Mar 31, 2015
The Directors have pleasure in presenting the Twenty Second Annual
Report and the Company's audited financial statement for the Financial
year ended March 31, 2015.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs,in Lac)
For the year For the year
ended 31.03.2015 ended 31.03.2014
Sales & Other Income 60993.09 30399.34
Profit / (Loss) before
Depreciation, Finance Cost &
Tax 1613.00 1307.30
Less: Depreciation & Amortization 0.29 -
Finance Cost 755.37 978.84
Profit/(Loss) before
tax 857.35 328.46
Add(Less) : Prior
period adjustments
Add (Less) :
Provision for Income-Tax 282.04 120.77
Profit/(Loss) after Tax 575.31 207.69
Add: Balance brought
forward from last year 936.64 539.15
Add: Reversed from
Capital Redemption Reserve - 342.87
Amount available for Appropriation 1511.95 1089.71
Less: Proposed Dividend on
preference shares 16.00 16.00
Less: Proposed Dividend on
Equity Share Capital -- 66.00
Less: Dividend Distribution Tax 03.20 13.94
Less: Transfer to Capital Redemption
Reserve 57.14 57.13
Balance carried forward 1435.61 936.64
PERFORMANCE REVIEW
During the year under review, your Company has posted Turnover of f
62778.61 Lacs as compared to the turnover of < 30091.05 Lacs in
previous year and Profit after tax of f 575.30 Lacs as compared to the
Profit after tax of f 207.69 Lacs in previous year.
- Turn-over increased by 108.62% to f 62778.61 Lacs. RESERVE
During the year under review, Company has transferred f 57.14 Lacs to
Capital Redemption Reserve and no amount was transferred to General
Reserve.
DIVIDEND
With a view to plough back the profit of the Company for future
expansion/requirement your directors do not recommend dividend to
Equity Shareholders, however your directors are pleased to recommend
payment of dividend of 2% on cumulative redeemable preference shares.
PUBLIC DEPOSITS
During the year under review, the Company has not invited or accepted
any public deposits in accordance with the provisions of Section 73 of
the Companies Act, 2013 read with The Companies (Acceptance of
Deposits) Rules, 2014.
DIRECTORS
Pursuant to Articles of Association of the Company and Sub Section (1)
of Section 161 of the Companies Act, 2013 read with The Companies
(Appointment and Qualification of Directors) Rules, 2014, Mr.
Shashikanth Vyankatesh Chaoji was appointed as Additional Independent
Director of the Company we.f. October 28, 2014 who shall hold office up
to the date of next Annual General Meeting or last date on which the
Annual General Meeting should have been held, whichever is earlier.
Pursuant to Articles of Association of the Company and Sub Section (1)
of Section 161 of the Companies Act, 2013 read with The Companies
(Appointment and Qualification of Directors) Rules 2014, Ms. Komal
Thakkar was appointed as additional director of the Company we.f
February 13 on which the annual general meeting should have been held,
whichever is earlier and on recommendation of Nomination and
Remuneration Committee she was appointed as Whole Time director w.e.f.
13th February 2015 for period of three years. Ms. Komal Thakkar has
tendered her resignation from the directorship of the Company w.e.f.
09th July 2015.
Pursuant to Articles of Association of the Company and Sub Section (1)
of Section 161 of the Companies Act, 2013 read with The Companies
(Appointment and Qualification of Directors) Rules, 2014, Mr. Prem
Prakash Agarwal was appointed as Additional Director of the Company
w.e.f. July 09, 2015 and Mr. T. Balaji Achar was appointed as
Additional Director of the Company w.e.f. 14th August 2015, who shall
hold office up to the date of next Annual General Meeting or last date
on which the Annual General Meeting should have been held, whichever is
earlier. Further the Board on recommendation of Nomination and
Remuneration Committee appointed Mr. T. Balaji Achar as Whole Time
Director w.e.f. 14th August 2015 for period of three years.
Independent directors have given declaration that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
During the year under review the following Directors have tendered
their resignation from the directorship of the Company:
S.
No. Name Designation Date of Resignation
1 Mr. Surinder
Singh Bhatia Executive Director & CEO September 22, 2014
2. Mr. Manjeet
Singh Bhatia Director November 26, 2014
3. Ms. Komal
Thakker Whole Time Director July 09, 2015
4. Mr. Jitendra
Kumar Jain Director July 10, 2015
All directors are regularizing hence no director is liable to retire by
rotation this year.
KEY MANAGERIAL PERSONNEL
Mr. Samir Kumar Bahri, Company Secretary of the Company has resigned
from the position of Company Secretary and Compliance Officer with
effect from May 31, 2014 and Ms. Ramandeep Kaur Bhatia were appointed
as Company Secretary and Compliance officer of the Company pursuant to
Section 203 of the Companies Act, 2013 with effect from June 1,
As on date of report following are Key Managerial Personnel of the
Company:
S.
