Mar 31, 2014
Dear Members,
The Directors are pleased to present the 34lh Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March, 2014.
SUMMARISED FINANCIAL RESULTS: (Rs.in LACS)
Yearended Yearended
31.3.2014 31.3.2013
Income 5706.18 9132.45
Profit before interest, depreciation and tax 726.79 991.67
Less:
Depreciation 401.23 390.51
Tax including Adjustment 1.15 59.88
Interest 324.40 416.82
Prior Period Adjustment 0.00 0.00
Net profits after Tax 0.10 124.46
Dividend 0 0
Balance brought forward from previous year 124.146 144.81
THE YEAR UNDER REVIEW
Your Company''s infrastructure businesses have reported an encouraging
performance for the year ended 31st March 2014.
FUTURE OUTLOOK
The Board feels that the economic & developing situation of India will
bring lot of capital for development in infrastructure of the country
and future of India lies with the Infrastructure Development of the
country. Considering the Growth of the Company in infrastructure
business and taking into account the available opportunities in the
Infrastructure Business, the Board has decided to focus only on
infrastructure/real estate projects.
Company has successfully bagged and completed some large contracts from
big players in Infrastructure business. The company is in process of
completing the order book of rupees 57 crores by March 2014. The
Company is negotiating some big orders for BOT projects.
The Board Strongly feels that by venturing into the infrastructure and
realty business, in the days to come, the wealth of the shareholders
will enhance.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of
encouraging energy conservation measures. The regular review of energy
consumption and the systems installed to control utilization of energy
is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made
to improve reliability and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies
from world''s leaders.
D) FOREIGN EXCHANGE EARNINGS & OUTGO:
2013-2014 2012-2013
(Rs. Lacs) (Rs. Lacs)
a. Foreign Exchange Used Nil Nil
b. Foreign Exchange Earned Nil Nil
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
DIRECTORS:
Mr. Naresh Saboo is liable to retire by rotation at the forthcoming
Annual General meeting, and being eligible offers himself for re -
appointment.
DIVIDEND
The Board has decided to preserve the fiscal strength of the company,
thus the board has decided against dividend for the current year.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Director''s Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts forthe financial year ended
31 st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) That the 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 and of the
profit and loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2014 on a ''going concern'' basis.
AUDITORS
M/s Pilia Mathur Manuja & Co Chartered Accountants, Statutory Auditors
of the Company hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment.
The Company has received letter from the statutory to the effect that
their reappointment, if made, would be within the prescribed limits
under Section 224 (1B) of the Companies Act, 1956 and that are not
disqualified from reappointment within the meaning of Section 226 of
the Said Act.
AUDITOR''S REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors'' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
HUMAN RESOURCES
Your Directors would like to place on record their deep appreciation of
all employees for rendering quality services to every constituent of
the company.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year.
Place: Nagpur On behalf of the Board of Directors
Dated: 28th August, 2014
Naresh Saboo Kamlesh Parsad
Managing Director Director
Mar 31, 2013
The Directors are pleased to present the 33" Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31 st March, 2013.
SUMMARISED FINANCIAL RESULTS:
(Rs. in LACS)
Year ended Year ended
31.3.2013 31.3.2012
Income 913245 7655.36
Profit before interest,
depreciation and tax 991.67 719.29
Less:
Depreciation 390.51 255.73
Tax including Adjustment 59.88 35.45
Interest 416.82 283.29
Prior Period Adjustments 0 (0.05)
Net profits after Tax 12446 144.81
Dividends 0
Balance brought forward
from previous year 124.46 144.81
THE YEAR UNDER REVIEW
Your Company''s infrastructure businesses have reported an encouraging
performance for the year ended 31st March 2013.
FUTURE OUTLOOK
The Board feels that the economic & developing situation of India will
bring lot of capital for developing infrastructure of the country and
future of India lies with the Infrastructure Development of the
country. Considering the Growth of the Company in infrastructure
business and taking into account the available opportunities in the
Infrastructure Business, the Board has decided to focus only on
infrastructure/real estate projects.
Company has successfully completed and bagged some large contracts from
big players in Infrastructure business, and the company is also in
process of completing the order book of rupees 74 crores to be
completed by March 2013.The Company is negotiating some big orders for
BOT projects.
