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Directors Report of Orient Refractories Ltd.

Mar 31, 2014

Dear Members,

The directors have pleasure in presenting the fourth annual report of your Company along with the audited financial statements for the financial year ended 31 March, 2014.

FINANCIAL RESULTS ( Rs. in Lacs)

PARTICULARS 2013-2014 2012-2013

Net Sales & Income 40,760.54 36,189.13

Profit before Depreciation, Interest and Tax 8,328.55 6,654.88

Less: Depreciation 362.58 379.21

Interest 7.49 131.41

Profit before Income Tax 7,958.48 6,144.26

Less :Income Tax 2,673.84 2,005.24

Net Profit for the year 5,284.64 4,139.02

Add: Balance brought forward from the Previous Year 1,899.49 666.04

Amount available for appropriation 7,184.13 4,805.06

Appropriation:

General Reserve 600.00 1,500.00

Final Dividend on Equity Shares 1,501.74 1,201.39

Corporate Dividend Tax 255.22 204.18

Balance carried forward to balance sheet 4,827.17 1,899.49

OPERATIONS REVIEW

Despite the combination of slow growth in the service and industrial sector, downfall of rupee, high inflation your Company has performed well and continues to grow by more than 10% in successive two years.

During the year under review your Company has achieved net revenue of Rs. 40,760.54 Lacs (Previous Year Rs. 36,189.13 Lacs) which is 12.63% more than the Previous Year. Profit before tax for the financial year 2013-14 was Rs. 7,958.48 Lacs (Previous Year Rs. 6,144.26 Lacs).The profit for the year 2013-14 has increased by 29.53% as compared to 2012-13.

FUTURE OUTLOOK

Introduction of new government implies positive prospects for the future. Government aims for sustained growth of 7-8 percent in the next 3-4 years, and focusing to revive growth in manufacturing and infrastructure sectors. Your Directors are hopeful to sustain the same growth and profitability during the financial year 2014-15.

During first quarter of 2014-15 the profit before tax is Rs. 1,934.81 Lacs which is approx. 5.00 % more than the profit before tax ( Rs. 1,848.11 Lacs) of quarter ending on June 30, 2013.

Your Directors are hopeful that the turnover and profitability of the Company will increase in the current financial year.

DIVIDEND

Based on the Company''s performance, your Directors are pleased to recommend a final dividend of Rs.1.25 per share (i.e. 125%) for the financial year 2013-14 on the capital of 120,139,200 equity shares of Rs.1.00 each. The final dividend on the equity shares, if approved by the members would involve a cash outflow including dividend distribution tax of Rs. 1,756.96 Lacs (Previous Year Rs. 1,405.57 Lacs).

CHANGE OF REGISTERED OFFICE

The Board of Directors at their meeting held on 28 May, 2014, approved the change of Registered Office of the Company to 804- A,Chiranjiv Tower, 43, Nehru Place, New Delhi-110019 from the earlier office at 1307,Chiranjiv Tower,43,Nehru Place, New Delhi- 110019, with effect from 1 June, 2014.

STATUTORY AUDITORS

Pursuant to provisions of Section 224 of the Companies Act, 1956, M/s Deloitte Haskins & Sells, Chartered Accountants, Gurgaon, Haryana (Firm Registration No. 015125N) were the statutory auditors of the Company who hold office up to the conclusion of the forthcoming Annual General Meeting.

As per Section 139 (2) of the Companies Act, 2013 they are eligible for re-appointment for a term of maximum five consecutive years (i.e. from financial year 2014-15 to 2018-19). The Company has received a letter from M/s Deloitte Haskins & Sells, Chartered Accountants, Gurgaon, Haryana to the effect that their re-appointment, if made, would be in accordance with the conditions prescribed under Section 139 (2) of the Companies Act, 2013 and they are not disqualified for such reappointment within the meaning of Section 141 of the said Act.

AUDITORS'' REPORT

The Auditors Report read with notes to the financial statements is self-explanatory and does not call for any further explanation by the Board.

COST AUDIT

Pursuant to the directive from the Ministry of Corporate Affairs regarding appointment of Cost Auditor, M/s K G Goyal & Associates, Cost Accountants, Jaipur, Rajasthan (Firm Registration No. 000024) have been appointed as the Cost Auditor of the Company for refractories products for the financial year 2014-15. The Cost Audit report relating to the above products will be filed within the stipulated period of 180 days from the close of the financial year.

The Section 148 (3) of Companies Act, 2013 requires that the remuneration of Cost Auditors shall require the ratification of Members and accordingly the appropriate resolution has been included in the notice convening the 4thAnnual General Meeting.

