Home  »  Company  »  Archana Software  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Archana Software Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors have pleasure in presenting the Twentieth Annual Report on the working of the Company along with the audited Balance Sheet and Profit Loss Account for the year ended 31st March 2014.

FINANCIAL RESULTS

Rs. In Lacs Rs. In Lacs

2013 - 14 2012 - 13

Sales Income 547.37 519.76

Profit/ (Loss) before tax 2.02 (00.79)

Profit/(Loss) after tax 1.88 (00.79)

Balance carried to Balance Sheet (650.68) (652.57)

DIVIDEND

No dividend has been recommended for the year.

OPERATIONS

The Company is making all out efforts to market the various software products developed by it - software in the areas of designing and planning in Textile industry, Inventory Management, Hotel Management, Payroll Management etc. And also the company recently launched the e-commerce website called www.theflamingo.co.in for marketing the goods through web. The company''s turnover had increased from Rs.519.76 lacs in the previous year to Rs.547.37 lacs in the current year. The software product marketed by the company had good response during the year, hence there is good growth in the turnover of the company during the year. However your directors are confident of registering substantial increase in turnover and profits in the coming years.

FUTURE PLAN

The company would further push its marketing efforts for the sale of various software programmes it has developed. And would soon restart its dot com operation, which was core strength of the company in the past. Since the company had good customers in textile business, now launching a textile product trading dot.com portal, the domain is already finalized, it will launching the portal shortly, which will additional revenue to the company and good margin. It has started operations in the textile products also which have given tremendous increase in its turnover.

A. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Since the Company is engaged in the Computer Software Development, the question of conservation of Energy and Technology Absorption does not arise.

B. FOREIGN EXCHANGE EARNING AND OUTGO

There was no foreign exchange expenses and income during the year.

C. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956.

During the year, no employee was paid more than Rs.5,00,000/- per month or Rs.60,00,000/- per annum.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Directors confirm:

i. That in the preparation of Annual Accounts, the applicable Accounting Standards have been followed and no material departures have been made from the same.

ii. That they 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 for that period.

ii. That they 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 preventing and detecting fraud and other irregularities.

iv. That they have prepared the annual accounts on the ‘going concern'' basis

CORPORATE GOVERNANCE:

A report on Corporate Governance, pursuant to clause 49, is annexed hereto and forms part of this report. A certificate from M/s. Saravanan & Co, Chartered Accountants, Tirupur, Statutory Auditors of the Company regarding compliance of conditions of corporate governance stipulated by the stock exchanges is annexed to this report.

CODE OF CONDUCT

The Company has adopted a code of conduct for the Board of Directors and senior management of the Company and all of them have affirmed compliance of the same.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

In accordance with the listing agreement, the Management Discussion and Analysis Report is annexed hereto and forms part of this report.

AUDIT COMMITTEE

Your company has complied with the provisions of Section 177 of the Companies Act, 2013 as to constitution of Audit Committee with Mr. V.Ramani and Mr. Chikalpat Yogesh Pai are being members of the said committee. Mr. S. Sonnaachalam is the Chairman of the committee. The committee met four times during the year.

PUBLIC DEPOSIT

The Company has not accepted any deposit from the public during the year under review.

LISTING

The Shares of your company is presently listed in the Bombay Stock Exchange (BSE).

DIRECTORS

a. Re-appointment:

Mr.S.Sonaachalam, Director of the Company retires by rotation at this Annual General meeting and being eligible offers himself for appointment.

Resignation : Mr. M.B. Sekar and Mr. S. Ravi Shankar resigned from directorship and all committee on 30th January 2014

AUDITORS

The Statutory auditor Mr.A.Saravanan, Chartered Accountants, Tirupur, retires at the ensuing Annual General Meeting and is eligible for reappointment.

Regarding auditors qualification on confirmation of balance, effort has been taken to obtain the same, deferred tax assets is only to be created, which is notational hence the same is not considered in the accounts.

