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Directors Report of ITD Cementation India Ltd.

Dec 31, 2014

Dear Members,

The Directors present herewith their Report and Statement of Accounts for the year ended 31st December 2014. FINANCIAL RESULTS (Rupees in Lakh)

Year 2014 Year 2013

Total Income 137,671.70 127,893.74

Gross Profit / (Loss) before depreciation and bad debts (3,141.83) 4,944.33 Less: Depreciation on fixed assets 2,942.69 3,348.91

Profit / (Loss) before provision for doubtful debts (6,084.52) 1,595.42

Less: Provision for doubtful debts 673.69 660.81

Profit / (Loss) before Taxation and exceptional item (6,758.21) 934.61

Add: Exceptional Item (Write-back of depreciation) 9,553.25 Nil

Profit before Taxation after Exceptional Item 2,795.04 934.61

Less: Provision for Tax 853.66 3.67

Profit after Taxation 1,941.38 930.94

Add : Surplus of previous year brought forward 7,056.27 6,285.11

Amount available for appropriation 8,997.65 7,216.05

Directors'' recommendation for appropriation:

Proposed Dividend - 115.16

Dividend Distribution Tax(Incl. earlier year) - 21.35

Transfer to General Reserve - 23.27

Balance carried to Balance Sheet 8,997.65 7,056.27

8,997.65 7,216.05

DIVIDEND

The Board of Directors do not recommend any dividend for the year 31st December 2014 in view of the operating losses incurred by the Company during the year

REVIEW OF OPERATIONS

Revenue for the year at Rs. 135,241 Lakh has increased by Rs. 12,765 Lakh from Rs. 122,476 Lakh in the year 2013, an increase of about 10% over previous year Consolidated revenue for the year was at Rs. 171,242 Lakh as compared to Rs. 157,837 Lakh for the year 2013, an increase of about 8% over the previous year.

The Company incurred a loss before tax of Rs. 6,758 Lakh compared to a profit before tax of Rs. 935 Lakh for the year 2013. However after Exceptional Item relating to Write-back of depreciation of Rs. 9,553 Lakh, there was a profit before tax of Rs. 2,795 Lakh.

The Consolidated loss before tax was Rs. 6,864 Lakh compared to profit before tax of Rs. 2,391Lakh for the year 2013. However after Exceptional Item relating to Write-back of depreciation of Rs. 9,553 Lakh, the profit before tax stood at Rs. 2,689 Lakh. The operating losses were due to execution challenges on some projects and cost overruns on certain other projects.

On a review of the position of outstanding debts, there are no write off of bad debts during the year (2013 - Nil).

Total value of new contracts secured during the year aggregated Rs. 254,06l Lakh (2013 - Rs. 267,620 Lakh). Major contracts include-

* Construction of Container Berths atjaigarh, Maharashtra.

* Construction of Seven Stations of Kolkata Metro Railway Line at Kolkata.West Bengal.

* Design and Construction of Reclamation and Container Yard at Jawaharlal Nehru Port Trust at Navi Mumbai, Maharashtra.

* Construction of LNG Storage Tanks at Mundra, Gujarat.

* Construction of ContainerTerminal at Mundra, Gujarat.

* Construction of Super Structure for Bose Institute at Kolkata, West Bengal.

* Construction of Elevated Road at Noida, Uttar Pradesh.

* Construction of different buildings for IIT Ropar from CPWD, Ropar Punjab.

* Construction of Balance Tunneling works in the State of Jammu and Kashmirfor Konkan Railway Corporation Limited.

During the year; your Company''s Joint Venture, has received two contracts namely:

* Construction of Laying of Water Trunk main from Garden Reach water works to Taratala Valve Station and Laying of sewerline along Diamond Harbour Road by Microtunnelling method for an approximate value of Rs. 14,592 Lakh in ITD- ITD Cem Joint Venture.

* Rehabilitation and Refurbishment of Water Works at Palta and Garden Reach for Rs. 8,057 Lakh in ITD-CEMINDIAJV

During the year under report, a number of contracts were completed including-

* Construction of Ultra Mega Power Project at Sasan, Madhya Pradesh.

* Design and Construction of Approach Tunnel at Jaipur Metro for Delhi Metro Rail Corporation Limited, Jaipur Rajasthan.

* Prestreesed Rock Anchors atWadala, Mumbai, Maharashtra

* Soil Consolidation by Drilling and Grouting at LNG Terminal, Dabhol, Maharashtra.

* Design, procurement, construction and commissioning of Marine Civil Works at Gangavaram Port, Andhra Pradesh.

* Civil works tor approach trestle and jetty at Kandla, Gujarat.

* Construction of Elevated Road at Jaipur Metro for Delhi Metro Rail Corporation Limited by Company''sJointVenture - ITD-ITD Cem Joint Venture.

With regard to paragraph 6 of the Auditors'' Report, your Directors state that:

Trade receivables and Unbilled Work-in-progress as at December 31,2014 include amounts aggregating Rs. 2,655 Lakh and Rs. 1,584 Lakh respectively, which have been outstanding for a substantial period of time. The Company has been actively negotiating for speedy recovery of the balance receivables. In view thereof, the management is reasonably confident of their recovery ISO 9001:2008, ISO 14001:2004 & OHSAS 18001:2007

The Company has an established Integrated Management System comprising of Quality Management System conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001: 2004 and Occupational Health and Safety Management System conforming to OHSAS 18001:2007 at all offices, project sites and depots. During the year the Company''s accreditation has been audited and compliance to the requirements of the International Standards has been confirmed by DNV GL-Business Assurance (DNV GL- BA).

The Company is one of few construction companies who have established an Integrated Management System and are maintaining the system with proper customer satisfaction, compliance to legal and non-regulatory requirements as per the Standards along with continual improvements to the system.

