FIEM INDUSTRIES Directors Report

The Directors present the 28th Annual Report of Fiem Industries Limited (the Company or FIEM) on the business and operations of the Company along with the audited financial statements for the financial year ended March 31, 2017.


Financial Results


The Directors'''' Report is prepared on the basis of Standalone Financial Statements of the Company pursuant to Rule 8 of the Companies (Accounts) Rules, 2014. However, this report also contains highlights of the performance and financial position of the Wholly-owned Subsidiary (WOS), Fiem Industries Japan Co., Ltd. and Joint Venture Company (JV), Centro Ricerche FIEM HorustecH S.r.l (Italy). The financials of these two overseas incorporated entities are included in the Consolidated Financial Statements of the Company. As financials of WOS as well as JV are not significant, hence their contribution to the overall financial performance of the Company are negligible. However, these two entities are giving immense operative support to the Indian parent company in Design, Development and local interface in Japan to our esteemed Japanese OEMs and working like extended arms of the Company.


Company''''s financial performance for the year under review along with previous year figures are as under: (Rs. in Lakhs)










































































































Sr.



Particulars



Standalone



Consolidated



FY 2016-17



FY 2015-16



FY 2016-17



FY 2015-16



1



Income from Operations



a) Net Sales/Income from operations (Net of excise duty)



100,768.61



97,745.79



100,987.58



97,904.98



b) Other Operating Income



975.46



952.10



895.76



910.96



Total Income from operations (Net)



101,744.07



98,697.89



101,883.34



98,815.94



2



Total Expenses (excluding dep and finance cost)



89,999.67



85,998.55



90,104.38



86,085.93



3



Profit from operations before other income, finance costs, depreciation and exceptional items (1-2)



11,744.40



12,699.34



11,778.96



12,730.01



4



Add Other income



470.89



96.72



470.89



97.06



5



Profit from ordinary activities before finance costs, depreciation and exceptional items (3 4)



12,215.29



12796.06



12,249.85



12,827.07



6



Less :- Finance costs



2,324.17



1,576.84



2,326.58



1,578.09



Depreciation



3,922.52



3,303.49



3,928.91



3,312.01



7



Profit from ordinary activities after finance costs, depreciation but before exceptional items (5-6)



5,968.60



7,915.73



5,994.36



7,936.97
















































8



Exceptional Items



1,418.86



-



1,418.86



-



9



Profit/(Loss) from Ordinary Activities Before Tax (7-8)



4,549.74



7,915.73



4,575.50



7,936.97



10



Tax expense



1,260.09



2,197.26



1,262.96



2,203.67



11



Net Profit/(Loss) from Ordinary Activities After Tax (9-10)



3,289.65



5,718.47



3,312.54



5,733.30



12



Weighted Earnings Per Share (EPS)



26.12



47.80



26.30



47.93



State of the Company''''s affairs / Business Review


During the year, Company achieved a good growth in automotive business segment despite severe impact of demonetization on overall economy. Net sales in automotive business grew by 11%. However, performance of LED business was not good during the year and net revenue of LED Luminaries segment came down to Rs. 57.93 crores in FY 201617 as compared to Rs. 119.17 crores in FY 2015-16. Further, the Company has supplied over 1,18,000 LED Street Light to EESL for SDMC project in Delhi under SITC contract with comprehensive maintenance for 7 years. After commissioning, the comprehensive maintenance is discontinued by EESL and a net amount of Rs. 14.19 crores has been written-off as being non-recoverable from EESL (net of reversal of earlier provision of Rs. 5.28 crores). This exceptional item has proved a dampener in the profitability of the Company. Further, some orders of LED Bulbs have been short closed by EESL, due to steep price fall and other reasons. One order of PVVNL, Meerut for LED Bulbs has also been short closed. These all things coupled with demonetization has adversely impacted the LED business.


During the year, demonetization has adversely impacted overall business in the country in 3rd and 4th Quarter. Liquidity crunch was prevalent and automotive business was not an exception. Sales at dealers end were not happening. Therefore, OEMs cut down production drastically and our supplies to our major OEMs affected adversely during this period.


