Mar 31, 2014
The Members,
The Directors have pleasure in presenting the 21st Annual Report of
the Company together with the Audited accounts for the year ended 31st
March 2014.
FINANCIAL REVIEW:
(Rupees in Lacs)
Particulars 2013-14 2012-13
Total Turnover (Net) 12648.3 11244.87
Profit Before Depreciation, Interest and Tax 668.17 753.65
Depreciation 125.58 122.93
Interest 535.49 622.12
Profit Before Current Tax 7.09 8.6
Profit after Current Tax 4.9 5.94
Balance Profit B/f from earlier year 2689.13 2743.19
Appropriation 2694.03 2749.13
Transfer to General Reserve 60 60
Proposed Dividend (including Dividend Tax) , 0 0
Profit C/f to Balance Sheet 2634.03 2689.13
RESERVES:
Your Board has approved the transfer of Rs. 60.00 Lakhs to the General
Reserves.
DIVIDEND :
The Board of Directors of the Company has not recommended any Dividend
during the Year.
MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL PERFORMANCE
AML Steel Limited (AML''s) Net Turnover for the financial year ended
March 31, 2014 increased to Rs. 126.48 crores from Rs. 112.45 crores in
the previous year. The operating profit (PBDIT) of the Company has
decreased to Rs. 6.68 crore from Rs. 7.54 crores in the previous year.
Net Profit before tax has however has decreased to Rs. 7.09 lakhs from
Rs. 8.601akhs in the previous year. The Profit of your Company for the
Year 2013 -14 was affected adversely mainly due to the impact of input
prices and higher overheads.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The demand for steel in India is expected to rise 7 per cent in next
financial year beginning April 1 as compared to sluggish projected
growth of 5.5 per cent in 2013-14. The overall outlook for the steel
sector is positive and the demand was likely to pick up in next
financial year on the back of revival in the economic growth and the
government''s measures to ease infrastructure Investment Rules.
OPPORTUNITIES
The global steel industry has witnessed reasonable demand growth and
steel manufacturing gradually shifted to emerging market such as China
and India. By utilizing the optimum resources along with the
liberalized Foreign Direct Investment policies can further help to grow
the Steel Industries in India.
CHALLENGES
The adverse cost fluctuations in input raw material and its
availability & costs, high interest, taxes, duties, inadequacy of funds
to the expansion or modification of project Low labour productivity,
fluctuations in environment, technology up gradation etc impede the
development of Steel Industries in General. One of the major specific
threats includes building the capability of the existing work force to
meet the higher level of skill requirements, to develop the
infrastructure.
OUTLOOK
During the year Our Country improved its position to 04th in the said
sector. Your Company always intends to actively pursue these growth
opportunities in the fast growing Iron and Steel manufacturing sector
in the country. It will focus on the optimum utilization of available
resources by creating a balance economy, maximum returns to the
members, reaching a good impact on public by adhering to high ethics
and standards.
COMPANY''S PRODUCTION MILD STEEL INGOTS & TMT BARS:
During the year under consideration your company achieved a turnover of
Rs. 126.48 Crores. Your Company is presently using its furnace to
convert Scrap into M.S Ingots for its captive manufacturing thus
reducing cost of production. Demand for TMT Bar is expected to rise as
a result of various initiatives taken by government of India to boost
infrastructural Industry.
RISKS AND CONCERNS
Risk and concerns given by the management are not in detail but only
highlighting some of salient among them. It includes fluctuation in
input prices, nonavailability of adequate financing, Frequent changes
in technology, price volatility, Climate Changes, Strict regulatory
frame works etc. Managing Director, Directors, Business, Plant heads
and executives in charge manage risk on a daily basis through cross
functional involvement and intense communication across business.
ADEQUACY OF INTERNAL CONTROL
The company has an internal audit system for assessing suitability of
the internal controls, adherences to policies, procedures and taking
corrective action to address any gaps. It facilitates proper
recommendation for improving the business systems. These controls have
been designed to provide a reasonable assurance with regard to
maintaining proper accounting controls, monitoring operations,
protecting assets from unauthorized use or losses, compliances with
regulations and for ensuring reliability with financial reporting. The
company has continued with its efforts to align processes and controls
with best global practices in these areas as well.
The Audit Committee of the board actively reviews the adequacy and
effectiveness of internal control systems and suggests improvements to
strengthen the same.