RAISING OF FUNDS THROUGH QUALIFIED INSTITUTIONS PLACEMENT ("QIP").

The Company has issued of 4,000,000 fully paid-up equity shares of face value Rs. 10 each at a price of Rs. 360/- (including a Premium of Rs. 350) per equity share, aggregating to Rs. 14,400 Lakh through Qualified Institutional Placement ("QIP"). The shares were allotted on 4th September; 2014.

CORPORATE SOCIAL RESPONSIBILITY

Your Directors are pleased to inform that your Company has constituted a Corporate Social Responsibility Committee and formulated a Policy in this regard. A sum of Rs. 33 Lakh had been allocated for three projects, where the Company is performing its works, in respect of Corporate Social Responsibility expenditure for this year and of which Rs. 12.87 Lakh has already been spent on one of the projects.

OUTLOOK

Bolstered by the recent sharp fall in oil prices, cooling inflation and the new government''s initiatives to improve the investment climate, prospects for growth in 2015-16 appear to be good. While the capital markets have responded positively to the developments through the infusion of funds into portfolio investments, driving market valuations of many companies, stressed corporate balance sheets are hindering a recovery in private capital spending. Rising bad loans are also making banks wary of lending to companies, especially in the construction and infrastructure space.

The International Monetary Fund (IMF) last month also predicted India would overtake China next year as the fastest growing major economy with 6.5 percent annual growth compared with 6.3 percent tor China.The Economic Survey had, in July 2014, projected India''s GDP growth for 2014-15 in the range between 5.4% and 5.9%. Recently however due to a change in methodology of computation of growth and a change in the base year to 2011-12 from the earlier base year of 2004-05 by the Central Statistics Office (CSO), the Indian economy is estimated to grow by 7.4 per cent in the current fiscal year as against 6.9 per cent in 2013-14.

Although RBI has signaled a fall in interest rates by announcing recently a reduction in Statutory Liquidity Ratio by 50 basis points to 21.5%, banks have yet to respond to this measure. The general expectation is that banks may announce rate cuts in April 2015.

Your Company has, through focused and sustained marketing efforts, built a strong and diversified order book of Rs.476,298 Lakh, a rise of nearly 25% over the order book at the beginning of 2014, providing good revenue visibility for the next few years. In January, 201 5, your Company has received a contract for Dredging and Reclamation works atjawaharlal Nehru Port of an approximate value of Rs. 2I6,8II Lakh. In addition, your company is also hopeful of bagging some very prestigious and large contracts in the first quarter of 2015. To enable financing this future growth, your Board also raised fresh equity capital in September 2014 amounting to Rs. 14,400 Lakh.

Despite these very promising overall developments, challenges on execution on some contracts and pressures on profitability will remain a drag on performance for the next couple of quarters.

PARENT COMPANY

Italian-Thai Development Public Company Limited (ITD) is engaged in the business of civil engineering and infrastructure construction and development and has been a major builder of Thailand''s infrastructure for over 50 years. ITD achieved an annual consolidated revenue for the year 2013 of approximately Baht 44,902 million (about Rs. 8,657crore) which puts it in the lead position amongst contractors in Thailand. In 2013, ITD had a skilled work force of over 28000 employees, including around I ,660 qualified engineers. An experienced in-house training division provides its employees with continuous training in safety and construction skills. The business operations of ITD are in nine major categories namely: buildings; industrial plants; pipelines and utility works; highways, railways, high speed rails, viaducts, trackworks, MRT systems, bridges and expressways; airports, ports and marine works; dams, tunnels and power plants; steel structures; telecommunications and mining.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS

A Statement pursuant to Section 2I2 of the Companies Act, I956 ("the Act") containing the details of Company''s subsidiary is attached.

As required under the Listing Agreements with the Stock Exchanges, Consolidated Financial Statements of the Company and its subsidiary are attached. The Consolidated Financial Statements have been prepared inaccordance with Accounting Standards 2I and 27 issued by The Institute of Chartered Accountants of India and show the financial resources, assets, liabilities, income, profits and other details of the Company its subsidiary and its share in joint ventures.

Pursuant to the provisions of Section 212(8) of the Act, Ministry of Corporate Affairs vide its General Circular No. 2/201 I dated 8th February 201I has granted a general exemption, subject to certain conditions, to Holding Companies from complying with the provisions of Section 2I2 of the Act which requires attaching of its Balance Sheet, Profit and Loss Accounts and other documents of its Subsidiary Company to its Balance Sheet. Accordingly the said documents are not included in this Annual Report. The main financial summary of the Company''s Subsidiary for the year ended 31st December 2014 is included in the Annual Report. The Annual Accounts of the Subsidiary Company will be made available to any Member of the Company seeking such information at any point of time and are also available for inspection by any Member of the Company at the Registered Office of the Company on any working day during business hours.

RESEARCH AND DEVELOPMENT

The Company lays significant emphasis on improvements in methods and processes in its areas of construction and operations. The Research & Development Division of the Company continues to enjoy recognition by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. The primary focus of research is to continually refine the frequently used systems at our project sites to derive optimization, reduction in the breakdowns, improve effectiveness and efficiency of use and hence provide a competitive edge for any project.

PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

Information as per Section 217( 1 )(e) of the Act, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the conversion of energy technology absorption, foreign exchange earnings and outgoings respectively, is attached hereto and forms part of this Report.

Particulars of employees pursuant to Section 217 (2A) of the Act, read with the Companies (Particulars of Employees) Rules, 1975, as amended, is set out in the annexure and forms part of this Report. However in pursuance of Section 219 (1) (b) (iv) of the Act, the Report and Accounts is being sent to all the Members of the Company excluding the aforesaid information and the said particulars will be made available on request and also made available for inspection at the Registered Office of the Company Any Member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company

DIRECTORS'' RESPONSIBILITY STATEMENT

The Board of Directors state that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations have been provided for material departures, wherever applicable. The Board also confirms that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under report. The Board has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. It is further confirmed that the Directors have prepared the annual accounts on a going concern basis.

