Mar 31, 2016
To,
The Members of K G Petrochem Limited
The Directors have pleasure in presenting this 36th Boardâs Report of your Company together with the Audited Statement of Accounts and the Auditorsâ Report of your company for the financial year ended, 31st March, 2016
FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
2015-2016 |
2014-2015 |
|
Gross Income |
21801.88 |
19080.52 |
Profit Before Interest and Depreciation |
3052.82 |
2570.87 |
Interest Charges |
707.09 |
858.37 |
Profit Before Depreciation |
2343.73 |
1 712.50 |
Depreciation |
1360.95 |
1 189.26 |
Net Profit Before Tax |
982.78 |
523.34 |
Provision for Tax |
55.90 |
314.53 |
Net Profit After Tax |
926.88 |
208.71 |
REVIEW OF OPERATIONS
During the Financial Year, the company was able to improve its performance in revenue from operation. The revenue from operation of the company for the year ended 31st March 2016 was Rs. 21432.63 lacs as against Rs. 18589.93 Lacs in F.Y 201415, an increase of 15.29% on a year to year basic.
Further Segment wise result of operation is as under:-
Textile Division
During the year, its revenue from operation was Rs. 21366.44 lacs including export sales of Rs 16574.67 lacs (fob) as against Rs. 18501.44 lacs including export of Rs. 14810.95 lacs in previous year, growth of 15.49 %. The division has performed well during the year under review.
Agency Division
During the year the agency division has sold HDPE/LLDPE Granules 16146.45 Mt. amounting to Rs. 16798.67 lacs in comparison of 21846 Mt. amounting of Rs. 25581 lacs and earned commission of Rs. 66.19 lacs as compared to last year Rs. 88.43 Lacs only due to plant of Gail was under maintenance about 2 months.
Garment Division
Garment division is doing 100% Job work for Textile Division.
CHANGE IN NATURE OF BUSINESS, IF ANY
There was no change in the business of the Company during the financial year 2015-16.
DIVIDEND
In order to conserve the resources of company the directors are not recommending any dividend.
AMOUNTS TRANSFERRED TO RESERVES
During the Financial year 2015-16, company has received capital subsidy under TUFF Scheme Rs. 446.44 lacs (Net of withdrawal), which added in capital reserve and Rs. 926.90 lacs transfer to surplus account.
INVESTOR EDUCATION AND PROTECTION FUND
There was no unclaimed / unpaid dividend, hence the company is not required to transfer any amount to Investor Education and Protection Fund (IEPF) pursuant to sections 124 and 125 of the Companies Act, 2013 and other applicable provisions.
SHARE CAPITAL
There was no any change in share capital of the company during the financial year 2015-16.
MATERIAL CHANGE AND COMMIETMENTS
No material changes have occurred and commitments made, affecting the financial position of the company, between the end of the financial year of the company and the date of this report.
There is no order passed by any regulator or court or tribunal against the company, impacting the going concern concept or future operations of the company.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The companyâs internal control system is commensurate with the size, scale and complexity of its operations. The main thrust of internal audit is to test and review controls, appraisal of risks with best practices in the industry. The internal audit is entrusted to M/s. Arpit Vijay & Co, Chartered Accountants. The Internal Auditor of the company conduct the audit on regular basis and Audit Committee actively review the Internal Audit Report. The Management with Audit Committee periodically reviews the Internal Control System and procedure for the efficient conduct of the business.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
On the recommendation of Nomination and Remuneration Committee, the Board appointed Mr. Radhey Shyam Gemini, as an Additional Director of the company with effect from November 09, 2015, who shall hold office up to the Annual General Meeting, and is eligible for appointment as Director as provided under the Articles of Association of the Company. The Company has received notice under Section 160 of the Companies Act, 2013 from a member signifying his intention to propose the candidature of Mr. Radhey Shyam Gemini for the office of Independent Director.
As per the provisions of the Companies Act, 2013, Mrs. Savitri Kandoi will retire by rotation at the ensuing AGM and being eligible offered herself for re-appointment. The Board recommends her re-appointment.
Mr. Nitin Jaipuria, who was appointed as the Independent Director of the company on July 13, 2009 has resigned from the Board on November 06, 2015. The Board of Directors records their appreciation for the services rendered by Mr. Nitin Jaipuria during his tenure.
Ms. Navita Khunteta, who was the Company Secretory of the company on July 10, 2014 has resigned from the Company on February 04, 2016. The Board of Directors records their appreciation for the services rendered by Ms. Navita Khunteta during his tenure.
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
MEETINGS OF THE BOARD OF DIRECTORS
During the year 2015-16, the Eight Board meetings were conveyed and held on 16/04/2015, 18/04/2015, 26/05/2015, 30/05/2015, 14/08/2015, 23/09/2015, 09/11/2015 & 13/02/2016. Other details pertaining to attendance at the meeting and sitting fee/ commission/ remuneration paid to them at the meeting are given in Corporate Governance Report attached with this Report. The provisions of Companies Act, 2013 and listing agreement were adhered to while considering the time gap between two meetings.
EVALUATION OF THE BOARD''S PERFORMANCE
In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance evaluation of the Board was carried out during the year under review. More details on the same are given in the Corporate Governance Report.
The Company has prepared an annual performance evaluation policy for performance evaluation of Independent Directors, Board and the Committees.
Separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department.
