| UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER 2009 |
| |
(Rs. in Lacs) |
|
Particulars |
3 months ended |
Corresponding 3 months ended |
9 months ended |
Corresponding 9 months ended |
Prev. accounting year ended |
|
|
31/12/09
Unaudited |
31/12/08
Unaudited |
31/12/09
Unaudited |
31/12/08
Unaudited |
31/03/09
Unaudited |
| 1 |
a. Net Sales / Income from operation |
12866.89 |
12551.46 |
39887.29 |
40993.61 |
51003.75 |
| |
b. Other operating income |
316.44 |
183.66 |
855.78 |
704.64 |
2296.43 |
| |
Total income from operation |
13183.33 |
12735.12 |
40743.07 |
41698.25 |
53300.18 |
| 2 |
Expenditure |
|
|
|
|
|
| a |
(Increase)/Decrease in Stock in Trade & work in progress |
(1130.00) |
(872.53) |
5352.52 |
(1594.65) |
(8992.80) |
| b |
Consumption of Raw Materials |
4009.03 |
1393.78 |
8823.18 |
8511.08 |
10473.21 |
| c |
Purchase of traded goods |
6682.29 |
9845.11 |
15290.04 |
19809.84 |
34673.16 |
| d |
Employees Cost |
246.44 |
166.42 |
560.15 |
475.26 |
719.62 |
| e |
Depreciation |
364.36 |
411.32 |
1084.24 |
1231.05 |
1647.56 |
| f |
Manufacturing expenses |
1150.50 |
377.61 |
3089.41 |
3729.62 |
4297.24 |
| g |
Administrative expenses |
368.56 |
182.41 |
1357.80 |
1019.46 |
1227.88 |
| h |
Selling expenses |
780.72 |
572.21 |
2476.65 |
2632.26 |
3399.99 |
| i |
Loss / Gain on forward contracts |
(10.61) |
(26.69) |
96.10 |
748.54 |
1679.51 |
| |
Total Expenditure |
12461.29 |
12049.64 |
38130.09 |
36562.46 |
49125.37 |
| 3 |
Profit operations before other income, interest & exceptional items (1-2) |
722.04 |
685.48 |
2612.98 |
5135.79 |
4174.81 |
| 4 |
Other income |
35.59 |
22.59 |
115.19 |
76.69 |
152.00 |
| 5 |
Profit before interest & exceptional items (3+4) |
757.63 |
708.07 |
2728.17 |
5212.48 |
4326.81 |
| 6 |
Interest |
715.06 |
683.40 |
1818.46 |
1808.48 |
2414.99 |
| 7 |
Profit after interest but before exceptional items (5-6) |
42.57 |
24.67 |
909.71 |
3404.00 |
1911.82 |
| 8 |
Exceptional items |
20.00 |
110.00 |
160.00 |
320.00 |
(9.23) |
| 9 |
Profit (+) / Loss (-) from ordinary activities before tax (7+8) |
22.57 |
(85.33) |
749.71 |
3084.00 |
1921.05 |
| 10 |
Tax expense |
20.00 |
110.00 |
160.00 |
320.00 |
(9.23) |
| 11 |
Net profit(+)/Loss(-) from ordinary activities after tax (9-10) |
22.57 |
(85.33) |
749.71 |
3084.00 |
1921.05 |
| 12 |
Extraordinary Items (net of tax expense) |
- |
- |
- |
- |
- |
| 13 |
Net Profit (+) / Loss (-) for the period (11-12) |
22.57 |
(85.33) |
749.71 |
3084.00 |
1921.05 |
| 14 |
Paid up equity share capital (Face value of each share - Rs2/-) |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
| 15 |
Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year to be given in col.5) |
- |
- |
- |
- |
37548.55 |
| 16 |
Earnings Per Share (EPS)
(a) Basic and diluted EPS before extraordinary items for the period to date and for the previous year ( not to be annualised ) |
0.03 |
(0.11) |
0.95 |
3.91 |
2.43 |
| |
(b) Basic and diluted EPS after extraordinary items for the period to date and for the previous year ( not to be annualised ) |
0.03 |
(0.11) |
0.95 |
3.91 |
2.43 |
| 17 |
Public Shareholding |
|
|
|
|
|
| |
a) No. of Shares |
41531670 |
41531970 |
41531670 |
41531670 |
41531670 |
| |
b) Percentage of shareholding |
52.60 |
52.60 |
52.60 |
52.60 |
52.60 |
