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Directors Report of Akar Tools Ltd.

Mar 31, 2015

Dear Shareholder's

The Directors hereby present their Twenty Sixth Annual Report along with Audited Statement of Accounts of the Company for the year ended March 31, 2015.

FINANCIAL RESULTS AT A GLANCE:

(Rs. in Lacs) PARTICULARS 31st March, 2015 31st March, 2014

Net Revenue from operations 16635.57 14255.59

Other Income 8.29 9.30

Profit before tax and exceptional items 92.90 135.81

Exceptional items 87.77 0.00

Profit before tax 180.67 135.81

Profit After Tax 122.68 68.96

Balance Brought Forward 1110.71 1094.61

Amount available for Appropriation 1233.39 1163.57

APPROPRIATIONS:

Dividend 37.76 32.36

Dividend Tax 6.42 5.50

General Reserve 0 15.00

Balance Carried Forward 1189.21 1110.71

1233.39 1163.57

Earnings Per Share 2.27 1.28

The Company achieved total turnover of Rs. 16635.57 lacs against Rs. 14255.59 lacs in the previous year which is more than 16.70%. The Net Profit after tax was also increased to Rs. 122.68 lacs against Rs 68.96 in the previous year. This could be achieved by adding new customer both in India and abroad

The Company expects to improve its performance during the year, as the addition of new customers will results in increase turnover and profit. The market for the Automobile Industry is still competitive but hope that for Next Quarter of Current Year things will start improving

DIVIDEND

Your Directors recommend a dividend of 7 % (i.e. Rs. 0.70 per share) on 53, 94, 005 equity shares of Rs.10 each for 2014- 15, Subject to the approval of the Shareholders at the Annua General Meeting to be held on 30th September, 2015

DIRECTORS

Shri N. K. Gupta, Director of the Company will retire by rotation at the ensuing Annual General Meeting pursuant to the provisions of Section 152 of Companies Act, 2013 and being eligible and offered himself for re-appointment

INDEPENDENT DIRECTORS

The Board of Directors of the Company has, on the recommendation of Nomination and Remuneration Committee, appointed Smt Shilpa Sharma as Additional Director w.e.f. 31.03.2015 in the category of Independent & Non- Executive Director.

The Board has received declarations from all Independent Directors of the Company confirming that they meet with the criteria of Independence as prescribed under Sub-Section (6) of Section 149 of the Companies Act, 2013 and who in the opinion of the Board fulfills the conditions specified in the Act and the rules made there under and are Independent of the Management. Thus the Board recommended their appointment as Independent Directors.

Brief details of the Director, who is to be appointed/re- appointed as mentioned herein above has been furnished along with the Explanatory Statement to the Notice of the ensuing Annual General Meeting.

DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to the provisions of sub-section (5) of Section 134 of the companies act, 2013, your directors confirm that:

1 in the preparation of annual accounts, the applicable accounting standard had been followed along with proper explanation relating to material departures.

2 the Directors had in consultation with Statutory Auditors, 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 Net Profit of the Company for the Financial Year Ended 31st March, 2015.

3 the Directors have taken proper and sufficient care to maintain adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities.

4 the Directors have prepared the annual accounts on a 'going concern' basis.

5 The Directors have laid down adequate Internal Financia Controls to be followed by the Company and such Interna Financial Controls were operating effectively during the Financial Year Ended 31st March, 2015.

6 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 throughout the Financial Year Ended 31st March, 2015.

AUDITORS

The Shareholders of the Company in their Twenty Fifth Annua General Meeting held on 29th September, 2015 had accorded their approval pursuant to the provisions of Section 139, 141 and other applicable provisions of Companies Act, 2013 and rules made there under to appoint M/s A. K. Bagadia & Co., Chartered Accountants, as Statutory Auditor of the Company of the period of three years commencing from the conclusion of Twenty Fifth Annual General Meeting until the conclusion of Twenty Eighth Annual General Meeting

The Board of Directors of the Company has pursuant to the provisions of Section 139, recommended the ratification of appointment M/s A. K. Bagadia & Co, Chartered Accountants for the approval of the Shareholders from the conclusion of Twenty Sixth Annual General Meeting till the conclusion of Twenty Seventh Annual General Meeting

The Auditor's report to the Shareholders for the year under review does not contain any qualification, reservation or adverse remark or disclaimer.

