Annual Report (FY-2015-16) of Kuwer Industries Ltd.

KUWER INDUSTRIES LIMITED
ANNUAL REPORT
F.Y 2015-16

CORPORATE PROFILE
BOARD OF DIRECTORS
Mr. J.B. Aggarwal (DIN:00315184)
Managing Director
Mr. Tarun Aggarwal (DIN: 01320462)
Whole Time Director
Shailesh Gupta (DIN: 00079956)
Non Executive Director
Yashpal Sharma (DIN:00446877)
Independent Director
Pankaj Gupta (DIN: 01390045)
Megha Agarwal (DIN: 07129138)
Additional Director
AUDITORS
PVSP & Co.
(Formerly known as Bhatia Praveen & Co.)
Chartered Accountants
5 Pusa Road,
New Delhi 110005
Tel. No.+91-11-47177000
ADVISORS
Corporate CapitalVentures Pvt. Ltd.
160, LGF, Vinoba Puri, Lajpat Nagar II
New Delhi – 110024
Tel: 011-41704066 Mob: +91-9212650228
Email:Ccvindiaa@gmail.com
Website: www.ccvindiaa.com
REGISTERED OFFICE
D-1004, First Floor, New Friends Colony,
New Delhi 110065
Tel: 011-2684 8636
CORPORATE OFFICE
A-71/72, Sector- 58, Noida, Uttar Pradesh
201301
0120-2580 088/937
REGISTRAR
M/s Skyline Financial Services Private
Limited
1st Floor, D-153A, Okhla Industrial Area,
Phase I,
New Delhi 110 020
Tel No. +91-11-26812682, 26812683
Email: admin@skylinerta.com
Website: www.skylinerta.com
LISTED AT
BSE Limited (Scrip Code: 530421)
P.J. Tower, Dalal Street
Mumbai-400001
BANKERS
STATE BANK OF BIKANER & JAIPUR
HDFC BANK
EMAIL ID & WEBSITE
For Company & Investor grievances -
investor.kuwer@gmail.com
For Compliance Officer-
info@kuwer.com, tarun@kuwer.com
Website- www.kuwer.com
OTHER DETAILS
CIN:L74899DL1993PLC056627
ISIN: INE430F1010

COMMITEES OF BOARD OF DIRECTORS
AUDIT COMMITTEE
Mr. Pankaj Gupta
Chairman & Member
Mr. Tarun Aggarwal
Whole Time Director
Member
Mr. Yashpal Sharma
Member
REMUNERATION AND NOMINATION COMMITTEE
Mr. Yashpal Sharma
Chairman & Member
Mr. Pankaj Gupta
Member
Mr. Shailesh Gupta
Non Executive Director
Member
SHAREHOLDERS’ GRIEVANCES COMMITTEE
Mr. Shailesh Gupta
Non executive Director
Chairman & Member
Mr. Tarun Aggarwal
Whole Time Director
Member
Mr. Pankaj Gupta
Member
IMPORTANT COMMUNICATION TO THE MEMBERS
The Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by
allowing paperless compliances by the Companies and has issued circulars stating that service of
Notice / documents including Annual Report can be sent by e-mail to its members. To support this
green initiative of the Government in full measure, members who have not registered their e-mail
addresses, so far, are requested to register their e-mail addresses, with the Registrar & Share Transfer
Agent of the Company.

IMPORTANT DATES
Book Closure Date: 24th Sep 2016 to 30th Sep 2016
Cut Off Date: 23rd
Sep 2016
E-Voting Start: 27th
Sep 2016 at 9:00 AM
E-Voting Ends: 29th
Sep 2016 at 05:00 PM
IMPORTANT COMMUNICATION
The Ministry of Corporate Affairs has
taken a “Green Initiative in the
Corporate Governance” by allowing
paperless compliances by the
Companies and has issued circulars
stating that service of Notice /
documents including Annual Report can
be sent by e-mail to its members. To
support this green initiative of the
Government in full measure, members
who have not registered their e-mail
addresses, so far, are requested to
register their e-mail addresses, with the
Registrar & Share Transfer Agent of the
Company.

Regd. Off: D- 1004, First Floor, New Friends Colony, New Delhi – 110065 Tel: 011-2684 8636
Plant Address: A 71/72, Sector 58, Noida, U.P. 201301 Tel: 0120-2580 088 FAX: 0120-2580514
Email: investor.kuwer@gmail.com, info@kuwer.com Web: www.kuwer.com
CIN:L74899DL1993PLC056627
NOTICE OF ANNUAL GENERAL MEETING
NOTICE is hereby given that the 24th Annual General Meeting of the members of the Company will be
held on Friday, the 30th September, 2016 at 10.00 A.M. at 339, Kishan Garh, Vasant Kunj, New Delhi
110070 to transact the following business:
ORDINARY BUSINESSES:
1. To receive, consider and adopt the Audited Balance Sheet as at 31st March, 2016, the statement of
Profit & Loss Account for the year ended on that date together with the reports of the Directors and
Auditors thereon for the year ended 31st March, 2016.
2. To re-appoint Mr. J.B. Aggarwal as the director who retires by rotation and being eligible offers
himself for Re-appointment.
3. To ratify the appointment of M/S PVSP & Co. as Statutory Auditors of the Company.
SPECIAL BUSINESSES:
4. ALTERATION IN ARTICLES OF ASSOCIATION OF COMPANY
To consider and if thought fit, to pass with or without modification(s) the following resolution as a
Special Resolution
“RESOLVED THAT pursuant to the provisions of Section 14 and all other applicable provisions of the
Companies Act, 2013 read with Companies (Incorporation) Rules 2014 (including any statutory
modification(s) or re-enactment thereof, for the time being in force) and other applicable rules made
thereunder, the Articles of Association of the Company be and are hereby altered/amended/ deleted
as the case may be in the following manner:
i. Proviso of Existing Article No. 2 (z) (dd) be and is hereby amended as follows:
Provided that nothing in sub-clause (c) shall apply to a person who is acting merely in a professional
capacity
RESOLVED FURTHER THAT, altered copy of Articles of Association of the Company as placed before
the meeting be approved and recommended to the Assembly of member for their re-adoption;
RESOLVED FURTHER THAT, the Board of Directors of the Company, be and is hereby authorized to
sign and file all the forms, documents, returns with appropriate authority as may be required to give
effect the aforesaid resolution of the Company.”
Regd. Office: D-1004, Ist Floor
New Friends Colony, New Delhi - 110065
For & on the behalf of the Board of
Directors of Kuwer Industries Limited
Sd/-
Tarun Aggarwal
Date: 03.09.2016 Whole Time Director
Place: New Delhi DIN: 01320462
NOTICE

Notes:
1. A MEMBER ENTITLED TO ATTEND AND
VOTE AT THE ANNUAL GENERAL
MEETING (THE “MEETING”) IS
ENTITLED TO APPOINT A PROXY TO
ATTEND AND VOTE ON A POLL INSTEAD
OF HIMSELF AND THE PROXY NEED NOT
BE A MEMBER OF THE COMPANY. THE
INSTRUMENT APPOINTING THE PROXY
SHOULD, HOWEVER, BE DEPOSITED AT
THE REGISTERED OFFICE OF THE
COMPANY NOT LESS THAN FORTY-
EIGHT HOURS BEFORE THE
COMMENCEMENT OF THE MEETING.
A PERSON CAN ACT AS A PROXY ON
BEHALF OF MEMBERS NOT EXCEEDING
FIFTY AND HOLDING IN THE
AGGREGATE NOT MORE THAN TEN
PERCENT OF THE TOTAL SHARE
CAPITAL OF THE COMPANY CARRYING
VOTING RIGHTS. A MEMBER HOLDING
MORE THAN TEN PERCENT OF THE
TOTAL SHARE CAPITAL OF THE
COMPANY CARRYING VOTING RIGHTS
MAY APPOINT A SINGLE PERSON AS
PROXY AND SUCH PERSON SHALL NOT
ACT AS A PROXY FOR ANY OTHER
PERSON OR SHAREHOLDER.
2. A Statement pursuant to Section 102(1) of the Companies Act, 2013, relating to the
Special Businesses to be transacted at the Meeting is annexed hereto.
3. Corporate members are requested to send to the Company, a duly certified copy of the
Board Resolution, authorizing their representative to attend and vote at the Annual
General Meeting.
4. The Register of Members and Share Transfer Books of the Company will remain closed
from Saturday, 24th day of September, 2016 to Friday, 30th day of September, 2016 (both
days inclusive).
5. In case of joint holders attending the meeting, only such joint holder who is higher in the
order of names will be entitled to vote.
6. Members are requested to write their folio number/ DP ID/Client ID in the attendance
slip for attending the meeting.
7. SEBI has mandated the submission of Permanent Account Number (PAN) by every
participant in securities market. Members holding shares in electronic form are,
therefore, requested to submit their PAN to their Depository Participants with whom
they are maintaining their Demat accounts. Members holding shares in physical form
can submit their PAN to the Company / RTA.
8. As a measure of economy and a step toward green initiative, Members are requested to
bring their copy of Annual Report to the meeting. Members/ Proxies should bring the
attendance slip duly filled in and signed for attending the meeting.

9. To promote green initiative, members are requested to register their e-mail addresses
through their Depository Participants for sending the future communications by e-mail.
Members holding the shares in physical form may register their e-mail addresses
through the RTA, giving reference of their Folio Number.
10. The Notice of AGM, Annual Report and Attendance Slip are being sent in electronic mode
to Members whose e-mail IDs are registered with the Company or the Depository
Participant(s). Physical copy of the Notice of AGM, Annual Report and Attendance Slip
are being sent to those Members who have not registered their e-mail IDs with the
Company or Depository Participant(s). Members who have received the Notice of AGM,
Annual Report and Attendance Slip in electronic mode are requested to print the
Attendance Slip and submit a duly filled in Attendance Slip at the registration counter to
attend the AGM.
11. Pursuant to Section 108 of the Companies Act, 2013, read with the relevant Rules of the
Act, the Company is pleased to provide the facility to Members to exercise their right to
vote by electronic means and business may transacted through such remote e-voting.
The remote e-voting period will commence at 09.00 a.m. on Tuesday, 27th September,
2016 and will end at 5.00 p.m. on Thursday, 29th September, 2016. The Company has
appointed Mrs. Harpreet Parashar, Practicing Company Secretary, having Membership
No. 28820 and CP No. 10380 to act as the Scrutinizer, for conducting the scrutiny of the
votes cast. The Members desiring to vote through electronic mode may refer to the
detailed procedure on e-voting given note no. 14.
12. The facility for voting through poll will also be made available at the AGM, and members
attending the AGM who have not already cast their vote by remote e-voting will be able
to exercise their right at the AGM. Shareholders who have cast their vote, by remote e-
voting shall not be allowed to cast their vote at the AGM through poll.
13. All documents referred to in the accompanying Notice and Explanatory Statement are
open for inspection at the Registered Office of the Company and copies thereof shall also
be made available for inspection in physical or electronic form at the Corporate Office of
the Company during office hours on all working days, except Saturdays, between 11.00
a.m. to 1.00 p.m. up to and inclusive of the date of the Annual General Meeting also such
documents are available at the meeting.
14. In terms of Section 108 of the Companies Act, 2013 Read with the rule 20 of the
Companies (Management & Administration) Rules, 2014 it is mandatory on the part of
the Company to provide e-Voting facility. Company is providing facility for Voting by
electronic means and the business may be transacted through such voting.
The instructions for shareholders voting electronically are as under:
(i) The voting period begins on 09:00 a.m. on Tuesday, 27th September, 2016 and ends at 05:00
p.m. on Thursday, 29th September 2016. During this period shareholders’ of the Company,
holding shares either in physical form or in dematerialized form, as on the cut-off date
i.e.23rd September 2016, may cast their vote electronically. The e-voting module shall be
disabled by CDSL for voting thereafter.
(ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote
at the meeting venue.
(iii) The shareholders should log on to the e-voting website www.evotingindia.com.
(iv) Click on Shareholders.
(v) Now Enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,

c. Members holding shares in Physical Form should enter Folio Number registered
with the Company.
(vi) Next enter the Image Verification as displayed and Click on Login.
(vii) If you are holding shares in demat form and had logged on to www.evotingindia.com and
voted on an earlier voting of any company, then your existing password is to be used.
(viii) If you are a first time user follow the steps given below:
For Members holding shares in Demat Form and Physical Form
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department
(Applicable for both demat shareholders as well as physical shareholders)
• Members who have not updated their PAN with the
Company/Depository Participant are requested to use the the first two
letters of their name and the 8 digits of the sequence number in the
PAN field. Sequence number is printed on _____________.
• In case the sequence number is less than 8 digits enter the applicable
number of 0’s before the number after the first two characters of the
name in CAPITAL letters. Eg. If your name is Ramesh Kumar with
sequence number 1 then enter RA00000001 in the PAN field
Dividend
Bank
Details
OR Date of
Birth
(DOB)
Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as
recorded in your demat account or in the company records in order to login.
• If both the details are not recorded with the depository or company
please enter the member id / folio number in the Dividend Bank
details field as mentioned in instruction (v).
(ix) After entering these details appropriately, click on “SUBMIT” tab.
(x) Members holding shares in physical form will then directly reach the Company selection
screen. However, members holding shares in demat form will now reach ‘Password Creation’
menu wherein they are required to mandatorily enter their login password in the new
password field. Kindly note that this password is to be also used by the demat holders for
voting for resolutions of any other company on which they are eligible to vote, provided that
company opts for e-voting through CDSL platform. It is strongly recommended not to share
your password with any other person and take utmost care to keep your password
confidential.
(xi) For Members holding shares in physical form, the details can be used only for e-voting on the
resolutions contained in this Notice.
(xii) Click on the EVSN of the Kuwer Industries Limited on which you choose to vote.
(xiii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the
option “YES/NO” for voting. Select the option YES or NO as desired. The option YES implies
that you assent to the Resolution and option NO implies that you dissent to the Resolution.
(xiv) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xv) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation
box will be displayed. If you wish to confirm your vote, click on “OK”, else to change your
vote, click on “CANCEL” and accordingly modify your vote.
(xvi) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your
vote.
(xvii) You can also take out print of the voting done by you by clicking on “Click here to print”
option on the Voting page.

