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Directors Report of Menon Bearings Ltd.

Mar 31, 2015

Dear Members,

The Directors feel great pleasure in presenting 24th Annual Report of your Company comprising the Audited Financial Statements for the year ended 31st March, 2015.

FINANCIAL HIGHLIGHTS :

(Rs.in lacs)

Sr. Particulars Current Previous Year No Year Ended Ended on 31st on 31st March, 2014 March, 2015

1 Total Revenue (Net) 10,391.11 8,744.11

2 Profit before Depreciation & Amortization Expenses, 2,323.43 1,600.82 Finance Cost and Tax

3 Less : Depreciation and Amortization Expenses 421.99 475.47

Finance Cost 238.75 223.61

4 Profit before Tax 1,662.69 901.74

5 Less: Provision for Tax 508.20 283.99

6 Profit after Tax 1,154.49 617.75

7 Balance of Profit as per last Balance Sheet 2,497.22 2,282.28

8 Less: Depreciation difference 16.00 -

9 Previous Year Adjustments - -

10 Balance Available for Appropriation 3,635.70 2,900.04

11 Rate of Proposed Dividend 80% 60%

12 Proposed Dividend 373.60 280.20

13 Tax on Dividend 63.49 47.62

14 Transfer to General Reserve 75.00 75.00

15 Balance of Profit carried to Balance Sheet 3,123.61 2,497.22

REVIEW OF OPERATIONS:

During the year under review, the Company has registered a sale of Rs. 10,251.34 Lacs (previous year Rs. 8,646.18 Lacs) and Net Profit after Tax of Rs. 1,154.49 Lacs (previous year Rs. 617.75 Lacs).The Company continued to operate in the business of manufacturing of "Auto Components" and there was no change in business activities. No material changes or commitments affecting the financial position of the Company occurred between end of the financial year and the date of this report.

DIVIDEND:

The Company''s overall performance during the year under review was satisfactory. Your Directors have pleasure in recommending payment of dividend of Re. 0.80/- (80%) per share (of Re. 1/- each) on the Company''s Share Capital (previous year Rs. 3/- (60%) per share of Rs.5/- each). This will absorb total cash outflow of Rs. 437.09 Lacs (previous year Rs. 327.82 Lacs) including Dividend Distribution Tax of Rs. 63.49 Lacs (previous year Rs. 47.62 Lacs).

SHARE CAPITAL OF THE COMPANY:

The equity shares of the Company were sub-divided from face value of Rs. 5/- to Re. 1/- per share w.e.f. 10th April, 2015.

DIRECTORS AND KMP:

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, Mr. Ram Menon, Non-Executive Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment and your Board recommends his re-appointment.

The Board of Directors of the Company appointed Mrs. Nazura Ajaney as an Additional (Independent) Director of the Company for a period of five years w.e.f. 4thSeptember, 2014, subject to approval of shareholders at the ensuing Annual General Meeting. The Company has received a notice along with requisite deposit from a member of the Company under Section 160 of Companies Act, 2013 proposing her candidature for the office of Director of the Company. Your Board recommends her appointment.

Mr. Kumar Nair, Independent Director resigned from the directorship of the Company w.e.f. 17th April, 2015. The Board expresses its appreciation to Mr. Kumar Nair for his valuable guidance as Director of the Company.

The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under Section 149 (6) of the Companies Act, 2013 and under Clause 49 of the Listing Agreement entered into with the Stock Exchanges.

As stipulated under the Clause 49 (VIII)(E) of the Listing Agreement, brief resume of the Directors proposed to be appointed/re-appointed are given in the Notice convening 24th Annual General Meeting.

Pursuant to the provisions of Section 203 of the Companies Act, 2013, Mr. Anup Padmai, an Associate Member of the Institute of Company Secretaries of India and Mr. Arun Aradhye, were appointed as Company Secretary & Compliance Officer and Chief Financial Officer (CFO) respectively of the Company w.e.f. 11th May, 2014.

PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

EXTRACT OF ANNUAL RETURN:

An extract of Annual Return in Form MGT 9 is appended to this Report as Annexure I.

LISTING OF SHARES ON NATIONAL STOCK EXCHANGE OF INDIA LIMITED:

The Equity shares of the Company are listed on National Stock Exchange of India Ltd (NSE) and admitted for trading w.e.f. 9th March, 2015.

MEETINGS OF THE BOARD:

The Board meets at regular intervals to discuss and decide on Company / business policy and strategy apart from other Board business. A tentative annual calendar of the Board and Committee Meetings is informed to the Directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the meetings. However, in case of a special and urgent business need, the Board''s approval is taken by passing resolutions through circulation, as permitted by law, which are confirmed in the subsequent Board meeting.

The notice of Board meeting is given well in advance to all the Directors of the Company. Usually, meetings of the Board are held in Kolhapur, Maharashtra. The agenda of the Board / Committee meetings is circulated 7 day prior to the date of the meeting. The agenda for the Board and Committee meetings includes detailed notes on the items to be discussed at the meeting to enable the Directors to take an informed decision.

