Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Twenty Eighth Annual
Report together with Audited Accounts of the Company for the year ended
31st March 2014.
FINANCIAL (Rs. In Lacs)
Particulars 2013-14 2012-13
Profit before tax (65.61) (76.25)
Less : Provision for taxation 53.28 26.17
Profit After tax (118.89) (102.42)
Extraordinary income 0.00 203.88
Profit After Extraordinary income (118.89) 101.46
Balance profit from last year (224.71) (326.17)
Balance profit carried to balance sheet (343.60) (224.71)
Earnings per share (face value Rs. 10/-)
- Basic and Diluted before extraordinary
item (in Rs.) (2.49) (2.14)
- Basic and Diluted after extraordinary
item (in Rs.) (2.49) 2.12
*Previous year figures have been regrouped / rearranged wherever
considered necessary.
DIVIDEND
In view of the foregoing, the Directors do not recommend any dividend
for the year.
DIRECTORS
It is proposed to re-appoint Mr. Virendra Kashyap (holding DIN:
03423043), who is retiring by rotation on the Board of Directors, the
appointment forms part of the business of the ensuing Annual General
Meeting of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) as inserted by the
Companies (Amendment) Act, 2000 with respect to Directors''
Responsibilities Statement, it is hereby confirmed:
(i) That in the preparation of the Annual Accounts for the financial
year ended 31st March, 2014, the applicable Accounting Standards had
been followed along with proper explanation relating to material
departures;
(ii) 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;
(iii) 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;
(iv) That the Directors had prepared the accounts for the Financial
Year ended 31st March, 2014 on a ''going concern'' basis.
CORPORATE GOVERNANCE-
Your Company has taken adequate steps to ensure compliance with the
provisions of Corporate Governance as prescribed under the Listing
Agreement. The report on Corporate Governance along with the Auditor''s
Certificate as stipulated under Clause 49 of the Listing Agreement
along with Management Discussion and Analysis Statement forms part of
the Annual Report. The details of the Code of Conduct and CEO/CFO
Certification are furnished in Corporate Governance Report.
AUDIT COMMITTEE
As required under section 292A of the Companies Act, 1956 the Company
has constituted an Audit Committee comprising of M r. Devendra
Manchanda, M r. Rajeev Bali and Mr. Virendra Kashyap. Mr. Devendra
Manchanda continues as the Chairman of the Committee. The primary
functions of the Committee comprises of reporting on accounting
policies and procedures, periodical review of financial results and
pointing out major discrepancies, if any, in the results, examining the
internal control systems and adequacy thereof.
AUDITORS & THEIR REPORT
M/s S. K. Mittal and Co., Chartered Accountants retires at the close of
this Annual General Meeting and is eligible for re-appointment. The
Company has received confirmation from them that their appointment will
be within the limits prescribed under provision of Companies Act, 2013.
The Audit Committee of the Board has recommended their re-appointment
for FY 2014-15. The necessary resolution is being placed before the
shareholders for approval.
Notes to the accounts annexed to the Auditors'' Report are
self-explanatory and need no explanation, as there is no qualifying
remark of the Auditors.
FIXED DEPOSITS
The Company did not invite / accept any fixed deposits during the year
under review.
SHARES
11,16,458 of the Company''s paid up Equity capital has been
dematerialized and the Balance of 36,65,052 is in physical form as on
31st March, 2014. The Company''s Registrar is M/s. Skyline Financial
Services Pvt. Ltd. and their address is detailed in the compliance
report on the corporate Governance forming the part of this report. The
Listing fee has been paid to Bombay Stock exchange for the Financial
Year 2014-15.
FUTURE OUTLOOK
The PCB industry may have seen positive growth in 2012 at $ 60.6
Billion (Source N.T. Information), but various reports suggest there
may have been a drop of over 4% in for 2013. There have been dramatic
changes in technology, for the electronics industries and therefore the
PCB industry necessitating a proliferation of materials to cater to
diverse, high end uses and product profiles especially the use of high
performance laminates. BPA Technology Consulting projects growth at US$
68.5 Billion by 2016, with China still accounting for over 51% of the
world''s total production. However, high technology applications such as
defence, aerospace, proprietary technologies and designs etc. are
increasingly getting localized, with this trend beginning to gather
momentum in the past few years. Also gaining ground a is the concept
now being dubbed as "re-shoring", with companies increasingly moving
production back to their home countries as well.
