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

Directors Report of Govind Rubber Ltd.

Mar 31, 2016

DIRECTORS'' REPORT

To The Members,

Govind Rubber Limited

The Directors have pleasure in presenting the 31st Annual Report and Audited Financial Statements of the Company for the year ended 31st March, 2016.

FINANCIAL RESULTS/PERFORMANCE:

Rs,In Lacs

2015-16

2014-15

Sales and Operational

Income ( Gross )

33024

37268

Other Income

37

340

TOTAL INCOME

33061

37608

Gross Profit

345

397

Depreciation

327

361

Profit before Tax

18

36

Tax Expenses

(5)

(30)

Profit after Tax

13

6

Balance brought forward

(2979)

(2985)

Balance carried forward to

Balance Sheet

(2966)

(2979)

REVIEW OF OPERATIONS:

Your Company has achieved a Gross Turnover and Operational Income of Rs.33,024 lacs as compared to Rs.37,268 lacs in the previous year. The Gross Profit is Rs.345 lacs as compared to Rs.397 lacs in the previous year. The Net Profit for the year stood at Rs.13 lacs as compared to Rs. 6 lacs in the previous year.

Your Company is undertaking various efforts to increase the revenue and cost rationalization measures to improve bottom-line of the Company.

DIVIDEND AND RESERVES:

Due to non-availability of sufficient profit, the Board of Directors does not recommend any payment of Dividend for the year under review.

During the year under review, no amount was transferred to General Reserve.

SHARE CAPITAL:

The paid up equity share capital as at March 31, 2016 stood at Rs. 21.84 crores divided into 2,18,38,463 Equity shares, having face value ofRs,10/- each fully paid up. During the year under review, the company has not issued shares with differential voting rights nor has granted any stock options or sweat equity shares. As on March, 31 2016 none of the Directors of the company hold instruments convertible into equity shares of the Company.

OUTLOOK:

Your Company is making all its efforts to take growth in profitable segments by intensive working. The concern related to working capital shortfall and operational cost is being addressed by various new techniques and methods to improve overall financial performance of the Company. Your company will strive towards excellence in all performance parameters by creating value for its stakeholders.

AUDITORS AND AUDITORS REPORT:

At the Annual General Meeting held on 15th September, 2015 M/s. Jayantilal Thakkar & Co. Chartered Accountants, Mumbai, were appointed as statutory auditors of the Company to hold office till the conclusion of the Annual General Meeting to be held in the calendar year 2017. In the proviso to section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every Annual General Meeting. Accordingly, the appointment of M/s Jayantilal Thakkar & Co. Chartered Accountants, Mumbai, as Statutory Auditors of the Company, is placed for ratification by the shareholders.

The Company has received letters from them to the effect that ratification of their re-appointment, if made would be within the prescribed limits under section 141 (3)(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

The Notes on Accounts referred to in the Auditors Report are self-explanatory and do not call for any further comments.

The Auditors'' Report for financial year 2015-2016 does not contain any qualification, reservations or adverse remark. The Auditors report is enclosed with the financial statements in this Annual Report.

COST AUDITORS:

As per the provisions of Section 148 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2015 the Board of Directors of the Company has appointed M/s. K.G Goyal & Associates as Cost Auditors of the Company to conduct the cost Audit for the financial year 2016-2017.

SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s GMJ & Associates, Company Secretaries to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as Annexure-A.There is a qualification in the report regarding non compliance of the Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on the constitution of the Board from 22nd September, 2015

BOARD''S COMMENTS ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARKS IN THE AUDITORS REPORT:

There is no audit qualification in the financial statements by the statutory auditors for the year under review.

The Secretarial Auditors has given a qualification in Secretarial Audit Report related to Board Composition for certain period. Your Company tried to induct suitable person on Board as Independent Director, but it took time to finalize, now the Company has appointed suitable person on Board w.e.f .16th May, 2016 and now the Composition of Board is as prescribed under Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS (MDA):

The Company adheres to the requirements set out by the Securities and exchange Board of India''s Corporate Governance practices and have implemented all the stipulations prescribed. The Company has implemented several best corporate Governance Practices.

The Corporate Governance and Management & Analysis Report, which form an integral part of this Report, are set out as separate Annexure B & C, together with the Certificate from the Auditors of the Company regarding compliance with the requirements of Corporate Governance as stipulated in SEBI (LODR) Regulations, 2015.

JOINT VENTURE:

To mark its global presence and cater the different geographies, the Company has a Joint Venture - GK Company Limited, in South Korea. Due to unavailability of the financial statements of Joint Venture with G K Company Ltd. South Korea, the Company is unable to comment on the same, however non-inclusion will not have any material impact on financial statements of Company.

