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Directors Report of Lakshmi Precision Screws Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 45th Annual Report together with Audited Accounts of the Company for the financial year ended March 31, 2014. FINANCIAL RESULTS AND APPROPRIATIONS

The financial performance of the Company for the financial year ended on March 31,2014 is summarized as below:

(Rs. in Lacs)

2013-2014 2012-2013

Revenue from operations 34894.43 31702.51

Gross Profit before interest, depreciation and 2456.84 5783.50

Less: 3645.09 3143.26

Profit/(Loss) before depreciation and (1188.25) 2640.24

Less: Depreciation 1662.08 2115.28

Profit/(Loss) before (2850.33) 524.96

Less: Provision for 11.76 104.39

Net Profit/(Loss) for the year after (2862.09) 420.57

Add: Balance brought forward from previous 5622.47 5304.31

Amount available for appropriation 2760.38 5724.88

Appropriations

Transfer to General 0.00 38.00

Proposed 0.00 87.53

Corporate Dividend Tax 0.00 14.88

Balance carried over to Balance 2760.38 5622.47

OPERATIONS

During the financial year 2013-14 your Company has earned revenue from operations Rs.34895 lacs (Previous year Rs.31703 lacs), recording a growth of 10% over the previous year. During the year net loss of the Company has been remain to Rs.2862.09 lacs.

Supply of fasteners to replacement and original equipment segments, wherein your Company holds a key position, continue to be the area of focus of your Company. In order to meet the increased demand, your Company has sufficient installed capacity. Your Company continue to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fierce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. Your Company''s products are well accepted in the market and will see the growth in the financial year 2014 -15.

DIVIDEND

Your Directors regretted their inability to recommend any dividend to the members of the Company for the financial year ended on March 31,2014.

FIXED DEPOSITS

The Company has accepted/ renewed the deposits under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. There is no unclaimed or unpaid deposit lying with the Company. As on March 31,2014, there were no overdue deposits of the Company.

SUBSIDIARY COMPANY

The Accounts of the Subsidiary Company, Indian Fasteners Ltd. are attached pursuant to Section 212(1) of the Companies Act, 1956 and forms part of the Company''s Annual Report. A statement pursuant to Section 212(1)(e) of the Companies Act, 1956 is also attached forming part of this annual report.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standards, AS 21, AS 23 and AS 27, issued by "The Institute of Chartered Accountants of India", the Company has also included as part of this Annual Report, the Audited Consolidated Financial Statements of its subsidiary Company Indian Fasteners Limited, its associate companies J.C. Fasteners Ltd., Hanumat Wire Udyog Pvt. Ltd., Lakshmi Extrusion Ltd. and its joint ventures LPS Bossard Private Limited & LPS Bossard Bossard Information Systems Private Limited for the financial year 2013-14.

DIRECTORS

Pursuant to the provisions of the Articles of Association of the Company, Smt. Sushila Devi Jain and Mr. Rajesh Jain Directors are retiring by rotation and being eligible, offer themselves for appointments at the forth coming 45th Annual General Meeting. The Board also recommends the appointment of Mr. J.R. Desai, Mr. K.N. Rattan, Mr. A.K. Chakraborty, Mr. B.D. Narang and Mr. Y.L. Madan as the Independent Directors of the Company not to retired by rotation. The term of appointments of Mr. Lalit Kumar Jain, Mr. Dinesh Kumar Jain and Mr. Vijay Kumar Jain also proposed to retiring Directors.

Brief resume of the Directors proposed to be re-appointed/ appointed, nature of their expertise in specific functional areas and names of Companies in which they hold directorships and memberships/ chairmanships of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the Explanatory Statement attached to the notice of the ensuing Annual General Meeting of the Company.

AUDITORS AND AUDITORS'' REPORT

M/s. V. R. Bansal & Associates, Chartered Accountants, Statutory Auditors of the Company are retiring at the conclusion of ensuing 45th Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment. The Company has received a certificate from the auditors to the effect that their re-appointment if made, would be in accordance with the provisions of Section 141 of the Companies Act, 2013 and a copy of certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The Board of Directors recommends their re-appointment.

Comments of the Auditors'' in their report and the notes forming part of the Accounts, are self-explanatory and need no comments.

COST AUDITOR''S AND THEIR REPORT

M/s. HMVN & Associates the Company''s Cost Auditors were appointed for the financial year 2014-15 and the Company has received certificate from the Cost Auditors to the effect their re-appointment is in accordance with the provisions of Section 141 of the Companies Act, 2013.

The Company will seek necessary confirmation/ approval for such appointment in terms of the applicable provisions of the companies Act,2013 and rules made thereunder.

In terms of the requirements of General Circular No. 15/2011, dated 11th April 2011 issued by the Ministry of Corporate Affairs, Govt. of india, following are the brief particulars w.r.t. Cost Auditors & Cost Audit Repots:

Financial Name of the Due date of filling Actual date of Year Cost Auditro Cost Audit Report filling cost Audit Report

2012- 13 M/s. HMVN & Associates 27.09.2013 26.09.2013

2013- 14 M/s. HMVN & Associates 27.09.2014 Under process

DECLARATION BY THE INDEPENDENT DIRECTORS

The Independent directors have submitted their disclosure to the Board that they fulfil all the requirements as to quality for their appointment as an Independent Director under the provisions of the Companies Act, 2013 as well as Clause 49 of the Listing Agreement.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTIONS AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, research & development, technology absorption and foreign exchange earnings and outgo, as stipulated under Section 217(1 )(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are given in the Annexure ''A'' to this Report.

HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION

Your Company has complied with all the applicable environmental laws and labour laws.

QUALITY MANAGEMENT SYSTEM

a) Company has been continuing its efforts towards ongoing implementation and stabilization of TQM practices through total employee involvement.

b) Company has retained the accreditation of its Quality Health and Safety Management Systems in line with ISO 9001:2008, TS 16949:2002, ISO 14001:2004 and OHSAS 18001:2007.

c) Company has also retained the accreditation of its quality systems for Aviation Industries requirements in line with AS 9100C, NADCAP for Heat treatment facility and NABL certification for the Laboratory and Standard Room.

Benefits derived as a result from the above efforts are continuous improvement in productivity, quality, delivery and cost.

Customer focused approach

Company is open in receiving customer view points and welcomes them to visit the premises. A number of esteemed OEM customers visited the Company site to see our process and system. They appreciated Company''s efforts in maintaining and continuously upgrading the process and systems.

EMPLOYEES'' STOCK OPTION PLAN

Your Company had not provided any employee stock option.

PARTICULARS OF EMPLOYEES

In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are given in the Annexure ''B'' forming part of this Report.

LISTING AND CONFORMATION OF FEE

The securities of your Company are listed at The Bombay Stock Exchange Ltd. (BSE) and The National Stock Exchange of India Ltd. (NSE). The Annual Listing fees for the year 2014-15 have been duly paid to the Stock Exchanges. The Company has also paid the annual custody fee for the year 2014-15 to both the depositories namely National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Shares of the Company are compulsorily tradable in dematerialized form.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956 the Board confirm and submit the Directors'' Responsibility Statement:-

a. in the preparation of the Annual Accounts for the financial year ended 31st March 2014, the applicable accounting standards have been followed and no material departures have been made from the same;

b. 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/ (loss) of the Company for the year under review;

c. 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

d. the Directors have prepared the Annual Accounts for the financial year ended March 31,2014 on a going concern basis;

CORPORATE GOVERNANCE

Your Company is committed to good Corporate Governance Practices following to the guidelines prescribed by the SEBI and Stock Exchanges from time to time. The Company has implemented all of its stipulations as applicable to the Company. The report on Corporate Governance stipulated under Clause 49 for the Listing Agreement attached in Annexure ''C'' and forming part of the Directors'' Report.

The requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is attached in this annual report and forming part of this Annual Report.

HUMAN RESOURCE DEVELOPMENT

Your Company''s Human Resource Management focus continues to be in making available a talent pool, for meeting challenges in the competitive market place, which is increasingly becoming tougher. Development plans have been drawn up for key managers to shoulder higher responsibilities as well as to increase their job effectiveness. Your Company always encourages young personnel with their ideas and views. Management is easily accessible to the employees and their problems are attended to promptly. The employer - employee relations remained cordial at all the plants of the Company and peaceful throughout the year.

APPRECIATION

Your Directors place on record their appreciation for the overwhelming co-operation and assistance received from the Company''s esteemed Shareholders, valued Customers, Suppliers, Business Associates, Bankers, Vendors, various Financial Institutions, the State and Central Government Bodies, Auditors and Legal Advisors for their valuable contribution and continued support and to all the persons who reposed faith and trust in Company.

Your Directors also place on record their appreciation for the committed services rendered by all employees and our colleagues at all levels, without whose wholehearted efforts, the overall performance of the Company would not have been possible. Your Directors also appreciate and value the contribution made by every member of the LPS family across the world.

Your support as shareholders is greatly valued.

Your Directors thank you and look forward the future with confidence.

for and on behalf of the Board of Directors

Place : New Delhi Lalit Kumar Jain Dated : August 09, 2014 Chairman & Managing Director


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the 44th Annual Report together with Audited Accounts of the Company for the fi nancial year ended on March 31, 2013.

FINANCIAL RESULTS AND APPROPRIATIONS

The fi nancial performance of the Company for the fi nancial year ended on March 31, 2013 is summarized as below:

(Rs. in Lacs)

Particulars 2011-2012

Revenue from operations 34348.59

Gross Profi t before interest, depreciation and tax 5613.52

Less: Interest 2539.66

Profi t before depreciation and tax 3073.86

Less: Depreciation 2216.79

Profi t before tax 857.07

Less: Provision for tax 119.76

Net Profi t for the year after tax 737.31

Add: Balance brought forward from previous year 4795.77

Amount available for appropriation 5533.07

Appropriations

Transfer to General Reserve 38.00

Proposed Dividend 164.13

Corporate Dividend Tax 26.62

Balance carried over to Balance Sheet 5304.32

OPERATIONS

During the fi nancial year 2012-13 your Company has earned revenue from operations of Rs.32036 lacs (Previous year Rs.34349 lacs). During the year net profi t of the Company has been remain to Rs.420.57 lacs.

Supply of fasteners to replacement and original equipment segments, wherein your Company holds a key position, continue to be the area of focus of your Company. In order to meet the increased demand, your Company has suffi cient installed capacity. Your Company continue to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fi erce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. Your Company''s products are well accepted in the market and will see the growth in the fi nancial year 2013 -14.