The Board met four times during the year, the details of which are given in the Report on Corporate Governance. The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Your Directors, to the best of their knowledge and belief and according to the information and explanations obtained by them and as required under Section 134(3)©of the Companies Act, 2013 state that:

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

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 of the company for that period;

c. the directors have 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 have prepared the annual accounts on a going concern basis;

e. the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

REMUNERATION POLICY

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Report on Corporate Governance .

RISKS AND AREAS OF CONCERN

The Company has laid down a well defined Risk Management Policy covering the risk mapping, trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitoring of both business and non-business risk. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVE

Pursuant to the provisions of Section 135 read with Companies (Corporate Social Responsibility) Rules, 2014, the Company has formed Corporate Social Responsibility (CSR) Committee and a Policy on Corporate Social Responsibility. As part of its initiatives under CSR, the Company is in process of formation of Trust to undertake projects in the area of education, livelihood, health, water, sanitation and any other. These projects will be in accordance with Schedule VII of the Companies Act, 2013.

The details as per the provisions of Rule 8 of Companies (Corporate Social Responsibility)Rules, 2014 is annexed herewith as Annexure II.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188(1) OF THE COMPANIES ACT, 2013

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in prescribed Form AOC - 2 under Companies (Accounts) Rules, 2014 are appended as Annexure III.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

During the year under review, the Company has not made any investments or given guarantee''s or provided security falling under the provisions of Section 186 of the Companies Act, 2013.

ANNUAL PERFORMANCE EVALUATION BY THE BOARD:

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit and Nomination & Remuneration Committees of the Company. The Board has devised questionnaire to evaluate the performances of each of executive and non-executive and Independent Directors. Such questions are prepared considering the business of the Company and the expectations that the Board have from each of the Directors. The evaluation framework for assessing the performance of Directors comprises of the following key areas:

i. Attendance of Board Meetings and Board Committee Meetings;

ii. Quality of contribution to Board deliberations;

iii. Strategic perspectives or inputs regarding future growth of Company and its performance;

iv. Providing perspectives and feedback going beyond information provided by the management.

The manner in which the evaluation has been carried out has been explained in the Report on Corporate Governance .

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:

There was no order passed by any regulator or court or tribunal, which impacts the going concern status of the Company or will have bearing on Company''s operations in future.

AUDIT COMMITTEE AND ITS COMPOSITION

The Audit Committee of the Company reviews the reports to be submitted with the Board of Directors with respect to auditing and accounting matters. It also supervises the Company''s internal control and financial reporting process.

As on 31st March, 2015, the Audit Committee comprised of Mr. Kumar Nair, Mr. B. S. Ajitkumar, Capt. Sudheer S. Naphade, Independent Directors and Mr. R. D. Dixit, Vice Chairman and Managing Director of the Company.

Mr. Kumar Nair was the Chairman of Audit Committee of the Company. Mr.Anup Padmai, Company Secretary and Compliance Officer of the Company, acts as the Secretary of the Audit Committee.

WHISTLE BLOWER POLICY:

The Company has a Vigil Mechanism / Whistle blower Policy to deal with instance of fraud and mismanagement, if any. The mechanism also provides for adequate safeguards against victimization of directors and employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in the exceptional cases. The details of the Vigil Mechanism Policy is explained in the Report on Corporate Governance and also posted on the website of the Company. We affirm that during the financial year 2014-15, no employee or director was denied access to the Audit Committee.

SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Secretarial Audit Report received from M/s. Manish Ghia & Associates, Practising Company Secretaries, Mumbai is appended as Annexure -IV and forms part of this report.

INTERNAL AUDIT:

The Company has appointed Mr. Abhay Golwalkar, Chartered Accountants, Kolhapur as its Internal Auditor. The Internal Auditor has given his reports on quarterly basis to the Audit Committee.

Based on the report of internal audit, management undertakes corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

INTERNAL FINANCIAL CONTROL:

The Audit Committee evaluates the efficacy and adequacy of financial control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company and strives to maintain the Standard in Internal Financial Control.

REPORT ON CORPORATE GOVERNANCE :

Pursuant to Clause 49 of the Listing Agreement entered into with the stock exchanges, the following have been made a part of the Annual Report and are attached to this report:

* Management Discussion and Analysis Report

* Report on Corporate Governance

* Auditors'' Certificate regarding compliance of conditions of Corporate Governance

COMMITTEES OF THE BOARD:

During the year, in accordance with the Companies Act, 2013, the Board re-constituted some of its Committees and also formed a Corporate Social Responsibility Committee. There are currently four Committees of the Board, as follows:

1. Audit Committee

2. Stakeholders'' Relationship Committee

3. Nomination and Remuneration Committee

4. Corporate Social Responsibility Committee

Details of all the Committees along with their charters, composition and meetings held during the year, are provided in the Report on Corporate Governance, a part of this Annual Report.