DEPOSITORY SYSTEM

It is mandatory that the shares of the Company are traded in electronic form. The Company has entered into Agreements with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Reports on Management Discussion and Analysis and on Corporate Governance alongwith a certificate of compliance from the Auditors are attached hereto and form part of this Report.

DELISTING OF EQUITY SHARES FROM THE CALCUTTA STOCK EXCHANGE LIMITED

The equity shares of the Company has been delisted from The Calcutta Stock Exchange Limited w.e.f. 28th August, 2014.

DIRECTORS

Mr Premchai Karnasuta will retire by rotation and, being eligible, offer himself for re-appointment.

At a meeting of the Board of Directors held on 6th November 2014, Mrs. Ramola Mahajani was appointed as an Additional Director of the Company with effect from 6th November 2014 and also as an Independent Director for a consecutive period of five years from 6th November, 2014 to 5th November 2019.

Mrs. Ramola Mahajani holds office as Director upto the date of this Annual General Meeting and, being eligible, offers herself for appointment.

AUDITORS

The retiring Auditors, Walker Chandiok & Co LLP, Chartered Accountants, Mumbai, offer themselves for re-appointment.

INDUSTRIAL RELATIONS

Relations with staff and labour remained peaceful and cordial during the year under review.

ACKNOWLEDGEMENT

The Directors thank ITD for the continued support extended by it and the guidance provided to your Company.

The Directors thank all employees for their contribution and the shareholders, customers and bankers for their continued support.

For and on behalf of the Board

Premchai Karnasuta February 24, 2015 Chairman


Dec 31, 2013

The Directors present herewith their Report and Statement of Accounts for the year ended 31st December, 2013.

FINANCIAL RESULTS (Rs. in Lakh)

Year 2013 Year 2012

Total Income 127,893.74 131,451.45

Gross Profit before depreciation

and bad debts 4,944.33 6,922.49

Less: Depreciation on fixed assets 3,348.91 3,604.91

Profit before provision for

doubtful debts 1,595.42 3,317.58

Less: Provision for doubtful debts 660.81 645.21

Profit before Taxation 934.61 2,672.37

Less: Provision for Taxation/

(deferred Tax Credit) 3.67 474.60

Profit after Taxation 930.94 2,197.77

Add : Surplus of previous year

brought forward 6,285.11 4,519.85

Amount available for

appropriation 7,216.05 6,717.62

Directors'' recommendation for appropriation:

Proposed Dividend 115.16 230.32

Dividend Distribution Tax

(Incl. earlier year) 21.35 37.36

Transfer to General Reserve 23.27 164.83

Balance carried to Balance Sheet 7,056.27 6,285.11

7,216.05 6,717.62

DIVIDEND

The Directors are pleased to recommend dividend of Rs. 1.00 per share (2012 – Rs. 2.00 per share), on 11,515,790 equity shares of Rs. 10 each fully paid. The above dividend, together with tax thereon, if approved, will represent 14.5% of distributable profits of Rs. 930.94 Lakh for the year.

REVIEW OF OPERATIONS

Revenue for the year at Rs. 122,476 Lakh has declined by Rs. 6,317 Lakh from Rs. 128,793 Lakh in the year 2012, a decline of about 5% over previous year. Consolidated revenue for the year was also lower at Rs. 157,837 Lakh as compared to Rs. 164,472 Lakh for the year 2012, a decline of about 4% over the previous year.

The Company''s profit before tax for the year was lower by 65% at Rs. 935 Lakh compared to a profit before tax of Rs. 2,672 Lakh for the year 2012.

The Consolidated profit before tax for the year was lower by 23% at Rs. 2,391 Lakh compared to profit before tax of Rs. 3,107 Lakh for the year 2012.

The profit after tax for the year at Rs. 931 Lakh was lower by Rs. 1,267 Lakh in comparison with 2012 because of lower revenues and reduction in margins because of change in the composition of revenues from different types of construction work.

On a review of the position of outstanding debts, there are no write off of bad debts during the year (2012 - Rs. 450 Lakh).

Total value of new contracts secured during the year aggregated Rs. 267,620 Lakh (2012 - Rs. 143,502 Lakh). Major contracts include-

- Construction of six lane link road including Road over Bridge, Ghaziabad.

- Comprehensive Development of Corridor between Mangolpuri to Madhuban Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.

- Comprehensive Development of Corridor between Madhuban Chowk to Mukarba Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.

- Construction of New Haj Tower Complex at Rajarhat, West Bengal.

- Development of Marine facilities at Karanja Creek, Uran, Maharashtra.

- Part Design and Construction of Elevated viaduct and 2 elevated stations, Phase III of Delhi MRTS, Delhi.

- Design and build construction of 330 meter Wharf Structure at Nhava Sheva, Maharashtra.

- Construction of the Balance Works of the Ramps, Cut and Cover Tunnel of Chennai Metro Rail Project, Phase I, Chennai.

During the year, your Company''s Joint Venture, ITD- ITD Cem Joint Venture, has received two contracts namely: Design and Construction of Tunnels by shield TBM, Palam and I.G.D. Airport Underground Stations by Cut & Cover Method between Palam (including) & Shankar Vihar (excluding) on Janakpuri West - Kalindi Kunj Corridor under Delhi MRTS Project of Phase-III for Delhi Metro Rail Corporation of the value of Rs. 75,200 Lakh and Procurement of Ground Water Treatment Plants, Design, Construction, Supply, Installation, Commissioning including Mechanical & Electrical Equipment and Operation for Government of Tripura (SIPMIU) of the value of Rs. 3,988 Lakh.

