Mar 31, 2015
Dear Members,
The Board of Directors presents 22nd Annual Report and the Audited
Financial Results of the Company for the year ended 31st March, 2015.
FINANCIAL RESULTS (Rs in lacs)
Particulars 2014-15 2013-14
Total Income 1735.30 1896.62
Total Expenditure 1644.02 1645.34
Profit before Interest, 91.28 251.28
Depreciation and Tax
Less : (1) Finance Cost 183.30 185.80
(2) Depreciation 52.10 62.19
Profit/(Loss) before Tax (144.12) 3.29
Provision for Tax 65.48 1.41
Profit/(Loss) for the year (78.64) 1.88
Amount brought forward 450.28 448.40
Depreciation amortised (67.71)
Amount carried to Balance 303.93 450.28
Sheet
REVIEW OF OPERATIONS
During the year under review, owing to general sluggishness in steel
and coke sector, the volume of sales and realization have been
adversely affected. The Company has earned total income of Rs.1735.30
lacs as against Rs.1896.62 lacs registered in the previous year. The
Company has incurred a loss after tax of Rs. 78.63 lacs as against
profit after tax of Rs. 1.88 lacs in the previous year.
DIVIDEND
In view of the losses incurred during the year, your directors do not
recommend any dividend.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchange, a report on the Corporate Governance along with Certificate
of the Auditors and a Report on Management Discussion and Analysis are
annexed and forms part of this Annual Report.
DIRECTORS
Appointment of Independent Directors :
Mr. Alok Sawa and Mr. Abhishek Chhapolika have been appointed on the
Board of the Company as Independent Director for a period of 5 years
upto 31st March, 2019. The Independent Directors have given
declarations that they meet the criteria of independence as laid down
under Section 149(6) of the Companies Act, 2013 and Clause 49 of the
Listing Agreement.
Appointment of Additional Director:
The Board has appointed Mrs. Vibha Tulsyan as an additional director
w.e.f. 30.03.2015 to hold office upto the conclusion of the ensuing
Annual General Meeting. Mrs. Vibha Tulsyan being eligible offers
herself for re-appointment.
Resignation of Directors:
During the year under review, Mr. Vimal Kumar Tulsyan, Mr. Sanjeev
Kumar Tulsyan, Mr. Rajiv Tulsyan, Mr. Binod Kumar Singh, Mr. Nawal
Kishore Singh, Mr. Swapan De Choudhuri have resigned from the Board of
Directors of the Company w.e.f. 26.08.2014,
Number of Board Meetings held :
The Board of Directors duly met eight times on
30.05.2014, 30.07.2014, 26.08.2014, 12.11.2014,
20.11.2014, 11.01.2015, 14.02.2015, 31.03.2015.
PUBLIC DEPOSITS
The Company has not accepted or renewed any Public Deposits, as defined
under provisions of Chapter V of the Companies Act, 2013.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(5) of the Companies Act,
2013 with respect to Directors' Responsibility Statement, your
Directors hereby confirm and state that:
a) in the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any;
b) 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 at the end of the year ended 31st March, 2015 and of the
losses of the company for the same period;
c) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that
are adequate and were operating effectively.
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and these are adequate and are
operating effectively.
AUDIT COMMITTEE
The Audit Committee comprises of Mr Abhishek Chhapolika - Chairman, Mr
Alok Sawa and Mr Prashant Tulsyan as Members. The committee
periodically discusses with the Statutory Auditors about the internal
control system, the scope of audit and reviews the financial statements
before submission thereof to the Board and ensures compliance of
internal control system apart from considering any reference made to it
by the Board of Directors.
AUDITORS
M/s Agarwal Khemka & Associates, Chartered Accountants, retires as
Statutory Auditors of the Company at the ensuing Annual General Meeting
and are eligible for re-appointment. As required under Section 139 of
the Companies Act, 2013, the Company has received a written
confirmation from them to the effect that their reappointment, if made,
would be subject to the conditions as prescribed under Rule 4 of the
Companies (Audit and Auditors) Rules 2014 and that they are not
disqualified from being appointed as Statutory Auditors of the Company.
AUDITORS' REPORT
The observations of the Auditors in their Report read with relevant
notes on the Accounts, as annexed are self explanatory and they do not
call for further explanation in this Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions of Section 135 of the Companies Act, 2013 relating to
the corporate social responsibility are not applicable as the Company
does not fall in any of the criteria mentioned in that Section.
