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Directors Report of Hexa Tradex Ltd.

Mar 31, 2015

The Members,

The Directors are pleased to present the 4th Annual Report and Audited Statement of Accounts of the Company for the year ended 31st March, 2015.

1. FINANCIAL RESULTS (Rs. in Lacs) Particulars Current Year Previous Year Ended 31st March, Ended 31st March 2015 2014

Gross Sales & Income from Operations 3,562.47 3,609.98

Profit/(Loss) before Financial Cost and Depreciation 1,465.55 104.18

Less:

- Finance Cost 0.12 51.89

- Depreciation & Amortisation 0.26 0.11

Profit/(Loss) before tax 1,465.17 52.18

Provision for Income Tax and Wealth Tax 501.03 20.98

Net Profit/(Loss) after tax 964.14 31.20

Add: Balance brought forward from previous Year (138.93) (170.13)

Total amount available for appropriation 825.21 (138.93)

Less : Appropriations :

(a) Transfer to General Reserve - -

(b) Proposed dividend on Equity Shares - -

(C) Corporate Tax on dividends - -

Balance carried to Balance Sheet 825.21 (138.93)

2. REVIEW OF OPERATIONS

During the year, Company achieved Gross Sales & Income from operations of Rs. 3,562.47 lacs against the Turnover of Rs. 3,609.98 lacs achieved during the previous year. Since the Company has yet to achieve its optimum scale of operations, its net profit is Rs. 964.14 lacs during the year against net profit of Rs. 31.20 lacs in previous year. It is hope that Company would achieve greater heights in coming years.

3. DIVIDEND

No dividend has been recommended.

4. TRANSFER TO RESERVES

During the year no amount has been transfered in the reserve of the Company.

5. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis, as stipulated under Clause 49 of the Listing Agreement with Stock Exchanges forming part of this report, has been given under separate section in the Annual Report.

6. CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Companies Act, 2013 ("the Act") and Accounting Standard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accounting for Investments in Associates and AS - 27 on Financial Reporting of Interests in Joint Ventures, the audited consolidated financial statement is provided in the Annual Report.

7 SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES Company has one subsidiary namely Hexa Securities and Finance Company Limited (HSFCL). HSFCL is Non Banking Financial Company registered with RBI. A report on the performance and financial position of the HSFCL as per the Companies Act, 2013 is provided as Form AOC-1 to the consolidated financial statement and hence not repeated here for the sake of brevity.

No Company has became/ceased to be the subsidiairy, associate and Joint Venture during the financial year 2014-15.

The policy for determining material subsidiaries as approved may be accessed on the Company's website at the link: http://hexatradex.com/wp-content/uploads/2 01 5/08/POLICY-FOR-DETERMINING-MATERIAL -SUBSIDIARIES.pdf

8. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134 of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed by the Board of Directors:

a. that in the preparation of the annual accounts for the financial year ended 31st March, 2015, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. that they had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ended on that period.

c. that they had taken proper and sufficient care 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. that they had prepared the accounts for the financial year ended 31st March, 2015 on a 'going concern' basis.

e. that they had laid down internal financial controls to be followed by the Company and that such internalfinancialcontrols are adequate and are operating effectively; and

f. That they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

9. DIRECTORS AND KEY MANAGEIAL PERSONNEL

Ms. Sminu Jindal, Managing Director (DIN: 00005317), retire by rotation and, being eligible, offer herself for re-appointment.

As per section 134(3)(q) of the Companies Act, 2013 read with rule 8(5) of Companies (Accounts) Rules 2014, detail of directors or Key Managerial Personnel who were appointed and resigned during the year are given below:

Shri Kuldip Bhargava (DIN: 00011103) and Dr. Raj Kamal Agarwal (DIN: 00005349), Independent Directors of the Company, were appointed as Independent Director under section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement for a period upto 5 years.

Shri Kuldip Bhargava (DIN:00011103) had resigned from the office of Director w.e.f. 15th July, 2015, due to his pre-occupation. The Board places on record its appreciation for the services rendered by Shri Kuldip Bhargava during his association with the Company.

