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