- During the year under report, a number of contracts were completed including-

- Civil works, service and allied works for Modernisation at GRSE - Main Unit for Garden Reach Shipbuilders and Engineers Limited, Kolkata.

- Bored Cast-in-situ Piling, Diaphragm Wall and Ground Improvement work at Dahej, Gujarat.

- Piling work for multi-storeyed residential complex at Jaypee Greens, Noida.

- Construction of Ship Repair facility at Lavgan, Maharashtra.

- Construction of Landside structure for Ship Repair facility at Jaigad, Maharashtra.

- Construction of Integrated Passenger Terminal Building at NSCBI Airport, Kolkata.

- Piling work for SEPCO, Cuddalore, Tamil Nadu.

The Directors state that subsequent to the year end, a client of the Company has, pursuant to its contract with the Company for execution of work, invoked bank guarantees provided to the client by the Company''s banks. Banks have made payments to the client aggregating to Rs. 9,200 Lakh. The Company is currently in dialogue with the client to resolve the matter amicably and the Company has reasons to believe that the matter will be favorably resolved.

A disclosure in this regard has been made under Notes 29 (g) and 28(h) under the heading ''Contingent Liabilities'' for the Standalone Financials and Consolidated Financials respectively.

ISO 9001:2008, ISO 14001:2004 & OHSAS 18001:2007

The Company has an established Integrated Management System comprising of Quality Management System conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001:2004 and Occupational Health and Safety Management System conforming to OHSAS18001:2007 at all offices, project sites and depots. During the year, the Company''s accreditation has been audited and compliance to the requirements of the International Standards has been confirmed by Det Norske VERITAS AS (DNV).

The Company is amongst a few construction companies who have established an Integrated Management System and are maintaining the system with proper customer satisfaction along with continual improvements to the system.

OUTLOOK

The overall infra growth environment for the construction sector during the year gone by was very challenging. But your Company, with its strong execution capabilities and strong balance sheet has sailed steadily through these difficult times. Government has recently taken a number of measures to fast track infrastructure growth and a few encouraging signs are already visible. The inflation though sticky, with tight liquidity scenario, is expected to cool in the coming months. This may lead to a fall in interest rate in the system. Your Company has already built a strong and diversified order book of Rs. 382,118 Lakh for the year, which, gives it good revenue visibility for more than two years. It is expected that the years ahead would bring great opportunities in the key business areas that your Company is focused in.

PARENT COMPANY

Italian-Thai Development Public Company Limited (ITD) is engaged in the business of civil engineering and infrastructure construction and development and has been a major builder of Thailand''s infrastructure for over 50 years. It had an annual consolidated revenue for the year 2012 of approximately Baht 46,970 million (about Rs. 8,330 crore) which puts it in the lead position amongst contractors in Thailand. In 2012, ITD had a skilled work force of around 24,278 employees, including around 1,502 qualified engineers. An experienced in-house training division provides its employees with continuous training in safety and construction skills. The business operations of ITD are in nine major categories namely: buildings; industrial plants; pipelines and utility works; highways, railways, high speed rails, viaducts, track works, MTR systems, bridges and expressways; airports, ports and marine works; dams, tunnels and power plants; steel structures; telecommunications and mining.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS

A Statement pursuant to Section 212 of the Companies Act, 1956 ("the Act") containing the details of Company''s subsidiary is attached.

As required under the Listing Agreements with the Stock Exchanges, Consolidated Financial Statements of the Company and its subsidiary are attached. The Consolidated Financial Statements have been prepared in accordance with Accounting Standards 21 and 27 issued by The Institute of Chartered Accountants of India and show the financial resources, assets, liabilities, income, profits and other details of the Company, its subsidiary and its share in joint ventures.

Pursuant to the provisions of Section 212(8) of the Act, Ministry of Corporate Affairs vide its General Circular No. 2/2011 dated 8th February, 2011 has granted a general exemption, subject to certain conditions, to Holding Companies from complying with the provisions of Section 212 of the Act which requires attaching of its Balance Sheet, Profit and Loss Accounts and other documents of its Subsidiary Company to its Balance Sheet. Accordingly, the said documents are not included in this Annual Report. The main financial summary of the Company''s Subsidiary for the year ended 31st December, 2013 is included in the Annual Report. The Annual Accounts of the Subsidiary Company will be made available to any Member of the Company seeking such information at any point of time and are also available for inspection by any Member of the Company at the Registered Office of the Company on any working day during business hours.

RESEARCH AND DEVELOPMENT

The Company lays significant emphasis on improvements in methods and processes in its areas of construction and operations. The Research & Development Division of the Company continues to enjoy recognition by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. The primary focus of research is to continually refine the frequently used systems at our project sites to derive optimization, reduction in the breakdowns, improve effectiveness and efficiency of use and hence provide a competitive edge for any project.

PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

Information as per Section 217(1)(e) of the Act, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the conversion of energy, technology absorption, foreign exchange earnings and outgoings respectively, is attached hereto and forms part of this Report.

Particulars of employees pursuant to Section 217 (2A) of the Act, read with the Companies (Particulars of Employees) Rules, 1975, as amended, is set out in the annexure and forms part of this Report. However, in pursuance of Section 219 (1) (b) (iv) of the Act, the Report and Accounts is being sent to all the Members of the Company excluding the aforesaid information and the said particulars will be made available on request and also made available for inspection at the Registered Office of the Company. Any Member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Board of Directors state that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations have been provided for material departures, wherever applicable. The Board also confirms that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under report. The Board has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. It is further confirmed that the Directors have prepared the annual accounts on a going concern basis.

DEPOSITORY SYSTEM

It is mandatory that the shares of the Company are traded in electronic form. The Company has entered into Agreements with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Reports on Management Discussion and Analysis and on Corporate Governance along with a certificate of compliance from the Auditors are attached hereto and form part of this Report.

