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Directors Report of MYNK1906 Industries India Ltd.

Mar 31, 2014

Dear Members,

FINANCIAL RESULTS:

The main Financial Highlights of the Company are given below.

Year Ended Year Ended 31st 31st March, Particulars March, 2014 2013 (Rs. In 000) (Rs. In 000)

Total Income 66,56,131.29 18,46,500.00

Profit/Loss before Tax 80,084.87 14,334.66

Profit/Loss after Tax 71,976.90 8,909.021

Balance brought forward from earlier years 49,750.32 40841.30

Transfer to General Reserve/ Balance carried forward to Balance sheet 1,21,727.20 49,750.32



REVIEW OF OPERATIONS:

During the year under review, your company has achieved a gross turnover of Rs.652 Crores against the last year turnover of Rs.185 Crores showing a growth of 352%. Your Directors are hopeful that in the current financial year, company will achieve higher growth accompanied with better results.

SHARE CAPITAL:

During the year, the company has converted 6,25,000 Zero Percent Convertible Preference Shares into Equity shares at Rs.12/- as per Rs.10/- each as face value and Preimium of Rs. 2/-each . Total Paid Share Capital is increased to 86, 28,500 equity shares.

DIVIDEND:

In order to conserve the financial resources, your Directors do not recommend any dividend for this financial year.

DIRECTORS:

The Company had, pursuant to the provisions of clause 49 of the Listing Agreements entered into with Stock Exchanges, appointed Mr. Anand Singh as an Additional Director of the Company w.e.f. 23rd August, 2014.

Mrs. Kavya Amit Singh has resigned from the post of Managing Director from the Company w.e.f. 23rd August, 2014.

General Meeting (AGM) of the Company: - Mr. Navmeet Arora, Director, retires by rotation and being eligible has offered himself for re-appointment.

AUDITORS:

M/s. P. C. Surana & Co, Chartered Accountant, Mumbai, be and are hereby appointed as Statutory Auditor of the Company to fill up the casual vacancy caused by the resignation of M/s. BRR & Associates, Chartered Accountants, Mumbai, and to hold office of the auditor till the conclusion of the AGM of the Company as per term prescribed by Companies Act,2013 (subject to ratification of their appointment at every AGM), on a remuneration to be determined by the Board of Directors of the Company, based on the recommendations of the Audit Committee.

DEPOSITORIES:

The Company is registered with both National Securities Depository Limited and Central Depository Services (India) Limited. The shareholders can take advantage of holding their scripts in dematerialized mode.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

The Management Discussion & Analysis Report is attached as Annexure A to this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The information as required under section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in Report of the Board of Directors) Rules, 1988, with respect to conservation of energy, technology absorption and foreign exchange earnings is given below:

A. Conservation of Energy:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Conservation of Energy is not applicable.

B. Technology Absorption Adaptation and Innovation:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Technology Absorption Adaptation and Innovation is not applicable.

C. Foreign Exchange Earnings and Outgoings: Foreign Exchange Earnings : Nil Foreign Exchange Outgoings : Nil

CORPORATE GOVERNANCE:

Your Company is fully compliant with the Corporate Governance guidelines, as laid out in Clause 49 of the Listing Agreement. All the Directors (and also the members of the Senior Management – of the rank of General Managers and above) have confirmed in writing their compliance with and adherence to the Code of Conduct adopted by the Company. The details of the Code of Conduct are furnished in Annexure-B to this Report. The Managing Director has given a certificate of compliance with the Code of Conduct, as required by SEBI guidelines.

The Statutory Auditors of the Company have examined the requirements of Corporate Governance with reference to Clause 49 of the Listing Agreement, and have certified the compliance, as required under SEBI guidelines. The certificate is reproduced as Annexure - C to this Report.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors'' Responsibility Statement as required under Sec on 217(2AA) of the Companies Act, 1956 is furnished in Annexure - E to this Report.

Particulars of employees as required under Section 217 (2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules, 1975, as amended, forms part of this report. However, as per provisions of Section 219(1) (b) (iv) of the Companies Act, 1956, the Report and Accounts are being sent to the members excluding the statement of particulars of employees under Section 217 (2A) of the Companies Act, 1956. Any member interested in obtaining a copy of the said statement may write to the Company Secretary at the Registered Office of the Company.

ACKNOWLEDGMENTS:

Yours Directors wish to express their gratitude to the Members, Bankers, Financial Institutions and the Customers for their active support and patronage. We also wish to acknowledge the spirit of dedication, commitment and co-operation extended by employees at all levels.