SUBSIDIARIES:
A brief description of AML Steel Subsidiaries is as follows:
Name Products Location
Ankit Ispat Private Limited MSI (Mild Steel Ingot) Kariakal
Ashok Steel Industries MSI (Mild Steel Ingot) & Sri Lanka
Private ltd TMT Bars
AML Steel & Power Limited Sponge Iron, Power Plant Jharkhand
for captive consumption &
Steel Melting Shop for
manufacturing of Billets
As required under Section 217 of the Companies Act, 1956, the Audited
Statement of accounts along with the report of the Board of Directors
and Auditors'' Report of your Companies, subsidiaries, namely, AML Steel
& Power Limited, Ankit Ispat Private Limited and Ashok Steel Industries
(P) Limited, Srilanka, are annexed to this report.
PUBIC DEPOSITS:
The Company has not accepted or not renewed any Public Deposits, as
defined under section 58A of the companies Act,1956 during the year
under review.
HUMAN RESOURCES:
The Industrial Relation with the employees of the Company continues to
be cordial. Your Company takes all the necessary steps to facilitate a
friendly atmosphere with in the organization by way of hiring,
developing and retaining the best personnel.
DIRECTORS:
Shri Ankit Agarwal and Shri Vinay Kishore Kasat, Directors of the
Company are due for retirement by rotation at this annual General
Meeting who are eligible for re - appointment. Brief particulars of
these Directors are given below:
i) Ankit Agarwal- is a Promoter cum Non-Executive Director of the
Company. He is an engineering graduate from Anna University, Chennai.
And He is a member of the management team responsible for the company''s
day to day operations and long term.
ii) Vinay Kishore Kasat - is a Non-Executive Independent Director of
the Company. He is a graduate in commerce and having an experience in
different industries. He is practicing as an industrial consultant from
the year 1998. He is also involved in the social activities.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2 A A) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) 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 ended March 31 , 2014
and the profit of the company for that year;
(iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities, if any;
(iv) The accounts have been prepared on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In terms of listing agreement with the Stock Exchanges, the duly
audited consolidated financial statements are placed as Annexure. These
statements have been prepared on the basis of audited financial
statements received from subsidiary companies as approved by their
respective Boards.
PARTICULARS OF EMPLOYEES:
There were no employees of the company who were in the receipt of the
remuneration as per the limits prescribed by Section 217(2A) of the
Companies Act, 1956 and the rules framed there under.
DISCLOSURE OF PARTICULARS:
The information required under Section 217(l)Ie) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is given as annexure forming part of
this Report.
LISTING:
Your Company''s shares have been listed at Madras Stock Exchange
Limited, Delhi Stock Exchange Association Limited and Ahmedabad Stock
Exchange Limited. It is confirmed that the Annual Listing fees upto the
period from
01.04.2014 to 31.03.2015 has been paid to the aforesaid exchanges.
AUDITORS:
M/s. K.P. Jain & Co., Chartered Accountants, Chennai, the Auditors'' of
the Company retire at the conclusion of the Annual General Meeting and
being eligible, offer themselves for re-appointment.
CORPORATE GOVERNANCE
In terms of listing agreement with the Stock Exchanges, a compliance
report on Corporate Governance is given as Annexure. A certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance is placed as Annexure. The Board has laid down a Code of
Conduct for all Board Members and Senior Management of the company.
VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a vigil mechanism for directors and employees to report
genuine concerns has been established.
CAUTIONERY STATEMENT
The statement in this management Discussion and analysis report
describing the company''s projections, estimates, expectations or
predictions may be ''forward-looking statement'' within the meaning of
applicable securities laws and regulations. These statements being
based on certain assumptions and expectations of future events, actual
results could differ materially from those expressed or implied.
APPRECIATION:
Your Directors would like to place on record our sincere appreciation
and thank the entire team of AML Steel limited for their support
inspite of challenging business environment. We take this opportunity
to express our sincere thanks to all stake holders for their confidence
and faith and to all Government, Regulatory Authorities and Banks for
their valuable support.
For and on behalf of the Board
Place : Chennai Ankit Agarwal Ajay Agarwal
Date : 04.09.2014 Director Director
(DIN: 00065020) (DIN: 00064366)
Mar 31, 2010
The Directors have pleasure in presenting the Seventeenth Annual
Report together with the Audited statements of accounts of your company
for the year ended 31st March 2010.
Financial Results: (Rupees in Lakhs)
Particulars 2009-10 2008-09
Total Turnover 10,813.96 9,658.76
Profit Before Depreciation, Interest and Tax 440.60 380.45
Depreciation 124.92 100.07
Interest 275.45 253.96
Profit Before Current Tax 40.23 26.41
Profit after Current Tax 24.01 29.25
Balance Profit B/f from earlier year 2,883.89 2,914.64
Appropriation
Transfer to General Reserve 60.00 60.00
Proposed Dividend (including Dividend Tax) 0.00 0.00
Profit C/f to Balance Sheet 2,847.90 2,883.89
Reserves :
Your Board has approved the transfer of Rs. 60.00 Lakhs to the General
Reserves.