No. Name of the person Designation
1 Mr. Tamraparni Balaji Achar Whole Time Director
2 Mr. B. L. Kakrecha Chief Executive Officer
3 Mr. M. S. Balaji Rao Chief Financial Officer
4 Ms. Ramandeep Kaur Bhatia Company Secretary
PERFORMANCE EVALUATION
Pursuant to provisions of the Companies Act, 2013 and Clause 49 of the
Listing Agreement, the Board has carried out the annual evaluation of
its own performance, the Directors individually as well as the
evaluation of the working of its Audit, Nomination and Remuneration and
Remuneration and Compliance Committees, which covers various aspects of
the Board's functioning such as adequacy of the composition of the
Board and its Committees, execution and performance of specific duties
etc. The performance evaluation of the Chairman and the Non
Independent Directors was carried out by the Independent Directors who
also reviewed the performance of the Secretarial Department. The
Directors expressed their satisfaction with the evaluation process.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of knowledge and belief and according to the information
and explanations obtained by them, your directors make the following
statement in terms of Section 134(3)(c) of the Companies Act, 2013:
a) in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b) appropriate accounting policies have been selected 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 March 31, 2015 and of the profit of the Company for
the year ended on that date;
c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis.
e) The directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and where 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
STATUTORY AUDITORS
M/s R.S. Bansal & Co., Chartered Accountants, Indore having Firm
Registration Number (FRN) 000939C who were appointed Statutory Auditor
of the Company in the 21st AGM dated 02nd September,2014 have tendered
their resignation from the office of Statutory Auditor on 02nd July,
2015.
M/s. Jain & Thakker, Chartered Accountants, Chennai, having Firm
Registration number 014829S, have been appointed as Statutory Auditors
of the Company at the Extra Ordinary General Meeting of the Company
held on August 10, 2015 to fill the Casual vacancy caused by the
resignation of M/s R. S. Bansal & Co., Chartered Accountants, Indore,
to hold office until the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment.
M/s. Jain & Thakker, Chartered Accountants, Chennai have confirmed that
their appointment if made, would be in conformity of Section 139 of the
Companies Act, 2013 read along with Rule 4 of the Companies (Audit and
Auditors) Rules, 2014. The Board recommends their appointment as
Statutory Auditors of the Company.
AUDITORS' REPORT
The observation and comment given by Auditors in their report read
together with notes to Accounts are self explanatory and do not require
any further comments. There was delay in payment of some statutory dues
in respect of Employee's Provident Fund & miscellaneous Provisions Act,
1952 and the same has been paid before signing of this report.
SECRETARIAL AUDITOR
The Board has appointed M/s CG& Associates, Practicing Company
Secretaries, Indore to conduct Secretarial Audit for the Financial Year
2014-15. The Secretarial Audit Report for the Financial Year ended
March 31, 2015 is annexed herewith marked as Annexure-I to this Report.
The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
INTERNAL CONTROL SYSTEMS
The Company has an effective internal control and risk-mitigation
system, which are constantly assessed
COMMITTEES
All Committees of the Board of Directors are constituted and
reconstituted wherever needed, in line with the provisions of Companies
Act,2013 and Clause 49 of the amended Listing Agreement with the Stock
Exchange and same has been disclosed in Corporate Governance Report.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Company has a whistle blower policy to report genuine concern or
grievances. The Whistle Blower policy has been posted on the website of
the Company.
REMUNERATION AND NOMINATION POLICY
The Board of Director has framed a policy which lays down a framework
in relation to remuneration of Directors. Key Managerial Personnel and
Senior Management of the Company. This policy also lays down criteria
for selection and appointment of Board members. The detail of this
policy is provided in the Corporate Governance Report.
RELATED PARTY POLICY
The Company has a Related Party policy to set the materiality
thresholds for related party transactions and the manner of dealing
with the transactions between the Company and its related parties. The
Related Party policy has been posted on the website of the Company.
SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURT
There are no significant and material order passed by the Regulators/
Courts that would impact the going concern status of the Company and
its future operations.
MEETINGS OF THE BOARD
The details of the number of meetings of the Board held during the
Financial Year 2014-15 forms part of the Corporate Governance Report.
PARTICULARS OF LOAN GIVEN, INVESTMENTS MADE GUARANTEES GIVEN AND
SECURITIES PROVIDED
Particulars of loans given, investments made, guarantees given and
securities provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided in notes to the financial statement (Please refer to Note 12 &
16).
EXTRACT OF ANNUAL RETURN
Extract of Annual Return of the Company is annexed herewith as
Annexure-II.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
1) In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statements showing the names and
other particulars of the employees drawing remuneration in excess of
the limits set out in the said rules are provided in the Annual Report.
S. Name of
No Director/KMP Remuneration of % increase in Ratio of
Remuneration
for FY 2014-15 Director/ KMP for remuneration of Each Director
FY 2014-15 in the FY - to Median
2014-15 remuneration
of Employees
1 Mr. S. S.
Bhatia NIL NIL NIL
2 Ms. Komal
Thakkar* 45755 NIL 1.58X
3 Mr. B. L.
Kakrecha# 4791667 NIL 32.41X
4 Mr. M. S.
Balaji Rao** 583686 NIL 4.39X
5 Mr. Samir
Bahri*** 216304 NIL 6.48X
6 Ms. Ramandeep
Kaur Bhatia**** 159000 NIL 0.82X
* Ms. Komal Thakkar was appointed as Whole Time Director w.e.f.
