additional investments and proposals, if any, being implemented for reduction of consumption of energy:-
No material capital investment on energy conservation equipments or any other investment was made for reduction of consumption of energy during the financial year but no separate records were kept for costs incurred on proper maintenance of all machineries and equipments.
c. Impact of measures on (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods:-
The energy conservation measures maintained during the year have resulted into yearly savings and thereby lowered the cost of production by equivalent amount. These measures have also led to better pollution control, reduced maintenance time and cost, improved hygienic condition and consistency in quality and improved productivity.
B. Technology Absorption, Adaptation & Innovation
a. Efforts, in brief, made towards technology absorption, adoption and innovation Energy conservation, up-gradation in manufacturing and efficiency improvement
- Use of energy efficient LED and CFL lamps in whole plant.
- Recycling the vacuum pump cooling water for environment saving.
- Company now updated with the manufacturing of all types of cables.
- New and upgraded technology has been followed for energy conservation.
b. Benefits derived as a result of the above efforts
- Reduction in power usage and thereby reducing cost of production.
- Environmental savings.
- Improved efficiency and productivity.
- Cost and time saving.
C. Research and Development
Specific areas in which R&D carried out by your Company
Product development and process improvement
Benefits derived as a result of the above R&D
Your Company can manufacture all types of cables in the area in which it operates.
Future plan of action
Expenditure on R&D
Capital Expenditure: Rs. 5.69 Lakhs Recurring Expenditure: Rs. 8.59 Lakhs
D. Foreign Exchange Earnings and Outgo
a. Activities relating to export, initiative to increase exports, development of new export markets for products and services and export plan
Your Company has continued to maintain its focus and avail of export opportunities based on economic considerations. During the year, your Company had exports worth Rs. 3,02,05,893/-(including excise duty) from export of Cables.
b. Total Foreign Exchange earned and used:
Amount in Rs.
Total Foreign Currency Earned
Total Foreign Currency Used
Your Company has a defined environmental policy which is being followed rigorously by one and all across the organization. There were no environmental issues at the CMI plant and the statutory compliance was in line with Governmental requirements.
The pollution control parameters as defined by the State Pollution Control Board were totally adhered to and effluent discharge levels were well within the prescribed limits. Air pollution has been tested and was in line with the requirement. Noise pollution level was contained by fixing all the generators in sound proof acoustic enclosures.
Your Company has taken various steps to improve productivity across the organization. Industrial relations remained harmonious at the manufacturing unit of CMI.
Your Directors place on record their gratitude to the Central Government, State Government and Company''''s Bankers for the assistance, co-operation and encouragement they extended to the Company. Your Directors also wish to place on record their sincere thanks and appreciation for the continuing support and unstinting efforts of Investors, Vendors, Dealers, Registrar and Transfer Agent, Financial Institutions, Business Associates, Media and their agencies and Employees at all levels in ensuring an excellent all around operational performance.
By Order of the Board
Place: New Delhi Chairman Cum Managing Director
Date: 29th July, 2016 DIN -00041300
501 - 503, New Delhi House
27, Barakhamba Road, New Delhi - 110001
Email Id: email@example.com