Your Directors recommend the approval of resolution for fixation of remuneration of Cost Auditors for the financial year 2014-15.

INTERNAL AUDIT

Your Company has appointed M/s. Chaturvedi & Partners, Chartered Accountant, New Delhi as Internal Auditors of the Company for financial year 2014-15.

FIXED DEPOSIT

During the year your Company has not accepted any fixed deposits from the public.

DIRECTORS

Ms. Barbara Potisk Eibensteiner (DIN-06505772) and Mr S C Sarin (DIN-03641706) shall be liable to retire by rotation at the ensuing Annual General Meeting and being eligible, have offered themselves for re-appointment.

In due compliance with the provisions of Section 149 of the Companies Act, 2013, it is proposed to appoint Mr R S Bajoria (DIN- 00033727) as Independent Director on the Board of the Company, who will hold office for a term of one (1) year i.e. from the conclusion of the ensuing Annual General Meeting to the conclusion of next Annual General Meeting and shall not be liable to retire by rotation.

The appropriate resolutions for appointment/ reappointment of Directors are placed for the approval of shareholders. Your Directors recommend their appointment/re-appointment at the ensuing Annual General Meeting in the overall interest of the Company.

LISTING

The equity shares of the Company are listed at Bombay Stock Exchange Limited(BSE) and National Stock Exchange of India Ltd. (NSE). The Company has paid the listing fee for the year 2014-2015 to BSE and NSE.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 ("Act"), the Directors hereby confirm that:

a. in the preparation of the annual accounts for the year 2013-14, the applicable accounting standards have been followed and there are no material departures;

b. they 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 the financial year;

c. they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Act. They confirm that there are adequate systems and controls for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities,

d. they have prepared the Annual Accounts on a going concern basis.

CODE OF CONDUCT

Your Company has laid down a code of conduct for the Directors and senior management personnel as specified. The code was adopted in the board meeting held on 18 October, 2011. It is available on the website of the Company www.orientrefractories.com. A declaration by the Managing Director regarding annual affirmation of compliance of the code by all concerned is annexed to the report on corporate governance.

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

Information relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required under 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, is given in Annexure-A and forms part of this report.

PARTICULARS OF EMPLOYEES

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are set out in Annexure- B attached hereto and form part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS

Notes on Management Discussion and Analysis of the Company have been given in Annexure-C and forms part of this report.

CORPORATE GOVERNANCE

A separate section on Corporate Governance is attached to this report as Annexure-D. A certificate from the Practicing Company Secretary regarding compliance of the conditions of corporate governance as stipulated under clause 49 of the listing agreements with stock exchanges is enclosed as Annexure-E. A certificate from the Managing Director that all board members and senior management personnel have affirmed compliance with the Code of Conduct for the year ended 31 March, 2014 is attached as Annexure-F . CEO/CFO certificate is enclosed as Annexure-G.

ACKNOWLEDGEMENTS

Your Directors sincerely appreciate the dedication and efforts of the employees at all levels of the organisation in contributing to the success of the Company. The Directors are also thankful to the investors of the Company for their confidence in the Company. They also gratefully acknowledge the continued support received from the customers, business associates, various government agencies, financial institutions and the banks.

Regd. office: For and on behalf of the Board

804-A,Chiranjiv Tower,

43,Nehru Place New Delhi 110019

CIN: L28113DL2010PLC210819

30 July, 2014 K K Thirani

New Delhi Chairman


Mar 31, 2013

Dear Members

The directors have pleasure in presenting the third annual report of your Company along with the audited financial statements for the financial year ended March 31, 2013.

FINANCIAL RESULTS

(Rs. In Lacs) PARTICULARS 2012-2013 2011-2012

Net Sales & Income 36,189.13 30,472.37

Profit before depreciation, interest and tax 6,654.88 5,224.68

Less: Depreciation 379.21 296.59

Interest 131.41 344.42

Profit before Income Tax 6,144.26 4,583.67

Less: Income Tax 2,005.24 1,502.74

Net Profit for the year 4,139.02 3,080.93

Add: Balance brought forward from the previous year 666.04 -9.32

Amount available for appropriation 4,805.06 3,071.61

Appropriation:

General Reserve 1500.00 1,000.00

Final Dividend on Equity Shares 1,201.39 0.00

Interim Dividend on Equity Shares 0.00 1,201.39

Corporate dividend tax 204.18 204.18

Balance carried forward to balance sheet 1,899.49 666.04

OPERATIONS REVIEW

During the year under review your Company has achieved the net sales of Rs. 36,189.13 Lacs (previous year Rs. 30,472.37 Lacs) which is 18.76 % more than the previous year. Profit before tax for the financial year 2012-13 was Rs. 6,144.26 Lacs (16.98% of Net sales) as compared to Rs. 4,583.67 Lacs in 2011-12 (15.04% of Net Sales).