For and on behalf of the Board of Directors

Sd/- Date: 23rd August, 2014 Place: Mumbai Chairman & Managing Director


Mar 31, 2013

TO THE MEMBERS OF MEUSE KARA & SUNGRACE MAFATLAL LIMITED

The Directors have pleasure to present their 28th Annual Report and the Audited Annual Accounts for the Year ended 31st March, 2013.

1. FINANCIAL RESULTS:

The main Financial Highlights of the Company are given below.

Particulars As on 31/03/2013 As on 31/03/ 2012 (Rs. In 000) (Rs. In 000)

Total Income 1846500.00 517688.56

Profit/Loss before Interest, Depreciation and Tax 38157.56 10862.65 Less:

Interest and Financial Cost

Profit/Loss before Deprecation and Tax 38157.56 10862.65

Less:

Depreciation 23822.90 404.93

Deferred Tax 3110.56 63.55

Profit/Loss after Tax 8909.02 7162.73

Add:

Balance brought forward from earlier years 40841.30 33678.56

Less:

Appropriations

Balance carried forward to Balance sheet 49750.32 40841.30

2. REVIEW OF OPERATIONS:

During the year under review, your company has achieved a turnover of Rs.184.65 Crores against the last year turnover of Rs.51.75 Crores showing a growth of 356%. Your Directors are hopeful that in the current financial year, company will achieve higher growth accompanied with better results.

3. FUTURE OUTLOOK:

The Company is hopeful for strengthening its presence in garments industry. The company intends to venture into granite and marble processing and also into hospitality. For pursuing this business the Company will effect necessary changes into its main objects. All this segments of textile, marble-granite and hospitality will be having separate autonomous divisions. The Company has already started required professional exercise towards this. The diversified activities will make the Company economically more stable.

4. DIVIDEND:

In order to conserve the financial resources, your Directors do not recommend any dividend for this financial year.

5. DIRECTORS:

Mr. Navmeet Arora was appointed as the Whole-time Director of the Company for a period of 3 Years on Rotational Basis with effect from October 1, 2013 and was designated as the Whole Time Director and Chief Executive Officer of the Company.

In accordance with the provisions of Section 255 & 256 of the Companies Act, 1956 & Articles of Association of Company, Mr. Madhav J. Agarwal Director of the Company will retire by rotation at the ensuing Annual General Meeting who does not offer himself for re-appointment, be not re-appointed as Independent Director of the Company and the vacancy, so caused on the Board of the Company, be not filled up.

6. AUDITOR''S REPORT:

The observations made in the Auditors'' Report are self-explanatory and therefore do not call for further comments under Section 217 of the Companies Act, 1956.

7. AUDITORS:

M/s. DMKH & Co, Chartered Accountants, Mumbai, Auditors of the Company hold office until the conclusion of ensuing Annual General Meeting and further board offers them for reappointment as statutory auditors of the company up to the Next Annual General Meeting. The Company has received certificate from his Auditors to the effect that their re-appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

8. CORPORATE GOVERNANCE:

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

As per Clause 49 of the Listing Agreement, a Report on Corporate Governance, together with Management Discussion and Analysis and Certificate from the Company''s Auditor form part of this Report.

9. DEPOSITORIES:

The Company is registered with both National Securities Depository Limited and Central Depository Services (India) Limited. The shareholders can take advantage of holding their scripts in dematerialized mode.

10. PERSONNEL:

There was no employee employed during the year or part of the year drawing remuneration, which falls within the purview of the provisions of section 217(2A) of the Companies Act, 1956. Therefore the statement for the same is not attached.

11. FIXED DEPOSITS:

The Company has not accepted fixed deposits from public during the year under review.

12. INSURANCE:

All the assets of the Company wherever necessary and to the extent required have been insured.

13. STATUTORY DISCLOSURES:

None of the Directors of your Company is disqualified as per provision of Section 274(1)(g) of the Companies Act, 1956. Your Directors have made necessary disclosures, as required under various provisions of the Act and Clause 49 of the Listing Agreement.

A Conservation of Energy:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Conservation of Energy is not applicable.

B. Technology Absorption Adaptation and Innovation:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Technology Absorption Adaptation and Innovation is not applicable.

15. DIRECTORS RESPONSIBILITY STATEMENT:

In Compliance of Section 217 (2AA), as incorporated by the Companies (Amendment) Act, 2000 in the Companies Act, 1956 your Directors confirm that:

(a) The Company has followed the applicable standards in the preparation of the Annual Accounts and there had been no-material departure.

(b) The Directors had selected the 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 or loss of the Company for the aforesaid period.