PARTICULARS OF REMUNERATION:

Detail of remuneration paid to all the directors / employees is provided in Annexure - V. Details of the ratio of remuneration of each Director to the median employee''s remuneration is provided in Annexure - VI.

AUDITORS:

M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, the Statutory Auditors of your Company hold office as such up to the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from them to the effect that they are willing to continue as Statutory Auditors and if re-appointed, their re-appointment would be within the limits prescribed under Section 139 of the Companies Act, 2013 and they are not disqualified from being appointed as Auditors.

Your Directors recommend the re-appointment of M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting upto the conclusion of next Annual General Meeting of the Company and to audit financial statements for the financial year 2015-16.

The Company had appointed M/s. Rajesh Lohia & Co. Chartered Accountants, Kolhapur, as Branch Auditors, to hold office from the conclusion of the 23rd AGM until the conclusion of sixth consecutive AGM of the Company and to audit the financial statement of Menon Alkop (Division of the Company). However, such an appointment of Branch Auditors was subject to ratification at every AGM held after the 23rd AGM. Hence your Directors recommend for the ratification of the appointment of M/s. Rajesh Lohia & Co, Chartered Accountant, Kolhapur, as Branch Auditors of the Company in the ensuing Annual General Meeting.

COST AUDITORS:

As per the provisions of Section 148 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company has appointed M/s. Chandrashekhar S. Adawadkar, Cost Accountant, Pune as Cost Auditors of the Company to conduct audit of cost records for the financial year 2014- 15, at a remuneration of Rs. 1,25,000/-, subject to approval for remuneration of the shareholders of the Company. As per the provisions of Companies (Cost Records and Audit) Rules, 2014 notified on 30th June, 2014, the Company is not required to appoint Cost Auditors for the financial year 2014-15, however, the same shall be applicable for the financial year 2015-16.

Further, the Company has appointed Mr. Chandrashekhar S. Adawadkar, Cost Accountant, Pune, as Cost Auditors of the Company to conduct the cost audit for the financial year 2015-16, at a remuneration of Rs. 1,25,000/- (Rupees One Lac Twenty Five Thousand only) plus service tax and out of pocket expenses. The approval of Shareholders is sought for payment of remuneration to said Cost Auditor.

INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has constituted an Internal Compliant Committee under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year no complaint was filed before the said Committee.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Details regarding Conservation of energy, technology absorption, foreign exchange earnings and outgo is given as in Annexure VII.

ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and Replacement Market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance extended during the year under report by our bankers, customers, suppliers and Government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS



Place: Kolhapur RAM MENON Date : 5th May 2015 Chairman


Mar 31, 2014

Dear Members,

The Directors feel great pleasure in presenting 23rd Annual Report of your Company comprising the Audited Financial Statements for the year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS :

(Rs.in lacs) Sr. Current Year Ended Previous Year Ended Particulars No. on 31st March, 2014 on 31st March, 2013

1 Total Revenue (Net) 8,744.11 8,409.69

2 Profit before Depreciation & Amortization 1,600.82 1,365.02 Expenses, Finance Cost and Tax

3 Less : Depreciation and Amortization Expenses 475.47 464.01

Finance Cost 223.61 229.22

4 Profit before Tax 901.74 671.80

5 Less: Provision for Tax 283.99 302.22

6 Profit after Tax 617.75 369.58

7 Balance of Profit as per last Balance Sheet 2,282.28 2,171.25

8 Previous Year Adjustments - -

9 Balance Available for Appropriation 2,900.04 2,540.83

10 Rate of Proposed Dividend 60% 40%

11 Proposed Dividend 280.20 186.80

12 Tax on Dividend 47.62 31.75

13 Transfer to General Reserve 75.00 40.00

14 Balance of Profit carried to Balance Sheet 2,497.22 2,282.28

RESULTS OF OPERATIONS:

During the year under review, the Company has registered a sale of Rs. 8,646.18 Lacs (previous year Rs. 8,299.72 Lacs) and Net Profit after Tax of Rs. 617.75 Lacs (previous year Rs. 369.58 Lacs).

DIVIDEND:

The Company''s overall performance during the year under review was satisfactory. Your Directors have pleasure in recommending payment of dividend of Rs. 3/- (60%) per share on the Company''s Share Capital (previous year Rs. 2/- (40%) per share). This will absorb total Cash Outflow of Rs. 327.82 Lacs (previous year Rs. 218.55 Lacs) including Corporate Dividend Distribution Tax of Rs. 47.62 Lacs (previous year Rs. 31.75 Lacs).

DIRECTORS:

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies

(Management & Administration) Rules, 2014 and Articles of Association of the Company, Mr. Sachin Menon, Non Executive Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment and your Board recommends for his re-appointment.