Dividend :
Your company is passing through a period of transition and
consolidation. As such your directors propose not to recommend any
dividend for the year under review.
Management discussion and analysis
FINANCIAL PERFORMANCE
AML Steel Limited (AMLs) Turnover for the financial year ended March
31, 2010 increased to Rs.108.13 crores from Rs. 96.58 crores in the
previous year. The operating profit (PBDIT) of the Company has
increased to Rs. 4.40 crores from Rs. 3.80 crores in the previous year.
Net Profit however has decreased to Rs. 0.24 crores from Rs. 0.29
crores in the previous year. AML Steel consolidated turnover for the
year ended March 31, 2010 was 313.02 crores.
Industry structure and developments
Financial year 2009-2010 was one of the important years for the
domestic steel industry. The Indian economy invalidating the theory of
coupling started showing signs of growth amidst the global slowdown
that was still prevailing world over. With governments focus on
development of infrastructure, steel demand in India has rose by more
than 8% in 2009. With strong growth predictions in auto and housing
sectors, steel demand is set to grow in double digits.
Opportunities
India has immense scope for increasing consumption of steel. Current
per capita consumption is around 40 kg compared with 100 kg in Brazil,
250 kg in China and a global average of 198 kg. Steel demand is
expected to raise 5-6 percent annually until 2019-2020.
Challenges
There have been almost revolutionary changes in the global steel scene
with fierce competitive pressures on performance, productivity, price
reduction and customer satisfaction. National boundaries have melted to
encompass an ever increasing world market. Trade in steel products has
been on die upswing with the production facilities of both the
developed and the developing countries complementing each other in the
making of steel of different grades and specialty for the world market.
Technological innovations have provided the competitive edge to the
technologically strong companies.
Smooth and quick transfer of technology has, however, meant an
increasingly competitive pressure on the companies to be ahead of the
others in the race for technological superiority to maintain and, if
possible, to strengthen the bottom lines. Sagging prices in the
backdrop of economic slowdown have spelt turmoil in the industry the
world over.
Outlook
The steel industry in India has been moving from strength to strength
and according to the Annual Report by the Ministry of Steel, India has
emerged as the 5th largest producer of steel in the world and is likely
to become the second largest producer of crude steel by 2015 Ã 2016.
Recendy, Steel Minister Mr. Virbhadra Singh said that India will become
worlds second largest steel producer by 2012, more than doubling its
capacity to 124 million tones as part of the push being given to assist
overall infrastructure development.
AML intends to actively pursue these growth opportunities in the fast
growing Iron and Steel manufacturing sector in the country. Companys
production Mild steel ingots & tmt bars:
During the year under consideration your company achieved a turnover of
Rs.10,813.967 Lakhs. Your Company is presently using its furnace to
convert Scrap into M.S Ingots for its captive manufacturing thus
reducing cost of production. Demand for TMT Bar is expected to rise as
a result of various initiatives taken by government of India to boost
infrastructural Industry.
Risks and concerns
Risks management is a structured and disciplined approach to manage
enterprise risk. Some of the risk include a general down turn in market
demand conditions, policies and pricing adopted by China, the largest
producer of Steel, global demand of Steel, escalation in price of raw
material etc.
The company recognizes Risk management as an integrated, forward
looking and process oriented approach for managing all key business
risks and opportunities. Managing Director, Directors, Plant heads and
executives in charge manage risk on a daily basis through cross
functional involvement and intense communication across business.
Adequacy of internal control
The company has an internal audit system for assessing suitability of
the internal controls, adherences to policies, procedures and taking
corrective action to address any gaps.
These controls have been designed to provide a reasonable assurance
with regard to maintaining proper accounting controls, monitoring
operations, protecting assets from unauthorized use or losses,
compliances with regulations and for ensuring reliability with
financial reporting. The company has continued with its efforts to
align processes and controls with best global practices in these areas
as well.
The Audit Committee of the board actively reviews the adequacy and
effectiveness of internal control systems and suggests improvements to
strengthen the same.