FUTURE OUTLOOK

During the financial year 2013-14, in spite of slowdown in industry growth, high inflation, fall of rupee, etc, your Company has done a net sales of Rs. 9,698.98 Lacs in first quarter ended on June 30, 2013, an increase of 5.43% over first quarter (Net Sales Rs. 9,172.55 Lacs) of corresponding previous year 2012-13. During first quarter of 2013-14 the profit before tax is Rs. 1,848.11 Lacs which is 27 % more than the profit before tax (Rs. 1,353.36 Lacs) of quarter ending on June 30, 2012.

Your directors are hopeful that the turnover and profitability of the Company will increase in the current financial year.

DIVIDEND

Based on the Company''s performance, your directors are pleased to recommend a final dividend of Rs. 1.00 per share (i.e. 100%) for the financial year 2012-13 on the capital of 120,139,200 equity shares of Rs. 1.00 each. The final dividend on the equity shares, if approved by the members would involve a cash outflow including dividend distribution tax of Rs. 1,405.57 Lacs (previous year final dividend Rs.0.00 and interim dividend Rs.1,405.57 Lacs).

CHANGE OF MANAGEMENT AND CONTROL

There has been a change in management and shareholding control in the Company. During the year, pursuance to share purchase agreement vide dated January 15, 2013 entered by M/s Dutch US Holding B.V. Netherlands with Mr S G Rajgarhia and other ex-promoters of the Company, and also post offer made to shareholders of the Company under Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeover) Regulations. M/s Dutch US Holding B.V. acquired 52,401,579 (43.62%) equity shares on March 04, 2013 from the ex-promoters and thus acquired control over the Company and immediately thereafter, change in management took place. M/s Dutch US Holding B.V. also acquired 31,236,192 (26.00%) equity shares under above said open offer. As on date total equity holding of M/s Dutch US Holding B.V. is 83,637,771 (69.62%).

M/s. Dutch US Holding B.V. is a private limited liability Company, having registered office at Velperweg 81, 6824 HH Arnhem, Netherlands. The said Company is an investment holding Company. M/s. Dutch US Holding B.V. is a wholly-owned subsidiary of M/s. Veitscher Vertriebsgesellschaft m.b.H., which is a wholly owned subsidiary of M/s. RHI AG having registered office at Wienerbergstrasse 9, 1100 Vienna, Austria and is part of the M/s. RHI group. M/s. Dutch US Holding B.V. is also promoted by M/s. RHI AG.

Ms Barbara Potisk-Eibensteiner, Dr Giorgio Cappelli (resigned on July 24, 2013) and Mr Michael John Williams were appointed as additional directors of the Company under the category of promoter director and also Mr Parmod Sagar, Senior Vice President of the Company was appointed as an additional director as well as Managing Director of the Company.

Mr S G Rajgarhia resigned from position of Managing Director and appointed as Vice Chairman of the Company. Mr S C Sarin was re-designated as Technical Advisor of the Company. Mr K K Thirani was elected as Chairman of the Company.

FIXED DEPOSIT

During the year your Company has not accepted any fixed deposits from the public.

AUDITORS

The existing auditors M/s. S.R. Batliboi & Co. LLP Chartered Accountants retires at the ensuing Annual General Meeting. They are not offering themselves for re-oppointment. It is proposed to appoint M/s. Deloitte Haskins & Sells, Chartered Accountants, as statutory auditors of the Company in place of the retiring auditors. M/s. Deloitte Haskins & Sells, Chartered Accountants have confirmed that their appointment, if made, shall be within the limits laid down in Section 224(1B) of the Companies Act, 1956.

AUDITORS'' REPORT

The Auditors Report read with notes to the financial statements is self-explanatory and does not call for any further explanation by the Board.

COST AUDITORS

M/s K G Goyal & Associates has been appointed as Cost Auditors u/s 233(1B) of Companies Act 1956 for the year 2012-13 for Refractory products of the Company. The Audit is under progress and the cost audit report will be filed within prescribed time limits.

DIRECTORS

Mr S G Rajgarhia and Mr K K Thirani having been longer in the office, retire by rotation at the ensuing annual general meeting and being eligible offer themselves for re-appointment. A brief resume of the appointees are given in the notice to the annual general meeting.

