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Directors Report of Arcee Industries Ltd.

Mar 31, 2014

Dear Members,

The directors have pleasure in presenting the ''22nd ANNUAL REPORT'' together with the Audited Accounts for the year ended 31st March, 2014.

1. financial Highlights (Rs. in Lacs) 2013-2014 2012-2013

Revenue from Operation and Other Income 1673 1768

Profit/(Loss) before depreciation, (2) 61 Interest & Taxes

Depreciation & Amortization Expenses 23 24

Finance Cost 34 24

Profit/(Loss) before Taxes (59) 3

Provision of Tax/Tax Paid (18) - (Incl: Deferred Taxation)

Profit/(Loss) after Tax (41) 3

Balance brought forward (122) (125)

Balance Carried to the Balance Sheet. (163) (122)

2. OPERATIONS

During the year the company has achieved gross revenue of Rs 1672 98 Lacs as compare to previous year of Rs.1768.04 Lacs. The company has 2.93 suffered loss of Ra.41.31 Lacs as compared to previous year Profit of Rs.Lacs. company has been consistently trying to capture the local market. It is expected that the company in the near future will do better

3. DIRECTORS

Mr. Satya Prakash Kanodia, Mr. Manoj Goyal and Mr. Pankai Agarwal are Independent Directors of the Company who are liable for retire by rotation as Per old Companies Act, 1956. The necessary resolutions for their appointment as Independent Directors under Section 149 of the Companies Act 2013 and Clause 49 of the Listing Agreement to hold office for a term of 5 (five) Consecutive Years up to 31st March 2019 are contained in the notice for your approval

Mrs. Krishna Gupta is the Director retiring by rotation in pursuance of Section 152 of the Companies Act, 2013 and, being eligible, offer herself for reppointment.

5. COMPLIANCE OF GUIDELINES OF SEBI/STOCK EXCHANGE

We have duly complied with all the guidelines issued by SEBI/Stock Exchange.

6. PARTICULARS OF EMPLOYEES

As there are no employees drawing remuneration more than the limit prescribed under section 217 (2A) of the Companies Act, 1956, and the Companies (Particulars of Employees) Rules, 1975, as amended, from time to time, statement under section 217 (2A) is not required.

7. FIXED DEPOSITS

The company has not accepted any fixed deposits from the public.

8. PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.

Information in accordance with the provisions of Section 217(1 )(e) of Companies Act, 1956 read with Companies (Disclosures of particulars in the report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the statement annexed hereto forming part of the Report.

9. INSURANCE

The Company''s properties have been adequately insured.

10. DIRECTORS'' RESPONSIBILITY STATEMENT

In pursuance to the provision of Section 217 (2AA) of the Companies Act, 1956 your Directors hereby declare

(i) that in the preparation of the Annual Accounts for the Financial Year 2013- 2014, the applicable Accounting Standards have been followed and no material departures have been made from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit/ Loss of the company for that period;

(iii) that 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;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis.

11. AUDITORS

M/s. Jain Mittal Chaudhary & Associates, Chartered Accountants (Firm Registration No. 015140N), who retire at the conclusion of ensuing Annual General Meeting, have consented to continue in office, if appointed from the conclusion of ensuing Annual General Meeting till the conclusion of next four consecutive Annual General Meeting subject to ratification of appointment by the Members of the Company at every Annual General Meeting. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 for their appointment as Auditors of the Company.

12. AUDITORS OBSERVATIONS

The auditors observations being self explanatory, have been duly explained in the notes to the accounts.

13. CORPORATE GOVERNANCE

Pursuant to clause 49 of the Listing Agreements entered into with the stock exchange, a separate section on corporate governance and a certificate obtained from the auditors of the company regarding compliance with the conditions of corporate governance are forming part of this annual report

14. ACKNOWLEDGMENT

The directors are pleased to place on record their sincere gratitude to the Government Authorities, Financial Institutions, Bankers, Shareholders Customers, Dealers and Vendors for their continued and valuable co-operation and support to the Company.

