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Directors Report of Jagsonpal Pharmaceuticals Ltd.

Mar 31, 2016

Directors’ Report

To the members of Jagsonpal Pharmaceuticals Limited

Your Directors have the pleasure in presenting their Annual Report of the Company and the Audited Accoutred for the period ended 3fct March, 20B.

Operations

Financial Highlights

The financial performance of the Company is as under

(Rs. in Lacs)

Particulars

Current

Year

Previous

Year

Sales

448.92 3

909.0

Operating Expenditure

3 72.08

3025.38

Profit before interest, depreciation and tax

246.84

883.72

Financial Expenses

529.70

445.86

Depreciation

309.36

270.69

Profit before Tax

407.53

B7.7

Provision for taxation

8151

33.43

Deferred Tax

0.60

16.62

Profit after tax

325.42

17.1

Balance brought forward

3248.38

3 82.71

Profit available for appropriation Appropriations:

3 573.80

3299.82

Proposed Dividend

26.20

26.20

Additional Income tax on Dividend

d 5.33

5.24

Transfer to General serve

20.00

20.00

Balance carried forward

3522.27

3248.38

During the period ended s3 March, 2016 sales of the Company were Rs. 14418.92 lacs as compared Rs.3909.0 lacs for the year ended 31 March, 205. The profit before tax increased from Rs167.7Lacs Rs.407.53 lacs during the year. During the year 2015 the economy was in consolidation phase. However, the pharmaceutical industry has shown promising future ah The profits were higher during the year, due to covered new areas and change of product mix.

The Board is pleased to place on record that product from the new manufacturing facility are being w received in the domestic and international market your Company will reap the benefits in coming year

Management Discussions & Analysis Report

Indian Pharma Industry Scenario

The Indian pharmaceuticals market is the gets in term -1 of volume and 3th largest in terms of value. India is the largest provider of generic drugs globally, with the Indian generics accounting for 20 per cent of global exports in terms 37 volume. Of late, consolidation has become an important {characteristic of the Indian pharmaceutical market a; the industry is highly fragmented.

India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers who have the potential to steer the :industry ahead to an even higher level.

The Indian pharma industry, which is expected to grow over 15 per cent per annum between 2015 and 2020, will outperform the global pharma industry, which is set to grow at an annual rate of 5 per cent between the same period.

Presently the market size of the pharmaceutical industry in India stands at US$ 20 billion. As on March 204, Indian pharmaceutical manufacturing facilities registered with the US Food and Drug Administration (FDA) stood at 523, highest for any country outside the US.

Domestic pharmaceutical market grew at a CAGR of 2 per cent year-on-year in February 2015, broadly in line with the average of 12.9 per cent since April 2015. Indian pharmaceutical firms are eyeing acquisition opportunities in Japans growing generic market as the Japanese government aims to increase the penetration of generic drugs to 60 per cent of the market by 207 from 30 per cent in 204, due to ageing population and rising health costs.

India has the largest number US FDA compliant plants. The industry is expected to reach US$ 55 million by 2C20, of which US$ 30 million will be for exports.

India’s biotechnology industry comprising biopharmaceuticals, bio-services, bio-agriculture, bio-industry and bioinformatics is expected grow at an average growth rate of around 30 per cent a year and reach US$ 00 bil ion by 2025.

Government Initiatives

The Addendum 205 of the Indian Pharmacopoeia (IP) 204, .published by the Indian Pharmacopoeia Commission (IPC) on behalf of the Ministry of Health & Family Welfare, is expected to play a significant role in enhancing the quality of medicines that would in turn promote public health and accelerate the growth and development of pharmaceutical sector.

The Government of India unveiled Pharma Vision 2007 pimed at making India a global leader in end-to-end drug manufacture. Approval time for new facilities has been reduced to boost investments. Further, the government UNDER educed mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal . WITH the issue of affordability and availability of medicines.