(c) The Directors have taken proper and sufficient care for 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.

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

17. ACKNOWLEDGMENTS:

The Board of Directors expresses their deep gratitude for the co-operation and support extended to your Company by its customers, Bankers and various Government agencies and looks forward to their continued cooperation.

For and on behalf of the Board of Directors

Sd/-

Chairman & Managing Director

Date: 3rd June, 2013

Place: Mumbai


Mar 31, 2012

To, The Members,

The Directors'' have pleasure in presenting the Twenty Seventh Annual Report of the Company and the Audited Statements of Accounts for the year ended 31st March 2012.

1. FINANCIAL HIGHLIGHTS:

The main Financial Highlights of the Company are given below.

Particulars As on 31/03/2012 As on 31/03/2011 (Rs.) (Rs.)

Total Income 517688562 116,744,285

Profit/Loss before Interest, Deprication and Tax 10862653 5464036

Less:

Interest and Financial Cost - -

Profit/Loss before Deprication and Tax 10862653 5464036

Less:

Deprication 404934 130110

Deferred Tax 63548 -

Profit/Loss after Tax 7162735 5333926

Add:

Balance brought forward from earlier years 172852306 167518380

Less:

Appropriations - -

Balance carried forward to Balance sheet 180015041 172852306

2. REVIEW OF OPERATIONS:

The Company''s Management has decided to change its existing line of business to "Garment Business" and main objects clause of Memorandum of Association of the Company permits to trade and deal in textile yarns, cloth, garments; to reflect this new object Company''s name has changed from "Bio Green Industries Limited" to "Meuse Kara & Sungrace Mafatlal Limited". Our Company has stopped harvesting of Jatropha Seed and is fully concentrating in the Garment Business.

During the month of March, the acquirer, Mrs. KavyaAmitDigvijay Singh has acquired 5,67,450 Shares to the tune of 24,67,450 and triggered the takeover code.

Thus, in the month of March there was a total turnover of Rs.52 crores approximately. The entire turnover relates to selling of cloth and garments.

3. DIVIDEND:

In order to conserve the financial resources, your Directors do not recommend any dividend for this financial year.

4. DIRECTORS:

Mr. V. Jagdish and Mr. Amrut P. Shah, who retires by rotation and being eligible, offer themself for re-appointment.

5. AUDITOR''S REPORT:

The observations made in the Auditors'' Report are self-explanatory and therefore do not call for further comments under Section 217 of the Companies Act, 1956.

6. AUDITORS:

M/s. DMKH & Co, Chartered Accountants, Mumbai, Auditors of the Company hold office until the conclusion of ensuing Annual General Meeting. The Company has received certificate from his Auditors to the effect that their re-appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

7. CORPORATE GOVERNANCE:

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

As per Clause 49 of the Listing Agreement, a Report on Corporate Governance, together with Management Discussion and Analysis and Certificate from the Company''s Auditor form part of this Report.

8. DEPOSITORIES:

The Company is registered with both National Securities Depository Limited and Central Depository Services (India) Limited. The shareholders can take advantage of holding their scripts in dematerialized mode.

9. PERSONNEL:

There was no employee employed during the year or part of the year drawing remuneration, which falls within the purview of the provisions of section 217(2A) of the Companies Act, 1956. Therefore the statement for the same is not attached.

10. FIXED DEPOSITS:

The Company has not accepted fixed deposits from public during the year under review.

11. INSURANCE:

All the assets of the Company wherever necessary and to the extent required have been insured.

12. STATUTORY DISCLOSURES:

None of the Directors of your Company is disqualified as per provision of Section 274(1)(g) of the Companies Act, 1956. Your Directors have made necessary disclosures, as required under various provisions of the Act and Clause 49 of the Listing Agreement.

13. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The information as required under section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in Report of the Board of Directors) Rules, 1988, with respect to conservation of energy, technology absorption and foreign exchange earnings is given below:

A. Conservation of Energy:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Conservation of Energy is not applicable.

B. Technology Absorption Adaptation and Innovation:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Technology Absorption Adaptation and Innovation is not applicable.

C. Foreign Exchange Earnings and Outgoings:

Foreign Exchange Earnings : Nil

Foreign Exchange Outgoings : Nil

14. DIRECTORS RESPONSIBILITY STATEMENT:

In Compliance of Section 217 (2AA), as incorporated by the Companies (Amendment) Act, 2000 in the Companies Act, 1956 your Directors confirm that:

(a) The Company has followed the applicable standards in the preparation of the Annual Accounts and there had been no-material departure.