| 18 |
Promoters and Promoter group shareholding |
|
|
|
|
|
| |
a) Pledged / encumbered |
|
|
|
|
|
| |
- Number of shares |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
b) Non-encumbered |
|
|
|
|
|
| |
- Number of shares |
37420950 |
37420950 |
37420950 |
37420950 |
37420950 |
| |
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
100 |
100 |
| |
- Percentage of shares (as a % of the total share capital of the company) |
47.40 |
47.40 |
47.40 |
47.40 |
47.40 |
| NOTES: |
| 1. |
The operations of the company relate only to one primary segment viz. Textiles |
| 2. |
There were no complaints from investors outstanding at the beginning of the quarter and no complaints were received from the shareholders during the quarter. |
| 3. |
The above financial results are subject to the "Limited Review" by the Statutory Auditors of the Company. |
| 4 |
The above mentioned financial results were approved by the Audit Committee and taken on record by the Board of Directors at its meeting held on 29th day of January 2010. |
| 5 |
As per Accounting standard AS 30 " Financial Instruments recognition and measurements" issued by the Institute of Chartered Accountants of India, Gain on Forward Contracts for the quarter represent gain on forward contracts in foreign currencies which matured during the current quarter. The mark to market gain on contracts outstanding as on 31st December 2009 is not significant. |
| 6 |
Previous period / year's figures have been regrouped / rearranged wherever necessary to conform to current period presentation. |
| |
Place: Kolkata
Date: 29.01.2010 |
For Eastern Silk Industries Ltd.
S.S.Shah
CHAIRMAN & MANAGING DIRECTOR |

| UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER, 2009 |
| |
|
Rs. in Lacs |
Rs. in Lacs |
|
Particulars |
3 months ended |
Corresponding 3 months ended |
6 months ended |
Corresponding 6 months ended |
Previous accounting year ended |
|
|
30/09/09
Unaudited |
30/09/08
Unaudited |
30/09/09
Unaudited |
30/09/08
Unaudited |
31/03/09
Audited |
| 1 |
a. Net Sales / Income from Operation |
11842.20 |
15449.05 |
27020.40 |
28442.15 |
51003.75 |
| |
b. Other operating Income |
146.60 |
316.21 |
539.34 |
520.98 |
2296.43 |
| |
c. Total (a+b) |
11988.80 |
15765.26 |
27559.74 |
28963.13 |
53300.18 |
| 2 |
Expenditure |
|
|
|
| |
a) (Increase)/Decrease in Stock in Trade and Work In Progress |
438.58 |
726.76 |
6482.52 |
(722.12) |
(8992.80) |
| |
b) Consumption of Raw materials |
2734.53 |
3,188.05 |
4814.15 |
7117.30 |
10473.21 |
| |
c) Purchase of traded goods |
4817.62 |
4736.50 |
8607.75 |
9964.73 |
34673.16 |
| |
d) Employees Cost |
169.67 |
165.04 |
313.71 |
308.84 |
717.43 |
| |
e) Depreciation |
360.09 |
414.32 |
719.88 |
819.73 |
1647.56 |
| |
f) Manufacturing Expenses |
1452.59 |
2350.12 |
1938.91 |
3352.01 |
4297.24 |
| |
g) Administrative Expenses |
365.57 |
321.86 |
989.24 |
837.05 |
1227.88 |
| |
h) Selling Expenses |
767.51 |
1028.79 |
1695.93 |
2060.05 |
3399.99 |
| |
i) Loss/(Gain) on Forward Contacts |
31.78 |
1017.35 |
106.71 |
775.23 |
1679.51 |
| |
Total Expenditure(a to i) |
11137.94 |
13948.79 |
25668.80 |
24512.82 |
49123.18 |
| 3 |
Profit from operations before other income & interest (1-2) |
850.86 |
1816.47 |
1890.94 |
4450.31 |
4177.00 |
| 4 |
Other Income |