SECRETARIAL AUDIT

The Secretarial Auditors, M/s KMP & Associates, Company Secretaries, has issued Secretarial Audit Report of the Financia Year 2014-15 pursuant to Section 204 of the Companies Act, 2013, which is annexed to the Director's Report as Annexure I

COST AUDITOR

Your Directors have appointed M/s B. R. Chandak & Co, Cost Accountants, as the Cost Auditors for the Financial Year 2015- 16. M/s B. R. Chandak & Co , Cost Accountants will submit the cost audit report alongwith annexure to the Centra Government (Ministry of Corporate Affairs) in the prescribe form within specified time and at the same time forward a copy of such report to your company.

PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEES:

Details of investments made have been given in note no. 12 to the Financial Statement.

Details of Loans given is given note no. 13 to the Financial Statement.

The Company has not given any guarantee pursuant to the provisions of Section 186 of the Companies Act, 2013.

RELATED PARTY TRANSACTIONS:

The Company has entered into contract/arrangements with the related parties in the ordinary course of business and on arm's length basis. Thus provisions of Section 188(1) of the Act are not applicable.

CORPORATE GOVERNANCE

Your Company reaffirms and remains committed to high standards of Corporate Governance. The Company believes that appropriate disclosures procedures, transparent accounting policies, strong and independent Board practices and highest levels of ethical standards are critical to enhance and retain investor trust and generate sustainable corporate growth. Your Company established systems and procedures to comply with the amended provisions of the Code of Corporate Governance and complied with all the requirements of the Code of Corporate Governance as per Clause 49 of the Listing Agreement with the stock exchange. A Report separately titled "Corporate Governance" along with Auditors' Certificate, regarding compliance of the same are annexed as a part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

As required under Clause 49 of the Listing Agreement with stock exchange, a management discussion and analysis report, inter-alia, deals adequately with operations and the current and future outlook of the Company is annexed and form as part of this Annual Report.

WHISTLE BLOWER POLICY

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical conduct. The Company has a Whistle Blower Policy under which the employees are free to report violations of the applicable laws and regulations and Code of Conduct.

Whistle Blower Policy is available on the website of the company at www.akartoolsltd.com

ANNUAL RETURN

The extract of Annual Return is annexed to Director's Report as Annexure II

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your Company's internal financial control systems are commensurate with the nature, size and complexity of the businesses and operations. These are routinely tested and certified by Statutory as well as Internal Auditors. Significant audit observations and the follow up action are reported to the Audit Committee.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details are required under section 197(12) of the Act read with Rule 5(1) and 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 provided in the Board Report as Annexure III

FIXED DEPOSIT

Your Company has not accepted any deposits, covered under Chapter V of the Companies Act, 2013 and hence no details pursuant to Rule 8(v) anf 8(vi) of the Companies (Accounts) Rules, 2014 are reported

DISCLOSURE AS PER SEXUAL HARRASEMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention and Prohibition and Redressal) Act, 2013 read with rule 14, the internal committee constituted under the said act has confirmed that no complaint/case has been filed/pending with the Company during the year.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to energy conservation, technology absorption and foreign exchange earnings and outgo as required to be disclosed under the Companies (Accounts) Rules, 2014 are in Annexed as a part of this Directors Report as Annexure IV.

ACKNOWLEDGEMENT

Your Directors wish to place on record the their appreciation of the assistance and cooperation received from its bankers, customers (domestic as well as overseas), suppliers, shareholders, staff from each level and other business associates for their valuable contribution in the growth of the organization whose continuous support and cooperation has been a source of strength to the company enabling it to achieve its goals. The Directors look forward to their continued support in future.

By the Order of the Board of Directors

Place : Aurangabad. (N.K.Gupta)

Date : 12th August, 2015 Chairman


Mar 31, 2014

Dear Shareholders

The Directors hereby present their Twenty Fifth Annual Report along with Audited Statement of Accounts of the Company for the year ended March 31, 2014.

Financial Results at a glance: ( Rs. in lacs)

PARTICULARS 31st March, 2014 31st March, 2013

Sales & Other Income 14,264.89 14,206.35

Profit Before Tax 135.81 158.79

Profit After Tax 68.96 92.86

Balance Brought Forward 1,094.61 1,047.77

Amount available for Appropriation 1,163.57 1,140.63

APPROPRIATIONS:

Dividend 32.36 26.97

Dividend Tax 5.50 4.05

General Reserve 15.00 15.00

Balance Carried Forward 1,110.71 1,094.61

1,163.57 1,140.63

Earnings Per Share 1.28 1.72

The Company achieved total turnover of Rs. 14264.89 lacs against Rs. 14206.35 lacs in the previous year. The net profit after tax was Rs. 68.96 lacs against Rs. 92.86 lacs in the previous year which is mainly attributable to the rise in the cost of inputs. Company now aggressively working in various new market in India and abroad with various OEM''s for their products. The benefit of the same would be available to Company once the economy starts reviving.