13/02/2015
# Mr. B. L. Kakrecha was appointed as CEO w.e.f. 11/08/2014 ** Mr. M.
S. Balaji Rao was appointed as CFO w.e.f. 11/08/2014
*** Mr. Samir Bahri has resigned from the position of Company Secretary
w.e.f. 31/05/2014 **** Ms. Ramandeep Kaur Bhatia was appointed as
Company Secretary w.e.f. 01/06/2014
2) There was no increase in the median remuneration of employee in the
financial year.
3) 52 employees of the company are on roll of company as on 31.03.2015.
4) Almost all employee of the Company joined during the year under
review, hence there is no increase in remuneration of employee during
the year, however the revenue of the company got doubled as compared to
previous year.
5) The Total remuneration of the key managerial personal become double
(almost all KMP joined during FY 2014-15) and profit after tax of the
Company is increase by 176.99% as compared to previous year.
6) Variation in the market capitalization of Company - The market
capitalization as on 31.03.2015 was R 16.09 Crores (Previous year R
11.022 Crores)
7) Price Earnings ratio of the Company as on 31.03.2015 was 2.89
(previous year 5.84)
8) The Company has not made any public issue or right issue of
securities in the recent past, so has not been made of current share
price with public offer price.
9) There are no variable component of remuneration availed by the
directors.
10) The ratio of remuneration of the highest paid director to that of
the employs who are not directors but receive remuneration in excess of
the highest paid director during the year is as follows:
Name of Employee Ratio
Mr. Manoj Kumar Singh 1.03
Mr. Narayan Gowda 1.05
Mr. T Poorna Chandra Rao 1.27
Mr. Nagarajan C 1.44
Mr. Pankaj Jain 1.71
Mr. Sarvanan S 1.78
Mr. M. S. Balaji Rao 2.37
Mr. V. T. Ramesh 3.27
Mr. Ramal Bhatacharya 4.39
Mr. T. Balaji Achar 5.21
Mr. B. L. Kakrecha 17.50
11) It is hereby affirm that the remuneration paid is as per the
remuneration policy of directors, KMP and other employees. Disclosures
pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is as under: -
Name Mr. Basanti Lal Kakrecha
Designation Chief Executive Officer
Remuneration Received Rs. 6.25 Lac p.m. (CTC)
Nature of Employment Employee
Qualification & Experience Qualification: FCA experience of 4
decades in Industry & Trade
Date of Commencement of
Employment 01-06-2014
Age 72 years
Last Employment held Bhatia Global Trading Limited
% of Equity Shares held Nil
Relative of Director or manager, No
name such director or manager
Having regard to the provisions of the first proviso to Section 136(1)
of the Act and as advised, the Annual Report excluding the aforesaid
information is being sent to the members of the Company. The said
information is available for inspection at the registered office of the
Company during working hours and any member interested in obtaining
such information may write to the Company Secretary and the same will
be furnished on request. The full Annual Report is available on the
Company's website.
LISTING
The shares of the Company are listed on Bombay Stock Exchange  Mumbai
and Ahmadabad Stock Exchange-Ahmadabad.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 134(3)(m) of the Companies Act, 2013 read
with the Rule 8(3) of the Companies (Accounts) Rules, 2014 are not
applicable to the Company. The information relating to Foreign
Exchange Earnings and Outgo is given in the Annexure to the report.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from practicing Company Secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis report in accordance with the
requirement of Clause 49 of the Listing Agreement is annexed to the
Annual Report forming part thereof.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts/ arrangements/ transactions entered by the Company during
the Financial years with relate parties were in the ordinary course of
business and on an arm's length basis. During the year, the Company has
not entered into any contract/ arrangement/ transaction with related
parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions.
Your Directors draw attention of the members to Note 2.3 of the
Financial Statement which sets our related party disclosures.
SHIFTING OF REGISTERED OFFICE OF THE COMPANY
During the year under review Company has moved an application for
Shifting of Registered office of the Company from State of Madhya
Pradesh to State of Tamil Nadu, within jurisdiction of Registrar of
Companies, Chennai. Said application is under process as on date of
report.
GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these
items during the year under review:
a. Detail relating to deposits covered under Chapter V of the Act.
b. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
c. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme.
d. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation of the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents during the year under
review. Your Director's also wish to place on record their deep sense
of appreciation for the commitment displayed by employees for the
services rendered by them.