(xviii) If Demat account holder has forgotten the changed password then Enter the User ID and the
image verification code and click on Forgot Password & enter the details as prompted by the
system.
(xix) Note for Non – Individual Shareholders and Custodians
• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are
required to log on to www.evotingindia.com and register themselves as Corporates.
• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be
emailed to helpdesk.evoting@cdslindia.com.
• After receiving the login details a compliance user should be created using the admin login
and password. The Compliance user would be able to link the account(s) for which they wish
to vote on.
• The list of accounts should be mailed to helpdesk.evoting@cdslindia.com and on approval of
the accounts they would be able to cast their vote.
• A scanned copy of the Board Resolution and Power of Attorney (POA) which they have
issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for
the scrutinizer to verify the same.
(i) Any person, who acquires shares of the Company and become Member of the Company after
dispatch of the Notice and holding shares as on the cut-off date i.e. 23rd September 2016 may
follow the same instructions as mentioned above for e-Voting.
(ii) In case you have any queries or issues regarding e-voting, you may refer the Frequently
Asked Questions (“FAQs”) and e-voting manual available at www.evotingindia.com, under
help section or write an email to helpdesk.evoting@cdslindia.com
Details of Directors seeking Appointment or Re-appointment at the Annual General Meeting
(In pursuance of Regulation 36 of SEBI Listing Regulations)
Name of Director Mr. J B Aggarwal
Date of Birth 04/04/1937
Age (Years) 79 years approx
Date of Appointment 15/10/2003
Qualification & Expertiseness He is Graduate by qualification and having rich
experience of Administration and Management
Relations with Other Director (Inter-Se) He is Father of Mr. Tarun Aggarwal, Whole Time
Director of the Company.
Directorship held in Other Companies as on date NOBLE FASHIONS PRIVATE LIMITED, JTV LABELS
PRIVATE LIMITED, ELLORA PACKAGING PRIVATE
LIMITED, KUWER PACKAGING PRIVATE LIMITED,
ELLORA MECHANICAL PRODUCTS PVT LTD, NEW
DELHI AUTO FINANCE PRIVATE LIMITED, ELLORA
ENTERTAINMENT PRIVATE LIMITED, VTJ
ENTERTAINMENT PRIVATE LIMITED
Chairman/ Member of the Committee of the Board
of Directors of the Company
-
Committee Positions* in other Public Companies -
Number of Shares held 12,19,310 Equity Shares

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
ITEM NO. 4
The Management of Company has noticed that existing Articles of Associates which was adopted
by the Company on 30th September 2014 has some typographical error. Article No. 2(z)(dd) of
existing Articles of Association” of the Company the name of the promoters are inadvertently
written as Mr. Rajiv Aggarwal and Mr. Amit Aggarwal which is typographical error. The Board of
Directors on being aware about this has decided to take action to rectify the mistake in
abovementioned Article.
The altered articles after making required correction is place for the approval of shareholders
by way of Special Resolution.
None of the Directors or Key Managerial Personnel and their relatives are concerned or
interested (financial or otherwise), in this resolution.
The Board recommends the Special Resolution set out in Item no. 4 of the Notice regarding
alteration in Articles of Association of Company, for approval by the Members.
Regd. Office: D-1004,
Ist Floor, New Friends Colony,
New Delhi - 110065
For & on the behalf of the Board of Directors
of Kuwer Industries Limited
Sd/-
Tarun Aggarwal
Date: 03.09.2016 Whole Time Director
Place: New Delhi DIN: 01320462

Dear Stakeholders,
Your Directors are pleased to present herewith their Report on the business and Operation of
the Company together with the Au
financial year ended on 31st March, 2016.
Financial Highlights
Particulars
Sales
Other Income
Total Income
Total Expenditure exclude Finance Cost
& Depreciation
Profit/(Loss) before Finance Cost &
Depreciation
Depreciation
Finance Cost
Profit/(Loss) before tax
Tax Expenses
Net Profit & (Loss)
Extra ordinary Item
Paid Up Share Capital
EPS (in Rs.)
Fig1.1: Performance Chart. All the figures in Rs. Lakh.
REVIEW OF OPERATIONS
During the year under review the Company has recorded total revenue of Rs. 3057.38 Lakh as
compared to Rs. 2538.90 Lakh for the previous year and Net Profit of Rs
as compared to a Profit of Rs. 11.19 Lakh i
year has increased by 31.73 on account of increase in the sale volume by
in the Finance cost by 28.16%. There has been increase in other income
0
500
1000
1500
2000
2500
3000
F.Y. 2016 F.Y. 2015
BOARD REPORT
the Company together with the Audited financials and Report of Secretarial Auditor for the
financial year ended on 31st March, 2016.
(Rupees in Lakh)
For the Year Ended
31.03.2016
For the Year Ended
2853.27
204.12
3057.38
Finance Cost 2890.87
Profit/(Loss) before Finance Cost & 166.52
92.84
50.64
23.04
9.08
14.75
0.79
907.61
0.17
Fig1.1: Performance Chart. All the figures in Rs. Lakh.
ng the year under review the Company has recorded total revenue of Rs. 3057.38 Lakh as
compared to Rs. 2538.90 Lakh for the previous year and Net Profit of Rs. 14.75 Lakh for the year
as compared to a Profit of Rs. 11.19 Lakh in the previous year. The net profit for this financial
on account of increase in the sale volume by 21.68% and reduction
%. There has been increase in other income also. The other income
F.Y. 2015 F.Y. 2014
Sales
Other Income
Expenditure
PBT
PAT
dited financials and Report of Secretarial Auditor for the
For the Year Ended
31.03.2015
2344.91
193.99
2538.90
2363.37
175.54
87.21
70.49
17.83
6.64
11.19
0.00
907.61
0.12
ng the year under review the Company has recorded total revenue of Rs. 3057.38 Lakh as
Lakh for the year
profit for this financial
% and reduction
. The other income
Sales
Other Income
Expenditure
PBT
PAT

for the period under review is Rs. 204.12 Lakh whereas the same was Rs. 193.99 Lakh in the last
financial year.
Your Company performed better during the year, despite challenging economic conditions, Your
Directors is of the opinion that the Company has the immense potential and adequate resources
to achieve the rapid rate of growth in the coming years. Your Company hopes to increase its
presence in the business in other Geographical Regions in the coming years, which will
significantly increase the top line and also its profitability.
BUSINESS STRATEGY
At Kuwer, we are constantly striving to achieve higher goals and have been adding new
machinery and developing new products/ applications with the aim of meeting the ever-
changing needs of the discerning customer. With a team of dedicated qualified professionals and
Total Quality Management, we are able to deliver the right product to ensure total customer
satisfaction. The Company continues to focus on quality and strives to exceed the customer
expectations at all times we have extended its scope of working by using allied equipments.
We adhere to stringent quality control norms during all production stages, right from raw
material sourcing till the shipment of goods. The whole procedures of quality control are
perceived by our in-house Quality Assurance and Control (QA&C) department.
CAPITAL EXPENDITURE
Your Company is continuously from past many
years has tried and given its best to serve to its
customer, industry and its environment in
which its exist and in this regards has upgraded
the Boilers in the plants to CNG engines from
Diesel engines by investing 15-20 Lakh to
perform its work more efficiently.
Your Company has made capital investments in
various Machines like Lamination Machine,
Slitting Machine, etc. during the previous
years ,and in other varied activities which has
increased the Production capacity of your
Company by approximately 200 tons per month.
INDUSTRIAL RELATIONS
Your Company has always considered its
workforce as its valuable asset and continues to
invest in their excellence and development
programs. Your Company has taken several initiatives for enhancing employee engagement and
satisfaction.
DIVIDEND
The Board of Directors of your Company is of the opinion that during the year Company has not
generated much profit and keeping in view the future fund requirements of the Company, your
directors do not recommended any dividend for the financial year ended March 31, 2016. The
Board assures you to present a much strong financial statements in coming years.
CHANGE IN SHARE CAPITAL
During the year under consideration there was no change in the Authorised Share Capital of the
Company and also there was no change in the Paid up Capital of the Company.

TRANSFER TO RESERVES
Addition to the reserve is as follows:
Amount In Rs.
Particulars As at 31 March, 2016 As at 31 March, 2015
Surplus:
At The Beginning Of The Accounting Period 29,881,086 43,480,129
Add: Additions During The Year 1,474,641 1,119,472
(Balance as per statement of profit & loss)
Less: Adjusted Deprecation 14,718,515
31,355,727 29,881,086
Add: Share Premium 47,773,280 47,773,280
Total 79,129,007 77,654,366
AUDITORS
The Members of the Company had at its Annual General Meeting held on 30th September 2015
ratified the appointment of M/s. PVSP & Co., Chartered Accountants having registration
No.008940N as the Statutory Auditor of the Company, to hold the office from conclusions of
Annual General Meeting till the conclusion of this Annual General Meeting (AGM).
The audit committee in its meeting after discussion have recommended appointment of M/s
PVSP & Co., Chartered Accountants as the Statutory Auditors of the Company from the
conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting.
Pursuant to the second proviso to Section 139(2) of the Companies Act, 2013, read with
applicable rules and recommendation of the Audit Committee the board proposes name of M/s
PVSP & Co., Chartered Accountants for appointment as the Statutory Auditors of the Company
for the year 2016-2017 and resolution for the same is inserted into the Notice of Annual General
Meeting. The Company also obtained a written consent from the Auditors for the purpose of
their proposed appointment as statutory auditor of the company and also a certificate from
them has been taken as required and they have affirmed in it that they are not disqualified from
being appointed as auditor of the company under Companies Act 2013, Charted Accountant Act
1949 and their appointment, if made shall be within limits laid down under Companies Act.
AUDITOR’S REPORT
The Auditor’s Report dated 30th May 2016 on the financials statements of the company for the
financial year 2015-16. The explanation to the qualification of Statutory Auditor is as follows:
SECRETARIAL AUDITOR
The Board has appointed Mr. Yashlok Dubey, a Practicing Company Secretary, to conduct
Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the
financial year 2015-16.
SECRETARIAL AUDITORS’ REPORT
The Secretarial Audit Report for the financial year ended 31st March, 2016 is annexed herewith
and marked as Annexure I to this Report. Explanation to the Observation of Secretarial Auditor
is as follows:
SECRTARIAL AUDITORS OBSERVATION
1. During the year under review, Company has not appointed Company Secretary and Chief
Financial Officer as required under section 203 of the Companies Act 2013.
2. The Company has not filed the report on Annual General Meeting in form MGT 15 as
mandated under the provisions of section 121 the Companies Act, 2013.
3. The Company has advances the loans to certain individuals which are interest free.
4. Company has not Complied with following provisions of Employee Provident Fund Act:
a) Filing of Annual return
b) Return of members leaving service during the month

c) Details of PF deducted and deposited
d) Return of Employees qualifying for membership to the Employees' Provident Fund
for the first time during every month
e) Nomination Form - 2
5. Company has not Complied with the following provisions of EMPLOYEE STATE INSURANCE
ACT:
a) Filling of Annual return
b) Declaration form of every employee in form 1
6. The Company has not complied with following provisions of Payment of Bonus Act 1965:
a) Filling of Annual Return of payment of bonus in Form D.
b) Maintenance of necessary forms and records under the payment of Bonus Rules
1975.
7. Company has not registered under UP Shop and Establishment Act 1962.
8. The Company has not obtained the No Objection from the U.P. Pollution control Board
under Air (Prevention and Control of Pollution) Act 1981.
9. We cannot express our opinion on compliance of Contract Labour Act (Regulation and
Abolition) 1970 by the Company in lack of evidence.
10. The Company has not obtained the registration under U.P. Trade and Tax Act 1948.
11. The Company has not obtained the permission of pollution control for operating generator.
12. The Company has not received the clearance from the fire department of the Uttar Pradesh
Government.
Management Reply
Management of the Company assure you that Effective and Efficient steps will be taken by the
Company in the Coming Financial Year to resolve and Comply all the above mentioned Remarks
given by the Secretarial Auditor of the Company.
INTERNAL AUDITORS
Your Company has re-appointed Mr. Rajiv Kumar Rattan, Chartered Accountants, Ghaziabad
having Membership No. 510170 as the internal auditor for the financial year 2016-17.
DIRECTORS AND KEY MANAGERIAL PERSONEL
APPOINTMENT AND RESIGNATION
During the financial year 2015-16, there was no change in the Directorship of the Company.
In accordance with the requirements of the Companies Act, 2013 the Directors liable to retire by
rotation shall not include Independent Directors and Additional Director, hence the number of
Directors whose office is liable to retire at the annual general meeting are 3 namely:
1. Mr. J.B. Aggarwal
2. Mr. Tarun Aggarwal
3. Mr. Shailesh Gupta
Mr. J.B. Aggarwal the Director of the Company retires by rotation and being eligible offer himself
for Re- appointment.
Key Managerial Personnel (KMPs)
Pursuant to provisions of Section 203 of the Companies Act, 2013, Mr. J.B Aggarwal, Managing
Director, Mr. Tarun Aggarwal, Whole-Time-Director and Chief Financial Officer are the Key
Managerial Personnel of the Company.
BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance and
individual directors pursuant to the provisions of the Companies Act, 2013. The performance of
the Board was evaluated by the Board on the basis of the criteria such as the Board composition
and structure, effectiveness of Board process, information and functioning etc. The Board and
Nomination and Remuneration Committee reviewed the performance of the individual directors
on the basis of the criteria such as the contribution of individual director to the Board and
committee meetings like preparedness on the issue to be discuss meaningful and constructive