CONSOLIDATED FINANCIAL STATEMENT:

The Company has not prepared consolidated financial statements due to unavailability of the financial statements of its Joint Venture with GK Company Ltd. - South Korea, for the year under review. However this non-inclusion will not have any material impact on Financial Statements of the company.

INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY:

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.

DIRECTORS'' RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;

(c) the directors had 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT-9, as required under section 92 of the Companies Act, 2013, is included in this report as Annexure-D

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board made the following appointments/reappointments based on the recommendations of the nomination and remuneration committee:

During the year under review the Board has appointed Ms. Kumud Manseta and Mr. Sanjiv Rungta as Additional Director (Independent) w.e.f. 16.05.2016. They will hold office up to the ensuing AGM of the Company. The Company has received a notice under section 160 of the Companies Act, 2013 from a member of the Company proposing their candidature for the office of the Independent Directors for terms of 5 consecutive years commencing from the ensuing AGM.

During the year, Mr. Yash Rungta was appointed as an Independent Director of the company with effect from 07.11.2015. Due to preoccupation, he has resigned w.e.f 16.05.2016 and Mrs. Darshika Poddar has resigned w.e.f. 22.04.2016. The Board places on record its appreciation for the service rendered by them during their tenure with the Company.

Mr. K. M Garg resigned as an Independent Director with effect from 22.09.2015. The Board places on record its appreciation for the service rendered by him during his tenure with the Company.

The Board appointed Mr. Keshav Purohit as Company Secretary and Compliance officer effective 26.08.2015. In compliance with SEBI Listing Regulations, 2015.

The Company has received declarations from all Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of section 149 of the Companies Act, 2013 and under Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ANNUAL PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the company has implemented a system of evaluating performance of the Board of Directors and of its Committees and individual Directors. The Board has carried out an evaluation of its performance after taking into consideration various performance related aspects of the Board''s functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, remuneration, obligations and governance. The performance evaluation of the Board as a whole and Chairman and the Non-independent Directors was also carried out by the Independent Directors at their meeting held on 7th November, 2015.

Similarly, the performance of various committees, individual independent and Non independent Directors was evaluated by the entire Board of Directors (excluding the Director being evaluated) on various parameters like engagement, analysis, decision making, communication and interest of Stakeholders.

The Board of Directors expressed its satisfaction with the performance of the Board, its committees and individual Directors.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details of familiarization program is available on our website (www.grltires.com/investor-relation.html).

NUMBER OF METINGS OF THE BOARD:

The Details of the number of Meetings of the Board held during the Financial Year 2015-16 forms part of the Corporate Governance Report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, includes an Ethics & Compliance Task Force comprising senior executives of the Company. The details of the Policy on Vigil Mechanism and Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the website of the Company.

NOMINATION AND REMUNERATION POLICY:

The Board of Directors have re-constituted the Nomination and Remuneration Committee comprising 2 Independent Directors and 1 non-executive Director as members. The Nomination and Remuneration committee has framed the Nomination and Remuneration Policy and broad parameters are mentioned in Corporate Governance Report Section and also available on our website (www.grltires.com/investor-relation.html).

RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on at arm''slength basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. All Related Party Transactions are placed before the Audit Committee and also before the Board for approval.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As per the provisions of section 135 of Companies Act, 2013 the company has constituted the Corporate Social Responsibility Committee (CSR).

The Corporate Social Responsibility (CSR Committee) has formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company, which has been approved by the Board.

The Company is in the process of identifying the projects for CSR spending. Efforts are being undertaken to implement the same in financial year 2016-17.

COMPOSITION OF AUDIT COMMITTEE AND OTHER DISCLOSURES:

The Composition of the Audit Committee has been given in Corporate Governance Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

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.

PARTICULARS OF EMPLOYEES:

Particular of remuneration paid to the employees as required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not given as none of the employee receives remuneration in excess of prescribed limit

APPOINTMENT OF M/S. LINK INTIME INDIA PRIVATE LIMITED AS THE REGISTRAR & TRANSFER AGENT OF YOUR COMPANY:

The Board of Directors of your Company, at their meeting held on 16th May, 2016, approved the appointment of M/s. Link In time India Private Limited, as the Registrar & Transfer Agent with effect from 6th May, 2016. In accordance with the Interim Order dated 22nd March, 2016, issued by the Securities and Exchange Board of India (hereinafter referred to as "SEBI") against M/s. Sharepro Services (India) Private Limited and some of its employees, among other things, all client companies of them are required to conduct a thorough audit of the records and systems of them for the past ten years, concerning dividend payments and transfer of securities to determine whether dividends have been paid to actual/beneficial holders and whether securities have been transferred as per the provisions of law. The audit is required to be completed within three (3) months from the date of the SEBI''s Order and the report is required to be submitted to SEBI. Accordingly, your Company has appointed M/s. GMJ & Associates, Company Secretaries, for conducting the audit. They have submitted their report and no irregularity was reported for Dividend and Transfers and their report has been submitted to SEBI. Your Company is committed to protecting the interests of its shareholders.