During the year Ms. Barbara Potisk-Eibensteiner, Mr. Michael John Williams, Mr. Parmod Sagar and Mr. Reinhold Steiner were appointed as additional directors of the Company and holds office up to ensuing annual general meeting. Notice under Section 257 of the Companies Act, 1956 has been received from members, proposing their candidature as directors.

Mr S G Rajgarhia resigned from office of Managing Director and appointed as Vice Chairman of the Company. Mr S C Sarin was re-designated as Technical Advisor of the Company. Remuneration of both the directors were also revised.

Mr. Parmod Sagar was appointed as Managing Director w.e.f. March 04, 2013 by the board of directors of the Company.

Your directors recommend their appointment/re-appointment at the ensuing Annual General Meeting in the overall interest of the Company.

During the year Mr R K Rajgarhia and Mr P P Khanna resigned from the Board on March 02, 2013 Dr. Giorgio Cappelli also resigned from the Board on July 24, 2013. The Directors places on record their sincere appreciation and gratitude for contributions made by them during their tenure on the Board.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 ("Act"), the directors hereby confirm that:

(i) in the preparation of the annual accounts for the year 2012-13, the applicable accounting standards have been followed and there are no material departures;

(ii) they 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 the financial year;

(iii) they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Act. They confirm that there are adequate systems and controls for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the Annual Accounts on a going concern basis.

CODE OF CONDUCT

Your Company has laid down a code of conduct for the directors and senior management personnel as specified. The code was adopted in the board meeting held on October 18, 2011. It is available on the website of the Company www.orientrefractories.com. A declaration by the Managing Director regarding annual affirmation of compliance of the code by all concerned is annexed to the report on corporate governance.

CREDIT RATING OF BANK BORROWINGS

The Company has A (Single A Plus) rating on its long term borrowings by Credit Analysis & Research Ltd. (CARE). This rating indicates adequate safety and carries low credit risk.

For short term borrowings A1 (A One Plus) have been assigned by CARE. This rating indicates very high degree of safety and carries lowest credit risk.

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

Information relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required under 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, is given in Annexure-A and forms part of this report.

PARTICULARS OF EMPLOYEES

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are set out in Annexure- B attached hereto and form part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS

Notes on Management Discussion and Analysis of the Company have been given in Annexure-C and forms part of this report.

CORPORATE GOVERNANCE

A separate section on Corporate Governance is attached to this report as Annexure-D. A certificate from the Practicing Company Secretary regarding compliance of the conditions of corporate governance as stipulated under clause 49 of the listing agreements with stock exchanges is enclosed as Annexure-E. A certificate from the Managing Director that all board members and senior management personnel have affirmed compliance with the Code of Conduct for the year ended March 31,2013 is attached as Annexure-F .CEO/CFO certificate is enclosed as Annexure-G.

ACKNOWLEDGEMENTS

Your Directors sincerely appreciate the dedication and efforts of the employees at all levels of the organisation in contributing to the success of the Company. The Directors are also thankful to the investors of the Company for their confidence in the Company. They also gratefully acknowledge the continued support received from the customers, business associates, various government agencies, financial institutions and the banks.

For and on behalf of the Board

New Delhi K K Thirani

July 24, 2013 Chairman


Mar 31, 2012

The directors have pleasure in presenting the second annual report of your Company along with the audited financial statements for the financial year ended March 31, 2012.

OPERATIONS REVIEW AND FUTURE OUTLOOK

Your Company was incorporated on November 26, 2010. The Hon'ble High Court of Delhi, vide its order dated September 19, 2011 sanctioned a Scheme of Demerger ("the Scheme") between Orient Abrasives Limited ("OAL") and Orient Refractories Limited ("the Company"), pursuant to which the refractory division of OAL was demerged and transferred to the Company with effect from commencement of business on April 1, 2011 i.e. Appointed Date under the Scheme. The Scheme became effective from October 31, 2011.

The financial results for the year ended March 31, 2012 are for the business transferred to the Company, after giving effect to the Scheme of Demerger and accordingly, are not strictly comparable with the previous corresponding period and hence not given here.

During the year under review your Company has achieved a gross turnover of Rs.30,041.61 Lacs including export income of Rs. 4,612.16 Lacs. The gross profit and net profit for the year under review are Rs.4,583.67 Lacs and Rs.3,080.93 Lacs respectively.

Your directors are hopeful that the turnover and profitability of the Company will increase in the current financial year.