DIVIDEND

Your Directors recommend a dividend of 6% on 53,94,005 equity shares of Rs.10 each for 2013-14, Subject to the approval of the Shareholders at the Annual General Meeting to be held on 29th September, 2014.

AUDITORS

The Auditors of the company M/s A. K. Bagadia & Co., Chartered Accountants, retire at this Annual General Meeting and are eligible for reappointment. The Audit Committee and your Board recommend their reappointment.

SEBI REGULATIONS & LISTING FEES:

The Annual Listing Fees for the year under review have been paid to Bombay Stock Exchange Limited where your Company''s Shares are listed. Company has initiated the process of delisting with Delhi Stock Exchange which is in process.

DIRECTORS

Shri Pradeep Nijampurkar, Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible have offered themselves for re- appointment as Directors of the Company, liable to retire by rotation, in the said meeting.

INDEPENDENT DIRECTORS

Pursuant to Section 149 & 152 of the Companies Act, 2013 read with Rules made there under, the Independent Directors shall hold office for a period of up to 5 consecutive years and shall not be liable to retire by rotation. They may be appointed for a maximum of two consecutive terms of up to 5 years each. In terms of revised clause 49 of the Listing Agreement which will be applicable from 01st October, 2014, In case the Independent Directors has already served for 5 or more years, he can be appointed for only one term up to 5 years only. On 22nd August, 2014, the Nomination and Remuneration Committee recommended the appointment of Shri V K Chopra & Shri. Surendra Nath Shukla, all the existing Independent Directors for one more consecutive term of 5 years not liable to retire by rotation.

The Board has received declarations from all Independent Directors of the Company confirming that they meet with the criteria of Independence as prescribed under Sub-Section (6) of Section 149 of the Companies Act, 2013 and who in the opinion of the Board fulfills the conditions specified in the Act and the rules made there under and are Independent of the Management. Thus the Board recommended their appointment as Independent Directors.

Brief resume /details of the Director, who is/are to be appointed/re-appointed as mentioned herein above has been furnished along with the Explanatory Statement to the Notice of the ensuing Annual General Meeting.

DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 217(2AA) of the Companies Act, 1956 it is hereby confirmed

1 Those in the preparation of annual accounts, the applicable accounting standard have been followed along with proper explanation relating to material departures.

2 That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for the Financial Year Ended 31st March, 2014.

3 That the Directors have taken proper and sufficient care to maintain adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities and

4 That the Directors have prepared the annual accounts on a ''going concern'' basis.

MANAGEMENT DISCUSSION AND ANALYSIS

As required under Clause 49 of the Listing Agreement with stock exchange, a management discussion and analysis report, inter-alia, deals adequately with operations and the current and future outlook of the Company is annexed and form as part of the Annual Report.

CORPORATE SOCIAL RESPONSIBILITY

The Company has spent Rs 1.34 Lacs for education of underprivileged class of children.

CORPORATE GOVERNANCE

Your Company reaffirms and remains committed to high standards of Corporate Governance. The Company believes that appropriate disclosures procedures, transparent accounting policies, strong and independent Board practices and highest levels of ethical standards are critical to enhance and retain investor trust and generate sustainable corporate growth. Your Company established systems and procedures to comply with the amended provisions of the Code of Corporate Governance and complied with all the requirements of the Code of Corporate Governance as per Clause 49 of the Listing Agreement with the stock exchange. A Report separately titled "Corporate Governance" along with Auditors'' Certificate, regarding compliance of the same are annexed as a part of this Annual Report.

PARTICULARS OF EMPLOYEES

The Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 is not given, since no employee of the Company draws remuneration in excess of the limit as prescribed in the above section.

ENERGY CONSERVATION, TECHNOLOGY

ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to energy conservation, technology absorption and foreign exchange earnings and outgo as required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are in Annexed as a part of this Annual Report.

ACKNOWLEDGEMENT

Your Directors wish to place on record the appreciation of the assistance and co-operation received from its bankers, customers (domestic as well as overseas), suppliers, shareholders, staff from each level and other business associates for their valuable contribution in the growth of the organization whose continuous support and cooperation has been a source of strength to the company enabling it to achieve its goals. The Directors look forward to their continued support in future.

On behalf of the Board of Directors

Place: Aurangabad. R. L. GUPTA Date: 22nd August, 2014. Chairman


Mar 31, 2013

Dear Shareholders,

The Directors hereby present their Twenty Fourth Annual Report along with Audited Statement of Accounts of the Company for the year ended March 31, 2013.