DEPOSITORY SERVICES:

The Company''s Equity Shares have been admitted to the depository mechanism of the National Securities Depository Limited (NSDL) and also the Central Depository Services (India) Limited (CDSL). As a result the investors have an option to hold the shares of the Company in a dematerialized form in either of the two Depositories. The Company has been allotted ISIN No. INE011C01015. Shareholders therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors has implemented a Code of Conduct for adherence by the Directors, Senior Management Personnel and Employees of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity. The Code has been posted on the Company''s website www.grltires.com.All the Board Members and Senior Management Personnel have confirmed compliance with the Code.

PUBLIC DEPOSIT:

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 and there was no outstanding deposit as on 31st March, 2016.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:

There was no significant or material order passed by any regulator or court or tribunal, which impacts the going concern status of the Company or will have bearing on company''s operations in future.

INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has constituted an Internal Complaint Committee under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year, no complaint was made before the Committee.

ENVIRONMENT AND SAFETY:

The Company is aware of the importance of environmentally clean and safe operations. The Company''s policy requires conduct of operations in such a manner, so as to ensure safety of all concerned, compliances, environmental regulations and preservation of natural resources at the Plant.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information in terms of requirement of clause (m) of Subsection (3) of Section 134 of the Companies Act, 2013 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, read along with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure-F of the report

LISTING:

The Securities of the Company is listed on the BSE Ltd. Mumbai.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to place on record their warm appreciation and acknowledge with gratitude the assistance, co-operation and support extended to your Company by bankers, clients, employees as well as the investing community and look forward to their continued support.

For and on Behalf of the Board of Directors

Place: Mumbai Vinod Poddar(DIN 00182629)

Date: 30.05.2016 Executive Chairman


Mar 31, 2014

Dear Shareholders,

The Directors are pleased to present the 29th Annual Report and Audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

Rs. In Lacs

2013-14 2012-13

Sales and Operational 43566 42942

Income (Gross) Other Income 177 107

TOTAL INCOME 43743 43049

Gross Profit 339 494

Depreciation 326 288

Profit before Tax 13 206

Deferred Tax (Asset) / (16) 48 Liability

Tax Expenses 1 2

Profit after Tax 28 156

Balance brought forward (3013) (3169)

Balance carried forward to (2985) (3013) Balance Sheet

In view of inadequacy of profit, no dividend has been recommended by the Board of Directors for the year 2013-2014.

OPERATIONS :

Your Company has achieved a Gross Turnover and Operational Income of Rs. 43566 lacs as compared to Rs. 42942 lacs in the previous year with marginal growth. The gross profit is Rs. 339 lacs as compared to Rs. 494 lacs in the previous year. The net profit for the year stood at Rs.28 lacs as compared to Rs. 156 lacs in the previous year.

OUTLOOK FOR THE CURRENT YEAR 2014-2015:

Your Company is making all its efforts to take the growth in OEM and Export market by intensive working. In order to keep pace with International market, the Company has also invested in modern technology, machines to cater to niche markets. The products of the Company are well accepted in the market due to continuous upgradation in quality parameters. The concern related to plant cost has been addressed by various cost saving measures. Auto tire and tube segment is expanding by acceptance of the product in replacement market.

DIRECTORS:

Shri Rahul Poddar will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

Shri S. Dorairajan (DIN No. 00628373) has resigned from the Board of Directors of the Company w.e.f 30.05.2014. The Directors place on record their appreciation for the services rendered by Shri S. Dorairajan (DIN No. 00628373) during the tenure of his Directorship in the Company.

The Company has received declarations from all independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of section 149 of the Companies Act, 2013 and under clause 49 of the listing agreement with Bombay Stock Exchange.

CORPORATE GOVERNANCE:

Your Company is in compliance with the requirements and disclosures with respect to the Code of Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchange. As a listed Company, necessary measures are taken to comply with the Listing Agreement with the Stock Exchange. A report on Corporate Governance as stated above along with a certificate from the Auditor form part of this Annual Report as per Annexure- III

FIXED DEPOSITS:

No deposit was accepted during the year and there was no outstanding deposit as on 31st March, 2014.