The Indian PCB market continues to grow at an acceptable pace, with no
new large ticket investments in the electronics industry, or in PCB
manufacturing per se. In fact growth prospects seem to have stagnated
at below 17% CAGR, a total market of approx. US$ 600 Million, as demand
for electronics remains stagnant. Domestic production too has settled
at approx. US$ 200 Million, with the rest being imported, thereby still
presenting an opportunity to existing domestic PCB producers, albeit in
the higher technology space. However, with very little or no
substantial investments forthcoming, this trend of import of PCBs of
all types and materials will continue.
The Company expected to receive permission to exit from the 100% EOU
Scheme for which it had applied well over four years ago and in was
forced to suspended production till receipt of the de-bonding
permission from the Commerce Ministry (NSEZ). Keeping in view
continuing and exceptional delays in the de-bonding process, the
Company''s plans to recommence business have been virtually stalled by
inaction by Governmental authorities. The Company can only hope that it
will be in a position to restart operations this financial year, with a
changed politico-administrative environment which industry in India
sees as a positive indicator, with focus on implementation of stalled
projects.
(b) Conservation of Energy and Technology Absorption:
The Company has been pursuing an active policy of identifying and using
eco-friendly materials and processes in its production processes, as
also in every other sphere of activity. The Company estimated 28%
savings in its power/energy consumption due to this policy emphasis in
its operations while in production. The Company shall continue in its
endeavors to identify new means of for such energy conservation and
savings on an ongoing basis as a matter of policy.
(c) Employees:
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975 (as
amended), the names and other particulars of the employees drawing
remuneration more than Rs. 5,00,000/- per month or Rs. 60,00,000/- per
annum are required to be given forming part of the Directors'' Report.
None of the employees of the company are in receipt of remuneration in
excess of the prescribed limit.
Acknowledgments
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from our valued shareholders
during the year under review. Your Directors wish to place on record
their deep sense of appreciation for the devoted services of
Executives, Staff and Workers of the Company towards the growth and
development of the Company.
For and on behalf of the Board of Directors
Place : New Delhi Devendra Manchanda Rajeev Bali
Dated : 02.09.2014 Director Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the Twenty Sixth Annual
Report together with Audited Accounts of the Company for the year ended
31st March 2012.
FINANCIAL RESULTS (Rs. In Lacs)
2011-12 2010-11
Profit before tax (35.90) (124.17)
Less : Provission for Deferred Tax Assets 126.93 0
Profit After tax 91.03 (124.17)
Balance profit from last year (417.20) (293.03)
Balance profit carried to balance sheet (326.17) (417.20)
Earning per share (face value Rs. 10/-)
- Basic and Diluted (in Rs.) 1.90 (2.60)
*Previous year figures have been regrouped / rearranged wherever
considered necessary.
DIVIDEND
In view of the foregoing, the Directors do not recommend any dividend
for the year.
DIRECTORS
During the year under review, Mrs. Krishna Bali and Mr. Aditya Prasad
have resigned w.e.f 27.10.2011 and it is proposed to re-appoint Mr.
Rajeev Bali who is retiring by rotation on the Board of Directors, the
appointment forms part of the business of the ensuing Annual General
Meeting of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) as inserted by the
Companies (Amendment) Act, 2000 with respect to Directors''
Responsibilities Statement, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) 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;
(iii) 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;
(iv) that the directors had prepared the accounts for the financial
year ended 31st March, 2012 on a ''going concern'' basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure compliance with the
provisions of Corporate Governance as prescribed under the Listing
Agreement. The report on Corporate Governance alongwith the Auditor''s
Certificate as stipulated under Clause 49 of the Listing Agreement
along with Management Discussion and Analysis Statement forms part of
the Annual Report. The details of the Code of Conduct and CEO/CFO
Certification are furnished in Corporate Governance Report.
AUDIT COMMITTEES
As required under section 292A of the Companies Act, the Company has
appointed an Audit Committee comprising of Mr. Devendra Manchanda, Mr.