Some of the major initiatives taken by the government to promote the pharmaceutical sector in India are as follows:

Indian Pharmaceutical Association (IPA), the professional association of pharmaceutical companies of India with the increase of field force by 30% during H15-F, resulting in better penetration of the Tier II and III owns.

Cautionary Statement

in India, plans to prepare data integrity guidelines which will help to measure and benchmark the quality of India companies with global peers.

- The Government of India plans to incentivize bulk during manufacturers, including both state-run and private companies, to encourage Make in India ’ program and , reduce dependence on imports of active pharmaceutical ingredients (API), nearly 85 per cent of which come from China.

- The Department of Pharmaceuticals has set up an in ministerial co-ordination committee, which would periodically review, coordinate and facilitate the resolution of the issues and constraints faced by t Indian pharmaceutical companies. 1

- The Department of Pharmaceuticals has planned ’ launch a venture capital fund of Rs 1000 crore (US$ 54 million) to support start-ups in the research and development in the pharmaceutical and biotech industry

- Indian and global companies have expressed F5 . investment intentions worth Rs 1000 crore (US$ 4672million) in the pharmaceutical sector of Gujarat. The memorandums of understanding (MoUs) would b signed during the Vibrant Gujarat Summit.

- Telangana has proposed to set up India’s largest integrated pharmaceutical city spread over 1000 acres , near Hyderabad, complete with effluent treatment plan and a township for employees, in a bid to attract investment of Rs 30,000 crore (US$ 4.41 billion) in phases. ;

Key issues and challenges on ‘The Domestic Front’:

The Indian government and the drug industry are headed yet another collision course after the acrimonious legal tusk over the approval of hundreds of drugs based on fixed dos combinations.

Indian drug companies may seek legal intervention against the recent decision of the National Pharmaceutical Price Authority (NPPA) to cut prices of medicines that w already sold below the minimum bar set by the principle watchdog. NPPA, on its part, has asserted that it would its ground should the issue go to court as its notification correct as per law and upholds consumer interest.

Outlook

The company increased its field force by nearly 50% during 205-5 dramatically widening the reach of its products to , newer territories and new customers. Due care has been that while inducting better talent and this will have a strop positive impact on the business generation.

Specialty products having high per prescription return have been launched in the last quarter of 2015-]5, which will reach its true potential in the next fiscal. In keep with the current market trends, products catering to hi end Gynaecologists and IVF specialists have been launched

The flagship division of the company will be further Certain statement with respect to Management Discussion me analysis and may be forwarded looking and are stated is required by the applicable laws and regulations. The future results of the Company may be affected by many factors, which could be different from what the Directors envisage netters of future performance and outlook.

Dividend

Your Directors are pleased to recommend for your consideration a dividend of 2 %. This will absorb a sum. of Rs. 26,P,8C(y- (Sum for previous period Rs. 2^^9800/-) $cursive of Corporate tax thereon.

particulars of Loan, Guarantees or Investments

The Company has neither given any loans nor provided my guarantee to entities as per provisions of Section E5 of the Act.

Directors

Mrs. Jasbir Kaur Kochhar, woman director, was appointed is woman director on 30/09/2015 , whose tenure ceases of ensuing Annual General Meeting, being eligible for re- ippointment, the board recommends her re-appointment as TO man director.

Mr. Rajpal Singh Kochhar is interested director in this appointment. Mrs. Jasbir Kaur Kochhar has inter -se -relationship mother -son. Auditors or

M/s. P P. Thukral & Co., Chartered Accountants, ret re as editors at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors.

Cost Auditors

PKfe Board has subject to approval of Central Government, re-appointed Mr. S. N. Balasubramanian as Cost Auditor §3r the year 2015-F. And retrial Auditors

Pursuant to provisions of the Companies Act, 203, The Company is required to appoint Secretarial Auditors. Mr. Mukesh Arora, Practicing Company Secretary is appointed ® Secretarial Auditor of the Company.

