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Directors Report of Mohite Industries Ltd.

Mar 31, 2014

Dear Shareholders,

The Director''s have pleasure in presenting the 23rd Annual Report of the Company along with the Audited Financial Statements andAuditor''s report forthe year ended 31st March, 2014.

1. Financial Results:

The salient features of the performance of the year are as follows: - (Rsin Lacs) Forthe year Forthe year ended ended For the Year ended 31st March 14 31st March 13

Gross Turnover 20426.11 13923.96

Profit Before Taxation 700.14 429.54

Provision for Taxation 30.85 30.34

Net ProfitAfter Taxation 669.29 399.20

Balance of Profit Brought Forward 4625.14 4225.94

Profit available for appropriations 5294.43 4625.14

Appropriations:

Dividend (Inclusive of Dividend Tax) - -

Transfer to Capital Redemption Reserve - -

Profit Carried to Balance Sheet 5294.43 4625.14

The performance of the Company has been comprehensively covered in the Management Discussion and Analysis Report.

2. Dividend

With a view to plough back the Profits, Board of Directors do not recommend the payment of dividend forthe financial year 2013-14.

3. Report on Corporate Governance and Management Discussion & Analysis

The Company has complied with clause 49 of the Listing Agreement pursuant to SEBI guidelines, accordingly, report on Corporate Governance and Management Discussion & Analysis are enclosed and form part of this Report.

5. Insurance

Adequate insurance cover has been taken for the properties of the Company including building, plant & machineries and stock.

6. 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. Neehal M. Pathan, 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 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 five consecutive years and shall not be liable to retire by rotation.

To comply with the above provisions, it is proposed to appoint Mr. Shankar H. Patil, Mr. Ranjit D. Patil, Mr. Sangramsinh S. Nimbalkar & Mr. Vijay M. Nawandhar as Independent Directors of the Company for a period up to 31st March, 2016, 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 ListingAgreement with BSE Limited are given in the Notice convening 23rdAnnual General Meeting.

During the period Mr. Dhiraj S. Patil & Mr. Sanjay D. Patil are resigned from their post of Director and Mr. Vijay M. Nawandhar & Mr. Shankar H. Patil were appointed as Independent Directors of the Company.

7. Directors Responsibility Statement:

On the basis ofcompliance certificate received from the concerned officials ofthe Company and subject to disclosure in the Annual Audited Accounts & on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state:

i) that in the preparation of the annual audited accounts, the applicable accounting standards read with requirements set out under Schedule VI of the Companies Act, 1956 have been followed and there are no material departures from the same.

ii) that the Directors have selected appropriate 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 as at March 31st, 2014 and of the profit of the Company for the year ended on that date.

iii) that the Directors have taken proper and sufficient care to ensure 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

iv) that the Directors have prepared the annual accounts on a going concern basis.

8. Auditors

Moreshwar G. Deshpande, the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting of the company and being eligible, offer themselves for re-appointment. The Auditors have confirmed that, they satisfy the criteria provided under Section 141 of the Companies act, 2013 (''the Act'') and their re-appointment, if made, would be in compliance with the conditions prescribed under the Act.

9. CostAuditors

As perthe Section 233B ofthe CompaniesAct, 1956 an impending directions being issued by the Central Government under section 148(1) of the Companies Act 2013, subject to the approval of the Central Government, the Audit Committee has recommended and your directors have appointed Shri. S. V. Vhatte, Cost Accountant, Solapur being eligible and having sought re-appointment, as Cost Auditor of the Company, to conduct cost audit of the products manufactured by the Company.

10. Conservation ofEnergy, TechnologyAbsorption, Foreign Earnings and Outgo

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and markedAnnexure ''A'' and forms part ofthis Report.

11. Cash FlowAnalysis

In conformity with the provisions of clause 32 of the Listing Agreementthe Cash Flow Statement for the year ended 31stMarch, 2014 is annexed hereto.

12. ListingofEquityShares

The Equity Shares of your Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the financial year 2014-2015.

13. DepositorySystem

As the members are aware, your Company''s shares are tradable compulsorily in electronic form and your Company has established connectivity with both the depositors, i.e. National Securities Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail the facility of dematerialization ofthe Company shares on either ofthe Depositories as aforesaid.

14. ParticularsofEmployees:

The statement of particulars of employees required under Section 217(2A) ofthe Companies Act, 1956 reads with the Companies (Particulars of Employees) Rules 1975. As no any employee is receiving salary more than limits prescribed under this section, separate statement is not attached.

