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Directors Report of Asian Star Company Ltd.

Mar 31, 2015

Dear Members,

The Directors are pleased to present the Twenty-First Annual Report on the Business and Operations of your Company together with the Audited Statement of Accounts for the year ended March 31,2015.

Financial Results (Rs. in Crore)

PARTICULARS 2014-2015 2013-2014

Total Sales 2,274.41 2,288.25

Add : Other Income 0.11 1.24

Total Income 2,275.58 2,289.49

Less : Total Expenditure 2,182.77 2,199.42

Operating Profit (PBDIT) 92.81 90.07

Less : Interest and Depreciation 37.08 31.24

Profit before Exceptional Items and Tax 55.73 58.83

Exceptional Items - Income / (Loss) 5.69 (0.13)

Provision for Tax 19.45 18.00

Provision for Deferred Tax (1.24) (0.04)

Profit after Tax 43.21 40.74

Add : Balance in Surplus Account Brought 267.96 232.03 forward

Profit available for appropriation 311.17 272.77

Appropriation

Dividend / Proposed Dividend on Equity 2.40 2.40 Shares

Tax on Dividend 0.50 0.41

Transferred to General Reserve 2.00 2.00

Adjustment relating to Fixed Assets 2.07 -

Provision for Tax of Earlier Years written 1.38 - off

Balance Carried forward to Balance Sheet 302.82 267.96

311.17 272.77

Performance of the Company

Considering the challenging economic scenario during the year, both Overseas and in India, Company's performance was quiet satisfactory. In the difficult environment, Company has achieved sales of Rs. 2,274.41 crore, marginally lower than Rs. 2,288.25 crore of previous year. Profit after tax for the year has increased by 6.06 % to Rs. 43.21 crore.

Dividend

Your Directors are pleased to recommend a dividend of Rs. 1.50 per equity share of Rs.10/- each for the financial year ended March 31, 2015 subject to the approval of the members on September 9, 2015. Equity dividend if approved, will be paid to those members whose name appear on the Register of Members as at the end of business hours on September 2, 2015.

Transfer to reserve

The Company proposes to transfer Rs. 2 crore to the General Reserve out of amount available for appropriations and an amount of Rs. 34.86 crore is proposed to be retained in the Profit and Loss Account.

Wind Energy

As a part of its social commitments and endeavor to carry out operations in a more sustainable manner, the Company has always been inclined to promote a cleaner and greener environment. The Company has been pursuing generation of energy from wind power through establishment of Wind Turbine Generators (WTGs) since 2006. The Company's windmills are located in the state of Maharashtra, Tamil Nadu & Kerala. During the year 2014-15, the Company has generated 179 lacs kwh resulting in the sales of Rs. 590.36 lacs.

Change in the nature of business, if any

There is no change in the nature of business of your Company during the year under review.

Material changes and commitments, if any, affecting the financial position of the Company:

No material changes and commitments have occurred after the close of the year till the date of this Report, which affect the financial position of the Company.

Details of significant and material orders passed by the regulators/courts/tribunals impacting the going concern status and company's operations in future:

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

Adequacy of internal financial controls with reference to the Financial statements:

Your Company has adequate systems and processes of internal controls which are commensurate with its size and nature of operations. They have been designed to provide reasonable assurance with regard to recording and providing reliable financial information, complying with applicable statutes, safeguarding of assets, authorization of transactions and adherence to the Company's policies and practices. The internal controls and governance process are duly reviewed for their adequacy and effectiveness through periodic audits by Internal Auditor.

Details of Subsidiary Companies/Joint Ventures/Associate Companies

Your Company has four wholly owned subsidiaries. These consist of:

1. Asian Star Jewels Private Limited

2. Asian Star DMCC

3. Asian Star Co. Ltd (USA)

4. Asian Star Trading (Hong Kong) Ltd

Out of the above Asian Star Jewels Private Limited is wholly owned Indian subsidiary company and rest three companies viz. Asian Star DMCC, Asian Star Co. Ltd (USA), Asian Star Trading (Hong Kong) Ltd are wholly owned foreign subsidiary companies of Asian Star Company Limited.

There has been no material change in the nature of business of the subsidiaries.

In terms of proviso to sub section (3) of Section 129 of the Act, the salient features of the financial statement of the subsidiaries is set out in the prescribed form AOC-1, which forms part of the annual report. Performance and financial position of the subsidiary companies is given in Annexure - A.

Deposit

Your Company has not accepted any public deposit during the financial period under review.

Auditors

V. A. Parikh & Associates LLP, Chartered Accountants, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company received a certificate from V.A. Parikh & Associates, LLP, Chartered Accountants, to the effect that their reappointment, if made, would be in accordance with the provisions of section 141 of the Companies Act, 2013, it is proposed to reappoint them as the Auditors of the Company for the financial year 2015-2016.

Share Capital

The paid up capital of the Company as at March 31,2015 stood at Rs. 16,00,68,000/-

During the year under review, the Company has not issued:

* Equity Shares with differential rights

* Sweat Equity Shares

* Employee Stock Options

Listing

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Company has paid listing fees for the year 2015-16.

Extract of Annual Return

Pursuant to Section 92 (3) of Companies Act, 2013 and Rule 12 (1) of The Companies (Management and Administration) Rules, 2014, the extract of Annual Return in form MGT 9 is annexed as Annexure - B.

Energy conservation, Technology Absorption and Foreign Exchange Earnings and Outgo

Conservation of Energy

The activity of the Company does not require large-scale consumption of energy and the Company is not covered in the list of industries required to furnish information relating to conservation of energy.