REMUNERATION POLICY
The company follows a policy on remuneration of Directors and Senior Management Employees. The policy is approved by the Nomination and Remuneration Committee and the Board. More details on the same are given in the Corporate Governance Report.
CREDIT RATING
ICRA has assigned a long-term rating of ICRA BBB (pronounced ICRA Triple B) and short-term rating of ICRA A3 (ICRA A three Plus) vide letter dated 30.5.2016.ICRA BBB this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. ICRA] A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations.
LISTING STATUS
Shares of the Company are listed on the Bombay Stock Exchange.
SUBSIDIARIES/ ASSOCIATES/ JOINT VENTURES
The company does not have any subsidiary/associate/joint venture.
STAKEHOLDER RELATIONSHIP COMMITTEE
The Stakeholder Relationship Committee constituted under section 178 of companies Act, 2013 comprises of Mrs. Savitri Kandoi as Chairman and Mr. Gauri Shanker Kandoi and Mr. Manish Singhal as members. The details of term of reference of the Committee member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
AUDIT COMMITTEE
The Audit Committee constituted under section 177 of companies Act, 2013 comprises of Mr. Kamlesh Sharma as Chairman and Mr. Rameshwar Pareekand Mr. Raj Kumar Agarwal as members. The details of term of reference of the Audit Committee member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
VIGIL MECHANISM
The Company has formulated a vigil mechanism (whistle blower policy) for its directors and employees of the Company for reporting genuine concerns about unethical practices and suspected or actual fraud or violation of the code of conduct of the Company as prescribed under the Companies Act, 2013 and Regulation 22(1) of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015. This vigil mechanism shall provide a channel to the employees and Directors to report to the management concerns about unethical behavior, and also provide for adequate safeguards against victimization of persons who use the mechanism and also make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases. The Vigil Mechanism Policy has been uploaded on the website of the Company at http://www.kgpetro.in.
CODE OF CONDUCT
Directors, Key Managerial Personnel and senior management of the Company have confirmed compliance with the Code of Conduct applicable to the Directors and employees of the Company and the declaration in this regard made by the CEO & Whole Time Director is attached as Annexure ''I'' which forms a part of this Report. The Code of Conduct is available on the Company''s website www.kgpetro.in
HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY
During the year the Company had cordial relations with workers, staff and officers. The shop floor management is done through personal touch, using various motivational tools and meeting their training needs requirements. The company has taken initiative for safety of employees and implemented regular safety audit, imparted machine safety training, wearing protective equipment''s etc.
The Company believes in empowering its employees through greater knowledge, team spirit and developing greater sense of responsibility. There were 842 regular employees as at March 31, 2016.
DISCLOSURE UNDER SEXUAL HARSSEMET OF WOMEN AT WORK PLACE (PREVENTATION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has setup an internal complaints committee to redress complaints regarding sexual harassment. During the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
PARTICULARS OF EMPLOYEES
Information in accordance with the provisions of Section 134(3)(q) and Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, regarding employees is given in Annexure ''II''.
There was no employee in the company drawing remuneration in excess of the limits set out in the Rule 5(2) and 5(3) of the Companies (Appointment and remuneration of Managerial Personnel) Rules 2014.
EXTRACT OF ANNUAL RETURN
The particulars required to be furnished under Section 134(3)(a) of the Companies Act, 2013 read with Companies(Management and Administration) Rules, 2014 as prescribed in Form No. MGT-9 is given in Annexure ''III''.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on an armâs length basis and were in the ordinary course of business. During the Year, the company has not entered into any contracts / arrangements / transactions with related parties which could be considered material in accordance with the policy of the company on materiality of related party transaction, hence Form no. AOC-2 is not applicable to the company.
CORPORATE SOCIAL RESPONSIBILITY
As per Section 135(5) of the Companies Act, 2013 and Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and schedule VII of the Companies Act, 2013, Corporate Social Responsibility Committee comprises of Mr. Gauri Shanker Kandoi as the Chairman and Mr. Manish Singhal and Mr. Raj Kumar Agarwal as the members.
The committee has decided the activities to be undertaken by the company and the expenditures to be incurred on the same and recommended the same to the board thereafter the board approved the CSR policy. The other detail related to CSR is given in Annexure- IV.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
Information on conversation of energy, technology absorption , foreign exchange earnings and out go pursuant to sec. 134 of the Companies Act, 2013 read with Rule of the Companies (Accounts)Rules, 2014 is given in âAnnexure Vâ of the report.
CORPORATE GOVERNANCE
A separate report of the Board of Directors of the Company on Corporate Governance is included in the Annual Report as Annexure ''VI'' and the Certificate from M/s Sandeep Kumar Jain and Associates, Practicing Company Secretaries confirming compliance with the requirements of Corporate Governance as stipulated in Schedule V of sEbI (Listing Obligations and Disclosure Requirement) Regulations, 2015 is annexed as Annexure ''VII''.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report, as required by Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is given in Annexure ''VIII''.
STATUTORY AUDITORS AND REPORT THEREON
Pursuant to the provisions of Section 139 of the Act and the rules framed there under, R Sogani & Associates, Chartered Accountants, (FRN 018755C) was appointed as statutory auditors of the Company from the conclusion of the thirty forth annual general meeting (AgM) of the Company held on September 27, 2014 till the conclusion of the thirty-ninth annual general meeting to be held in the year 2019, subject to ratification of their appointment at every AGM. In terms of the first proviso to Section 139 of the Companies Act, 2013, the appointment of R Sogani& Associates, Chartered Accountants, as statutory auditor of the Company is placed for ratification by the shareholders.