SECRETARIAL AUDIT REPORT
According to the provision of section 204 of the Companies Act, 2013
read with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Secretarial Audit Report
submitted by Mr. Rajarshi Ghosh, Company Secretary in Practice is
annexed herewith as Annexure - A.
EXTRACT OF ANNUAL RETURN
The extract of the Annual Return in Form MGT-9 is annexed herewith as
Annexure-B.
RISK MANAGEMENT POLICY
Board of Directors have formulated and implemented a risk management
policy for the company. The Board has been addressing various risks
impacting the Company including identification therein of elements of
risk, if any, which in the opinion of the Board may threaten the
existence of the company.
VIGIL MECHANISM
In pursuance to the provisions of Section 177 (9) & (10) of the
Companies Act, 2013 and provisions of the Listing Agreement, a Vigil
Mechanism Policy for directors and employees to report genuine concerns
has been established.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION, ETC.
The Nomination and Remuneration Committee of the Company has framed a
suitable policy on Directors' appointment which identifies the
qualifications, positive attributes, independence of the Directors.
The Committee has also recommended to the Board a Policy on
remuneration for the Directors, Key Managerial Personnel and other
employees.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
A. Conservation of Energy : The Coke Ovens are designed in such a way
that considerable amount of energy is saved.
B. Technology Absorption : The present technology used in
manufacturing process is Indigenous. The Company has not carried out
any research and development activities during the year.
C. The foreign exchange earnings and outgo : Nil RELATED PARTY
TRANSACTIONS
Related Party Transactions that were entered during the financial year
were on an arms length basis and were in the ordinary course of
business. The Company has not entered into material related party
which require disclosures under the provisions of the Companies Act,
2013 and the listing agreement.
LOANS, GUARANTEES AND INVESTMENT
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
ACKNOWLEDGEMENTS
The Directors place on record their gratitude to the bankers, media,
Government and other agencies for their assistance, cooperation and
encouragement extended to the Company. The Directors also wish to place
on record their sincere thanks and appreciation for the continuing
support and unstinted efforts of investors and employees during the
year under review.
By Order of the Board
For AUROMA COKE LIMITED
Place : Kolkata Prashant Tulsyan
Dated : 30th May, 2015 Whole-time Director
Mar 31, 2014
The Members,
The Directors present 21st Annual Report and the Audited Financial
Statements for the financial year ended on 31st March, 2014.
FINANCIAL RESULTS (Rs in lacs)
Particulars 2013-14 2012-13
Total Income 1896.62 2844.14
Total Expenditure 1645.34 2555.19
Profit before Interest, 251.28 288.95
Depreciation and Tax
Less : (1) Finance Cost 185.80 216.47
(2) Depreciation 62.19 69.49
Profit/(Loss) before Tax 3.29 2.99
Less: Provision for Taxation 1.41 1.05
Profit/(Loss) after Tax 1.88 1.94
Add : Amount brought 448.40 446.46
forward
Amount available for 450.28 448.40
appropriation
Balance carried to Balance 450.28 448.40
Sheet
REVIEW OF OPERATIONS
During the year under review, the Company has earned Total Income from
operations Rs. 1896.62 lacs as compared to Rs. 2844.14 lacs in the
previous year. The Net Profit during the year was Rs. 1.88 lacs only as
compared to the Rs. 1.94 lacs during the previous year.
The realizations in the coking coal and met coke continued to be
subdued during the Financial Year 2013-14 as the growth of the steel
industry, prime consumer of coking coal and metcoke, was stagnant.
DIVIDEND
In view of insufficient profits, the Board do not recommend any
dividend.
LISTING
The equity shares of the Company are listed with the BSE Ltd. The
Listing Fee has been paid to the Stock Exchange for the year 2014-15.
The ISIN No. of the Company is INE 662I01012.
CORPORATE GOVERNANCE
In compliance with the requirements of clause 49 of the Listing
agreement, a Report on ''Corporate Governance'' as on 31st March, 2014
and a Report on Management Discussions and Analysis are annexed to and
form a part of this Report.