ENVIRONMENT COMPLIANCE:

India is the seventh largest country in the world by geographical area. While progress in the environmental front is being made, India still faces some major challenges.. Despite highly evolved environmental laws and regulations in some areas, many environmental practices such as regulation of air pollutants using model seen in western countries are still at a very rudimentary stage in India. Increased environmental regulations will likely become a key area of concern in the near future.

The increasing desire of Indian companies to meet world class standards has caused established companies in India to take on sustainable initiatives as a means of improving their global brand and reputation and the environmental sector is expected to be at the forefront of India''s evolving story in the coming years.

The Company has already considered the prerequisites of environment compliance long way back and is doing new initiative every year. Some of the major initiatives of regular basis are:

Slogan of the Company - "One planet, one earth, one nature which propagates Save the earth for better tomorrow".

By regular training for workers and staff to prevent accident related to mechanical, electrical, chemical, physiological and psychological safety the Company has made Zero incidents as acceptable standard.

The Company has started project to conserve water and energy, minimize generation of waste, minimize carbon foot print, generate pollution prevention awareness throughout the plant and to achieve 100 percent legal compliance.

GENERAL

The Management is grateful to the shareholders, valued customers, bankers and vendors for the continued support and co-operation.

The Director also wishes to place on record their appreciation of the support and co-operation of all employees to enable the company to achieve its growth plans.

On behalf of Board of Directors

PLACE: CHENNAI Chikalpat Yogesh Pai

DATE : 03.09.2014. DIRECTOR


Mar 31, 2013

The Directors have pleasure in presenting the Nineteenth Annual Report on the working of the Company along with the audited Balance 5heet and Profit Loss Account for the year ended 31" March 2013.

FINANCIAL RESULTS

Rs. In Lacs Rs. In Lacs 2012-13 2011-12

Sales Income 819.76 462.44

Profit/ (Loss) before tax (00.79) 87.56

Profit/(Loss) after tax (00.79) 87.56

Balance carried to Balance Sheet (652.87) (6S1.78)



DIVIDEND

No dividend has been recommended for the year.

OPERATIONS

The Company is making all out efforts to market the various software products developed by it -software in the areas of designing and planning in Textile industry, Inventory Management, Hotel Management, Payroll Management etc. And also the company recently launched the e-commerce website called www.theflamingo.co.in fo marketing the goods through web. The company''s turnover had increased from Rs.462.44 lacs in the previous year to Rs.S19.76 lacs in the current year. The software product marketed by the company had good response during the year,hence there is good growth in the turnover of the company during the year. However Your directors are confident of registe.ing substantial increase in turnover and profits in the coming years.

FUTURE PLAN

The company would further push its marketing efforts for the sale of various software programmes it has developed. And would soon restart its dot com operation, which was core strength of the company in the past. Since the company had good customers in textile business, now launching a textile product trading dot.com portal, the domain is already finalized, it will launching the portal shortly, which will additional revenue to the company and good margin, it has started operations in the textile products also which have given tremendous increase in its turnover. The company has issued detailed Public Statement in Terms of Regulation 15 (2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for the Attention of the Equity Shareholders Cash Offer for Acquisition of Equity Shares from Shareholders on 22/02/2013. Total No of Shares 12,85,470 (21.19%) by Acquirer Mr. S.Vasanth Kumar Sundaravadivelu. (Ref: The Financial Express ( English All Editions), Janasatha (Hindi All Editions), Navasakthi (Marathi Mumbai Edition) & Makkal Kural (Tamil - Chennai Editions)

Name of the Sellers Address of the Sellers No. & %ot Shares Voting No. & %ot Shares Voting Rights held Before the Off- Rights held After the Off- Market Transactions Market Transactions No. of Shares % No. of Shares %

Mr. R. Rajasankar No.g, Bishop Avenue, 52200 0.86 Nil Nil Mylapore, Chennai - 600 004.

Mr.D. Rawsankar No.9, Bishop Avenue, 10 0 Nil Nil Mylapore, Chennai - 600 004.