15. Appreciation

Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the Industry despite increased competition from several existing and new players.

16. Acknowledgments

The Board desires to place on record its appreciation for the support and co-operation that the Company received from all the customers, investors, marketing agents, clearing and forwarding agents, financial institutions, banker''s, insurance companies, consultants, advisors and shareholders for their continued support. The company has always looked upon them as partners in its progress and has happily shared with them rewards of growth.

Your Directors are grateful to Government of India, Ministry of Commerce, Ministry of Textiles, Port Authorities and various authorities of Central and State Government for their co-operation and support. Your Directors look forward for their continued support. For and on behalf of Board of Directors,

Vadgaon : 416 112 SHIVAJI MOHITE CHAIRMAN & MANAGING DIRECTOR Date : 14 AUgUst, 2014 DIN: 00425-441


Mar 31, 2013

Dear Shareholders,

The Directors'' have pleasure in presenting the 22nd Annual Report of the Company along with the Audited Statements of Accounts for the year ended 31st March, 2013.

1. Financial Results

The salient features of the performance of the year are as follows: -

( Rs. in Lacs)

For the year For the year

For the year ended ended on ended on 31st March 13 31st March 12

Gross Turnover 13923.96 8557.71

Profit Before Taxation 429.54 453.56

Provision for Taxation 30.34 43.88

Net Profit After Taxation 399.20 409.68

Balance of Profit Brought Forward 4225.93 3816.26

Profit available for appropriations 4625.13 4225.93

Appropriations :

Dividend ( Inclusive of Dividend Tax ) - -

Transfer to Capital Redemption Reserve - -

Profit Carried to Balance Sheet 4625.13 4225.93

The performance of the Company has been comprehensively covered in the Management Discussion and Analysis Report.

2. Dividend

With a view to plough back the Profits, Board of Directors do not recommend the payment of dividend for the financial year 2012-13.

3. Report on Corporate Governance and Management Discussion & Analysis

The Company has complied with clause 49 of the Listing Agreement pursuant to SEBI guidelines, accordingly, report on Corporate Governance and Management Discussion & Analysis are enclosed and form part of this Report.

5. Insurance

Adequate insurance cover has been taken for the properties of the Company including building, plant & machineries and stock.

6. Directors

In accordance with the provisions of the Companies Act 1956, & Articles of Association of the Company Mr. Neehal M. Pathan and Mr. Ranjeet D. Patil retire by rotation and are eligible for re-appointment.

During the year Mr. Abhay S. Bhide and Mr. Sangramsinh S. Nimbalkar are appointed as Directors of the Company on 29th September, 2012.

7. Auditors

Moreshwar G. Deshpande, the Statutory Auditors of the company, will retire at the ensuing Annual General Meeting of the company and being eligible, offer themselves for re-appointment.

8. Cost Auditors

The Central Government had directed an audit of the cost accounts maintained by the Company. For conducting the cost audit for the financial year ended on March 31, 2014, the Central Government has approved the appointment of Shri. S. V. Vhatte, Cost Accountant, Solapur.

9. Directors Responsibility Statement

On the basis of compliance certificate received from the concerned officials of the Company and subject to disclosure in the Annual Accounts & on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state:

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any ;

ii) that the Directors have selected appropriate 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 as at March 31, 2013 and of the profit of the Company for the year ended on that date.

iii) that the Directors have taken proper and sufficient care to ensure 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, if any.

iv) that the Directors have prepared the annual accounts on a going concern basis.

10. Conservation of Energy, Technology Absorption, Foreign Earnings and Outgo

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and marked Annexure ‘A’ and forms part of this Report.

11. Cash Flow Analysis

In conformity with the provisions of clause 32 of the Listing Agreement the Cash Flow Statement for the year ended 31st March, 2013 is annexed hereto.

12. Listing of Equity Shares

The Equity Shares of Your Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the financial year 2013- 2014.

13. Depository System

As the members are aware, your Company’s shares are tradable compulsorily in electronic form and your Company has established connectivity with both the depositors, i.e. National Securities Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail of the facility of dematerialization of the Company shares on either of the Depositories as aforesaid.

14. Particulars of Employees

The statement of particulars of employees required under Section 217(2A) of the Companies Act, 1956 reads with the Companies (Particulars of Employees) Rules 1975. As no any employee is receiving salary more than limits prescribed under this section, separate statement is not attached.