Rajeev Bali and Mr. Virendra Kashyap. For the time being post the
resignation of Mr. Aditya Prasad and pending appointment of an
Independent Director Mr. Devendra Manchanda continues as the Chairman
of the Committee. The primary functions of the Committee comprises of
reporting on accounting policies and procedures, periodical review of
financial results and pointing out major discrepancies, if any, in the
results, examining the internal control systems and adequacy thereof.
The Committee shall meet as and when required and at least twice in a
year.
AUDITORS & THEIR REPORT
M/s S. K. Mittal and Co., Chartered Accountants retire at the close of
this Annual General Meeting and is eligible for re-appointment. The
Company has received confirmation from them that their appointment will
be within the limits prescribed under Section 224(1B) of the Companies
Act, 1956. The Audit Committee of the Board has recommended their
re-appointment for the year 2012-13. The necessary resolution is being
placed before the shareholders for approval.''
Notes to the accounts annexed to the Auditors'' Report are
self-explanatory and need no explanation, as there is no qualifying
remark of the Auditors.
FIXED DEPOSITS
The Company did not invite / accept any fixed deposits during the year
under review.
FUTURE OUTLOOK
The year 2011 has been one of cautious optimism for some and pessimism
for others in the PCB industry. The electronic supply chain growth had
recently stalled in many regions. Europe''s tighter fiscal policies had
squeezed consumer purchasing power and there were ongoing
sovereign-debt tensions. In the U.S., high unemployment and politics as
elections come nearer raises its own issues. China has seen rising
costs, labour shortages and a real-estate bubble looms large. For Japan
the strong Yen and ongoing repercussions from the earthquake and
nuclear disaster has had severe implications.
All told, despite a resilient German market, the recent return to
recessionary scenario clouds the international market in general. While
the industry as a whole is still expected to grow to approx US$ 76
Billion by 2015, the European crisis and shaky and uncertain growth in
the US warrant a relook at such projections. While Asian growth
continues, India and China look increasingly inward due to their strong
and growing domestic markets.
The Indian PCB market is still growing at a healthy pace, with large
investments in the mobile communications, telecom, industrial, consumer
electronics, EMS, and automotive industries already made. The growth is
expected to still touch 30% per annum. The total market is approx. US$
2 Billion. Domestic production is a little over US$ 300 Million, with
the rest being imported, thereby presenting a large opportunity to
domestic PCB producers.
The Company has thus refocused its business towards a much higher
presence in the domestic market, and relegation of exports to the
future when growth resumes to levels sustaining healthy pricing and
returns, the falling Rupee nonwithstanding. The Company expects to be
receive permission to exit from the 100% EOU Scheme for which it had
applied well over a year ago very soon, and has in the interim again
suspended production till receipt of the de-bonding permission from the
Commerce Ministry (NSEZ). In any event, with import duties for most raw
materials and machinery for PCB manufacture being zero, the Company
foresees a better product, market and hence financial positioning as a
major domestic player.
(a) Conservation of Energy and Technology Absorption:
The Company has been pursuing an active policy of identifying and using
eco-friendly materials and processes in its production processes, as
also in every other sphere of activity. The Company estimated 28%
savings in its power/energy consumption due to this policy emphasis in
its operations while in production. The Company shall continue in its
endeavors to identify new means of for such energy conservation and
savings on an ongoing basis as a matter of policy.
(b) Employees:
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975 (as
amended), the names and other particulars of the employees drawing
remuneration more than Rs. 5,00,000/- per month or Rs. 60,00,000/- per
annum are required to be given forming part of the Directors'' Report.
None of the employees of the company are in receipt of remuneration in
excess of the prescribed limit.
Acknowledgments
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from our valued shareholders
during the year under review. Your Directors wish to place on record
their deep sense of appreciation for the devoted services of
Executives, Staff and Workers of the Company towards the growth and
development of the Company.
For and on behalf of the Board of Directors
Place : New Delhi (Devendra Manchanda) (Rajeev Bali)
Dated : 13.08.2012 Director Managing Director
Mar 31, 2011
The Directors have pleasure in presenting the Twenty Fifth Annual
Report together with Audited Accounts of the Company for the year ended
31st March 2011.