Pursuant to Section 141 of the Companies Act, 2013 and relevant Rules prescribed there under, the Company has received certificate from the Auditors to the effect, inter-alia, that their re-appointment, would be within the limits laid down by the Act and that they are not disqualified for such re-appointment under the provisions of applicable laws
The observation of the Auditors in their report read with relevant notes on the accounts, as annexed are self-explanatory and need no elaboration.
SECRETARIAL AUDIT AND REPORT
According to provision of the section 204 of the Companies Act 2013 read with rule 9 of the companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit Report Submitted by M/s Arms & Associates LLP, Practicing Company Secretaries ,for the financial year ended 31st March, 2016 is annexed herewith for your kind perusal and information. (Annexure -IX)
COST AUDIT
As per Sub Rule (3) of Rule 4 of Companies (Cost Records & Audit), Rules, 2014, Cost Audit for the FY 2015-16 is not applicable on the company as the export turnover of the company is more than 75% of its total turnover.
LOANS, GUARANTEES AND INVESTMENTS U/s 186.
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable for the F.Y. 2015-16.
DEPOSITS
Your company has not accepted any deposit and accordingly no amount was outstanding as at the Balance Sheet date.
DEMATERIALISATION OF SHARES
The shares of your Company are being traded in electronic form and the Company has established connectivity with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, Members are requested to avail the facility of dematerialization of shares with either of the Depositories as aforesaid. As on March 31, 2016, 92.45% of the share capital stands dematerialized.
CAUTIONARY STATEMENT
Statements in this report, describing the Companyâs objectives, expectations and/or anticipations may be forward looking within the meaning of applicable Securities Law and Regulations. Important factors that could influence the Companyâs operations include global and domestic supply and demand conditions affecting selling prices of finished goods, availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and outside and other factors such as litigation and industrial relations.
The Company assumes no responsibility in respect of the forward-Booking statements, which may undergo changes in future on the basis of subsequent developments, information or events.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013 the Board of Directors of the Company confirms that-
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) The directors had 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 and loss of the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
APPRECIATION
Your Directors wish to express their grateful appreciation to the continued co-operation received from the Banks, Government Authorities, Customers, Vendors and Shareholders during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed service of the Executives, staff and Workers of the Company.
For and on behalf of the Board of Directors
KG Petrochem Limited
Date: 13.08.2016 Manish Singhal Gauri Shanker Kandoi
Place: JAIPUR Director CMD
DIN NO. : 00120232 DIN NO. : 00120330
Mar 31, 2014
Dear Members,
The Directors are pleased to present their 34rd Annual Report together
with the Audited Statement of Accounts for financial year ended on 31st
March 2014.
FINANCIAL RESULTS
The Financial performance of the Company for the year ended March 31,
2014 is summarized below:-
Particular F.Y 2013-14 F.Y 2012-13
(Rs. In lacs) (Rs. In lacs)
Sales/Income from operation 15104.95 12140.32
Add :Other Income 265.06 298.57
Less: Total Expenditure 13069.58 10667.32
(Including variation in Stock )
Profit before Interest,
Depreciation & Tax 2300.43 1771.57
Less : Financial Expenses 577.43 594.97
Profit before Depreciation & Tax 1723.00 1176.59
Less : Depreciation 745.49 701.38
Add : Withdrawal from Capital Reserve 19.82 16.71
Provision for Tax (Including
Deferred Tax) 312. 12 158.42
Profit after Tax 685.21 333.51
DIVIDEND
In order to conserve the resource of the company, your Directors
express their inability to recommend a dividend for the financial year
ended on 31st March, 2014.
RESULT OF OPERATIONS:
During Financial the year under review, The Company was able to improve
its performance in revenues from operations. During Financial Year
2014, the company has performed reasonably well and grew its revenues.
The revenue from operation of the company for the year ended 31st March
2014 was Rs. 15104.95 lacs as against Rs. 12140.32 lacs in F.Y.
2012-13, an increase of 24.42 % on a year to year basis. Profit after
tax was Rs. 685.21 lacs as against Rs. 333.51 lacs in previous year.
Further Segment wise result of operation is as under:-
Textile Division:- During the year under review, its revenue from
operations was Rs. 15004.84 lacs including export sales of Rs. 10835.35
lacs (FOB) as against Rs. 12026.17 lacs including export of Rs. 7095.65
lacs (FOB) in previous year, growth of 24.77 %. The division has
performed well during the year under review. The division had also
achieved its level of exports (FOB) which were higher by 52.70% at Rs.
10835.35 lacs as against Rs. 7095.65 lacs FY 2012-13. Modernization and
Technology Up-gradation programme continue at unit to maintain
competitiveness and achieve better quality.
Agency Division- The division has sold HDPELLDPE Granules 24679.347
Mt. amounting to Rs. 27456.93 lacs in comparison of 19151.00 Mt.
amounting to Rs. 18317.81 lacs and earned commission of Rs. 100.11 lacs
as compared to last year Rs. 77.21 lacs.
Garment Division: To given strength and support to textile division,
garment division is still doing job work for textile division.
PERSONNEL
During the year under review, industrial relations continue to be
cordial. The Board wishes to place on record its appreciation for the
valuable services rendered by the entire work force, during the year
under review, achieved good quality production.