The directors express their deep appreciation for the deveted and sincere efforts put in by the members of the team at all levels of operations in the Company during the year. The company feels confident of continued co- operation and efforts from them in future also.

FOR AND ON BEHALF OF THE BOARD

REGISTERED OFFICE 7th K.M. Barwala Road Talwandi Rana, Hisar-125 001 (KRISHNA GUPTA) (R.C. GUPTA) Dated : 28/06/2014 DIRECTOR WHOLE TIME DIN-00284849 DIRECTOR DIN-00284823


Mar 31, 2013

To The Members,

The directors have pleasure in presenting the 21st ANNUAL REPORT together with the Audited Accounts for the year ended 31March 2013

1, FINANCIAL HIGHLIGHTS (Rs in Lacs)

2012-2013 2011-2012

Revenue from Operation and Other Income 1768 1178

Profit before depreciation 27 38

Depreciation & Amo Nation Expenses 24 26

Profit before Taxes 3 12

Provision of Tax/Tax Paid jingle Deferred Taxation) - 1

Profit after Tax 3 11

Balance brought forward (125) (136)

Balance Carried to the Balance Sheet (122) (125)

2 OPERATIONS

During the year the company has achieved gross revenue of Rs. 1768.04 Lacs, which is approximately 50% higher as compare lo previous year of Rs.1177.73 Lacs. The company has earned Profit before Tax of Rs 2 76 Lacs as compared to previous year Profit before Tax of Rs 12 18 Lacs. The company has been consistently trying to capture the local market It is expected that the company in the near future will do better

3 FINANCE

The interest and finance charges for the year were Rs 33 59 Lacs as against Rs 31 82 Lacs for the previous year.

4 DIRECTORS

In accordance with the requirement of the Companies Act, 1956 and the Articles of Association of the Company. Smt Krishna Gupta retires by rotation being eligible and cheer herself for reappointment

5, MANAGEMENT DISCUSSION & ANALYSIS

PVC Pipes are fast becoming the preferred mode of carrying water from the location of its source to the location of its use. inversely, PVC Pipes are also useful for carrying the used water and sanitary waste towards the location of its disposal. Safety, reality and strength - the important attributes of PVC Pipes are gradually yet definitely finding favor with the users as well as government and quasi- government authorities responsible for water and waste water management.

PVC Pipes business are to some extent dependent on the success of monsoon The company does not foresee any possibility of a drastic reduction in demand over a longer period. Your company also does not perceive any serious threat from import of PVC Pipes because the high incidence of freight on PVC Pipes gives a natural protection to the domestic industry On the back of various Government initiatives to boost the rural economy, the demand for PVC Pipes has remained buoyant. It is expected that the Government will continue to give priority to agriculture and rural up lament programmes in the years to come. This will ensure that demand for PVC Pipes wiLL continue to remain strong.

The company has instituted adequate internal control procedure commensurate with the nature of its business and the size of its operations Internal Audit is conducted at regular intervals and covers the key areas of operations. All significant audit observations and follow-up actions thereon are reported to the Audit Committee.

Your company''s Industrial relations continued to be harmonious during the year under review. The focus is on maintaining employee motivation at a high level with stress on leadership development.

Estimates and expectations stated fn this Management Discussion and Analysis may be '' forward-looking statement'''' within the meaning of applicable securities laws and regulations. Actual results coufd differ materially from those expected or implied. Important factors that could make a difference to your Company''s operations include economic conditions affecting demand/supply and price conditions in the domestic and international markets, changes in the Government regulations, tax laws, other statues and other incidental factors.

6 PARTICULARS OF EMPLOYEES

As there are no employees drawing remuneration more than the limit prescribed under section 217 (2A) of the Companies Act, 1956, and the Companies (Particulars of Employees) Rules, 1975; as amended, from time to time; statement under section 217 (2A) is not required.

7. FIXED DEPOSITS

The company has not accepted any fixed deposits from the public in terms of provisions of Section 58A of the Companies Act, 1956 and rules made there under.

8. PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.

Information in accordance with the provisions of Section 217(1 )(e) of Companies Act, 1956 read with Companies (Disclosures of particulars in the report of Board of Directors) Rules, 1983 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the statement annexed hereto forming part of the Report.

9. INSURANCE

The Company''s properties have been adequately insured.

10 DIRECTOR''S RESPONSIBILITY STATEMENT

In pursuance to the provision of Section 217 (2AA) of the Companies Act, 1956 your Directors hereby declare

(i) that in the preparation of the Annual Accounts for the Financial Year 2012-2013, the applicable Accounting Standards have been followed and no material departures have been made from the same ;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period ;

(iii) that 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 ;

(iv) that the Directors have prepared the Annual Accounts on a going concern basis

11 AUDITORS

M/s. Aggarwal & Mahajan, Chartered Accountants (ICAI Registration No. 006545N) retire and are eligible for reappointment. The Auditors have furnished to the Company the requisite certificate under section 224 (1B) of the Companies Act, 1956 that their appointment if made, would be within the prescribed limit.

12 Auditors'' OBSERVATIONS

The auditors observations being self explanatory, have been duly explained in the notes to the accounts.

13 AUDIT COMMITTEE

The Audit Committee has three members viz. Sh. S. P. Kanodia (Chairman), Sh. Manoj Goyai and Sh. Pankaj AgarwaL The terms of reference of the Audit Committee, covers the area mentioned in clause 49 of the Listing Agreement of the Stock Exchange and section 292A of the Companies Act, 1956.

14 CORPORATE GOVERNANCE

Pursuant to clause 49 of the Listing Agreements entered into with the stock exchange, a separate section on corporate governance and a certificate obtained from the auditors of the company regarding compliance with the conditions of corporate governance are forming part of this annual report.

15. ACKNOWLEDGMENT

Your directors are pleased to place on record their sincere gratitude to the Government Authorities, Financial institutions & Bankers for their continued and valuable co-operation and support to the Company.

Your directors express their deep appreciation for the devoted and sincere efforts put in by the members of the team at all levels of operations in the Company during the year. The company feels confident of continued co-operation and efforts from them in future also.

FOR AND ON BEHALF OF THE BOARD

REGISTERED OFFICE

7th K.M. Barwala Road

Talwandi Rana, Hisar-125 001

(KRISHNA GUPTA) (R.C, GUPTA)

Dated : 30/05/2013 DIRECTOR WHOLE TIME

DIRECTOR


Mar 31, 2011

The Members,

The directors have pleasure in presenting the '19TH ANNUAL REPORT' together with the Audited Accounts of the Company for the year ending 31st March, 2011.

1. FINANCIAL HIGHLIGHTS (Rs. in Lacs)

2010-2011 2009-2010

Sales and other income 1667 2209

Profit before depreciation 40 38

Depreciation for the year 28 26

Profit before income tax 12 12

Provision of Tax/Tax Paid (incl. Deferred Taxation) 11 (7)

Profit/(Loss) after Tax 1 19

Balance brought forward (138) (157)

Balance Carried to the Balance Sheet (137) (138)

2. OPERATIONS

During the year the company has achieved gross revenue of Rs.1667 Lacs. The Company's production and sale have been declined during the year due to lack of demand of PVC Pipes in the market. But the company has earned Profit before Tax of Rs. 11.79 Lacs as compared to previous year Profit before Tax of Rs. 11.51 Lacs, The company has been consistently trying to capture the local market. It is expected that the company in the near future will do better.

3 DIRECTORS

In accordance with the requirement of the Companies Act, 1956 and the Articles of Association of the Company, Sh. Manoj Goyal retires by rotation being eligible and offer himself for reappointment.

4. MANAGEMENT DISCUSSION & ANALYSIS

Just when the global economy was showing signs of consolidation, the political crisis in the Middle East has once again led to uncertainty. The commodity prices are once again volatile due to uncertain global developments. Uncertain times still continue with some more economies in Europe showing financial crisis which requires to be resolved.

A very high inflation rate, supply constraints and governance issues have significantly affected the Indian economic situation during the year under review. However, the economy has shown resilience in spite of all these impediments by showing good GDP growth of over 8.50%.