contribution and inputs in meetings, etc. In a separate meeting of independent directors,
performance of non-independent director, performance of the Board as a whole and
performance of Chairman was evaluated.
EFFICIENT INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
Adequate internal controls have been laid down by the Company to safeguard and protect its
assets as well as to improve the overall productivity of its operations. All the transactions are
properly authorized, recorded and reported to the management. The Company is following all
the applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements. The detailed process of review not only ensures reliability of
control systems and legal compliances with applicable legislation, defined policies and
processes but also reviews efficiency of systems and ensures safeguarding of tangible and
intangible assets.
NOMINATION & REMUNERATION POLICY
The Board of Directors, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior
Management and their remuneration as required under Section 178 of the Companies Act, 2013.
The Nomination & Remuneration Policy of the Company is annexed herewith and marked as
Annexure II to this Report.
RISK MANAGEMENT
The Company has adopted the Risk Management policy that defines and lays out the strategies
and methodology to decide on the risk taking ability of the organization. The Company
constantly reviews its exposure to various types of risk, whether it be regulatory, operational,
environmental, financial or political. The Company has in place adequate systems to ensure
compliance with all regulatory and statutory matters, reviews the same on a periodic basis and
takes appropriate corrective action when necessary.
DIRECTOR'S RESPONSIBILITY STATEMENT
The Board of Directors acknowledges the responsibility for ensuring compliance with the
provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 in the
preparation of the annual accounts for the year ended 31st March, 2016 and state that:
a. in the preparation of the annual accounts for the financial year ended on 31st March, 2016,
the applicable accounting standards had been followed along with proper explanation
relating to material departures;
b. the directors had 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 had 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 had prepared the annual accounts on a going concern basis;
e. 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; and
f. 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.
PARTICULARS OF EMPLOYEES
During the year under review no employee is covered as per rules 5(2) & (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, therefore no statement
is required be given showing the names and other particulars of the employees drawing
remuneration in excess of the limits set out in the said rules are not applicable.

PARTICULARS OF REMUNERATION
The information required under Section 197(12) of the Companies Act, 2013 read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
i) The ratio of the remuneration of each Director to the median remuneration of the employees
of the Company for the financial year 2015-16:
Sr. No. Name of Director Remuneration Paid during F.Y. 2016 Ratio
1 Jai Bhagwan Aggarwal 611,700/- 6.63
2 Tarun Aggarwal 505,120/- 5.47
ii) the percentage increase in remuneration of each Director, Chief Financial Officer, Chief
Executive Officer, Company Secretary or Manager, if any, in the financial year 2015-16:
Sr. No. Name of Director Remuneration Paid
during F.Y. 2015-16
Remuneration Paid
during F.Y. 2014-15
Percentage
Change
1 Jai Bhagwan Aggarwal 611,700/- 6,00,000 1.95
2 Tarun Aggarwal 505,120/- 4,80,000 5.23
The Company has not appointed any Company secretary during the year under review. Mr.
Tarun Aggarwal is Whole Time Director, and Compliance officer of the Company.
iii) the percentage increase in the median remuneration of employees in the financial year
2015-16: There has been no change in the median remuneration to the employees.
iv) the number of permanent employees on the rolls of company: 36
v) Average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile increase
in the managerial remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration: N.A.
vi) the key parameters for any variable component of remuneration availed by the Directors:
No variable component of remuneration is availed by Directors.
vii) affirmation that the remuneration is as per the remuneration policy of the Company:
It is hereby affirmed that the remuneration paid is as per the Nomination and Remuneration
Policy of the Company.
LISTING ON THE STOCK EXCHANGE
The Equity shares of the Company are listed at BSE Limited. The trading in to the equity shares
of the Company is active on the BSE Limited under XD Group.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
There were no contracts or arrangements entered into by the Company in accordance with the
Section 188 of the Companies Act, 2013. However, there were related party transactions. All
related party transactions that were entered by the Company during the financial year were on
an arm's length basis. All related party transactions are presented to the Audit Committee and
the Board for approval.
The policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board can be accessed on the Company's website at the
linkwww.kuwer.com
The details of the transactions with related party are provided in the accompanying financial
statements.

CORPORATE GOVERNANCE
Your Company believes and preached the Corporate Governance practices which are in line with
legal requirements of Regulation 27(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Companies Act 2013. The Company has adopted the
practices which are prevalent in the industry. Further Securities and Exchange Board of India
has exempted certain Companies from mandatory Compliance of provision of corporate
governance as provided under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.In view of the said exemption the separate section on corporate governance is
not provided.
COMMITTEES OF THE BOARD
The Committees of the Board focus on certain specific areas and make informed decisions in line
with the delegated authority. The following substantive Committees constituted by the Board
function according to their respective roles and defined scope:
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholder Relationship Committee
DISCLOSURES:
A) EXTRACT OF ANNUAL RETURN
Extract of Annual Return of the Company is annexed herewith as Annexure-III to this Report.
B) MEETINGS OF THE BOARD
During the financial year ended March 31, 2016, 6meetings of the Board of Directors were held
as against the statutory minimum requirement of 4 times. None of the two Board Meetings have
a gap of more than 120 days between them. The dates of meetings are mentioned below:
Sr.
No.
Date Sr. No. Date
1. 15.04.2015 5. 06.11.2015
2. 29.05.2015 6. 12.02.2016
3. 13.08.2015
4. 02.09.2015
C) COMPOSITION OF AUDIT COMMITTEE
The Audit Committee as on date comprises of three members, including one is Whole-Time-
Director viz. Tarun Aggarwal and two are Non executive Independent director viz. Yashpal
Sharma, Mr. Pankaj Gupta. Mr. Pankaj Gupta is heading the Committee.
D) VIGIL MACHANISM/WHISTLE BLOWER POLICY
The Company has established a Vigil Mechanism for its Directors and employees to report their
genuine concerns or grievances The policy provides a framework for directors and employees to
report genuine concerns about unethical behavior, actual or suspected fraud or violation of the
Company's code of conduct or ethics policy. Protected disclosures can be made by a whistle
blower through an email or to the Chairman of the Audit Committee. The vigil
mechanism/whistle blower policy can be accessed on the Company's website at the link:
www.kuwer.com.
E) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at workplace. The Board of
Directors has constituted an Internal Complaints Committee to consider and redress complaints
of sexual harassment & also adopted a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder.
During the financial year 2015-16, the Company has received no complaints on sexual
harassment.

F) PATICULARS OF LOANS GIVEN, INVESTMENT MADE, GUARANTEES GIVEN AND
SECURITY PROVIDED
Particulars of loans given, investments made, guarantees given and securities provided in the
financial statements.
G) GENERAL
Your Directors state that no disclosure or reporting is required in respect of the following items
as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Companies Act, 2013.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under any
scheme.
4. The Managing Directors of the Company did not receive any remuneration or commission
from subsidiary.
5. No significant or material orders were passed by the Regulators or Courts or Tribunals
which impact the going concern status and Company's operations in future.
SUBSIDIARY & ASSOCIATE COMPANY
The Company does not have any subsidiary and associate Company.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 134(3)(m) of the Companies Act, 2013
read with Rule 8(3) of the Companies (Accounts) Rules, 2014 and forming part of the Director's
report for the year ended 31st March, 2016 are given below :
A. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
The provisions related conservation of energy does not apply to the Company, therefore, the
information as provided in Performa given in Form A under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 is not given. However, the Company
is conscious about its responsibility to conserve energy, power and other energy sources
wherever possible. We emphasis towards a safe and clean environment and continue to adhere
to all regulatory requirements and guidelines.
The Company has been taking energy saving measures viz., Use of energy saver electrical
equipments, CFL fittings are provided inside the building for common area lighting in the
projects of the Company, Efficient ventilation system in offices and the projects of the Company.
Moreover, your company emphasis towards a safe and clean environment and continue to
adhere to all regulatory requirements and guidelines.
B. RESEARCH & DEVELOPMENT
Your company has not undertaken any research and development work during the year 2015-
16. However, in order to minimize its cost and increase the quality of its projects, your Company
is trying to maintain highest standard of quality.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO.
Details of Foreign Exchange, earnings and Outgo are given as below:-
Year 2016 Year 2015
(Amt.) (Amt.)
Foreign Exchange earning 0.00 0.00
Foreign Exchange outgoing 0.00 0.00

APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and State Government as well as their respective Departments and Development
Authorities connected with the business of the Company, Bankers of the Company, Housing
Finance as well as other Institutions for their co-operation and continued support.
b) The Shareholders, Depositors, Suppliers and Contractors for the trust and confidence reposed
and to the Customers for their valued patronage.
c) The Board also takes this opportunity to express its sincere appreciation for the efforts put in
by the officers and employees at all levels in achieving the results and hopes that they would
continue their sincere and dedicated Endeavour towards attainment of better working results
during the current year.
Regd. Office: D-1004, Ist Floor
New Friends Colony, New Delhi - 110065
For & on the behalf of the Board of Directors
of Kuwer Industries Limited
Sd/- Sd/-
Tarun Aggarwal J.B. Aggarwal
Date: 03.09.2016 Whole Time Director Managing Director
Place: New Delhi DIN: 01320462 DIN: 00315184

ANNEXURE [I]
Form No. MR-3
SECRETARIAL AUDIT REPORT
For The Financial Year Ended 31st
March, 2016
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the
Companies (Appointment and Remuneration Personnel) Rules, 2014]
To,
THE MEMBERS,
D-1004, IST FLOOR, NEW FRIENDS COLONY,
NEW DELHI- 110065
We have conducted the secretarial audit of the compliance of applicable statutory
provisions and the adherence to good corporate practices by KUWER INDUSTRIES
LIMITED (CIN: L74899DL1993PLC056627) (hereinafter called the company).
Secretarial Audit was conducted in a manner that provided us a reasonable basis for
evaluating the corporate statutory compliances and expressing our opinion thereon.
Based on our verification of the books, papers, minute books, forms and returns filed
and other records maintained by the company and also the information provided by the
Company, its officers, agents and authorized representatives during the conduct of
secretarial audit, We hereby report that in our opinion, the company has, during the
audit period covering the financial year ended on 31st
March, 2016 complied with the
statutory provisions listed hereunder and also that the Company has proper board-
processes and compliance-mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter:
1. We have examined the books, papers, minute books, forms and returns filed and
other records maintained by the company for the financial year ended on 31st
March, 2016 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made
there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed
thereunder;
(iv) Foreign Exchange Management Act, 1999 (FEMA) & the Rules and Regulations
made
there under to the extent of Foreign Direct Investment, Overseas Direct
Investment and External Commercial Borrowings- Not Applicable to the
Company during the Audit period
(v) The following Regulations and Guidelines prescribed under the Securities and
Exchange Board of India Act, 1992 (‘SEBI Act’):-
a. The Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 1992;
c. The Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009;
d. The Securities and Exchange Board of India (Employee Stock Option
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999- Not
Applicable to the Company during the Audit Period;
e. The Securities and Exchange Board of India (Issue and Listing of Debt
Securities) Regulations, 2008- Not Applicable to the Company during
the Audit Period;
f. The Securities and Exchange Board of India (Registrars to an Issue and
Share Transfer Agents)Regulations, 1993 regarding the Companies Act
and dealing with client;
g. The Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009 -Not Applicable to the Company during the Audit
Period; and

h. The Securities and Exchange Board of India (Buyback of Securities)
Regulations, 1998 - Not Applicable to the Company during the Audit
Period;
(vi) Other Laws applicable to the Company:
i. Industrial Disputes Act, 1947
ii. The Payment of Wages Act, 1936
iii. The Minimum Wages Act, 1948
iv. Employee State Insurance Act, 1948
v. The Employee Provident Fund and Miscellaneous Provisions Act, 1952
vi. The Payment of Bonus Act, 1965
vii. The Payment of Gratuity Act, 1972
viii.The Contract Labour( Regulation and Abolition) Act, 1970
ix. The Maternity Benefits Act, 1961
x. The Income Tax Act, 1961
xi. The Finance Act, 1994
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) The SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015
entered into by the Company with Bombay Stock Exchange.
During the period under review the Company has complied with the provisions of the
Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to following
observations:
1. During the year under review, Company has not appointed Company Secretary
and Chief Financial Officer as required under section 203 of the Companies Act
2013.
2. The Company has not filed the report on Annual General Meeting in form MGT 15
as mandated under the provisions of section 121 the Companies Act, 2013.
3. The Company has advances the loans to certain individuals which are interest
free.
4. Company has not Complied with following provisions of Employee Provident Fund
Act:
f) Filing of Annual return
g) Return of members leaving service during the month
h) Details of PF deducted and deposited
i) Return of Employees qualifying for membership to the Employees'
Provident Fund for the first time during every month
j) Nomination Form - 2
5. Company has not Complied with the following provisions of EMPLOYEE STATE
INSURANCE ACT:
c) Filling of Annual return
d) Declaration form of every employee in form 1
6. The Company has not complied with following provisions of Payment of Bonus Act
1965:
c) Filling of Annual Return of payment of bonus in Form D.
d) Maintenance of necessary forms and records under the payment of Bonus
Rules 1975.
7. Company has not registered under UP Shop and Establishment Act 1962.