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 -

i. In the preparation of the annual accounts for the financial year ended 31st March, 2014 the applicable Accounting Standards had been followed and there are no material departures from prescribed accounting standards in the adoption of the accounting standards.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review ;

iii. The Directors had 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. The Directors have prepared the accounts for the financial year ended 31st March, 2014 on a "going concern" basis.

AUDITORS AND AUDITORS'' REPORT:

M/s. Jayantilal Thakkar & Co., Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The Company has received letters from them to the effect that their re-appointment, if made, would be within the prescribed limits under section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

The Notes on Accounts referred to in the Auditors Report are self explanatory and do not call for any further comments.

COST AUDITORS:

The Company has appointed M/s.K.G.Goyal & Associates as Cost Accountant of the Company to conduct the Audit of Cost records of the Company for the financial year 2014-15.

ADEQUECY OF INTERNAL CONTROLS:

The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly.

The internal control system is designed to ensure that the financial and other records are reliable to prepare financial statements and other data and for maintaining accountability of assets.

PARTICULARS OF EMPLOYEES:

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 are set out in Annexure- I attached hereto and form part of this report.

SUBSIDIARY COMPANY AND JOINT VENTURE:

1. The information in respect of Subsidiary Company and joint Venture is furnished in Corporate Governance (Annexure-III to the Directors'' Report)

ANNUAL REPORTS OF SUBSIDIARIES:

Ministry of Corporate Affairs, Government of India, vide its circular dt.8th February, 2011 has exempted companies from attaching the Annual Reports and other particulars of its subsidiary companies along with the Annual Report of the Company required u/s 212 of the Companies Act, 1956. Therefore, the Annual Reports of the subsidiary company viz GRL BV is not attached with this Annual Report. However, a statement giving certain information as required vide aforesaid circular dt.8th February, 2011 is placed along with the Consolidated Accounts.

The Annual Account of subsidiary company is kept for inspection by the shareholders at the Corporate (Head Office) of the Company.

CONSOLIDATED FINANCIAL STATEMENTS:

As stipulated by Clause 32 of the listing agreement with the Stock Exchange, Mumbai, the consolidated financial statements have been prepared by the Company in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India. The audited consolidated financial statements together with Auditors'' Report form part of the Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to 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, is given in the Annexure-II of the report.

FORWARD LOOKING STATEMENTS:

Statements in this report describing the Company''s objectives, projections, estimates, expectations or predictions may be forward looking statements considering the applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could, however, differ materially from those expressed or implied. Important factors that could make a difference to the Company''s operations include global and domestic demand- supply conditions. Finished goods prices, raw materials costs and availability, fluctuations in exchange rates, changes in Government regulations and tax structure within India and the countries with which the Company has business contacts and other factors such as litigation and industrial relations. Investors will bear the above in mind.

ACKNOWLEDGEMENT:

The Board of Directors of your company wish to thank and place on record the continued co-operation and assistance extended to it by the Shareholders, Financial Institutions and Banks. Your Directors also wish to place on record their warm appreciation for the services rendered by the Executives, Staff, Workers, vendors and Customers of the Company.

For and on behalf of the Board of Directors

VINOD PODDAR

Chairman & Managing Director Place: Mumbai Dated: 30th May, 2014


Mar 31, 2013

Dear Shareholders,

The Directors are pleased to present the 28th Annual Report and Audited Statement of Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS:

Rs.In Lacs

2012-2013 2011-2012

Sales and Operational 42942 35535

Income (Gross)

Other Income 107 480

TOTAL INCOME 43049 36015

Gross Profit 494 889

Depreciation 288 288

Profit before Tax 206 601

Deferred Tax / (Liabilities) (48) (499)

Tax Expenses 2 (1)

Profit after Tax 156 1101

Balance brought forward (3169) (4270)

Balance carried forward to (3013) (3169)

Balance Sheet

In view of inadequacy of profit, no dividend has been recommended by the Board of Directors for the year 2012-2013.

DIRECTORS:

Shri Umesh Lathi will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

CORPORATE GOVERNANCE:

Your Company is in compliance with the requirements and disclosures with respect to the Code of Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchange. As a listed Company, necessary measures are taken to comply with the Listing Agreement with the Stock Exchange. A report on Corporate Governance as stated above along with a certificate from the Auditor form part of this Annual Report as per Annexure- III

FIXED DEPOSITS:

No deposit was accepted during the year and there was no outstanding deposit as on 31st March, 2013.