There were no employees whose remuneration was in excess of the limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company Mr. Ramesh Chand Maheshwari,
Director shall retire by rotation at the forthcoming Annual General
Meeting and being, eligible offer himself for reappointment.
During the period Mrs. Prity Singhal has resigned from the board and
Mrs. Savitri Kandoi was appointed as Additional Director with effect
from 10.07.2014 under Section 161(1) of the Companies Act, 2013 and
liable to hold office upto the ensuing Annual General Meeting. The
Company has received necessary notice under Section 161(1) of Companies
the Act, 2013 from a member proposing her appointment and the
resolution for her appointment shall be placed at the annual general
meeting for the approval of members Brief resume of the above appointee
Director is given in the Corporate Governance Report forming part of
the Annual Report.
The Company has received requisite notices in writing from members
proposing Shri Nitin Jaipuria, Shri Rameshwar Pareek, Shri Kamlesh
Sharma and Shri Raj Kumar Agarwal for appointment as Independent
Directors.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed under sub-section (6) of Section 149 of the
Companies Act, 2013.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Management continuously reviews the internal control systems and
procedure for the efficient conduct of the company''s business. The
Internal Auditors of the company conducts the audit on regular basis
and the audit committee actively reviews internal audit reports and
effectiveness of internal control systems.
AUDITORS & AUDITOR''S REPORT
The Company''s Auditors, M/s. R Sogani & Associates, Chartered
Accountants, who are statutory auditor of the company hold office upto
the forthcoming Annual General Meeting and are recommended for
re-appointment to audit the accounts of the company for the Financial
Year 2014-15. As required under provision of the Section 141 (3) (g) of
the Companies Act, 2013, the company has obtained written confirmation
from M/s. R Sogani & Associates that their appointment if made, would
be in conformity with the limits specified in the said Section.
PUBLIC DEPOSITS:
During the year, the Company has not accepted any deposits under
Section 58A of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of section 217 (2AA) of the Companies Act, 1956, your
Directors confirm as under:-
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. 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 as at 31st
March, 2014 and of the profit of the Company for the year;
3. That the Directors have 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; and
4. That the annual accounts were prepared on a ''going-concern'' basis.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report gives a detailed account of
your Company''s operations and the market in which it operates are
separately given in the Annual Report and forms part of the Director
Report.
CORPORATE GOVERNANCE
Your Company continues to be committed to good corporate governance and
ethical corporate practices. A separate Report on Corporate Governance
on compliance with the conditions of Corporate Governance as per Clause
49 of the Listing Agreement with Stock Exchanges is provided as part of
this Annual Report.
COST AUDITORS:
The Cost Audit Report for the financial year 2012-13 was filed with
Ministry of Corporate Affairs on October 23, 2013. The cost audit
report for the year 2013-14 is in under process and will be filed in
due course.
COMPLIANCE REPORT
Towards, company''s commitment to transparency and due compliance of
applicable laws, the Board is pleased to enclose compliance report in
annexure "A" for the year 2013-2014 as a part of the Director Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with Sec. 217(1)(e) of the companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rule,1988 is given in Annexure ''B'' forming part
of this report.
APPRECIATION
Your Directors would like to express their appreciation for the
assistance and co operation received from Central and State Government
Authorities, Regulatory Bodies, Banks. The Board also recognized the
contribution of the esteemed customers, vendors, bankers and business
associates in the growth of the Company.
The Director also wish to acknowledge the committed and dedicated team
of KG Petrochem whose unstinted hard work, efforts and ideas have taken
the Company on a path of steady growth and Development. We take this
opportunity to thank the employees for their contribution to the growth
and success of your company. We would also like to thank all other
stakeholders and business associate for their report.
For and on behalf of the Board
Place:JAIPUR (G. S. Kandoi) (Manish Singhal)
Date : 10th July, 2014 Managing Director Director
Mar 31, 2013
Dear Shareholders,
The directors are pleased to present their 55th Annual Report and
audited accounts for financial year ended on 31st March, 2013.
FINANCIAL RESULTS
The financial performance of the Company for the year ended March 31,
2013 is summarized below:-
(Rs. in Lacs)
Particulars 2012-2013 2011-2012
Sales/income from operation 12140.32 9704.62
Other Income 298.57 127.94
Less: Total Expenditure 10667.32 8219.33
(Including variation in stock)
Profit before Interest,
Depreciation & Tax 1771.57 1613.23
Less : Financial Expenses 594.97 588.91
Profit before depreciation &
Tax 1176.60 1024.32
Less : Depreciation 701.38 669.36
Add : Withdrawl from Capital
Reserve 16.71 15.02
Provision for Taxation (including
Defferred Tax) 158.42 119.11
Profit/(Loss) after Tax 333.51 250.87
DIVIDEND
In order to conserve the resource of the company, your Directors
express their inability to recommend a dividend for the financial year
ended on 31st March, 2013.
RESULT OF OPERATIONS:
During the year under review, The Company was able to improve its
performance in revenues from operations. Despite of challenging
environment, the company has performed reasonably well and grew its
revenues. The revenue from operation of the company for the year ended
31st March 2013 was Rs.12140.32 lacs as against Rs.9704.62 lacs in FY
2011-12, an increase of 25.10% on a year on year basis. Profit aftertax
was Rs.333.51 lacs as against Rs.250.87 lacs in previous year..