Mr.S.Durai No.9, Bishop Avenue, 10 0 Nil Nil Mylapore, Chennai - 600 004.

Mr.R. Vallabaj No.9, Bishop Avenue, 150000 2.47 Nil Nil Mylapore, Chennai - 600 004.

Mr.V.P. Ramarathan No.9, Bishop Avnue, 10010 0.16 Nil Nil Mylapore, Chennai - 600 004.

Mr.K.RJain No.9, Bishop Avenue, 40500 0.67 Nil Nil Mylapore, Chennai - 600 004.

M/s. Sankar Homes 48, South Boag Road, 1032740 17.02 Nil Nil (P) Ltd. T.Nagar, Chennai - 600 017.

Total 1285470 21.19



Information Pursuant to Section 217(1) (E) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988.


Mar 31, 2012

Dear Shareholders,

The Directors have pleasure in presenting the Eighteenth Annual Report on the working of the Company along with the audited Balance Sheet and Profit Loss Account for the year ended 31st March 2012.

FINANCIAL RESULTS

Rs. In Lacs Rs. In Lacs 2011-12 2010-11

Sales Income 462.44 316.82

Profit/(Loss) before tax 57.56 47.54

Profit/ (Loss) after tax 57.56 47.54

Balance carried to Balance Sheet (651.78) (709.33)

DIVIDEND

No dividend has been recommended for the year.

OPERATIONS

The Company is making all out efforts to market the various software products developed by it - software in the areas of designing and planning in Textile industry, Inventory Management, Hotel Management, Payroll Management etc. And also the company recently launched the e-commerce website called www.theflamingo.co.in for marketing the goods through web. The company''s turnover had increased from Rs.316.82 lacs in the previous year to Rs.462.44 lacs in the current year. The software product marketed by the company had good response during the year, hence there is good growth in the turnover of the company during the year. However your directors are confident of registering substantial increase in turnover and profits in the coming years.

FUTURE PLAN

The company would further push its marketing efforts for the sale of various software programmes it has developed. And would soon restart its dot com operation, which was core strength of the company in the past. Since the company had good customers in textile business, now launching a textile product trading dot.com portal, the domain is already finalized, and during the current period it was lunched. Which will give additional revenue to the company and good margin. It has started operations in the textile products also which have given tremendous increase in its turnover.

Information Pursuant to Section 217(1) (E) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988.

A.CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Since the Company is engaged in the Computer Software Development, the question of conservation of Energy and Technology Absorption does not arise,

B. FOREIGN EXCHANGE EARNING AND OUTGO

There was no foreign exchange expenses and income during the year.

C. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPAMES ACT, 1956.

During the year, no employee was paid more than Rs.2, 00,000/- per month or Rs.24, 00,000/- per annum.

DDRECTORS'' RESPONSD3ELITY STATEMENT

The Directors confirm:

i. That in the preparation of Annual Accounts, the applicable Accounting Standards have been followed and no material departures have been made from the same.

ii. That they 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 for that period.

iii. That they 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 preventing and detecting fraud and other irregularities.

iv. That they have prepared the annual accounts on the ''going concern'' basis.

CORPORATE GOVERNANCE:

A report on Corporate Governance, pursuant to clause 49, is annexed hereto and forms part of this report. A certificate from A. Saravanan, Chartered Accountant, Statutory Auditor of the Company regarding compliance of conditions of corporate governance stipulated by the stock exchanges is annexed to this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORRT

In accordance with the listing agreement, the Management Discussion and Analysis Report is annexed hereto and forms part of this report.

AUDIT COMMITTEE

Your company has complied with the provisions of Section 292A of the Companies Act, 1956 as to constitution of Audit Committee with Mr. M.B. Sekar and Mr. S. Ravishankar are being members of the said committee. Mr. S. Sonnaachalam is the Chairman of the committee. The committee met seven times during the year.

PUBLIC DEPOSIT

The Company has not accepted any deposit from the public during the year under review.