DIRECTORS
In view of complying with the new coporate governance norms under the
listing agreement and also under the Companies Act, 2013, the Board at
is meetings held on 26.08.2014 has accepted resignations of the
Directors viz. Mr. Vimal Kumar Tulsyan, Mr. Sanjeev Kumar Tulsyan, Mr.
Rajiv Tulsyan, Mr. Binod Kumar Singh, Mr. Nawal Kishore Singh and Mr.
Swapan Dey Choudhuri. The Board at the same meeting has appointed Mr.
Abhishek Kumar Chhapolika as an Additional Director.
The Board is pleased to acknowledge the services rendered by Mr. Vimal
Kumar Tulsyan, Mr. Sanjeev Kumar Tulsyan, Mr. Rajiv Tulsyan, Mr. Binod
Kumar Singh, Mr. Nawal Kishore Singh and Mr. Swapan Dey Choudhuri
during their tenure as Directors of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, your
Directors confirm having -
i) Followed in the preparation of the annual accounts the applicable
accounting standards with proper explanation relating to material
departures, if any;
ii) 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 year under review and of the profit of the Company for the
year ended on that date;
iii) 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 or other irregularities; and
iv) prepared the annual accounts on a ''going concern basis''."
AUDITORS
M/s. Agarwal Khemka & Associates, Chartered Accountants, the Statutory
Auditors hold office upto the forthcoming Annual General Meeting of the
Company and are eligible for reappointment. As required under the
provisions of Section 139 of the Companies Act, 2013, the Company has
received written confirmation from M/s. Agarwal Khemka & Associates
that their re-appointment if made, would be in conformity within the
limits prescribed under Rule 4 of the Companies (Audit and Auditors)
Rule 2014 in the said Section and that they are not disqualified from
being appointed as the Auditors of the Company.
AUDITORS'' REPORT
The observations of the Auditors'' in their Report and our explanation
to those observations are as under:-
(1) Point No. (a) to the Annexure of the Auditors'' Report :- We have
been informed that the Company is in process of preparing fixed assets
register.
(2) Point No. (k) to the Annexure of the Auditors'' Report :- There has
been delay in depositing excise duty, service tax, tax deducted at
source, employees state insurance, electricity duty and in one case of
income tax.
There were few instances of delay in depositing statutory dues and the
amount involved were insignificant. We further inform that the Company
now is regular in depositing all undisputed statutory dues.
PUBLIC DEPOSITS
The Company has not accepted or renewed any Public Deposits, as defined
under Section 58A of the Companies Act, 1956, during the year under
review.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Particulars relating to conservation of energy, technology
absorption, foreign exchange, earnings and outgo, as required to be
disclosed under Section 217(1) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988 during the year current 2013-14 are as
follows :
A. Conservation of Energy: The Coke Ovens are designed in such a way
that considerable amount of energy is saved. The products of the
company are not covered by the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988. Hence Form A is not
applicable.
B. Technology Absorption: The present technology used in manufacturing
process is Indigenous. The Company has not carried out any research
and development activities during the year.
C. Foreign Exchange Earning and Outgo:
(a) Foreign exchange earning Rs. Nil
(b) Foreign Exchange outgo Rs. 76.96 lacs. PARTICULARS OF EMPLOYEES
There was no employee during the year under review, who was in receipt
of remuneration of more than Rs. 5,00,000/- per month if appointed for
a part of the year or Rs. 60,00,000/- per annum, if appointed for whole
year. Therefore, disclosure of information of employees as required
under Section 217 (2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 are not applicable to
the Company.
APPRECIATION
Your Directors place on record their appreciation for assistance and
co-operation received from the Financial Institutions, Banks, Customers
and Vendors during the year under review. Your Directors also wish to
express their deep sense of appreciation for the committed services by
the Executives, Staff, and Workers of the Company. The Directors also
place on record their sincere thanks to the Shareholders for their
continued support and confidence in the Management of the Company.
By Order of the Board
For AUROMA COKE LIMITED
Dated : 26th August, 2014 Prashant Tulsyan
Place : Kolkata Whole-time Director
Mar 31, 2013
Dear Shareholders,
The Directors present the 20th Annual Report of the Company for the
year ended on 31st March, 2013.
Financial Result
The Financial performance of the Company for the financial year ended
Mach 31, 2013 is summarized below.