In terms of provisions of Section 149 and 152 of the Companies Act, 2013 which became effective from 1st April, 2014, an Independent Director of a Company can be appointed for a term of 5 consecutive years and he shall not be liable to retire by rotation.

To comply with the above provisions, it is proposed to appoint Mr. Kumar Nair, Mr. B. S. Ajitkumar and Capt. Sudheer S. Naphade as Independent Directors of the Company for a period upto 31st March, 2019, who shall not be liable to retire by rotation. Your Board recommends their appointment.

The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under sub-section 149 of the Companies Act, 2013 and under clause 49 of the Listing Agreement with the Stock Exchange.

Brief resume of the Directors proposed to be appointed/re-appointed as stipulated under Clause 49 of the Listing Agreement with BSE Limited are given in the Notice convening 23rd Annual General Meeting.

PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any public deposit within the meaning of Section 58A of the Companies Act,1956 read with Section 73 of the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956 the Board of Directors of the Company hereby confirms that:

i. The applicable Accounting Standards have been followed and proper explanations relating to the material departures have been given wherever necessary;

ii. 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 ended on 31st March, 2014 and of the profit of the Company for that period;

iii. 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 frauds and other irregularities;

iv. The Directors have prepared the Annual Accounts on a going concern basis.

AUDITORS:

M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, the Statutory Auditors of your Company hold such office upto the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The

Company has received a letter from them to the effect that they are willing to continue as Statutory Auditors and if re-appointed, their re-appointment would be within the limits prescribed under Section 139 of the Companies Act, 2013.

Your Directors recommend the re-appointment of M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting upto the conclusion of next Annual General Meeting of the Company and to audit financial statements for the financial year 2014-15.

Your Directors also recommend the appointment of M/s. Rajesh Lohia & Co., Chartered Accountants, Kolhapur, as Branch Auditors to hold office from the conclusion of the ensuing Annual General Meeting until the conclusion of sixth consecutive Annual General Meeting of the Company and to audit the financial statement of Menon Alkop (Division of the Company).

COST AUDITORS:

Pursuant to the provisions of Section 233B of Companies Act, 1956 and in terms of Circular No. F. No. 52/26/CAB-2010 dated 30th June, 2011 and 52/26/CAB-2010 dated 24th January, 2012 issued by the Ministry of Corporate Affairs, Cost Audit Branch, the Company, with the prior approval of the Central Government, has appointed Mr. Chandrashekhar S. Adawadkar, Cost Accountant, Pune as Cost Auditors of the Company for Audit of the cost accounting records for the financial year 2013-14.

As per the provisions of Section 148 of the Companies Act, 2013, read with Companies ( Audit and Auditors) Rules, 2014 the Board of Directors of the Company has appointed Mr. Chandrashekhar S. Adawadkar, Cost Accountant, Pune, as Cost Auditors of the Company to conduct the cost audit for the financial year 2014-15, on a remuneration of Rs. 1,25,000/- (Rupees One Lac Twenty Five Thousand ) plus service tax and out of pocket expenses. The approval of Shareholders is sought for payment of remuneration to said Cost Auditor.

SECRETARIAL COMPLIANCE CERTIFICATE:

As required under the provisions of Section 383A of the Companies Act, 1956, Secretarial Compliance Certificate received from M/s. Manish Ghia & Associates, Practicing Company Secretary, Mumbai is annexed and forming part to this report.

CORPORATE GOVERNANCE REPORT:

Pursuant to Clause 49 of the Listing Agreement entered into with the stock exchange, the following have been made a part of the Annual Report and are attached to this report:

- Management Discussion and Analysis Report

. Corporate Governance Report

. Auditors'' Certificate regarding compliance of conditions of Corporate Governance

PARTICULARS OF EMPLOYEES:

As required under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended the statement showing the names and other particulars of employees of the Company drawing remuneration not less than Rs. 60,00 000/- per annum or Rs. 5,00,000/-

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under the provisions of Section 217 (2A) of the Companies Act, 2013 read with Section 134(3)(m) of the Companies Act, 2013 and other applicable rules, particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo for the year under review are annexed to this report and marked as "Annexure B".

ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and Replacement Market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance extended during the year under report by the bankers, customers, suppliers and Government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Place: Kolhapur RAM MENON

Date : 11th May, 2014 Chairman


Mar 31, 2013

The Directors feel great pleasure in presenting 22nd Annual Report of your Company comprising the Audited Financial Statements for the year ended 31st March, 2013.