The Union Budget 2011-2012 has laid on emphasis on accelerating irrigation and agriculture. Initiatives have been targeted at improving rural infrastructure through various programs. The continued increase in farm credit with low interest rate as well efforts to improve microfinance will boost rural incomes and facilitate the trickle down process. These measures will have positive impact on the PVC Pipes business of your company in the future.

PVC Pipes business are to some extent dependent on the success of monsoon. The company does not foresee any possibility of a drastic reduction in demand over a longer period. Your company also does not perceive any serious threat from import of PVC Pipes because the high incidence of freight on PVC Pipes gives a natural protection to the domestic industry.

The company has instituted adequate internal control procedure commensurate with the nature of its business and the size of its operations. Internal Audit is conducted at regular intervals and covers the key areas of operations. All significant audit observations and follow-up actions thereon are reported to the Audit Committee.

Your company's Industrial relations continued to be harmonious during the year under review. The focus is on maintaining employee motivation at a high level with stress on leadership development.

Estimates and expectations stated in this Management Discussion and Analysis may be "forward-looking statement" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expected or implied. Important factors that could make a difference to your Company's operations include economic conditions affecting demand/supply and price conditions in the domestic and international markets, changes in the Government regulations, tax laws, other statues and other incidental factors.

5. PARTICULARS OF EMPLOYEES

As there are no employees drawing remuneration more than the limit prescribed under Section 217(2A) of the Companies Act, 1956, and the Companies (Particulars of Employees) Rules, 1975, as amended, from time to time, statement under section 217(2A) is not required.

6. FIXED DEPOSITS

The company has not accepted any fixed deposits from the public in terms of provisions of Section 58A of the Companies Act, 1956 and rules made thereunder.

7. PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.

Information in accordance with the provisions of Section 217(1 )(e) of Companies Act, 1956 read with Companies (Disclosures of particulars in the report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the statement annexed hereto forming part of the Report.

8. COMPLIANCE OF GUIDELINES OF SEBI/STOCK EXCHANGES

Guidelines issued by SEBI/Stock Exchanges from time to time have been duly complied with. The share of the Company is listed at the Bombay Stock Exchange Ltd., Mumbai. The Company is regular in paying the Annual Listing Fees to the Bombay Stock Exchange Ltd., Mumbai.

9. INSURANCE

The Company's properties have been adequately insured.

10. PERSONNEL

The relations between the employees and the management continued to be cordial. Directors take this opportunity to place on record their appreciations for the devoted and loyal services rendered by all members of the staff and workers.

11 DIRECTOR'S RESPONSIBILITY STATEMENT

In pursuance to the provision of Section 217 (2AA) of the Companies Act, 1956 your Directors hereby declare :-

(i) that in the preparation of the Annual Accounts for the Financial Year 2010-2011, the applicable Accounting Standards have been followed ;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgements 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 of the company for that period ;

(iii) that 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;

(iv) that the Directors have prepared the enclosed Annual Accounts on a going concern basis.

12. AUDITORS

M/s. Aggarwal & Mahajan, Chartered Accountants (ICAI Registration No. 006545N) retire and are eligible for reappointment The Auditors have furnished to the Company the requisite certificate under section 224 (1B) of the Companies Act, 1956 that their appointment, if made, would be within the prescribed limit.

13. AUDITORS OBSERVATIONS

The auditors observations being self explanatory, have been duly explained in the notes to the accounts.

14. AUDIT COMMITTEE

The Audit Committee has three members viz. Sh. S. P. Kanodia (Chairman), Sh. Manoj Goyal and Sh. Pankaj Agarwal. The terms of reference of the Audit Committee, covers the area mentioned in clause 49 of the Listing Agreement of the Stock Exchange and Section 292 A of the Companies Act, 1956.

15. REMUNERATION COMMITTEE

The remuneration Committee comprises of three independent directors viz., Sh. S. P. Kanodia (Chairman), Sh. Manoj Goyal and Sh. Pankaj Agarwal.

16. CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, Management Discussion and Analysis Report, Corporate Governance Report, Auditor's Certificate regarding compliance of conditions of Corporate Governance and declaration by Chairman for Compliance of Code of Conduct, from part of this Annua! Report.

17. ACKNOWLEDGMENT

Your directors are pleased to place on record their sincere gratitude to the Government Authorities, Financial Institutions & Bankers for their continued and valuable co-operation and support to the Company.

Your directors express their deep appreciation for the devoted and sincere efforts put in by the members of the team at all levels of operations in the Company during the year. The company feels confident of continued co-operation and efforts from them in future also.

FOR AND ON BEHALF OF THE BOARD

(KRISHNA GUPTA) (R.C. GUPTA) DIRECTOR DIRECTOR

REGISTERED OFFICE

7th K.M. Barwala Road Talwandi Rana, Hisar- 125 001

Dated : August 29, 2011


Mar 31, 2010

The directors have pleasure in presenting the 18TH ANNUAL REPORT1 together with the Audited Accounts of the Company for the year ending 31st March. 20 10

1. FINANCIAL HIGHLIGHTS (Rs. in Lacs)

2009-2010 2008-2009

Sales and other income 2209 1865

Profit before depreciation 38 32

Depreciation for the year 26 22

Profit before income tax 12 10

Provision of Tax/Tax Paid 7 (4)

Profit/(Loss) after Tax 19 6

Balance brought forward (157) (163)

Balance Carried to the Balance Sheet (138) (157)

2. OPERATIONS

During the year the company has achieved Sales & Other Income of Rs, 2209 00 Lacs, which is approx. 18 % higher as compared to last year of Rs.1865 00 Lacs During the year the company has earned profit before Tax of Rs. 11.51 lacs as compared to previous years profit before tax of Rs.10.39 lacs. The comoany has been consistently trying to capture the local market. It is expected that the company in the near future will do better.

3. DIRECTORS

In accordance with the requirement of the Companies Act, 1956 and the Articles of Association of the Company, Sh. S. P. Kanodia retires by rotation being eligible and offer himself for reappointment.

4. MANAGEMENT DISCUSSION & ANALYSIS

The extreme volatility experienced in the global markets during 2008-2009 moderated to some extent during the year under review. However, uncertainty still looms large on the global business horizon. The developed economies of USA and Europe have pumped in trillions of dollars to stabilize their economies. The long term effects of these measures are vet to be seen. Volatility in commodity prices and foreran exchange rates is the order of the day. Though there are emerging signs of recovery these are still not strong enough to instill confidence in the system as a whole. The economic crisis has hit countries like Greece and Iceland very badly and there is specu!ation about some other countries also facing similar crisis.

A delayed and sub-normal monsoon added to the overall uncertainty prevailing in the Indian economy at the beginning of the year under review. Despite this the Indian economy posted a remarkable recovery. The GDP growth tentatively assessed at over 6% is one of the highest in the world. The rural economy in India is fast growing giving an impetus to the demand for various products. Your Companys product i.e PVC Pipes is mainly sold in the rural markets.

PVC Pipes are fast becoming the preferred mode of carrying water from the location of its source to the location of its use. Inversely, PVC Pipes are also useful for carrying the used water and sanitary waste towards the location of its disposal. Safety, reliability and strength -- the important attributes of PVC Pipes are gradually yet definitely finding favour with the users as well as government and quasi- government authorities responsible for water and waste water management.

PVC Pipes business are to some extent dependent on the success of monsoon. The company does not foresee any possibility of a drastic reduction in demand over a longer period. Your company also does not perceive any serious threat from import of PVC Pipes because the high incidence of freight on PVC Pipes gives a natural protection to the domestic industry.

On the back of various Government initiatives to boost the rural economy, the demand for PVC Pipes has remained buoyant. It is expected that the Government will continue to give priority to agriculture and rural upliftment programmes in the years to come. This will ensure that demand for PVC Pipes will continue to remain strong.