Ti secretarial auditors - report for the year 205-5 has been deprived from the Secretarial Auditors. The report does not contain any qualification, reservation or adverse remark. The export is annexed herewith as Annexure - C n

Energy, Technology & Foreign Exchange tag stipulated under the provisions of the Companies Act, gH- read with the (disclosure of particulars in the report fry Board of Directors) rules, Annexure A- contains the particulars pertaining to Conservation of Energy, Technology absorption and Foreign Exchange earnings and outgo. Employees

The Company continued to maintain cordial relations w its employees at all levels. No man-days were lost dur the period due to industrial strife. The information as red under the Companies Act, 203, read with the Companies (Particulars of Employees) Rules, is enclosed in Annexe B” and forms part of this Report.

Corporate Governance

The Company is committed to good corporate governance in line with the Listing Agreement. The Company is compliance with the provisions on corporate govern an specified in the Listing Agreement with NSE & BSE.

A certificate of compliance from M/s Mukesh Arora & Practicing Company Secretary and the report on Corporate Governance forms part of this Directors Report.

Directors Responsibility Statement

Pursuant to Section 34 of the Act, your Directors state a In the preparation of the annual accounts for the ended 3st March, 2016, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are material departures from the same;

b the Directors have selected such accounting policies a applied them consistently and have made judgement and estimates that are reasonable and prudent so a; give a true and fair view of the state of affairs ( Company as at March 3} 206 and of the profit of tl Company for the year ended on that date;

c the Directors have taken proper and sufficient car the maintenance of adequate accounting records accordance with the provisions of the Act f safeguarding the assets of the Company and f preventing and detecting fraud and other irregularities

d the Directors have prepared the annual accounts o going concern basis;

e the Directors have laid down internal financial control to be followed by the Company and that such inter financial controls are adequate and are operative effectively; and

f the Directors have devised proper systems to penne’s compliance with the provisions of all applicable law and that such systems are adequate and operation effectively.

Internal Control Systems and Risk Management :

The Company has devised and implemented a mechanise for risk management and has developed a Risk Management Policy. The committee will, on quarterly basis, provide state updates to the Board of Directors of the Company.

Corporate Social Responsibility

The provisions of the Companies Act 2013 with respect

Extract of Annual Return

Extract of Annual Return of the Company is annexed lager with as Annexure D to this report

Contracts And Arrangements With Related Parties During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the pol cy of the Company on materiality of related party transaction. e

Acknowledgement

The Board of Directors would like to record their appreciation and gratitude to all employees of the organisation for their active co-operation and involvement. Thanks are also due, to Jagsonpal customers, dealers, suppliers and bankers.

For and on behalf of the Board of Directors

: RAJPAL SINGH KOCHHAR

Place : New Delhi Chairman & Mg. Director

Dated : 301 May 206 (DIN 00059492)


Mar 31, 2014

Dear Members,

The Directors have the pleasure in presenting their 35th, Annual Report of the Company and the Audited Accounts, for the period ended 31st March, 2014.

Financial highlights

The financial performance of the company is as under:

(Rs. in Lacs)

Particulars Current Previous Year Year

Sales 14540.57 17037.53

Operating Expenditure 13466.71 15999.80

Profit before interest, depreciation and tax 1073.86 1037.73

Financial Expenses 538.19 513.35

Depreciation 282.54 270.76

Profit before Tax 253.13 253.62

Provision for taxation 50.63 50.72

Deferred Tax -9.57 19.64

Profit after tax 212.07 183.26

Balance brought forward 3143.89 3132.87

Profit available for appropriation 3355.96 3316.13

Appropriations: - -

Proposed Dividend 130.99 130.99

Additional Income tax on Dividend 22.26 21.25

Transfer to General Reserve 20.00 20.00

Balance carried forward 3182.71 3143.89

Operations

During the period ended 31st March, 2014 sales of the Company were Rs. 14540.57 lacs as compared to Rs. 17037.53 lacs for the year ended 31st March, 2013. The profit before tax decreased marginally from 253.62 lacs to Rs. 253.13 lacs during the year but the net profit of the Company during the year increased to Rs. 212.07 Lacs from Rs 183.26 Lacs from the pervious year.