DIVIDEND

Your Directors have recommend a dividend of Re.0.80 per equity share for the fi nancial year ended on March 31, 2013 aggregating to Rs.102.41 lacs inclusive of corporate dividend tax. The dividend, if approved by the members shall be paid to the eligible members within the stipulated time period.

FIXED DEPOSITS

The Company has accepted/ renewed the deposits under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. There is no unclaimed or unpaid deposit lying with the Company. As on March 31, 2013, there were no overdue deposits of the Company.

SUBSIDIARY COMPANY

The Accounts of the Subsidiary Company, Indian Fasteners Ltd. are attached pursuant to Section 212(1) of the Companies Act, 1956 and forms part of the Company''s Annual Report. A statement pursuant to Section 212(1)(e) of the Companies Act, 1956 is also attached forming part of this annual report.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standards, AS 21, AS 23 and AS 27, issued by "The Institute of Chartered Accountants of India", the Company has also included as part of this Annual Report, the Audited Consolidated Financial Statements of its subsidiary Company Indian Fasteners Limited, its associate companies J.C. Fasteners Ltd., Hanumat Wire Udyog Pvt. Ltd., Lakshmi Extrusion Ltd. and its joint ventures LPS Bossard Private Limited & LPS Bossard Information Systems Private Limited for the fi nancial year 2012-13.

DIRECTORS

Pursuant to Article 133 of the Articles of Association of the Company, Smt. Sushila Devi Jain and Mr. Jamshed Rustomji Desai, Directors are retiring by rotation and being eligible, offer themselves for re-appointment at the forthcoming 44th Annual General Meeting. The Board recommends their reappointment as Director liable retiring by rotation. During the year under review the Board has been reconstituted with the induction of Mr. Yudhisthir Lal Madan as Additional Director of the Company w.e.f. 10th November, 2012. The Board extend a warm welcome to the new Director and hope for a fruitful association in future. Board also recommends their appointment as Director liable retiring by rotation.

Brief resume of the Directors proposed to be re-appointed/ appointed, nature of their expertise in specifi c functional areas and names of Companies in which they hold directorships and memberships/ chairmanships of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the Explanatory Statement attached to the notice of the forthcoming Annual General Meeting of the Company.

AUDITORS AND AUDITORS'' REPORT

M/s. V.R. Bansal & Associates, Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment. The Company has received from them an eligible certifi cate under Section 224(1B) of the Companies Act, 1956 and a copy of certifi cate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The Board of Directors commends their re-appointment.

The Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to energy conservation, technology absorption, research & development, foreign exchange earnings and outgo, as required to be disclosed under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are given in the Annexure ''A to this Report.

ENVIRONMENT, HEALTH AND SAFETY (EHS)

Your Company continue with its policy to maintain sound environmental, health and safety management and total applicable legal compliance are an integral part of the Company''s business practices.

QUALITY MANAGEMENT SYSTEM

a) Company has been continuing its efforts towards ongoing implementation and stabilization of TQM practices through total employee involvement.

b) Company has retained the accreditation of its Quality Health and Safety Management Systems in line with ISO 9001:2008, TS 16949:2002, ISO 14001:2004 and OHSAS 18001:2007.

c) Company has also retained the accreditation of its quality systems for Aviation Industries requirements in line with AS 9100C, NADCAP for Heat treatment facility and NABL certifi cation for the Laboratory and Standard Room.

Benefi ts derived as a result from the above efforts are continuous improvement in productivity, quality, delivery and cost.

Customer focused approach

Company is open in receiving customer view points and welcomes them to visit the premises. A number of esteemed OEM customers visited the Company site to see our process and system. They appreciated Company''s efforts in maintaining and continuously upgrading the process and systems.

PARTICULARS OF EMPLOYEES

In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are given in the Annexure ''B'' forming part of this Report.

LISTING AND CONFORMATION OF FEE

The securities of your Company are listed at The Bombay Stock Exchange Ltd. (BSE) and The National Stock Exchange of India Ltd. (NSE). The Annual Listing fees for the year 2013-14 have been duly paid to the Stock Exchanges. The Company has also paid the annual custody fee for the year 2013-14 to both the depositories namely National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Shares of the Company are compulsorily tradable in dematerialized form.

DIRECTORS'' RESPONSIBILITY STATEMENT

As required under Section 217(2AA) of the Companies Act, 1956, your Directors confi rm having:

a. followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures;

b. selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the fi nancial year and of the profi t/ loss of your Company for that period;

c. taken proper and suffi cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities; and

d. prepared the Annual Accounts for the fi nancial year ended March 31, 2013 on a ''going concern'' basis.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI.

The report on Corporate Governance stipulated under Clause 49 for the Listing Agreement attached in Annexure ''C and forming part of this Annual Report.

The requisite Certifi cate from the Auditors of the Company confi rming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is attached in this annual report and forming part of this Annual Report.

The Ministry of Corporate Affairs has released draft Corporate Governance Voluntary Guidelines, 2009 and Corporate Social Responsibility Guidelines, 2009. Your Company is in the process of implementation of the same.