For Hemang Resources Limited
(Formerly Bhatia Industries & Infrastructure Limited)
Sd/- Sd/-
Place: Chennai S. V. Chaoji T. Balaji Achar
Date: 14.08.2015 Director Director
DIN: 03464544 DIN: 06404420
Mar 31, 2014
The Members,
Bhatia Industries & Infrastructure Limited
Indore
The Directors have pleasure in presenting the Twenty First Annual
Report together with the Audited Financial Statements of the Company
for the year ended March 31, 2014.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs. in Millions)
For the year For the year
ended ended
31.03.2014 31.03.2013
Sales & Other Income 3039.93 2650.55
Profit / (Loss) before
Depreciation, Interest & Tax 130.72 176.90
Less: Depreciation & Amortization 0.00 0.26
Financial Charges 97.88 79.84
Profit/(Loss) before tax 32.84 96.80
Add (Less) : Provision for
Income-Tax (12.08) (32.32)
Profit/(Loss) after Tax 20.76 64.48
Add: Balance brought forward
from last year 53.92 14.32
Add: Reversed from Capital
Redemption Reserve 34.29 --
Amount available for Appropriation 108.97 78.80
Less: Proposed Dividend on
preference shares 1.60 1.60
Less: Proposed Dividend on Equity
Share Capital 6.60 9.90
Less: Dividend Distribution Tax 1.39 1.95
Less: Transfer to Capital Redemption
Reserve 5.71 11.43
Less: Transfer to General Reserve -- --
Balance carried forward 93.67 53.92
PERFORMANCE REVIEW
During the year under review, your Company has posted Turnover of Rs.
3009.10 Millions as compared to the turnover of Rs. 2623.08 Millions in
previous year and Profit after tax of Rs. 20.76 Millions as compared to
the Profit after tax of Rs. 64.48 Millions in previous year.
- Turnover increased by 14.72% to Rs. 3009.10 Millions.
SHARE CAPITAL
The Authorized Share Capital of the Company is Rs. 23,00,00,000/-
(Rupees Twenty Three Crores Only) and divided into 1,50,00,000 Equity
Shares of Rs. 10/- (Rupees Ten only) each and 8,00,000 2% Cumulative
Redeemable Preference Shares of Rs. 100/- each.
Paid- up Share Capital of the Company is Rs. 21,20,00,000/- (Rupees
Twenty One Crore Twenty Lac Only) divided into 1,32,00,000 Equity
Shares of Rs. 10/- (Rupees Ten only) each and 8,00,000 2% Cumulative
Redeemable Preference Shares of Rs. 100/- each.
On 7th May 2007 Company had issued 8,00,000 8% Cumulative Redeemable
Preference Shares of Rs. 100/- each for period of five years and later
on it varied the right from 8% to 2% and increase the terms from five
years to seven years. 100% of the preference shareholders have given
their consent in writing for further increase in the term from seven
years to fourteen year.
RESERVE
During the period under review Company has transferred Rs. 5.71
Millions to Capital Redemption Reserve and not transferred any amount
to General Reserve.
DIVIDEND
Having regard to the performance of the Company your Directors are
pleased to recommend payment of dividend of 2% on cumulative redeemable
preference shares and 5% on the paid up Equity Share Capital of the
Company which works out to Rs. 0.50 per share on 1,32,00,000 Equity
Share of Rs. 10/- each for the Financial Year ended March 31, 2014. The
dividend, if approved, will be paid to the eligible shareholders within
the period stipulated by the Companies Act, 2013.
PUBLIC DEPOSITS
The Company has not invited or accepted any public deposits in
accordance with the provisions of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposits) Rules, 1975 during
the year under review
DIRECTORS
During the year under review there is no change in directorship of the
Company.
In terms of Section 152 of the Companies Act, 2013 and provisions
contained in Articles of Association of the Company, Mr. Manjeet Singh
Bhatia, Director of the Company shall retire by rotation at the ensuing
Annual General Meeting and being eligible, offers himself for
re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
hereby confirm that:
i) in the preparation of the annual accounts for the year ended March
31, 2014, the applicable accounting standards have been followed along
with proper explanation relating to material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2014 and of the profit of the Company for
the year ended on that date;
iii) proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.
STATUTORY AUDITORS
M/s. R. S. Bansal & Co., Chartered Accountants, Indore, having Firm
Registration number 000939C, the auditor of the Company hold office
until the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment.
M/s. R. S. Bansal & Co., Chartered Accountants, Indore have confirmed
that their appointment if made, would be in conformity of Section 139
of the Companies Act, 2013 read along with Rule 4 of the Companies
(Audit and Auditors) Rules, 2014. The Board recommends their
re-appointment as Statutory Auditors of the Company.
AUDITORS'' REPORT
The observation and comment given by Auditors in their report read
together with notes to Accounts are self explanatory and do not require
any further comments under Section 217 of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
None of the employees of the Company during the year was in receipt of
remuneration of more than the maximum permitted ceiling given in the
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended.
LISTING
The shares of the Company are listed on Bombay Stock Exchange - Mumbai
and Ahmedabad Stock Exchange.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable to the Company
The information relating to Foreign Exchange Earnings and Outgo is
given in the Annexure to the report.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from practicing Company Secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis report in accordance with the
requirement of Clause 49 of the Listing Agreement is annexed to the
Annual Report forming part thereof.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation of the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents during the year under
review. Your Director''s also wish to place on record their deep sense
of appreciation for the commitment displayed by employees for the
services rendered by them.