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 -

i. In the preparation of the annual accounts for the financial year ended 31st March 2013, the applicable Accounting Standards had been followed and there are no material departures from prescribed accounting standards in the adoption of the accounting standards.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review ;

iii. The Directors had 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. The Directors have prepared the accounts for the financial year ended 31st March 2013, on a "going concern" basis.

AUDITORS AND AUDITORS'' REPORT:

M/s. Jayantilal Thakkar & Co., Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a letter from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act, 1956 and they are not disqualified for reappointment within the meaning of Section 226 of the said Act.

The Notes on Accounts referred to in the Auditors Report are self explanatory and do not call for any further comments.

PARTICULARS OF EMPLOYEES:

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 are set out in Annexure-1 attached hereto and form part of this report.

SUBSIDIARY COMPANY AND JOINT VENTURE:

1. The information in respect of Subsidiary Company and joint Venture is furnished in Corporate Governance (Annexure-lll to the Directors'' Report)

ANNUAL REPORTS OF SUBSIDIARIES:

Ministry of Corporate Affairs, Government of India, vide its circular dt.8th February, 2011 has exempted companies from attaching the Annual Reports and other particulars of its subsidiary companies along with the Annual Report of the Company required u/s 212 of the Companies Act, 1956. Therefore, the Annual Reports of the subsidiary company viz GRL BV is not attached with this Annual Report. However, a statement giving certain information as required vide aforesaid circular dt.8th February, 2011 is placed along with the Consolidated Accounts.

The Annual Account of subsidiary company is kept for inspection by the shareholders at the Corporate (Head Office) of the Company.

CONSOLIDATED FINANCIAL STATEMENTS:

As stipulated by Clause 32 of the listing agreement with the Stock Exchange, Mumbai, the consolidated financial statements have been prepared by the Company in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India. The audited consolidated financial statements together with Auditors'' Report form part of the Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to 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, is given in the Annexure-ll of the report.

FORWARD LOOKING STATEMENTS:

Statements in this report describing the Company''s objectives, projections, estimates, expectations or predictions may be forward looking statements considering the applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could, however, differ materially from those expressed or implied. Important factors that could make a difference to the Company''s operations include global and domestic demand- supply conditions. Finished goods prices, raw materials costs and availability, fluctuations in exchange rates, changes in Government regulations and tax structure within India and the countries with which the Company has business contacts and other factors such as litigation and industrial relations. Investors will bear the above in mind.

APPRECIATION:

The Board of Directors of your company wish to thank and place on record the continued co-operation and assistance extended to it by the Shareholders, Financial Institutions and Banks. Your Directors also wish to place on record their warm appreciation for the services rendered by the Executives, Staff, Workers, vendors and Customers of the Company.

For and on behalf of the Board of Directors

VINOD PODDAR

Chairman & Managing Director

Place : Mumbai

Dated: 30th May, 2013


Mar 31, 2012

The Directors are pleased to present the 27th Annual Report and Audited Statement of Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS: Rs In Lacs

2011-2012 2010-2011

Sales and Operational 35535 34927 Income (Gross)

Other Income 480 114

TOTAL INCOME 36015 35041

Gross Profit 889 1376

Depreciation 288 278

Profit before Tax 601 1098

Deferred Tax Asset (499) 587 (Liability)

Income tax related to (1) 4 earlier years

Profit after Tax 1101 507

Balance brought forward (4270) (4777)

Balance carried forward to (3169) (4270) Balance Sheet

In view of inadequacy of profit, no dividend has been recommended by the Board of Directors for the year 2011- 2012.

OPERATIONS:

Your Company has achieved a Gross Turnover and Operational Income of Rs 35535 lacs as compared to Rs 34927 lacs in the previous year. The gross profit is Rs 889 lacs as compared to Rs 1376 lacs in the previous year. The net profit for the year stood at Rs 1101 lacs as compared to Rs 507 lacs in the previous year with a growth of 117% over the last year.

OUTLOOK FOR THE CURRENT YEAR 2012-2013:

As per the Vision Statement adopted by the Company, your Company has formed a Wholly Owned Subsidiary Company in Netherlands, Europe as GRL BV. Through this office, we will be expanding our operations in Europe for all range of tires and tubes. Your Company has also set up a Joint Venture in Republic of Korea to manufacture high grade reclaim rubber with 50% partnership.

Your Company has also launched new Website for its bicycle business called www.traxbicycles.com to attract kids and teenager customers. The Company is further expanding its range in Auto tires and tubes business to target a turnover of Rs 100 crores in Three years horizon. Your Company expects better performance in the current financial year in terms of sales and profitability. In brand building exercise, your Company is taking various initiatives such GRL Club Membership for its dealers, non-dealers and internal customers.

