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Directors Report of GP Petroleums Ltd.

Mar 31, 2014

Dear members,

The Directors have pleasure in presenting their 31st Annual Report together with the Audited Accounts for the year ended 31st March 2014.

1. FINANCIAL RESULTS: (Rs. In Lacs)

Particulars 2013-14 2012-13

Net Sales/Income from operations 40358.69 41736.95

Profit before Depreciation, Interest & Taxation 1866.87 1825.70

Interest & Financial Charges 1406.12 1811.94

Depreciation 197.83 219.62

Profit before Taxation 262.92 (205.86)

Provision for taxes including

Deferred tax 158.66 (79.51)

Profit for the year after taxation 104.25 (126.35)

Balance brought forward from previous year 4830.53 4962.05

Amount available for appropriation 4934.78 4835.70

Appropriations:

*Proposed Dividend 5.10 4.40

*Tax on Dividends 0.98 0.75

*Residual Dividend 0.70 0.02

*General Reserve 5.00 0.00

Total 11.78 5.17

Balance carried to Balance Sheet 4923.00 4830.53

2. BUSINESS RESULTS:

Net Sales/Income from operations for the year ended 31st March, 2014 amounted to Rs. 40,358.69 lacs against Rs. 41,736.95 lacs in the previous year. The profit for the year stood at Rs. 104.25 lacs against the loss of Rs. 126.35 lacs in the previous year.

3. DIVIDEND:

The Board of Directors, at its meeting held on 30th May, 2014, recommended dividend of Rs. 0.01 per share (0.2%) on the Equity Shares of Rs. 5/- each for the year ended 31st March, 2014. The dividend will be paid subject to approval of Shareholders at the ensuing Annual General Meeting.

4. DIRECTORS:

Directors Mr. Ramesh Chander Razdan and Mr. Pradip C. Shah liable for retire by rotation at the forthcoming Annual General Meeting and being eligible, the Company has received a Notice under section 160 of the Companies Act, 2013 from a member proposing them for the office of Directors for appointment as an Independent Directors for the period of one year.

Due to change in control of management of the Company, Mr. Rajendra Sah, Mr. Vivek Sah, Mr. Aditya Sah, Mr. Ashish Agarwal, Mr. Aditya Arora, Mr. Bruno P.Y.G. Seghin, Mr. Ashish D. Gandhi, Mr. Ravi Kamal Bhargava, Mr. Rajan Singh and Mr. Noshir B. Dubash has resigned from Board of Directors of the Company w.e.f. 31st July, 2014. Your Directors place on record their sincere appreciation of the valuable services rendered by them during their tenure as Promoter Directors and Independent, Non Executive Directors of your Company.

Mr. Ayush Goel, Mr. Thangapandian Srinivasalu, appointed as Additional Directors w.e.f. 31st July, 2014 and Mr. Brij Mohan Bansal and Mr. Narotamkumar Girdharilal Puri, were appointed as Additional Directors w.e.f. 14th August, 2014 by the Board of Directors of the Company in its meeting held on 14th August, 2014. All the said appointed directors hold office of directorship up to the date of ensuing Annual General Meeting. The Company has received notice from a member under Section 160 of the Companies Act, 2013 for their appointment as directors on board of the Company.

A brief resume, nature of expertise, details of directorships held in other companies and shareholding in the company as stipulated under clause 49 of the listing agreement with the stock exchanges is appended as an annexure to the notice of the ensuing Annual General Meeting.

5. FIXED DEPOSITS:

Your Company has not accepted any Fixed Deposits from the Public and therefore is not required to furnish information in respect of outstanding deposits under Non-Banking Non- Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

6. CHANGE IN AUDITORS:

The Statutory Auditors of the Company Messrs. N.D. Daga & Co., Chartered Accountants retire at the ensuing Annual General Meeting of the Company and have given their unwillingness for re-appointment.

New Statutory Auditors M/s. PNG & Co. Chartered Accountants (Firm Registration No.021910N), New Delhi, will be appointed as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting for 5 (five) consecutive years for a term up to conclusion of the 36th Annual General Meeting of the Company in the calendar year 2019, subject to the approval of members at the ensuing AGM.

The company has also received Certificate from them under section 141 of the Companies Act, 2013.