In order to broad base the Board of Directors on 14th August, 2015 appointed Shri Girish Sharma (DIN: 05112440) (Independent Director) as additional Director. As per the provisions of section 161 of the Companies Act, 2013, he holds office up to the ensuing annual general meeting.

Shri Neeraj Kanagat was designated as Chief Financial Officer of the Company w.e.f. 01st April, 2014.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under section 149(6) of Companies Act, 2013 and Clause 49 of the Listing Agreement with the Stock Exchanges.

10. BOARD EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other Directors which includes criteria for performance evaluation of non-executive directors and executive directors under section 178(1) of the Companies Act, 2013. This may be accessed at the link http://hexatradex.com/wp-content/uploads/2015/ 08/Performance-Evaluation.pdf.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees and other Directors, a process of evaluation was followed by the Board for its own performance and that of its Committees and individual Directors. The details of same have been given in the report on corporate governance annexed hereto.

The details of programme for familiarisation of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters have been uploaded on the website of the Company at the link http://hexatradex.com/wp-content/uploads/201 5/08/Familiarization-Programme-of-Independen t-Directors.pdf.

11. CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirement set out by Stock Exchanges. The report on Corporate Governance as stipulated under the Listing Agreement forms an integral part of this Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of corporate governance is attached to the report on Corporate Governance.

12. CONTRACTS AND ARRANGEMENT WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. During the year, the Company had entered into material contract / arrangement / transaction with subsidiary of the Company.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link: http://hexatradex.com/wp-content/uploads/201 5/08/POLICY-ON-RELATED-PARTY-TRANSACTIO NS.pdf

Your Directors draw attention of the members to Note 25 to the financial statement which sets out related party disclosures.

13. RISK MANAGEMENT

Your Company has identified following major risks to its business:

a) Competitive scenario: The business that the Company engaged in is highly competitive. The Company faces competition from new entrants and from customers who are becoming more involved in sourcing to satisfy their own supply requirements.

b) Global Risks: The Company proposes to conduct wholesale trading operations which are international in nature. These international operations would involve additional risks, including the possibility of restrictive actions by foreign governments, changes in foreign laws; limitations on repatriation of earnings; changes in currency exchange rates, and political and economic instability, war and civil disturbances or other risks that may limit or disrupt markets in which the Company operates.

c) Counterparty risks: Trading business

involves counterparty risks specially in high volatile time. Your company is having effective strategy and system to safeguard it against wide range of risks. The Management conceives various elements and analysis the risk involved and take effective steps to reduce the risk against the business of the Company. Further, it also takes necessary steps to safeguard against irreparable loss to the Company against the unforeseen risk and adequate by covers assets of the Company during the course of business. The Management system is reviewed periodically and suitable changes are made depending upon the risk prevailing in the market.

14. INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

15. AUDITORS & THEIR REPORT

A. STATUTORY AUDITORS

M/s N. C. Aggarwal & Co., Chartered Accountants (Registration no. 003273N), Auditors of the Company retire at the ensuing annual general meeting, and, being eligible, offer themselves for re-appointment. The Company has received confirmation from M/s N.C. Aggarwal & Co., regarding their consent and eligibility under Sections 139 and 141 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 for appointment as the Auditors of the Company. As required under Clause 41 of the Listing Agreement, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

Auditors' remarks in their report read with the notes to accounts referred to by them are self-explanatory.

B. SECRETARIAL AUDITOR

The Board has appointed Shri Awanish Kumar Dwivedi of M/s Awanish Dwivedi & Associates, Company Secretaries, to conduct Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report for the financial year ended 31st March, 2015 is annexed herewith marked as Annexure - 1 to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

16. DISCLOSURE

AUDIT COMMITTEE

The Audit Committee comprises of Independent Directors namely, Shri Kuldip Bhargava (Chairman), Dr. Raj Kamal Agarwal, Independent Director and Ms. Sminu Jindal, Managing Director as other members. Shri Kuldip Bhargava (Chairman) of the committee had resigned from the directorship of the Company w.e.f. 15th July, 2015 and accordingly, ceased to be Chairman of the Audit Committee.