(Rs. in lacs)
Financial Year Financial Year
2012-13 2011-12
Total Income 2844.14 3853.23
Total Expenditure 2569.44 3484.89
Profit before Interest and
Depreciation 274.70 368.34
Less: Interest 202.22 217.94
Less : Depreciation 69.49 68.15
Profit before Tax 2.99 82.25
Provision for taxes 1.05 34.07
Profit after Tax 1.94 48.18
Surplus brought forward from previous year 446.46 398.28
Balance Carried over to Balance Sheet 448.40 446.46
REVIEW OF BUSINESS AND PERFORMANCE
During the year under review, Indian economy went through one of its
slowest growth in last two decades. The economic activities in the
country, metal sector in particular, have been adversely affected due
to high interest rates, deteriorating fiscal ratios and uncertain
political conditions prevailing in the country. The slow growth in
steel industry had impacted both sales and price realization of met
coke in India. However, it can only be hoped that the things will move
for the better in the coming years.
During the year under review, the Company''s total revenue fallen 26% to
2844.14 lacs compared to Rs. 3853.23 lacs recorded in the previous
year. Similarly, the Profit after tax fallen 96% to Rs. 1.94 lacs
compared to Rs. 48.18 lacs recorded in the previous year.
DIVIDEND
The Board has decided to plough back the entire profit generated during
the year to conserve resources for future requirements. Hence, no
dividend is recommended.
DIRECTORS
The present tenure of Mr. Prashant Tulsyan as Whole time Director
expired on 31st March 2013. The Board has re-appointed him as Whole
time Director w.e.f. 1st April, 2013 for a period of two years to hold
office upto 31st March 2015. Mr. Alok Sawa and Mr. Swapan De Choudhury
retire by rotation at the ensuing Annual General Meeting and offer
themselves for re-appointment
LISTING
The equity shares of the Company are listed at the Bombay Stock
Exchange (BSE Ltd.). The shares of the Company have been admitted with
National Securities Depository Limited (NSDL) and Central Depository
Services (CDSL). The ISIN of the equity shares of your company is
INE662I01012. ,
The Company is regular in payment of annual fees and charges to the BSE
Ltd., NSDL and CDSL.
AUDITORS REPORT
The Board offers following explanations on the remarks / qualifications
/ observations of the auditors in their report.
(a) The Company is in process of preparing fixed assets register.
(b) There were few instantces of delay in depositing statutory dues as
reported in para (k) of the Annexure to the Auditors'' Report and the
amount involved were insignificant. We further inform that the Company
now is regular in depositing all statutory dues.
PARTICULARS OF EMPLOYEES
During the year, no employee of the Company was in receipt of
remuneration exceeding the sum prescribed under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975. Hence, furnishing of particulars of employees is not
required.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The Particulars relating to conservation of energy, technology
absorption, foreign exchange, earnings and outgo, as required to be
disclosed under Section 217(1) (e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 during the year current 2012-13 are as follows :
A. Conservation of Energy : The Coke Ovens are designed in such a way
that Considerable amount of energy is saved.
The products of the company are not covered by the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988. Hence Form A is not applicable.
B. Technology Absorption : The present technology used in
manufacturing process is Indigenous. The Company has not carried out
any research and development activities during the year.
C. Foreign Exchange Earning and Outgo a) Foreign exchange earning Rs.
Nil
b) Foreign Exchange outgo Rs. 12.02 lacs
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
a. In the preparation of the annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards, had been
followed and there is no material departure from the same;
b. That your directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year March 31,
2013 and the profit of the Company for the year ended on that date;
c. That your directors have taken proper and sufficient care for the
maintenance of adequate accounting records with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
d. Your directors had prepared the annual accounts of the company on a
"Going Concern" basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to clause 49 of the Listing Agreement, Management''s Discussion
and Analysis Report for the year under review, is presented in a
separate section forming part of the Annual Report.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under clause 49 of the
Listing Agreement along with the requisites Certificate of the Auditors
of the Company is attached and form part of the Annual Report.
ACKNOWLEDGEMENT
Your Directors would like to place on record their appreciation for
assistance and co-operation received from the Financial Institutions,
Banks, Customers and Vendors during the year under review. Your
Directors also wish to express their deep sense of appreciation for the
committed services by the Executives, Staff, and Workers of the
Company. The Directors also place on record their sincere thanks to the
Shareholders for their continued support and confidence in the
Management of the Company.