41.08 |
27.73 |
79.60 |
54.10 |
152.00 |
| 5 |
Profit before interest & exceptional items (3+4) |
891.94 |
1844.20 |
1970.54 |
4504.41 |
4329.00 |
| 6 |
Interest |
547.35 |
621.35 |
1103.40 |
1125.08 |
2414.99 |
| 7 |
Profit after interest but before exceptional items (5-6) |
344.59 |
1222.85 |
867.14 |
3379.33 |
1914.01 |
| 8 |
Exceptional Items |
- |
- |
- |
- |
- |
| 9 |
Profit (+) / Loss (-) from Ordinary Activities before Tax (7-8) |
344.59 |
1222.85 |
867.14 |
3379.33 |
1914.01 |
| 10 |
Tax Expenses |
56.00 |
110.00 |
140.00 |
320.00 |
(9.23) |
| 11 |
Net profit(+)/Loss(-) from Ordinary Activities after tax (9-10) |
288.59 |
1112.85 |
727.14 |
3059.33 |
1923.24 |
| 12 |
Extraordinary Items (net of tax expense) |
- |
- |
- |
- |
- |
| 13 |
Net Profit(+)/Loss(-) for the epriod (11-12) |
288.59 |
1112.85 |
727.14 |
3059.33 |
1923.24 |
| 14 |
Paid up Equity Share Capital (Face value of each share - Rs.2/-) |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
| 15 |
Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year to be given in cil.3) |
- |
- |
- |
- |
37739.61 |
| 16 |
Earnings Per Share (EPS)
|
|
|
|
|
|
| |
a) Basic and diluted EPS before extraordinary items for the period to date and for the previous year (not to be annualised) |
0.37 |
1.41 |
0.92 |
3.87 |
2.44 |
| |
b) Basic and diluted EPS after extraordinary items for the period to date and for the previous year (not to be annualised) |
0.37 |
1.41 |
0.92 |
3.87 |
2.44 |
| 17 |
Public Shareholding |
|
|
|
|
|
| |
a)No. of Shares |
4,15,31,670 |
4,15,31,670 |
4,15,31,670 |
4,15,31,670 |
4,15,31,670 |
| |
b)Percentage of Shareholding |
52.60 |
52.60 |
52.60 |
52.60 |
52.60 |
| 18 |
Promoters and promoter group Shareholding |
|
|
|
|
|
| |
a)Pledged / Encumbered |
|
|
|
|
|
| |
- Number of Shares |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
b)Non-encumbered |
|
|
|
|
|
| |
- Number of Shares |
3,74,20,950 |
3,74,20,950 |
3,74,20,950 |
3,74,20,950 |
3,74,20,950 |
| |
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
100 |
100 |
| |
- Percentage of shares (as a % of the total share capital of the company) |
47.40 |
47.40 |
47.40 |
47.40 |
47.40 |
| NOTES: |
| 1 |
The operations of the company relate to only one primary segment viz. Textiles |
| 2 |
The company had received one investor complaints during the quarter ended 30th September 2009 and no complaint was pending at the beginning and end of the quarter. |
| 3 |
The above financial results are subject to the limited review by the Statutory Auditors of the Company. |
| 4 |
The above mentioned financial results were Approved by the Audit Committee and taken on record by the Board of Directors at its meeting held on 8th day of October, 2009. |
| 5 |
As per Accounting Standard AS 30 "Financial Instruments recognition and measurements" issued by the Institute of Chartered Accountants of India, Loss on Forward Contracts/Derivatives for the quarter represent loss on Forward Contracts/Derivatives in foreign currencies outstanding as on 31st March 2009 which matured during the current quarter. |
| 6 |
Previous period / year's figures have been regrouped / rearranged wherever necessary to conform to current period presentation. |
| |
Place: Kolkata
Date: 8.10.2009 |
For Eastern Silk Industries Ltd.