However, management believes that these are short term obstacles and in long term, LED provides a huge opportunity in the country as well as for export opportunities. In India, LED adoption is still in the initial phases and it will take some time to settle the volatility in the market. At the automotive front, the outlook is promising and the impact of demonetization is behind us. New regulations of BS-IV and AHO are positive for the industry as well as for the Company. LED is being adopted very fast in the automotive lighting applications. This is very positive development for the Company as Company is frontrunner in the development of LED Head lamps based on its in-house R&D capabilities.


Keeping in view the growth prospective and to meet the capex requirements, Company augmented the financial resources and raised Rs. 120 cores through Qualified Institutions Placement (QIP) in September, 2016. Out of which Rs. 36.14 crores have been utilized towards cost of issue and capital expansion, the balance of Rs. 83.86 crores have been temporarily invested in mutual funds/ fixed deposits.


During FY 2016-17, Rs. 21 crores has been invested in newly set-up Unit of the Company in Gujarat. Total Investment as on March 31, 2017 for Gujarat unit was Rs 75 crores. Investment in Tapukara Plant (Rajasthan) in LED Lighting products facilities during FY 2016-17 was Rs. 23 crores. During the Financial year, the total capex was Rs. 110 crores in different units of the Company.


During the year, we have signed a "Technology License and Assistance Agreement" (TAA) with Aisan Industry Co., Ltd., Japan and Toyota Tsusho Corporation, Japan for manufacturing of ''''Canister'''' in India. ''''Canister'''' is an Emission Control System Product. Under the TAA, the ''''Canister'''' is manufactured by Fiem Industries Ltd. with the technical support of Aisan Industry Co., Ltd. for two-wheelers and three-wheelers in Indian market.


Dividend


The Board of directors in their meeting held on May 30, 2017, has recommended a final dividend at the rate of 80% i.e. Rs.8/-per equity share for the financial year ended on March 31, 2017 to the shareholders. The Dividend payout is subject to approval of members at the ensuing Annual General Meeting of the Company. The recommended dividend, if approved by the members, would involve a cash outflow of Rs. 1267.13 lacs including dividend tax.


Statutory disclosures as per provisions of Section 134 of the Companies Act, 2013 (the "Act")


1. Extract of Annual Return


Pursuant to Section 134(3)(a) and Section 92(3) of the Act, read with Rule 12 of the Companies (Management and Administration) Rules, 2014 as amended, an extract of Annual Return in Form MGT-9 as on March 31, 2017, has been prepared and enclosed as Annexure I, which forms an integral part of this report.


2. Number of meetings of the Board


The Company operate under guidance and control of the Board. Meetings of the Board are held on regular intervals to discuss and decide on various business policies, strategies, operational, financial and other matters. Due to business exigencies, the Board has also approved some proposals through resolution passed by circulation from time to time.


During the financial year 2016-17, six (6) Board Meetings were held. One separate meeting of Independent Directors of the Company was also held during the Financial Year 2016-17. Detailed information on the meetings of the Board is included in the report on Corporate Governance, which forms an integral part of this Annual Report.


3. Directors'''' Responsibility Statement


In terms of Section 134(3)(c) of the Companies Act, 2013, Your Directors state that:


a) in the preparation of the Annual Accounts for the year ended March 31, 2017, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;


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 end of Financial Year ended March 31, 2017 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 Financial Statements on a ''''going concern'''' basis;


e) the Directors have laid down internal financial controls to be


followed by the Company and that such internal financial controls are adequate and are operating efficiently; and f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.


Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultants, including review of internal financial controls over financial reporting by the statutory auditors, and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Company''''s internal financial controls were adequate and effective during financial year 2016-17.


4. Independent Directors'''' declaration


The Company has received necessary declaration from each of independent director of the Company under Section 149(7) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''''Listing Regulations''''), that they meet the criteria of independence as laid down under the Companies Act, 2013 and the Listing Regulations.