DIRECTORS :

Shri Sandeep Jhunjhunwala will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offers him for reappointment.

CORPORATE GOVERNANCE :

Your Company is in compliance with the requirements and disclosures with respect to the Code of Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchange. As a listed Company, necessary measures are taken to comply with the Listing Agreement with the Stock Exchange. A report on Corporate Governance as stated above along with a certificate from the Auditor form part of this Annual Report as per Annexure- III

FIXED DEPOSITS :

No deposit was accepted during the year and there was no outstanding deposit as on 31st March, 2012.

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 -

i. In the preparation of the annual accounts for the financial year ended 31st March 2012, the applicable Accounting Standards had been followed and there are no material departures from prescribed accounting standards in the adoption of the accounting standards.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review ;

iii. The Directors had 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. The Directors have prepared the accounts for the financial year ended 31st March 2012, on a 'going concern' basis.

AUDITORS AND AUDITORS' REPORT:

M/s. Jayantilal Thakkar & Co., Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a letter from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act, 1956 and they are not disqualified for reappointment within the meaning of Section 226 of the said Act.

The Notes on Accounts referred to in the Auditors Report are self explanatory and do not call for any further comments.

HUMAN RESOURCES:

The employee relations scenario continued to be harmonious and congenial. Our manufacturing facilities have conducted 5S activities and winners have been awarded. GRL learning club members have taken unique initiatives of MUda, Mura and Muri. Your company has won National green tech HR award in Gold category. Your company has also launched ISO 14001 and striving to implement the same. GRL has conducted health check up program for its workers and employees at Ludhiana.

ADEQUECY OF INTERNAL CONTROLS:

The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly.

The internal control system is designed to ensure that the financial and other records are reliable to prepare financial statements and other data and for maintaining accountability of assets.

PARTICULARS OF EMPLOYEES:

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 are set out in Annexure- I attached hereto and form part of this report.

SUBSIDIARY COMPANY AND JOINT VENTURE:

Please see Annexure III to Directors' Report

ANNUAL REPORTS OF SUBSIDIARIES:

Ministry of Corporate Affairs, Government of India, vide its circular dt.8th February, 2011 has exempted companies from attaching the Annual Reports and other particulars of its subsidiary companies along with the Annual Report of the Company required u/s 212 of the Companies Act, 1956. Therefore, the Annual Reports of the subsidiary company viz GRL BV is not attached with this Annual Report. However, a statement giving certain information as required vide aforesaid circular dt.8th February, 2011 is placed along with the Consolidated Accounts.

The Annual Account of subsidiary company is kept for inspection by the shareholders at the Corporate (Head Office) of the Company.

CONSOLIDATED FINANCIAL STATEMENTS:

As stipulated by Clause 32 of the listing agreement with the Stock Exchange, Mumbai, the consolidated financial statements have been prepared by the Company in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India. The audited consolidated financial statements together with Auditors' Report form part of the Annual Report.

CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to 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, is given in the Annexure-ll of the report.

FORWARD LOOKING STATEMENTS:

Statements in this report describing the Company's objectives, projections, estimates, expectations or predictions may be forward looking statements considering the applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could, however, differ materially from those expressed or implied. Important factors that could make a difference to the Company's operations include global and domestic demand- supply conditions. Finished goods prices, raw materials costs and availability, fluctuations in exchange rates, changes in Government regulations and tax structure within India and the' countries with which the Company has business contacts and other factors such as litigation and industrial relations. Investors will bear the above in mind.

APPRECIATION:

The Board of Directors of your company wish to thank and place on record the continued co-operation and assistance extended to it by the Shareholders, Financial Institutions and Banks. Your Directors also wish to place on record their warm appreciation for the services rendered by the Executives, Staff, Workers, vendors and Customers of the Company.

For and on behalf of the Board of Directors

VINOD PODDAR

Chairman & Managing Director

Place : Mumbai

Dated : 28th May' 2012


Mar 31, 2011

The Directors are pleased to present the 26th Annual Report and Audited Statement of Accounts for the year ended 31st March, 2011.

FINANCIAL RESULTS :

Rs. In Lacs

2010-2011 2009-2010

Sales and Operational Income (Gross) 34927 30139

Other Income 114 16

TOTAL INCOME 35041 30155

Gross Profit 1376 602

Depreciation 278 277

Operating Profit 1098 325

Profit before Tax 1098 325

Deferred Tax of earlier years 587 -

Income tax related to

earlier years 4 (2)

Profit after Tax 507 327 Balance brought forward (4777) (5104)

Balance carried forward to Balance Sheet (4270) (4777)

In view of inadequacy of profit, no dividend has been recommended by the Board of Directors for the year 2010-2011.