HUMAN RESOURCE DEVELOPMENT

Your Company''s Human Resource Management focus continues to be in making available a talent pool, for meeting challenges in the competitive market place, which is increasingly becoming tougher. Development plans have been drawn up for key managers to shoulder higher responsibilities as well as to increase their job effectiveness. Your Company always encourages young personnel with their ideas and views. Management is easily accessible to the employees and their problems are attended to promptly. The employer - employee relations remained cordial at all the plants of the Company and peaceful throughout the year.

APPRECIATION

Your Directors place on record their gratitude to the Company''s esteemed Shareholders, valued Customers, Suppliers, Associates, Bankers, various Financial Institutions, the State and Central Government Bodies, Auditors and Legal Advisors for their valuable contribution and continued support and to all the persons who reposed faith and trust in Company.

Your Directors also place on record their deep sense of appreciation for the committed services rendered by all employees and our colleagues at all levels, without whose wholehearted efforts, the overall performance of the Company would not have been possible. Your Directors also appreciate and value the contribution made by every member of the LPS family across the world.

Your support as shareholders is greatly valued.

Your Directors thank you and look forward the future with confi dence.



for and on behalf of the Board of Directors





Place : New Delhi Lalit Kumar Jain

Dated : August 14, 2013 Chairman & Managing Director


Mar 31, 2012

The Directors have pleasure in presenting the 43rd Annual Report together with Audited Accounts of the Company for the financial year ended on March 31, 2012.

financial results and appropriations

The financial performance of the Company for the financial year ended on March 31, 2012 is summarized as below:

(Rs. in Lacs)

Particulars 2011-2012 2010-2011

33866.26 30597.40

Gross Profit before interest, depreciation and 5613.52 5010.81

Less: 2497.20 1834.66

Profit before depreciation and 3116.32 3176.15

Less: Depreciation 2216.79 1811.68

Profit before 899.53 1364.47

Less: Provision for 162.22 476.45

Net Profit for the year after 737.31 888.02

Add: Balance brought forward from previous 4795.77 4143.50

Amount available for appropriation 5533.07 5031.52 Appropriations

Transfer to General 38.00 45.00

Proposed 164.13 164.13

Corporate Dividend Tax 26.62 26.62

Balance carried over to Balance 5304.32 4795.77

operations

During the financial year 2011-12 your Company has achieved turnover of Rs.33866 lacs (Previous year Rs.30597 lacs), recording a growth of approx.11%. During the year net profit of the Company has been remain under pressure to Rs.737.31 lacs against Rs.888.02 lacs in the previous year.

Supply of fasteners to replacement and original equipment segments, wherein your Company holds a key position, continue to be the area of focus of your Company. In order to meet the increased demand, your Company has sufficient installed capacity. Your Company continue to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fierce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. Your Company's products are well accepted in the market. In brief, all customers of the Company are on growth path and Company is confident to meet their increased demand. The volume growth in domestic market is expected to be in the region of 15% for 2012-13.

DIVIDEND

Your Directors have maintained and recommend a dividend of Rs.1.50 per equity share (previous year Rs.1.50 per equity share) for the financial year ended on March 31, 2012 aggregating to Rs.190.75 lacs inclusive of corporate dividend tax. The dividend, if approved by the members shall be paid to the eligible members within the stipulated time period.

FIXED DEPoSITS

The Company has accepted/ renewed the deposits under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. There is no unclaimed or unpaid deposit lying with the Company. As on March 31, 2012, there were no overdue deposits of the Company.

subsidiary company

The Accounts of the Subsidiary Company, Indian Fasteners Ltd. are attached pursuant to Section 212(1) of the Companies Act, 1956 and forms part of the Company's Annual Report. A statement pursuant to Section 212(1)(e) of the Companies Act, 1956 is also attached forming part of this annual report.

consolidated financial statements

In accordance with the Accounting Standards, AS 21, AS 23 and AS 27, issued by "The Institute of Chartered Accountants of India", the Company has also included as part of this Annual Report, the Audited Consolidated Financial Statements of its subsidiary Company Indian Fasteners Limited, its associate companies J.C. Fasteners Ltd., Hanumat Wire Udyog Pvt. Ltd., Lakshmi Extrusion Ltd. and its joint ventures LPS Bossard Private Limited & LPS Bossard Information Systems Private Limited for the financial year 2011-12.

directors

Pursuant to Article 133 of the Articles of Association of the Company, Mr. Rajesh Jain and Mr. Bhagwan Das Narang, Directors are retiring by rotation and being eligible, offer themselves for re-appointment at the forthcoming 43rd Annual General Meeting. The Board recommends their reappointment as Director liable retiring by rotation.

Brief resume of the Directors proposed to be re-appointed/ appointed, nature of their expertise in specific functional areas and names of Companies in which they hold directorships and memberships/ chairmanships of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the Explanatory Statement attached to the notice of the forthcoming Annual General Meeting of the Company.

Mr. Bhupendranath Vidyanath Bhargava resigned from the Directorship of the Company. The Board of Directors place on record their deep appreciation for the valuable guidance and significant contribution made by Mr. Bhupendranath Vidyanath Bhargava during his tenure as Director of the Company.

auditors and auditors' report

M/s. V.R. Bansal & Associates, Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment. The Company has received from them an eligible certificate under Section 224(1B) of the Companies Act, 1956 and a copy of certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The Board of Directors commends their re-appointment.