VIGIL MECHANISM

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of the Listing Agreement. Protected disclosures can be made by a whistle blower through an e-mail, or a letter to the Compliance Officer or Managing Director or to the Chairman of the Audit Committee.

The Policy on vigil mechanism and whistle blower may be accessed on the Company's website at the link: :

http://hexatradex.com/wp-content/uploads/2 015/08/POLICY-VIGIL-MECHANISM.pdf

MEETINGS OF THE BOARD

Four (4) meetings of the Board of Directors were held during the year. For further details, please refer report on Corporate Governance of this Annual Report.

PARTICULARS OF LOANS 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 the standalone financial statement (Please refer to Note no. 8,10,13 & 30 to the standalone financial statement).

PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.

As your Company is not engaged in any manufacturing activity, the particulars relating to conservation of energy and technology absorption, as mentioned in the Companies (Accounts) Rules, 2014, are not applicable to it. However, emphasis is placed on employing techniques that result in the conservation of energy. Details on the foreign exchange earnings and expenditure of your Company appear in the Notes to Accounts.

EXTRACT OF ANNUAL RETURN

Extract of Annual Return of the Company is annexed herewith as Annexure - 2 to this Report.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The employee's relations remained cordial throughout the period. There is no employees whose particulars are required to be furnish under 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.

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 are provided in the Annual Report as Annexure-3.

17. PUBLIC DEPOSITS

The Company has not invited any public deposits during the year ended on 31st March, 2015.

18. ANY SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

During the Financial Year there is no significant material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

19. THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has formed a Committee for implementation of said policy. No complaint of harassment was received during the year.

20. ACKNOWLEDGEMENT

Your Directors express their grateful appreciation to concerned Departments of Central / State Governments, Financial Institutions & Bankers, Customers and Vendors for their continued assistance and co-operation. The Directors also wish to place on record their deep sense of appreciation for the committed services of the employees at all levels. They are also grateful for the confidence and faith that you have reposed in the Company as its member.

For and on behalf of the Board

Place: New Delhi Prithvi Raj Jindal Date: 14th August, 2015 Chairman


Mar 31, 2014

The Members,

The Directors are pleased to present the 3rd Annual Report and Audited Statement of Accounts of the Company for the year ended 31st March, 2014.

1. FINANCIAL RESULTS

Particulars Current Year Previous Year

Ended 31st March, 2014 Ended 31st March, 2013 (Rs. in Lacs) (Rs. in Lacs)

Gross Sales & Income from Operations 3609.98 10047.47

Profit/Loss before Interest and Depreciation 104.18 14.29

Less:

- Interest 51.89 104.76

- Depreciation 00.11 0.08

Profit/Loss before tax 52.18 (90.55)

Less: Tax Expenses 20.98 (21.26)

Profit/Loss after tax 31.20 (69.29)

Add: Balance brought forward from previous Year (170.13) (100.84)

Total amount available for appropriation (138.93) (170.13)

Balance Carried to Balance Sheet (138.93) (170.13)

2. REVIEW OF BUSINESS & OPERATIONS

During the year, Company achieved Gross Turnover of Rs. 3,609.98 lacs against the Turnover of Rs. 10,047.47 lacs achieved during the previous year. Since the Company has yet to achieve its optimum scale of operations, it net profit of Rs. 31.20 lacs during the year. It is hope that Company would achieve greater heights in coming years.

SUBSIDIARY COMPANY

Company has one subsidiary namely Hexa Securities and Finance Company Limited (HSFCL). HSFCL is Non Banking Financial Company registered with the RBI.

3. DIVIDEND

No dividend has been recommended.

4. MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE

A separate report on Management Discussion and Analysis is enclosed as a part of the Annual Report.

Another report provides information / status on the Corporate Governance.

5. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed by the Board of Directors: -

a. that in the preparation of the annual accounts for the year ended 31st March, 2014, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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

c. that 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;

d. that the Directors had prepared the accounts for the financial year ended 31st March, 2014 on a ''going concern'' basis.

6. DIRECTORS

Shri Prithvi Raj Jindal retires by rotation and, being eligible, offers himself for re-appointment.

