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Directors Report of Melstar Information Technology Ltd.

Mar 31, 2014

To the Members,

The Directors have pleasure in presenting the 27th Annual Report together with the Audited Statement of Accounts of your Company for the year ended 31st March, 2014.

1. FINANCIAL RESULTS (Rs. in Lakhs)

2013-14 2012-13

Net Sales / Income From Operations 1,823 2,036

Other Operating Income 37 33

Operating (Loss) before interest and (132) (123) Depreciation (PBIDTA)

Finance costs 92 81

Depreciation 82 84

Operating (Loss) before tax (307) (288)

Other Income, net 73 135

Net (Loss) before tax and Exceptional Item (233) (153)

Exceptional Item - -

Net (Loss) before tax and after Exceptional (233) (153) Item Provision for taxation (7) 8

Net (Loss) after Tax (241) (145)

Deficit Brought Forward From Previous Year (226) (81)

Balance carried to Balance Sheet (467) (226)

Face value of Equity Shares (in Rupees) 10 10

EPS-Basic and Diluted (Before Exceptional Item) (1.68) (1.01) (in Rupees)

EPS-Basic and Diluted (After Exceptional Item) (1.68) (1.01) (in Rupees)

Book value per Share (in Rupees) 6.81 8.55

2. OPERATIONS

The total sales of the Company for the financial year ended on 31st March, 2014 were Rs. 1823 Lakhs as against Rs. 2036 Lakhs during the last financial year ended on 31st March, 2013. Similarly the net Loss before tax and Exceptional Item during the same periods were Rs. 233 Lakhs and Rs 153 Lakhs respectively. This reduction in sales and increase in Loss before tax and Exceptional Item is on account of general slowdown in the economy, in-sourcing by existing clients, higher attrition rate and higher cost of hiring.

The Consolidated Group sales stood at Rs. 1860 Lakhs against Rs.2105 Lakhs during the preceding year. The Consolidated Group net Loss before tax and Exceptional Item during the year was Rs.236 Lakhs as against Rs.139Lakhs in the previous year.

3. DIVIDEND

In view of the current year loss and carried forward losses the Directors regret their inability to recommend any dividend to the Equity Shareholders of the Company for the year under review.

4. SUBSIDIARY COMPANY

As on 31st March, 2014the Company has only one wholly-owned foreign subsidiary, viz. Melstar Inc., in U.S.A.

The operations of Melstar Inc. on standalone basis for the year under review are as under:

2013-14 2012-13 Particulars Foreign currency Indian Rs.

Revenue US US$ 64,680 Rs. 39 Lakhs

Profit After Tax US$ 288 Rs.0.17 Lakhs

2012-13 Particulars Foreign currency Indian Rs.

Revenue US US$ 131,320 Rs. 69 Lakhs

Profit After Tax US$ 29,816 Rs. 16 Lakhs

In view of the slowdown in the IT Industry of USA, no new projects were procured. However, the Company has delivered the existing projects successfully. The Company is looking for new projects with better margins during the current financial year.

5. FINANCIAL STATEMENTS OF SUBSIDIARY

In terms of General Circular issued by the Central Government under Section 212(8) of the Companies Act, 1956 vide Circular No. 5/12/2007-CL- III dated 08th February, 2011, it was decided to grant general exemption from attaching copies of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the Report of the Auditors of the Subsidiary Companies to the Balance Sheet of the Company provided certain condition are fulfilled. However, as required under the aforesaid approval, a summarized statement of financial position of the subsidiary has been appended to the Annual Report elsewhere. In terms of Accounting Standard 21 issued by the Institute of Chartered Accountants of India, the Consolidated Financial Statements includes the financial information of the Subsidiary Company.

6. FUTURE PROSPECTS / OUTLOOK

The Company has identified the "Niche" areas of product and services for continuous repetitive business which will give more business stability and growth to the Company. The Company continues to embark on improving margins of all product and service offerings by reducing the variable costs and rationalizing the fixed costs. The results of these initiatives are expected to yield in improving the overall profitability of the Company further during the current year.

7. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures from the same;

b) the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the company as at March 31,2014 and of the loss for the year ended on that date;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) the directors have prepared the annual accounts on a ''going concern'' basis.

8. PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public or the Shareholders during the year under review.

9. PARTICULARS OF EMPLOYEES

During the year under review, there was no employee covered under the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011.

MEASURES FOR PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE:

The Company pursuant to the section 4 of the sexual Harassment of Women at work place (Prevention, prohibition and Redressal) Act 2013 and Rules made there under had constituted the Internal Complaints Committee to lodge complaints if any. During the year no complaint was lodged.

10. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in the Annexure appended to this report.

11. CORPORATE GOVERNANCE

A separate section on Corporate Governance and a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreements with the Stock Exchanges, and also a Management Discussion and Analysis Report are appended hereto and forms integral part of the Annual Report.

12. DIRECTORS

The Board of Directors of the Company in their meeting held on 13.11.2013 appointed Mr. Vijay Mishra as additional Director. He holds office up to the date of the ensuing Annual General Meeting. The Company has received notice in writing from member proposing the candidature of Mr. Vijay Mishra as a Director of the Company. Further in the Board Meeting held on 12.02.2014, Board appointed Mr. Vijay Mishra as Managing Director of the Company for a period of 3 years with effect from 13.11.2013 subject to approval of Members.

The Board of Directors of the Company in their meeting held on 12.02.2014 appointed Mr. R M Mishra as additional Director. He holds office up to the date of the ensuing Annual General Meeting. The Company has received notice in writing from member proposing the candidature of Mr. R M Mishra as a Director of the Company.

As per the provisions of Companies Act, 2013, the independent directors of the Company will have to be appointed by the members for a term upto five years, and no independent director shall be liable to retire by rotation. Further Mr Rajesh Shah ,Mr R.M.Mishra and Mr M.S.Adige have given declaration to the Company under Section 149(6) of the Companies Act,2013,that they qualify the criteria of independence mentioned under that sub-section. Accordingly it is proposed to appoint them as Independent Directors not liable to retire by rotation for a term of five years from the ensuing Annual General Meeting.

Brief resume of the Directors proposed to be appointed, nature of their expertise in specific functional areas and names of the Companies in which they hold the directorship and membership/chairmanship of committees of the Board, as well as their shareholding as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Report on Corporate Governance forming part of the Annual Report.

Mr. P V R Murthy Director resigned from the Board with effect from 24.10.2013,

The Board place on records their sincere appreciation for the valuable contribution made by Mr. P V R Murthy during his tenure as Director of the Company.

Mr. Richard D''Souza Managing Director resigned from the Board with effect 09.12.2013. The Board place on records their sincere appreciation for the valuable contribution made by Mr. Richard D''Souza during his tenure as Manager - Chief Executive Officer (upto 22.05.2013) and Managing Director (from 23.05.2013 to 09.12.2013) of the Company.

13. AUDITORS

M/s. Kanu Doshi Associates Chartered Accountants, the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting. They have confirmed their eligibility and willingness for reappointment. The Directors commend their reappointment by the Members at the forthcoming AGM. .

14. ACKNOWLEDGEMENTS

The Board wishes to express their deep appreciation for the assistance and co-operation received from various Regulatory and Government authorities, Stock Exchanges, Banks, Customers, Vendors, Business Associates and Shareholders of the Company during the year under review. The Board also places on record its deep appreciation for the committed and unstinted efforts with which all the employees have performed their duties and responsibilities during the year under review.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

VIJAY MISHRA RAJESH SHAH Managing Director Director

Mumbai, 08.08.2014


Mar 31, 2013

To the Members,

The Directors have pleasure in presenting the Twenty Sixth Annual Report together with the Audited Statement of Accounts of your Company for the year ended 31st March, 2013.

1. FINANCIAL RESULTS

(Rs. in Lakhs

2012-11 2011-12

Net Sales / Income From Operations 2,036 5,287

Other Operating Income 33 57

Operating Profit / (Loss) before interest and Depreciation (PBIDTA) (123) 208

Finance costs 81 46

Depreciation 84 86

Operating Profit / (Loss) before tax (288) 76

Other Income, net 135 107

Net Profit / (Loss) before tax and Exceptional Item (153) 183

Exceptional Item

Net Profit / (Loss) before tax and after Exceptional Item (153) 183

Provision for taxation 8 (37)

Net Profit / (Loss) after Tax (145) 146

Deficit Brought Forward From Previous Year (81) (227)