(b) The Directors had selected the 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 or loss of the Company for the aforesaid period.

(c) The Directors have taken proper and sufficient care for 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.

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

15. ACKNOWLEDGMENTS:

The Board of Directors expresses their deep gratitude for the co-operation and support extended to your Company by its customers, Bankers and various Government agencies and looks forward to their continued cooperation.

For and on behalf of the Board Date: 14th August, 2012 Sd/-

Place: Mumbai Chairman


Mar 31, 2010

The Directors have pleasure in presenting the Twenty Third Annual Report of the Company and the Audited Statements of Accounts for the year ended 31st March 2010.

1. FINANCIAL HIGHLIGHTS:

The main Financial Highlights of the Company are given below. (Consolidated)

As on 31/3/2010 As on 31/3/2009 Particulars (Rs.) (Rs.)

Total income 25,20,38,652 36,02,51,812

Increase or decrease in stock 28,98,013 87,26,600

Operating expenses 19,10,65,324 27,84,84,700

Administrative expenses 3,21,61,512 3,86,05,401

Depreciation 66,27,731 66,12,855

Profit for the year 2,50,82,097 4,52,75,456

2. REVIEW OF OPERATIONS:

During the year under review the Company could earn income of Rs.25.20 Crores as compared to Rs. 36.02 Crores in the previous year. The profit of the Company before taxation stood at Rs.2.50 Crores with respect to Rs.4.52 Crores previous year.

3. DIVIDEND:

In view of the inadequate profits, your Directors do not recommend any dividend.

4. COMPLIANCE OFFICER:

Mr. Jagadish Velamala has been appointed as the new Compliance Officer of the Company w.e.f. 12th July 2006.

5. DIRECTORS:

Mr. Amrut P. Shah Director of the company retire by rotation and are eligible to seek reappointment.

6. AUDITORS REPORT:

The observations made in the Auditors Report are self-explanatory and therefore do not call for further comments under Section 217 of the Companies Act, 1956.

7. AUDITORS:

M/s. DMKH & Co, Chartered Accountants, Mumbai, Auditors of the company hold office until the conclusion of ensuing Annual General meeting. The company has received certificate from his Auditors to the effect that their re-appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

8. DEPOSITORIES:

The company is registered with the Central Depository Services (India) Limited. The shareholders can take advantage of holding their scripts in dematerialized mode. The company has recently got admitted into the system of the National Securities Depositories Limited also.

9. PERSONNEL:

There was no employee employed during the year or part of the year drawing remuneration, which falls within the purview of the provisions of section 217(2A) of the Companies Act, 1956. Therefore the statement for the same is not attached.

10. FIXED DEPOSITS:

The Company has not accepted fixed deposits from public during the year under review.

11. INSURANCE:

All the assets of the Company wherever necessary and to the extent required have been insured.

12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The information as required under section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in Report of the Board of Directors) Rules, 1988, with respect to conservation of energy, technology absorption and foreign exchange earnings is given below:

A. Conservation of Energy:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Conservation of Energy is not applicable.

B. Technology Absorption Adaptation and Innovation:

Your Company is a registered Non-Banking Finance Company (NBFC) an hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Technology Absorption, Adaptation and Innovation are not applicable.

C. Foreign Exchange Earnings and Outgoings: Foreign Exchange Earnings: Nil Foreign Exchange Outgoings: Nil

13. DIRECTORS RESPONSIBILITY STATEMENT:

In Compliance of Section 217 (2AA), as incorporated by the Companies (Amendment) Act, 2000 in the Companies Act, 1956 your Directors confirm that:

(a) The Company has followed the applicable standards in the preparation of the Annual Accounts and there had been no-material departure.

(b) The Directors had selected the 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 or loss of the Company for the aforesaid period.

(c) The Directors have taken proper and sufficient care for 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.

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

14. ACKNOWLEDGMENTS:

The Board of Directors expresses their deep gratitude for the co-operation and support extended to your Company by its customers, Bankers and various Government agencies and looks forward to their continued cooperation.

For and on behalf of the Board

Sd/- V. Jagdish Chairman

Date: 06/12/2010 Place: Mumbai




Mar 31, 2009

The Directors have pleasure in presenting the Twenty Third Annual Report of the Company and the Audited Statements of Accounts for the year ended 31st March 2009.

1. FINANCIAL HIGHLIGHTS:

The main Financial Highlights of the Company are given below. (Consolidated)

Particulars As on 31/3/2009 As on 3l/3/2008 (Rs.) (Rs.)