The Board Strongly feels that by venturing into the infrastructure and
realty business, in the days to come, the wealth of the shareholders
will enhance.
ENERGY, TECHNOLOGY AND FOREIGN EXCHAGNE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of
encouraging energy conservation measures. The regular review of energy
consumption and the systems installed to control utilization of energy
is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made
to improve reliability and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies
from world''s leaders.
D) FOREIGH EXCHANGE EARNINGS & OUTGO:
2012-2013 2011-2012
(Rs. Lacs) (Rs. Lacs)
a. Foreign Exchange Used NiL 01.92
b. Foreign Exchange Earned NIL
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
DIRECTORS:
Mr. Prakash Zalke is liable to retire by rotation at the forthcoming
Annual General meeting, and being eligible offers himself for re -
appointment.
DIVIDEND
The Board has decided to preserve the fiscal strength of the company,
thus the board has decided against dividend for the current year.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts forthe financial year ended
31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) That the 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 and of the
profit and loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safegu arding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2013 on a ''going concern'' basis.
AUDITORS
M/s Pilla Mathur Manuja & Co Chartered Accountants, Statutory Auditors
of the Company hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment
The Company has received letter from the statutory to the effect that
their reappointment, if made, would be within the prescribed limits
under Section 224 (1B)of the Companies Act, 1956 and that are not
disqualified from reappointment within the meaning of Section 226 of
the Said Act.
AUDITORS''REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors'' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act 1956. Hence no information is required to be
appended to this report in this regard.
HUMAN RESOURCES
Your Directors would like to place on record their deep appreciation of
all employees for rendering quality services to every constituent of
the company.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year.
On behalf of the Board of Directors
Place : Mumbai NareshSaboo Kamlesh Parasd
Dated : 24th August, 2013 Managing Director Director
Mar 31, 2012
The Directors are pleased to present the 32nd Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March, 2012..
SUMMARISED FINANCIAL RESULTS: (Rs. in LACS)
Year ended Year ended
31.3.2012 31.3.2011
Income 7655.36 7718.60
Profit before interest,
depreciation and tax 719.29 685.09
Less: Depreciation 255.73 139.51
Tax including Adjustment 35.45 124.71
Interest 283-29 151.96
Prior Period Adjustments (0.05) 0.06
Net profits after Tax 144.81 268.96
Dividends 0 0
Balance brought forward
from previous year 144.81 268.96
THE YEAR UNDER REVEW
Your Company's infrastructure businesses have reported an encouraging
performance for the year 2010 31st March 2012.
FUTURE OUTLOOK .
The Board feels that the economic & developing situation of India will
bring lot of capital for developing infrastructure of the country and
future of India lies with the Infrastructure Development of the
country. Considering the Growth of the Company in infrastructure
business and taking into account the available opportunities in the
Infrastructure Business, the Board has decided to focus only on
infrastructure/real estate-projects.
Company has successfully completed and bagged some large contracts from
big players in Infrastructure business, and the company is also in
process of completing the order book of rupees 76 crores to be
completed by March 2012.The Company is negotiating some big orders for
BOT projects.
The Board Strongly feels that by venturing into the infrastructure and
realty business, in the days to come, the wealth of the shareholders
will enhance.
ENERGY, TECHNOLOGY AND FOREIGN EXCHAGNE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of
encouraging energy conservation measures. The regular review of energy
consumption and the systems installed to control utilization of energy
is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made
to improve reliabHity and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies
from world's leaders.
D) FOREIGN EXCHANGE EARNINGS & OUTGO:
2011-2012 2010-2011
(? Lacs) (? Lacs)
a. Foreign Exchange Used 101.92 Nil
b. Foreign Exchange Earned Nil Nil
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
DIRECTORS:
Mr. Prakash Zalke is liable to retire by rotation at the forthcoming
Annual General meeting, and being eligible offers himself for re -
appointment.
Mr. Ashok Kumar Shukla was appointed as Additional Director with effect
from 12th January, 2012 & the company has received a notice u/s 257
from a member of the company for proposing his appointment as a
Director at the forthcoming Annual General Meething.
Mr. Devendra Balasaria has resigned from Director of the company with
effect from 13th January, 2012.