FINANCIAL HIGHLIGHTS :

(Rs.in lacs)

Sr. Current Year Ended Previous Year Ended No. Particiilars on 31st March, 2013 on 31st March, 2012

1 Total Revenue (Net) 8,409.69 8,795.26

2 Profit before Depreciation & Amortization 1,365.02 1,719.06 Expenses, Finance Cost and Tax

3 Less : Depreciation and Amortization Expenses 464.01 413.31

Finance Cost 229.22 236.39

4 Profit before Tax 671.80 1,069.36

5 Less: Provision for Tax 302.22 328.99

6 Profit after Tax 369.58 740.37

7 Balance of Profit as per last Balance Sheet 2,171.25 1,799.02

8 Previous Year Adjustments 5.38

9 Balance Available for Appropriation 2,540.83 2,544.77

10 Rate of Proposed Dividend 40% 55%

11 Proposed Dividend 186.80 256.85

12 Tax on Dividend 31.75 41.67

13 Transfer to General Reserve 40.00 75.00

14 Balance of Profit carried to Balance Sheet 2,282.28 2,171.25

RESULTS OF OPERATIONS:

During the year under review, the Company has registered a sale of Rs. 8,299.72 Lacs (previous year Rs.

8,709.10 Lacs) and Net Profit after Tax of Rs. 369.58 Lacs (previous year Rs. 740.37 Lacs).

DIVIDEND:

The Company''s overall performance during the year under review was satisfactory. Your Directors have pleasure in recommending payment of dividend of Rs. 2/- (40%) per share on the Company''s Share Capital (previous year Rs. 2.75 (55%) per share). This will absorb total Cash Outflow of Rs. 218.55 Lacs (previous year Rs. 298.52 Lacs) including Corporate Dividend Distribution Tax of Rs. 31.75 Lacs (previous year Rs. 41.67 Lacs).

DIRECTORS :

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Ram Menon, Chairman and Mr. Kumar Nair, Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, have offered themselves for re-appointment and your Board recommends for their re-appointment.

Further, the Board of Directors of the Company re-appointed Mr. Ramesh D. Dixit as Vice Chairman & Managing Director and Mr. Nitin Menon as Joint Managing Director of the Company for a period of 5 years w.e.f. 1st April, 2013, subject to the approval of members and the Central Government. Your Board recommends your approval for their re-appointment.

The Board of Directors of the Company appointed Capt. Sudheer S. Naphade as an Additional (Independent) Director of the Company w.e.f. 19th May, 2013. Pursuant to the provisions of Section 260 of the Companies Act, 1956, Capt. Sudheer S. Naphade holds office as such up to the date of forthcoming Annual General Meeting of the Company. The Company has received a notice along with requisite deposit under Section 257 of the Companies Act, 1956 proposing his candidature for the office of Director of the Company.

Dr. Y. S. P. Thorat, Independent Director resigned from the directorship of the Company w.e.f. closing working hours of 19th May, 2013. The Board expresses its appreciation to Dr. Y S. P. Thorat for his valuable guidance as Director of the Company.

Brief resume of the Directors proposed to be appointed / re-appointed as stipulated under Clause 49 of the Listing Agreement with BSE Limited are given in the Notice convening 22nd Annual General Meeting.

PUBLIC DEPOSITS :

During the year under review, the Company has not accepted any public deposit within the meaning of Section 58A and 58AA of the Companies Act, 1956 and rules framed thereunder.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company hereby confirms that:

i)The applicable accounting standards have been followed and proper explanations relating to the material departures have been given wherever necessary;

ii)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 ended on 31st March, 2013 and of the profit of the Company for that period;

iii)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 frauds and other irregularities;

iv)The Directors have prepared the Annual Accounts on a going concern basis.

AUDITORS :

M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, the Statutory Auditors of your Company hold such office upto the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from them to the effect that they are willing to continue as Statutory Auditors and if re-appointed, their re-appointment would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

Your Directors recommend the re-appointment of M/s.P. M. Vardhe & Co., Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting upto the conclusion of next Annual General Meeting of the Company and to audit Financial Statements for the financial year 2013-14.

COST AUDITORS :

Pursuant to the provisions of Section 233B of the Companies Act, 1956 and in terms of Circular No. F. No. 52/26/CAB-2010 dated 30th June, 2011 and 52/26/CAB-2010 dated 24th January, 2012 issued by the Ministry of Corporate Affairs, Cost Audit Branch, the Company, with the prior approval of the Central Government, has appointed Mr. Chandrashekhar S. Adawadkar, Cost Accountant, Pune, as Cost Auditors of the Company for Audit of the cost accounting records for the financial year 2012-13.

SECRETARIAL COMPLIANCE CERTIFICATE :

As required under the provisions of Section 383A of the Companies Act, 1956, Secretarial Compliance Certificate received from M/s. Manish Ghia & Associates, Practicing Company Secretary, Mumbai is annexed and forming part to this report.

CORPORATE GOVERNANCE REPORT :

Pursuant to Clause 49 of the Listing Agreement entered into with the stock exchange, the following have been made a part of the Annual Report and are attached to this report:

- Management Discussion and Analysis Report

- Corporate Governance Report

- Auditors'' Certificate regarding compliance of conditions of Corporate Governance PARTICULARS OF EMPLOYEES :

As required under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended, the statement showing the names and other particulars of employees of the Company drawing remuneration not less than Rs. 60,00,000/- per annum or Rs. 5,00,000/- per month is attached to this report and marked as "Annexure A".