Total income 36,02,51,812 25,35,99.970

Increase or decrease 87,26,600 1,90,91,923 in stock

Operating expenses 27,84,84,700 20,50,30,120

Administrative expenses 3,86,05,401 2,54.24.274

Depreciation 66,12,855 47,79,323

Profit for the year 4,52,75,456 3,74,58,176

Other income - 3,26.72,200

Provision for taxation 60000 8.865

Tax liability - -

Prior period adjustments - -207.00,000

Balance brought down 4,61,28,459 -32,43.060

Balance carried to 9,13,43,915 4,61,78,451 balance sheet

2. REVIEW OF OPERATIONS:

During the year under review the Company could earn income of Rs.36.88 Crores as compared to Rs. 27.25 Crores in the previous year resulting into increase of the profit of the Company before taxation was Rs.3.74 Crores to Rs.4.52 Crores. The increase in profitability is due to the companys diversification into the field of Jatropha plantation, Mineral water and. to the ownership of the fully owned subsidiary M/s. Bio Green Papers Limited.

3. DIVIDEND:

In view of the inadequate profits, your Directors do not recommend any dividend.

4. COMPLIANCE OFFICER:

Mr. .lagadish Velamala has been appointed as the new Compliance Officer of the Company w.e.f. 12th July 2006.

5. DIRECTORS:

Mr. Amrut P. Shah and Mr. Ramakrishna Reddy Directors of the company retire by rotation and since eligible seek reappointment.

Mr. L V Ramanarayan has resigned from the Board due to pre-occupation. The board wishes to thank for his co-operation and for his contribution during the growth phase of the Company.

6. AUDITORS REPORT:

The observations made in the Auditors Report are self-explanatory and therefore do not call for further comments under Section 217 of the Companies Act, 1 956.

7. AUDITORS:

M/s Durgesh Kabra & Co., Chartered Accountants, as statutory auditor of the company expires at conclusion of this Annual General Meeting and have shown their inabilities to continue as statutory auditor of Company.

M/s. DMKFI & Co, Chartered Accountants, Mumbai. have given their consent for appointment as Statutory Auditors of the Company, if appointed at the ensuing Annual General Meeting. The Company has received a letter from M/s. DMKH & Co. Chartered Accountants, to the effect that their appointment, if made would be within the prescribed limit under Section 224(1-B) of the Companies Act. 1956. Yours Directors recommend their appointment.

8. DEPOSITORIES:

The company is registered with the Central Depository Services (India) Limited. The shareholders can take advantage of holding their scripts in dematerialized mode. The company has recently got admitted into the system of the National Securities Depositories Limited also.

9. PERSONNEL:

There was no employee employed during the year or part of the year drawing remuneration, which falls within the purview of the provisions of section 217(2A) of the Companies Act, 1956. Therefore the statement for the same is not attached.

10. FIXED DEPOSITS:

The Company has not accepted fixed deposits from public during the year under review.

11. INSURANCE:

All the assets of the Company wherever necessary and to the extent required have been insured.

12. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The information as required under section 217(1) (e) of the Companies Act. 1956, read With the Companies (Disclosure of Particulars in Report of the Board of Directors) Rules. 198S. with respect to conservation of energy, technology absorption and foreign exchange earnings is given below:

A. Conservation of Energy:

The Company is not covered under the list of specified industries and hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules. 1988, as regards Conservation of Energy is not applicable.

B. Technology Absorption Adaptation and innovation:

Your Company is a registered Non-Banking Finance Company (NBFC; an hence the disclosures under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, as regards Technology Absorption, Adaptation and Innovation are not applicable.

C. Foreign Exchange Earnings and Outgoings: Foreign Exchange Earnings: Nil Foreign Exchange Outgoings: Nil

13. DIRECTORS RESPONSIBILITY STATEMENT:

In Compliance of Section 217 (2AA), as incorporated by the Companies (Amendment) Act, 2000 in the Companies Act, 1956 your Directors confirm that:

(a) The Company has followed the applicable standards in the preparation of the Annua! Accounts and there had been rio-materlal departure.

(b) The Directors had selected the 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 affair:- of the Company at the end of the financial year and of the profit or loss of the Company for the aforesaid period.

(c) The Directors have taken proper and sufficient care for 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.

(d) The Directors have prepared the Annual Accounts or, a going concern basis.

14. ACKNOWLEDGMENTS:

The Board of Directors expresses their deep gratitude for the co-operation and support extended to your Company by its customers. Bankers and various Government agencies and looks forward to their continued cooperation.

For and on behalf of the Board

V. Jagdish Chairman

Date: 29th August, 2009

Place: Mumbai



 
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