Dr. Raj Kamal Agarwal and Sh. Kuldip Bhargava, Independent Directors of the Company, are appointed as Independent Directors U/s 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement for a period upto 5 years.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet 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 the Stock Exchanges.

The Company has recieved the notices under section 160 of the Companies Act, 2013 along with deposit of requsite amount from the shareholders proposing the candidature of above Directors for the office of the Directors of the Comapny.

7. AUDITORS & THEIR REPORT

M/s N. C. Aggarwal & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting, and, being eligible, offer themselves for re-appointment.

Auditors'' remarks in their report read with the notes to accounts referred to by them are self-explanatory.

8. PUBLIC DEPOSITS

The Company has not invited any public deposits during the year ended on 31st March, 2014.

9. PARTICULARS REGARDING CONSERVATION OF ENERGY, ETC.

Information in accordance with the provision of Section 217(1)(e) of Companies Act, 1956 read

with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are given in the statement annexed hereto.

10. SUBSIDIARY COMPANY

The prescribed particulars relating to subsidiary is being provided in this Annual Report. However, pursuant to circular No. 2/2011 dated 8th February, 2011 issued by the Ministry of Corporate Affairs, the Balance Sheet and Profit & Loss Accounts of the subsidiary are not attached herewith. Any member may write to the Company Secretary at Jindal Centre, 12, Bhikaiji Cama Place, New Delhi – 110 066 to obtain the copy of the Annual Report of any of the subsidiary company.

11. PERSONNEL

The employees relations remained cordial throughout the period. There is no employees whose particulars are required to be furnished under section 217(2A) of the Companies Act, 1956.

12. ACKNOWLEDGEMENT

Your Directors express their grateful appreciation to concerned Departments of Central / State Governments, Banker and Customers for their continued assistance and co-operation. The Directors also wish to place on record their deep sense of appreciation for the committed services of the employees at all levels. We are also grateful for the confidence and faith that you have reposed in the Company as its member.

For and on behalf of the Board

Place: New Delhi Prithvi Raj Jindal

Date: 17th May, 2014 Chairman


Mar 31, 2012

The Directors are pleased to present the 1st Annual Report and Audited Statement of Accounts of the Company for the period ended 31st March, 2012.

1. FINANCIAL RESULTS

Particulars Current Period

Ended 31st March, 2012 18 Months (Rs in Lacs)

Gross Sales & Income from 262.59

Operations

Profit/Loss before Interest and (95.55)

Depreciation

Less:

- Interest 45.89

- Depreciation 0.06

Profit/Loss before tax (141.50)

Provision for Income Tax and Wealth 40.66 Tax

Net Profit/Loss after tax (100.84)

Debenture Redemption Reserve -

written back

Previous Year Adjustments -

Foreign Exchange Translation -

Difference

Surplus brought forward on -

amalgamation

Add: Balance brought forward from -

previous Year

Total amount available for

appropriation

Less: Appropriations:

a) Transfer to General Reserve -

b) Interim Dividend on Preference - shares paid

c) Corporate Tax on above -

d) Proposed Dividend on - Preference Shares

e) Proposed dividend on Equity - Shares

f) Corporate Tax on Dividends -

g) Capital Redemption Reserve -

Balance carried to Balance Sheet (100.84)

2. REVIEW OF BUSINESS & OPERATIONS

The Company was incorporated on 25th October, 2010 with the object of vesting of Investment Undertaking of Jindal Saw Limited (JSL) pursuant to the Scheme of Arrangement and Demerger (Scheme). Subsequently, the Company became wholly-owned subsidiary of JSL. The Scheme was sectioned by the Hon'ble High Court of Judicature at Allahabad. The Scheme has become effective from November 5, 2011 on filing the same with the Registrar of Companies, UP.

As per the said Scheme, with effect from the Appointed Date, i.e., 1st January, 2011, the Investment Undertaking of JSL stands transferred to and vested in the Company on a going concern basis pursuant to the provisions contained in Sections 391 to 394 and other applicable provisions of the Companies Act 1956.