LISTING

The Shares of your company are presently listed in the Madras Stock Exchange and Bombay Stock Exchange (BSE).

DIRECTORS

a. Re-appointment:

Mr.S.Ravi Shankar, Director of the Company retires by the rotation at this Annual General Meeting and being eligible offers himself for reappointment.

AUDITORS

The Statutory auditor Mr A. Saravanan, Chartered Accountant, retires at the ensuing Annual General Meeting and is eligible for re-appointment.

Regarding auditors qualification on confirmation of balance, effort has been taken to obtain the same, deferred tax assets is only to be created, which is notational hence the same is not considered in the accounts.

ENVIRONMENT COMPLIANCE:

India is the seventh largest country in the world by geographical area. While progress in the environmental front is being made, India still faces some major challenges.. Despite highly evolved environmental laws and regulations in some areas, many environmental practices such as regulation of air pollutants using model seen in western countries are still at a very rudimentary stage in India. Increased environmental regulations will likely become a key area of concern in the near future.

The increasing desire of Indian companies to meet world class standards has caused established companies in India to take on sustainable initiatives as a means of improving their global brand and reputation and the environmental sector is expected to be at the forefront of India''s evolving story in the coming years.

The Company has already considered the prerequisites of environment compliance long way back and is doing new initiative every year. Some of the major initiatives of regular basis are:

Slogan of the Company - "One planet, one earth, one nature which propagates save the earth for better tomorrow".

By regular training for workers and staff to prevent accident related to mechanical, electrical, chemical, physiological and psychological safety the Company has made Zero incidents as acceptable standard.

The Company has started project to conserve water and energy, minimize generation of waste, minimize carbon foot print, generate pollution prevention awareness throughout the plant and to achieve 100 percent legal compliance.

GENERAL

The Management is grateful to the shareholders, valued customers, bankers and vendors for the continued support and co-operation.

The Director also wishes to place on record their appreciation of the support and co-operation of all employees to enable the company to achieve its growth plans.

On behalf of Boarjl of Directors PLACE: CHENNAI S. SONAACHALAM

DATE : 01.09.2012. DIRECTOR


Mar 31, 2009

The Directors have pleasure in presenting the Fifteenth Annual Report on the working of the Company along with the audited Balance Sheet and Profit Loss Account for the year ended,31st March 2009.

FINANCIAL RESULTS

Rs. In Lacs Rs. in lacs 2008 - 09 2007-08

Software Income 34.04 36.50

Other income 0.00 0.00

Profit/ (Loss) before tax 4.70 03.05

Profit/ (Loss) after tax 4.70 03.05

Balance carried to Balance Sheet (766.62) (771.31)

DIVIDEND

No dividend has been recommended for the year.

OPERATIONS

The Company is making all out efforts to market the various software products developed by it - software in the areas of designing and planning in Textile industry, Inventory Management, Hotel Management, Payroll Management etc,. The companys turnover had marginally decreased from Rs.36.50 lacs in the previous year to Rs.34.04 lacs in the current year. The reason for such decrease is due to global economic meltdown. However, your directors are confident of registering substantial increase in turnover and profits in the coming years,

FUTURE PLAN

The company would further push its marketing efforts for the sale of various software programmes it has developed and would soon restart its software development activities in a big way.

The Company has approached the Bombay Stock Exchange for the revocation of suspension in the trading of its scrips. Your directors are very confident of getting the suspension revoked in the next few months time.

Your company has initiated steps for the amalgamation of M/s. Shakihi Knitting Limited, Tirupur, into it. Approvals of the Stock Exchanges and other regulating agencies are awaited. On obtaining these approvals, which are expected shortly, the Honble High Court of Madras would be approached for proceeding further in the matter.

Information Pursuant to Section 217(1) (E) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988.

A.CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Since the Company is engaged in the Computer Software Development, the question of conservation of Energy and Technology Absorption does not arise.

B. FOREIGN EXCHANGE EARNING AND OUTGO

There was no foreign exchange expenses and incomes during the year.

C. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956.

During the year, no employee was paid more than Rs.1,00,000/- per month or Rs,12,00,000/- per annum.

DRECTORS RESPONSIBILITY STATEMENT

The Directors confirm:

i. That in the preparation of Annual Accounts, the applicable Accounting Standards have been followed and no material departures have been made from the same.

ii. That they 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 for that period.

iii. That they 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 they have prepared the annual accounts on the going concern basis.

CORPORATE GOVERNANCE:

A report on Corporate Governance, pursuant to clause 49, is annexed hereto and forms part of this report. A certificate from M/s. Baskaran & Co, Chartered Accountants, Chennai, Statutory Auditors of the Company regarding compliance of conditions of corporate governance stipulated by the stock exchanges is annexed to this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORRT

In accordance with the listing agreement, the Management Discussion and Analysis Report are annexed hereto and forms part of this report.

AUDIT COMMITTEE

Your company has complied with the provisions of Section 292A of the Companies Act, 1956 as to constitution of Audit Committee with Mr. G. Sekar, Mr. Deepak Jain and Mr. S. Ravishankar being members of the said committee. The committee met four times during the year.

PUBLIC DEPOSIT

The Company has not accepted any deposit from the public during the year under review.

LISTING

The Shares of your company are presently listed in the Madras Stock Exchange and Bombay Stock Exchange (BSE) .However, trading of companys scrips is suspended for the time being due to non-compliance with some of the procedural requirements. The company has since filed the necessary documents with BSE and is hopeful of revocation of suspension very shortly.

DIRECTORS

a. Re-appointment:

Mr. M.B. Sekar, Director of the Company retires by rotation at this Annual General Meeting and being eligible offers himself for reappointment.

AUDITORS

M/s. R. Baskaran & Co, Chartered Accountants, Chennai, Is eligible for reappointment as statutory auditors and they shall hold the office till the conclusion of next Annual General Meeting. A certificate to the effect that, if appointed, such appointment will be within the limits under Section 224(1 B) of the Companies Act, 1956, has been obtained from them.

GENERAL

The Management is grateful to the shareholders, valued customers, bankers and vendors for the continued support and co-operation.

The Directors also wishes to place on record their appreciation of the support and co-operation of all employees to enable the company to achieve its growth plans.

On behalf of Board of Directors

Sd/- PLACE: CHENNAI, D. RAVISANKAR

DATE : 01.09.2009. DIRECTOR


Mar 31, 2008

The Directors have pleasure in presenting the Fourteenth Annual Report on the working of the Company along with the audited Balance Sheet and Profit Loss Account for the year ended 31st March 2008.

FINANCIAL RESULTS

Rs. In Lacs Rs, in lace 2007 - 08 2006-07

Software Income 36.50 35.00

Other Income 0.00 0.00

Profit/{Loss) before tax 03.05 12.65

Profit/ (Loss) after tax 03.05 12.65

Balance carried to Balance Sheet (734.43) (737.48)

DIVIDEND

No dividend has been recommended for the year,

OPERATIONS

The Company is making all out efforts to market the various software products developed by it - software in the areas of designing and planning in Textile industry, Inventory Management, Hotel Management, Payroll Management etc,. The companys turnover had marginally increased from Fts.35 lacs in the previous year to Rs.36.50 lacs in the current year. Your directors are confident of registering substantial increase in turnover and profits in the coming years.

FUTURE PLAN

The company would further push its marketing efforts for the sale of various software programmes it has developed, and would soon restart its software development activities in a big way.

The Company has, approached the Bombay Slock Exchange for the revocation of suspension in the trading of its scrips. Your directors are very confident of getting the suspension revoked in the next few months time.

Company has Initiated steps for the amalgamation M/s. Shakthi Knitting Limited, Tirupur, into it. Approvals of the Stock Exchanges and other regulating agencies are awaited. On obtaining these approvals, which are expected shortly, the Honble High Court of Madras would be approached for proceeding further in the matter.