During the year 2013-14 the economy was in consolidation phase. The pharmaceutical industry has also shown promising future ahead. However, the profits were lower due to high materials cost owing to rise in price of materials; higher manpower cost and coverage of newer areas and change of product mix.

The Board is please to place on record that products from the new manufacturing facility are being well received in the domestic and international market and your Company will reap the benefit in coming years.

Dividend

Your Directors are pleased to recommend for your consideration a dividend of10%. This will absorb a sum of Rs. 130.99,000 (Sum for previous period Rs. 1,30,99,000/- exclusive of Corporate tax thereon).

Fixed Deposits

The Company does not have any unclaimed overdue deposits as of date, as per the Companies Act, 2013 all the deposits shall be repaid upto 31.03.2015 in Compliance of the Companies Act, 2013.

Directors

Mr. Bharat Sinh, Mr. Govind Deo and Dr. Ishpal Singh Ghai are Independent directors on the Board for more than one year and are eligible for reappointment as per SEBI Circular no. CIR/CFD/POLICYCELL/2/14 dated 17.04.2014 for a further terms not exceeding five years. Dr. S. K. Goyal has completed 9 years and shall hold office for a term up to five consecutive years on the Board of a company and shall be eligible for re- appointment for another term of not exceeding five consecutive years on the passing of a special resolution by the members.

Attention of the members is invited to the Notice of the Annual General Meeting regarding appointment of Directors.

None of the directors is interested except the persons referred above for appointment/r appointment.

Corporate Governance

As per the listing agreement with the Stock Exchanges, your Company has complied with the regulations of Corporate Governance. A Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance and also a Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto.

Auditors

M/s. P.P. Thukral & Co., Chartered Accountants retire as auditors at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors.

Cost Auditors

The Central Government has approved the appointment of Mr. S.N. Balasunbramanian, Cost Accountant for conducting Cost Audit for the financial year 2014-15. The Board has subject to approval of Central Government re-appointed Mr. S. N. Balasubramanian as Cost Auditor for the year 2014-15.

Secretarial Auditors

Pursuant to provisions of the Companies Act, 2013, The Company requires to appoint Secretarial Auditors. Mr. Mukesh Arora, practicing Company Secretary is appointed as Secretarial Auditors of the Company.

Energy, Technology & Foreign Exchange

As stipulated under the provisions of Section 217 (1) (e) of the Companies Act, 1956, read with the (disclosure of particulars in the report of Board of Directors) rules, 1988, Annexure ''A'' contains the particulars pertaining to Conservation of Energy, Technology absorption and Foreign Exchange earning and outgo.

Directors Responsibility Statement

The Company complies with accounting and financial reporting requirements in respect of the financial statements for the year under review. Pursuant to Section 217 (2AA) of the Companies Act, 1956 read with general circular under the Companies Act, 2013 in respect of the annual accounts for the under review, based on the representations received from the operating management, the Directors confirm that:

1. In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

2. The accounting policies are consistently applied and reasonable, prudent judgements and estimates are made so as to give a true and fair view of the state of affairs of the Company at the end of the period.

3. Sufficient care has been taken 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;

4. The annual accounts have been prepared on a going concern basis.

Employees

The Company continued to maintain cordial relations with its employees at all levels. No man-days were lost during the period due to industrial strife. The information as required under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, is enclosed in Annexure ''B'' and forms part of this Report.

Corporate Social Responsibility

The provisions of the Companies Act 2013 are not applicable on the Company as the Company operations do not come under the ambit of CSR Definition/norms.

Acknowledgement

The Board of Directors would like to record their appreciation and gratitude to all employees of the organisation for their active co-operation and involvement. Thanks are also due, to Jagsonpal customers, dealers, suppliers and bankers.