DIRECTORS

Mr. Per Hofvander and Mr. Deba Prasad Roy retire by rotation and, being eligible, offer themselves for re- appointment.

AUDITORS

The retiring Auditors, Walker, Chandiok & Co., Chartered Accountants, Mumbai, offer themselves for re- appointment.

INDUSTRIAL RELATIONS

Relations with staff and labor remained peaceful and cordial during the year under review.

ACKNOWLEDGEMENT

The Directors thank ITD for the continued support extended by it and the guidance provided to your Company.

The Directors thank all employees for their contribution and the shareholders, customers and bankers for their continued support.

For and on behalf of the Board

Premchai Karnasuta

February 26, 2014 Chairman


Dec 31, 2012

The Directors present herewith their Report and Statement of Accounts for the year ended 31st December, 2012.

FINANCIAL RESULTS

(Rupees in Lakhs)

Year 2012 Year 2011

Total Income 130,711.49 131,035.22

Gross Profit before depreciation and bad debts 6,922.49 6,631.96

Less: Depreciation on fixed assets 3,604.91 3,422.83

Profit before provision for doubtful debts 3,317.58 3,209.13

Less: Provision for doubtful debts 645.21 1,006.47

Profit before Taxation 2,672.37 2,202.66

Less: Provision for Taxation/(deferred Tax Credit) 474.60 (54.92)

Profit after Taxation 2,197.77 2,257.58

Add : Surplus of previous year brought forward 4,519.85 2,698.60

Add: Corporate dividend tax written back - 0.67

Amount available for appropriation 6,717.62 4,956.85

Directors'' recommendation for appropriation:

Proposed Dividend 230.32 230.32

Dividend Distribution Tax 37.36 37.36

Transfer to General Reserve 164.83 169.32

Balance carried to Balance Sheet 6,285.11 4,519.85

6,717.62 4,956.85

DIVIDEND

The Directors are pleased to recommend dividend of Rs.2.00 per share (2011– Rs.2.00 per share), on 11,515,790 equity shares of Rs.10 each fully paid. The above dividend, together with tax thereon, if approved, will represent 12% of distributable prof ts of Rs.2,197.77 Lakh for the year.

REVIEW OF OPERATIONS

Revenue for the year at Rs.128,053 Lakh has declined by Rs.1,000 Lakh from Rs.129,053 Lakh in the year 2011. Consolidated revenue for the year was also lower at Rs.163,380 Lakh as compared to Rs.170,845 Lakh for the year 2011, a decline of about 4% over the previous year.

The Company''s prof t before tax, however, improved by 21% to Rs.2,672 Lakh compared to a prof t before tax of Rs.2,203 Lakh for the year 2011.

During the last quarter of the year October 2012 to December 2012, we experienced some delays and slowdown in some projects, which af ected our performance in the quarter.

The Consolidated prof t before tax for the year was Rs.3,107 Lakh compared to prof t before tax of Rs.2,817 Lakh for the year 2011, an increase of about 10%.

The prof t after tax for the year at Rs.2,198 Lakh was slightly lower by Rs. 60 Lakh in comparison with 2011 because of one time deferred tax credit that was available in 2011.

After a review of the position of outstanding debts, your Directors have decided to write-of bad debts amounting to Rs.450.16 Lakh (2011- Rs.1,235.44 Lakh).

Total value of new contracts secured during the year aggregated Rs.143,502 Lakh (2011 -Rs.113,206 Lakh). Major contracts include-

- Piling work in Mahanadi River for Water Pipeline at Cuttak City, Orissa.

- Piling, Civil and Temporary Construction facility works for GIR Project at Dahej, Gujarat.

- Construction of North Cargo Berth II at VOC Port, Tuticorin, Tamil Nadu.

- Marine Civil works for development of Gangavaram Port Expansion Phase II at Visakhapatnam, Andhra Pradesh.

- Construction of Berth No.15 at Kandla Port, Gujarat.

- Construction of Landside structure for Ship Repair facility at Jaigad, Maharashtra.

- Civil works for Approach and Jetty for the development of Dry Bulk Terminal at Tuna, Kandla, Gujarat.

During the year, your Company''s Joint Venture, ITD-ITD Cem Joint Venture, has received a contract from Delhi Metro Rail Corporation for Part Design and Construction of Elevated viaduct including entry exit lane, ramp to depot and 8 elevated stations including architectural f nishing, water supply, sanitatary installation and drainage works of stations, Delhi - value Rs.54,600 Lakh.

During the year under report a number of contracts were completed including-

- Design and Construction of Container Terminal at South Port, Mundra, Gujarat.

- Construction of Integrated Cargo Terminal facility at Jaigad, Maharashtra.

- Construction of Cargo Berth No.9 for Tuticorin Port , Tamil Nadu.

- Construction of Impounded Wet Basin at Mazagaon Dock, Mumbai, Maharashtra.

- Construction of Diaphragm Wall and Anchor Slab with special f ll at Sabarmati, Gujarat.

- Various Piling and Civil works in Gujarat; Chhattisgarh; Orissa; Sikkim; Uttar Pradesh; Tamil Nadu; Punjab; Haryana and Maharashtra.

ISO 9001:2008, ISO 14001:2004 & OHSAS 18001:2007

The Company has established Integrated Management System comprising of Quality Management System conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001: 2004 and Occupational Health and Safety Management System conforming to OHSAS 18001:2007 at all of ces, project sites and depots. During the year, the Company''s accreditation has been audited and compliance to the requirements of the Standards has been conf rmed by Det Norske Veritas (DNV).

The Company is amongst a few construction companies who have established an Integrated Management System and maintaining the system with proper customer satisfactions along with continual improvement of the system.