15. Appreciation

Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the Industry despite increased competition from several existing and new players.

16. Acknowledgments

The Board desires to place on record its appreciation for the support and co-operation that the Company received from all the customers, investors, marketing agents, clearing and forwarding agents, financial institutions, banker’s, insurance companies, consultants, advisors and shareholders for their continued support. The company has always looked upon them as partners in its progress and has happily shared with them rewards of growth.

Your Directors are grateful to Government of India, Ministry of Commerce, Ministry of Textiles, Port Authorities and various authorities from Central and State Government for their co-operation and support. Your Directors look forward for their continued support.



on behalf of the Board

Vadgaon - 416 112

SHIVAJI MOHITE

Date : 14th August, 2013 CHAIRMAN & MANAGING DIRECTOR


Mar 31, 2012

The Directors have pleasure in presenting the 21st Annual Report of the Company along with the Audited Statements of Accounts for the year ended 31st March, 2012.

1. Financial Results :

The financial results for the year are as under:- in Lacs

PARTICULARS 2011-12 2010-11

Turnover 8557.71 13616.40

Profit Before Depreciation, Finance Cost & Tax 2893.32 2496.72

Less : Finance Cost 1507.50 931.24

Profit before Depreciation & Tax 1385.81 1565.48

Less : Depreciation 932.26 642.49

Profit after depreciation but before exceptional items 453.55 922.99

a) Exceptional Items - Expenses -- 458.57

b) Deferred Tax Asset - Income 33.12 53.98 Profit after exceptional items but before Tax 486.67 518.41 Less : Provision for tax :

a) Current 77.00 90.00

b) Deferred (Net of adjustment) -- -- Profit after Tax (PAT) 409.67 428.41 Balance brought forward from Previous Year 2385.73 2191.71

Profit available for distribution 2795.40 2620.11

Earnings per share (Rupees) - Basic 2.04 2.13

Dividend - % -- 5%

The performance of the Company has been comprehensively covered in the Management Discussion and Analysis Report.

2. Dividend

With a view to plough back the Profits, Board of Directors do not recommend the payment of dividend for the financial year 2011-12.

3. Expansion & Modernization Forward integration

Ambai Hydro Power Project of 3.50 MW at Kalammawadi (Dist-Kolhapur)

Your company has started setting up of Hydro Power Project of 3.50 MW capacity at Kalammawadi, Tal. Radhangari, Dist Kolhapur (Maharashtra).

4. Report on Corporate Governance and Management Discussion & Analysis

The Company has complied with clause 49 of the Listing Agreement pursuant to SEBI guidelines, Accordingly, report on Corporate Governance and Management Discussion & Analysis are enclosed and forms part of this Report.

5. Insurance

Adequate insurance cover has been taken for the properties of the Company including building, plant & machineries and stock.

6. Directors

In accordance with the provisions of the Companies Act 1956, and Articles of Association of the Company Mr. Sanjay Dnyandeo Patil and Mr. Dhiraj Shivajirao Patil retires by rotation and are eligible for re-appointment.

During the year Mr. Vijay Madanlal Navandhar and Mr. Rajendra Prabhakar Kinkar , Directors of the Company opted to resign from the Board of Directors. Board of Directors in its meeting held on 26th Nov. 2011, approved their resignation.

During the year Mr. Neehal Mahamulal Pathan and Mr. Ranjeet Dinkarrao Patil are appointed as additional Directors of the Company on 22nd June, 2012. Notice have been received from shareholders proposing the candidature of Mr. Mr.Neehal Mahamulal Pathan and Mr.Ranjeet Dinkarrao Patil.

7. Auditors

Moreshwar G.Deshpande, the Statutory Auditors of the company, will retire at the ensuing Annual General Meeting of the company and being eligible, offer themselves for re-appointment.

8. Cost Auditors

The Central Government had directed an audit of the cost accounts maintained by the Company. For conducting the cost audit for the financial year ended on March 31,2013, the Central Government has approved the appointment of Shri. S.V.Vhatte, Cost Accountant, Solapur.

9. Directors Responsibility Statement:

On the basis of compliance certificate received from the concerned officials of the Company and subject to disclosure in the Annual Accounts & on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state :

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any ;

ii) that the Directors have selected appropriate 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 as at March 31 , 2012 and of the profit of the Company for the year ended on that date.

iii) that the Directors have taken proper and sufficient care to ensure 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, if any.

iv) that the Directors have prepared the annual accounts on a going concern basis.