S.S.Shah
CHAIRMAN & MANAGING DIRECTOR |
| UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2009 |
| |
(Rs. in Lacs) |
|
Particulars |
3 months ended |
Corresponding 3 months ended |
Previous accounting year ended |
|
|
30/06/09 |
30/06/08 |
31/03/09 |
|
|
Unaudited |
Unaudited |
Audited |
| 1 |
a. Net Sales / Income from Operation |
15178.20 |
12993.10 |
51003.75 |
| |
b. Other operating income |
392.74 |
202.16 |
2296.43 |
| |
Total (a+b) |
15570.94 |
13195.26 |
53300.18 |
| 2 |
Expenditure |
|
|
|
| a |
(Increase)/Decrease in Stock in Trade and Work in Progress |
6043.94 |
(1448.88) |
(8992.80) |
| b |
Consumption of Raw Materials |
2079.62 |
3724.65 |
10473.21 |
| c |
Purchase of traded goods |
3790.13 |
5432.83 |
34673.16 |
| d |
Employees Cost |
144.04 |
143.80 |
717.43 |
| e |
Depreciation |
359.79 |
405.41 |
1647.56 |
| f |
Manufacturing expenses |
486.32 |
846.54 |
4297.24 |
| g |
Administrative expenses |
623.67 |
729.36 |
1227.88 |
| h |
Selling expenses |
928.42 |
972.44 |
3399.99 |
| i |
Loss / Gain on forward contracts / derivatves |
74.93 |
(242.12) |
1679.51 |
| |
Total Expenditure (a to i) |
14530.86 |
10564.03 |
49123.18 |
| 3 |
Profit operations before other income & interest & exceptional items (1-2) |
1040.08 |
2631.23 |
4177.00 |
| 4 |
Other income |
38.52 |
28.98 |
152.00 |
| 5 |
Profit before interest & exceptional items (3+4) |
1078.60 |
2660.21 |
4329.00 |
| 6 |
Interest |
556.05 |
503.73 |
2414.99 |
| 7 |
Profit after interest but before exceptional items (5-6) |
522.55 |
2156.48 |
1914.01 |
| 8 |
Exceptional Items |
- |
- |
- |
| 9 |
Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
522.55 |
2156.48 |
1914.01 |
| 10 |
Tax expense |
84.00 |
210.00 |
(9.23) |
| 11 |
Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
438.55 |
1946.48 |
1923.24 |
| 12 |
Extraordinary Items (net of tax expense) |
- |
- |
- |
| 13 |
Net Profit (+) / Loss (-) for the period (11-12) |
438.55 |
1946.48 |
1923.24 |
| 14 |
Paidup Equity Share Capital (Face value of each share - Rs.2/-) |
1579.05 |
1579.05 |
1579.05 |
| 15 |
Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year to be given in col.5) |
|
|
37739.61 |
| 16 |
Earnings per share (EPS) |
|
|
|
| |
(a) Basic and diluted EPS before extraordinary items for the period to date and for the previous year ( not to be annualised ) |
0.56 |
2.47 |
2.44 |
| |
(b) Basic and diluted EPS after extraordinary items for the period to date and for the previous year ( not to be annualised ) |
0.56 |
2.47 |
2.44 |
| 17 |
Public Shareholding |
|
|
|
| |
a) No. of Shares |
41531670 |
41531670 |
41531670 |
| |
b) Percentage of shareholding |
52.60 |
52.60 |
52.60 |
| 18 |
Promoters and promoter group shareholding |
|
|
|
| |
a) Pledged / Encumbered |
|
|
|
| |
- Number of Shares |
Nil |
Nil |
Nil |
| |
- Percentage of shares (as a % of total share capital of the Company) |
Nil |
Nil |
Nil |
| |
b) Non - encumbered |
|
|
|
| |
- Number of Shares |
37420950 |
37420950 |
37420950 |
| |
- Percentage of shares (as a % of total shareholding of promoter and promoter group) |
100 |
100 |
100 |
| |
- Percentage of shares (as a % of total share capital of the Company) |
47.40 |
47.40 |
47.40 |
| NOTES: |
| 1. |
The operations of the company relate only to one primary segment viz. Textiles |