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies

(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo for the year under review are annexed to this report and marked as "Annexure B".

ACKNOWLEDGMENT :

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and Replacement Market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance extended during the year under report by our bankers, customers, suppliers and Government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Place: Kolhapur RAM MENON

Date : 19th May 2013 Chairman


Mar 31, 2012

The Directors feel great pleasure in presenting 21st Annual Report of your Company with the Audited Statement of Accounts for the year ended 31st March, 2012.

FINANCIAL HIGHLIGHTS : (Rs.in lacs)

Sr. Particulars Current Year Ended Previous No year Ended

on 31.03.2012 on 31.03.2011

1 Total Revenue (Net) 8,795.26 8,027.65

2 Profit before Depreciation & Amortization 1,719.06 1,594.77 Expenses, Finance Cost and Tax

3 Less : Depreciation and Amortization Expenses 413.31 374.62

Finance Cost 236.39 228.92

4 Profit before Tax 1,069.36 991.23

5 Less: Provision for Tax 328.99 353.26

6 Profit after Tax 740.37 637.97

7 Balance of Profit as per last Balance Sheet 1,799.02 1,480.59

8 Previous Year Adjustments 5.38 -

9 Previous Year Expenses - 0.30

10 Balance Available for Appropriation 2,544.77 2,118.26

11 Proposed Rate of Dividend 55% 45%

12 Proposed Dividend 256.85 210.15

13 Tax on Dividend 41.67 34.09

14 Transfer to General Reserve 75.00 75.00

15 Balance of Profit carried to Balance Sheet 2,171.25 1,799.02

RESULTS OF OPERATIONS:

During the year under review, the Company has registered a sale of Rs.8709.10 lacs (previous year Rs. 7965.11 lacs) and Net Profit after Tax of Rs. 740.37 lacs (previous year Rs. 637.97 lacs).

DIVIDEND:

The Company's overall performance during the year under review was satisfactory. Your Directors have pleasure in recommending a dividend of Rs. 2.75/- (55%) per share on the Company's Share Capital [ previous year Rs. 2.25/- (45%) per share]. This will absorb total Cash Outflow of Rs. 298.52 lacs (previous year Rs. 244.24 lacs) including Corporate Dividend Distribution Tax of Rs. 41.67 lacs (previous year Rs. 34.09 lacs).

PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any public deposit within the meaning of Section 58A & 58AA of the Companies Act, 1956 and rules framed thereunder.

DIRECTORS:

Mr. Sachin Menon and Mr. B. S. Ajitkumar, Directors of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

Brief resume of the Directors proposed to be re-appointed as stipulated under Clause 49 of the Listing Agreement with BSE Limited are given in the Notice convening 21st Annual General Meeting.

AUDITORS:

M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, the Statutory Auditors of your Company hold such office upto the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from them to the effect that they are willing to continue as Statutory Auditors and if re-appointed, their re-appointment would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

Your Directors recommend the re-appointment of M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting upto the conclusion of next Annual General Meeting of the Company and to audit financial accounts for the financial year ending on 31st March, 2013.

COST AUDITORS:

Pursuant to the provisions of Section 233B of the Companies Act, 1956 and in terms of Circular No. F. No. 52/26/CAB-2010 dated 30th June, 2011 issued by the Ministry of Corporate Affairs, Cost Audit Branch, the Company, with the prior approval of the Central Government, has appointed Mr. Chandrashekhar S. Adawadkar, Cost Accountant, Pune, as Cost Auditors of the Company for Audit of the cost accounting records for the financial year 2011-12.

PARTICULARS OF EMPLOYEES:

As required under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended the statement showing the names & other particulars of the employees of the Company drawing remuneration not less than Rs.60,00,000/- per annum or Rs.5,00,000/- per month is attached to this report and marked as "Annexure A".

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, particulars regarding conservation of energy, technology absorption and foreign exchange earnings and outgo for the year under review are annexed to this report and marked as "Annexure B".

SECRETARIAL COMPLIANCE CERTIFICATE:

As required under the provisions of Section 383A of the Companies Act, 1956, Secretarial Compliance Certificate received from M/s. Manish Ghia & Associates, Practicing Company Secretary, Mumbai is annexed to this report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company hereby confirms that:

i) While preparing the Annual Accounts, the applicable accounting standards have been followed and proper explanation relating to the material departures have been given wherever necessary;

ii) 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 ended 31st March, 2012 and of the profit of the Company for that period;

iii) 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 frauds and other irregularities;

iv) The Directors have prepared the Annual Accounts on a going concern basis.