The Notes on Accounts referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

ENERGY coNSERVATioN, TEcHNoLoGY ABSoRPTioN, RESEARcH & DEVELoPMENT AND FoREIGN EXcHANGE EARNINGS AND ouTGo

The particulars relating to energy conservation, technology absorption, research & development, foreign exchange earnings and outgo, as required to be disclosed under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are given in the Annexure 'A' to this Report.

environment, HEALTH AND SAFETY (EHS)

You Company continue with its policy to maintain sound environmental, health and safety management and total applicable legal compliance are an integral part of the Company's business practices.

quality management system

a) Company has been continuing its efforts towards ongoing implementation and stabilization of TQM practices through total employee involvement.

b) Company has retained the accreditation of its Quality Health and Safety Management Systems in line with ISO 9001:2008, TS 16949:2002, ISO 14001:2004 and OHSAS 18001:2007.

c) Company has also retained the accreditation of its quality systems for Aviation Industries requirements in line with AS 9100C, NADCAP for Heat treatment facility and NABL certification for the Laboratory and Standard Room.

Benefits derived as a result from the above efforts are continuous improvement in productivity, quality, delivery and cost.

customer focused approach

Company is open in receiving customer view points and welcomes them to visit the premises. A number of esteemed OEM customers visited the Company site to see our process and system. They appreciated Company's efforts in maintaining and continuously upgrading the process and systems.

particulars of employees

In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are given in the Annexure 'B' forming part of this Report.

LISTING AND coNFoRMATioN of FEE

The securities of your Company are listed at The Bombay Stock Exchange Ltd. (BSE) and The National Stock Exchange of India Ltd. (NSE). The Annual Listing fees for the year 2012-13 have been duly paid to the Stock Exchanges. The Company has also paid the annual custody fee for the year 2012-13 to both the depositories namely National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Shares of the Company are compulsorily tradable in dematerialized form.

directors' responsibility statement

As required under Section 217(2AA) of the Companies Act, 1956, your Directors confirm having:

a. followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures;

b. selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit/ loss of your Company for that period;

c. 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 your Company and for preventing and detecting fraud and other irregularities; and

d. prepared the Annual Accounts for the financial year ended March 31, 2012 on a 'going concern' basis.

corporate governance

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI.

The report on Corporate Governance stipulated under Clause 49 for the Listing Agreement attached in Annexure 'C' and forming part of this Annual Report.

The requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is attached in this annual report and forming part of this Annual Report.

The Ministry of Corporate Affairs has released draft Corporate Governance Voluntary Guidelines, 2009 and Corporate Social Responsibility Guidelines, 2009. Your Company is in the process of implementation of the same.

human resource development

Your Company's Human Resource Management focus continues to be in making available a talent pool, for meeting challenges in the competitive market place, which is increasingly becoming tougher. Development plans have been drawn up for key managers to shoulder higher responsibilities as well as to increase their job effectiveness. Your Company always encourages young personnel with their ideas and views. Management is easily accessible to the employees and their problems are attended to promptly. The employer - employee relations remained cordial at all the plants of the Company and peaceful throughout the year.

appreciation

Your Directors place on record their gratitude to the Company's esteemed Shareholders, valued Customers, Suppliers, Associates, Bankers, various Financial Institutions, the State and Central Government Bodies, Auditors and Legal Advisors for their valuable contribution and continued support and to all the persons who reposed faith and trust in Company.

Your Directors also place on record their deep sense of appreciation for the committed services rendered by all employees and our colleagues at all levels, without whose wholehearted efforts, the overall satisfactory performance of the Company would not have been possible. Your Directors also appreciate and value the contribution made by every member of the LPS family across the world.

Your support as shareholders is greatly valued.

Your Directors thank you and look forward the future with confidence.

for and on behalf of the Board of Directors

Place : New Delhi Lalit Kumar Jain

Dated : August 08, 2012 chairman & Managing Director


Mar 31, 2011

Dear Members,

The Directors have pleasure in presenting the 42nd Annual Report together with Audited Accounts of the Company for the financial year ended on March 31,2011.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial performance of the Company for the financial year ended on March 31,2011 is summarized as below:

(Rs. in Lacs)

Particulars 2010-2011 2009-2010

Net Sales 30597.40 22797.73

Gross Profit before interest, depreciation and tax 5013.41 3632.02

Less: Interest 1834.66 1534.28

Profit before tax depreciation and tax 3178.75 2097.74

Less: Depreciation 1811.68 1239.08

Profit before tax 1367.07 858.66

Less: Provision for tax 479.05 331.05

Net Profit for the year after tax 888.02 527.61

Add: Balance brought forward from previous year 4143.50 3743.90

Amount available for appropriation 5031.52 4271.51

Appropriations

Transfer to General Reserve 45.00 0.00

Proposed Dividend 164.13 109.42

Corporate Dividend Tax 26.62 18.60

Balance carried over to Balance 4795.77 4143.50 Sheet

OPERATIONS

During the financial year 2010-11 your Company has achieved turnover of Rs.30597 lacs (Previous year Rs.22798 lacs), recording an growth of 34%. During the year net profit of the Company has increased to Rs.888.02 lacs from Rs.527.61 lacs, recording an increase of 68% over the previous year.