8. The Company has not obtained the No Objection from the U.P. Pollution control
Board under Air (Prevention and Control of Pollution) Act 1981.
9. We cannot express our opinion on compliance of Contract Labour Act (Regulation
and Abolition) 1970 by the Company in lack of evidence.
10. The Company has not obtained the registration under U.P. Trade and Tax Act
1948.
11. The Company has not obtained the permission of pollution control for operating
generator.
12. The Company has not received the clearance from the fire department of the
Uttar Pradesh Government.
We further report that:
1. The Board of Directors of the Company is duly constituted with proper balance of
Executive Directors, Non-Executive and Independent Directors. The changes in the
composition of the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of the Act.
2. The Constitution of Board & Statutory Committees as observed by us is mentioned
below:
BOARD OF DIRECTORS
S.No. Name of the Director Category
1. Mr. J.B. Aggarwal Managing director
2. Mr. Tarun Aggarwal Whole Time Director
3. Mr. Shailesh Gupta Non Executive Director
4. Mr. Yashpal Sharma Independent Director
5. Mr. Pankaj Gupta Independent Director
6. Mrs. Megha Aggarwal Director
COMMITTEES OF BOARD OF DIRECTORS
A. AUDIT COMMITTEE
S.No. Name of the Director Category Designation
1. Mr. Pankaj Gupta Independent Director Chairman
2. Mr. Tarun Aggarwal Whole Time Director Member
3. Mr. Yashpal Sharma Independent Director Member
B. REMUNERATION & NOMINATION COMMITTEE
1. Mr. Yashpal Sharma Independent Director Chairman
2. Mr. Pankaj Gupta Independent Director Member
3. Mr. Shailesh Gupta Non Executive-Director Member
C. SHAREHOLDER’S GRIEVANCES COMMIITTEE
1. Mr. Shailesh Gupta Non Executive-Director Chairman
2. Mr. Tarun Aggarwal Whole Time Director Member
3. Mr. Pankaj Gupta Independent Director Member
3. Adequate notice is given to all directors to schedule the Board Meetings, agenda
and detailed notes on agenda were sent and a system exists for seeking and
obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
4. Majority decision is carried through while the dissenting members’ views are
captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the
company commensurate with the size and operations of the company to monitor
and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that compliance of applicable financial laws including Direct
and Indirect Tax Laws by the company has not been reviewed in this Audit since
the same has been subject to review by the Statutory Auditors and other
designated professionals.
We further report that during the audit period the company has no instances of:
• Rights issue of shares/debentures/sweat equity but the public/ preferential issue of
securities was made during the audit period.
• Redemption/buy back of securities
• Major Decision taken by the members in pursuance to section 180 of the
Companies Act, 2013
• Merger/amalgamation/reconstruction etc.
• Foreign technical collaborations.
For CS YASHLOK DUBEY & ASSOCIATES.
Company Secretaries
Sd/-
Yashlok Dubey
CP No. : 14742
M. No. : 39066
Place: New Delhi
Date: 30.08.2016
Note: This report is to be read with our letter of even date which is annexed as
“ANNEXURE A” and forms an integral part of this report

“ANNEXURE-A”
30th
August, 2016
To,
THE MEMBERS,
D-1004, FIRST FLOOR, NEW FRIENDS COLONY,
NEW DELHI- 110065
Our Secretarial Audit Report of even date is to be read along with this letter.
Management’s Responsibility
1) It is the responsibility of the management of the Company to maintain secretarial
records, devise proper systems to ensure compliance with the provisions of all
applicable laws and regulations and to ensure that the systems are adequate and
operate effectively.
Auditor's Responsibility
2) Our responsibility is to express an opinion on the secretarial records, standards and
procedures followed by the Company with respect to secretarial compliances.
3) We have followed the audit practices and processes as were appropriate to obtain
reasonable assurance about the correctness of the contents of the Secretarial records.
The verification was done on the test basis to ensure that correct facts are reflected in
Secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion.
4) We believe that audit evidence and information obtained from the Company's
management is adequate and appropriate for us to provide a basis for our opinion.
5) Wherever required, we have obtained the management's representation about the
compliance of laws, rules and regulations and happening of events etc.
6) We have not verified the correctness and appropriateness of financial records and books
of accounts of the Company.
Disclaimer
7) The Secretarial Audit Report is neither an assurance as to the future viability of the
Company nor of the efficacy or effectiveness with which the management has
conducted the affairs of the Company.
For CS YASHLOK DUBEY & ASSOCIATES
Company Secretaries
Sd/-
Yashlok Dubey
CP No. : 14742
M. No.: 39066
Place: New Delhi
Date: 30.08.2016

ANNEXURE II
NOMINATION AND REMUNERATION POLICY
I. GUIDING PRINCIPLES
The Policy ensures that
The level and composition of remuneration is reasonable and sufficient to attract,
retain and motivate Directors of the quality required to run the Company
successfully;
Relationship of remuneration to performance is clear and meets appropriate
performance benchmarks and
Remuneration to Directors, Key Managerial Personnel and Senior Management
involves a balance between fixed and incentive pay reflecting short and long term
performance objectives appropriate to the working of the Company and its goals.
II. ROLE OF THE COMMITTEE
The role of the Committee inter alia will be the following:
To formulate a criteria for determining qualifications, positive attributes and
independence of a Director.
Formulate criteria for evaluation of Independent Directors and the Board.
Identify persons who are qualified to become Directors and who may be appointed in
Senior Management in accordance with the criteria laid down in this policy.
To carry out evaluation of every Director’s performance.
To recommend to the Board the appointment and removal of Directors and Senior
Management.
To recommend to the Board policy relating to remuneration for Directors, Key
Managerial Personnel and Senior Management.
Ensure that level and composition of remuneration is reasonable and sufficient,
relationship of remuneration to performance is clear and meets appropriate
performance benchmarks.
To devise a policy on Board diversity.
III. FREQUENCY OF THE MEETINGS
The meeting of the Committee shall be held at such regular intervals as may be
required.
IV. APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR
MANAGEMENT
Appointment criteria and qualifications:
The Committee shall identify and ascertain the integrity, qualification, expertise and
experience of the person for appointment as Director, KMP or at Senior Management
level and recommend to the Board his / her appointment.
A person should possess adequate qualification, expertise and experience for the
position he / she is considered for appointment. The Committee has discretion to
decide whether qualification, expertise and experience possessed by a person are
sufficient / satisfactory for the concerned position.
The Company shall not appoint or continue the employment of any person as
Managing Director/Whole-time Director/Manager who has attained the age of seventy
years. Provided that the term of the person holding this position may be extended
beyond the age of seventy years with the approval of shareholders by passing a
special resolution based on the explanatory statement annexed to the notice for such
motion indicating the justification for extension of appointment beyond seventy
years.
Term / Tenure:
Managing Director/Whole-time Director/Manager (Managerial Person):
The Company shall appoint or re-appoint any person as its Managerial Person for a
term not exceeding five years at a time. No re-appointment shall be made earlier
than one year before the expiry of term.

Independent Director:
An Independent Director shall hold office for a term up to five consecutive years on
the Board of the Company and will be eligible for re-appointment on passing of a
special resolution by the Company and disclosure of such appointment in the Board's
report.
No Independent Director shall hold office for more than two consecutive terms, but
such Independent Director shall be eligible for appointment after expiry of three
years of ceasing to become an Independent Director. Provided that an Independent
Director shall not, during the said period of three years, be appointed in or be
associated with the Company in any other capacity, either directly or indirectly.
However, if a person who has already served as an Independent Director for 5 years
or more in the Company as on 1 October, 2014 or such other date as may be
determined by the Committee as per regulatory requirement, he / she shall be
eligible for appointment for one more term of 5 years only.
At the time of appointment of Independent Director it should be ensured that number
of Boards on which such Independent Director serves is restricted to seven listed
companies as an Independent Director and three listed companies as an Independent
Director in case such person is serving as a Whole-time Director of a listed company
or such other number as may be prescribed under the Act.
Evaluation:
The Committee shall carry out evaluation of performance of every Director.
KMP and Senior Management on yearly basis or as when required.
Removal:
Due to reasons for any disqualification mentioned in the Companies Act, 2013, rules
made thereunder or under any other applicable Act, rules and regulations, the
Committee may recommend, to the Board with reasons recorded in writing, removal of a
Director, KMP or Senior Management subject to the provisions and compliance of the
said Act, rules and regulations.
Retirement:
The Director, KMP and Senior Management shall retire as per the applicable provisions of
the Companies Act, 2013 and the prevailing policy of the Company. The Board will have
the discretion to retain the Director, KMP, Senior Management in the same position /
remuneration or otherwise even after attaining the retirement age, for the benefit of the
Company.
V. PROVISIONS RELATING TO REMUNERATION OF MANAGERIAL PERSON, KMP
AND SENIOR MANAGEMENT
1. General:
The remuneration / compensation / commission etc. to Managerial Person, KMP and
Senior Management Personnel will be determined by the Committee and
recommended to the Board for approval. The remuneration / compensation /
commission etc. shall be subject to the prior/post approval of the shareholders of the
Company and Central Government, wherever required.
The remuneration and commission to be paid to Managerial Person shall be as per
the statutory provisions of the Companies Act, 2013, and the rules made thereunder
for the time being in force.
Increments to the existing remuneration / compensation structure may be
recommended by the Committee to the Board which should be within the slabs
approved by the Shareholders in the case of Managerial Person. Increments will be
effective from the date of reappointment in respect of Managerial Person and 1st
April in respect of other employees of the Company.

2. Remuneration to Managerial Person, KMP and Senior Management:
Fixed pay:
Managerial Person, KMP and Senior Management shall be eligible for a monthly
remuneration as may be approved by the Board on the recommendation of the
Committee in accordance with the statutory provisions of the Companies Act, 2013,
and the rules made thereunder for the time being in force and also depend on the
financial position of Company.
Minimum Remuneration:
If, in any financial year, the Company has no profits or its profits are inadequate, the
Company shall pay remuneration to its Managerial Person in accordance with the
provisions of Schedule V of the Companies Act, 2013 and if it is not able to comply
with such provisions, with the prior approval of the Central Government.
Provisions for excess remuneration:
If any Managerial Person draws or receives, directly or indirectly by way of
remuneration any such sums in excess of the limits prescribed under the Companies
Act, 2013 or without the prior sanction of the Central Government, where required,
he / she shall refund such sums to the Company and until such sum is refunded, hold
it in trust for the Company. The Company shall not waive recovery of such sum
refundable to it unless permitted by the Central Government.
3. Remuneration to Non-Executive / Independent Director:
Remuneration / Commission:
The remuneration / commission shall be in accordance with the statutory provisions
of the Companies Act, 2013, and the rules made thereunder for the time being in
force.
Sitting Fees:
The Non- Executive / Independent Director may receive remuneration by way of fees
for attending meetings of Board or Committee thereof. Provided that the amount of
such fees shall not exceed the maximum amount as provided in the Companies Act,
2013, per meeting of the Board or Committee or such amount as may be prescribed
by the Central Government from time to time.
Limit of Remuneration /Commission:
Remuneration /Commission may be paid within the monetary limit approved by
shareholders, subject to the limit not exceeding 1% of the net profits of the Company
computed as per the applicable provisions of the Companies Act, 2013.
Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
VI. REVIEW AND AMENDMENT
The Committee or the Board may review the Policy as and when it deems necessary.
The Committee may issue the guidelines, procedures, formats, reporting mechanism
and manual in supplement and better implementation to this Policy, if it thinks
necessary.
This Policy may be amended or substituted by the Committee or by the Board as and
when required and also by the Compliance Officer where there is any statutory
changes necessitating the change in the policy.

ANNEXURE III
EXTRACT OF ANNUAL RETURN
FORM MGT-9
(Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014)
I. REGISTRATION & OTHER DETAILS:
1 CIN L74899DL1993PLC056627
2 Registration Date 24th
December 1993
3 Name of the Company Kuwer Industries Limited
4 Category/Sub-category of the Company Non Government Company
Company limited by shares
5 Address of the Registered office &
contact details
D-1004, First Floor, New Friends Colony, New Delhi
110065
6 Whether listed company Yes
7 Name, Address & contact details of the
Registrar & Transfer Agent, if any.
M/s Skyline Financial Services Private Limited
1st Floor, D-153A, Okhla Industrial Area, Phase I,
New Delhi 110020
Ph. No. 011 2681 2682, 6473 2681
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
(All the business activities contributing 10 % or more of the total turnover of the company shall be
stated)
S. No. Name and Description of main products / services NIC Code of the
Product/service
% to total
turnover of the
company
1 Manufacturing of Plastic Products 222 93.32
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
SN Name and address of the
Company
CIN/GLN Holding/
Subsidiary/
Associate
% of
shares
held
Applicable
Section
IV. SHARE HOLDING PATTERN
(i) Category-wise Share Holding
Category of
Shareholders
No. of Shares held at the beginning of the
year[As on 31-March-2015]
No. of Shares held at the end of the
year[As on 31-March-2016]
%
Chang
e
during
the
year
Demat Physical Total % of
Total
Share
s
Demat Physical Total % of
Total
Share
s
A. Promoters
(1) Indian
a) Individual/
HUF
3357192 10 3357202 36.99 3357200 10 335721
0
36.99 0.00
b) Central Govt - - - 0.00 - - 0 0.00 0.00
c) State Govt(s) - - - 0.00 - - 0 0.00 0.00
d) Bodies Corp. 455436 - 455436 5.02 455436 - 455436 5.02 0.00
e) Banks / FI - - - 0.00 - - - 0.00 0.00
f) Any other - - - 0.00 - - - 0.00 0.00
Sub Total (A)
(1)
3812628 10 3812638 42.01 3812628 10 381263
8
42.01 0.00
(2) Foreign -
a) NRI Individuals - 0.00 - - - 0.00 0.00
b) Other
Individuals
- 0.00 - - - 0.00 0.00
c) Bodies Corp. - 0.00 - - - 0.00 0.00
d) Any other - 0.00 - - 0.00 0.00
Sub Total (A)
(2)
- - - 0.00 - - - 0.00 0.00