SUBSIDIARIES:
A brief description of AML Steel Subsidiaries is as follows:
Name Products Location
Ankit Ispat Private
Limited MSI (Mild Steel Ingot) Kariakal
Ashok Steel Industries
Private Limited MSI (Mild Steel Ingot) & Tor
Bars Sri Lanka
AML Steel & Power
Limited Sponge Iron, Power Plant
for captive Jharkhand
consumption & Steel
Melting Shop for
manufacturing of Billets
As required under Section 217 of the Companies Act, 1956, the Audited
Statement of accounts along with the report of the Board of Directors
and Auditors Report of your Companies, subsidiaries, namely, AML Steel
& Power Limited, Ankit Ispat Private Limited and Ashok Steel Industries
(P) Limited, Srilanka, are annexed to this report.
Pubic deposits :
The Company has not accepted nor renewed any Public Deposits, as
defined under section 58A of the companies Act, 1956 during the year
under review.
Human resources :
Industrial Relations at all the levels remained cordial throughout the
year. Your Company has created a friendly atmosphere that helps
retaining talented professionals and nurturing their career growth
along with the growth of the Organization. Your Company is confident of
reaping the best from its human assets in the years to come.
Directors :
Mr. Ashok Agarwal, Managing Director of the Company and Mr. S. Kolandai
Raj are due for retirement by rotation at this Annual General Meeting
who are eligible for re à appointment. Brief particulars of these
Directors are given below: i) Ashok Agarwal ÃHe is Mechanical Engineer
from REC, Kurukshethra with about 25 years of experience in setting
plants, commissioning it and successfully turning around sick units.
ii) S. Kolandai Raj - He is an engineering graduate from Madras
University with over 40 years of experience in steel
Industry. He has undergone training in management as well as production
technology from reputed institutes in
India as well as overseas. Appropriate resolution for the reappointment
of the aforesaid director are being moved at the ensuing Annual General
Meeting which the Board re-commends for your approval
Directors responsibility statement:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed that :
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) 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 financial year ended March 31, 2010 and the
profit of the company for that year;
(iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities, if any;
(iv) The accounts have been prepared on a going concern basis.
Consolidated financial statements:
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements read with Accounting Standard AS-23 on Accounting for
Investments in Associates, your Directors provide the audited
Consolidated Financial Statements in the Annual Report. These
statements have been prepared on the basis of audited financial
statements received from subsidiary companies as approved by their
respective Boards.
Particulars of employees:
There were no employees of the company who were in the receipt of the
remuneration as per the limits prescribed by Section 217(2A) of the
Companies Act, 1956 and the rules framed there under.
Disclosure of particulars:
The information required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is given as annexure forming part of
this Report.
Listing:
Your Companys shares have been listed at Madras Stock Exchange
Limited, Delhi Stock Exchange Association Limited and Ahmedabad Stock
Exchange Limited. It is confirmed that the Annual Listing fees for the
period from 01.04.2010 to 31.03.2011 has been paid to the aforesaid
exchanges.
Auditors:
M/s. K.P. Jain & Co., Chartered Accountants, Chennai, the Auditors of
the Company retire at the conclusion of the Annual General Meeting and
being eligible, offer themselves for re-appointment.
Corporate governance
The Company has already initiated steps to meet the norms of Corporate
Governance, various committees of the Directors have been formed to
take care of the matters under Corporate Governance and to provide
assistance to efficient conduct of the business and in meeting all its
obligations to its shareholder. The detail report on Corporate
Governance with a certificate of the Auditors of the Company towards
compliance is enclosed as Annexure to this report. Cautionery statement
The statement in this Management Discussion and Analysis report
describing the companys objectives, projections, estimates,
expectations or predictions may be forward-looking statement within
the meaning of applicable securities laws and regulations. These
statements being based on certain assumptions and expectations of
future events, actual results could differ materially from those
expressed or implied.
Important factors that could make a difference to the Companys
operations include raw material availability and prices, cyclical
demand and pricing in the Companys principal markets, changes in
Government regulations, tax regimes, and economic developments within
India and the countries with which the company conducts business and
other incidental factors.
Acknowledgement:
Your Directors would like to express their sincere appreciation of the
cooperation and assistance received from Companys Bankers. The
Directors also thank the business Associates, Financial Institutions
and various Central and State Government Departments and Government
Authorities for their continued co-operation and support. The Directors
also wish to place on record their gratitude for the continued support
and co-operation received from the valued Customers, vendors, members
and Investors of the Company and look forward to the same in the
greater measure in the coming years.
For and on behalf of the Board
Place : Chennai Ashok Agarwal Ajay Agarwal
Date : 25.06.2010 Managing Director Director
Mar 31, 2009
The Directors have pleasure in presenting the Sixteenth Annual Report
together with the Audited statements of accounts of your company for
the year ended 31" March 2009.