Supply of fasteners to replacement and original equipment segments, wherein your Company holds a key position, continue to be the area of focus of your Company. In order to meet the increased demand, your Company has sufficient installed capacity. Your Company continue to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fierce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. Your Company's products are well accepted in the market. In brief, all customers of the Company are on growth path and Company is confident to meet their increased demand. The volume growth in domestic market is expected to be in the region of 35% for 2011-12.

DIVIDEND

Your Directors have recommend an enhanced dividend of Rs.1.50 per equity share (previous year Re. 1.00 per equity share) for the financial year ended on March 31,2011 aggregating to Rs.190.75 lacs inclusive of corporate dividend tax. The dividend, if approved by the members shall be paid to the eligible members within the stipulated time period.

FIXED DEPOSITS

The Company has accepted/ renewed the deposits under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. There is no unclaimed or unpaid deposit lying with the Company. As on March 31,2011, there were no overdue deposits of the Company.

SUBSIDIARY COMPANY

The Accounts of the Subsidiary Company, Indian Fasteners Ltd. are attached pursuant to Section 212(1) of the Companies Act, 1956 and forms part of the Company's Annual Report. A statement pursuant to Section 212(1)(e) of the Companies Act, 1956 is also-attached forming part of this annual report.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standards, AS 21, AS 23 and AS 27, issued by "The Institute of Chartered Accountants of India", the Company has also included as part of this Annual Report, the Audited Consolidated Financial Statements of its subsidiary Company Indian Fasteners Limited, its associate companies J.C. Fasteners Ltd., Hanumat Wire Udyog Pvt. Ltd., Lakshmi Extrusion Ltd. and its joint ventures LPS Bossard Private Limited & LPS Bossard Information Systems Private Limited for the financial year 2010-11.

DIRECTORS

Pursuant to Article 133 of the Articles of Association of the Company, Mr. Ajay Kumar Chakraborty and Mr. Keshwa Nand Rattan, Directors retiring by rotation and being eligible, offer themselves for re-appointment at the forthcoming 42nd Annual General Meeting. The Board recommends their reappointment as Director liable retiring by rotation.

Brief resume of the Directors proposed to be re-appointed/ appointed, nature of their expertise in specific functional areas and names of Companies in which they hold directorships and memberships/ chairmanships of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the Explanatory Statement attached to the notice of the forthcoming Annual General Meeting of the Company.

AUDITORS AND AUDITORS' REPORT

M/s. V.R. Bansal & Associates, Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment. The Company has received from them an eligible certificate under Section 224(1 B) of the Companies Act, 1956 and a copy of certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The Board of Directors commends their re-appointment.

The Notes on Accounts referred to in the Auditors' Report are self-explanatory and do not call for any further comments.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to energy conservation, technology absorption, research & development, foreign exchange earnings and outgo, as required to be disclosed under Section 217(1 )(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are given in the Annexure 'A to this Report.

ENVIRONMENT, HEALTH AND SAFETY (EHS)

You Company continue with its policy to maintain sound environmental, health and safety management and total applicable legal compliance are an integral part of the Company's business practices.

QUALITY MANAGEMENT SYSTEM

a) Company has been continuing its efforts towards ongoing implementation and stabilization of TQM practices through total employee involvement.

b) Company has retained the accreditation of its Quality Health and Safety Management Systems in line with ISO 9001:2008, TS 16949:2002, ISO 14001:2004 and OHSAS 18001:2007.

c) Company has also retained the accreditation of its quality systems for Aviation Industries requirements in line with AS 9100B, NADCAP for Heat treatment facility and NABL certification for the Laboratory and Standard Room.

Benefits derived as a result from the above efforts are continuous improvement in productivity, quality, delivery and cost.

Customer focused approach

Company is open in receiving customer view points and welcomes them to visit the premises. A number of esteemed OEM customers visited the Company site to see our process and system. They appreciated Company's efforts in maintaining and continuously upgrading the process and systems.

PARTICULARS OF EMPLOYEES

In accordance with the provisions o1 Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are given in the Annexure 'B' forming part of this Report.

LISTING AND CONFORMATION OF FEE

The securities of your Company are listed at The Bombay Stock Exchange Ltd. (BSE) and The National Stock Exchange of India Ltd. (NSE). The Annual Listing fees for the year 2011-12 have been duly paid to the Stock Exchanges. The Company has also paid the annual custody fee for the year 2011-12 to both the depositories namely National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Shares of the Company are compulsorily tradable in dematerialized form.

DIRECTORS' RESPONSIBILITY STATEMENT

As required under Section 217(2AA) of the Companies Act, 1956, your Directors confirm having:

a. followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures;

b. selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit/ loss of your Company for that period;

c. 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 your Company and for preventing and detecting fraud and other irregularities; and

d. prepared the Annual Accounts for the financial year ended March 31,2011 on a 'going concern' basis.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI.

The report on Corporate Governance stipulated under Clause 49 for the Listing Agreement attached in Annexure 'C and forming part of this Annual Report.

The requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is attached in this annual report and forming part of this Annual Report.

The Ministry of Corporate Affairs has released draft Corporate Governance Voluntary Guidelines, 2009 and Corporate Social Responsibility Guidelines, 2009. Your Company is in the process of implementation of the same.

