Mar 31, 2015
Dear Members
The Directors are pleased to present the 3 Annual Report and the
Audited Financial Statements for the financial year ended 31st March,
2015
Financial Performance:
(Rupees in Lacs)
Particulars FY 2014-2015 FY 2013-2014
Income from Operations 2193,78 81.38
Profit before Interest & Depreciation 20.16 2.29
Less: Interest 0 0
Profit Before Depreciation 20.16 2.29
Less: Depreciation 0 0
Profit after Depreciation 20.19 2.29
Less: Income Tax & FBT 6.23 0.71
for the Current Year
Profit after Tax 13.93 1.59
Balance of profit brought (150.29) (160.88)
forward from previous period
Amount available for appropriation (145.3) (159.29)
Balance carried Over (145.3) (159.29)
Performance review:
Your directors wish to inform the share holders that the Company's
sales have increased from Rs. 81.38 Lakhs to Rs2193.78 Lakhs for the
year ended 31" March 2015. During this financial year, the Company made
profit of Rs. 13.93 Lakhs' as against the profit of Rs.1.59 Lakhs for
the year 2013-2014.
Management discussion and analysis report:
The Management Discussion and Analysis Report is annexed as Annexure-I
as a part of the Annual Report.
Corporate Governance
Pursuant to Clause 49 of the Listing Agreement with stock exchanges, a
separate report on corporate governance has been included in this
Annual Report in Annexure -II together with a certificate from the
auditors of the Company regarding compliance of conditions of Corporate
Governance, the reports on Management Discussion and Analysis and
General Shareholder Information.
All Board members and senior management personnel have affirmed
compliance with the Code of Conduct for the year 2014-15. A declaration
to this effect signed by the Whole Time Director - Chief Financial
Officer of the Company is contained in this Annual Report.
Listing:
The equity shares of your company are listed on the Bombay Stock
Exchange and Ahmedabad Stock Exchange Limited
Number of Meetings of the Board and Audit Committee
A calendar of meetings is prepared and circulated in advance, to the
Directors. During the year 14 Board Meetings and 7 Audit Committee
Meetings were convened and held, the details of which are given in the
Corporate Governance Report.
Auditors:
Pursuant to the provisions of Sections 139. 142 and other applicable
provisions, if any, of the Companies Act, 2013 and the Rules made
there under, the current auditors of the Company, Mr. M. Mahender Kumar,
was appointed by the members at the 29th Annual General Meeting to hold
office until the conclusion of the 34th Annual General Meeting, subject
to ratification by shareholders at each AGM.
The members are requested to ratify the appointment of Mr.M.Mahender
Kumar Chartered Accountant as statutory auditors of the Company for the
year 20/5-16.
Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules. 2014, the Company has appointed, Mr.Y.Koteswar Rao,
Practicing Company Secretary to undertake the Secretarial Audit of the
Company. Secretarial Auditor Report for the year 2014-I5given by
Mr.Y.Koteswar Rao, in the prescribed 'Form MR-3' is annexed to this
report in Annexure -III. The remarks made the Secretarial Auditor arc
self explanatory. Further, the Company has appointed Mr.Vikas Partani
as the Whole Time Director and Chief Financial Officer of the Company
w.e.f 5(September, 2015.
Deposits:
The Company has not accepted any deposits from the public within the
meaning of Section 73 of Companies Act, 2013.
Adequacy of Internal Financial Controls
The Company has established and is maintaining internal controls and
procedures. The Board of Directors have evaluated the effectiveness of
the Company's internal controls and procedures and confirm that they
are adequate based on the size and the nature of its business.
Conservation of Energy. Technical Absorption and Foreign Exchange
Earning and Outgo
The details of energy conservation, technology absorption and foreign
exchange earnings and outgo as required under Sec. 134 (3) (m) of the
Companies Act 2013, read with the Companies (disclosure of particulars,
in the report of Board of Directors) Rules 1988 are given in the
Annexure-IV forming part of this report.
Extract of Annual Return
The extract of Annual Return as provided under Sub-section(3) of
Section 92 of the Companies Act, 2013, in the prescribed Form MGT- 9 is
annexed to this report in Annexure -V
Disclosure under the Sexual Harassment of Women at Workplace
(Prevention. Prohibition and Redressed) Act. 2013.
The Company has not received any complaints alleging sexual harassment
during the financial year 2014- 15.
Directors' Remuneration Policy & Criteria for matters under Section 178
Appointment of Directors :
- While identifying persons who may be appointed directors, the
Committee shall consider business of the Company, strength, weakness,
opportunity and threats to company's business, existing composition of
the board of directors, diversity, skills, expertise of existing
directors and, - background, skills, expertise, reputation and
qualification possessed by persons being considered, specific
requirements under Companies Act. 2013, standard listing agreement and
any other laws as to composition of the Board.