Technology Absorption

The Directors are in constant touch with ongoing research in the world to upgrade and absorb improved technology for better line of products and to yield better quality, cost reduction and worldwide acceptability of its range of products.

Foreign Exchange Earnings and Outgo

The Company has earned Rs. 1,62,935.59 lacs in foreign exchange by way of exports and has spent Rs. 1,47,365.03 lacs in foreign exchange, for the imports of materials & consumables, foreign travel, diamond grading charges and repairs and maintenance. The Directors are making their best endeavors to earn foreign exchange.

Corporate Social Responsibility (CSR)

During the year, the Company introduced a CSR Policy emphasising its focus on community development projects, prioritizing local needs in the area of education, health, livelihood and environment, for ensuring long term sustainable benefits. Detailed policy is available on Company's website: www.asianstargroup.com

As part of its initiatives under "corporate social responsibility" (CSR), the company has contributed funds for the schemes of eradicating hunger and poverty, promotion of education and medical aid. The contributions in this regard have been made to various registered trusts which are undertaking these schemes.

The Report on CSR activities is annexed herewith as: Annexure - C

Directors & Key Managerial Personnel

A. Key Managerial Personnel:

Mr. Dinesh T. Shah holds the position of Chairman and CFO, Mr. Vipul P. Shah is CEO & Managing Director and Ms. Aparna R. Shinde holds position of Company Secretary of your Company.

B. Directors:

In accordance with Companies Act, 2013 and Articles of Association of the Company, Mr. Arvind T. Shah and Mr. Rahil V. Shah retires by rotation at the ensuing Annual General Meeting. Accordingly Mr. Arvind T. Shah and Mr. Rahil V. Shah based on their consent and eligibility are proposed for reappointment. Their re-appointment forms a part of the Notice of the ensuing Annual General Meeting.

Induction: The nomination and remuneration committee recommended the induction of Mrs. Neha R. Gada as an independent member of the Board. Accordingly she was appointed on Board of the Company on March 30, 2015 with reference to section 149 of the Companies Act, 2013 and amended Clause 49 of the Listing Agreement. She holds office up to the date of the ensuing Annual General Meeting and hence we seek your support in confirming her appointment.

C. Board Independence:

Our definition of 'Independence' of Directors is derived from Clause 49 of the Listing Agreement with Stock Exchange and Section 149(6) of the Companies Act, 2013. Based on the confirmation / disclosures received from the Directors and on evaluation of the relationships disclosed, the following Non-Executive Directors are Independent :-

1. Mr. Bhupendra Shroff

2. Mr. K. Mohanram Pai

3. Mr. Hasmukh Gandhi

4. Mr. Apurva Shah

5. Mr. Milind Gandhi

6. Mr. M. R. Nayak

7. Mrs. Neha Gada (Additional Director appointed w.e.f. March 30, 2015)

D. Declaration by an Independent Director(s)

All the Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Act and Clause 49 of the Listing Agreement entered into with the Stock Exchange. In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Rules made there under and are independent of the management.

Annual Evaluation of Board Performance and Performance of its Committees and of Directors:

Pursuant to the provisions of the Act and Clause 49 of the Listing Agreement, the Board has carried out an annual evaluation of its own performance, performance of the individual Directors as well as the evaluation of the working of its Committees.

The Nomination and Remuneration Committee has defined the evaluation criteria, procedure for the performance evaluation process for the Board, its Committees and Directors. Directors were evaluated on aspects such as attendance and contribution at Board/ Committee Meetings and guidance/ support to the management outside Board/ Committee Meetings. Areas on which the Committees of the Board were assessed included degree of fulfilment of key responsibilities, adequacy of Committee composition and effectiveness of meetings.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated.

The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Board as a whole.

Training of independent directors

Your Company has developed an orientation programme known as "familiarisation programme" which is for the benefit of every new independent director of the Board. To familiarize the new inductee(s) with the strategy, operations and functions of our Company, the executive directors / senior managerial personnel make presentations to the inductees about the Company's strategy, operations, product and service offerings, markets, organization structure, finance, human resources, technology, quality, facilities and risk management.

Number of meetings of the Board

The Board met five times during the financial year, as held on May 22, 2014, August 11, 2014, November 14, 2014, February 10, 2015, March 30, 2015 the details of which are given in the "Report on Corporate Governance" that forms part of this Annual Report.

The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

Committees of the Board

There are currently six Committees of the Board, as follows:

* Audit Committee

* Finance Committee

* Corporate Governance Committee

* Shareholder's Committee

* Corporate Social Responsibility Committee

* Nomination and Remuneration Committee

Details of all the Committees along with their charters, composition and meetings held during the year are provided in the "Report on Corporate Governance", a part of this Annual Report.

Vigil Mechanism

Your Company is committed to standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors has formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177 (10) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The policy provides for a framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. The Policy, as approved by the Board, is uploaded on the Company's website: www.asianstargroup.com

Particulars of Loans, Guarantees or Advances

Details of Loans, Guarantees or Advances are given in the notes to Financial Statement.

Related Party Transactions

All Related Party Transactions that were entered into during the financial year were on an arm's length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 and the Listing Agreement. There were no materially significant Related Party Transactions made by the Company during the year that would have required Shareholders approval under Clause 49 of the Listing Agreement.

All Related Party Transactions are placed before the Audit Committee for approval. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.

The Company has adopted a Related Party Transactions Policy. The Policy, as approved by the Board, is uploaded on the Company's website: www.asianstargroup.com

Particulars of Employees

Detailed information in accordance with the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended as Annexure - D to the Board's report.