HUMAN RESOURCE DEVELOPMENT

Your Company's Human Resource Management focus continues to be in making available a talent pool, for meeting challenges in the competitive market place, which is increasingly becoming tougher. Development plans have been drawn up for key managers to shoulder higher responsibilities as well as to increase their job effectiveness. Your Company always encourages young personnel with their ideas and views. Management is easily accessible to the employees and their problems are attended to promptly. The employer - employee relations remained cordial at all the plants of the Company and peaceful throughout the year.

APPRECIATION

Your Directors place on record their gratitude to the Company's esteemed Shareholders, valued Customers, Suppliers, Associates, Bankers, various Financial Institutions, the State and Central Government Bodies, Auditors and Legal Advisors for their valuable contribution and continued support and to all the persons who reposed faith and trust in Company.

Your Directors also place on record their deep sense of appreciation for the committed services rendered by all employees and our colleagues at all levels, without whose wholehearted efforts, the overall satisfactory performance of the Company would not have been possible. Your Directors also appreciate and value the contribution made by every member of the LPS family across the world.

Your support as shareholders is greatly valued.

Your Directors thank you and look forward the future with confidence.

for and on behalf of the Board of Directors

Lalit Kumar Jain Chairman & Managing Director

Place : New Delhi Dated : August 08,2011


Mar 31, 2010

The Directors have pleasure in presenting the 41st Annual Report together with Audited Accounts of the Company for the financial year ended on March 31, 2010.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial performance of the Company for the financial year ended on March 31, 2010 is summarized as below:

(Rs. in Lacs)

Particulars | | 2009-2010 2008-2009

Net Sales 22797.73 22400.74

Gross Profit before interest, depreciation and tax 3745.49 3215.08

Less: Interest 1647.75 1630.54

Profit before depreciation and tax 2097.74 1584.54

Less: Depreciation 1239.08 929.82

Profit before tax 858.66 654.72

Less: Provision for tax 331.05 304.64

Net Profit for the year after tax 527.61 350.08

Add: Balance brought forward from previous year 3743.90 3470.63

Amount available for appropriation 4271.51 3820.71

Appropriations

Transfer to General Reserve 0.00 0.00

Proposed Dividend 109.42 65.65

Corporate Dividend Tax 18.60 11.16

Balance carried over to Balance Sheet 4143.50 3743.90

OPERATIONS

Despite slow market in the major part of the financial year 2009-10 your Company has been able to surpass previous year turnover and has achieved turnover of Rs.22798 lacs (Previous year Rs.22400 lacs), recording an increase of 1.78%. During the year net profit of the Company has increased to Rs.527.61 lacs from Rs.350.08 lacs, recording an increase of 51% over the previous year.

Supply of fasteners to replacement and original equipment segments, wherein your Company holds a key position, continue to be the area of focus of your Company. In order to meet the increased demand, your Company has sufficient installed capacity. Your Company continue to follow its philosophy to provide the high quality products at the lowest cost, coupled with excellent customer services. The market is witnessing fierce competition. All efforts were made under Total Quality Management, Total Productivity Management and Six Sigma Umbrella to continuously improve the cost, quality, delivery and competitiveness. Your Companys products are well accepted in the market. In brief, all customers of the Company are on growth path and Company is confident to meet their increased demand. The volume growth in domestic market is expected to be in the region of 35% for 2010-11.

DIVIDEND

Your Directors have recommended enhanced dividend of Re.1/- per equity share (previous year Re. 0.60 per equity share) for the financial year ended on March 31, 2010 aggregating to Rs. 128.02 lacs inclusive of corporate dividend tax. The dividend, if approved by the shareholders shall be paid to the eligible shareholders within the stipulated time period.

FIXED DEPOSITS

The Company has accepted/ renewed the deposits under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. There is no unclaimed or unpaid deposit lying with the Company. As on March 31, 2010, there were no overdue deposits of the Company.

SUBSIDIARY COMPANY

The Accounts of the Subsidiary Company, Indian Fasteners Ltd. are attached pursuant to Section 212(1) of the Companies Act, 1956 and forms part of the Company’s Annual Report. A statement pursuant to Section 212(1) (e) of the Companies Act, 1956 is also attached forming part of this annual report.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standards, AS 21, AS 23 and AS 27, issued by “The Institute of Chartered Accountants of India”, the Company has also included as part of this Annual Report, the Audited Consolidated Financial Statements of its subsidiary Company Indian Fasteners Limited, its associate companies J.C. Fasteners Ltd., Hanumat Wire Udyog Pvt. Ltd., Lakshmi Extrusion Ltd. and its joint ventures LPS Bossard Private Limited & LPS Bossard Information Systems Private Limited for the financial year 2009-10.

DIRECTORS

Pursuant to Article 133 of the Articles of Association of the Company, Smt. Sushila Devi Jain and Mr. Jamshed Rustomji Desai, Directors retiring by rotation and being eligible, offer themselves for re-appointment at the forthcoming 41st Annual General Meeting. The Board recommends their reappointment as Director liable retiring by rotation. During the year under review the Board has been reconstituted with the induction of Mr. Bhagwan Das Narang as Additional Director of the Company w.e.f. 30th January, 2010. The Board extend a warm welcome to the new Director and hope for a fruitful association in future. Board also recommends their appointment as Director liable retiring by rotation.