For and on behalf of the Board
For Bhatia Industries & Infrastructure Limited
Sd/-
Place: Indore Surinder Singh Bhatia
Date : May 22, 2014 Executive Director & CEO
Mar 31, 2013
To, The Members of Bhatia Industries & Infrastructure Limited
Indore
The Directors have pleasure in presenting the Twentieth Annual Report
together with the Audited Financial Statements of the Company for the
year ended March 31,2013.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs. in Millions)
For the year For the year
ended ended
31.03.2013 31.03.2012
Sales & Other Income 2650.55 1509.35
Profit / (Loss) before
Depreciation, Interest & Tax 176.90 113.05
Less: Depreciation & Amortization 0.26 0.05
Financial Charges 79.84 63.60
Profit/(Loss) before tax 96.80 49.40
Add(Less): Prior period adjustments (1.50)
Add (Less): Provision for Income-Tax (32.32) (17.30)
Profit/(Loss) after Tax 64.48 30.60
Add: Balance brought
forward from last year 14.32 104.73
Less: Amount utilized towards
issue of fully paid up Bonus Shares
Amount available for Appropriation 78.80 49.12
Less: Proposed Dividend on
preference shares 1.60 1.60
Less: Proposed Dividend on
Equity Share Capital 9.90 9.90
Less: Dividend Distribution Tax 1.95 1.87
Less: Transfer to Capital
Redemption Reserve 11.43 11.43
Less: Transfer to General Reserve 10.00
Balance carried forward 53.92 14.32
PERFORMANCE REVIEW
During the year under review, your Company has posted Turnover of Rs.
2623.08 as compared to the turnover of Rs. 1482.42 Millions in previous
year and Profit after tax of Rs. 64.48 Millions as compared to the
Profit after tax of Rs. 30.60 Millions in previous year.
- Turnover increased by 76.95% to Rs. 2623.08 Millions.
- PBDIT increased by 56.48% to Rs. 176.90 Millions.
- PBT increased by 95.95% to Rs. 96.80 Millions.
- Net Profit increased by 110.72% to Rs. 64.48 Millions.
RESERVE
During the period under review Company has transferred Rs. 11.43
Millions to Capital Redemption Reserve and not transferred any amount
to General Reserve.
DIVIDEND
Having regard to the performance of the Company, your Directors are
pleased to recommend payment of dividend of 2% on cumulative redeemable
preference shares and 7.5% on the paid up Equity Share Capital of the
Company, which works out to Rs. 0.75 per share on 1,32,00,000 Equity
Share of Rs. 10/- each for the Financial Year ended March 31,2013. The
dividend if approved will be paid to the eligible shareholders within
the period stipulated by the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has not invited or accepted any public deposits in
accordance with the provisions of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposits) Rules, 1975 during
the year under review.
DIRECTORS
During the year under review Mr. Lai Krishna Thanvi, has tendered his
resignation w.e.f. November 08, 2012 and pursuant to provisions of
Section 260 of the Companies Act, 1956 Mr. C. S. Kahlon has been
appointed as Additional Director w.e.f. November 08,2012. Mr. C. S.
Kahlon, being eligible, your directors recommend him to appoint him as
director liable to retire by rotation.
As per Section 256 of the Companies Act, 1956 and Articles of
Association of the Company, Mr. Jitendra Kumar Jain, Director of the
Company shall retire by rotation at the ensuing Annual General Meeting
and being eligible, offers himself for re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
hereby confirm that:
i) in the preparation of the annual accounts for the year ended March
31, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31,2013 and of the profit of the
Company for the year ended on that date; iii) proper and sufficient
care has been taken 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 annual accounts have been
prepared on a going concern basis.
STATUTORY AUDITORS
M/s. R. S. Bansal & Co., Chartered Accountants, Indore, having Firm
Registration number 000939C, the auditor of the Company hold office
until the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment.
The Company has received letter from M/s. R. S. Bansal & Co., Chartered
Accountants, Indore, to the effect that their re-appointment if made
would be within the prescribed limit under Section 224( 1B) of the
Companies Act, 1956, and that they are not disqualified for such
re-appointment within the meaning of Section 226 of the Companies Act,
1956
AUDITORS'' REPORT
The observation and comment given by Auditors in their report read
together with notes to Accounts are self explanatory and do not require
any further comments under Section 217 of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
None of the employees of the Company during the year was in receipt of
remuneration of more than the maximum permitted ceiling given in the
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended.
LISTING
The shares of the Company are listed on Bombay Stock Exchange - Mumbai
and Ahmedabad Stock Exchange.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 217(1 )(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable to the Company.
The information relating to Foreign Exchange Earnings and Outgo is
given in the Annexure to the report.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from practicing Company Secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis report in accordance with the
requirement of Clause 49 of the Listing Agreement is annexed to the
Annual Report forming part thereof.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation of the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents during the year under
review. Your Director''s also wish to place on record their deep sense
of appreciation for the commitment displayed by employees for the
services rendered by them.