10. Conservation of Energy, Technology Absorption, Foreign Earnings and Outgo

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and marked Annexure 'A' and forms part of this Report.

11. Cash Flow Analysis

In conformity with the provisions of clause 32 of the Listing Agreement the Cash Flow Statement for the year ended 31st March, 2012 is annexed hereto.

12. Listing of Equity Shares

The Equity Shares of the Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the financial year 2012-2013.

13. Depository System

As the members are aware, your Company's shares are tradable compulsorily in electronic form and your Company has established connectivity with both the depositors, i.e. National Securities Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail of the facility of dematerialization of the Company shares on either of the Depositories as aforesaid.

14. Particulars of Employees:

The statement of particulars of employees required under Section 217(2A) of the Companies Act, 1956 reads with the Companies (Particulars of Employees) Rules 1975. As no any employees is receiving salary more than limits prescribed under this section, separate statement is not attached.

15. Appreciation

Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the Industry despite increased competition from several existing and new players.

16. Acknowledgments

The Board desires to place on record its appreciation for the support and co-operation that the Company received from all the customers, investors, marketing agents, clearing and forwarding agents, financial institutions, banker's, insurance companies, consultants, advisors and shareholders for their continued support. The company has always looked upon them as partners in its progress and has happily shared with them rewards of growth.

Your Directors are grateful to Government of India, Ministry of Commerce, Ministry of Textiles, Port Authorities and various authorities from Central and State Government for their co-operation and support. Your Directors look forward for their continued support.

On behalf of the Board

Vadgaon : 416 112 SHIVAJI MOHITE

Date : 14th August, 2012 CHAIRMAN & MANAGING DIRECTOR


Mar 31, 2010

The Directors have pleasure in presenting their 19 Annual Report of the Company along with the audited statements of Accounts for the year ended 31st March, 2010. The summarized financial results are given below.

1. FINANCIAL RESULTS:

The Financial results for the year are as under:-

(Rs.in Lacs>

Particulars 2009-10 2008-09

i) Turnover 10630.38 10,661.88

ii) Profit Before Depreciation, Interest, Tax (PBIDT) 2180.60 1574.66

iii) Interest and Financial Expense 1019.24 767.04

iv) Profit before Depreciation & Tax (PBDT) 1161.36 807.42

v) Depreciation 608.26 600.73

vi) Profit before tax (PBT) 553.10 206.69

vii) Provision for tax

a) Current 80.00 25.00

b) F.B.T. - 2.50

c) Deferred (Net of adjustment) 68.59 4.48

viii) Profit after Tax (PAT) 404.51 174.71

ix) Balance in P & L A/c 1787.20 1612.49

x) Profit available for distribution 2191.71 1787.20

xi) Earning per share (Rupees) - Basic 2.01 0.87

xii) Dividend - % Nil Nil

The performance of the Company has been comprehensively covered in the Management Discussion and Analysis Report.

2. DIVIDEND

With a view to plough back the Profits, Board of Directors do not recommend the payments of dividends for the financial year 2009-10.

3. DEFERRED TAX

The total Net Deferred Tax Liability for the year ended 31 st March, 2010 amounted to Rs. 68.59 Lacs.

4. EXPORTS

The total Merchant Exports, during F. Y. 2009-10, of the Company amounted to Rs. 1200.66 Lacs which represents about 11.29 % of the net sales.

5. EXPANSION & MODERNIZATION

Forward integration

Hydro Electricity Project of 10 MW at Radhanagari (Dist-Kolhapur)

Your company has started setting up of Hydro Elec. Project of 10 MW capacity at Radhanagari (Maharashtra). This project is awarded by Govt, of Maharashtra on BOT basis for 30 years period. Civil work & installation of machinery is almost completed and inspection by the supplier is going on and is likely to be fully completed by end of August -10. Trial runs are expected to be commenced during September - 2010.

6. SUBSIDIARY COMPANIES

As on the date Company do not have any subsidiary Company.

7. MANAGEMENT DISCUSSION AND ANALYSIS

In terms of Clause 49 of the Listing Agreement of the Stock Exchanges, Management Discussion Analysis Report is annexed herewith, forming part of this Report.