The company has instituted adequate internal control procedure commensurate with the nature of its business and the size of its operations. Internal Audit is conducted at regular intervals and covers the key areas of operations. All significant audit observations and follow-up actions thereon are reported to the Audit Committee.

Your companys Industrial relations continued to be harmonious during the year under review. The focus is on maintaining employee motivation at a high level with stress on leadership development.

Estimates and expectations stated in this Management Discussion and Analysis may be "forward-looking statement" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expected or implied. Important factors that could make a difference to your Companys operations include economic conditions affecting demand/supply and price conditions in the domestic and international markets, changes in the Government regulations, tax laws, other statues and other incidental factors.

5. PARTICULARS OF EMPLOYEES

During the year there was no employee in respect of whom information as per section 217 (2A)of the Companies Act, 1956 is required to be given in the Directors Report.

6. FIXED DEPOSITS

The company has not accepted any fixed deposits from the public in terms of provisions of Section 58A of the Companies Act, 1956 and rules made thereunder.

7. PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.

Information in accordance with the provisions of Section 217(1 )(e) of Companies Act, 1956 read with Companies (Disclosures of particulars in the report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the statement annexed hereto forming part of the Report.

8. COMPLIANCE OF GUIDELINES OF SEBI/STOCK EXCHANGES

Guidelines issued by SEBI/Stock Exchanges from time to time have been duly complied with. The share of the Company is listed at the Bombay Stock Exchange Ltd. Mumbai The Company is regular in paying the Annual Listing Fees to the Bombay Stock Exchange Ltd., Mumbai,

9 INSURANCE

The Companys properties have been adequately insured

10 PERSONNEL

The relations between the employees and the management continued to be cordial. Directors take this opportunity to place on record their appreciations for the devoted and loyal services rendered by all members of the staff and workers.

11. DIRECTORS RESPONSIBILITY STATEMENT

In pursuance to the provision of Section 217 (2AA) of the Companies Act, 1956 your

Directors hereby declare :-

(i) that in the preparation of the Annual Accounts for the Financial Year 2009-2010, the applicable Accounting Standards have been followed ;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgements 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 of the company for that period ;

(iii) that 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 ;

(iv) that the Directors have prepared the enclosed Annual Accounts on a going concern basis,

12 AUDITORS

M/s, Aggarwal & Mahajan, Chartered Accountants retire and are eligible for reappointment. The Auditors have furnished to the Company the requisite certificate under section 224 (1B) of the Companies Act, 1956 that their appointment, if made, would be within the prescribed limit.

13. AUDITORS OBSERVATIONS

The auditors observations being self explanatory, have been duly explained in the notes to the accounts.

14. AUDIT COMMITTEE

The current Audit Committee has three members viz. Sh. S. P. Kanodia (Chairman), Sh, Manoj Goyal and Sh. Pankaj Agarwal. The terms of reference of the Audit Committee, covers the area mentioned in clause 49 of the Listing Agreement of the Stock Exchange and Section 292 A of the Companies Act, 1956.

15 REMUNERATION COMMITTEE

The remuneration Committee comprises of three independent directors viz., Sh S. P. Kanodia (Chairman), Sh. Manoj Goyal and Sh. Pankaj Agarwal.

16 CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, Management Discussion and Analysis Report, Corporate Governance Report, Auditors Certificate regarding compliance of conditions of Corporate Governance and declaration by Chairman for Compliance of Code of Conduct, from part of this Annual Report.

17. ACKNOWLEDGMENT

Your directors are pleased to place on record their sincere gratitude to the Government Authorities, Financial Institutions & Bankers for their continued and valuable co- operation and support to the Company.

Your directors express their deep appreciation for the devoted and sincere efforts put in by the members of the team at all levels of operations in the Company during the year. The company feels confident of continued co-operation and efforts from them in future also.



FOR AND ON BEHALF OF THE BOARD

REGISTERED OFFICE

7th K.M. Barwala Road

Talwandi Rana. Hisar - 125 001

(KRISHNA GUPTA) (R.C. GUPTA)

Dated : August 24, 2010 DIRECTOR DIRECTOR



 
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