TOTAL (A) 3812628 10 3812638 42.01 3812628 10 381263
8
42.01 0.00
B. Public
Shareholding
1. Institutions
a) Mutual Funds - - - 0.00 - - - 0.00 0.00
b) Banks / FI 159900 70100 230000 2.53 159900 70100 230000 2.53 0.00
c) Central Govt - - - 0.00 - - - 0.00 0.00
d) State Govt(s) - - - 0.00 - - - 0.00 0.00
e) Venture
Capital Funds
- - - 0.00 - - - 0.00 0.00
f) Insurance
Companies
- - - 0.00 - - - 0.00 0.00
g) FIIs - - - 0.00 - - - 0.00 0.00
h) Foreign
Venture Capital
Funds
- - - 0.00 - - - 0.00 0.00
i) Others
(specify)
- - - 0.00 - - - 0.00 0.00
Sub-total
(B)(1):-
159900 70100 230000 2.53 159,900 70,100 230,000 2.53 0.00
2. Non-
Institutions
a) Bodies Corp.
i) Indian 662180 228900 891080 9.82 247376 228900 476276 5.25 -46.55
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
b) Individuals
i) Individual
shareholders
holding nominal
share capital upto
Rs. 1 lakh
517826 598700 1116526 12.30 625738 587600 121333
8
13.37 8.67
ii) Individual
shareholders
holding nominal
share capital in
excess of Rs 1
lakh
2552027 5300 2557327 28.18 2841542 32300 287384
2
31.66 12.37
c) Others
(specify)
HUF 269890 - 269890 271874 0 271874 3.00 0.73
Overseas
Corporate Bodies
- - - 0.00 - - - - 0.00
Clearing Members 1211 - 1211 0.01 204 0 204 0.00 -83.15
Trusts - - - 0.00 - - - 0.00 0.00
NRI 4300 193100 197400 2.17 4800 193100 197900 2.18 0.51
Sub-total
(B)(2):-
3980434 1053000 5033434 55.46 3991534 1041900 503343
4
55.46 0.00
Total Public (B) 4140334 1123100 5263434 57.99 4151434 1112000 526343
4
57.99 0.00
C. Shares held
by Custodian
for GDRs &
ADRs
- 0.00 0.00 0.00
Grand Total
(A+B+C)
7952962 1123110 9076072 100.0
0
7964062 1112010 907607
2
100.0
0
0.00
(ii) Shareholding of Promoter
SN Shareholder’s Name Shareholding at the beginning of the
year
Shareholding at the end of the
year
%
change
in
shareho
lding
during
the year
No. of
Shares
% of total
Shares of
the
company
% of
Shares
Pledged/
encumber
ed to total
shares
No. of
Shares
% of
total
Shares of
the
company
% of
Shares
Pledge
d /
encum
bered
to total
shares
1 RK Aggarwal 10 0.00% 0.00% 0 0.00% 0 0.00%
2 Tarun Aggarwal 1,255,008 13.83% 0.00% 1,255,008 13.83% 0 0.00%
3 J B Aggarwal 1,219,292 13.43% 0.00% 1,219,310 13.43% 0 0.00%
4 Shalini Aggarwal 20,000 0.22% 0.00% 20,000 0.22% 0 0.00%

5 Anjali Garg 83,500 0.92% 0.00% 83,500 0.92% 0 0.00%
6 Usha Aggarwal 756,665 8.34% 0.00% 756,665 8.34% 0 0.00%
7 Megha Aggarwal 22,727 0.25% 0.00% 22,727 0.25% 0 0.25%
8 VCT Lease Invest Pvt.
Ltd
66,150 0.73% 0.00% 66,150 0.73% 0 0.00%
9 Kuwer Packaging Pvt.
Ltd.
302,915 3.34% 0.00% 302,923 3.34% 0 3.34%
10 JTV Labels Pvt. Ltd 86,363 0.95% 0.00% 86,363 0.95% 0 0.95%
(iv) Shareholding Pattern of top ten Shareholders
(Other than Directors, Promoters and Holders of GDRs and ADRs):
SN For each of
the Top 10
shareholders
Date Reason Shareholding at the
beginning of the year
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
No. of shares % of total
shares
1 Vijay Darak
At the
beginning of the
year
01.04.2015 227,272 2.50% 227,272 2.50%
Changes during
the year
No
Change
At the end of
the year
31.03.2016 227,272 2.50% 227,272 2.50%
2 Kapoor Singh
At the
beginning of the
year
01.04.2015 0 0.00 0 0.00
Changes during
the year
10.04.2015 Purchase 204545 2.25% 204,545 2.25%
At the end of
the year
31.03.2016 204,545 2.25% 204,545 2.25%
3 ICICI Bank
Limited
At the
beginning of the
year
01.04.2015 159,900 3.14% 159,900 1.76%
Changes during
the year
No
Change
At the end of
the year
31.03.2016 159,900 3.14% 159,900 1.76%
4 Southern India
depository
Service Pvt.
Ltd.
At the
beginning of the
year
01.04.2015 138,900 1.53% 138,900 1.53%
Changes during
the year
No
Change
At the end of
the year
31.03.2016 138,900 1.53% 138,900 1.53%
5 Avesh Dhelawat
At the
beginning of the
year
01.04.2015 0 0.00 0 0.00
Changes during
the year
23.09.2015 Purchase 122250 1.35% 122250 1.35%
At the end of
the year
31.3.2016 122250 1.35% 122250 1.35%
6 Rohit Darak
At the
beginning of the
year
01.04.2015 0 0.00 0 0.00
Changes during
the year
10.04.2015 Purchase 113,636 1.25% 113,636 1.25%
At the end of
the year
31.03.2016 113,636 1.25% 113,636 1.25%
7 Sharad Kumar
Darak
At the
beginning of the
year
01.04.2015 0 0.00 0 0.00

Changes during
the year
10.04.2015 No
Change
113,636 1.25% 113,636 1.25%
At the end of
the year
31.03.2016 113,636 1.25% 113,636 1.25%
8 Ajay Beswal
At the
beginning of the
year
01.04.2015 - 0.00% - 0.00%
Changes during
the year
30.06.2015 Purchase 113,636 1.25% 113,636 1.25%
At the end of
the year
31.3.2016 113,636 1.25% 113,636 1.25%
9 Jitendra Singhal
At the
beginning of the
year
01.04.2015 0 0.00 0 0.00
Changes during
the year
10.04.2015 Purchase 113,636 1.25% 113,636 1.25%
14/08/2015 Sale 396 0 396 0
At the end of
the year
31.3.2016 113,240 1.25% 113,240 1.25%
10 Dipak Kanayalal
Shah
At the
beginning of the
year
01.04.2015 0 0.00% 0 0.00%
Changes during
the year
31.12.2015 Purchase 35870 0.4 35870 0.4
Changes during
the year
08.01.2016 Purchase 27094 0.69 62964 0.69
Changes during
the year
15.01.2016 Purchase 28850 1.01 91814 1.01
Changes during
the year
22.01.2016 Purchase 2186 1.04 94000 1.04
Changes during
the year
05.02.2016 Purchase 2418 1.06 96418 1.06
Changes during
the year
26.02.2016 Purchase 3445 1.1 99863 1.1
Changes during
the year
04.03.2016 Purchase 137 1.1 100000 1.1
At the end of
the year
31.3.2016 100000 1.1 100000 1.1
(v) Shareholding of Directors and Key Managerial Personnel:
SN Shareholding of
each Directors
and each Key
Managerial
Personnel
Date Reason Shareholding at the
beginning of the year
Cumulative Shareholding during
the year
No. of
shares
% of
total
shares
No. of shares % of total
shares
1
Jai Bhagwan
Aggarwal
At the beginning
of the year
01.04.2015 1219292 13.43% 1219292 13.43%
Changes during
the year
Acquired
from
other
promoter 18
0.00%
18 0.00%
At the end of the
year
31.03.2016
1219310
13.43%
1219310
13.43%
2 Tarun Aggarwal
At the beginning
of the year
01.04.2015
1255008 13.83% 1255008 13.83%
Changes during
the year
At the end of the
year
31.03.2016
1,255,008 13.83% 1,255,008 13.83%
3 Yashpal Sharma
At the beginning
of the year 01.04.2015
0.00% 0.00%
Changes during
the year
0.00% 0.00%

At the end of the
year
31.03.2016
0.00% 0.00%
4 Shailesh Gupta
At the beginning
of the year
01.04.2015
-
0.00% 0.00%
Changes during
the year -
0.00% 0.00%
At the end of the
year
31.03.2016
-
0.00% 0.00%
5 Pankaj Gupta
At the beginning
of the year
01.04.2015
-
0.00% 0.00%
Changes during
the year -
0.00% 0.00%
At the end of the
year
31.03.2016
-
0.00% 0.00%
6 Megha Agarwal
At the beginning
of the year
01.04.2015
22,727
0.25%
22,727
0.25%
Changes during
the year
At the end of the
year
31.03.2016
22,727
0.25%
22,727
0.25%
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
(Amt. Rs./Lakh)
Particulars Secured Loans
excluding deposits
Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 277.76 2.70 - 280.46
ii) Interest due but
not paid
- - - -
iii) Interest accrued
but not due
- - - -
Total (i+ii+iii) 277.76 2.70 - 280.46
Change in Indebtedness during the financial year
* Addition 113.05 - - 113.05
* Reduction - -
Net Change 113.05 0.00 - 113.05
Indebtedness at the end of the financial year
i) Principal Amount 390.82 2.70 - 393.52
ii) Interest due but
not paid
- - - -
iii) Interest accrued
but not due
- - - -
Total (i+ii+iii) 277.76 2.70 - 393.52
VI. REMUNERATION OF DIRECTORS AND KEY
MANAGERIAL PERSONNEL
A. Remuneration to Managing Director,
Whole-time Directors and/or Manager:
SN. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount
Name Jai Bhagwan Aggarwal Tarun Aggarwal (Rs/Lac)
Designation
Managing Director Whole Time
Director
1 Gross salary 6.00 4.80 10.80
(a) Salary as per provisions contained in
section 17(1) of the Income-tax Act, 1961 - - -
(b) Value of perquisites u/s 17(2) Income-
tax Act, 1961
-
- -
(c) Profits in lieu of salary under section
17(3) Income- tax Act, 1961 - - -
2 Stock Option - - -
3
Sweat Equity -
- -

4
Commission
- as % of profit
- others, specify
5 Others, please specify
Total (A)
Ceiling as per the Act
SN. Particulars of Remuneration
1 Independent Directors
Fee for attending board
committee meetings
Commission
Others, please specify
Total (1)
2 Other Non-Executive
Directors
Fee for attending board
committee meetings
Commission
Others, please specify
Total (2)
Total (B)=(1+2)
Total Managerial Remuneratio
Overall Ceiling as per the Act
Company does not pay any remuneration to Non executive Directors and Independent Directors.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
SN. Particulars of Remuneration
Name
Designation
Gross salary
(a) Salary as per provisions
contained in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2)
Income-tax Act, 1961
(c) Profits in lieu of salary under
section 17(3) Income- tax Act,
1961
2 Stock Option
Sweat Equity
4
Commission
- as % of profit
- others, specify
5 Others, please specify
Total
*Company has not appointed Company Secretary during the period under review. Furthe
paid to Managing Director and Whole Time Director is disclosed above
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF
OFFENCES:
Type Section
of the
Compani
es Act
Brief
Descriptio
n
A. COMPANY
Penalty
Punishment
Compounding
B. DIRECTORS
Penalty
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding
- -
- -
- -
6.00 4.80
- -
Particulars of Remuneration Name of Directors
Yashpal Sharma Pankaj Gupta
- -
- -
- -
- -
Shailesh Gupta Megha Aggarwal
- -
- -
- -
- -
- -
Total Managerial Remuneration - -
100000.00 100000.00
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
Name of Key Managerial Personnel
CEO CFO CS
- - -
- - -
- - -
- - -
- - -
- - -
Company has not appointed Company Secretary during the period under review. Further the remuneration
paid to Managing Director and Whole Time Director is disclosed above.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF
Descriptio
Details of Penalty
/ Punishment/
Compounding fees
imposed
Authority [RD /
NCLT/ COURT]
Appeal made, if
any (give Details)
-
-
-
-
10.80
42.00
Total Amount
(Rs/Lac)
-
-
-
-
-
-
-
-
-
-
-
100000.00
Total Amount
(Rs/Lac)
-
-
-
-
-
-
-
-
-
r the remuneration
Appeal made, if
any (give Details)

MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The packaging industry in India is expected to reach $ 73 billion in 2020 from $ 32 billion
in FY 15, according to a report prepared by FICCI and Tata Strategic Management Group
(TSMG) on plastic industry titled ‘Plastic packaging: The sustainable choice’. In the
coming years, Indian packaging industry is anticipated to register 18 percent annual
growth rate, with the flexible packaging and rigid packaging expected to grow annually
at 25 percent and 15 percent, respectively.
The Indian packaging industry constitutes about 4 percent of the
global packaging industry. The per capita packaging consumption in India is quite low at
4.3 kgs, compared to countries like Germany and Taiwan where it is 42 kgs and 19 kgs
respectively. However, organized retail and boom in e-commerce, which offer huge
potential for future growth of retailing, is giving a boost to the packaging sector.
Today, plastics are the material of choice in packaging for the sectors such as FMCG,
food and beverages, pharmaceuticals etc. Globally, plastics comprise of 42 percent
of packaging with the combination of rigid and flexible plastics in packaging. Plastics are
used heavily for packaging due to innovative visual appeal for customer attraction and
convenience. Additionally, they improve the hygiene quotient and shelf-life of the
products especially in food and beverages segment.
OPPORTUNITIES & THREATS
OPPORTUNITIES
Flexible packaging market has been driving the packaging industry to new heights.
Development across consumer and industrial market that uses flexible films,
improvements in manufacturing practices, and continued technological innovations, the
packaging market has been able to grow and evolve thereby shaping the packaging
trends. As a result of the various beneficial features that come with it, right from ease of
handling, storage and convenience to being economic in terms of cost savings, flexible
packaging has certainly paved a strong position for itself, and is seen as a key segment
driving growth of the overall packaging industry world over.
THREATS:
Flexible packaging markets tend to by highly competitive at both the national and
regional levels, often with narrow margin. The global flexible packaging industry
continues to be highly fragmented although a small but growing number of multinational
converters are adopting a global strategy to grow their major brand owner customers
who are expanding their manufacturing footprint in emerging markets in Eastern Europe,
Asia, Africa and Latin America. There is an increasing concern among consumers for
environmentally sustainable packaging solutions that has made R&D towards light
weighting of substrates rather ubiquitous. Converters are confronted with the daunting
task of coming up with solutions that leave lesser waste and thus lower carbon foot print.
The narrative on sustainability now puts a much larger onus on to the packaging
manufacturers to innovate and ensure reduction at source.
Worldwide more and more bio-degradable products are being used and packaging films
are often considered environment unfriendly. Packaging films face significant opposition
from various strata of society and are subject to severe regulatory and statutory frame
although it has been proved beyond reasonable doubt that this type of packaging
requires much less energy during manufacturing, transportation and disposal than its
rigid counterpart.
OUTLOOK
Since the last fifteen years, Kuwer has been a leading name in the complex field of
Holographic Films/ Holographic Paper, Window metallised/ De-metallised films, coated
lacquered films and allied products. At Kuwer we are constantly striving to achieve
higher goals and have been adding new machinery and developing new products/
applications with the aim of meeting the ever-changing needs of the discerning
customer. With a team of dedicated qualified professionals and Total Quality

Management, we are able to deliver the right product to ensure total customer
satisfaction and to maintain and keep on improving the same is company’s current
vision.
REVIEW OF OPERATIONS AND FUTURE PROSPECTS
During the year under review, your Company has generated the profit of Rs.14.75 Lakhs
from operations. Your Directors are strongly believes that in the coming financial year,
your Company will maintain its profitable business and will resort for better financial
results.
RISK AND CONCERN
The risks faced by the Company are categorized into strategic, financial, operational and
compliance risks. In view of the changing business environment, the Company has Risk
Management Policy to protect the abovementioned risk. Some of the risks that may arise
in normal course of business and impact its ability for future developments inter alia
include credit risk, liquidity risk, market risk etc.
Risk is an integral part of business. Risk can be broadly categorized into two broad
categories: one Risk Associated at the Transactional Level and the other Risk Associated
at the Decision Making Level. Risk Associated at operational level can arise out of
operations, financial dealings and / or compliances of legal system. The Company has
appropriate control mechanism and operating effectiveness of Internal Financial Controls
& Legal Compliance System
Your Company has established a framework and process to monitor the exposures to
implement appropriate measures in a timely and effective manner.
INTERNAL CONTROLS AND THEIR ADEQUACY
The Company has a proper and adequate system of internal controls to ensure that all
assets are safeguarded and protected against loss from unauthorized use or disposition,
and to ensure that all transactions are authorised, recorded and reported correctly and
adequately. The Company’s internal controls are supplemented by an extensive
programme of internal audits, review by management and documented policies,
guidelines and procedures. The internal control is designed to ensure that financial &
other records are reliable for preparing financial information and for maintaining
accountability of assets. All financial and audit control systems are also reviewed by the
Audit Committee of the Board of Directors of the company on periodical basis.
HUMAN RESOURCES
Your Company firmly believes that a motivated and empowered employee is the key to
competitive advantage. At present your company has adequate human resources which
is commensurate with the current volume of Business activity and is reviewed by the
management periodically and the company would induct competent personnel on
increase/ expansion of the Business activity. Your Company’s employee value proposition
is based on a strong focus on employee development, an exciting work culture,
performance and empowerment. Processes such as performance improvement, talent
management and competency management are platforms for individual development.

Auditors’ Report
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Kuwer
Industries Limited (CIN:L74899DL1993PLC056627),which comprise the balance sheet
as at 31 March 2016, the statement of profit and loss and the cash flow statement for
the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation
of these standalone financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes 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 frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements
based on our audit. We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and the Rules made there under. We conducted our audit
in accordance with the Standards on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the company’s preparation of
the financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the
accounting estimates made by the Company’s Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.

Opinion
In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid standalone financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March
2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued
by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the Annexure A, a statement on the matters specified in the
paragraph 3 and 4 of the order.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) in our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
c) the balance sheet, the statement of profit and loss and the cash flow statement
dealt with by this Report are in agreement with the books of account;
d) in our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the directors as on 31
March 2016 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2016 from being appointed as a director in terms of
Section 164 (2) of the Act;
f) with respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our
separate report in “Annexure B”; and
g) with respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according to the explanations given to
us:
i. The Company does not have any pending litigations which would impact its
financial position.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. The company has not transferred the amount of “Equity Share Capital Refund
Account” lying in books of accounts for more than seven years into Investor
Education Protection Fund.
FOR PVSP & Co.
Chartered Accountant
(FRN No. 008940N)
Place: New Delhi CA Vinod Ralhan
Date: 28-05-2016 Partner
M. No. 091503

Annexure to the Auditors’ Report
Annexure - A to the Auditors’ Report
The Annexure referred to in Independent Auditors’ Report to the members of the Company
on the standalone financial statements for the year ended 31 March 2016, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets
(b) The Company has a regular programme of physical verification of its fixed assets
by which fixed assets are verified in a phased manner over a period of three
years. In accordance with this programme, certain fixed assets were verified
during the year and no material discrepancies were noticed on such verification.
In our opinion, this periodicity of physical verification is reasonable having regard
to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable
properties are held in the name of the Company.
(ii) As per the information and explanations given to us, the inventories have been physically
verified by the management at reasonable intervals during the year. In our opinion,
discrepancies noticed on physical verification of inventory were not material in relation to
the operations of the Company and the same have been properly dealt with in the books
of account.
(iii) The Company has not granted any loan to bodies corporate, firm or other parties covered
in the register maintained under section 189 of the Companies Act, 2013 (‘the Act’).
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, with
respect to the loans and investments made.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under
section 148(1) of the Act, for any of the activities carried by the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident fund, income-tax,
sales tax, value added tax, duty of customs, service tax, cess and other material
statutory dues have been regularly deposited during the year by the Company with the
appropriate authorities except Tax Collected at Source and Service Tax
Qualifying Remarks:
a) Company has defaulted in collecting and depositing “tax collected at source” i.e TCS
as per Section 206C, on the Sale of Scrap made during the year
b) Company has also defaulted in depositing ‘Service Tax under Reverse charge
Mechanism’ on the Goods Transport Agency services
As explained to us, the Company did not have any dues on account of employees’ state
insurance and duty of excise.
According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, income tax, sales tax, value added tax, duty of
customs, service tax, cess and other material statutory dues were in arrears as at 31
March 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of
duty of customs which have not been deposited with the appropriate authorities on
account of any dispute.
(viii) The Company has not defaulted in repayment of any loans or borrowings from banks, during
the year.
(ix) The Company did not raise any money by way of initial public offer or further public offer
(including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of
the Order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company
or on the Company by its officers or employees has been noticed or reported during the
course of our audit.
(xi) According to the information and explanations give to us and based on our examination of
the records of the Company, the Company has paid/provided for managerial remuneration in
accordance with the requisite approvals mandated by the provisions of section 197 read with
Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company
is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of
the records of the Company, transactions with the related parties are in compliance with
sections 177 and 188 of the Act where applicable and details of such transactions have been
disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of
the records of the Company, the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of
the records of the Company, the Company has not entered into non-cash transactions with
directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not
applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of
India Act 1934.
FOR PVSP & Co.
Chartered Accountant
FRN No. 008940N
Place: New Delhi CA Vinod Ralhan
Date: 28-05-2016 Partner
M No. 091503

Annexure - B to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013
We have audited the internal financial controls over financial reporting of Kuwer Industries
Limited as of 31 March 2016 in conjunction with our audit of the standalone financial
statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India (‘ICAI’). These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance
Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under
section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls and, both issued by
the Institute of Chartered Accountants of India. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an understanding
of internal financial controls over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company’s internal financial controls system over financial
reporting.

Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial control over financial reporting
includes those policies and procedures that:
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the
financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial
controls system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at 31 March 2016, based on the internal control over
financial reporting criteria established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.
For PVSP & Co.
FRN No. 008940N
CA Vinod Ralhan
M.No.091503
Date : 28.05.2016
Place: New Delhi

Kuwer Industries Limited
CIN: L74899DL1993PLC056627
Balance Sheet as at March 31, 2016
(Rs.)
Particulars Note As at March
31, 2016
As at March
31, 2015
I EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital 3 90,760,720 90,760,720
(b) Reserves And Surplus 4 79,129,007 77,654,366
169,889,727 168,415,086
(2) Share Application Money Pending allotment - -
(3) Non-Current Liabilities
(a) Long Term Borrowings 5 1,571,384 1,073,006
(b) Deferred Tax Liabilities (Net) 6 14,216,634 14,177,837
(c) Long-Term Provisions 7 1,648,416 1,557,454
17,436,434 16,808,297
(4) Current Liabilities
(a) Short Term Borrowings 8 37,781,290 26,973,470
(b) Trade Payables 9 19,963,822 16,126,432
(c) Other Current Liabilities 10 6,044,606 6,670,593
(d) Short Term Provisions 11 869,094 1,218,599
64,658,812 50,989,094
TOTAL 251,984,973 236,212,477
II ASSETS
(1) Non-Current Assets
(a) Fixed Assets
Tangible Assets 12 65,608,811 59,732,056
Capital work-in-progress - -
(b) Non-current investment - -
(c) Deferred tax assets (Net) - -
(d) Lomg term loans and advances 13 14,450,272 13,864,349
(e) Other non-current assets - -
(2) Current Assets
(a) Current Investments - -
(b) Inventories 14 62,455,722 66,993,416
(c) Trade recivables 15 80,794,970 58,844,102
(d) Cash and cash equivalents 16 1,797,403 3,202,127
(e) Short-term loans and advances 17 26,787,228 33,355,898
(f) Other current assets 18 90,566 220,530
171,925,889 162,616,072
TOTAL 251,984,973 236,212,477
Summary of significant accounting policies 2
The accompanying notes are the integral part of these financial statements
For and on behalf of the Board of Directors of In terms of our report of even date
attached
Kuwer Industries Ltd. For PVSP & Co.
CHARTERED ACCOUNTANTS
Tarun Aggarwal J.B Aggarwal
(Director) (Director) Vinod Ralhan
(Partner)
Place: New Delhi M.No. 091503
Date: 28.05.2016 FRN: 008940N

Statement of Profit and Loss for the year ended 31 March, 2016
(Rs.)
Particulars Note As at March
31, 2016
As at March
31, 2015
I Revenue From Operations 19 285,326,551 234,491,360
II Other Income 20 20,411,831 19,399,003
III Total Revenue (I+II) 305,738,382 253,890,363
IV Expenses: - -
Cost Of Material Consumed 21 238,213,787 144,799,956
Changes In Inventories Of Finished Goods, 22 (12,874,223) 28,669,269
Work-In-Progress And Stock -In-Trade
Employee Benefits Expenses 23 8,115,958 5,833,999
Finance Costs 24 5,064,173 7,049,427
Depreciation And Amortization Expense 25 9,283,723 8,720,840
Other Expenses 26 55,631,369 57,033,592
Total Expenses 303,434,787 252,107,084
V Profit Before Exceptional And 2,303,595 1,783,279
Extraordinary Items And Tax (III-IV)
VI Exceptional Items - -
VII. Profit Before 2,303,595 1,783,279
Extraordinary Items And Tax (V-VI)
VIII Extraordinary Items 78,937 -
IX Profit Before Tax (VII-VIII) 2,382,532 1,783,279
X Tax Expense
Current Tax 869,094 1,218,599
Earliar Years Tax - -
Deferred Tax 38,797 (554,792)
XI. Profit(Loss) For The Period From 1,474,641 1,119,472
Continuing Operations (VII-VIII)
XII. Profit(Loss) From Discontinuing Operations - -
XIII. Tax Expense Of Discontinuing Operations - -
XIV. Profit(Loss) From Discontinuing Operations - -
(after tax) (XII-XIII)
XV. Profit (Loss) For The Period (XI+XIV) 1,474,641 1,119,472
XVI. Earning per equity share:
Basic 0.17 0.12
Diluted 0.17 0.12
Summary of significant accounting policies 2
The accompanying notes are the integral part of these financial statements
For and on behalf of the Board of Directors of
Kuwer Industries Ltd.
In terms of our report of even date
attached
For PVSP & Co.
Tarun Aggarwal J.B Aggarwal Vinod Ralhan
(Director) (Director) (Partner)
Place: New Delhi M.No. 091503
Date: 28.05.2016 FRN: 008940N