5. Directors'''' Appointment Criteria and Remuneration Policy etc.


The Nomination & Remuneration Committee has formulated criteria for determining qualifications, positive attributes and independence of the Directors as well as Remuneration Policy for the Company as mandated under Section 178(3)/(4) of the Act and Regulation 19 read with Part D of Schedule II of the Listing Regulations.


The above referred Policy is enclosed as Annexure II which forms part of this report.


6. Auditors & Auditor''''s Reports


(a) Statutory Auditors


Pursuant to Section 139 of the Companies Act, 2013, the term of the present Statutory Auditors of the Company, M/s Anil S. Gupta & Associates, Chartered Accountants (Firm Registration No.004061N), is due for completion at the conclusion of the ensuing 28th Annual General Meeting of the Company. The Board of Directors of the Company, on the recommendation of the Audit Committee, at their meeting held on May 30, 2017, have recommended to the shareholders for appointment of M/s. V. Sachdeva & Associates, Chartered Accountants (Firm Registration No-004417N), as the new Statutory Auditors of the Company at the ensuing 28th Annual General Meeting of the Company for a term of 5 (five) years from the conclusion of 28th Annual General Meeting till the conclusion of 33rd Annual General Meeting of the Company, subject to ratification by the shareholders at every Annual General Meeting. Accordingly, a resolution, proposing appointment of M/s. V. Sachdeva & Associates, Chartered Accountants, as the new Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013, has been set out in the Notice of the 28th Annual General Meeting of the Company.


The Company has received their written consent and a certificate that they satisfy the criteria provided under Section 141 of the Act and that the appointment, if made, would be in accordance with the applicable provisions of the Act and rules made there under. M/s V. Sachdeva & Associates, Chartered Accountants, also hold a Peer Review Certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.


The Board place on record its appreciation for the services rendered by outgoing Statutory Auditors of the Company, M/s Anil S. Gupta & Associates.


(b) Statutory Auditor''''s Reports


The Auditor''''s Reports given by M/s Anil S. Gupta & Associates, Statutory Auditors on the financial statement of the Company for the financial year 2016-17 is part of the Annual Report. There has been no qualification, reservation or adverse remark or disclaimer in their Reports. Further, during the year under review, the Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Act.


(c) Secretarial Auditor


In terms of Section 204 of the Companies Act, 2013 the Audit Committee recommended and the Board of Directors in their meeting held on May 30, 2017 has appointed M/s Ranjana Gupta & Associates, a firm of Company Secretaries in Practice (C.P No. 9920) as the Secretarial Auditors of the Company to conduct the secretarial audit for the financial year 2017-18. The Company has received their consent for appointment.


(d) Secretarial Audit Report


The Secretarial Audit was conducted by M/s Ranjana Gupta & Associates, Company Secretaries (C.P No. 9920) for the financial year 2016-17. The Report given by the Secretarial Auditors is annexed as Annexure - III and forms integral part of this Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report; hence no explanation by Directors is warranted.


During the year under review, the Secretarial Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Act.


(e) Cost Auditor


As per Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, on the recommendation of the Audit Committee, the Board of Directors appointed Mr. Krishan Singh Berk, Cost Accountants (Membership No. 2724) as Cost Auditor of the Company for the financial year 2017-18. The Company has received their consent that the appointment is in accordance with the applicable provisions of the Act and rules framed there under and they are not disqualified to be appointed as Cost Auditors. The remuneration of Cost Auditors has been approved by the Board of Directors on the recommendation of Audit Committee and in terms of the Companies Act, 2013 and Rules there under a requisite resolution for ratification of remuneration of Cost Auditors by the members has been set out in the Notice of the 28th Annual General Meeting of the Company.


The Cost Audit Report for Financial Year 2015-16 was filed to Registrar of Companies on September 23, 2016. Further, the Cost Audit Report for Financial Year 2016-17 will be filed with the Registrar of Companies in due course.


7. Particulars of Loans, Guarantees or Investments under Section 186


Details of the loans given, guarantees or securities provided (if any) and investments made by the Company along with their purposes, have been disclosed in the financial statements. Please refer to Note No. 12 in the standalone financial statement.