Other information required pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

Secretarial Audit Report

In terms of Section 204 of the Act and Rules made there under Yogesh D. Dabholkar & Co., Practicing Company Secretary has been appointed as Secretarial Auditor of the Company. The report of the Secretarial Auditor is enclosed as Annexure - E to this report. The report is self-explanatory and do not calls for any further comment.

Risk management policy

The Company operates in conditions where economic, financial and other risks are inherent to its businesses. To overcome this and as per requirement of Clause 49 of the listing agreement, Board has formed a Risk Management policy to regulate the plan for the key risks faced by the Company. The Company has developed a very comprehensive risk management policy under which all key risks are identified and controlled. The same is reviewed periodically by senior management and also by the Board.

Directors' Responsibility Statement

As required under Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

(ii) 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 profits of the Company for that period.

(iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) The Directors have prepared the annual accounts on a 'Going Concern' basis.

(v) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively, and

(vi) The Directors have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Corporate Governance Report & Management Discussion and Analysis

Your Company has always been devoted to adopting and adhering to the best Corporate Governance practices. The Company understands and respects its fiduciary role and responsibility towards stakeholders and society at large and strives hard to serve their interests, resulting in creation of value and wealth for all stakeholders.

As a listed company, necessary measures are taken to comply with the listing agreement of the Stock exchange. A "Report on Corporate Governance", along with a certificate of compliance from the Statutory Auditors of the Company - V. A. Parikh & Associates LLP, Chartered Accountants confirming compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited and Management Discussion and Analysis Report are given separately in this report which forms a part of the Annual Report.

Documents placed on the website:

The following documents have been placed on the website: www.asianstargroup.com in compliance with the Act:

1) Terms & Conditions of Appointment of Independent Directors

2) Familiarization Programme

3) Whistle Blower Policy

4) Policy on Related Party Transactions

5) Risk Management Policy

6) Nomination & Remuneration Policy

7) Corporate Social Responsibility Policy

Special Business:

As regard the items of the Notice of the Annual General Meeting relating to special business, the resolutions incorporated in the Notice and the Explanatory Statement relating thereto, fully indicate the reasons for seeking the approval of members to those proposals.

Your attention is drawn to these items and Explanatory Statement annexed to the Notice.

Finance

The Company is availing working capital requirements from consortium of bankers.

Insurance

Properties and assets of the Company are adequately insured.

Human Resources

Your Company treats its "human resources" as one of its most important assets.

Your Company invests in attraction, retention and development of talent on an ongoing basis. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

Disclosure as per Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under.

During the financial year 2014-15, the Company has not received any complaint on sexual harassment.

Cautionary Statement

This report contains forward-looking statements which may be identified by their use of words like 'plans', 'expects' 'will', 'anticipates', 'believes', 'intends', 'projects', 'estimates' or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company's strategy for growth, product development, market position, expenditures and financial results, are forward - looking statements. Forward - looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized.

The company's actual results, performance or achievements could thus differ materially from those projected in any such forward - looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward - looking statements, on the basis of any subsequent developments, information or events.

Appreciation

Your Directors wish to convey their gratitude and place on record their appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year.

Your Directors sincerely convey their appreciation to shareholders, customers, vendors, bankers, business associates, regulatory and government authorities for their continued support.

Place : Mumbai For and on behalf of the Board

Dated : May 18, 2015

Registered Office:

114-C, Mittal Court, Nariman Point, Dinesh T. Shah Vipul P.Shah Mumbai - 400 021. Chairman & CFO CEO & Managing Director




Mar 31, 2014

Dear Members,

The Directors are pleased to present the Twentieth Annual Report on the Business and Operations of your Company together with the Audited Statement of Accounts for the year ended March 31, 2014.

Financial Results (Rs. in Crore) Particulars 2013-2014 2012-2013

Total Sales 2,288.25 2,120.38

Add : Other Income 1.24 1.09

Total Income 2,289.49 2,121.47

Less : Total Expenditure 2,199.42 2,041.95

Operating Profit (PBDIT) 90.07 79.52

Less : Interest and Depreciation 31.24 28.86

Profit before Exceptional Items and Tax 58.83 50.66

Exceptional Items – Income / (Loss) (0.13) 1.52

Provision for Tax 18.00 15.00

Provision for Deferred Tax (0.04) (0.39)

Profit after Tax 40.74 37.57

Add : Balance in Surplus Account Brought forward 232.03 200.20

Profit available for appropriation 272.77 237.77

Appropriation

Dividend / Proposed Dividend on Equity Shares 2.40 3.20

Tax on Dividend 0.41 0.54

Transferred to General Reserve 2.00 2.00

Balance Carried forward to Balance Sheet 267.96 232.03

272.77 237.77

Company''s Performance

Considering the overall economic scenario and the competition in market, the performance of the Company during the year 2013-14 was quiet satisfactory. The sale during the year at Rs. 2,288.25 crore has grown by 8% over that of previous year whereas profit after tax for the year has grown by 8 % at Rs. 40.74 crore.

Dividend

Your Directors are pleased to recommend a dividend of Rs. 1.50 per Equity Share of Rs.10/- each for the financial year ended March 31, 2014 subject to the approval of the members on September 12, 2014. Equity Dividend if approved, will be paid to those members whose name appear on the Register of Members as at the end of business hours on September 7, 2014.

Deposit

The Company has neither accepted nor renewed any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975. There are no deposits which are outstanding and/or which is claimed and not paid or unclaimed for which information is required to be given in this report.