OUTLOOK

The outlook for the world economy is not encouraging. Most forecasts predict the growth for the world economy for 2013 to be at about 3.2%. As far as India is concerned, the GDP growth in 2012-2013 is likely to fall below the Reserve Bank''s baseline projection of 5.8%. Advance estimates of National Income, 2012-2013, estimates the GDP growth for 2012-2013 at 5%.

Your Company continues to pursue opportunities in marine, foundation and specialist engineering and mass rapid transport system (MRTS) projects, where it has built strong capability over the years. Your Company is also looking to enhance its presence in civil works for industrial projects, where hitherto it was mainly involved in piling and foundation work. Delays in f nalization of orders on account of non-receipt of environment clearances and /or f nancial closure on some major prospects and lack of orders in certain areas are some matters of concern. This situation is likely to continue for some more time which, in turn, may impact your Company''s performance in the current year.

Although RBI expects inf ation to moderate below its baseline projection of 7.5%, suppressed inf ation continues to pose a threat and, consequently, RBI maintains a cautious approach to interest rate reduction. But recent actions by RBI to reduce CRR and repo rates have raised expectations on lower interest rates by the middle of the year.

Despite short term challenges faced by the infrastructure sector as a whole, your Company is cautiously optimistic about the future prospects for the sector.

PARENT COMPANY

Italian-Thai Development Public Company Limited (ITD) is engaged in the business of civil engineering and infrastructure construction and development and has been a major builder of Thailand''s infrastructure for over 50 years. It had an annual consolidated revenue for the year 2011 of approximately Baht 44,945 million (about Rs.7,701.10 crore) which puts it in the lead position amongst contractors in Thailand. In 2011, ITD had a skilled work force of around 22,318 employees, including around 1,403 qualif ed engineers. An experienced in-house training division provides its employees with continuous training in safety and construction skills. The business operations of ITD are in nine major categories namely: buildings; industrial plants; pipelines and utility works; highways, railways, bridges and expressways; airports, ports and marine works; dams, tunnels and power plants; mining; steel structures and telecommunications.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS

A Statement pursuant to Section 212 of the Companies Act, 1956 ("the Act") containing the details of Company''s subsidiary is attached.

As required under the Listing Agreements with the Stock Exchanges, Consolidated Financial Statements of the Company and its subsidiary are attached. The Consolidated Financial Statements have been prepared in accordance with Accounting Standards 21 and 27 issued by The Institute of Chartered Accountants of India and show the f nancial resources, assets, liabilities, income, prof ts and other details of the Company, its subsidiary and its share in joint ventures.

Pursuant to the provisions of Section 212(8) of the Act, Ministry of Corporate Af airs vide its General Circular No. 2/2011 dated 8th February, 2011 has granted a general exemption subject to certain conditions to Holding Companies from complying with the provisions of Section 212 of the Act which requires attaching of its Balance Sheet, Prof t and Loss Accounts and other documents of its Subsidiary Company to its Balance Sheet. Accordingly, the said documents are not included in this Annual Report. The main f nancial summary of the Company''s Subsidiary for the year ended 31st December, 2012 is included in the Annual Report. The Annual Accounts of the Subsidiary Company will be made available to any Member of the Company seeking such information at any point of time and are also available for inspection by any Member of the Company at the Registered Of ce of the Company on any working day during business hours.

RESEARCH AND DEVELOPMENT

The Company lays signif cant emphasis on improvements in methods and processes in its areas of construction and operations. The Research & Development Division of the Company continues to enjoy recognition by the Department of Scientif c and Industrial Research, Ministry of Science and Technology, Government of India. The primary focus of research is to continually ref ne the frequently used systems at our project sites to derive optimization, reduction in the breakdowns and improve ef ectiveness and ef ciency of use, through the introduction of new and improved techniques.

PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

Information as per Section 217(1)(e) of the Act, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the conversion of energy, technology absorption, foreign exchange earnings and outgoings respectively, is attached hereto and forms part of this Report.

Particulars of employees pursuant to Section 217 (2A) of the Act, read with the Companies (Particulars of Employees) Rules, 1975, as amended, is set out in the annexure and forms part of this Report. However, in pursuance of Section 219 (1) (b) (iv) of the Act, the Report and Accounts is being sent to all the Members of the Company excluding the aforesaid information and the said particulars will be made available on request and also made available for inspection at the Registered Of ce of the Company. Any Member interested in obtaining such particulars may write to the Company Secretary at the Registered Of ce of the Company.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Board of Directors state that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations have been provided for material departures, wherever applicable. The Board also conf rms that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of af airs of the Company at the end of the f nancial year and of the prof t of the Company for the year under report. It is further stated that the Board has taken proper and suf cient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. It is further conf rmed that the Directors have prepared the annual accounts on a going concern basis.

DEPOSITORY SYSTEM

It is mandatory that the shares of the Company are traded in electronic form. The Company has entered into Agreements with both the depositories ie. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Reports on Management Discussion and Analysis and on Corporate Governance alongwith a certif cate of compliance from the Auditors are attached hereto and form part of this Report.

DIRECTORS

Mr. Premchai Karnasuta and Mr. Pathai Chakornbundit retire by rotation and, being eligible, of er themselves for re- appointment.

AUDITORS

The retiring Auditors, Walker, Chandiok & Co., Chartered Accountants, Mumbai, of er themselves for re-appointment.

INDUSTRIAL RELATIONS

Relations with staf and labour remained peaceful and cordial during the year under review.

ACKNOWLEDGEMENT

The Directors thank ITD for the continued support extended by it and the guidance provided to your Company.

The Directors thank all employees for their contribution and the shareholders, customers and bankers for their continued support.

For and on behalf of the Board

Premchai Karnasuta

February 28, 2013 Chairman


Dec 31, 2009

The Directors present herewith their Report and Statement of Accounts for the year ended 31 st December, 2009.