Further Segment wise result of operation is as under- Textile
Division:- During the year under review, its revenue from operations
was Rs.12026.17 lacs including export sales of Rs. 7095.65 lacs (FOB) as
against Rs. 8995.22 lacs including export of Rs. 4921.15 lacs (FOB) in
previous year, growth of 33.70 %.The division has performed well during
the year under review. The division had also achieved its level of
exports (FOB) which were higher by 44.19% at Rs.7095.65 lacs as against Rs.
4921.15 lacs FY 2011-12.
Agency Division- The division has sold HDPELLDPE Granules 19151Mt.
amounting to Rs.18317.81 lacs in comparison of 20911 Mt. amounting to
Rs.17470.00 lacs and earned commission of Rs.77.21 lacs as compared to last
year Rs. 85.51 lacs.
Woven Sacks Division:- During the year under review, its revenue from
operations was Rs. 36.77 lacs only in comparison to previous yearRs. 623.89
lacs. Now the company completely phased out woven sacks division.
Garment Division: The division is in initial stage and presently
doingjob work of textile division.
NETWORTH
The year saw your Company''s Net worth growing from Rs. 2058.42 lacs in
the previous year to Rs. 2415.84 lacs as on 31st March, 2013.
PERSONNEL
During the year under review, industrial relations continue to be
cordial. The Board wishes to place on record its appreciation for the
valuable services rendered by the entire work force, during the year
under review, achieved good quality production.
There were no employees whose remuneration was in excess of the limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Nitin Jaipuria & Mr.
Rameshwar Pareek, Directors, who retire by rotation at the forthcoming
Annual General Meeting and being, eligible offer themselves for
reappointment.
Mr. Raj Kumar Agarwal and Mrs. Prity Singhal were appointed as
Additional Directors with effect from 17/06/2013 under Section 260 of
the Act and liable to hold office upto the ensuing Annual General
Meeting, being eligible offers them for re-appointment. The Company has
received necessary notice under Section 257 of the Act. Board of
Directors recommends their appointment.
Further the Board in its meeting held on 17.06.2013 appointed,
Mrs.Prity Singhal as Executive Director (Whole time Director), subject
to the approval of shareholders in their ensuing Annual General
Meegting for three years.
Brief resume of the above appointee Directors are given elsewhere in
the Annual Report.
DIRECTORS''RESPONSIBILITY STATEMENT:
In terms of section 217 (2AA) of the Companies Act, 1956, your
Directors confirm as under:-
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relatingto material departures;
2. 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 as at 31st
March, 2013 and of the profit of the Company forthe year;
3. That the Directors have 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 preventingand detecting fraud and other
irregularities; and
4. That the annual accounts were prepared on a going-concern basis.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
Reports on Corporate Governance and Management Discussion and Analysis
as stipulated under Clause 49 of the Listing Agreement are separately
given in the Annual Report and forms part of the Director Report.
INTERNAL CONTROL SYSTEM ANDTHEIRADEQUACY
The Management continuously reviews the internal control systems and
procedure for the efficient conduct of the company''s business. The
Internal Auditors of the company conducts the audit on regular basis
and the audit committee actively reviews internal audit reports and
effectiveness of internal control systems.
AUDITORS & AUDITOR''S REPORT
The Company''s Auditors, M/s. P.C Modi & Co. Chartered Accountants, who
are statutory auditor of the company hold office upto the forthcoming
Annual General Meeting and are recommended for re-appointment to audit
the accounts of the company for the Financial Year 2013-14. As required
under provision of the Section 224 (IB) of the Companies Act, 1956, the
company has obtained written confirmation from M/s. P.C Modi & Co. that
their appointment if made, would be in conformity with the limits
specified in the said Section.
COST AUDITORS
The Cost Audit Report for the financial Year 2011-12, which was due to
be filed with Ministry of Corporate Affairs on February 2013, was filed
on 29.01.2013 by M/s. Chittora & Co; Cost Accountants. The Cost Audit
Report for the year 2012-13 is under process and will be filed before
the due date.
PUBLIC DEPOSITS:
During the year, the Company has not accepted any deposits under
Section 58A of the Companies Act, 1956.
COMPLIANCE REPORT
Towards, company''s commitment to transparency and due compliance of
applicable laws, the Board is pleased to enclose compliance report in
annexure "A" for the year 2012-2013 as a part of the Director Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with Sec. 217(l)(e) of the companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rule,1988 is given in Annexure ''B'' forming part
of this report.
ACKNOWLEDGEMENTS
Your Directors would like to express their appreciation for the
assistance and co operation received from Central and State Government
Authorities, Regulatory Bodies, Banks. The Board also recognized the
contribution of the esteemed customers, vendors, bankers and business
associates in the growth of the Company.
The Director also wish to acknowledge the committed and dedicated team
of KG Petrochem whose unstinted hard work, efforts and ideas have taken
the Company on a path of steady growth and Development. We take this
opportunity to thank the employees for their contribution to the growth
and success of your company. We would also like to thank all other
stakeholders and business associate fortheir report.
For & on behalf of the Board of Director
Place:JAIPUR (G.S Kandoi)
Date : 17th June, 2013 Chairman
Mar 31, 2012
The directors are pleased to present their 32nd Annual Report and
audited accounts for financial year ended on 31st March, 2012.