FINANCIAL RESULTS (Rs. In Lacs)
2010-11 2009-10
Sale of Products and other income 71.83 175.74
Manufacturing and other expenses 297.83 187.77
Depreciation 39.10 36.69
Interest 0.00 0.00
Profit/(Loss) before tax (124.16) (80.35)
*Previous year figures have been regrouped / rearranged wherever
considered necessary.
DIVIDEND
In view of the foregoing, the Directors do not recommend any dividend
for the year.
DIRECTORS
It is now proposed to re-appoint Mr. K.R. Shiva Kumar as a Director
liable to retire by rotation on the Board of Directors the appointment
forms part of the business of the ensuing Annual General Meeting of the
Company.
During the year under review, Mr. Venketesh Narayan Shukla and Mrs.
Amita Kapoor have resigned as directors of the company w.e.f. 2nd
February, 2011 and 4th May 2011 respectively.
Mr. Virendra Kashyap and Mr. Aditya Prasad who were appointed as
additional director on 10th February, 2011 and 4th May 2011
respectively shall be confirmed in the coming shareholders meeting.
REVOCATION OF SUSPENSION OF SHARES TRADING
As you are aware that the trading of shares of the company was under
suspension. With its continuous sincere efforts the Company has been
able to get the revocation of suspension of trading of its shares with
BSE. The trading of shares resumed w.e.f 28th June, 2011. In future the
Company is committed to serve the stakeholders to increase the
investment value.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) as inserted by the
Companies (Amendment) Act, 2000 with respect to Directors'
Responsibilities Statement, it is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2011, the applicable accounting standards had
been followed along with proper explanation relating to material
departures except Accounting Standard-22;
(ii) 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;
(iii) 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;
(iv) That the directors had prepared the accounts for the financial
year ended 31st March, 2011 on a 'going concern' basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure compliance with the
provisions of Corporate Governance as prescribed under the Listing
Agreement. The report on Corporate Governance along with the Auditor's
Certificate as stipulated under Clause 49 of the Listing Agreement
along with Management Discussion and Analysis Statement forms part of
the Annual Report
AUDIT COMMITTEE
As required under Section 292A of the Companies Act the Company has
appointed an Audit Committee comprising of Mr. Devendra Manchanda, Mr.
Virendra Kashyap, Mr. Adiya Prasad and Mr. Rajeev Bali. Mr. Devendra
Manchanda continues as the Chairman of the Committee. The primary
functions of the Committee comprises of reporting on accounting
policies and procedures, periodical review of financial results and
pointing out major discrepancies, if any, in the results, examining the
internal control systems and adequacy thereof. The Committee shall meet
as and when required and at least twice in a year.
AUDITORS & THEIR REPORT
Auditors of the Company, M/s S.K. Mittal & Co., Chartered Accountants,
are retiring at this Annual General Meeting and are proposed to be
appointed at the ensuing Annual General Meeting.
Notes to the accounts annexed to the Auditors' Report are
self-explanatory and need no explanation, as there is no qualifying
remark of the Auditors. FIXED DEPOSITS The Company did not invite /
accept any fixed deposits during the year under review.
FUTURE OUTLOOK
The Company being a 100% EOU, is impacted by developments in the
international markets, especially net importing nations / continents
which are largely USA / North America, Western Europe, and Scandinavia.
Here it is pertinent to highlight such developments and their impact on
the business potential in terms of exports from India / Asia.
1. Global market scenario in 2010 (source IPC, USA)
- Approximately 2,600 PCB fabricators produced an estimated US $54.77
billion in 2010.
. PCB production grew in all regions in 2010 as the industry
recovered from the recession.
. Production grew by 6.9% in North America, 14.4% in Europe and
21.1% in Asia, increasing Asia's share of world PCB production to 87%.
. Rigid-flex was the highest growth category. Metal-core PCBs, while
less than one percent of world PCB production, was the second fastest
growing category in 2010.
2. While the industry as a whole is expected to grow to approx US$ 76
Billion by 2015, the European crisis and shaky and uncertain growth in
the US warrant a relook at such projections.
3. The positives emanating from such global developments point to
robust Asian growth, with countries such as Indian and China looking
increasingly inward due to a strong and growing domestic market.