For and on behalf of the Board
For Bhatia Industries & Infrastructure
Limited
Sd/-
Place: Indore Surinder Singh Bhatia
Dated: May 07,2013 Executive Director & CEO
Mar 31, 2012
To The Members of Bhatia Industries & Infrastructure Limited Indore
The Directors have pleasure in presenting the Nineteenth Annual Report
together with the Audited Financial Statements of the Company for the
year ended 31st March, 2012.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs. in Millions)
For the year For the year
ended ended
31.03.2012 31.03.2011
Sales & Other Income 1509.36 2452.74
Profit / (Loss) before
Depreciation, Interest & Tax 82.37 174.12
Less: Depreciation - -
Financial Charges 32.97 18.20
Profit/(Loss) before tax 49.40 155.92
Add(Less) : Prior period
adjustments (1.50) -
Add (Less) : Provision for
Income-Tax (17.30) (52.00)
Profit/(Loss) after Tax 30.60 103.92
Add: Balance brought
forward from last year 104.73 29.60
Less: Amount utilized towards
issue of fully paid up
Bonus Shares 86.21 -
Amount available for Appropriation 49.12 133.52
Less: Proposed Dividend on
preference shares 1.60 1.60
Less: Proposed Dividend
on Equity Share Capital 9.90 6.90
Less: Dividend Distribution Tax 1.87 1.36
Less: Transfer to Capital
Redemption Reserve 11.43 11.43
Less: Transfer to General Reserve 10.00 7.80
Balance carried forward 14.32 104.73
PERFORMANCE REVIEW
During the year under review, your Company has posted Turnover of Rs.
1482.42 Millions and Profit after tax of Rs. 30.60 Millions.
RESERVE
During the period under review Company has transferred Rs. 11.43
Millions to Capital Redemption Reserve and transferred Rs. 10 Millions
to General Reserve.
DIVIDEND
Having regard to the performance of the Company, your Directors are
pleased to recommend payment of dividend of 2% on cumulative redeemable
preference shares and 7.5% on the paid up Equity Share Capital of the
Company, which works out to Rs. 0.75 per share on 1,32,00,000 Equity
Share of Rs. 10/- each for the Financial Year ended 31st March, 2012.
The dividend if approved will be paid to the eligible shareholders
within the period stipulated by the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has not invited or accepted any public deposits in
accordance with the provisions of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposits) Rules, 1975 during
the year under review.
DIRECTORS
As per Section 256 of the Companies Act, 1956 and Articles of
Association of the Company, Mr. L. K. Thanvi, Director of the Company
shall retire by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for re-appointment.
COMPANY SECRETARY & COMPLIANCE OFFICER
Mr. Samir Kumar Bahri has been appointed as Company Secretary and
Compliance Officer of the Company in place of Mr. Ashok Mishra, who
tendered his resignation from position of Company Secretary and
Compliance Officer w.e.f. October 07, 2011.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
hereby confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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;
iii) Proper and sufficient care has been taken 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
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
STATUTORY AUDITORS
M/s. R. S. Bansal & Co., Chartered Accountants, Indore, having Firm
Registration number 000939C, the auditor of the Company hold office
until the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment.
The Company has received letter from M/s. R. S. Bansal & Co., Chartered
Accountants, Indore, to the effect that their appointment if made would
be within the prescribed limit under Section 224(1B) of the Companies
Act, 1956, and that they are not disqualified for such appointment
within the meaning of Section 226 of the Companies Act, 1956
AUDITORS' REPORT
The observation and comment given by Auditors in their report read
together with notes to Accounts are self explanatory and do not require
any further comments under Section 217 of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
None of the employees of the Company during the year was in receipt of
remuneration of more than the maximum permitted ceiling given in the
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended.
LISTING
The shares of the Company are listed on Bombay Stock Exchange - Mumbai
and Ahmedabad Stock Exchange.
Madhya Pradesh Stock Exchange Limited vide letter Ref. No.
MPSE/625/03/2012 dated March 14, 2012 intimated that Delisting
Committee of Madhya Pradesh Stock Exchange Limited has approved the
Voluntary delisting of 33,00,000 Equity Shares of the Company w.e.f.
03.03.2012.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable to the Company.
The information relating to Foreign Exchange Earnings and Outgo is
given in the Annexure to the report.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from practicing Company Secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis report in accordance with the
requirement of Clause 49 of the Listing Agreement is annexed to the
Annual Report forming part thereof.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation of the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents during the year under
review. Your Director's also wish to place on record their deep sense
of appreciation for the commitment displayed by employees for the
services rendered by them.