7. PARTICULARS OF EMPLOYEES:

The company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. Hence no information is required to be appended.

8. CORPORATE GOVERNANCE:

Your Company has complied with the requirements of Clause 49 of the listing agreement regarding Corporate Governance.

A report on the Corporate Governance practice followed by the Company, the Auditors'' Certificate on compliance of mandatory requirements thereof and Management Discussion and Analysis are given as annexure to this report.

9. 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 and Senior Management Personnel of the Company. This helps in dealing with ethical issues and also in fostering a culture of accountability and integrity.

10. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that:

(i) in the preparation of annual accounts, the applicable Accounting Standards have been followed and that no material departures have been made from the same;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2014 and of the profit of the company for the year ended on that date;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

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

i. CONSERVATION OF ENERGY:

The Company''s operations involve low energy consumption. Adequate measures have, however, been taken to conserve energy.

ii. TECHNOLOGY ABSORPTION:

The Company is carrying on Research and Development in manufacturing process and the R & D is busy in developing new products to absorb full Technology available with Company.

13. INDUSTRIAL RELATIONS:

Industrial Relations continued to remain cordial and peaceful.

14. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation of the employees at all levels for their dedicated service and contribution to the growth and prosperity of the Company. Your directors also wish to place on record their appreciation for the assistance and co-operation received from Central & State Governments, banks, shareholders and business associates.

On behalf of the Board Place: Mumbai Thangapandian Srinivasalu Date: 14th August, 2014 Director


Mar 31, 2013

To The Members,

The Directors have pleasure in presenting their 30th Annual Report together with the Audited Accounts for the year ended 31st March 2013.

1. FINANCIAL RESULTS:

(Rs.In Lacs) Particulars 2012-13 2011-12

Net Sales/Income from operations 41736.95 48006.95

Profi t before Depreciation,

Interest & Taxation 1825.70 3080.75

Interest & Financial Charges 1811.94 2815.21

Depreciation 219.62 222.60

Profi t before Taxation (205.86) 42.94

Provision for taxes including Deferred tax (79.51) 28.09

Profi t for the year after taxation (126.35) 14.85

Prior Period Adjustments (Net) 0.00 8.98

Profi t / (Loss) for the year (126.35) 5.87

Balance brought forward from previous year 4962.05 4966.31

Amount available for appropriation 4835.70 4972.18

Appropriations:

-Proposed Dividend 4.40 4.40

-Tax on Dividends 0.75 0.72

-Residual Dividend 0.02 0.01

-General Reserve 0.00 5.00

Total 5.17 10.13

Balance carried to Balance Sheet 4830.53 4962.05

2. BUSINESS RESULTS:

Net Sales/Income from operations for the year ended 31st March, 2013 amounted to Rs. 41,736.95 lacs against ^ 48,006.95 lacs in the previous year. The loss for the year stood at Rs. 126.35 lacs against the profi t of Rs. 5.87 lacs in the previous year.

3. DIVIDEND:

The Board of Directors, at its meeting held on 30th May, 2013, recommended dividend of Rs. 0.01 per share (0.2%) on the Equity Shares of Rs. 5/- each for the year ended 31st March, 2013. The dividend will be paid subject to approval of Shareholders at the ensuing Annual General Meeting.

4. RECOMMENDATION & ALLOTMENT OF BONUS SHARES:

The Board of Directors, at its Meeting held on 24th May 2013, have recommended the issue of bonus shares to the Non Promoter Shareholders in the ratio of 23:19 to comply with minimum public shareholding requirement under clause 40A of the listing agreement and consequently approved an increase in the authorised share capital from Rs. 22.00 Crores to 26.00 Crores, subject to approval of the shareholders.

The Company has for the issue of Bonus Shares obtained shareholders approvals at the Extraordinary General Meeting, held on 28th June, 2013, and allotted 69,84,383 equity shares of Rs.5/- each to the public shareholders and complied with the minimum public shareholding requirement under clause 40A of the listing agreement.

5. DIRECTORS:

Directors Mr. Noshir B. Dubash and Mr. Bruno P.Y.G. Seghin retire by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment.

During the year, Mr. Vinay G. Rao and Mr. Alok D. Sukhani resigned from Board of Directors of the Company w.e.f. 28th March, 2013. Your Directors place on record their sincere appreciation of the valuable services rendered by them during their tenure as Independent, Non Executive Directors of your Company.