As per the Scheme, the following assets and liabilities of the Investment Undertaking of JSL as appearing on 1st January, 2011, i.e., the appointed date have been transferred to the Company:

a) Liabilities Rs in lacs

Current Liabilities 0.82

Provisions 1.43

Total 2.25

b) Assets

Investments 2,558.91

Advances Recoverable 1.37

Loan to Subsidiary 19,272.91

Total 21,833.19

As a consideration of transfer of Investment Undertaking, the Company has issued and alloted to the equity shareholders of JSL 1 (one) equity share of face value of Rs. 21- (credited as fully paid-up) for every 5 (five) fully paid-up equity shares of Rs. 2/- each held by them in JSL. as on the record date, i.e., November 23, 2011. The equity shares so are listed on NSE and BSE w.e.f. April 20, 2012.

The Company has started its business activities during the period and full scale of activities is expected to be unfolded gradually in times to come.

This is 1st year of operation of the Company. The Company has not optimized its operation. Total income during the period is 262.59 lacs and net loss is 100.84 lacs.

SUBSIDIARY COMPANY

Company has one wholly owned subsidiary namely Hexa Securities and Finance Company Limited (HSFCL). HSFCL is Non Banking Financial Company registered with the RBI.

3. DIVIDEND

In view of the loss, no dividend has been recommended.

4. MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE

A separate report on Management Discussion and Analysis is enclosed as a part of the Annual Report.

Another report provides information / status on the Corporate Governance.

5. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed by the Board of Directors: -

a. that in the preparation of the annual accounts for the period ended 31st March, 2012, the applicable accounting standards had been followed along with proper explanation relating to material departures;

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

c. that 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;

d. that the Directors had prepared the accounts for the financial period ended 31st March, 2012 on a "going concern" basis.

6. DIRECTORS

The Board of Directors has appointed Shri Prithvi Raj Jindal, Shri Kutdip Bhargava and Dr. Raj Kamal Agarwal as additional directors in their meeting held on 1st October, 2011. As per the provisions of section 260 of the Companies Act, 1956 they hold office up to the conclusion of ensuring annual general meeting. The Company has received notices under section 257 of the Companies Act, 1956 from shareholders proposing their candidature to the office of Directors of the Company.

The Board of Directors has appointed Ms. Sminu Jindal as Managing Director for a period of 5 years w.e.f. 1st October, 2011.

Shri Ranjit Malik, Shri Deepak Goel and Shri Purushottam Dutt Sharma, Directors, resigned w.e.f. 1st October, 2011. The Board places on record its appreciation for the guidance and support given by them to the Company during their association as Directors of the Company.

7. AUDITORS & THEIR REPORT

M/s N. C. Aggarwal & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting, and, being eligible, offer themselves for re-appointment.

Auditors' remarks in their report read with the notes to accounts referred to by them are self-explanatory.

8. PUBLIC DEPOSITS

The Company has not invited any public deposits during the period ended on 31st March, 2012.

9. PARTICULARS REGARDING CONSERVATION OF ENERGY, ETC.

Information in accordance with the provision of Section 217(1 )(e) of Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are given in the statement annexed hereto.

10.SUBSIDIARY COMPANY

The prescribed particulars relating to subsidiary is being provided in this Annual Report. However, pursuant to circular No. 2/2011 dated 8th February, 2011 issued by the Ministry of Corporate Affairs, the Balance Sheet and Profit & Loss Account of the subsidiary is not attached herewith. Any member may write to the Company Secretary at Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110 066 for a copy of the Annual Report of the subsidiary company.

11.PERSONNEL

The employee relations remained cordial throughout the period. There is no employee whose particulars are required to be furnished under section 217(2A) of the Company's Act, 1956.

12. ACKNOWLEDGEMENT

Your Directors express their grateful appreciation to concerned Departments of Central / State Governments, Banker & Customers for their assistance and co-operation. The Directors also wish to place on record their deep sense of appreciation for the committed services of the employees at all levels. We are also grateful for the confidence and faith that you have reposed in the Company as its member.

For and on behalf of the Board

Prithvi Raj Jindal

Chairman

Place: New Delhi

Date: 30th May, 2012

 
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