For and on behalf of the Board
For Bhatia Industries & Infrastructure Limited
Sd/-
Place: Indore Surinder Singh Bhatia
Dated: 30.04.2012 Executive Director & CEO
Mar 31, 2011
The Directors have pleasure in presenting the Eighteenth Annual Report
together with the Audited Financial Statements of the Company for the
year ended 31st March, 2011.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs. in Lacs)
For the year For the year
Particulars ended ended
31.03.2011 31.03.2010
Sales 24485.02 3649.92
Profit / (Loss) before
Depreciation, Interest & Tax 1696.38 208.54
Less : Depreciation -- --
Interest & Financial Charges 137.25 34.50
Profit / (Loss) before tax 1559.13 174.04
Add/(Less) : Prior period adjustments - 0.16
Add/(Less) : Provision for Income-Tax (520.00) (59.44)
Profit/(Loss) after Tax 1039.13 114.76
Less : Transfer to General Reserve 78.00 -
Less : Transfer to Capital Redemption
Reserve 114.29 114.29
Less : Dividend on Preference
Shares 16.00 16.00
Less : Dividend on Equity Shares 66.00 -
Less : Dividend Distribution Tax 13.62 2.66
Add : Balance brought forward from
last year 296.01 314.19
Balance carried forward to Balance
Sheet 1047.24 296.01
PERFORMANCE REVIEW
During the year under review, your Company has posted Sales of Rs.
24,485.02 Lacs and Profit after Tax of Rs. 1,039.13 Lacs. The Sales of
the Company has increased by 570.84% and Profit after Tax has increased
by 805.48% as compared to the previous year. The strategies of planned
procurement and marketing system have boosted the company to compete in
the market and earn good profits.
DIVIDEND
Having regard to the splendid performance of the Company, your
Directors are pleased to recommend payment of dividend on 2% Cumulative
Redeemable Preference Shares and Dividend of 20% on the paid-up Equity
Share Capital of the Company, which works out to Rs.2.00 per share on
33,00,000 equity shares of Rs. 10/- each for the financial year ended
31st March, 2011.
ISSUE OF BONUS SHARES
Your Directors recommend issue of Bonus shares in the ratio of 3:1 i.e.
three equity shares for every existing equity share of the Company held
by the Members on the record date as may be fixed by the Board of
Directors of the Company in consultation with Bombay Stock Exchange.
The proposed issue of bonus shares is subject to the consent of the
shareholders at the forthcoming Annual General Meeting. The bonus
shares shall rank pari passu in all respects with the existing fully
paid up equity shares of the Company, including any dividend declared
for the financial year in which the bonus shares are allotted.
PUBLIC DEPOSIT
The Company has not invited or accepted any public deposits in
accordance with the provisions of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposits) Rules, 1975 during
the year under review.
DIRECTORS
Mr. Manjeet Singh Bhatia, Director of the Company shall retire by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment.
COMPANY SECRETARY & COMPLIANCE OFFICER
The Company has appointed Mr. Ashok Mishra as Company Secretary and
Compliance Officer of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
hereby confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures;
(ii) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 and loss
account of the Company for that period;
(iii) Proper and sufficient care has been taken 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
preventing and detecting fraud and other irregularities;
(iv) The annual accounts have been prepared on a going concern basis.
STATUTORY AUDITORS
M/s. R.S. Bansal & Co., Chartered Accountants, Indore, the statutory
auditors of the Company, shall retire at the ensuing Annual General
Meeting and are eligible for re-appointment. M/s. R.S. Bansal & Co.,
Chartered Accountants, Indore has confirmed that their appointment, if
made would be within the limits prescribed under Section 224(1B) of the
Companies Act, 1956.The Board recommends their re-appointment as
statutory auditors for the current year.
AUDITORS REPORT
Pursuant to the comments made by the Auditors, the relevant notes
forming part of the accounts of the Company are self-explanatory and do
not require any further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable to the Company. The
information relating to Foreign Exchange Earnings and Outgo is given in
the Annexure to the report
PARTICULARS OF EMPLOYEES
None of the employees of the Company during the year are in receipt of
remuneration of more than the maximum permitted ceiling given in the
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from Practicing Company Secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
REPORT ON MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis report in accordance with the
requirements of Clause 49 of the Listing Agreement for the year under
review is annexed to the Annual Report forming part of it.
LISTING
The shares of the Company are listed on Bombay Stock Exchange - Mumbai,
Ahmedabad Stock Exchange - Ahmedabad and Madhya Pradesh Stock Exchange
- Indore. The Board of Directors has approved the application for
voluntary delisting of shares from the Madhya Pradesh Stock Exchange,
Indore and Ahmedabad Stock Exchange, Ahmedabad. Delisting of shares
shall be completed in due course of time with approval of the concerned
Stock Exchanges.
ACKNOWLEDGEMENT
The Board of Directors would like to place on record their sincere
appreciation to all the Central and State Government Authorities, Banks
and all the stakeholders of the Company for extending their timely
support and guidance. Also the Board wishes to place their sincere
appreciation to the employees for the services rendered by them.
For Bhatia Industries &
Infrastructure Limited
Jitendra Kumar
Jain Lal Krishna
Thanvi
Director Director
Place: Indore
Date : 30.05.2011
Mar 31, 2010
The Directors have pleasure in presenting the Seventeenth annual
report of the Company for the year ended 31st March, 2010.