Balance carried to Balance Sheet (226) (81)

Face value of Equity Shares (in Rupees) 10 10

EPS-Basic and Diluted (Before Exceptional Item) (in Rupees) (1.01) 1.02

EPS-Basic and Diluted ( After Exceptional Item) (in Rupees) (1.01) 1.02

Book value per Share (in Rupees) 8.55 9.57

2. OPERATIONS

The total sales of the Company for the financial year ended on 31st March, 2013 were Rs. 2,036 Lakhs as against Rs. 5,287 Lakhs during the last financial year ended on 31st March, 2012. Similarly the net (Loss)/Profit before tax and Exceptional Item during the same periods were Rs. (153) Lakhs and Rs.183 Lakhs. This reduction in sales and net (Loss)/ Profit before tax and Exceptional Item is on account of no sale of software products due to thin margin, general slowdown in the economy, in-sourcing by existing clients, higher attrition rate and higher cost of hiring.

The Consolidated Group sales stood at Rs. 2,105 Lakhs against Rs. 5,353 Lakhs during the preceding year. The Consolidated Group net (Loss)/ Profit before tax and Exceptional Item during the year was Rs. (139) Lakhs as against Rs. 186 Lakhs in the previous year.

3. DIVIDEND

In view of the carried forward losses the Directors regret their inability to recommend any dividend to the Equity Shareholders of the Company for the year under review.

4. SUBSIDIARY COMPANY

As on 31st March, 2013, the Company has only one wholly-owned foreign subsidiary, viz. Melstar Inc., in U.S.A.

The operations of Melstar Inc. on standalone basis for the year under review are as under:

2012-13 2011-12

Particulars Foreign currency Indian Rs. Foreign currency Indian Rs.

Revenue US$ 131,320 Rs. 69 Lakhs US$ 137,136 Rs. 66 Lakhs

Profit After Tax US$ 29,816 Rs. 16 Lakhs US$ 8,598 Rs. 3 Lakhs

The profit during the current year was mainly on account of sundry balances written back of US$ 29031 (equivalent to Rs. 16 Lakhs).

In view of the slowdown in the IT Industry of USA, no new projects were procured. However, the Company has delivered the existing projects successfully. The Company is looking for new projects with better margins during the current financial year.

5. FINANCIAL STATEMENTS OF SUBSIDIARY

In terms of General Circular issued by the Central Government under Section 212(8) of the Companies Act, 1956 vide Circular No. 5/12/2007-CL-III dated 08th February, 2011, it was decided to grant general exemption from attaching copies of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the Report of the Auditors of the Subsidiary Companies to the Balance Sheet of the Company provided certain condition are fulfilled. However, as required under the aforesaid approval, a summarized statement of financial position of the subsidiary has been appended to the Annual Report elsewhere. In terms of Accounting Standard 21 issued by the Institute of Chartered Accountants of India, the Consolidated Financial Statements includes the financial information of the Subsidiary Company.

6. FUTURE PROSPECTS / OUTLOOK

Your Company is continuously working on strengthening the business. Your Company has been successfully executing major orders from prestigious customers and it has been enjoying the confidence of all customers across the country with repeat orders. Your Company has embarked on improving margins in all products by reducing the variable cost and rationalizing the fixed costs. The results of these initiatives are expected to yield in improving the overall profitability of the Company further during the current year.

7. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures from the same;

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 true and fair view of the state of affairs of the company as at March 31, 2013 and of the profit for the year ended on that date;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) the directors have prepared the annual accounts on a ''going concern'' basis.

8. PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public or the Shareholders during the year under review.

9. PARTICULARS OF EMPLOYEES

During the year under review, there was no employee covered under the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011.

10. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in the Annexure appended to this report.

11. CORPORATE GOVERNANCE

A separate section on Corporate Governance and a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreements with the Stock Exchanges, and also a Management Discussion and Analysis Report are appended hereto and forms integral part of the Annual Report.