FINANCIAL RESULTS
The financial performance of the Company for the year ended March 31,
2012 is summarized below:-
(Rs. in Lacs)
Particulars 2011-2012 2010-2011
Sales/income from operation 9704.62 7976.80
Add : Other Income 127.94 118.70
Less: Total Expenditure 8219.33 7058.21
(Including variation in stock)
Profit before Interest, Depreciation
& Tax 1613.23 1037.29
Less : Financial Expenses 588.91 351.64
Profit before depreciation & Tax 1024.32 685.65
Less : Depreciation 669.36 567.41
Add : Withdrawl from Capital Reserve 15.02 41.94
Provision for Taxation (including
Defferred Tax) 119.11 62.11
Profit/(Loss) after Tax 250.87 98.07
RESULT OF OPERATIONS
During the year under review the company was able to improve its
performance in revenues from operations. Despite of challenging
environment, the company has performed reasonably well and grew its
revenues. The revenue from operation of the company for the year ended
31st March 2012 was Rs.9704.62 lacs as against Rs.7976.80 lacs in FY
2010-11, an increase of 21.66% on a year to year basis. Profit after tax
was Rs.250.87 lacs as against Rs.98.07 lacs in previous year.
Further Segment wise result of operation is as under:-
Textile Division:- During the year under review, its revenue from
operations was Rs. 8995.22 lacs including export sales of Rs. 4921.15
lacs (FOB) as against Rs 7239.57 lacs including export of Rs 2652.22
Lacs (FOB) in previous year, growth of 24.25 %.The division has
performed well during the year under review. The division had also
achieved its record level of exports (FOB) which were higher by 85.55%
at Rs.4921.15 lacs as against Rs.2652.23 lacs FY 2010-11. Due to
increase in demand of embroidered Towel, Company has decided to add
more embroidery machine along with other Machineries.
Agency Division- The division has sold HDPE/LLDPE Granules 20911 MT
amounting to Rs.17470 lacs in comparison of 16325 MT amounting to Rs.
12325 lacs and earned commission of Rs. 85.51 lacs as compared to last
year Rs. 68.68 lacs.
Woven Sacks Division:- During the year under review, its revenue from
operations was Rs. 623.89 Lacs in comparison to previous year Rs.668.55
Lacs i.e. decreased 6.68%. During the current financial year the
company completely closed manufacturing activities of the division.
New unit: Looking at the market scenario and demand of terry garment,
Board has decided to start up a new unit namely MANTIKA GARTEX at
Jaipur, as woven sack division has been closed. The unit will start
commercial production from November 2012 onwards.
NET WORTH
The year saw your Company's Net worth growing from Rs. 1792.28 lacs in
the previous year to Rs. 2058.42 lacs as on 31st March, 2012.
PERSONNEL
During the year under review, industrial relations continue to be
cordial. The Board wishes to place on record its appreciation for the
valuable services rendered by the entire work force, during the year
under review, achieved good quality production.
There were no employees whose remuneration was in excess of the limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DIVIDEND
In order to conserve the resource of the company, your Directors
express their inability to recommend a dividend for the financial year
ended on 31st March, 2012.
DIRECTORS: In terms of the provisions of the Companies Act, 1956 and
the Articles of Association of the Company, Mr. Amar Chand Gupta who
retire by rotation at the ensuing AGM has tendred his unwillingness to
be continiued a director with effect from 18.07.2012 for reappointment.
The Company has received notice under section 257 of Companies Act,1956
from a member along-with his deposit of Rs. 500/- signifying the
intention to propose Mr. Kamlesh Sharma as Independent Director of the
company whose period of office is liable to retire by rotation.
Further the board in its meeting held on 21.06.2012 recommended for
reappointment of Mr. G.S.Kandoi, as Chairman Cum Managing Director and
Shri Manish Singhal as Executive Director subject to approval of
Shareholders in their ensuing Annual General Meeting, w.e.f. 30.07.2012
respectively for further period of three years.
Brief resume of the above appointee Directors are given elsewhere in
the Annual Report.
DIRECTORS'RESPONSIBILITY STATEMENT:
In terms of section 217 (2AA) of the Companies Act, 1956, your
Directors confirm as under-
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. 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 as at 31st
March, 2012 and of the profit of the Company for the year;
3. That the Directors have 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; and
4. That the annual accounts were prepared on a going-concern basis.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Reports on Corporate Governance and Management Discussion and Analysis
as stipulated under Clause 49 of the Listing Agreement are separately
given in the Annual Report and forms part of the Director Report.
INTERNAL CONTROL SYSTEM ANDTHEIR ADEQUACY
The Management continuously review the internal control systems and
procedure for the efficient conduct of the company's business. The
Internal Auditors of the company conducts the audit on regular basis
and the audit committee actively reviews internal audit reports and
effectiveness of internal control systems.
AUDITORS & AUDITOR'S REPORT
The Company's Auditors, M/s. Kalani and Co., Chartered Accountants,
Jaipur who retire at the ensuing AGM, have express their unwillingness
to be reappointed as Auditor of the company.
A Special notice in terms of provision of Section 190 of the Companies
Act, 1956 read with section 225 of the Act has also been received from
share holders of the company for the appointment of new auditor M/s.
P.C Modi & Co., Chartered Accountants in place of the retiring auditors
M/S Kalani &Co., Chartered Accountant from the conclusion of ensuing
AGM. M/s. P.C Modi has confirmed their eligibility under section 224 of
the Companies Act, 1956 for appointment as Auditors of the company.
The auditor report is self explanatory and their observation have been
substantial dealt with the notes to the accounts and do not require any
further clarification.