4. The Indian PCB market is growing rapidly, with large investments in
the mobile communications, telecom, industrial, consumer electronics,
and automotive industries. Importantly, most of the top ten Electronics
Manufacturing Services (EMS) companies worldwide have set up assembly
and design facilities in the recent past. With the entry of a number of
international companies in these industries, the growth is expected to
exceed 30% per annum.
The total market assessed currently is approx. US$ 2 Billion. Domestic
production is US$ 300 Million, with the rest being imported, thereby
presenting a large opportunity to domestic PCB producers.
In conclusion, while global growth is highly uncertain from here on,
and the likely fall-out in terms of protectionism that is reasonably
certain to kick in soon as the developed world struggles to prevent
slippage into a recessionary phase again, the future growth
opportunities are clearly emerging in the Asian economies including the
BRIC countries. It is time indeed to look at growth in home markets for
the foreseeable medium term.
STATUTORY STATEMENTS UNDER SECTIONS 217 (1) (E) AND 217 (2A) OF
THE COMPANIES ACT, 1956
(a) Foreign Exchange Earnings and Outgo:
The information under this head is as follows: (Rs. In Lacs)
Foreign Currency Earnings Foreign Currency Outgo
(1) Travelling (foreign)
(2) Import of Machinery 18.85 3 Import of raw materials 34.37
(4) Consumption of raw materials 36.76
(b) Conservation of Energy and Technology Absorption:
The Company has been pursuing an active policy of identifying and using
eco-friendly materials and processes in its production processes, as
also in every other sphere of activity. The Company estimated 28%
savings in its power/energy consumption due to this policy emphasis in
its operations while in production. The Company shall continue in its
endeavors to identify new means of for such energy conservation and
savings on an ongoing basis as a matter of policy.
(c) Employees
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975 (as
amended), the names and other particulars of the employees drawing
remuneration more than Rs. 5,00,000/- per month or Rs.60,00,000/- per
annum are required to be given forming part of the Directors' Report.
None of the employees of the company are in receipt of remuneration in
excess of the prescribed limit.
Acknowledgements
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from our valued shareholders
during the year under review. Your Directors wish to place on record
their deep sense of appreciation for the devoted services of
Executives, Staff and Workers of the Company towards the growth and
development of the Company.
For and on behalf of the Board of Directors
Place : New Delhi (Devendra Manchanda) (Rajeev Bali)
Dated : 12.08.2011 Director Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the Twenty Forth Annual
Report together with Audited Accounts of the Company for the year ended
31st March 2010.
FINANCIAL RESULTS (Rs. In Lacs)
2009-10 2008-09
Sale of Products and other income 175.74 29.78
Manufacturing and other expenses 187.77 18.33
Depreciation 36.69 39.22
Interest 0.00 0.00
Profit/(Loss) before tax (80.35) (87.35)
*Previous year figures have been regrouped / rearranged wherever
considered necessary.
DIVIDEND
In view of the foregoing, the Directors do not recommend any dividend
for the year.
DIRECTORS
There was no change in the constitution of the Board of Directors
during the year under consideration. However, it is now proposed to
appoint Mr. V. N. Shukla in place of Mr. Narendra Sharma, Director
retiring by rotation on the Board of Directors, the appointment forms
part of the business of the ensuing Annual General Meeting of the
Company.
During the year under review, Mr. Ravi Jain has resigned as director of
the company w.e.f. 10th May, 2010.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) as inserted by the
Companies (Amendment) Act, 2000 with respect to Directors
Responsibilities Statement, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2010, the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) 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;
(iii) 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;
(iv) that the directors had prepared the accounts for the financial
year ended 31st March, 2010 on a going concern basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure compliance with the
provisions of Corporate Governance as prescribed under the Listing
Agreement. The report on Corporate Governance alongwith the AuditorÃs
Certificate as stipulated under Clause 49 of the Listing Agreement
along with Management Discussion and Analysis Statement forms part of
the Annual Report.
AUDIT COMMITTEE
As required under section 292A of the Companies Act the Company has
appointed an Audit Committee comprising of Mr. Devendra Manchanda, Mr.