Brief resume of the Directors proposed to be re-appointed/appointed, nature of their expertise in specific functional areas and names of Companies in which they hold directorships and memberships/ chairmanships of Board Committees, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the Explanatory Statement attached to the notice of the forthcoming Annual General Meeting of the Company.

AUDITORS REPORT

The observations made in the Auditors’ Report, read together with the relevant notes thereon are self-explanatory and hence, do not call for any comments under Section 217 of the Companies Act, 1956.

AUDITORS

M/s. V. R. Bansal & Associates, Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment. The Company has received from them an eligible certificate under Section 224(1B) of the Companies Act, 1956 and a copy of certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI). The Board of Directors commends their re-appointment.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A statement containing the necessary information as required under the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 and forming part of the Directors’ Report for the year ended March 31, 2010 are given in the Annexure ‘A’ to this Report.

ENVIRONMENT, HEALTH AND SAFETY (EHS)

Your Company continue with its policy to maintain sound environmental, health and safety management and total applicable legal compliance are an integral part of the Company’s business practices. Your Company is having accreditation to ISO 14001:2004 and OHSAS 18001:1999.

CONTRIBUTION TO EXCHEQUER

Your Company is a regular payer of taxes and other duties to the Government and is contributing fully to the growth of our nation as a responsible corporate citizen.

QUALITY MANAGEMENT SYSTEM

The major achievements of QMS are as under:

. NADCAP certification for the heat treatrment facility.

. OHSAS 18001:2007 up gradation.

. AS9100 B surveillance audit

- Improvement in audit score : 70 % last year to 84 % this year.

. Sauer danfoss audited and identified as a potential supplier

- score 62%.

. MACE audited and audit score raised from 60 to 75%.

. VW audited and short listed us as a potential supplier.

. EADS air bus team audited and identified LPS as a potential

supplier.

. NADCAP surveillance audit for the heat treatrment facility

- March 2010 number of non conformances reduced from 12 to 4.

. GE Aviation team audited and short listed us the potential

supplier and allotted the vendor code.GE

team appreciated our system is best among the others

. BSC (Balanced score card) deployed from corporate level to

department level.

. TS16949:2002 re-certification audit with NIL non conformance.

Challenges ahead:

. NADCAP certification of FPI equipment

. Up gradation to AS9100 revision C

. Pre-DEMING audit

PARTICULARS OF EMPLOYEES

In accordance with the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are given in the Annexure B forming part of this Report.

LISTING AND CONFORMATION OF FEE

The securities of your Company is listed at The Bombay Stock Exchange Ltd. (BSE) and The National Stock Exchange of India Ltd. (NSE). The Annual Listing fees for the year 2010-11 have been duly paid to the Stock Exchanges. The Company has also paid the annual custody fee for the year 2010-11 to both

the depositories namely National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The equity shares of the Company have been voluntarily delisted from the Delhi Stock Exchange Limited w.e.f 10.06.2010 vide their letter No. DSE/LIST/3285/R/5928 dated July 07, 2010. The Shares of the Company are compulsorily tradable in dematerialized form.

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm having:

a. followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures;

b. selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit/ loss of your Company for that period;

c. 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 your Company and for preventing and detecting fraud and other irregularities; and

d. prepared the Annual Accounts for the financial year ended March 31, 2010 on a going concern basis.

CORPORATE GOVERNANCE

The Company has been pro-active in following the principles and practices of good Corporate Governance. The Company has taken adequate steps to ensure that the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreements with the Stock Exchanges are complied in its letter and spirit.

A separate section titled "Report on Corporate Governance", Management Discussion & Analysis Report and Statutory Auditors Certificate on the compliance of conditions of Corporate Governance has been included in this annual report in Annexure C attached hereto and forming part of this Annual Report.

The Ministry of Corporate Affairs has released draft Corporate Governance Voluntary Guidelines, 2009 and Corporate Social Responsibility Guidelines, 2009. Your Company is in the process of implementation of the same.

HUMAN RESOURCE DEVELOPMENT

Your Companys Human Resource Management focus continues to be in making available a talent pool, for meeting challenges in the competitive market place, which is increasingly becoming tougher. Development plans have been drawn up for key managers to shoulder higher responsibilities as well as to increase their job effectiveness. Your Company always encourages young personnel with their ideas and views. Management is easily accessible to the employees and their problems are attended to promptly. The employer - employee relations remained cordial at all the plants of the Company and peaceful throughout the year.

APPRECIATION

Your Directors place on record their gratitude to the Companys esteemed Shareholders, valued Customers, Suppliers, Associates, Bankers, various Financial Institutions, the State and Central Government Bodies, Auditors and Legal Advisors for their valuable contribution and continued support and to all the persons who reposed faith and trust in Company.

Your Directors also place on record their deep sense of appreciation for the committed services rendered by all employees and our colleagues at all levels, without whose wholehearted efforts, the overall satisfactory performance of the Company would not have been possible. Your Directors also appreciate and value the contribution made by every member of the LPS family across the world.

Your support as shareholders is greatly valued.

Your Directors thank you and look forward the future with confidence.



for and on behalf of the Board of Directors

Place : New Delhi Lalit Kumar Jain

Dated : August 11, 2010 Chairman & Managing Director

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