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
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