Rajeev Bali and Mrs. Krishna Bali. Mr. Devendra Manchanda continues as
the Chairman of the Committee. The primary functions of the Committee
comprises of reporting on accounting policies and procedures,
periodical review of financial results and pointing out major
discrepancies, if any, in the results, examining the internal control
systems and adequacy thereof. The Committee shall meet as and when
required and at least twice in a year.
AUDITORS & THEIR REPORT
Auditors of the Company, M/s G. K. Kedia & Co., Chartered Accountants,
are retiring at this Annual General Meeting and M/s S.K. Mittal & Co.
are proposed to be appointed at the ensuing Annual General Meeting.
Notes to the accounts annexed to the Auditors Report are
self-explanatory and need no explanation, as there is no qualifying
remark of the Auditors.
FIXED DEPOSITS
The Company did not invite / accept any fixed deposits during the year
under review.
FUTURE OUTLOOK
The Company has revived its production and commercial operations,
consequent to successful implementation of the BIFR Sanctioned Scheme,
and to receiving all requisite approvals required from Ministry of
Commerce / NSEZ / Customs / DGFT etc. in December 2008. The Company
commenced sales in the domestic market, which has remained stable
despite the global melt-down world-wide, including the PCB industry,
which impacted China as well very substantially.
A US$ 48 billion industry had been growing at CAGR of over 9 % per
annum from 2004 till mid à 2008 when international markets once again
shrank considerably from US $ 52 Billion in 2007 with the onset of the
recession to $ 39 Billion in 2009. It is now expected to grow as such
up to 2015 to over US$ 76 Billion. While the outlook for the industry
is not very encouraging internationally, for the time being, it is
expected to improve gradually starting 2010, especially from the 2nd
half of the year, and expected to reach $ 52 billion again by 2011-12.
The domestic PCB market : is growing rapidly, with large investments in
the mobile communications, telecom, industrial, consumer electronics,
and automotive industries. Importantly, most of the top ten Electronics
Manufacturing Services (EMS) companies worldwide have set up assembly
and design facilities in the recent past. With the entry of a number of
international companies in these industries, the growth is expected to
exceed 30% per annum.
The total market assessed currently is approx. US$ 2 Billion. Domestic
production is US$ 300 Million, with the rest being imported, thereby
presenting a large opportunity to domestic PCB producers.
The Company thus plans to recommence exports by early to mid - 2011 in
line with world markets revival of global market.
The promoters have invested considerably in reviving the plant and itÃs
operations including refurbishing the machinery, replacing obsolete
equipment, infusing working capital, and adding new customers to itsÃ
existing ones.
The Company has adequate business orders for domestic sales, as also
deemed exports. The Company expects to achieve considerably better
sales and operating results in the FY 2010-11 as it increases domestic
sales and exports commencing 2011.
STATUTORY STATEMENTS UNDER SECTIONS 217 (1) (E) AND 217 (2A) OF THE
COMPANIES ACT, 1956 (a) Foreign Exchange Earnings and Outgo:
The information under this head is as follows: (Rs. In Lacs)
Foreign Currency Earnings
Foreign Currency Outgo
(1) Travelling (foreign) -
(2) Import of Machinery 2.634
(3) Import of raw materials 36.842
(4) Consumption of raw materials 33.322
(5) Fees and subscription 1.13
b) Conservation of Energy and Technology Absorption:
The Company has been pursuing an active policy of identifying and using
eco-friendly materials and processes in its production processes, as
also in every other sphere of activity. The Company estimated 28%
savings in its power/energy consumption due to this policy emphasis in
its operations while in production. The Company shall continue in its
endeavors to identify new means of for such energy conservation and
savings on an ongoing basis as a matter of policy.
(c) Employees:
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975 (as
amended), the names and other particulars of the employees drawing
remuneration more than Rs. 2,00,000/- per month or Rs. 24,00,000/- per
annum are required to be given forming part of the Directorsà Report.
None of the employees of the company are in receipt of remuneration in
excess of the prescribed limit.
Acknowledgments
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from our valued shareholders
during the year under review. Your Directors wish to place on record
their deep sense of appreciation for the devoted services of
Executives, Staff and Workers of the Company towards the growth and
development of the Company.
For and on behalf of the Board of Directors
Place : New Delhi (Rajeev Bali)
Dated : 14.08.2010 Managing Director