For and on behalf of the Board of Directors

Place : New Delhi. Rajpal Singh Kochhar Dated : 30th May, 2014 Chairman & Managing Director


Mar 31, 2013

To the members of Jagsonpal Pharmaceuticals Limited

The Directors have the pleasure in presenting their 34th, Annual Report of the Company and the Audited Accounts, for the period ended 31st March, 2013.

Financial highlights

The financial performance of the company is as under:

(Rs. in Lacs) Particulars Current Previous Year Year

Sales 17037.53 18066.52

Operating Expenditure 15999.80 16368.13

Profit before interest, dep. and tax 1037.73 1698.39

Financial Expenses 513.35 435.82

Depreciation 270.76 253.58

Profit before Tax 253.62 1008.99

Provision for taxation 50.72 201.80

Deferred Tax 19.64 61.51

Profit after tax 183.27 745.68

Balance brought forward 3132.87 2739.42

Profit available for appropriation 3316.19 3485.10

Appropriations :

Proposed Dividend 130.99 130.99

Additional Income tax on Dividend 21.25 21.25

Transfer to General Reserve 20.00 200.00

Balance carried forward 3143.89 3132.87

Operations

During the period ended 31st March, 2013 sales of the Company were Rs. 17037.53 lacs as compared to Rs. 18066.52 lacs for the year ended 31st March, 2012. The profit before tax decreased from Rs. 1008.99 lacs to Rs. 253.62 lacs.

During the year 2012-13 the economy was in consolidation phase. The pharmaceutical industry has also shown promising future ahead. However, the profits were lower due to high materials cost owing to rise in price of materials; higher manpower cost and coverage of newer area.

The Board is pleased to place on record that products from the new manufacturing facility are being well received in the market and your Company will reap the benefit in coming years.

Dividend

Your Directors are pleased to recommend for your consideration a dividend of 10%. This will absorb a sum of Rs. 1,30,99,000/- (Same for previous period Rs. 1,30,99,000/- exclusive of Corporate tax thereon).

Directors

Mr. A.C. Chakrabortti, Mr. Sukumar Mukhopadhyay,

Directors, resigned from company as directors. The Board of directors expressed thanks serving as senior directors and valueable guidances given to company and the Board during their tenure.

Dr S.K. Goyal, director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. Directors recommend for re-appointment.

Mr. Govind Deo was appointed as additional director, his tenure ends on ensuing annual general meeting, being, eligible, offers himself for appointment.

Mr. Bharat Sinh, was appointed as additional director, his tenure ends on ensuing annual general meeting, being, eligible, offers himself for appointment.

Dr. Ishpal Singh Ghai, was appointed as additional director, his tenure ends on ensuing annual general meeting, being, eligible, offers himself for appointment.

None of the directors is interested except the persons referred above for appointment/reappointment.

Corporate Governance

As per the listing agreement with the Stock Exchanges, your Company has complied with the regulations of Corporate Governance. A Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance and also a Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto.

Auditors

M/s. P.P. Thukral & Co., Chartered Accountants retire as auditors at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors.

Cost Auditors

The Central Government has approved the appointment of Mr. S.N. Balasubramanian, Cost Accountant for conducting Cost Audit for the financial year 2012-13. The Board has subject to approval of Central Government re-appointed Mr. S. N. Balasubramanian as Cost Auditor for the year 2013-14.

Energy, Technology & Foreign Exchange

As stipulated under the provisions of Section 217 (1) (e) of the Companies Act, 1956, read with the (Disclosure of Particulars in the Report of Board of Directors) rules, 1988, Annexure ''A'' contains the particulars pertaining to Conservation of Energy, Technology absorption and Foreign Exchange earning and outgo.

Directors Responsibility Statement

Your Directors confirm that:

1. In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

2. The accounting policies are consistently applied and reasonable, prudent judgements and estimates are made so as to give a true and fair view of the state of affairs of the Company at the end of the period.

3 Sufficient care has been taken 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;

4 The annual accounts have been prepared on a going concern basis.

Employees

The Company continued to maintain cordial relations with its employees at all levels. No man-days were lost during the period due to industrial strife. The information as required under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, is enclosed in Annexure ''B'' and forms part of this Report.