8. CORPORATE GOVERNANCE

A separate report on Corporate Governance is enclosed as a part of this Annual Report. A certificate from the Auditors of the Company regarding compliance with Corporate Governance norms stipulated in Clause 49 of the Listing Agreement is annexed to the report on Corporate Governance.

9. ENVIRONMENT AND POLLUTION CONTROL

Your Company strives hard to maintain the highest standards of environmental care and ensures that increasing levels of operation do not adversely impact the standards of health and environment. Top priority continues to be given to preservation of the environment by the Company. To combat pollution and strengthen the area ecology, considerable emphasis is given to plantation of fragrant and shady trees. Manufacturing facilities possess the required environmental clearance from Maharashtra Pollution Control Board.

10. INSURANCE

Adequate insurance cover has been taken for the properties of the Company including buildings, plant and machineries and stocks.

11. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company Mr. Ramchandra M. Mohite and Mr.Vijay Madanlal Navandhar retire by rotation and are eligible for re- appointment.

During the year Mr. Abhay M. Doshi and Mr. Ramesh N. Mehta, opted to resign from the Board of Directors. Board of Directors in its meeting held on 15 April, 2009, approved their resignation.

Mr. Arunkumar M. Goenka Director of the Company, opted to resign from the Board of Directors. Board of Directors approved his resignation in its meeting held on 16 December, 2009.

During the year Mr. Rajendra Prabhakar Kinkar and Mr. Dhiraj Shivajirao Patil were appointed as Additional Directors of the Company. Notice have been received from shareholder proposing the condidature of Mr. Rajendra Prabhakar Kinkar and Mr. Dhiraj Shivajirao Patil as Director of the Company

12. AUDITORS

The retiring Auditors, Moreshwar G. Deshpande, Chartered Accountants, Sangli, are eligible for re- appointment and have indicated their willingness to accept reappointment. In terms of Section 224A of the Companies Act, 1956 their appointment needs to be confirmed and their remuneration has to be fixed.

13. AUDITORS REPORT

The Auditors Report to the shareholders does not contain any reservation, qualification or adverse remarks.

14. COST AUDITORS

The Central Government had directed an audit of the cost accounts maintained by the Company. For conducting the cost audit for the financial year ended on March 31,2010, the Central Government has approved the appointment of Shri. S. V. Vhatte, Cost Accountant, Solapur.

15. DIRECTORS RESPONSIBILITY STATEMENT

On the basis of compliance certificate received from the concerned officials of the Company and subject to disclosure in the Annual Accounts, as also on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state:

i) That in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

ii) That the Directors have selected appropriate 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 as at March 31,2010 and of the profit of the Company for the year ended on that date.

iii) That the Directors have taken proper and sufficient care to ensure 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, if any.

iv) That the Directors have prepared the annual accounts on a going concern basis.

16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EARNINGS AND OUTGO

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and marked Annexure A and forms a part of this Report.

17. CASH FLOW ANALYSIS

In conformity with the provisions of clause 32 of the Listing Agreement the Cash Flow Statement for the year ended 31 * March, 2010 is annexed hereto.

18. LISTING OF EQUITY SHARES

The Equity Shares of Your Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the financial year 2010- 2011.

19. DEPOSITORY SYSTEM

As the members are aware, your Companys shares are tradable compulsorily in electronic form and your Company has established connectivity with both the depositors, i.e. National Securities Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail of the facility of dematerialization of the Company shares on either of the Depositories as aforesaid.

20. PARTICULARS OF EMPLOYEES

The statement of particulars of employees required under Section 217(2A) of the Companies Act, 1956 reads with the Companies (Particulars of Employees) Rules 1975, is annexed herto.

21. APPRECIATION

Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the Industry despite increased competition from several existing and new players.

22. ACKNOWLEDGMENTS

The Board desires to place on record its appreciation for the support and co-operation that the Company received from all the customers, investors, marketing agents, clearing and forwarding agents, financial institutions, bankers, insurance companies, consultants, advisors and shareholders for their continued support. The company has always looked upon them as partners in its progress and has happily shared with them rewards of growth.

Your Directors are grateful to Government of India, Ministry of Commerce, Ministry of Textiles, Port Authorities and various authorities from Central and State Government for their co-operation and support. Your Directors look forward for their continued support.

For and on behalf of Board of Directors,

Vadgaon - 416 112 RAMCHANDRA MOHITE

Date : 17th August, 2010 CHAIRMAN

 
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