8. Contracts and Arrangements with Related Parties


All contracts/ arrangement/ transactions entered with Related Parties during the year under review were on arm''''s length basis and in the ordinary course of business. Due approvals from Board and Audit Committee were taken under the provisions of Section 188 of the Companies Act, 2013 and the Rules made there under. Further, no approval from shareholder required for any related party transaction during the year under review. There are no ''''material'''' related party transactions during the year under review with the Promoters, Directors, Key Managerial Personnel or any other related entity as defined under Regulation 23 of the Listing Regulations read with ''''Related Party Transactions Policy'''' of the Company. Therefore, disclosure in form AOC-2 in terms of Section 134(3)(h) of the Companies Act, 2013 are not required.


Members may refer to Note No. 47 to the financial statements which sets out related party disclosures pursuant to AS-18.


Your Company has formulated a policy on related party transactions which is also available on Company''''s website at https://www.fiemindustries.com. This policy deals with the governing framework for review and approval of related party transactions.


The web-link of the same has been provided in the Corporate Governance Report.


9. Transfer to Reserves


Your Company has transferred Rs.350.00 lacs to the General Reserve from the profits of the Company.


10. Material changes and commitment affecting financial position of the Company / Change in the Nature of the Business


There are no material changes and commitments, affecting the financial position of the Company which has occurred after the close of financial year till the date of this Report.


11. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo


Details of Energy Conservation, Technology Absorption, Research and Development and Foreign Exchange Earnings and outgo as required under Section 134(3)(m) of the Act read with Rule 8(3) of Companies (Accounts) Rules, 2014 are given in Annexure IV to this Report.


12. Risk Management


Company''''s approach to address business risks is comprehensive and includes periodic review of such risks and a framework for mitigating, controls and reporting mechanism of such risks. As per Listing Regulations, the Board of Directors of the Company are responsible for framing, implementing and monitoring the Risk Management plans of the Company. The Company has defined a "Risk Management Policy" and the same has been approved by the Board of Directors of the Company. Audit Committee plays a vital role in overseeing risk management.


A brief about the risk management of the Company is also given in the Management Discussion and Analysis Report.


13. Corporate Social Responsibility (CSR)


The Company has set up a dedicated trust, namely ''''Fiem Foundation'''' as CSR Vehicle for undertaking Company''''s CSR programmes as per Schedule VII read with Companies (Corporate Social Responsibility Policy) Rules, 2014. Company whole-heartedly supported the CSR provisions and remained compliant with the statutory requirements.


Your Company always seeks ways to make a positive impact on the society at large through various CSR activities. In our pursuit of Corporate Social Responsibility as per the Companies Act, 2013, we have selected ''''health cure'''' as one of area of intervention and way of serving the humanity.


Towards this noble cause, we have collaborated with Social Welfare Unit of AIIMS, Delhi and disburse the financial assistance amount as and when they recommend to help the poor and needy patients suffering from cancer and other life threatening diseases for getting their treatment done in AIIMS. We are doing this work through our CSR Vehicle ''''Fiem Foundation.''''


During the financial year 2016-17, through the help of AIIMS, Company helped many poor and indigent patients who are not able to bear their medical treatment expenses due to their weak financial conditions.


Company does various other social welfare programme like arranging mass marriages for poor girls, free eye operation and other activities to help underprivileged. Company also providing financial support to ''''Kutch Vikas Trust'''' which organizing eye and dental operation camps for poor patients.


The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure V of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. For details regarding the CSR Committee, please refer the Corporate Governance Report, which forms part of Annual Report. The CSR Policy is available on the website of the Company (URL: www.fiemindustries. com/investors).


14. Board Evaluation


Performance Evaluation for Board is aimed to use constructively as a mechanism to improve Board''''s effectiveness, maximize strengths and tackle weaknesses. It involves questionnaires to be filled by every Director about his own performance (self-assessment), performance of Board as whole, performance of Chairman and performance of respective Committee(s) where he is a member.