Information Pursuant to Section 217(1) (E) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988.

A.CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Since the Company is engaged in the Computer Software Development, the question of conservation of Energy and Technology Absorption does not arise.

B. FOREIGN EXCHANGE EARNING AND OUTGO

There was no foreign exchange expenses and income during the year.

C. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956.

During the year, no employee was paid more than Rs.1, 00,000/- per month or Rs. 12,00,000/- per annum.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors confirm:

i. That in the preparation of Annual Accounts, the applicable Accounting Standards have been followed and no material departures have been made from the same.

II. That they 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 for that period.

iii. That they 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 preventing and detecting fraud and other irregularities.

iv. That they have prepared the annual accounts on the going concern basis.

CORPORATE GOVERNANCE:

A report on Corporate Governance, pursuant to clause 49, is annexed hereto and forms part of this report. A certificate from M/s. Sri & Co, Chartered Accountants, Chennai, Statutory Auditors of the Company regarding compliance of conditions of corporate governance stipulated by the stock exchanges is annexed to this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORRT

In accordance with the listing agreement, the Management Discussion and Analysis Report is annexed hereto and forms part of this report.

AUDIT COMMITTEE

Your company has complied with the previous of Section 292A of the Companies Act, 1956 as to constitution of Audit Committee with Mr. G. Sekar, Mr. Deepak Jain and Mr. S. Ravishankar being members of the said committee. The committee met four times during the year,

PUBLIC DEPOSIT

The Company has not accepted any deposit from the public during the year under review. LISTING

The Shares of your company are presently listed in the Madras Stock Exchange and Bombay Stock Exchange (BSE). However, trading of companys scrips is suspended for the time being due to non-compfiance with some of Ihe procedural requirements. The company has since filed the necessary documents with BSE and it is hopeful of revocation of suspension very shortly.

DIRECTORS

a. Reappointment:

Mr, MB. Sekar, Directors of the Company retires by the rotation at this Annual General Meeting and being eligible offers himself for reappointment.

b. Re-appointment:

Mr. Deepak Jain was appointed as Director of the company by the Board of Directors at its meeting held on 29th April 2008, with effect from the same date in accordance with Section 260 of the Companies Act, 1956 and retires by rotation at the Annua! General Meeting and being eligible offers himself for reappointment. Further, for his appointment as Director, the requisite notices together with necessary deposits have been received from a member pursuant to Section 257 of the Companies Act, 1956, proposing the election of Mr, Deepak Jain as a Director of the company.

c. Reappointment:

Mr. S.Ravi Shankar was appointed as Director of the company by the Board of Directors at its meeting held on 29th April 2008, with effect from the same date in accordance with Section 260 of the Companies Act, 1956 and retires by rotation at the Annual General Meeting and being eligible offers himself for reappointment. Further, for his appointment as Director, the requisite notices together with necessary deposits have been received from a member pursuant to Section 257 of the Companies Act, 1956, proposing the electron of Mr. S.Ravi Shankar as a Director of the company.

AUDITORS

M/s. Sri & Co., Chartered Accountants, Chennai, have expressed the willingness not to reappoint him as statutory auditors from the financial year 2008-09 onwards due to their various other commitments.

M/s. R. Baskaran & Co, Charatered Accountants, Chennai, is appointed as auditors in the place of previous auditor and they shall hold the office till the conclusion of next Annual General Meeting. A certificate to the effect that, if appointed, such appointment will be within the limits under Section 224{1B) of the Companies Act, 1956, has been obtained from them.

GENERAL

The Management is grateful to the shareholders, valued customers, bankers and vendors for the continued support and co-operation.

The Director also wishes to place on record their appreciation of the support and co-operation of all employees to enable the company to achieve its growth plans.

On behalf of Board of Directors

Sd/- PLACE: CHENNAI, D. RAVISANKAR

DATE ; 25,08.2008. DIRECTOR



 
Subscribe now to get personal finance updates in your inbox!