Listing

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Company has paid listing fees for the year 2014-15.

Corporate Governance & Management Discussion and Analysis Report

Your Company has always been devoted to adopting and adhering to the best Corporate Governance practices. The Company understands and respects its fiduciary role and responsibility towards stakeholders and society at large and strives hard to serve their interests, resulting in creation of value and wealth for all stakeholders.

A report on Corporate Governance along with a certificate from auditors of the Company– V. A. Parikh & Associates, Chartered Accountants confirming compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited and Management Discussion and Analysis Report are given separately in this report which forms a part of the Annual Report.

Directors

In accordance with Companies Act, 2013 and Articles of Association of the Company, M r. Priyanshu A. Shah and Mr. Dharmesh D. Shah retires by rotation at the ensuing Annual General Meeting. Accordingly Mr. Priyanshu A. Shah and Mr. Dharmesh D. Shah based on their consent and eligibility are proposed for reappointment. Their reappointment forms a part of the Notice of the ensuing Annual General Meeting.

While Mr. Rahil V. Shah and Mr. Miyar R. Nayak were appointed as Additional Directors of the Company on January 17, 2014 such as they hold office up to the date of the ensuing Annual General Meeting. They are proposed to be reappointed in the ensuing Annual General Meeting.

As per section 149 of the Companies Act, 2013 and new clause 49 of the Listing Agreement, your company is required to appoint a woman Director. Your company is in the process of appointing a woman director on its Board.

Particulars of Employees

In terms of provision of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules''1975 as amended, the name and other particulars of the employees are required to be set out in Annexure to this Report. However as per the provision of Section 219(1) (b) (iv) of the Companies Act, 1956 the Annual Report and Annual Accounts of the Company sent to the shareholders do not contain the said annexure. Any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the Registered Office.

Particulars under Companies (Disclosure of particulars to the report of Board of Directors) Rules, 1988:- Conservation of Energy

The activity of the Company does not require large-scale consumption of energy and the Company is not covered in the list of industries required to furnish information in Form - A relating to conservation of energy.

Technology Absorption

The Directors are in constant touch with ongoing research in the world to upgrade and absorb improved technology for better line of products and to yield better quality, cost reduction and worldwide acceptability of its range of products.

Foreign Exchange Earnings and Outgo

The Company has earned Rs. 1,64,203.43 lacs in foreign exchange by way of exports and has spent Rs. 1,14,639.27 lacs in foreign exchange, for the imports of materials & consumables, foreign travel and repairs and maintenance. The Directors are making their best endeavors to earn foreign exchange.

Subsidiary Companies

The Ministry of Corporate Affairs (MCA) by Circular No. 51/12/2007-CL-III dated 8th February, 2011, issued a direction under section 212(8) of the Companies Act, 1956 that the provisions of the Section 212 shall not apply to companies in relation to their subsidiaries subject to fulfilling certain conditions mentioned in the said circular with immediate effect. In pursuance of this circular the company has decided to avail the exemption from presenting the financial statements of the subsidiary companies. However, the financial statements of the Company and its subsidiaries shall be made available for inspection to the members and/ or will be allowed to take a copy of the same on demand being made by them.

Wind Energy

As a part of its social commitments and endeavor to carry out operations in a more sustainable manner, the Company has always been inclined to promote a cleaner and greener environment. The Company has been pursuing generation of energy from wind power through establishment of Wind Turbine Generators (WTGs) since 2006. The Company''s windmills are located in the state of Maharashtra, Tamil Nadu & Kerala. During the year 2013-14, the Company has generated 196 lacs Kwh. resulting in the sales of Rs. 633.20 lacs.

Auditors

V. A. Parikh & Associates, Chartered Accountants, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment, subject to the approval of member. In accordance with the provisions of section 139, 142 and other applicable provisions of the Companies Act, 2013 and of the Companies (Audit and Auditors) Rules, 2014, it is proposed to re-appoint them as the Auditors of the Company for the financial year 2014-2015.

Directors'' Responsibility Statement

On the basis of compliance certificates received from the executives of the Company, subject to disclosures in Annual Accounts, and also on the basis of discussion with the Statutory Auditors of the Company from time to time, we state as under:

- That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

- 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 as at March 31, 2014 and of the Profit and Loss Account of the Company for the year ended on that date;

- 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;

- That the Directors have prepared the annual accounts of the Company on a going concern basis.

- The Company has received certificate under section 274(1) (g) of the Companies Act, 1956 and none of the Directors are disqualified to act as Director.

Special Business

As regard the items of the Notice of the Annual General Meeting relating to special business, the resolutions incorporated in the Notice and the Explanatory Statement relating thereto, fully indicate the reasons for seeking the approval of members to those proposals.

Your attention is drawn to these items and Explanatory Statement annexed to the Notice.

General

Notes forming part of the Accounts are self-explanatory.

Finance

The Company is availing working capital requirements from consortium of bankers.

Insurance

Properties and assets of the Company are adequately insured.

Consolidated Financial Statement

In accordance with the Accounting Standard 21, issued by The Institute of Chartered Accountants of India, the Directors have attached the Audited Consolidated Financial Statements for the year ended March 31, 2014.

Cash Flow

In conformity with the provision of Clause 32 of the Listing Agreement, the Cash Flow Statement for the year ended March 31, 2014 is annexed hereto.

Dematerialisation of Shares

In terms of the Listing Agreement the Company has tripartite agreements with the Registrar and Share Transfer Agent i.e. Bigshare Services Private Limited, National Securities Depository Limited and Central Depository Services (India) Limited respectively.