Initially, Nomination & Remuneration Committee carry out the primary evaluation of every Director''''s performance which is subject to next level of evaluation by the Board and Independent Directors. As per Section 178(2) of the Act, the Committee is required to conduct the performance evaluation of every Individual Director. As per Performance Evaluation framework of the Company, the evaluation process consists of evaluation on the basis of filled questionnaires'''' received from all directors and opinions, inputs from all Committee members and any other information as may be required by the Committee.


The outcome of Committee in respect of Independent Directors is subject to final evaluation by the Board. Outcome of Committee in respect of Non-Independent Directors is subject to final evaluation by the Independent Directors. Performance evaluation of Board as a whole as well as Chairman of the Board is also conducted by the Independent Directors.


15. Highlights of the performance and financial position of Subsidiary and Joint Venture Company


a) Fiem Industries Japan Co., Ltd. (Wholly-owned


Subsidiary): The Company was set-up in Japan as an extended arm of the Company for liaison with Japanese customers like Honda, Suzuki and Yamaha etc., support in Designing, R&D and new business development. While the parent Company (Fiem) is getting full support in above areas, the financials of the subsidiary are at very small scale. The financial performance of the Company is as under:


Subsidiary- Fiem Industries Japan Co. Ltd.


(Amount In INR)































FY 16-17



FY 15-16



% of shareholding



100%



100%



Turnover



2,38,74,639



1,50,95,827



Other Operating Income



0



16,18,751



Other Income



326



34,279

































Total Income



2,38,74,965



1,67,48,857



Total expenses



2,14,93,356



1,40,11,773



Profit/(Loss) before taxation



23,81,609



27,37,084



Provision for taxation



2,87,532



6,40,991



Profit/ (Loss) after taxation



20,94,078



20,96,093



b) Centro Ricerche FIEM HorustecH S.r.l. (Joint venture in Italy): The Company was set-up in Italy as a 50:50 JV with Horustech Lighting of Italy, which is a Designing Company. The purpose of setting-up of JV was to strengthen R&D and Designing capabilities of the Company. The JV is working with this objective. The financial performance of the JV Company is as under:


Joint Venture- Centro Ricerche FIEM HorustecH S.r.l


(Amount In INR)














































FY 16-17



FY 15-16



Extent of Holding %



50%



50%



Turnover



90,21,342



92,09,416



Total Income



90,21,342



92,09,416



Total expenses



90,42,167



97,64,492



Profit/(Loss) before taxation



(20,825)



(5,55,076)



Provision for taxation



-



-



Profit/ (Loss) after taxation



(20,825)



(5,55,076)



The financial position of the subsidiary and Joint Venture Company is given in AOC-1 in the financial statements.


16. Other statutory disclosures as required under Rule 8(5) of the Companies (Accounts) Rules, 2014


i. Financial summary/ highlights are already mentioned in the beginning of the report.


ii. Change in Directors and Key Managerial Personnel:


- The Board of Directors, at its meeting held on May 30, 2017, upon recommendation of the Nomination & Remuneration Committee, re-appointed Mr. Kashi Ram Yadav (DIN: 02379958) as Whole-time Director of the Company, w.e.f. October 25, 2017 to hold the office for a period of 3 years, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.


- The Board of Directors, on May 30, 2017, upon recommendation of the Nomination & Remuneration Committee, also re-appointed Mr. J.S.S. Rao (DIN: 00014320) as Whole-time Director of the Company, w.e.f. December 1, 2017 for a period of 3 years, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.


- Pursuant to provisions of Section 152 of the Companies Act, 2013 and in accordance with provisions of Articles of Association of the Company, Mrs. Seema Jain (DIN: 00013523) and Mr. J.S.S. Rao (DIN: 00014320), Directors of the Company liable to retire by rotation and being eligible have offered themselves for re-appointment and they are not disqualified under Section 164(2) of the Companies Act, 2013.


- Mr. Ashok Kumar Sharma (DIN: 07610447) was appointed as the Independent Director of the Company on September 10, 2016 to fill the vacancy arose due to the resignation of Mr. Abhishek Jain on September 8, 2016.


- Mr. Jawahar Thakur (DIN: 07650035) was appointed as the Independent Director of the Company on November 12, 2016 to fill the vacancy arose due to the resignation of Mr. Charoen Sachamuneewongse on October 20, 2016.