Acknowledgement

The Board of Directors would like to record their appreciation and gratitude to all employees of the organisation for their active co-operation and involvement. Thanks are also due, to Jagsonpal customers, dealers, suppliers and bankers.

For and on behalf of the Board of Directors

Rajpal Singh Kochhar

Place : New Delhi. Chairman & Managing

Dated : 30th May, 2013 Director


Mar 31, 2010

The Directors have the pleasure in presenting their 31st Annual Report of the Company and the Audited Accounts, for the period ended 31 st March, 2010. Financial highlights The financial performance of the company is as under:

(Rs. in Lacs)

Particulars Current Previous Year Year

Sales 14318.55 14201.48

Operating Expenditure 12710.42 12628.72

Profit before interest, dep. and tax 1608.13 1572.76

Financial Expenses 349.62 457.93

Depreciation 208.50 124.98

Profit before Tax 1050.01 989.85

Provision for taxation 72.46 319.30

Deferred Tax 53.35 16.95

Fringe Benefit Tax - 36.37

Profit after tax 924.20 617.23

Balance brought forward 1802.24 1311.64

Profit available for appropriation 2726.44 1928.87 Appropriations:

Proposed Dividend 130.99 65.50

Additional Income tax on Dividend 21.76 11.13

Transfer to General Reserve 200.00 50.00

Balance carried forward 2373.69 1802.24

Operations

During the period ended 31st March, 2010 sales of the Company were Rs. 14318.55 lacs as compared to Rs. 14201.48 lacs for the year ended 31st March, 2009. The profit before tax increased from Rs. 989.85 lacs to Rs. 1050.01 lacs. The Net Profits of the Company after meeting the tax liabilities registered a 49.73% increase.

During the year 2009-10 the economy was still recovering from the world wide recession. The effect of recession was severe across all the industries. The pharmaceutical industry was also adversely affected. Your company has been able to achieve better results and consolidated its position despite lower growth rate of the industry in general and adverse impact caused by recession. It was sheer determination and hard labour put in by the management and staff, which saw us sail through severe competition.

The Board is pleased to place on record that products from the new manufacturing facility at Pantnagar, Uttarakhand, which started production in April 2009, are being well received in the market and your Company will reap the benefit in com ing years.

Dividend

Your Directors are pleased to recommend for your consideration a dividend of 10%. This will absorb a sum of Rs. 1,30,99,000/- (Sum for previous period Rs. 65,49,500/- exclusive of Corporate tax thereon).

Employees

The Company continued to maintain cordial relations with its employees at all levels. No man-days were lost during the period due to industrial strife. The information as required under Section 217 (2 A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, is enclosed in ATmexure B and forms part of this Report.

Directors

Mr. SukumarMukhopadhyay, Director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

Corporate Governance

As per the listing agreement with the Stock Exchanges, your Company has complied with the regulations of Corporate Governance. A Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance as also a Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto.

Auditors

M/s. P.P. Thukral & Co., Chartered Accountants retire as auditors at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors.

Energy,Technology & Foreign Exchange

As stipulated under the provisions of Section 217 (1) (e) of the Companies Act, 1956, read with the (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, Annexure A contains the particulars pertaining to Conservation of Energy, Technology absorption and Foreign Exchange earning and outgo.

Directors Responsibility Statement

Your Directors confirm that:

1. In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

2. The accounting policies are consistently applied and reasonable, prudent judgments and estimates are made so as to give a true and fair view of the state of affairs of the Company at the end of the period.

3. Sufficient care has been taken 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;

4. The annual accounts have been prepared on a going concern basis.

Acknowledgment

The Board of Directors would like to record their appreciation and gratitude to all employees of the organisation for their active co-operation and involvement. Thanks are also due, to Jagsonpal customers, dealers, suppliers and bankers.

Place : New Delhi J. S. Kochhar

Dated: 13th August, 2010 Chairman

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