Appreciation

Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. Their enthusiasm and unstinting efforts have enabled the Company to create a sparkling image in the industry.

The Board is grateful for the valuable support and guidance provided by Securities Exchange Board of India, the Stock Exchange, Ministry of Corporate Affairs and all other Regulatory bodies. Your Directors also take this opportunity to thank the customers of the Company and acknowledge the continued assistance and co-operation received from Banks and other Government Agencies and Shareholders.

Place : Mumbai For and on behalf of the Board Dated : May 22, 2014

Registered Office: 114-C, Mittal Court, Nariman Point, Dinesh T. Shah Vipul P. Shah Mumbai – 400 021. Chairman & CFO CEO & Managing Director


Mar 31, 2013

To the Members of Asian Star Company Limited

Mumbai

The Directors take pleasure in presenting the Nineteenth Annual Report together with the Audited Statement of Accounts for the year ended March 31, 2013.

Financial Performance

The performance of the Company for the financial year ended March 31, 2013 is summarized below: (Rs. in Crore)

Particulars 2012-2013 2011-2012

Total Sales 2,120.38 1,529.09

Add : Other Income 1.09 (0.02)

Total Income 2,121.47 1,529.07

Less : Total Expenditure 2,041.95 1,468.90

Operating Profit (PBDIT) 79.52 60.17

Less : Interest and Depreciation 28.86 21.74

Profit before Exceptional Items and Tax 50.66 38.43

Exceptional Items – Income / (LosS) 1.52 (0.02)

Provision for Tax 15.00 12.27

Provision for Deferred Tax (0.39) (0.48)

Profit after Tax 37.57 26.64

Add : Balance in Profit and Loss Account Brought forward 200.20 177.43

Profit available for Appropriation 237.77 204.07

Appropriation

Dividend / Proposed Dividend on Equity Shares 3.20 1.60

Tax on Dividend 0.54 0.26

Transferred to General Reserve 2.00 2.00

Balance Carried forward to Balance Sheet 232.03 200.21

237.77 204.07

The performance of the Company during the year 2012-13 has been outstanding. The Company has crossed a milestone of Rs. 2,000 crore in turnover during the year. The sales during the year at Rs. 2,120.38 crore has grown by 39 per cent over that of previous year whereas profit after tax for the year has grown by 41 per cent at Rs. 37.57 crore. When viewed against the challenging environment, it is indeed a significant and an important milestone in the journey of the Company.

Dividend

The Board of Directors have recommended a dividend of Rs. 1.50 per Equity Share of Rs. 10/- each for the financial year ended March 31, 2013. Equity Dividend if approved, at the Annual General Meeting will be paid to those members whose name appear on the Register of Members as at the end of business hours on September 12, 2013.

Bonus

During the year the Company declared issue of Bonus Shares in the ratio of 1:2 i.e. One new fully paid up equity Share of Rs. 10/- each for every two fully paid equity shares of Rs. 10/- each. On July 23, 2012, the Company allotted 5,335,600 equity shares in the ratio of 1:2 and a sum of Rs. 53,356,000 out of Capital Redemption Reserve was capitalized for distribution amongst the members.

Subsidiary Companies

The Ministry of Corporate Affairs (MCA) by Circular No. 51/12/2007-CL-III dated 8th February, 2011, issued a direction under section 212(8) of the Companies Act, 1956 that the provisions of the Section 212 shall not apply to companies in relation to their subsidiaries subject to fulfilling certain conditions mentioned in the said circular with immediate effect. In pursuance of this circular the company has decided to avail the exemption from presenting the financial statements of the subsidiary companies. However, the financial statements of the Company and its subsidiaries shall be made available for inspection to the members and / or will be allowed to take a copy of the same on demand being made by them.

Wind Energy

As a part of its social commitments and endeavor to carry out operations in a more sustainable manner, the Company has always been inclined to promote a cleaner and greener environment. The Company has been pursuing generation of energy from wind power through establishment of Wind Turbine Generators (WTGs) since 2006. The Company''s windmills are located in the state of Maharashtra, Tamil Nadu & Kerala. During the year 2012-13, the Company has generated 250.48 lacs Kwh. resulting in the sales of Rs. 802.14 lacs.

Directors

Dinesh T. Shah, Vipul P. Shah and Milind H. Gandhi retire by rotation and being eligible, offer themselves for reappointment.

Attention of the members is invited to the relevant items in Notice of Annual General Meeting.

Finance

The Company is availing working capital requirements from consortium of bankers.

Deposit

The Company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975. There are no deposits which are outstanding and/or which is claimed and not paid or unclaimed for which information is required to be given in the report.

Insurance

The properties and assets of the Company are adequately insured.

Consolidated Financial Statements

In accordance with the Accounting Standard 21, issued by The Institute of Chartered Accountants of India, the Directors have attached the Audited Consolidated Financial Statements for the year ended March 31, 2013.

Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited, a report on Corporate Governance, along with the Auditors'' certificate regarding compliance of conditions of Corporate Governance and Management Discussion and Analysis is separately given in this Report.

Cash Flow

In conformity with the provision of Clause 32 of the Listing Agreement, the Cash Flow Statement for the year ended March 31, 2013 is annexed hereto.

Notes on Accounts

Notes forming part of Accounts are self-explanatory.

Listing Arrangements

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Company has paid listing fees for the year 2013-14.

Dematerialization of Shares

In terms of the Listing Agreement the Company has tripartite agreements with the Registrar and Share Transfer Agent i.e. Bigshare Services Private Limited, National Securities Depository Limited and Central Depository Services (India) Limited respectively.