FINANCIAL RESULTS
The summary of the financial result of the Company for the year under
review are as under:
(Rs. in Lacs)
For the year For the year
Particulars ended ended
31.03.2010 31.03.2009
Profit / (Loss) before
Depreciation, Interest & Tax 223.04 64.02
Less : Depreciation -- --
Financial Charges 49.00 8.55
Profit / (Loss) before tax 174.04 55.47
Add/(Less) : Prior period adjustments 0.16 (0.06)
Add/(Less) : Provision for Income-Tax (59.44) (7.50)
Provision for deferred tax -- (12.62)
Provision for FBT -- (0.07)
Profit/(Loss) after Tax 114.76 35.22
Less : Dividend on preference shares 16.00 16.00
Less : Dividend Distribution Tax 2.66 2.72
Less : Transfer to Capital
Redemption Reserve 114.29 114.29
Add : Balance brought forward
from last year 314.19 366.27
Add : Excess Provision for
redemption reserve -- 45.71
Balance carried to Balance Sheet 296.01 314.19
PERFORMANCE REVIEW
The Company has posted profit after tax of Rs. 114.76 Lacs with
turnover of Rs. 3649.92 lacs, during the year under review. The profit
after tax was increased by 225.83% as compared to the previous year in
addition to this company has earned Rs. 62.61 lacs on foriegn exchange
fluctuation and the turnover was reduced by 7.79% in comparison to the
previous year. At the same time the total expenditure of the Company
was also reduced from Rs.6059.17 Lacs in the previous year to
Rs.2213.79 Lacs in the year under review.
The name of Company was changed to Bhatia Industries & Infrastructure
Limited having regard to new line of activity mainly infrastructural in
nature. In view of the same Company has procured 22.64 acres of land at
the prominent location for the purpose of dealing in real estate
sector. Though revenue out of infrastructural and real estate business
is yet to be crystallized, the Board of Directors anticipates suitable
revenues immediately after the gestation period in the near future. In
addition to said investment the Company has dealt in 10821.40 Metric
Tons of indigenous and 106993.55 Metric Tons of imported coal.
DIVIDEND
In view of ploughing back of profits, Directors have not recommended
any dividend in the year under review. The Board recommends payment of
dividend on 2% cumulative redeemable preference shares.
PUBLIC DEPOSIT
The Company has not invited or accepted any public deposits in
accordance with the provisions of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposits) Rules, 1975 during
the year under review.
DIRECTORS
Mr. J.K. Jain, Director of the Company shall retire by rotation at the
ensuing Annual General Meeting and being eligible, offers himself for
re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
hereby confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures;
(ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 and loss
account of the Company for that period;
(iii) proper and sufficient care has been taken 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
preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis.
STATUTORY AUDITORS
M/s. R.S. Bansal & Co., Chartered Accountants, Indore, the Statutory
Auditors of the Company, shall retire at the ensuing Annual General
Meeting and are eligible for re-appointment. M/s. R.S. Bansal & Co.,
Chartered Accountants, Indore has confirmed that their appointment, if
made would be within the limits prescribed under Section 224(1B) of the
Companies Act, 1956.The Board recommends their re-appointment as
statutory auditors for the current year.
AUDITORS REPORT
Pursuant to the comments made by the Auditors, the relevant notes
forming part of the accounts of the Company are self-explanatory and do
not require any further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Disclosure regarding Conservation of Energy and Technology absorption
as required under Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 are not applicable to the Company. The
information relating to Foreign Exchange Earnings and Outgo is given in
the Annexure to the report.
PARTICULARS OF EMPLOYEES
None of the employees of the Company during the year are in receipt of
remuneration of more than the maximum permitted ceiling given in the
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended.
CORPORATE GOVERNANCE REPORT
The Company has complied with the Corporate Governance Code as
stipulated under Clause 49 of the listing agreement with the stock
exchanges. A separate section on Corporate Governance, along with a
certificate from practing company secretary confirming the compliance
is annexed to the Annual Report forming part thereof.
REPORT ON MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis report in accordance with the
requirements of Clause 49 of the Listing Agreement for the year under
review is annexed to the Annual Report forming part of it.
COMPLIANCE CERTIFICATE FROM PRACTICING COMPANY SECRETARY
A certificate from Practicing Company Secretary for compliance of
conditions of Corporate Governance as stipulated in Clause 49 of
Listing Agreement is annexed to this report forming part of the
Corporate Governance report.
ACKNOWLEDGEMENT
The Board of Directors would like to place on record their sincere
appreciation to all the Central and State Government Authorities, Banks
and all the stakeholders of the Company for extending their timely
support and guidance. Also the Board wish to place their sincere
appreciation to the employees for the services rendered by them.
By Order of the Board
For Bhatia Industries & Infrastructure Limited
Sd/-
Place: Indore Surinder Singh Bhatia
Date: 30th August, 2010
Executive Director & CEO
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