Mr. Ashish Agarwal, Mr. Aditya Arora, Mr. Ravi Kamal Bhargava, Mr. Ashish Dinesh Gandhi, Mr. Ramesh Chander Razdan and Mr. Rajan Singh, were appointed as Additional Directors w.e.f. 28th March, 2013 by the Board of Directors of the Company in its meeting held on 28th March, 2013. All the said appointed directors hold offi ce of directorship up to the date of ensuing Annual General Meeting. The Company has received notice from a member under Section 257 of the Companies Act, 1956 for their appointment as directors on board of the Company.

A brief resume, nature of expertise, details of directorships held in other companies and shareholding in the company as stipulated under clause 49 of the listing agreement with the stock exchanges is appended as an annexure to the notice of the ensuing Annual General Meeting.

6. FIXED DEPOSITS:

Your Company has not accepted any Fixed Deposits from the Public and therefore is not required to furnish information in respect of outstanding deposits under Non-Banking Non- Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

7. AUDITORS:

The Statutory Auditors of the Company Messrs. N.D. Daga & Co., Chartered Accountants retire at the ensuing Annual General Meeting of the Company and have given their consent for re-appointment. The company has also received Certifi cate from them under section 224(1B) of the Companies Act, 1956.

As per the requirement of Central Government, pursuant to Section 233B of the Companies Act, 1956 and subject to the approval of the Central Government, the Company has appointed Mr. Dilip Murlidhar Bathija, Cost Accountant, as Cost Auditors to audit the cost accounts of the Company for the fi nancial year ending 31st March, 2013.

8. PARTICULARS OF EMPLOYEES:

The company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. Hence no information is required to be appended.

9. CORPORATE GOVERNANCE:

Your Company has complied with the requirements of Clause 49 of the listing agreement regarding Corporate Governance. A report on the Corporate Governance practice followed by the Company, the Auditors'' Certifi cate on compliance of mandatory requirements thereof and Management Discussion and Analysis are given as annexure to this report.

10. 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 and Senior Management Personnel of the Company. This helps in dealing with ethical issues and also in fostering a culture of accountability and integrity.

11. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confi rm that:

(i) in the preparation of annual accounts, the applicable Accounting Standards have been followed and that no material departures have been made from the same;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2013 and of the profi t of the company for the year ended on that date;

(iii) they have taken proper and suffi cient 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) they have prepared the annual accounts on a going concern basis.

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

i. CONSERVATION OF ENERGY:

The Company''s operations involve low energy consumption. Adequate measures have, however, been taken to conserve energy.

ii. TECHNOLOGY ABSORPTION:

The Company is carrying on Research and Development in manufacturing process and the R & D is busy in developing new products to absorb full Technology available with Company.

iii. FOREIGN EXCHANGE EARNINGS / OUTGO:

(a) Earnings in Foreign Exchange:

Export of Sales (FOB) : Rs. 29,84,27,033/- (b) Expenditure in Foreign Exchange:

Import of Raw Material : Rs. 2,40,62,65,946/- Travelling Expenses : Rs. 14,09,720/- Royalty :Rs. 2,21,870/- Commission on Export Sales: Rs. 12,84,775/- Sales Promotion Expenses : Rs. 11,57,088/- Interest Charges : Rs. 4,04,02,595/- Others :Rs. 12,60,523/-

13. INDUSTRIAL RELATIONS:

Industrial Relations continued to remain cordial and peaceful.

14. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation of the employees at all levels for their dedicated service and contribution to the growth and prosperity of the Company. Your directors also wish to place on record their appreciation for the assistance and co-operation received from Central & State Governments, banks, shareholders and business associates.