| 2. |
There were no complaints from investors outstanding at the beginning of the quarter and no complaints ware received from the shareholders during the quarter. |
| 3. |
The above financial results are subject to the limited review by the Statutory Auditors of the Company. |
| 4 |
The above mentioned financial results were approved by the Audit Committee and taken on record by the Board of Directors at its meeting held on 30th day of July 2009. |
| 5 |
As per Accounting standard AS 30 " Financial Instruments recognition and measurements" issued by the Institute of Chartered Accountants of India, Loss on Forward Contracts for the quarter represent Loss on forward contracts in foreign currencies outstanding as on 31st March 2009 which matured during the current quarter. The mark to market valuation of Forward contracts outstanding as on 30th June 2009 indicates a loss of Rs.18.15 lacs which will be recognised in future cash flows. |
| 6 |
Previous period / year's figures have been regrouped / rearranged wherever necessary to conform to current period presentation. |
| |
Place: Kolkata
Date: 30.07.2009 |
For Eastern Silk Industries Ltd.
S.S.Shah
CHAIRMAN & MANAGING DIRECTOR |

| UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st MARCH 2009 |
| |
(Rs. in Lacs) |
|
Particulars |
3 months ended |
Corresponding 3 months ended |
12 months ended |
Corresponding 12 months ended |
Prev. accounting year (Audited) |
|
|
31/03/09 |
31/03/08 |
31/03/09 |
31/03/08 |
31/03/08 |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited |
| 1 |
a. Net Sales / Income from Operation |
10002.74 |
3682.04 |
50996.35 |
47617.56 |
48165.28 |
| |
b. Other operating income |
1849.04 |
114.59 |
2553.68 |
569.21 |
657.73 |
| 2 |
Expenditure |
|
|
|
|
|
| a |
(Increase)/Decrease in Stock in Trade and Work in Progress |
(8035.61) |
1740.22 |
(9630.26) |
(842.37) |
(739.64) |
| b |
Consumption of Raw Materials |
1586.85 |
207.63 |
10097.93 |
11783.50 |
11793.80 |
| c |
Purchase of traded goods |
16075.74 |
122.46 |
35885.58 |
18465.04 |
18465.04 |
| d |
Employees Cost |
197.98 |
140.09 |
673.24 |
634.10 |
541.87 |
| e |
Depreciation |
403.01 |
481.40 |
1634.06 |
1577.40 |
1578.00 |
| f |
Manufacturing expenses |
615.76 |
580.69 |
44345.38 |
3956.50 |
3964.52 |
| g |
Administrative expenses |
190.06 |
410.62 |
1209.52 |
1199.85 |
1637.08 |
| h |
Selling expenses |
787.06 |
676.24 |
3419.32 |
3106.90 |
3202.70 |
| i |
Loss / Gain on forward contracts / derivatves |
930.97 |
386.55 |
1679.51 |
510.00 |
491.10 |
| |
Total Expenditure |
12751.80 |
4745.90 |
49314.26 |
40390.92 |
40934.47 |
| 3 |
Profit operations before other income & interest & exceptional items (1-2) |
(900.03) |
(949.27) |
4235.76 |
7795.85 |
7888.54 |
| 4 |
Other income |
64.66 |
80.35 |
141.35 |
414.60 |
425.70 |
| 5 |
Profit before interest & exceptional items (3+4) |
(835.37) |
(868.92) |
4377.11 |
8210.45 |
8314.24 |
| 6 |
Interest |
604.32 |
596.82 |
2412.80 |
2291.53 |
2297.62 |
| 7 |
Profit after interest but before exceptional items (5-6) |
(1439.69) |
(1465.74) |
1964.31 |
5918.92 |
6016.62 |
| 8 |
Exceptional Items |
- |
- |
- |
- |
- |
| 9 |
Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
(1439.69) |
(1465.74) |
1964.31 |
5918.92 |
6016.62 |