- The details of Directors being recommended for appointment/ re-appointment as required under the Listing Regulations are contained in the Notice convening the ensuing Annual General Meeting of the Company.


- Mr. J.K. Jain, Chairman & Managing Director; Mr.


O. P Gupta, Chief Financial Officer and Mr. Arvind K. Chauhan, Company Secretary are the Key Managerial Personnel of the Company within the meaning of Section 203 of the Act.


- None of the Key Managerial Personnel has resigned or appointed during the year under review.


iii. There is only one Subsidiary and one Joint Venture Company of the Company and there was no change during the year about numbers of subsidiary or Joint Venture Company.


iv. Details relating to Deposits:


The Company has not accepted any Deposit from public within the meaning of the Companies (Acceptance of Deposit) Rules, 1975 or Chapter V of the Companies Act, 2013 and as such there was no outstanding as on the date of the balance sheet on account of principal or interest on deposits from public.


v. No significant and material orders were passed by any Regulator or court or tribunal impacting the going concern status and Company''''s operations in future.


vi. Details in respect of adequacy of internal financial controls with reference to the Financial Statement:


The Company has in place adequate internal financial controls, which are commensurate to size and operations of the Company. During the year, no area of concern, continuing failure or major weakness was observed.


vii. Other disclosures required under provisions of the Companies Act, 2013 and the Listing Regulations, as may be applicable:


- As per provisions of Section 177(8) of the Act, composition of the Audit Committee has been disclosed under Corporate Governance Report. The Board, during the year under review, had accepted all the recommendation made to it by the Audit Committee.


- Establishment of vigil mechanism as per provision of Section 177(10) of the Act: Company has already at place a vigil mechanism namely, ''''Whistle Blower Policy''''. The details of the same are reported under Corporate Governance Report;


- The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the


Company Secretary.


- Disclosure as required under Section 62(1)(b) of the Act read with Sub-rule 9 of Rule 12 of the Companies (Share and Capital Debentures) Rules, 2014, are not applicable, as during the year no shares were issued under ESOS / ESOP or under sweat equity scheme.


- Disclosure as required under Section 43(a)(ii) of the Act read with Sub-rule 4 of Rule 4 of the Companies (Share and Capital Debentures) Rules, 2014, are not applicable as during the year no equity shares with differential rights as to dividend, voting or otherwise were issued.


Corporate Governance Report & Management Discussion & Analysis Report


Pursuant to Listing Regulations, Management Discussion & Analysis Report, Report on Corporate Governance, Certificate on Corporate Governance, issued by Practicing Company Secretary and the declaration by the Chairman and Managing Director regarding affirmation for compliance with the Company''''s Code of Conduct forms part of the Annual Report.


Consolidated Financial Statements


In accordance with the Companies Act, 2013 ("the Act") and Accounting Standard (AS) - 21 on Consolidated financial statements and Accounting Standard (AS) - 27 on Financial reporting of interest in Joint Ventures, the audited consolidated financial statements are provided in the Annual Report. The accounts of Wholly-owned Subsidiary company ''''Fiem Industries Japan Co., Ltd.'''' and 50:50 JV Company ''''Centro Ricerche Fiem HorustecH S.r.l'''' are consolidated with the accounts of the Company.


Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013


Your Company has in place a formal policy for prevention of sexual harassment of its women employees in line with "The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.


During the year under review, there was no complaint filed under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.


Acknowledgement


The Directors hereby wish to place on record their appreciation of the efficient and loyal services rendered by each and every employee, without whose whole-hearted efforts, the overall performance would not have been possible. Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the banks, Government authorities, customers, vendors and members during the year under review. In last, but most important, your Directors also wish to place on record their deep sense of appreciation for the patronage and confidence reposed by its valued OEM customers.


For and on behalf of the Board of


Fiem Industries Limited


Sd/-


J.K. Jain


Place : Rai, Sonepat (HR.) Chairman & Managing Director


Date : May 30, 2017 (DIN: 00013356)

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