Auditors

- V. A. Parikh & Associates, Chartered Accountants, the retiring Auditors of the Company, hold office up to the conclusion of the ensuing Annual General Meeting. The Company has received a certificate from the said firm to the effect that their appointment if made at Annual General Meeting would be within the limits mentioned under Section 224 (1-B) of the Companies Act, 1956. The Directors recommend the re-appointment of V. A. Parikh & Associates as auditors for the financial year 2013-2014.

- The Board has approved the appointment of Kishore Bhatia & Associates, Cost Accountants for the Financial Year 2013-14.

- The Cost Audit Report would be filed with the Central Government within the prescribed time limit.

Directors'' Responsibility Statement

On the basis of compliance certificates received from the executives of the Company, subject to disclosures in Annual Accounts, and also on the basis of discussion with the Statutory Auditors of the Company from time to time, we state as under:

- That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

- 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 as at March 31, 2013 and of the Profit and Loss Account of the Company for the year ended on that date;

- 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;

- That the Directors have prepared the annual accounts of the Company on a going concern basis.

- The Company has received certificate under section 274(1)(g) of the Companies Act, 1956 and none of the Directors are disqualified to act as Director.

Particulars of Employees

In terms of provision of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules''1975 as amended, the name and other particulars of the employees are required to be set out in Annexure to the Directors'' Report. However as per the provision of Section 219(1) (b) (iv) of the Companies Act, 1956 the Annual Report and Annual Accounts of the Company sent to the shareholders do not contain the said annexure. Any shareholder desirous of obtaining a copy of the said annexure may write to the Company Secretary at the registered office address of the Company.

Particulars under Companies (Disclosure of particulars to the report of Board of Directors) Rules, 1988:- Conservation of Energy

The activity of the Company does not require large-scale consumption of energy and the Company is not covered in the list of industries required to furnish information in Form - A relating to conservation of energy.

Technology Absorption

The Directors are in constant touch with ongoing research in the world to upgrade and absorb improved technology for better line of products and to yield better quality, cost reduction and worldwide acceptability of its range of products.

Foreign Exchange Earnings and Outgo

The Company has earned Rs. 1,39,269.30 lacs in foreign exchange by way of exports and has spent Rs. 89,922.34 lacs in foreign exchange, for the imports of materials & consumables, foreign travel, diamond grading charges and repairs and maintenance. The Directors are making their best endeavors to earn foreign exchange.

Appreciation

The Directors thank the Company''s Customers, Contractors, Shareholders, Bankers, Financial Institutions and Central & State Governments for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

Place :Mumbai For and on behalf of the Board

Dated : May 30, 2013

Registered Office:

114-C, Mittal Court, Dinesh T. Shah Arvind T. Shah

Nariman Point, Mumbai – 400 021. Chairman Executive Director


Mar 31, 2012

To the Members of Asian Star Company Limited Mumbai

The Directors take pleasure in presenting the Eighteenth Annual Report together with the Audited Statement of Accounts for the year ended March 31, 2012.

Financial Performance

The performance of the Company for the financial year ended March 31, 2012 is summarized below:

(Rs. in Crores)

Particulars 2011-2012 2010-2011

Total Sales 1529.09 1455.92

Add : Other Income (0.02) (0.90)

Total Income 1529.07 1455.02

Less : Total Expenditure 1468.90 1392.81

Operating Profit (PBDIT) 60.17 62.21

Less : Interest and Depreciation 21.74 24.53

Profit before Tax 38.43 37.68

Provision for Tax 12.27 11.79

Provision for Deferred Tax (0.48) 0.53

Profit after Tax 26.64 25.36

Add : Balance in Profit and Loss Account Brought forward 177.43 156.55

Profit available for appropriation 204.07 181.91

Appropriation

Proposed Dividend on Equity Shares 1.60 2.13

Tax on Dividend 0.26 0.35

Transferred to General Reserve 2.00 2.00

Balance Carried forward to Balance Sheet 200.21 177.43

204.07 181.91

The Company continued its momentum of growth and delivered consistent results during the year. The Company has generated sales of Rs.1529.09 Crores registering a growth of 5% during the year as against that of Rs.1455.92 Crores in the previous year. The profit after tax excluding other income has increased by 5% from Rs.26.64 Crores to Rs.25.36 Crores.

Dividend

The Board of Directors have recommended a dividend of Rs.1.50 per Equity Share of Rs.10/- each for the financial year ended March 31, 2012. Equity Dividend if approved, at the Annual General Meeting will be paid to those members whose name appear on the Register of Members as at the end of business hours on August 29, 2012.

Bonus

The Board of Directors of the Company ("the Boardv) at its meeting held on 28,h May, 2012 has recommended issue of bonus shares in the ratio of 1:2 i.e. One new fully paid up equity share of Rs.10/- each for every Two fully paid up equity shares of Rs.10/- each to the eligible members of the Company as on record date to be fixed by the Board later on.

Subsidiary Companies

The Ministry of Corporate Affairs (MCA) by Circular No. 51/12/2007-C L-111 dated 8,h February, 2011, issued a direction under section 212(8) of the Companies Act, 1956 that the provisions of the Section 212 shall not apply to companies in relation to their subsidiaries subject to fulfilling certain conditions mentioned in the said circular with immediate effect. In pursuance of this circular the Company has decided to avail the exemption from presenting the financial statements of the subsidiary companies. However, the financial statements of the Company and its subsidiaries shall be made available for inspection to the members and / or will be allowed to take a copy of the same on demand being made by them.