Cash Flow Statement as on 31 March, 2016
All figures are in Rupees(INR)
Particulars For the year ended
March 31, 2016
For the year ended
March 31, 2015
Cash Flow from Operating Activities
Net Profit after tax before extra ordinary item 2,303,595 1,783,279
Adjustment for
Depreciation 9,283,723 8,720,840
Provision for Gratuity 90,962 67,352
Taxes Paid for earlier years - -
Interest Paid 4,744,965 7,049,427
Operative loss before working capital changes 16,423,245 17,620,899
Adjustment for : Increase in Trade & Other Receivable (21,950,868) 4,750,797
Decrease in Inventory 4,537,694 25,069,077
Decrease in Prepaid Expenses 129,965 (31,760)
Decrease in Short term Loans & Advances 6,568,670 38,131,577
Increase in Short Term Borrowings 10,807,820 (32,935,026)
Decrease in Other Current Liabilities (625,987) (800,418)
Increase in Trade Payable & Provisions 3,837,390 (9,972,602)
Cash Generated from Operation 19,727,928 41,832,542
Interest Paid (4,744,965) (7,049,427)
Cash Flow Before Extraordinary Item 14,982,963 34,783,115
Extraordinary Item / Misc.Exp. - -
Cash Flow from Operating Activities Before Tax 14,982,963 34,783,115
Taxes Paid 1,218,599 1,353,635
Net Cash Flow / (used) from Operating Activities 13,764,364 33,429,480
Cash Flow from investing Activities
Less: Purchase of fixed Assets 15,291,541 13,029,801
Add: Sales of Fixed Assets 210,000 -
Net Cash from Investing Activities A (1,317,177) 20,399,679
Cash Flow from Financing Activities
Proceeds from Long Term Borrowing 498,377 (19,933,333)
Proceeds from Share Application Money - (87,584,000)
Proceeds from Share Capital - 39,810,720
Proceeds from Security Premium - 47,773,280
Proceeds from Loans and Advances (585,923) (3,661,464)
B (87,546) (23,594,797)
Net increase in Cash and Cash Equivalents A+B (1,404,723) (3,195,116)
Cash & Cash Equivalents as at 31 March, 2015 B 3,202,127 6,397,243
Cash & Cash Equivalents as at 31 March, 2016 A 1,797,403 3,202,127
For & On Behalf of the Board
J.B. Aggarwal
(Director)
DIN: 00315184
AUDITOR'S CERTIFICATE
We have verify the above cash flow statement of Kuwer Industries Ltd. derived from the Audited Financial
Statement the period ended 31 March, 2016 and found the same to be drawn inaccordance there with and
also with the requirement of clause 32 of the Agreement with the Stock Exchange.
For PVSP & Co.
Place: New Delhi Vinod Ralhan
Date: 28.05.2016 (Partner)

KUWER INDUSTRIES LTD.
CIN:L74899DL1993PLC056627
NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended March 31, 2016
1 Corporate information
Kuwer Industries Ltd. is engaged in Metalizing & Embossing of Polyster and BOPP films.
The company has been incorporated in the year 1993. The company’s registered office is
in Delhi.
2 Significant accounting policies.
The accounts of the company are prepared under the historical cost convention and in
accordance with applicable accounting standards and relevant disclosure requirement of
the companies Act 2013, as adopted consistently by the company.
2.1 Revenue Recognition:
Mercantile system of accountings is followed.
2.2 Foreign Currency Transaction
Transaction in Foreign Currency is recorded at the rates prevailing at the time of the
transaction. (ii) Any income and expenses on account of exchange difference either on
settlement or transaction is recognized in the profit or loss account except in cases where
they are adjusted to the carrying cost of such assets.
2.3 Inventory Valuation
The valuation of inventory has been done as per method of valuation prescribed under
section 145A of the income Tax Act 1961.Stock of Raw material is stated at cost. Finished
goods and Scrap are valued at cost or realizable value whichever is lower.
2.4 Fixed Assets & Depreciation
(i)'Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All cost
including financing cost till commencement of commercial production, net charges on
foreign exchange contracts and adjustment arising from exchange rate variations relating
to borrowings attributable to the fixed assets are capitalized.
(ii) Depreciation on Fixed Assets is provided in accordance with the rates as specified in
Part C of Schedule II of the companies Act, 2013, on straight line method (SLM) on pro
rata basis
2.5 Insurance/Claims
The Company covers all the risk on the basis of cost for the fixed assets and inventories.
The premium pertaining to the year is charged against the revenue of the year. The
insurance claims lodged by the company will be adjusted as and when the final amount will
be received by the company from the insurance companies.
2.6 Sales
Sales are stated net of returns, sales tax and excise duty.

Notes to the financial statement for the year ended March 31, 2016
Note 3: Share Capital
Particulars 31.03.2016 31.03.2015
Number of
shares
Rs. Number of
shares
Rs.
Authorized Share Capital
(Equity Shares of Rs. 10 each) 15,000,000 150,000,000 15,000,000 150,000,000
Issued, Subscribed and fully paid up
(Equity Shares of Rs. 10 each) 5,095,000 50,950,000 5,095,000 50,950,000
Reconciliation of the number of shares
Particulars As at 31 March, 2016 As at 31 March, 2015
Number of
shares
Rs. Number of
shares
Rs.
Balance at the beginning of the year
9,076,072 90,760,720 5,095,000 50,950,000
Add: Issued/Allotted - - 3,981,072 39,810,720
Less: Forfeiture Shares - - - -
Balance at the end of the year 9,076,072 90,760,720 9,076,072 90,760,720
Details of Equity Shares held by each shareholder holding more than 5% shares:
Class of shares / Name of
shareholder
As at 31 March, 2016 As at 31 March, 2015
Number of
shares
held
% holding in
that class of
shares
Number of
shares held
% holding
in that class
of shares
Tarun Agrawal 1,936,826 21.34 1,936,826 21.34
Usha agrawal 977,119 10.77 977,119 10.77
Kuwer Packaging Pvt. Ltd. 1,219,300 13.43 1,219,300 13.43
Jai Bhagwan Agarwal 523,369 5.77 523,369 5.77
Note 4: Reserve & Surplus
Particulars 31.03.2016 31.03.2015
Surplus:
Add: Additions During The Year 1,474,641 1,119,472
(Balance as per statement of profit & loss)
Less: Adjusted Depreciation - 14,718,515
31,355,727 29,881,086
Add: Share Premium 47,773,280 47,773,280
Total 79,129,007 77,654,366

Note 5: Long Term Borrowings
Particulars 31.03.2016 31.03.2015
Secured Long Term Borrowings
From Banks:
HDFC Bank (NEO FLUIDIC Elantra Loan) 509,673 -
From Others :
Volkswagen Finance Pvt. Ltd. (Audi Car Loan) - 272,322
Karnataka Bank (Innova Car Loan) 221,344 530,684
Kotak Mahindra Bank (Eicher Loan) 570,367 -
1,301,384 803,006
Unsecured Long Term Borrowings:
Loans From Directors 270,000 270,000
270,000 270,000
Total 1,571,384 1,073,006
Note 6: Deferred Tax Liability/(Asset)
Particulars 31.03.2016 31.03.2015
Balance at the beginning of the year 14,177,837 14,732,629
Add: Current Year 38,797 (554,792)
Balance at the end of the year 14,216,634 14,177,837
Note 7: Long-Term Provisions
Particulars 31.03.2016 31.03.2015
Provision for Gratuity
Balance at the beginning of the year 1,557,454 1,490,102
Add: Current Year provision 90,962 67,352
Balance at the end of the year 1,648,416 1,557,454
Note 8: Short-Term Borrowings
Particulars 31.03.2016 31.03.2015
Current Maturities of Long Term Borrowings
HDFC Bank (NEO FLUIDIC Elantra Loan) 392,116 96,735
Volkswagen Finance Pvt. Ltd. (Audi Car Loan) 272,322 437,908
Kotak Mahindra Bank (Eicher Loan) 269,065 -
Karnataka Bank (Innova Car Loan) 309,340 280,020
Secured Loan from Banks
State Bank Of Bikaner And Jaipur
Working Capital Loan 36,326,044 26,158,807
37,568,887 26,973,470
Bank Overdraft
SBBJ-482 212,403 -
Total 37,781,290 26,973,470

Note 9: Trade Payables
Particulars 31.03.2016 31.03.2015
Sundry Creditors 19,431,668 12,329,291
Advances from Customers 532,154 3,797,141
Total 19,963,822 16,126,432
Note 10: Other Current Liabilities
Particulars 31.03.2016 31.03.2015
Statutory Liabilities
Sales Tax Payable Earlier Years 693,765
TDS Payable 53,908 39,054
Provident Fund Payable 96,813 -
ESIC Payable 22,534 66,231
Excise & Service Tax Payable - 200,699
Entry Tax Payable 3,391
Other Liabilities
Income Tax Liability (Preceding Years) 2,862,157 2,819,127
Equity Share Capital Refund A/C 18,900 18,900
Other Payables 2,293,137 1,832,359
Total 6,044,606 6,670,593
Note 11: Short-Term Provisions
Particulars 31.03.2016 31.03.2015
Provision For Tax 869,094 1,218,599
Total 869,094 1,218,599

Note 12: Fixed Assets
Tangible
assets
Gross Block Depreciation Net Block
Balance as
at
01 April,
2015
Additions Disposal Balance as
at
31 March,
2016
Balance as at
01 April,
2015
Depreciati
on for the
year
Adjustmen
t during
the year
Balance as
at
31 March,
2016
As on 31
March, 2016
As on 31
March,
2015
Land
1,210,654 - - 1,210,654 - - - - 1,210,654 1,210,654
Buildings
9,918,337 - - 9,918,337 4,249,925 287,778 - 4,537,703 5,380,634 5,668,412
Plant and
Equipments
167,855,129 12,442,340 - 180,297,469 121,038,442 7,766,396 - 128,804,838 51,492,631 46,816,687
Furniture
and Fixtures
308,522 - 308,522 308,522 - - 308,522 - -
Vehicles
13,193,473 2,703,672 2,621,265 13,275,880 7,624,846 1,122,024 2,490,202 6,256,668 7,019,212 5,568,627
Office
equipments 3,106,013 128,923 - 3,234,936 2,706,915 69,947 - 2,776,862 458,074 399,098
244707 16,606 - 261,313 176,129 37,578 - 213,707 47,606 68,578
195,836,835 15,291,541 2,621,265 208,507,111 136,104,779 9,283,723 2,490,202 142,898,300 65,608,811
59,732,05
5
Previous Year 182,807,034 13,029,801 - 195,836,835 112,665,424 8,720,840 14,718,515 136,104,779 59,732,055 70,141,613

Note 13: Long Term Loans and Advances
Particulars 31.03.2016 31.03.2015
Security Deposits
(unsecured considered good unless
otherwise stated)
Security Deposits
For Electricity 752,000 752,000
For Telephone 57,340 57,340
Security Deposit Others 146,691 146,691
Deposit with Authorities
Excise Duty Deposit 5,914,892 5,409,892
Deposit With Commercial Tax Deptt. - 123,120
CST Demand (2006-07) - 283,023
Sales Tax Demand (2008-09) 172,606 172,606
Sales Tax Demand 3,713,464 3,661,464
Local Sales Tax Demand (06-07) - 159,449
Sales Tax Demand (Against F.Y 2010-11) 1,152,996 1,152,996
Deposits Others
Tender Money 103,000 145,000
Advance Rent 100,000 100,000
Paschmanchal Viduyat Vitaran - 134,844
Security To APL India P. Ltd. 10,432 10,432
Security Deposit with IGL 771,359 -
12,894,781 12,308,857
Unsecured
Elite Appliances Ltd. 1,555,492 1,555,492
Total 14,450,272 13,864,349
Note 14: Inventories:
Particulars 31.03.2016 31.03.2015
(As Taken, Valued & Certified By The Management)
Raw Material 11,048,578 13,986,374
Work In Progress 39,090,578 28,793,112
Finished Goods 6,196,980 3,532,058
Stores, Spares & Loose Tools 6,107,352 20,581,474
Scrap 12,235 100,399
Total 62,455,722 66,993,417

Note 15: Trade Receivables:
Particulars 31.03.2016 31.03.2015
(Unsecured considered good unless
otherwise stated)
Debts outstanding for a period exceeding six 19,741,931 34,707,635
months from the date they are due for payment
Other Debts 61,053,039 24,136,467
Total 80,794,970 58,844,102
Note 16: Cash & Cash Equivalents
Particulars 31.03.2016 31.03.2015
Balance With Banks
In Fixed Deposits
#Earmarked Balances With Banks 587,411 587,411
#Held as margin money against borrowings, 62,937 62,937
and other commitments.
#Share Application Money Refund A/c 23,264 23,264
#Against Bank Guarantee 100,000 -
In Current Accounts:
HDFC Bank 10,160 696,245
Karnataka Bank 159,166 1,417,745
SBBJ - 39,556
942,938 2,827,158
Cash In Hand 854,465 280,968
Cash With Excise Department 94,000
854,465 374,968
Total 1,797,403 3,202,127
Note 17: Short Term Loans & Advances:
Particulars 31.03.2016 31.03.2015
(Unsecured considered good unless
otherwise stated)
Advances recoverable in cash or in kind
( for the value to te received)
Advance To Suppliers 8,345,078 15,793,979
Deposit In Excise Department 42,000 500,000
Sales Tax - 34,889
TDS Recivable 743,404 767,778
Input VAT on Capital Goods 299,554
Input VAT
835,503
-
Excise Duty (Input Credit) 624,357
Interest Receivable 224,381 133,707
Advances against purchase of property 12,938,829 12,938,829
Jaideep Ispat & Alloys - 52,594
Capital Securities (P) Ltd 2,500,000 2,500,000
Developed Technologies 234,122 234,122
Total 26,787,228 33,355,898