For and on behalf of the Board
Date : 30th May, 2013 V. K. Tulsyan
Place: Kolkata Chairman
Mar 31, 2010
The Directors have pleasure in presenting the 17th Annual Report of
the Company for the year ended on 31 st March, 2010.
FINANCIAL RESULT
The financial performance of the Company for the financial year ended
March 31,2010 is summarized below:
(Rs. in lacs)
Particulars Financial Year Financial Year
2009-10 2008-09
Total Income 5222.41 6516.03
Total Expenditure 5031.79 6316.94
Profit before Depreciation
and Interest 190.62 199.09
Less: Interest 64.83 153.52
Less: Depreciation 65.10 61.83
Profit before Tax 60.69 39.38
Provision for Income Tax 19.00 14.40
Provision for Income Tax
(Earlier Year) - 2.34
Deferred Tax (Net of Assets)
provided/(written back) (0.14) (7.79)
Profit after Tax 41.84 30.43
Surplus brought forward
from previous year 298.43 268.00
Balance Carried over to
Balance Sheet 340.26 298.43
DIVIDEND
The Board has decided to plough back the entire profit generated during
the year to conserve resources for future needs.
DIRECTORS
Mr. Sanjeev Tulsyan has been re-appointed as whole-time Director of the
Company w.e.f. 1.4.2010 for a period of 5 years up to 31.3.2015 subject
to the confirmation by the shareholders of the Company at the general
meeting.
Mr. Alok Sawa and Mr. Swapan De Choudhury, retire by rotation and
offers themselves for re-appointment.
AUDITORS AND AUDITORS REPORT
M/s Agarwal Khemka & Associates, Chartered Accountants, Statutory
Auditors of the Company, hold the office until the conclusion of the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment.
The Report of the Auditors read with significant accounting policies
and notes on the accounts as annexed are self explanatory and therefore
need no further explanations by the Board in this Report.
PARTICULARS OF EMPLOYEES
The relations with employees and workers at all levels were harmonious
during the year. During the year, no employee of the Company was in
receipt of remuneration exceeding the sum prescribed under Section 217
(2A) of the Companies Act, 1956. Hence, furnishing of particulars under
the Companies (Particulars of Employees) Rules, 1975 is not required.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The Particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be
disclosed under Section 217 (1) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are as follows :
A. Conservation of Energy The Coke Ovens are designed in such a
way that Considerable amount of energy
is saved.
The products of the Company are not
covered by the Companies (Disclosure
of Particulars in the Report of Board
of Directors) Rules, 1988. Hence Form
"A" is not applicable.
B. Technology Absorption The present technology used in
manufacturing processes is indigenous.
The Company has not carried out any
research and development activities
during the year.
C. Foreign Exchange
Earning and Outgo (a) Foreign exchange earning : Nil
(b) Foreign exchange outgo :
Rs. 25.31 lacs (Previous Year
Rs. 5.00 lacs)
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors Responsibility Statement, it
is hereby confirmed that:
a) In the preparation of the annual accounts for the financial year
ended 31st March, 2010, the applicable accounting standards, had been
followed and there was no material departure from the same;
b) That your directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year March 31,
2010 and the profit of the Company for the year ended on that date.
c) That your 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; and
d) Your directors had prepared the annual accounts of the Company on a
"Going Concern" basis.
PUBLIC DEPOSITS
The Company had not accepted public deposit within the meaning of
section 58A of the Companies Act, 1956 during the year. There is no
public deposit outstanding as on 31st March, 2010
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange
in India, Managements Discussion and Analysis Report for the year
under review, is presented in a separate section forming part of the
Annual Report.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement along with the requisites Certificate from the
Auditors of the Company is attached and form part of the Annual Report.
ACKNOWLEDGEMENT
Your Directors would like to place on record their appreciation for
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities, Customers, Vendors and members during
the year under review. Your Directors also wish to express their deep
sense of appreciation for the committed services by the Executives,
Staff, and Workers of the Company. The Directors also place on record
their sincere thanks to the Shareholders for their continued support,
co-operation and confidence in the Management of the Company.
For and on behalf of the Board
Date : 31th July, 2010 V.K.Tulsyan
Place: Kolkata Chairman