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