Note 18: Other Current Assets:
Particulars 31.03.2016 31.03.2015
Prepaid Expenses 90,566 220,530
Total
90,566 220,530
Note 19: Revenue from operations
Particulars 31.03.2016 31.03.2015
Sale Of Products 320,769,423 262,735,077
Other Operating Revenues 311,609 336,802
321,081,032 263,071,879
Less: Excise Duty 35,754,481 28,580,519
Total 285,326,551 234,491,360
Note 20: Other Income
Particulars 31.03.2016 31.03.2015
Other Income
Interest Income 90,674 556,916
Processing Charge Received 19,986,132 17,238,188
Art Work, Designing & Development - 65,500
Other Non-Operating Income 335,025 1,538,399
Total 20,411,831 19,399,003
Note 21: Cost of Material Consumed
Particulars 31.03.2016 31.03.2015
Opening Stock 13,986,374 11,338,542
Add: Purchases during the year 235,275,991 147,447,788
Less: Inventory at the year end 11,048,578 13,986,374
Total 238,213,787 144,799,956
Note 22: Change in Inventories
Particulars 31.03.2016 31.03.2015
At The End Of The Accounting Period 6,196,980 3,532,058
(2,664,922) 3,528,939
Work-In-Progress
At The End Of The Accounting Period 39,090,578 28,793,112
(10,297,466) 25,138,502
Scrap
At The Beginning Of The Accounting Period 100,399 102,226
At The End Of The Accounting Period 12,235 100,399
88,165 1,827
Total (12,874,223) 28,669,268

Note 23: Employee Benefit Expense
Particulars 31.03.2016 31.03.2015
Factory Salary And Wages 3,577,877 2,264,400
Office Staff Salary 2,137,431 1,650,356
Director's Remuneration 1,080,000 1,080,000
Contribution To Provident And Other Funds -
Contribution To Provident Fund 490,933 349,552
Contribution To ESIC 201,395 141,239
Workers And Staff Welfare 203,548 53,620
Bonus 333,812 227,480
Gratutiy 90,962 67,352
Total 8,115,958 5,833,999
Note 24: Finance Cost
Particulars 31.03.2016 31.03.2015
Interest Expense
Interest To Bank 4,517,870 4,976,319
Interest On Term Loan (Others) - 527,134
Interest To Bank On Vehicle Loan 227,095 147,981
Bank & Other Processing Charges 319,208 1,397,994
5,064,173 7,049,427
Note 25: Depreciation and Amortization Expense
Particulars 31.03.2016 31.03.2015
Depreciation 9,283,723 8,720,840
Preliminary & Preoperative Exp Written Off
9,283,723 8,720,840
Note 26: Other Expenses
Particulars 31.03.2016 31.03.2015
Manufacturing Expense :
Consumption Of Stores And Spare Parts
Opening Stock 20,581,474 19,629,114
Add:Purchases 416,211 30,125,389
Total 20,997,685 49,754,503
Less:Closing Stock 6,107,352 20,581,474
14,890,333 29,173,029
Other Manufacturing Expenses
Freight Inward 359,757 267,080
Power & Fuel 28,159,008 19,240,165
Pollution Exp. - 47,815
Repair To Machinery 3,720,508 1,840,748
Art Work & Designing Charges - 97,114
32,239,273 21,492,922
Administrative Expense:
Advertisement Expenses 67,781 257,292
Travelling And Conveyance 67,307 44,460
Printing And Stationery 84,111 52,555
Freight And Forwarding 11,508 35,500
Sales Commission 909,000 666,672
Donation 1,100 158,350
Packing Expense 18,047 20,300
Rebate And Discount 21,095 19,188
Legal And Professional 622,391 591,402
Audit Fees 90,000 90,000

Office expenses 288,457
Rent 600,000 1,086,525
Repair To Buildings 3,365 297,326
Repair & Maintenance (General) 613,372 447,215
Insurance Expences 755,958 256,996
Postage & Stamp/Courier Charges 17,032 132,908
Telephone Expenses 225,039 226,371
Vehcle Running & Maintainance 194,093 185,324
Watch & Ward Exp 596,107 384,649
Membership & Subciption 214,718 336,762
Custom duty Paid 23,375
Administration Exp On PF 36,280 30,914
SBC (Swachh Bharat Cess) Paid 500 -
Entry Tax Paid for FY 12-13 81,684 -
Entry Tax Paid 370,611
Interest Paid On Statutory Dues 227,410 155,134
Penalty on Sales Tax Demand 353,283 -
Lease Rent Paid 1,100,625 -
Balances Written Off 109,569 -
Miscellaneous Expenses 797,945 891,798
Total 8,501,763 6,367,641
Grand Total 55,631,369 57,033,592
NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended March
31, 2016
27) Previous year figures :
The previous year’s figures have been reworked, regrouped, rearranged and reclassified
wherever considered necessary to make their classification comparable with that of the
current year.
28) Secured Loans:
i) Working Capital loan from State Bank of Bikaner and Jaipur is secured against all current
& fixed assets.
ii) The Vehicle loans are secured by way of hypothecation of vehicles.
29) Provision of Income Tax:
Provision of Rs. 8,69,094 on account of Income Tax has been made for the year.
30) Related Party Disclosures as prescribed by Accounting Standard 18 of issued by the Institute
of Chartered Accountant of India. Detail are as under
Name Nature of relationship Nature of transaction Amount
(Rs.)
Ellora Mechanical
Products Pvt Ltd.
Under the Control of
same Management
Payment of Rent 6,00,000
J.B. Aggarwal Director Payment of Remuneration 6,00,000
Tarun Aggarwal Director Payment of Remuneration 4,80,000
31) In the opinion of the Board the Current Assets, loans & Advances have a value on
realization in the ordinary course of business at least equal to the amount at which they
have been stated in the balance sheet.

32) Auditors Remuneration
Auditor’s Remuneration Year Ended
March 31, 2016
Year Ended
March 31, 2016
Statutory Audit Fee 72,000 72,000
For Tax Audit Fees & Other Services 18,000 18,000
Out of Pocket Expenses NIL NIL
Total 90,000 90,000
33) Balances in accounts whether in debtors, creditors, and loans & advances are subject to
verification and confirmations.
34) Contingent Liabilities:
(a) The company bankers has issued bank guarantee of Rs. 5.88 lacs for EPCG license
margin held by the bank Rs 5.88 lacs. During the year company has issued Bank
guarantee of Rs. 1 lac in favour of UP Pollution Control Board against the Fixed Deposit
of Rs. 1 lac with bank.
(b) Demand raised by Excise department and disputed by the company:
Details are as under:
Demands of Rs. 114 lacs for the year 2007-08 and Rs. 111 lacs for the year 2011-12
have been raised by the excise department and the same are pending as on the year
end. However the amount of Rs.40 lacs has been deposited by the company to Excise
department for getting stay and also furnished security of company’s machinery worth
Rs 111 lacs.
(c) Demand raised by Income Tax Authorities and disputed by the company:
Details are as under:
Demand of Rs. 43,71,630 has been raised by the Income Tax Authorities for the AY
2011-12 and the same is pending as on the year end. However the company has filled
the appeal with The Commissioner of Income Tax (Appeals) and is pending as on the
date of balance sheet.
(d) Demand raised by Commercial Tax Authorities, Uttar Pradesh:
During the Financial Year 2015-16 Commercial Tax Authorities, Uttar Pradesh assessed
demand for FY 2008-09 to FY 2012-13 under VAT, Central Sales Tax and Entry Tax. In
some cases assessed tax by authorities is higher than the tax accepted by the
company, against which company has filed the appeal in the court of Ad. Commissioner
(Appeals) Commercial Tax, Noida
Details of them are follows
Year Act under which
appeal relates
Amount of Disputed
Tax As Per
Appeal Filed (Rs.)
2008-09 Value Added Tax 3,45,058
2008-09 Central Sales Tax 2,28,096
2009-10 Central Sales Tax 72,027
2010-11 Value Added Tax 16,48,923
2011-12 Entry Tax 8,77,990

35) Provision for Gratuity :
Provisions of Rs.90,962 has been made on account of Gratuity for the year.
36) A. Information in respect of capacity and class goods
Class of goods : Metallized Polyster & BOPP Films
Metallized Embossed Polyester & BOPP
B. Information in respect of Production, Sales, Stock,
Item Production Sales/Consumption Opening Stock Closing Stock
Qty Value Qty Value
Metallised /
Embossed 18,34,614.80 19,01,613.30 92,764.98 20,52,966 25,766.52 45,19,663.10
Plastic Film (In Kg)
Met Paper (In Kg) 2,76,137.51 2,72,245.04 9,181.2 11,01,744 13,073.67 13,07,367.00
Holograme Sticker 32,231.00 28,099.00 12,610 25,472 16,742.00 33,818.84
(In Sheet)
Holographic Tap 6,29,619.99 6,86,350.00 62,053.01 19,848.9 5,323.00 58,446.54
(In Meter)
Coated Polyester
Film 742.00 - 1,028 1,52,144 1,770.00 2,62,951.20
(In Kg)
Hologram (In No.) 45,51,383.00 49,90,330.00 5,12,612 1,78,619 73,665.00 14,733.00
Scrap (In Kg) 72,119.40 73,149.00 2,858.5 1,00,399 1,045.90 12,234.50
C. Information in respect of Raw Material Consumed.
For KUWER INDUSTRIES LTD.
As per our Report of even date attached
For and on behalf of
PVSP & Co.
TARUN AGGARWAL J.B.AGGARWAL VINOD RALHAN
(DIRECTOR) (DIRECTOR) (PARTNER)
M.No:091503
FRN: 08940N
Date: 28.05.2016
Place: New Delhi
Particulars For the year ended 31 March,
2016
For the year ended 31 March,
2015
Qty. (Kg.) Value (Rs.) Qty. (Kg.) Value (Rs.)
Polyester Film & BOPP Film
3,06,513.58 3,00,38,330.84
10,57,022.00 13,10,70,740.00
Paper
15,22,947.72 20,51,86,746.32
1,26,191.90 1,16,09,654.80
Aluminum Wire
17,006.00 29,88,709.85
12,035.00 21,19,561.17

FORM NO. MGT-11
PROXY FORM
Regd. Office: D-1004, Ist Floor, New Friends Colony, New Delhi-110065
Tel: 0120-2580 088, Email: info@kuwer.com Website: www.kuwer.com
CIN: L74899DL1993PLC056627
I/We________________________________________________R/o_____________________________
_______________________________________________________Being a Member/ Members of Kuwer
Industries Limited, hereby appoint Mr. / Mrs.
___________________________________________________________________________
R/O___________________________________________________________________Failing him /her
Mr./Mrs.__________________________________________________R/o________________________
____________________________________________________________________________________
as my/ our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 23rd
Annual
General Meeting of the members of the Company, to be held on Friday, 30.09.2016 at 10:00 A.M at 339,
Kishan Garh, Vasant Kunj New Delhi-110070and at any adjournment thereof in respect of such
resolutions as attached / appended below.
Signed on this _____ Day of ______, 2016
Signature
Address
Folio No. Affix Revenue Stamp
No. of Equity Shares held of 1/- Rupee
Notes:
1. Any Member entitled to attend and vote at the Meeting is entitled to attend and either vote in
person or by Proxy and the proxy need not be a Member.
2. Proxy form duly signed across Revenue Stamp of Re. 1.00 should reach the Company’s Registered
Office not less than 48 hours before the time for holding the aforesaid meeting. The Proxy need not
be a Member of the Company.
S. No. RESOLUTIONS Optional*
FOR AGAINST
Ordinary Business
1. To receive, consider & adopt the Audited Balance Sheet as on
31.03.2016 and Profit & Loss for the year ended 31.03.2016
along with the Reports of Auditors & Directors, annexures &
enclosures, thereon
2. To re-appoint Mr. J.B. Agarwal as the director who retires by
rotation and being eligible offers himself for Re-appointment.
3. To ratify the appoint M/s. PVSP & Co., Chartered
Accountants, FRN – 08940N as the Statutory Auditors of the
Company.
SPECIAL BUSINESS
4. To approve Alteration In Articles of Association of Company
Signed this....................... day of ............................... 2016
Signature of Shareholder..................................................
Address :
Folio No. :
No. of Equity Shares held :
Notes:
1. This form of proxy in order to be effective should be duly completed and deposited at the
Registered Office of the Company, not less than 48 hours before the commencement of
the meeting.
2. For the Resolutions, Explanatory Statements and Notes, please refer to the Notice of 21ST
Annual
General Meeting.
3. *It is optional to put ‘√’ in the appropriate column against the Resolutions indicated in the Box. If
you leave the “FOR” or “AGAINST” columns BLANK in all or any of resolutions, your Proxy will be
entitled to vote in the manner as he / she thinks appropriate.
4. Please complete all details including details of member(s) in the above box before submission.
Affix
Revenue
Stamp of not
less that Rs.
0.15

ATTENDENCE SLIP
Regd. Office: D-1004, Ist Floor, New Friends Colony, New Delhi-110065
Tel: 0120-2580 088, Email: info@kuwer.com Website: www.kuwer.com
CIN: L74899DL1993PLC056627
23rd
ANNUAL GENERAL MEETING
Friday, 30th
September, 2016, at 10.00 A.M.
Members are requested to bring copy of Annual Report along with them to the Annual General
Meeting. Please complete this Attendance Slip and hand-over at the Entrance of Hall. Only
Members or their Proxies are entitled to be present at the Meeting.
Name of the Shareholder :
Ledger Folio No. :
Address :
No. of Shares held :
Name of the Proxy :
I/ We hereby record my/ our presence at the Annual general Meeting of the Company held on
Friday, 30th
September, 2016.
Dated: Member’s / Proxy’s Signature
Place:

Ifundelivered,pleasereturnto:
SkylineFinancialServicesPvt.Ltd.
D-153A,OkhlaindustrialArea,Phase-I,
NewDelhi110020

Annual Report (FY-2015-16) of Kuwer Industries Ltd.

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Annual Report (FY-2015-16) of Kuwer Industries Ltd.