DIVIDEND

Your Company has already paid an interim dividend of Rs.1.00 per share (i.e. 100%) on May 10, 2012. The board of directors does not propose any final dividend this year and the interim dividend already paid be treated as final dividend.

CAPITAL STRUCTURE PAID-UP CAPITAL

In accordance with the Scheme of Demerger 119,639,200 equity shares of Rs.1.00 each fully paid up were issued and allotted to the shareholders of OAL on November 15, 2011, as per the entitlement ration of 1:1, i.e. each shareholder of OAL whose name appeared in the register of members of the OAL on the record date i.e. November 14, 2011, received one fully paid equity share of face value of Rs. 1.00 each in the Company.

The paid-up capital as at March 31, 2012 stands at Rs. 1,201.39 Lacs comprising of 120,139,200 equity shares of Rs. 1.00 each fully paid up.

LISTING OF EQUITY SHARES

The equity shares of your Company were listed and admitted for trading on Bombay Stock Exchange (BSE) w.e.f. March 09, 2012 and National Stock Exchange of India Limited (NSE) w.e.f. March 12, 2012.

FIXED DEPOSIT

During the year your Company has not accepted any fixed deposits from the public.

AUDITORS

M/s. S.R. Batliboi & Co., Chartered Accountants, who are the statutory auditors of the Company, hold office, in accordance with the provisions of the Act up to the conclusion of the forthcoming annual general meeting and offer themselves for re-appointment. They have confirmed that their re-appointment, if made, shall be within the limits laid down in Section 224(1 B) of the Companies Act, 1956.

AUDITORS' REPORT

The Auditors' Report read with notes to the financial statements is self-explanatory and does not call for any further explanation by the board.

COST AUDITORS

M/s. K G Goyal & Associates, Cost Accountants have been appointed as Cost Auditor of the Company for the financial year 2012-13.

DIRECTORS

Mr R S Bajoria and Mr A K Jain having been longer in the office, retire by rotation at the ensuing annual general meeting and being eligible offer themselves for re-appointment. A brief resume of the appointees is given in the notice to the annual general meeting.

During the year Mr. P P Khanna was appointed as additional director of your Company and holds office upto ensuing annual general meeting. Notice under Section 257 of the Companies Act, 1956 has been received from a member, proposing the candidature of Mr. P P Khanna as director.

Your directors recommend their appointment/re-appointment at the ensuing annual general meeting in the overall interest of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 ("Act"), the directors hereby confirm that:

(i) in the preparation of the annual accounts for the year 2011-12, the applicable accounting standards have been followed and there are no material departures;

(ii) they 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 the financial year;

(iii) they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Act. They confirm that there are adequate systems and controls for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

CODE OF CONDUCT

Your Company has laid down a code of conduct for the directors and senior management personnel as specified. The code was adopted in the board meeting held on October 18, 2011. It is available on the website of the Company www.orientrefractories.com. A declaration by the managing director regarding annual affirmation of compliance of the code by all concerned is annexed to the report on corporate governance.

CREDIT RATING OF BANK BORROWINGS

The Company has A (Single A Plus) rating on its long term borrowings by Credit Analysis & Research Ltd. (CARE) .This rating indicates adequate safety and carries low credit risk.

For short term borrowings A1 (A One Plus) have been assigned by CARE. This rating indicates very high degree of safety and carries lowest credit risk.

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

Information relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required under 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, is given in Annexure-A and forms part of this report.

PARTICULARS OF EMPLOYEES

Particular of remuneration paid to the employees as required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are set out in Annexure- B attached hereto and form part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS

Notes on Management Discussion and Analysis of the Company have been given in Annexure-C and forms part of this report.

CORPORATE GOVERNANCE

A separate section on corporate governance is attached to this report as Annexure-D. A certificate from the Practicing Company Secretary regarding compliance of the conditions of corporate governance as stipulated under clause 49 of the listing agreements with stock exchanges is enclosed as Annexure-E. A certificate from the managing director that all board members and senior management personnel have affirmed compliance with the code of conduct for the year ended March 31,2012 is attached as Annexure-F .CEO/CFO certificate is enclosed as Annexure-G.

ACKNOWLEDGEMENTS

Your Directors sincerely appreciate the dedication and efforts of the employees at all levels of the organisation in contributing to the success of the Company. The directors are also thankful to the investors of the Company for their confidence in the Company. They also gratefully acknowledge the continued support received from the customers, business associates, various government agencies, financial institutions and the banks.

For and on behalf of the Board

New Delhi R K Rajgarhia

August 11,2012 Chairman

 
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