12. DIRECTORS

Pursuant to article 154 of the Articles of Association of your Company and Section 256 of the Companies Act, 1956, Mr. Rajesh Shah, Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

Mr. Richard D''Souza was appointed as Chief Executive Officer of the Company with effect from 1st April 2009. Additionally Mr. Richard D''Souza was appointed as Manager of the Company for the period of three years from 05.05.2010 to 04.05.2013. The terms of his appointment as a Manager expired on 04.05.2013. The Board of Directors of the company in their meeting held on 23rd May 2013 appointed Mr. Richard D''Souza as additional Director. He holds office upto the date of ensuing Annual General Meeting. The Company has received notice in writing from member proposing the candidature of Mr. Richard D''Souza as a Director of the Company. Further in the same Board Meeting held on 23.05.2013, Board appointed Mr. Richard D''Souza as Managing Director of the Company for a period of two years w.e.f. 23.05.2013 subject to approval of Members.

Brief resume of the Directors proposed to be appointed, nature of their expertise in specific functional areas and names of the Companies in which they hold the directorship and membership/chairmanship of committees of the Board, as well as their shareholding as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Report on Corporate Governance forming part of the Annual Report.

Mr. Yashovardhan Birla, Chairman resigned from the Board with effect from 07th November, 2012 and Mr. Anoj Menon resigned as a Director of the Company with effect from 21st March, 2013.

The Directors place on records their sincere appreciation for the valuable contribution made by Mr. Yashovardhan Birla during his tenure as Chairman and by Mr. Anoj Menon during his tenure as Director of the Company.

13. AUDITORS

M/s. Kanu Doshi Associates, Chartered Accountants the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting. They have confirmed their eligibility and willingness for reappointment. The Directors commend their reappointment by the Members at the forthcoming Annual General Meeting.

14. ACKNOWLEDGEMENTS

The Board wishes to express their deep appreciation for the assistance and co-operation received from various Regulatory and Government authorities, Stock Exchanges, Banks, Customers, Vendors, Business Associates and Shareholders of the Company during the year under review. The Board also places on record its deep appreciation for the committed and unstinted efforts with which all the employees have performed their duties and responsibilities during the year under review.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Mr. Richard D''Souza Mr. P. V. R. Murthy

Place : Mumbai Managing Director and Director

Date : 29th July, 2013 Chief Executive Officer


Mar 31, 2012

The Directors present hereunder the 25th Annual Report on the Business and operations of the Company along with the Audited Statement of Accounts of the Company and of the Group for the year ended 31st March, 2012. The financial results for the year are summarized as under:

1. FINANCIAL RESULTS

(Rs. in Lakhs)

2011-12 2010-11

Net Sales / Income From Operations 5,287 2,485

Other Operating Income 57 37

Operating Profit / (Loss) before interest and Depreciation (PBIDTA) 208 172

Finance costs 46 52

Depreciation 86 86

Operating Profit before tax 76 34

Other Income, net 107 97

Net Profit before tax and Exceptional Item 183 131

Exceptional Item - 15

Net Profit before tax and after Exceptional Item 183 146

Provision for taxation (37) -

Net Profit after Tax 146 146

Deficit Brought Forward From Previous Year (227) (374)

Balance carried to Balance Sheet (81) (227) Face value of Equity Shares (in Rupees) 10 10

EPS-Basic and Diluted (Before Exceptional Item) (in Rupees) 1.02 0.92

EPS-Basic and Diluted (After Exceptional Item) (in Rupees) 1.02 1.02

Book value per Share (in Rupees) 9.57 8.56

2. OPERATIONS

The total sales of the Company for the financial year ended on 31st March, 2012 was Rs. 5,287 Lakhs as against Rs. 2,485 Lakhs during the last financial year ended on 31st March, 2011 showing an increase of 113%. Similarly the net Profit before tax and Exceptional Item during the same periods were Rs. 183 Lakhs and Rs.131 Lakhs, showing a growth of 40%. This increase in sales and net Profit before tax and Exceptional Item is due to aggressive marketing and cost cutting measures taken wherever felt necessary and the Company has taken further steps to improve profitability for the current year.

The Consolidated Group sales stood at Rs. 5,353 Lakhs against Rs. 2,550 Lakhs during the preceding year, showing an increase of 110%. The Consolidated Group net Profit before tax and Exceptional Item during the year was Rs. 186 Lakhs as against Rs. 142 Lakhs in the previous year.

3. DIVIDEND

In view of the carried forward losses the Directors regret their inability to recommend any dividend to the Equity Shareholders of the Company for the year under review.