Wind Energy

As a part of its social commitments and endeavor to carry out operations in a more sustainable manner, the Company has always been inclined to promote a cleaner and greener environment. The Company has been pursuing generation of energy from wind power through establishment of Wind Turbine Generators (WTGs) since 2006. The Company's windmills are located in the state of Maharashtra, Tamil Nadu & Kerala. During the year 2011-12, the Company has generated 217.26 lacs Kwh. resulting in the sales of Rs.698.32 lacs.

Directors

K. Mohanram Pai, Apurva R. Shah and Hasmukh B. Gandhi retire by rotation and being eligible, offer themselves for reappointment.

Attention of the members is invited to the relevant items in Notice of Annual General Meeting.

Finance

The Company is availing working capital requirements from consortium of bankers.

Deposit

The Company has not accepted any deposits within the meaning of Section 58Aof the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975. There are no deposits which are outstanding and/or which is claimed and not paid or unclaimed for which information is required to be given in the report.

Insurance

The properties and assets of the Company are adequately insured.

Consolidated Financial Statements

In accordance with the Accounting Standard 21, issued by The Institute of Chartered Accountants of India, the Directors have attached the Audited Consolidated Financial Statements for the year ended March 31, 2012.

Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited, a report on Corporate Governance, along with the Auditors' certificate regarding compliance of conditions of Corporate Governance and Management Discussion and Analysis is separately given in this Report.

Cash Flow

In conformity with the provision of Clause 32 of the Listing Agreement, the Cash Flow Statement for the year ended March 31, 2012 is annexed hereto.

Notes on Accounts

Notes forming part of Accounts are self-explanatory.

Listing Arrangements

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Company has paid listing fees for the year 2012-13.

Dematerialization of Shares

In terms of the Listing Agreement the Company has tripartite agreements with the Registrar and Share Transfer Agent i.e. Bigshare Services Private Limited, National Securities Depository Limited and Central Depository Services (India) Limited respectively.

Auditors

V. A. Parikh & Associates, Chartered Accountants, the retiring Auditors of the Company, hold office up to the conclusion of the ensuing Annual General Meeting. The Company has received a certificate from the said firm to the effect that their appointment if made at Annual General Meeting would be within the limits mentioned under Section 224 (1-B) of the Companies Act, 1956. The Directors recommend the re-appointment of V. A. Parikh & Associates as auditors for the financial year 2012-2013.

Directors' Responsibility Statement

On the basis of compliance certificates received from the executives of the Company, subject to disclosures in Annual Accounts, and also on the basis of discussion with the Statutory Auditors of the Company from time to time, we state as under:

- That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

- 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 as at March 31, 2012 and of the Profit and Loss Account of the Company for the year ended on that date;

- 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;

- That the Directors have prepared the annual accounts of the Company on agoing concern basis..

- The Company has received certificate under section 274(1) (g) of the Companies Act, 1956 and none of the Directors are disqualified to act as Director.

Particulars of Employees

In terms of provision of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975 as amended, the name and other particulars of the employees are required to be set out in Annexure to the Directors' Report. However, as per the provision of Section 219(1) (b) (iv) of the Companies Act, 1956 the Annual Report and Annual Accounts of the Company sent to the shareholders do not contain the said annexure. Any shareholder desirous of obtaining a copy of the said annexure may write to the Company Secretary at the registered address of the Company.

Particulars under Companies (Disclosure of particulars to the report of Board of Directors) Rules, 1988:- Conservation of Energy

The activity of the Company does not require large-scale consumption of energy and the Company is not covered in the list of industries required to furnish information in Form - A relating to conservation of energy.

Technology Absorption

The Directors are in constant touch with ongoing research in the world to upgrade and absorb improved technology for better line of products and to yield better quality, cost reduction and worldwide acceptability of its range of products.

Foreign Exchange Earnings and Outgo

The Company has earned Rs.1,18,284.69 lacs in foreign exchange by way of exports and has spent Rs.88,073.77 lacs in foreign exchange, for the imports of materials & consumables, foreign travel, diamond grading charges and repairs and maintenance. The Directors are making their best endeavors to earn foreign exchange.

Appreciation

The Directors thank the Company's Customers, Contractors, Shareholders, Bankers, Financial Institutions and Central & State Governments for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

Place : Mumbai For and on behalf of the Board

Dated : May 28, 2012

Registered Office:

114-C, Mittal Court, Dinesh T. Shah Vipul R Shah

Nariman Point, Mumbai - 400 021. Chairman CEO & Managing Director


Mar 31, 2010

The Directors take pleasure in presenting the Sixteenth Annual Report together with the Audited Statement of Accounts for the year ended March 31, 2010.

Financial Performance

The performance of the Company for the financial year ended March 31, 2010 is summarized below:

(Rs. in Crores) Particulars March 31,2010 March 31,2009

Total Bales 1342.12 1,255.01

Add: Other Income 7.31 0.23

Total Income 1349.43 1,255.24

Less: Total Expenditure 1281.15 1189.72

Operating Profit (PBDIT) 68.28 65.52

Less: Interest and Depreciation 31.28 32.93

Profit before Tax 37.00 32.59

Provision for Tax 6.76 - Provision for Deferred Tax 1.68 13.46

Provision for Fringe Benefit Tax - 0.13

Profit after Tax 28.56 19.00

Add : Balance in Profit and Loss Account Brought forward 141.29 127.75

Less: Prior Year Adjustments 0.44 0.08

Profit available for appropriation 169.41 146.67

Appropriation

Dividend on Preference Shares 0.46 0.76

Proposed Dividend on Equity Shares 2.13 2.13

Tax on Dividend 0.43 0.49

Transferred to General Reserve 2.00 2.00

Balance Carried forward to Balance Sheet 156.55 141.29

169.41 146.67

The Company, during the year under review was able to foster the peak level performance achieved during previous years.