1. PERFORMANCE OF THE COMPANY

I. Financial Results at a glance:

( Rs. in lacs)

PARTICULARS 31st March, 2013 31st March, 2012

Sales & Other Income 14206.35 14295.22

Profit Before Tax 158.79 269.94

Profit After Tax 92.86 222.96

Balance Brought Forward 1047.77 871.16

Amount available for Appropriation 1140.63 1094.12

APPROPRIATIONS:

Dividend 26.97 26.97

Dividend Tax 4.05 4.38

General Reserve 15.00 15.00

Balance Carried Forward 1094.61 1047.77

1140.63 1094.12

Earnings Per Share 1.74 4.13



II. Operations

The financial year under review began with a positive note. However, the economy started witnessing effect of inflationary trend during the second half of the year which together with tightening of the monetary policy resulted in pressure on overall performance of the Company.

Despite the pressure in International Market, the Company could achieve its Sales projections. The stress on cost of raw material and other expenses was partly offset by savings in financial cost by prudent financial management.

The Company achieved total turnover of Rs. 14206.35 lacs against Rs. 14295.22 lacs in the previous year. The net profit after tax was Rs. 92.86 lacs against Rs. 222.96 lacs in the previous year which is mainly attributable to the rise in the cost of inputs. Company now aggressively opens new market in India and abroad for its products. Further the company is leveraging its customer base by developing new components parts to enhance the sales and profitability.

2. DIVIDEND

Your Directors recommended a dividend of 5 % (i.e. Rs. 0.50 per share) on 53, 94,005 equity shares of Rs.10 each for 2012- 13, Subject to the approval of the Shareholders at the Annual General Meeting to be held on 27th September, 2013.

3. AUDITORS

The Auditors of the company M/s A. K. Bagadia & Co., Chartered Accountants, retire at this Annual General Meeting and are eligible for reappointment. The Audit Committee and your Board recommend their reappointment.

4. COST AUDITORS

Complying with the provisions of Section 233B of the Companies Act, 1956 and the MCA General Circulars, the Audit Committee has recommended and the Board of the Directors has appointed M/s B. R. Chandak & Co., Cost Accountants, as Cost Auditors of the Company.

5. SEBI REGULATIONS & LISTING FEES:

The Annual Listing Fees for the year under review have been paid to Bombay Stock Exchange Limited where your Company''s Shares are listed. Company has initiated the process of delisting with Delhi Stock Exchange which is in process.

6. DIRECTORS

Shri RaghunandanLal Gupta and Shri. Ravi Machhar retires by rotation and offer themselves for re- appointment, which your Directors consider it to be in the best interests of the Company and recommend their re-appointment. Appropriate resolutions seeking your approval for their re-appointment are appearing in the notice convening the 24th Annual General Meeting.

Shri Bhagwan Das Narang was appointed by the Board of Directors as an Additional Director of the Company w.e.f. 14.02.2013. In terms of Section 260 of the Companies Act,1956 Shri Bhagwan Das Narang holds office up to conclusion of the ensuing Annual General Meeting of the Company. Notices under Section 257 of the Companies Act, 1956 have been received from member of the Company proposing Shri Bhagwan Das Narang as a candidate for the office of Director, liable to retire by rotation, which your Directors consider it to be in the best interests of the Company and recommend his appointment. Appropriate resolution seeking your approval to his appointment is appearing in the notice convening the 24th Annual General Meeting.

During the year Ms. Rajashree V. Dubey has been appointed by the Board of Directors as a Company Secretary.

7. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 217(2AA) of the Companies Act, 1956 it is hereby confirmed

1 Those in the preparation of annual accounts, the applicable accounting standard have been followed along with proper explanation relating to material departures.

2 That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for that period.

3 That the Directors have taken proper and sufficient care to maintain adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities and

4 That the Directors have prepared the annual accounts on a ''going concern'' basis.

8. MANAGEMENT DISCUSSION AND ANALYSIS

As required under Clause 49 of the Listing Agreement with stock exchange, a management discussion and analysis report, inter-alia, deals adequately with operations and the current and future outlook of the Company is annexed and form as part of the Annual Report.