4. SUBSIDIARY COMPANIES

As on 31st March, 2012, the Company has only one wholly-owned foreign subsidiary, viz. Melstar Inc., in U.S.A.

The operations of Melstar Inc. on standalone basis for the year under review are as under:

Particulars 2011-12 2010-11

Foreign currency Indian Rs. Foreign currency Indian Rs.

Revenue US$ 137,136 Rs. 66 Lakhs US$ 144,704 Rs. 65 Lakhs

Profit US$ 8,598 Rs. 3 Lakhs US$ 27,362 Rs. 12 Lakhs

The profit during the previous year was mainly on account of sundry balances written back of US$ 21350 (equivalent to Rs. 10 Lakhs).

In view of the slowdown in the IT Industry of USA, no new projects were procured. However, the Company has delivered the existing projects successfully. The Company is looking for new projects with better margins during the current financial year.

Melstar UK Limited, a wholly-owned subsidiary, located at U.K., stands dissolved on 26th April, 2011 as indicated in the Companies House, UK website www.companieshouse.gov.uk.

Melstar Limited, a wholly owned subsidiary located at U.K. stands dissolved on 19th May, 2010 as advised by G C D Harrison, Liquidator vide their letter dated 5th July, 2010.

Pursuant to the application made to the Accounting and Corporate Regulatory Authority (ACRA), the name of Melstar Singapore Pte Limited, a wholly owned subsidiary located at Singapore, has been Struck Off on 5th October, 2010 by the said Regulatory Authority.

5. FINANCIAL STATEMENTS OF SUBSIDIARIES

In terms of General Circular issued by the Central Government under Section 212(8) of the Companies Act, 1956 vide Circular No. 5/12/2007-CL-III dated 08th February, 2011, it was decided to grant general exemption from attaching copies of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the Report of the Auditors of the Subsidiary Companies to the Balance Sheet of the Company provided certain conditions are fulfilled. However, as required under the aforesaid approval, a summarized statement of financial position of the subsidiaries has been appended to the Annual Report elsewhere. In terms of Accounting Standard 21 issued by the Institute of Chartered Accountants of India, the Consolidated Financial Statements includes the financial information of all the Subsidiaries.

6. FUTURE PROSPECTS / OUTLOOK

Your Company is continuously working on strengthening the business. Your Company has been successfully executing major orders from prestigious customers and it has been enjoying the confidence of all customers across the country with repeat orders. Your Company has embarked on improving margins in all products by reducing the variable cost and rationalizing the fixed costs. The results of these initiatives are expected to yield in improving the overall profitability of the Company further during the current year. The Company expects to implement certain new business practice lines in the current financial year.

7. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures from the same;

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 true and fair view of the state of affairs of the company as at March 31, 2012 and of the profit for the year ended on that date;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) the directors have prepared the annual accounts on a 'going concern' basis.

The above statements have been noted by the Audit Committee at its meeting held on 25th May, 2012.

8. PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public or the Shareholders during the year under review.

9. PARTICULARS OF EMPLOYEES

During the year under review, there was no employee covered under the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011.

10. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in the Annexure appended to this report.

11. CORPORATE GOVERNANCE

A separate section on Corporate Governance and a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreements with the Stock Exchanges, and also a Management Discussion and Analysis Report are appended hereto and forms integral part of the Annual Report.

12. DIRECTORS

Pursuant to article 154 of the Articles of Association of your Company and Section 256 of the Companies Act, 1956, Mr. M. S. Adige and Mr. P. V. R. Murthy, Directors of the Company retires by rotation at the ensuing Annual General Meeting and are eligible for re-appointment.

13. AUDITORS

M/s. Kanu Doshi Associates, Chartered Accountants the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting. They have confirmed their eligibility and willingness for reappointment. The Directors commend their reappointment by the Members at the forthcoming AGM.

14. ACKNOWLEDGEMENTS

The Board wishes to express their deep appreciation for the assistance and co-operation received from various Regulatory and Government authorities, Stock Exchanges, Banks, Customers, Vendors, Business Associates and Shareholders of the Company during the year under review. The Board also places on record its deep appreciation for the committed and unstinted efforts with which all the employees have performed their duties and responsibilities during the year under review.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Mr. P. V. R. Murthy Mr. M.S. Adige

Director Director

Mumbai, 25th May, 2012

 
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