DMDEND
The Board has decided to preserve the fiscal strength of the company,
thus the board has decided against dividend for the current year.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) That the 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 and of the
profit and loss of the Company for the year under review.
(lit) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2012 on a 'going concern' basis.
AUDITORS'REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
M/s. Pilla Mathur Manuja & Co., Chartered Accountants be and is hereby
appointed auditor of the company in place of retiring Auditors M/s
Tushar Parekh & Associates., Chartered Accountants, Mumbai, hold office
till the conclusion of this Annual General Meeting. They have furnished
a certificate to the effect that the proposed appointment, if made,
will be in accordance with the limits specified U/s. 224(1 B) of the
Companies Act, 1956.
HUMAN RESOURCES
Your Directors would like to place on record their deep appreciation of
all employees for rendering quality services to every constituent of
the company.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors futf Ãë. express their deep appreciation to all
employees for commendable tec.. .work, high degree of professionalism
and enthusiastic effort displayed by them during the year.
On behalf of the Board of Directors
Place: Mumbai Naresh Saboo Kamlesh Parasd
Dated: 24Jh August, 2012 Managing Director Director
Mar 31, 2011
Dear Members,
The Directors are pleased to present the 31 st Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31 st March, 2011.
SUMMARISED FINANCIAL RESULTS: (Rs. in LACS)
Year ended Year ended
31.3.2011 31.3.2009
Income 7803.95 3630.39
Profit before interest, depreciation
and tax 685.06 425.32
Less:
Depreciation 139.51 105.25
Tax including Adjustment 124.71 39.18
Interest 151.96 94.68
Prior Period Adjustments 0.06 0.13
Net profits after Tax 268.96 186.07
Dividend 0 0
Balance brought forward from previous year 268.96 186.07
THE YEAR UNDER REVIEW
Your Company's infrastructure businesses have reported an encouraging
performance for the year ended 31st March 2011.
FUTURE OUTLOOK
The Board feels that the economic & developing situation of India will
bring lot of capital for developing infrastructure of the country and
future of India lies with the Infrastructure Development of the
country. Considering the Growth of the Company in infrastructure
business and taking into account the available opportunities in the
Infrastructure Business, the Board has decided to focus only on
infrastructure/real estate projects.
Company has successfully completed and bagged some large contracts from
big players in Infrastructure business, and the company is also in
process of completing the order book of rupees 75 crores to be
completed by March 2011 .The Company is negotiating some big orders for
BOT projects.
The Board Strongly feels that by venturing into the infrastructure and
realty business, in the days to come, the wealth of the shareholders
will enhance.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of
encouraging energy conservation measures. The regular review of energy
consumption and the systems installed to control utilization of energy
is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made
to improve reliability and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies
from world's leaders like
D) FOREIGH EXCHANGE EARNINGS & OUTGO:
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
DIRECTORS:
Mr. Anil Rathi is liable to retire by rotation at the forthcoming
Annual General meeting, and being eligible offers himself for re -
appointment.
Mr. Devendra Balasaria was appointed as additional Director with effect
from 10th Dec, 2010 and the company has received a notice u/s 257 from
a member of the company for proposing his appointment as a Director at
the forthcoming Annual General meeting.
Mr. Prakash Zalke was appointed as additional Director with effect from
1st May, 2011 and the company has received a notice u/s 257 from a
member of the company for proposing his appointment as a Director at
the forthcoming Annual General meeting.
Mr. Ramesh Mishra has resigned from Directorship of the company with
effect from 2nd May, 2011. Mr. Naresh Jain has resigned from
Directorship of the company with effect from 13th August, 2010.
DIVIDEND
The Board has decided to preserve the fiscal strength of the company,
thus the board has decided against dividend for the current year.
SHARE WARRANT ISSUE
The shareholders in the EGM held on 24th December, 2010 agreed to the
allotment of Warrant on Preferential basis to persons other than
promoters.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the 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 and of the
profit and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31 st March 2011 on a 'going concern' basis.
AUDITORS'REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors' Report. PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
The retiring Auditors M/s. Tushar Parekh & Associates., Chartered
Accountants, Mumbai, hold office till the conclusion of this Annual
General Meeting. They have furnished a certificate to the effect that
the proposed re- appointment, if made, will be in accordance with the
limits specified U/s. 224(1 B) of the Companies Act, 1956.