On behalf of the Board

Place: Mumbai RAJENDRA SAH

Date: 13th August, 2013 Chairman


Mar 31, 2012

The Directors have pleasure in presenting their Twenty Ninth Annual Report together with the Audited Accounts for the year ended 31st March 2012. ,

1. FINANCIAL RESULTS: (Rs.In Lacs)

Particulars 2011-12 2010-11 Net Sales/Income from

operations 48006.95 36559.87 Profit before Depreciation,

Interest & Taxation 3080.75 2112.23

Interest & Financial Charges 2815.21 176.51

Depreciation 222.60 207.12

Profit before Taxation 42.94 1728.60 Provision for taxes including

Deferred tax 28.09 119.36

Profit for the year after taxation 14.85 1609.24

Prior Period Adjustments (Net) 8.98 27.88

Profit/ (Loss) for the year 5.87 1581.36 Balance brought forward from

previous year 4966.31 3415.56

Amount available for -

appropriation 4972.18 4996.92

Appropriations:

- Proposed Dividend 4.40 22.00

- Tax on Dividends 0.72 3.65

- Residual Dividend 0.01 0.02

- General Reserve 5.00 4.94

Total 10.13 30.61 Balance carried to Balance

Sheet 4962.05 4966.31

2. BUSINESS RESULTS:

Net Sales/Income from operations for the year ended 31st March, 2012 amounted to Rs. 48,006.95 lacs as compared to Rs. 36,559.87 lacs for last year, registering a growth of 31.31%. The profit for the year stood at Rs. 5.87 lacs against the profit df Rs. 1,581.36 lacs in the previous year.

3. DIVIDEND:

The Board of Directors, at its meeting held on 30th May, 2012, recommended dividend of Rs. 0.01 per share (0.2%) on the Equity Shares of Rs. 51- each for the year ended 31st March, 2012. The dividend will be paid subject to approval of Shareholders at the ensuing Annual General Meeting.

4. DIRECTORS:

Directors Mr. Vinay G. Rao and Mr. Pradip C. Shah, Directors, retire by rotation at the forthcoming Annual - General Meeting and being eligible, offer themselves for re-appointment. A brief resume, nature of expertise, details of directorships held in other companies and shareholding in the company as stipulated under clause 49 of the listing agreement with the stock exchanges is appended as an annexure to the notice of the ensuing Annual General Meeting.

5. FIXED DEPOSITS:

Your Company has not accepted any Fixed Deposits from the Public and therefore is not required to furnish information in respect of outstanding deposits under Non-Banking Non- Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

6. AUDITORS:

The Statutory Auditors of the Company Messrs. N.D. Daga & Co., Chartered Accountants retire at the ensuing Annual General Meeting of the Company and have given their consent for re-appointment. The company has also received Certificate from them under section 224(1 B) of the Companies Act, 1956.

As per the requirement of Central Government, pursuant to Section 233B of the Companies Act, 1956 and subject to the approval of the Central Government, the Company has appointed Mr. Dilip Murlidhar Bathija, Cost Accountant, as Cost Auditors to audit the cost accounts of the Company for the financial year ending 31st March, 2012.

7. PARTICULARS OF EMPLOYEES:

The company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. Hence no information is required to be appended.

8. CORPORATE GOVERNANCE: -

Your Company has complied with the requirements of Clause 49 of the listing agreement regarding Corporate Governance. A report on the Corporate Governance practices followed by the Company, the Auditors' Certificate on compliance of mandatory requirements thereof and Management Discussion and Analysis are given as annexure to this report.

9. 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 and Senior Management Personnel of the Company. This helps in dealing with ethical issues and also in fostering a culture of accountability and integrity.

10. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that:

(i) in the preparation of annual accounts, the applicable Accounting Standards have been followed and that no material departures have been made from the same;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2012 and of the profit of the company for the year ended on that date;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

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

i. CONSERVATION OF ENERGY:

The Company's operations involve low energy consumption. Adequate measures have, however, been taken to conserve energy.

ii. TECHNOLOGY ABSORPTION:

The Company is carrying on Research and Development in manufacturing process and the R & D is busy in developing new products to absorb full Technology available with Company.

iii. FOREIGN EXCHANGE EARNINGS I OUTGO:

(a) Earnings in Foreign Exchange:

Export of Sales (FOB) : Rs. 20,99,90,779/-

(b) Expenditure in Foreign Exchange:

Import of Raw Material : Rs. 2,86,08,45,496/-

Foreign Travelling : Rs. 33,23,919/-

Royalty : Rs. 67,620/- ,

Commission on Sales : 18,03,243/-

Others : Rs. 8,98,825/-

12. INDUSTRIAL RELATIONS:

Industrial Relations continued to remain cordial and peaceful.

13. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation of the employees at all levels for their dedicated service and contribution to the growth and prosperity of the Company. Your directors also wish to place oh record their appreciation for the assistance and co-operation received from Central & State Governments, banks, shareholders and business associates.

On behalf of the Board

Place : Mumbai RAJENDRASAH

Date : 10th August, 2012 Chairman


Mar 31, 2011

The Members,

The Directors have pleasure in presenting their Twenty Eighth Annual Report together with the Audited Accounts for the year ended 31st March 2011.

1. FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 2010-11 2009-10

Gross Turnover 41390.12 31737.93

Profit before Depreciation, Interest

& Taxation 2428.79 248.74

Interest & Financial Charges 449.20 659.07

Depreciation 207.12 172.42

Profit before Taxation 1772.46 (582,75)

Provision for taxes including

Deferred tax 119.36 29.39

Profit for the year after, taxation 1653.10 (612.14)

Prior Period Adjustments (Net) 71.74 -

Balance brought forward from

previous year 3415.56 4032.84

Amount available for appropriation 4996.92 3420.70

Appropriations:

-Proposed Dividend 22.00 4.40

-Tax on Dividends 3.65 0.74

-Residual Dividend 0.02 -

-General Reserve 4.94 -

Total 30.61 5.14

Balance carried to Balance Sheet 4966.31 3415.56

2. BUSINESS RESULTS:

Gross turnover for the year ended 31st March, 2011 amounted to 141,390.12 lacs as compared to Rs. 31,737.93 lacs for last year, registering a growth of 30.41%. The profit for the year stood at Rs. 1,653.10 lacs against the loss of Rs. 612.14 lacs in the previous year.

3. DIVIDEND:

The Board of Directors, at its meeting held on 12th August, 2011, recommended dividend of Rs. 0.05 per share (1 %)' on the Equity Shares of Rs. 5/- each for the year ended 31st March, 2011. The dividend wiH be paid subject to approval of Shareholders at the ensuing Annual General Meeting.

4. DIRECTORS:

Directors Mr. Alok D. Sukhani and Mr. Noshir B. Dubash, retire by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. A brief resume, nature of expertise, details of directorships held in other companies and shareholding in the company as stipulated under clause 49 of the listing agreement with the stock exchanges is appended as ah annexure to the notice of the ensuing Annual General Meeting.

5. FIXED DEPOSITS:

Your Company has not accepted 'any Fixed Deposits from the Public and therefore is not required to furnish information in respect of outstanding deposits under Non-Banking Non-Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

6. AUDITORS:

The Auditors of the Company Messrs. N.D. Daga & Co., Chartered Accountants retire at the ensuing Annual General Meeting of the Company and have given their consent for re-appointment. The company has also received Certificate from them under section 224(1 B) of the Companies Act, 1956.

7. PARTICULARS OF EMPLOYEES:

The company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. Hence no information is required to be appended.

8. CORPORATE GOVERNANCE:

Your Company has complied' with the requirements of Clause 49 of the listing agreement regarding Corporate Governance. A report on the Corporate Governance practices followed by the Company, the Auditors' Certificate on compliance of mandatory requirements thereof and Management Discussion and Analysis are given as annexure to this report.

9. 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 and Senior Management Personnel of the Company. This helps in dealing with ethical issues and also in-fostering a culture of accountability and integrity.

10. DIRECTORS'RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that:

(i) in the preparation of annual accounts, the applicable Accounting Standards have been followed and that no ryiaterial departures have been made from the same;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31 st March, 2011 and of the profit of the company for the year ended on that date;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

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

i. CONSERVATION OF ENERGY:

The Company's operations involve low energy - consumption. Adequate measures have, however, been taken to conserve energy.

|i. TECHNOLOGY ABSORPTION:

The Company is carrying on Research and Development in manufacturing process and the R & D is busy in developing new products to absorb full Technology available with Company.

12. INDUSTRIAL RELATIONS:

Industrial Relations continued to remain cordial and peaceful.

13. ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation jDf the employees at all levels for their dedicated service and contribution to the growth and prosperity of the Company. Your directors also wish to place on record their appreciation for the assistance and co-operation received from Central & State Governments, banks, shareholders and business associates.

On behalf of the Board

RAJENDRA SAH

Chairman

Place: Mumbai

Date: 12th August, 2011



 
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