The Company has generated an all-time high sales of Rs 1342.12 crore registering a growth of 6.9% during the year as against that of Rs 1255.01 crore. The profit after tax has increased from 19 crore to Rs 28.56 crore.

Dividend

The Board of Directors have recommended a dividend of Rs.2/- per Equity Share on 10,671,200 Equity Shares of Rs.10/- each for the financial year ended March 31, 2010. Equity Dividend if approved at the Annual General Meeting will be paid to those members whose name appear on the Register of Members as at the end of business hours on September 14, 2010.

Subsidiary Companies

As required under Section 212 of the Companies Act, 1956, the Audited Statements of Accounts of overseas subsidiary companies: Asian Star Company Limited, New York (U.S.A.) & Inter Gems DMCC, Dubai, UAE and Indian subsidiary Asian Star Jewels Private Limited and Auditors Reports thereon for the year ended March 31, 2010 are annexed.

Wind Energy

As a part of its social commitments and endeavour to carry out operations in a more sustainable manner, the Company has always been inclined to promote a cleaner and greener environment. The Company has been pursuing generation of energy from wind power through establishment of Wind Turbine Generators (WTGs) since 2006. The Companys windmills are located in the state of Maharashtra, Tamil Nadu & Kerala. During the year 2009-10, the Company has generated 245.45 lacs Kwh. resulting in the sales of Rs.791.82 lacs.

Directors

Dinesh T. Shah, Vipul P. Shah and Priyanshu A. Shah retire by rotation and being eligible, offer themselves for reappointment.

Attention of the members is invited to the relevant items in Notice of Annual General Meeting and Explanatory Statement thereto.

Finance

The Company is availing working capital requirements from consortium of bankers. The Company has also availed term loan from banks for windmill projects.

Deposit

The Company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975. There are no deposits which are outstanding and/or which is claimed and not paid or unclaimed for which information is required to be given in the report.

Insurance

The properties and assets of the Company are adequately insured.

Consolidated Financial Statement

In accordance with the Accounting Standard 21, issued by The Institute of Chartered Accountants of India, the Directors have attached the Audited Consolidated Financial Statements for the year ended March 31, 2010.

Corporate Governance

Pursuant to Clause 49 of the listing agreement with Bombay Stock Exchange Limited, a report on Corporate Governance, along with the Auditors certificate regarding compliance of conditions of Corporate Governance and Management Discussion and Analysis is separately given in this Report.

Cash Flow

In conformity with the provision of Clause 32 of the Listing Agreement, the Cash Flow Statement for the year ended March 31, 2010 is annexed hereto.

Notes on Accounts

Notes forming part of Accounts are self-explanatory.

Listing Arrangements

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited. The Company has paid listing fees for the year 2010-11.

Dematerialization of Shares

In terms of the listing agreement the Company has tripartite agreements with the Registrar and Share Transfer Agent i.e. Bigshare Services Private Limited, National Securities Depository Limited and Central Depository Services (India) Limited respectively.

Auditors

V. A. Parikh & Associates, Chartered Accountants, the retiring Auditors of the Company, hold office up to the conclusion of tilt ensuing Annual General Meeting. The Company has received a certificate from the said firm to the effect that their appointment if made at Annual General Meeting would be within the limits mentioned under Section 224 (1-B) of the Companies Act, 1955. The Directors recommend the re-appointment of V. A. Parikh & Associates as auditors for the financial year 2010-2011.

Directors Responsibility Statement

On the basis of compliance certificates received from the executives of the Company, subject to disclosures in Annual Accounts, and also on the basis of discussion with the Statutory Auditors of the Company from time to time, we state as under:

- That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

- 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 as at March 31, 2010 and of the Profit and Loss Account of the Company for the year ended on that date;

- 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;

- That the Directors have prepared the annual accounts of the Company on a going concern basis.

- The Company has received certificate under section 274(1) (g) of the Companies Act, 1956 and none of the Directors are disqualified to act as Director.

Particulars of Employees

In terms of provision of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975 as amended, the name and other particulars of the employees are required to be set out in Annexure to the Directors Report. However, as per the provision of Section 219(1) (b) (iv) of the said Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Members who are interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

Particulars under Companies (Disclosure of particulars to the report of Board of Directors) Rules, 1988:-

Conservation of Energy

The activity of the Company does not require large-scale consumption of energy and the Company is not covered in the list of industries required to furnish information in Form - A relating to conservation of energy.

Technology Absorption

The Directors are in constant touch with ongoing research in the world to upgrade and absorb improved technology for better line of products and to yield better quality, cost reduction and worldwide acceptability of its range of products.

Foreign Exchange Earnings and Outgo

The Company has earned Rs. 109764.21 lacs in foreign exchange by way of exports and has spent Rs. 66455.78 lacs in foreign exchange, for the imports of materials & consumables, foreign travel, diamond grading charges and repairs and maintenance. The Directors are making their best endeavours to earn foreign exchange.

Appreciation

The Directors thank the Companys Customers, Contractors, Shareholders, Bankers, Financial Institutions and Central & State Governments for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

Place: Mumbai For and on behalf of the Board,

Dated: May26,2010

Registered Office:

114-C, Mittal Court, Dinesh T. Shah Vipul P. Shah

Nariman Point, Mumbai 400 021. Chairman CEO & Managing Director



 
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