COST AUDITORS
As per order no. F.No. 52/26/CAB-2010 dated 24.01.2012 issued by
Ministry of Corporate Affairs (Cost Audit Branch ) it is necessary for
the company to appoint the Cost Auditor for the financial year 2012-13.
On the recommendation of the Audit committee, the Board of Directors of
the Company in their meeting held on 21.06.2012 has appointed M/s
Chittora & Co., Cost Accountant as Cost Auditor of the Company to audit
the cost record of the company for the financial year 2012-13.
PUBLIC DEPOSITS: During the year, the Company has not accepted any
deposits under Section 58A of the Companies Act, 1956.
COMPLIANCE REPORT
Towards, company's commitment to transparency and due compliance of
applicable laws, the Board is pleased to enclose compliance report in
annexure "A" for the year 2011-2012 as a part of the Director Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS ANDOUTGO
Information in accordance with Sec. 217(l)(e) of the companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rule,1988 is given in Annexure 'B' forming of
this report.
ACKNOWLEDGEMENTS
Your Directors would like to express their appreciation for the
assistance and co operation received from Central and State Government
Authorities, Regulatory Bodies, Banks. The Board also recognized the
contribution of the esteemed customers, vendors, bankers and business
associates in the growth of the Company.
The Director also wish to acknowledge the committed and dedicated team
of KG Petrochem whose unstinted hard work, efforts and ideas have taken
the Company on a path of steady growth and Development. We take this
opportunity to thank the employees for their contribution to the growth
and success of your company. We would also like to thank all other
stakeholders and business associate fortheir report.
For & on behalf of the Board of Director
Place: JAIPUR (G.S Kandoi)
Date : 21st June, 2012 Chairman
Mar 31, 2010
The Directors take great pleasure in presenting their 30th Annual
Report on the business and operations of the Company and the audited
financial statements for the year ended March 31,2010
The facts and figures presented before you reflect more than just your
Companys financial performance. You will also find results of your
company, managements effort to take your company from strength to
strength even in this highly competitive and volatile market, producing
better returns in turn.
FINANCIAL RESULTS
(Rs. in Lacs)
2009-2010 2008-2009
Sales/income from operation 6189.79 5507.09
Other Income 70.66 62.20
Total Expenditure
(Including variation in stock) 5447.20 4535.33
Profit before Interest,
Depreciation & Tax 813.25 1033.96
Financial Expenses 133.16 157.43
Extraordinary Item 126.00 0.00
Profit/(Loss ) before depreciation & Tax 554.09 876.53
Depreciation 439.52 415.37
Provision for Taxation 16.04 267.35
Profit/(Loss) after Tax 98.53 193.81
Profit & Loss brought forward 898.77 704.97
Balance Carried to Balance Sheet 997.30 898.78
RESULT OF OPERATIONS
During the year the company was able to improve its performance in
terms of sales, specially in Textile Division & Agency Division. The
overall total income from operation had increased from Rs.5507.09 lacs
to Rs.6189.79 lacs, a growth of 12.40% over the previous financial
year. The Net Profit aftertax decreased from Rs 193.81 lacs to Rs.98.53
lac The decrease in the income mainly due to derivative loss and loss
of health care division.
Further Segment wise result of operation is as under-Woven Sacks
Division:- During the year under review, it has achieved turnover of
Rs. 829.28 lacs in comparison to previous year Rs.1004.26 Lacs i.e.
decreased 17.42%
Agency Division:- It earned commission of Rs. 39.77 lacs as compared to
last year Rs. 34.59 lacs. The div. earned a profit of Rs.53.38 lacs as
compared to previous year Rs.68.59 lacs.
Health Care Division:- The division has not achieved good performance
during the year under review. It has achieved Income from operations of
Rs. 22.45 lacs only in comparison to previous year Rs. 45.05 lacs i.e.
decreased of 50.17%
Textile Division:- During the year under review, it has achieved income
from operation of Rs. 5363.27 lacs including export sales of Rs.
2985.11 lacs as against Rs.4517.79 lacs including export of 2089.90 in
previous year, growth of 18.71%.
The Company has diversified its business into four largely independent
Division i.e Agency, Healthcare, Textile and Woven Sacks Division.
While Health care Division phased out Completely and woven sacks is
under process to phase out and Company full concentration is shifted
towards textile division and agency division with a view to improve and
strengthen its productivity and quality.
NET WORTH
Your company continued to perform creditability in 2009-2010, as well.
The year saw your Companys Net worth growing from Rs. 1582.82 lacs in
the previous year to Rs.1682.07 Lacs as on 31 st March, 2010.
MANUFACTURING AND QUALITY INITIATIVES
The Company follows the best practices for process/quality excellence.
The Company also follows process/quality improvement methodologies.
In textile division your company could process 2452.97 MT yam during
2009-10 in comparison to 1971.848 MT yarn during 2008-09. The
management is confident to maintain its present performance in future.
In woven sacks division your company could process 663.30 MT polymers
during 2009-10 in comparison to 1180.075 MT polymers during 2008-09,as
the main plant and machinery has been disposed off.
LABOUR RELATION
During the year under review, the labour relations remained
satisfactory. The relations with the labours are cordial and all the
workers, during the year under review, achieved good quality
production.
EXPORT
The company is making efforts to export its terry towel products. This
product is highly sophisticated and will enhance companys
creditability in the international market. During the year under review
the company made an export of its product worth Rs.2985.106 Lacs
against Rs 2089.90 lacs in the year 2008-09.