9. CORPORATE GOVERNANCE

Your Company reaffirms and remains committed to high standards of Corporate Governance. The Company believes that appropriate disclosures procedures, transparent accounting policies, strong and independent Board practices and highest levels of ethical standards are critical to enhance and retain investor trust and generate sustainable corporate growth. Your Company established systems and procedures to comply with the amended provisions of the Code of Corporate Governance and complied with all the requirements of the Code of Corporate Governance as per Clause 49 of the Listing Agreement with the stock exchange. A Report separately titled "Corporate Governance" along with Auditors'' Certificate, regarding compliance of the same are annexed as a part of this Annual Report.

10. PARTICULARS OF EMPLOYEES

The Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 is not given, since no employee of the Company draws remuneration in excess of the limit as prescribed in the above section.

11. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to energy conservation, technology absorption and foreign exchange earnings and outgo as required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are in Annexed as a part of this Annual Report.

12. ACKNOWLEDGEMENTS

Your Directors wish to place on record the appreciation of the assistance and cooperation received from its bankers, customers (domestic as well as overseas), suppliers, shareholders, staff from each level and other business associates for their valuable contribution in the growth of the organization whose continuous support and cooperation has been a source of strength to the company enabling it to achieve its goals.



On behalf of the Board of Directors

Place: Aurangabad. R. L. GUPTA

Date: 12th August, 2013. Chairman


Mar 31, 2010

The Directors present the 21st Annual Report along with Audited Statement of Accounts for the year ended March 31, 2010.

Financial results at a glance (rs. in lacs)

March 31, 2010 March 31, 2009

Sales & other income 11,353.41 8,968.93

Profit before tax 339.36 165.86

Profit after tax 204.50 40.14

Balance brought forward 446.10 484.07

650.60 524.21

Appropriations:

Dividend 64.73 53.94

Dividend tax 11.00 9.16

General reserve 15.00 15.00

Balance carried forward 559.87 446.11

650.60 524.21

Earning per share 3.79 0.74

Operations

Net sales turnover was 111,353.41 lacs as compared with t 8,968.93 lacs during 2008-09. The profit before tax during 2009-10 was at t 339.36 lacs (Previous Year 165.86 lacs)

All expansion programs under progress are on schedule.

Dividend

Your Directors recommended a dividend of 12% (i.e.Rs. 1.20 per share) on 53,94,005 equity shares of Rs. 10 each for 2009-10. The previous year dividend paid was at 10% (i.e. t 1.00 per share).

Management discussion and analysis

As required under Clause 49 of the Listing Agreement with stock exchange, a Management discussion and analysis report, inter-alia, deals adequately with operations and the current and future outlook of the Company is annexed and forms a part of the Directors Report.

Auditors

M/s Hemant J. Vora & Co., Chartered Accountants, the present statutory auditors retire at this Annual General Meeting and are eligible for reappointment. The Audit Committee and your Board recommend their reappointment.

Directors

Shri R. L. Gupta and Shri P. M. Nijampurkar retire by rotation and offer themselves for reelection, which your Directors consider to be in the best interests of the Company.

Directors responsibility statement

Pursuant to the requirements of Section 217(2AA) of the Companies Act, 1956 it is hereby confirmed

1 That in the preparation of annual accounts, the applicable accounting standard were followed along with proper explanation relating to material departures

2 That we selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for that period.

3 That we took proper and sufficient care to maintain adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities

4 That we prepared the annual accounts on a going concern basis.

Corporate Governance

Your Company reaffirms and remains

committed to high standards of Corporate Governance. The Company believes that appropriate disclosures procedures, transparent accounting policies, strong and independent Board practices and highest levels of ethical standards are critical to enhance and retain investor trust and generate sustainable corporate growth. Your Company established systems and procedures to comply with the amended provisions of the Code of Corporate Governance and complied with all the requirements of the Code of Corporate Governance as per Clause 49 of the Listing Agreement with the stock exchange. A Report separately titled "Corporate Governance" along with Auditors Certificate, regarding compliance of the same are annexed as a part of this Annual Report.

Particulars of Employees

The Particular of Employees as required under Section 217(2A)ofthe Companies Act, 1956 is not given, since no employee of the Company draws remuneration in excess of the limit as prescribed in the above section.

Energy conservation, technology absorption, and foreign exchange earnings and outgo

The information relating to energy conservation, technology absorption and foreign exchange earnings and outgo as required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure forming part of this Report.

Acknowledgements

Your Directors wish to place on record the appreciation of the assistance and cooperation received from bankers, customers (domestic as well as overseas), suppliers, shareholders, staff from each level and other business associates for their valuable contribution in the growth of the organization whose continuous support and cooperation has been a source of strength to the company enabling it to achieve it goals.

On behalf of the Board

Place: Aurangabad R. L. Gupta

Date: August 21, 2010 Chairman





 
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