HUMAN RESOURCES
Your Directors would like to place on record their deep appreciation of
all employees for rendering quality services to every constituent of
the company.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
On behalf of the Board of Directors.
Mr. Naresh Saboo Mr. Kamlesh Prasad
Managing Director Director
Place: Mumbai
Dated: 30th May, 2011
Mar 31, 2010
The Directors are pleased to present the 30th Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31 st March, 2010.
SUMMARISED FINANCIAL RESULTS: (Rs. in LACS)
Year ended Year ended
31.3.2010 31.3.2009
Income 3630.39 12224.68
Profit before interest, depreciation
and tax 425.32 103.20
Less:
Depreciation 105.25 47.24
Tax 39.18 11.69
Interest 94.68 38.65
Prior Period Adjustments 0.13 (0.64)
Net profits after Tax 186.07 6.27
Dividends 0 0
Balance brought forward from
previous year 270.81 264.54
THE YEAR UNDER REVIEW
Your Companys infrastructure businesses have reported an encouraging
performance for the year ended 31 st March 2010.
FUTURE OUTLOOK
The Board feels that the mandate for political stability by the people
of India will bring lot of capital for developing infrastructure of the
country and future of India lies with the Infrastructure Development of
the country. Considering the Growth of the Company in infrastructure
business and taking into account the available opportunities in the
Infrastructure Business, the Board has decided to focus only on
infrastructure/real estate projects.
Company has successfully completed and bagged some large contracts from
big players in Infrastructure business, and the company is also in
process of completing the order book of rupees 40 crores to be
completed by March 2010.The company is negotiating some big orders for
BOT projects.
The Board Strongly feels that by venturing into the infrastructure and
realty business, in the days to come, the wealth of the shareholders
will enhance.
ENERGY, TECHNOLOGY AND FOREIGN EXCHAGNE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY: The Company continues its policy of
encouraging energy conservation measures. The regular review of energy
consumption and the systems installed to control utilization of energy
is undertaken.
B) RESEARCH DEVELOPMENT ACTIVITIES: Continuous efforts are being made
to improve reliability and quality through in-house R&D efforts.
C) TECHNOLOGY ABSORPTION: The Company is equipped with technologies
from worlds leaders like
D) FOREIGH EXCHANGE EARNINGS & OUTGO:
2009-2010 2008-2009
(Rs. Lacs) (Rs. Lacs)
a. Foreign Exchange Used Nil Nil
b. Foreign Exchange Earned Nil Nil
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
DIRECTORS:
Mr. Rameshchandra Mishra is liable to retire by rotation at the
forthcoming Annual General meeting, and being eligible offers himself
for re - appointment.
Mr. Anil Rathi was appointed as additional director with effect from
29th May, 2010 and the company has received a notice u/s 257 from a
member of the company for proposing his appointment as a director at
the forthcoming Annual General meeting.
Mr. Kamlesh Prasad has been appointed as Whole - Time director of the
company with effect from 29th May, 2010
Mr. Puneet Srivastava has resigned from directorship of the company
with effect from 29th May, 2010.
DIVIDEND
The Board has decided to preserve the fiscal strength of the company,
thus the board has decided against dividend for the current year.
AUDITORSREPORT
Relevant notes on accounts are self-explanatory and are as perAnnexure
to the Auditors Report.
SPILT OF SHARES
Taking into account the market capitalization of company and trading
data and current trading price, the Board
Feels that it would be beneficial in the interest of the shareholders
to spilt the shares of paid up value Rs. 10/-
each to paid up value of Rs.2 per share.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
The retiring Auditors M/s. Tushar Parekh & Associates., Chartered
Accountants, Mumbai, hold office till the conclusion of this Annual
General Meeting. They have furnished a certificate to the effect that
the proposed re- appointment, if made, will be in accordance with the
limits specified U/s. 224(1 B) of the Companies Act, 1956.
HUMAN RESOURCES
Your Directors would like to place on record their deep appreciation of
all employees for rendering quality services to every constituent of
the company.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
DIRECTORS" RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31 st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the 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 and of the
profit and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31 st March 2010 on a going concern basis.
On behalf of the Board of Directors.
Place:Mumbai Naresh Saboo Kamlesh Prasad
Dated :10thAugust, 2010 Managing director Director