DIVIDEND
Your Directors are unable to recommend any dividend during the year
under review to conserve funds for expansion/diversification in new
business
PROJECTS AND EXPANSIONS
Your Director are happy to report that during the year, steady progress
has been made in all the ongoing expansion. In the current financial
year 2010-11 would witness completion of second phase of Terry towel
Division. The long term out look for terry towel is encouraging. The
Company continued its emphasis on technology up gradation,
modernization and product & market development. Its quality is well
established and accepted in the international market. The Company
started the production of embroidery terry towel which are fetching
higher price realization.
As discussed in the previous annual general meeting, with the utmost
zeal, the management of your company had started expansion of textile
division from 3000 MTPA capacity to 6000 MTPA capacity. IDBI has
sanctioned term loan of Rs.2750 lacs for the project The expansion of
1st phase almost completed and second phase expansion will be completed
in the second quarter of year., and The Commercial production from the
1st phase started in the month of march 2010
The companys increased production capacity by upgraded technology and
plant and machinery and product diversification upcoming with a new
product shall result in improving the bottom line and company will
perform better during current financial year.
DIRECTORS
In terms of the provisions of the Companies Act, 1956 and the Articles
of Association of the Company, Mr. Rameshwar Pareek retire by rotation
at the ensuing AGM and is eligible for re-appointment and being
eligible offer himself for reappointment. In the Annual General Meeting
held on 23.09.09 Mr. Nitin Jaipuria was confirmed as Director of the
Company,
DIRECTORS RESPONSIBILITY STATEMENT
In terms of section 217 (2AA) of the Companies Act, 1956, your
Directors confirm as under:-
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. 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 as at 31st
March, 2010 and of the profit of the Company forthe year.
3. That the Directors have 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.
4. That the annual accounts were prepared on a going-concern basis.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Reports on Corporate Governance and Management Discussion and Analysis
as stipulated under Clause 49 of the Listing Agreement are separately
given in the Annual Report and forms part of the Director Report.
COMMITTEES OF THE BOARD
There are following committees of the Board of Directors of the
Company:-
Audit Committee
Remuneration Committee
Investor Grievance Committee
Share Transfer Committee
Finance Committee
The detailed report on the Committees, its constitution, its
role/functions etc. forms part of the corporate governance report.
INTERNAL CONTROL SYSTEM
Your company maintains adequate internal control systems, which provide
among other things, reasonable assurance of recording its operation in
all material respect and regards against any misuse or loss of the
companys assets. The Company has an internal audit team with
professionally qualified financial personnel which conduct periodic
audits of all businesses to maintain a proper system of checks and
control.
AUDITORS
The Companys Auditors, M/s. Kalani and Co., Chartered Accountants, who
retire at the ensuing AGM, and being eligible, offer themselves for
re-appointment, to hold office from the conclusion of this meeting
until the conclusion of the next annual general Meeting, Certificates
from the Auditors has been received to the effect that their
reappointment, if made .would be within the limit prescribed under
section 224(1 B) of the companies act, 1956.
AUDITORSREPORT
The auditor report is self explanatory and their observation have been
Substantial dealt with the notes to the accounts and do not require any
further clarification
PARTICULARS OF EMPLOYEES
There were no employees whose remuneration was in excess of the limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
PUBLIC DEPOSITS
Company deposit accepted by the company are after complying with the
provision of section 58A and 58AA of companies Act, 1956 and rules
frame there under.
COMPANY SECREATARY CUM COMPLIANCE OFFICER
Mr. Vimal Tank has been appointed as Company Secretary with effect from
17th February, 2010 and also designated as Compliance Officer as per
listing requirement with effect from 29th May,2010
COMPLIANCE REPORT
Towards, companys commitment to transparency and due compliance of
applicable laws, the board is pleased to enclose compliance report in
annexure "A" for the year 2009-2010 as a part of the Director Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with Sec.217(1)(e) of the companies Act, 1956
read with the Companies (Disclosure of particulars in the Report of
Board of Directors) Rule, 1988 is given in Annexure B forming of this
report.
FORWARD LOOKING STATEMENTS
This report including Report on Corporate Governance, Management
Discussion & Analysis contains forward-looking statements that involve
risks and uncertainties. Your company undertakes no obligation to
publicly update or revise any forward looking statements, whether as a
result of new information, future events or otherwise. Actual results,
performances or achievements could differ materially from those
expressed or implied in such forward-looking statements. Readers are
cautioned not to place undue reliance on these statements.
ACKNOWLEDGEMENTS
The Board of Directors thanks the Companys customers, vendors, bankers
and business associates for their support and assistance. The Company
also expresses its gratitude to the DGFT, Ministry of Textile and
various Governmental departments and organizations for their help and
co-operation.
The Board places on record its appreciation to all the employees for
their dedicated service. The Board appreciates and values the
contributions made by every member and is confident that with their
continued support the Company will achieve its objectives and emerge
stronger in the coming years.
The Director also wish to acknowledge the committed and dedicated team
of KG Petrochem whose unstinted hard work, efforts and ideas have taken
the Company on a path of Steady growth and Development. We take this
opportunity to thank the employees for their contribution to the growth
and success of your company. We would also like to thank all other
stakeholders and business associate for their report.
For and on behalf of the Board of Directors
Place:JAIPUR (G. S. Kandoi)
Date. 29,th MAY 2010 Chairman
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