(Rs. in Lakhs)
Particulars 2008-09 2007-08
Sales 9658.76 7145.47
PBDLT 380.45 785.26
Depreciation 100.07 70.64
Interest 253.96 318.39
Profit Before Tax 26.41 396.23
Profit After Tax 29.25 252.36
Balance Profit B/f from
earlier year 2914.64 2792.48
Appropriation
Transfer tp General Reserve 60.00 60.00
Proposed Dividend (including
Dividend Tax) 0.00 70.19
Profit C/f to Balance Sheet 2883.89 2914.64
RESERVES:
The Board approved the transfer of Rs, 60,00 Lakhs to the General
Reserves.
DIVIDEND :
In view of overall recession affecting the Indian Economy too,
financial performance of the Company for the year has been badly
affected and there was a drop of 88.40% in the PAT as compared to
previous year. To face this situation, directors have decided to
conserve the financial resources of the company arid regret their
inability to recommend any dividend on equity shares for the year
2008-09.
DIRECTOR:
During the year Shri Inderjeet Kaushal was appointed as an Additional
Director of the Company on 2nd March 2009 as per the provision of
Section 260 of the Companies Act, 1956 & his term of office is upto the
date of ensuing Annual General Meeting of the Company. The Company has
received a written notice along with the required amount as per the
provision of Section 257 of the Companies Act, 1956 proposing his
appointment as Director of the Company.
Shri. Ajay Agarwal & Shri. Ankit Agarwal, Directors,, retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment.
Appropriate resolutions for appointment/reappointment of the aforesaid
Directors are being moved at ensuing Annual General Meeting which the
Board comments for vour approval.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Sec don 217(2AAj of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) 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 ended March 31s1, 2009
and the profit of the company for that year;
(iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities, if any;
(iv) The accounts have been prepared on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements read with Accounting Standard AS-23 on Accounting for
Investments in Associates, your Directors provide the audited
Consolidated Financial Statements in the Annual Report. These
statements have been prepared on the basis of audited financial
statements received from subsidiary companies as approved by their
respective Boards.
PARTICULARS OF EMPLOYEES:
There were no employees of the company who were in the receipt of the
remuneration as per the limits prescribed by Section 217(2A) of the
Companies Act, 1956 and the rules framed there under.
DISCLOSURE OF PARTICULARS:
The information required under Section 217(i)(e) of the Companies Act,
1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 is given
as annexure forming part of this Report.
LISTING:
: Your Companys shares have been listed at Madras Stock Exchange
Limited, Delhi Stock Exchange Limited and Ahmedabad Stock Exchange
Limited it is confirmed that the Annual Listing fees upto the period
from 01.04.2009 to 31.03,2010 has been paid to the aforesaid exchanges.
AUDITORS:
M/S. K ,P. Jain & Co., Chartered Accountants, Chennai, the Auditors of
the Company retire at the conclusion of the Annual General Meeting and
being eligible, offer themselves for re-appointment.
CORPORATE GOVERNANCE
The Company has already initiated steps to meet the norms of corporate
governance, various committees of the Directors have been formed to
take care of the matters under Corporate Governance such as Audit,
Finance, Shareholders matter etc., and to provide assistance to
efficient conduct of the business and in meeting all its obligations of
all its shareholder. The details report on Corporate Governance with a
certificate of the Auditors of the Company towards compliance is
enclosed as Annexure to this report.
CAUTIONARY STATEMENT
The statement in this Management Discussion and Analysis Report
describing the Companys objectives, projecti6hs estimates,
expectations or predictions may be forward-looking statement within
the meaning of applicable securities laws and regulations. These
statements being based on certain assumptions and expectations of
future events, actual results could differ materially from those
expressed or implied.
Important factors that could make a difference to the Companys
operations include raw material availability and prices, cyclical
demand and pricing in the Companys principal markets, changes in
Government regulations, tax regimes, economic developments within India
and the countries with which the Company conducts business and other
incidental factors.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their appreciation for
the continued support and assistance received from the Companys
Bankers. The Directors also thank the Business Associates, Financial
Institutions and various Central and State Government Departments and
Government Authorities for their continued co-operation and support.
The Directors also wish to place on record their gratitude for the
continued support and cooperation received from the valued Customers,
Vendors, Members, and Investors of the Company and look forward to the
same in greater measure in the coming years.
For and on behalf of the Board
Place : Chennai ASHOK AGARWAL AJAY AGRAWAL
Date : 21.07.2009 Chairman & Managing Director Director
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article