FINANCIAL RESULTS

(In Rupees Lakhs) Year 2009 Year 2008

Total Income 99,711.25 97,961.41

Gross Profit before depreciation and bad debts 4,636.57 3,094.53

Less: Depreciation on fixed assets 3,060.01 1,972.53

Net Profit before provision for doubtful debts 1,576.56 1,122.00

Less: Provision for doubtful debts 810.24 477.99

Profit before Taxation 766.32 644.01

Less: Provision for Taxation 225.79 94.08

Profit after Taxation 540.53 549.93

Add: Surplus of previous year brought forward 1,615.70 1,214.25

Amount available for appropriation 2,156.23 1,764.18

Directors recommendation for appropriation:

Proposed Dividend 115.16 115.16

Dividend Distribution Tax 19.57 19.57

Transfer to General Reserve 13.51 13.75

Balance carried to Balance Sheet 2,007.99 1,615.70

2,156.23 1,764.18

DIVIDEND

The Directors are pleased to recommend dividend of Re. 1.00 per share (2008 - Re. 1.00 per share), on 11515790 equity shares of Rs. 10 each fully paid. The above dividend, together with tax thereon, when approved, will represent about 25% of distributable profits of Rs. 540.53 Lakhs for the year.

REVIEW OF OPERATIONS

Revenue for the year was Rs. 97,967 Lakhs compared to Rs. 96,560 Lakhs for the year 2008. As per Consolidated Accounts revenue for the year was Rs. 147,464 Lakhs, an increase of 10% over the previous years Rs. 1 33,665 Lakhs.

For the year 2009, the Company has made a profit before tax of Rs. 766.32 Lakhs compared to a profit of Rs. 644.01 Lakhs for the year 2008, showing an increase of 19%.

The profit before tax increased primarily due to reduction in input cost and recovery of service income from joint venture projects.

As per Consolidated Accounts profit before tax for the year was Rs. 1,590.69 Lakhs compared to profit before tax of Rs. 1,463.56 Lakhs for the year 2008.

During the year the Company has obtained orders in new segments such as micro-tunneling and track laying for MRTS on the back of technology support from Parent Company.

As a strategy, the Company will continue to explore all such available avenues of growth.

The Directors have reviewed the outstanding debts and have decided to write-off Rs. 134.68 Lakhs (2008 - Rs. 185.96 Lakhs).

Total value of new contracts secured during the year aggregated Rs. 163,689 Lakhs (2008 - Rs. 129,882 Lakhs). Major contracts include-

- Investigation, design and execution of water conveyor system (Pranahita Chevalla Sujala Sravanthi Package No. 17) for Government of Andhra Pradesh.

- Civil works, service and allied works for Modernisation at GRSE - Main Unit at Kolkata for Garden Reach Shipbuilders and Engineers Limited.

- Bored Cast-in-situ Piling, Diaphragm Wall and Ground Improvement work for ABG Shipyard at Dahej, Gujarat.

- Piling work for O.P. jindal Super Thermal Power Plant at Tamnar, Chattisgarh.

- Design and Construction of Offshore civil super structure works for Coal Conveyor at Tuticorin, Tamil Nadu.

New contracts secured by joint Venture

During the year, your Company in joint venture with Italian-Thai Development Public Company Limited (ITD) has been awarded two projects namely Supply, Installation, Testing and Commissioning of Track Work and Installation of Third Rail System for Bangalore Metro Rail Corporation Limited valued at Rs. 33,184 Lakhs and Laying of the Tallah-Palta Dedicated Transmission Line for Kolkata Municipal Corporation valued at Rs. 18,739 Lakhs.

During the year under report a number of contracts were completed including-

- Construction of Coal Berth at Chennai.

- Road Projects in the States of Madhya Pradesh, Haryana and Punjab.

- Construction of Civil and allied work for Marine Liquid Jetty at Ennore Port.

- Various Piling and Civil Works in Andhra Pradesh, Assam, Bihar, Haryana, Himachal Pradesh, Gujarat, Karnataka, Orissa and West Bengal.

With regard to paragraphs 5 vi(a) to 5 vi(d) of the Auditors report, your Directors state that:

(a) The Company has recognized variation claims as revenue of Rs. 5,042 Lakhs till December 31, 2009, which are also included in the balance of sundry debtors at December 31, 2009. These claims are disputed by the customer. Out of this, claims amounting to Rs. 2,801 Lakhs are a subject matter of arbitration. In respect of the balance variation claims of Rs. 2,241 Lakhs the Company has received arbitration awards in its favour which have been challenged by the customer. Considering the legal advice from Companys counsel in the matter, the management is reasonably confident of recovery of the amounts awarded.

(b) Sundry Debtors as at December 31, 2009 include Rs. 3,384 Lakhs representing interim work bills for work done which have not been certified by customers beyond normal periods of certification provided in the respective contracts. The Management is reasonably confident of the certification and recovery of the same progressively on these contracts based on past experience of the Company, assessment of work done and the fact that these are not disputed by the customer.

(c) Sundry Debtors as at December 31, 2009 include an amount of Rs. 1,225 Lakhs, recognized as income in earlier years. Based on the payment schedule originally agreed with the customer, the above mentioned claim was expected to be received by the Company over a period of time commencing from financial year 2008/2009. No amounts have been received by the Company till date and further rescheduling of the payment which was is in progress at 31 st December, 2008 has not yet been finalised. The management is in advanced stage of discussion with the client and confident of recovering the amount due.

ISO 9001:2008, ISO 14001:2004 AND OHSAS-18001:2007

Your Company has established at all offices, project sites and depots Quality Management System (QMS) conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001:2004 and Occupational Health and Safety Management System (OHSMS) conforming to OHSAS 18001:2007.

During the year the accreditation has been audited and re-certified by Det Norske Veritas (DNV).