| 10 |
Tax expense |
(478.50) |
(707.21) |
(158.50) |
660.00 |
202.79 |
| 11 |
Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
(961.19) |
(758.53) |
2122.81 |
5258.92 |
5813.83 |
| 12 |
Extraordinary Items (net of tax expense) |
- |
- |
- |
- |
- |
| 13 |
Net Profit (+) / Loss (-) for the period (11-12) |
(961.19) |
(758.53) |
2122.81 |
5258.92 |
5813.83 |
| 14 |
Paidup Equity Share Capital (Face value of each share - Rs.2/-) |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
1579.05 |
| 15 |
Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year to be given in col.5) |
|
|
|
|
34671.80 |
| 16 |
Earnings per share (EPS) |
|
|
|
|
|
| |
(a) Basic and diluted EPS before extraordinary items for the period to date and for the previous year ( not to be annualised ) |
(1.22) |
(0.96) |
2.69 |
6.66 |
35.99 |
| |
(b) Basic and diluted EPS after extraordinary items for the period to date and for the previous year ( not to be annualised ) |
(1.22) |
(0.96) |
2.69 |
6.66 |
35.99 |
| 17 |
Public Shareholding |
|
|
|
|
|
| |
a) No. of Shares |
41531670 |
41557170 |
41531670 |
41557170 |
41557170 |
| |
b) Percentage of shareholding |
52.60 |
52.64 |
52.60 |
52.64 |
52.64 |
| 18 |
Promoters and promoter group shareholding |
|
|
|
|
|
| |
a) Pledged / Encumbered |
|
|
|
|
|
| |
- Number of Shares |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
- Percentage of shares (as a % of total share capital of the Company) |
Nil |
Nil |
Nil |
Nil |
Nil |
| |
b) Non - encumbered |
|
|
|
|
|
| |
- Number of Shares |
37420950 |
37395450 |
37420950 |
37395450 |
37395450 |
| |
- Percentage of shares (as a % of total shareholding of promoter and promoter group) |
100 |
100 |
100 |
100 |
100 |
| |
- Percentage of shares (as a % of total share capital of the Company) |
47.40 |
47.36 |
47.40 |
47.36 |
47.36 |
| NOTES: |
| 1. |
The operations of the company relate only to one primary segment viz. Textiles |
| 2. |
Equity shares of Rs.10/- each ware sub divided into equity shares of Rs.2/- each w.e.f 7th July 2008. accordingly EPS for the quarter has been re-worked. |
| 3. |
There were no complaints from investors outstanding at the beginning of the quarter and no complaints ware received from the shareholders during the quarter. |
| 4 |
The above financial results are subject to the limited review by the Statutory Auditors of the Company. |
| 5 |
The above mentioned financial results were taken on record by the Board of Directors at its meeting held on 24th day of April, 2009. |
| 6 |
As per Accounting standard AS 30 " Financial Instruments recognition and measurements" issued by the Institute of Chartered Accountants of India, Loss on Forward Contracts/Derivatives for the quarter represent Loss on forward contracts / Derivative in foreign currencies outstanding as on 31st March 2009 which matured during the current quarter. The mark to market valuation of Forward contracts outstanding as on 31st March 2009 indicates a loss of Rs.152.12 lacs which will be recognised in future cash flows.. |
| 7 |
Previous period / year's figures have been regrouped / rearranged wherever necessary to conform to current period presentation. |
| |
Place: Kolkata
Date: 24.04.2009 |
For Eastern Silk Industries Ltd.
S.S.Shah
CHAIRMAN & MANAGING DIRECTOR |

|
|