OPERATIONS:

Your Company has achieved a Gross Turnover and Operational Income of Rs.34927 lacs as compared to Rs.30139 lacs in the previous year. The gross profit is Rs.1376 lacs as compared to RS.602 lacs in the previous year showing a growth of 129%. The net profit for the year stood at Rs.507 lacs as compared to RS.327lacs in the previous year with a growth of 55% over last year.

OUTLOOK FOR THE CURRENT YEAR 2011-2012:

As per the Strategic Vision Statement recently adopted by the Company, your Company is taking various initiatives for creating value for customers and in this direction, your company has recently launched its young and vibrant website - www.grltires.com containing various new features and easy navigation and also new interactive application for direct usage by Channel Partners.

Keeping core business of bicycle tyres and tubes at top, your company has already launched two and three wheeler tyres and complete range of auto tubes. This

year will be a humble take off in this vertical and shall be major growth engines in the years to come. Your Company is expanding its operations in European market and taking various technological initiatives to develop high end tyres. Your Company has set up a vision to compete globally with top three organisations in its spheres of the world in terms of creating value for customers quality and one stop shop for complete customers solution.

DIRECTORS :

Shri K.M Garg will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offers him for reappointment.

GROUP:

As required under Regulation 3(1)(e)(i) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, persons constituting "Group" (within the meaning as defined in the Monopolies and Restrictive Trade Practices Act, 1969) for the purposes of availing exemption from the applicability of the provisions of Regulations 10 to 12 of the aforesaid SEBI Regulations are given in Annexure-I attached herewith and the said Annexure-I forms part of this Annual Report.

CORPORATE GOVERNANCE :

Pursuant to the Provisions of Clause 49 of the Listing Agreement with the Stock Exchange, Mumbai, Management Discussion and Analysis, Corporate Governance Report and Auditors Certificate regarding Compliance of the same are made a part of this Annual Report as per Annexure- IV

FIXED DEPOSITS :

No deposit was accepted during the year and there was no outstanding deposit as on 31st March, 2011.

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 -

i. In the preparation of the annual accounts for the financial year ended 31sl March 2011, the applicable Accounting Standards had been followed and there are no material departures from prescribed accounting standards in the adoption of the accounting standards.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of

the Company at the end of the financial year and of the profit of the Company for the year under review ;

iii. The Directors had 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. the Directors have prepared the accounts for the financial year ended 31st March 2011, on a "going concern" basis.

AUDITORS AND AUDITORS REPORT

M/s. Jayantilal Thakkar & Co., Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a letter from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and they are not disqualified for reappointment within the meaning of Section 226 of the said Act.

The Notes on Accounts referred to in the Auditors Report are self explanatory and do not call for any further comments.

HUMAN RESOURCES

The employee relations scenario continued to be harmonious and congenial. Our manufacturing facilities are taking unique HR technologies to upgrade each one associated with GRL, to name a few learning club, common information system, young leader forum suggestion scheme and safety committee etc. A minimum of 16 hours training on behavior skills, sales and marketing excellence skills, quality improvements and customer orientation has been designed for each one of the employees. The Company has created most modern learning centers at plant and corporate office in its fold for continuous development of our employees. The Company has been conferred upon Green Tech HR excellence award for its outstanding performance in the domain. The belief in HR transformation by the Company shall yield better results in terms of all business processes.

ADEQUECY OF INTERNAL CONTROLS

The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly.

The internal control system is designed to ensure that the financial and other records are reliable to prepare financial statements and other data and for maintaining accountability of assets.

PARTICULARS OF EMPLOYEES

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 are set out in Annexure- II attached hereto and form part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information pursuant to 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, is given in the Annexure-lll of the report.

FORWARD LOOKING STATEMENTS:

Statements in this report describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements considering the applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could, however, differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and domestic demand- supply conditions. Finished goods prices, raw materials costs and availability, fluctuations in exchange rates, changes in Government regulations and tax structure within India and the countries with which the Company has business contacts and other factors such as litigation and industrial relations. Investors will bear the above in mind.

APPRECIATION

The Board of Directors of your company wish to thank and place on record the continued co-operation and assistance extended to it by the Shareholders, Financial Institutions and Banks. Your Directors also wish to place on record their warm appreciation for the services rendered by the Executives, Staff, Workers, Vendors and Customers of the Company.