CORPORATE GOVERNANCE REPORT:

Pursuant to Clause 49 of the Listing Agreement entered into with the stock exchange, the following have been made a part of the Annual Report and are attached to this report:

- Management Discussion and Analysis

- Corporate Governance Report

- Auditors' Certificate regarding compliance of conditions of Corporate Governance ACKNOWLEDGMENT:

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and Replacement Market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance during the year under report by our bankers, all the customers, suppliers of the Company and Government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Place: Kolhapur R. D. DIXIT NITIN MENON

Date : 27th May, 2012 Vice Chairman & Managing Director Joint Managing Director


Mar 31, 2011

Dear Members,

The Directors feel great pleasure in presenting 20th Annual Report of your company with the Audited Statement of Accounts for the year ended 31st March, 2011.

FINANCIAL HIGHLIGHTS :

(Rs.in lacs) Current Year Previous Year Sr. Particulars Ended on Ended on No. 31.03.2011 31.03.2010

1 Profit before tax 991.23 660.12

2 Provision for tax 353.26 199.30

3 Profit after tax 637.97 460.82

4 Balance of profit as per last Balance Sheet 1,485.05 914.26

5 Previous year adjustments - 294.77

6 Previous year expenses 0.30 1.20

7 Balance available for appropriation 2,122.72 1,668.65

8 Proposed dividend (in Rs. Lacs) 210.15 116.75

9 Proposed Rate of dividend 45% 25%

10 Tax on dividend 34.09 19.84

11 General Reserve 75.00 47.00

12 Balance of profit carried to Balance Sheet 1,803.48 1,485.05

RESULTS OF OPERATIONS :

During the year under review, Company has registered a sale of Rs.7946.63 lacs and net profit of Rs. 637.98 lacs.

DIVIDEND :

The Company's overall performance during the year under review was satisfactory. Your directors have pleasure in recommending a dividend of Rs. 2.25/- (45%) per share on the company's share capital ( previous years Rs. 1.25/- (25%) per share). The proposed payout will be Rs. 210.15 lacs (previous year Rs. 116.75 lacs) in addition to the dividend distribution tax of Rs.34.09 (previous year Rs. 19.84 lacs)

PUBLIC DEPOSITS :

The Company has not accepted any public deposit within the meaning of Section 58A & 58AA of the Companies Act, 1956 and rules framed thereunder.

DIRECTORS :

Dr. Y. S. P. Thorat was appointed as an additional Director of the Company w. e. f. 30.01.2011. Pursuant to the provisions of section 260 of the Companies Act 1956. Dr. Y. S. P. Thorat holds office as such upto the date of forthcoming Annual General Meeting of the Company. The Company has received notice alongwith requisite deposit under section 257 of the Companies Act 1956 proposing his candidature for the office of Director. Mr. T. K. Guha, Executive Director of the Company resigned from the Directorship of the Company w. e. f. 17.09.2010.

Shri Ram Menon and Shri Kumar Nair retire by rotation and being eligible offer themselves for reappointment at the ensuing Annual General Meeting.

The Directors recommend the appointment of Dr. Y. S. P. Thorat and reappointment of shri Ram Menon and Shri Kumar Nair as Directors of the Company.

AUDITORS :

M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, are the Statutory Auditors of the Company and hold such office till the conclusion of ensuing Annual General Meeting. The Company has received a letter from them to the effect that, being eligible, they are willing to continue as Statutory Auditors and that the re-appointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

The Directors recommend the re-appointment of M/s. P. M. Vardhe & Co., Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office up to the conclusion of the next Annual General Meeting of the Company

PARTICULARS OF EMPLOYEES :

As required by the provisions of section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) drawing salary of Rs 60,00,000/-per annum or Rs.5,00,000/- per month is enclosed to this report.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE :

As required under the provisions of Section 217(1) e) of the Companies Act, 1956 read together with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, particulars regarding conservation of energy, technology absorption and foreign exchange earnings and outgo for the year under review are annexed to this report.

SECRETARIAL COMPLIANCE CERTIFICATE :

As required under Section 383A of the Companies Act, 1956, Secretarial Compliance Certificate received from M/s. Manish Ghia & Associates, Practicing Company Secretary is annexed to this report.

DIRECTORS' RESPONSIBILITY STATEMENT :

Pursuant to Section 217(2AA) of the Companies Act 1956, the Board of Directors of the Company hereby confirms that:

i) While preparing the Annual Accounts, the applicable accounting standards have been followed and proper explanation relating to the material departures have been given wherever necessary.

ii) 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 ended 31st March, 2011 and of the profit of the company for that period.

iii) 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 frauds and other irregularities.

iv) The Directors have prepared the Annual Accounts on a going concern basis.

Pursuant to Section 217(2AA) of the Companies Act 1956, the Board of Directors of the Company hereby confirms that:

CORPORATE GOVERNANCE REPORT :

Pursuant to Clause 49 of the listing agreement entered in to with the Stock exchange, the following have been made a part of the Annual Report and are attached herewith:

* Management Discussion and Analysis

* Corporate Governance Report

* Auditors' certificate regarding compliance of the conditions of Corporate Governance.

ACKNOWLEDGMENT :

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and after market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance during the year under report by our bankers, all the customers, suppliers of the company and government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.