Your Company is amongst a few construction companies who have established Integrated Management System comprising QMS, EMS and OHSMS covering all project sites.

OUTLOOK

Last year your Company consolidated its position in the construction market with its first order from Airport Authority of India for the modernization of Kolkata Airport and repeat order from Delhi Metro Rail Corporation Limited. This year will be remembered for the award of the first project for micro-tunneling work for Kolkata Municipal Corporation and track laying work for Bangalore Metro Rail Corporation Limited, in joint venture with the parent company.

Your Companys presence in other sectors such as irrigation and marine sectors has been further cemented by the award of prestigious project of Investigation, design and execution of water conveyor system for Government of Andhra Pradesh and Construction of Civil works, services and allied works for Modernisation at Kolkata for Garden Reach Shipbuilders and Engineers Limited.

Your Directors are pleased to inform that during the first quarter of 2010, your Company, in joint venture with its parent has emerged as the lowest bidder for a Rs. 90,863 Lakhs project for the Kolkata Metro Rail Corporation Limited.

In view of positive outlook for the Indian economy, your Company is reasonably optimistic for the years that lie ahead.

PARENT COMPANY

Italian-Thai Development Public Company Limited (ITD) is engaged in the business of civil and infrastructure construction and development and has been a major builder of Thailands infrastructure for over 50 years. It had an annual consolidated revenue for the year 2008 of approximate Bant 42,855 million (about Rs. 6,043.50 Crores) which puts it in the lead position amongst contractors in Thailand. In 2008, ITD had a skilled work force of around 26,877 employees, including around 1,483 qualified engineers. An experienced in-house training division provides its employees with continuous training in safety and construction skills. ITDs main activities are buildings, industrial plants, pipelines and utility works, highways, railways, bridges and expressways, airports, ports and marine works, dams, tunnels and power plants, mining, steel fabrication and telecommunications.

SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENT

A Statement pursuant to Section 212 of the Companies Act, 1956 containing the details of Companys subsidiary is attached.

As required under the Listing Agreements with the Stock Exchanges, a Consolidated Financial Statements of the Company and its subsidiary are attached. The Consolidated Financial Statements have been prepared in accordance with Accounting Standards 21 and 27 issued by The Institute of Chartered Accountants of India and show the financial resources, assets, liabilities, income, profits and other details of the Company, its subsidiary and its share in joint ventures.

The Company has been granted exemption for the year ended 31 st December, 2009 by the Ministry of Corporate Affairs from attaching to its Balance Sheet, the individual Annual Report of its Subsidiary Company. As per the terms of Exemption Letter, a statement containing brief financial details of the Companys Subsidiary for the year ended 31 st December, 2009 is included in the Annual Report. The Annual accounts of the Subsidiary Company will be made available to any Member of the Company seeking such information at any point of time and are also available for inspection by any Member of the Company at the Registered Office of the Company on any working day during business hours.

RESEARCH AND DEVELOPMENT

The Company lays significant emphasis on improvements in methods and processes in its areas of construction and operations. The Research & Development Division of the Company continues to enjoy recognition by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. The primary focus of research is to continually refine the frequently used systems at our project sites to derive optimization, reduction in the breakdowns and improve effectiveness and efficiency of use.

PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION

Information as per Section 21 7(1 )(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 relating to the conversion of energy, technology absorption, foreign exchange earnings and outgoings respectively, is attached hereto and forms part of this Report.

Particulars of employees pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, is set out in the annexure and form part of this Report. However, in pursuance of Section 219(1 )(b)(iv) of the Companies Act, 1956, the Report and Accounts is being sent to all the Members of the Company excluding the aforesaid information and the said particulars will be made available on request and also made available for inspection at the Registered Office of the Company. Any Member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors state that in the preparation of the annual accounts the applicable accounting standards have been followed and proper explanations have been provided for material departures, wherever applicable. The Board of Directors also confirm that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under report. It is further stated that the Board of Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. It is further confirmed that the Directors have prepared the annual accounts on a going concern basis.

DEPOSITORY SYSTEM

It is mandatory that the shares of the Company are traded in electronic form. The Company has entered into Agreements with both the depositories ie. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Reports on Management Discussion and Analysis and on Corporate Governance alongwith a certificate of compliance from the Auditors are attached hereto and form part of this Report.

DIRECTORS

Mr. S. Mukundan resigned as Director and Deputy Managing Director with effect from 12th June, 2009. The Directors place on record their sincere appreciation of the long and meritorious service rendered by Mr. Mukundan during his tenure as Director of the Company.

Mr. S.S. Singh retired as Managing Director of the Company with effect from 1st January, 2010. Mr. Singh was the Managing Director for the past 9 years, an office he held with distinction through a difficult period. The Directors place on record their sincere appreciation of the long and meritorious service rendered by Mr. Singh to the Company as Managing Director.

At a meeting of the Board of Directors held on 29th July, 2009, Mr. Adun Saraban was appointed as an Additional Director designated as President and Managing Director (Designate) for the period 12th August, 2009 to 31st December, 2009 and as Managing Director with effect from 1st January, 2010. Mr. Saraban holds office as Director upto the date of this Annual General Meeting and, being eligible, offers himself for re-appointment.

Mr. D.E. Udwadia and Mr. Premchai Karnasuta retire by rotation and, being eligible, offer themselves for re-appointment.

AUDITORS

The retiring Auditors, Messrs S.R. Batliboi & Associates, Chartered Accountants, Mumbai, offer themselves for re-appointment.

INDUSTRIAL RELATIONS

Relations with staff and labour remained peaceful and cordial during the year under review.

ACKNOWLEDGEMENT

The Directors thank all employees for their contribution and the shareholders, customers and bankers for their continued support.

For and on behalf of the Board

Mumbai Premchai Karnasuta

4th March, 2010 Chairman

 
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