For and on behalf of the Board of Directors

Place: Mumbai VINOD PODDAR

Dated: 25th May, 2011. Managing Director


Mar 31, 2010

The Directors are pleased to present the 25th Annual Report and Audited Statement of Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS :

Rs. In Lacs

2009-2010 2008-2009 Sales and

Operational Income (Gross) 30139 25982

Other Income 16 44

TOTAL INCOME 30155 26026

Gross Profit 602 447

Depreciation 277 297

Operating Profit 325 150

Profit before Tax 325 150

Fringe Benefit Tax - (6)

Refund of Income Tax 2 -

Profit after Tax 327 144

Balance brought forward (5103) (5247)

Balance carried forward

to Balance Sheet (4776) (5103)

In view of inadequacy of profit, no dividend has been recommended by the Board of Directors for the year 2009- 2010.

OPERATIONS:

Your Company has achieved a Gross Turnover and Operational Income of Rs. 30139 lacs as compared to Rs 25982 lacs in the previous year. The gross profit is Rs. 602 lacs as compared to Rs 447 lacs in the previous year. The net profit for the year stood at Rs 327 lacs as compared to Rs 144 lacs in the previous year.

OUTLOOK FOR THE CURRENT YEAR 2010-2011:

The year gone by has witnessed a high volatility in terms of Raw Materials and steady increase in selling prices. Your Company shall transform into sales and manufacturing excellence strategies to lead the industry in the years to come in terms of creating value for our esteemed customers.

Keeping core strength and area of business in mind, your Company is embarking upon entering into verticals of Auto Tyres and Tubes business by benchmarking itself with top three leading competitors. Your Company has also set up a separate division to deal in complete bicycle of all range and also agricultural farm sprayers by assembling at our plant. We are in the process of shaping up various innovation, talent and technology in this direction.

DIRECTORS :

Shri Umesh Lathi will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offers him for reappointment.

GROUP:

As required under Regulation 3(1 )(e)(i) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, persons constituting "Group" (within the meaning as defined in the Monopolies and Restrictive Trade Practices Act, 1969) for the purposes of availing exemption from the applicability of the provisions of Regulations 10 to 12 of the aforesaid SEBI Regulations are given in Annexure-I attached herewith and the said Annexure-I forms part of this Annual Report.

CORPORATE GOVERNANCE :

Pursuant to the Provisions of Clause 49 of the Listing Agreement with the Stock Exchange, Mumbai, Management Discussion and Analysis, Corporate Governance Report and Auditors Certificate regarding Compliance of the same are made a part of this Annual Report as per Annexure- IV

FIXED DEPOSITS :

No deposit was accepted during the year and there was no outstanding deposit as on 31st March, 2010.

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 -

i. In the preparation of the annual accounts for the financial year ended 31st March 2010, the applicable Accounting Standards had been followed and there are no material departures from prescribed accounting standards in the adoption of the accounting standards.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review ;

iii. The Directors had 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. the Directors have prepared the accounts for the financial year ended 31s1 March 2010, on a "going concern" basis.

AUDITORS

M/s. Jayantilal Thakkar & Co., Chartered Accountants, Mumbai, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

HUMAN RESOURCES

The employee relations scenario continued to be harmonious and congenial. Training on behavioral skills, productivity, Sales skills enhancement and quality improvements were imparted during the year. We are pursuing to create favourable work environment by encouraging to attend various training and development initiatives across the organization to enhance their skill sets in alignment with their respective roles.

ADEQUECY OF INTERNAL CONTROLS

The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and those transactions are authorized, recorded and reported correctly.

The internal control system is designed to ensure that the financial and other records are reliable to prepare financial statements and other data and for maintaining accountability of assets.

PARTICULARS OF EMPLOYEES

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 are set out in Annexure- II attached hereto and form part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information pursuant to 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, is given in the Annexure-lll of the report.

CAUTIONARY STATEMENTS:

Statements in this report describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements considering the applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could, however, differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and domestic demand- supply conditions. Finished goods prices, raw materials costs and availability, fluctuations in exchange rates, changes in Government regulations and tax structure within India and the countries with which the Company has business contacts and other factors such as litigation and industrial relations. Investors will bear the above in mind.

APPRECIATION

The Board of Directors of your company wish to thank and place on record the continued co-operation and assistance extended to it by the Shareholders, Financial Institutions and Banks. Your Directors also wish to place on record their warm appreciation for the services rendered by the Executives, Staff, Workers, vendors and Customers of the Company.

For and on behalf of the Board of Directors

Place: Mumbai VINOD PODDAR

Dated: 16th July, 2010. Managing Director

Find IFSC