For and on behalf of the Board of Directors

Place: Kolhapur RAM MENON Date: May 26, 2011 Chairman


Mar 31, 2010

The Directors feel great pleasure in presenting 19th Annual Report of your company with the Audited Statement of Accounts for the yearended 31st March, 2010.

FINANCIAL HIGHLIGHTS:

(Rs.in lacs)

Sr. Current Year Previous Year

No. Particutars Ended on Ended on

31.03.2010 31.03.2009

1 Profit before tax _ 660.12 477.82

2: Provision for tax; 199.30 171.35

3 Profit after tax 460.82 306.48

4 Balance of profit as per

last Balance Sheet 914.26 776.38

5 Previous year adjustments 294.77 Nil

6. Previous year

7 Balance available for appropriation 1668.65 1082.86

8 Proposed dividend(inRs,Lacsj. 116.75 116.75

9 Proposed Rate of dividend 25% 25%

10. .. Tax on dividend 19.84 19.84

11 .General Reserve 47.00 32.00

12 ., Balance of profit carried,

to Balance Sheet 1485.05 914.27





RESULTS OF OPERATIONS:

During the year under review, Company has registered a sale of Rs. 5647.6 7 lacs and net profit of Rs. 460.82 lacs.

DIVIDEND:

The Companys overall performance during the year under review was satisfactory. Your directors have pleasure in recommending a dividend at the rate of Re.1.25 per share i.e. 25 % on the companys share capital (previous year Rs.2.50 per share i.e. 25% on the companys share capital). The proposed payout will be Rs.116.75 lacs (previous year Rs. 116.75 lacs) in addition to the dividend distribution tax of Rs. 19.84 lacs (previous year Rs. 19.84 lacs).

SUB-DIVISION OF SHARES:

During the year under review, shares of the Company were sub-divjded from face value of Rs.10/- to face value of Rs.5/- per share w.e.f. 09.10.2009.

PUBLIC DEPOSITS:

The Company has not accepted any public deposit within the meaning of Section 58A & 58AA of the Companies Act, 1956 and rules framed thereunder.

DIRECTORS:

Shri Sachin Menon and Shri B.S.Ajitkumar retire by rotation and being eligible offer themselves for reappointment at the ensuing Annual General Meeting.

The Board of Directors re-appointed Shri. Nitin Menon as Joint Managing Director, Shri. R. D. Dixit as Vice Chairman and Managing Director and Shri. T. K. Guha as Executive Director for a further period of 3 years w.e.f. 1st July, 2010, subject to the approval of shareholders in their general meeting and Central Government. Your directors recommend for your approval.

AUDITORS:

M/s P. M. Vardhe & Co., Chartered Accountants, Kolhapur, are the Statutory Auditors of the company and hold such office till the conclusion of ensuing Annual General meeting. The company has received a letter from them to the effect that being eligible, they are willing to continue as Statutory Auditors and that the re-appointment, if made would be within the limits prescribed under Section 224(1B)ofthecompaniesact, 1956.

Your directors recommend the re-appointment of M/S. P. M. Vardhe & Co.,Chartered Accountants, Kolhapur, as Statutory Auditors of the Company to hold office up to the conclusion of the next Annual General Meeting of the Company, and to audit the financial account of the company for the year 2010-11.

PARTICULARS OF EMPLOYEES:

As required by the provisions of section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975 drawing salary of Rs 24,00,000/-per annum or Rs.2,00,000/-per month is enclosed to this report.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under the provisions of Section 217(1)(e) of the Companies Act, 1956 read together with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, particulars regarding conservation of energy, technology absorption and foreign exchange earnings and outgo for the year under review are annexed to this report.

SECRETARIAL COMPLIANCE CERTIFICATE:

As required under Section 383Aof the Companies Act, 1956, Secretarial Compliance Certificate received from M/s. Manish Ghia & Associates, Practicing Company Secretary, Mumbai is annexed to this report.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act 1956, the Board of Directors of the Company hereby confirms that:

i) While preparing the Annual Accounts, the applicable accounting standards have been followed and proper explanation relating to the material departures have been given wherever necessary.

ii) 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 ended SI^March, 2010 and of the profit of the company for that period.

iii) 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 frauds and other irregularities.

iv) The Directors have prepared the Annual Accounts on a going concern basis.

CORPORATE GOVERNANCE REPORT:

Pursuant to Clause 49 of the listing agreement with the stock exchange, the following have been made a part of the Annual Report and are attached herewith:

* Management Discussion and Analysis

* Corporate Governance Report

* Auditors certificate regarding compliance of the conditions of Corporate Governance.

ACKNOWLEDGMENT:

Your Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and after market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance during the year under report by our bankers, all the customers, suppliers of the company and government agencies. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.



For and on behalf of the Board of Directors

Place: Kolhapur RAM MENON

Date: May 11th, 2010 Chairman



 
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