- While identifying persons who may be appointed as independent
directors, the Committee shall review their qualifications and
suitability to ensure that such candidates will be able to function as
directors 'Independently' and avoid any conflict of interest,
obligations, pressure from other Board members, KMPs, senior management
and other persons associated with the Company.
Remuneration of directors. Key Managerial Personnel. Senior Management
Personnel:
- The remuneration to executive directors, Key Managerial Personnel and
Senior Management Personnel at the time of appointment shall be
mutually agreed. The Committee shall consider lop industry indicators,
requirements of role, qualification and experience of candidate,
expected contribution of executive to the profitability challenges
specific to the Company and such other matters as the Committee may
deem fit. The remuneration must motivate individuals to achieve
benchmarks which must be aligned to the vision of the Company. It may
contain fixed pay. The management shall periodically find out the
remuneration scale prevalent in the industry / peer group to the extent
possible to find out if there is a need for revision in remuneration
for retaining the talent.
- The Non-Executive directors shall not be eligible for any
remuneration / commission, unless specifically approved by the Board of
Directors on recommendation of the NRC and by the shareholders.
- The Non- Executive Directors including independent directors may
receive remuneration by way of fees for attending meetings of Board or
Committee thereof.
- The Non-Executive Directors may be paid commission after complying
with required provisions of the Companies Act, 2013.Besides, the
Committee shall take into consideration performance, of the concerned
executive as well as the Company, to the growth of business,
profitability, company potentiality and critical role played /
initiatives taken while considering pay hike / increment to the
concerned executives
Significant and material orders passed by the regulators or court:
There are no significant and material orders passed by the Regulators/
Courts that would impact the going concern status of the Company and
its future operations
Internal Audit
The Company has a well established system of Internal Audit which
carries out audit on Risk Management framework covering all the
functions.
Dividend:
In view of the need for strengthening the financial base of the
Company, your Directors have decided not to declare the dividend for
the year 2014-2015.
Material Changes & Commitments
There have been no material changes and commitments, affecting the
financial position of the Company, which have occurred between the end
of the financial year of the Company and the date of this report. '
Whistle Blower Policy vigil Mechanism
The Company has a Whistle Blower Policy which enables its directors and
employees to report their concerns about unethical behavior, actual or
suspected fraud or violation of the Company's Code of Conduct or ethics
policy and provides safeguards against victimisation of
director(s)/employee(s), who avail of the mechanism. The Policy has
been appropriately communicated to the employees within the
organization
Related Party Transactions
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a
potential conflict with the interest of the Company at large. Thus, the
disclosure in' Form AOC-2' is not applicable.
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. Prior omnibus approval of the Audit
Committee is obtained on an annual basis for the transactions which are
of a foreseen and repetitive nature. The transactions entered into
pursuant to the omnibus approval so granted are audited and a statement
giving details of all related party transactions is placed before the
Audit Committee and the Board of Directors for their approval on an
annual basis.
Particulars of Loans. Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the financial statements annexed to this Report.
Risk Management Policy
Information on the development and implementation of a risk management
policy for the Company including identification therein of elements of
risk which in the opinion of the Board may threaten the existence of
the Company is given in the report on Management Discussion and
Analysis.
Corporate Social Responsibility
The provisions relating to Corporate Social Responsibility do not apply
to the Company.
Formal Annual Evaluation of the performance of the Board, its
Committees and the Directors Pursuant to the provisions of the
Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board
has earned out performance evaluation taking into consideration of
various aspects of the Board's functioning, composition of Board, and
its Committees, execution, and performance of specific duties,
obligations and governance. The Performance of evaluation of
Independent Directors was completed. The Performance evaluation of
Chairman and the Non-Independent Directors was earned out by the
Independent Directors. The Board of Directors expressed their
satisfaction with evaluation process.
Directors and Key Managerial Personnel
The Total number of Directors of the Company as on 31st March, 2015 was
4. Out of which 2 are Independent Directors and 2 are Promoter Group
Directors. The Board of Directors upon the recommendation of Nomination
and Remuneration Committee appointed Mr.Vikas Partani as the Whole Time
Director and Chief Financial Officer .subject to the approval of
members in the 30th Annual General Meeting. '
Directors Retiring by Rotation
In accordance with Section 152 of the Companies Act. 2013 and the
Articles of Association of the Company, Mr.Suresh Partani who is liable
to retire by rotation has offered himself for re- appointment as
Director of the Company. The Company has received a Notice in writing
from a member proposing his candidature as the Director of the Company.
Declaration by Independent Directors "
All the independent directors have submitted the declaration of
independence, as required under Section 149(7) of the Companies Act,
2013. stating that they meet the criteria of independence as provided
in sub-section (6) and Clause 49 of the Listing Agreement
Particulars of employees
The Company has not employed any individual whose remuneration falls
within the purview of the limits prescribed under the provisions of
Section 197 of the Companies Act, 2013, read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014
Particulars of remuneration
Disclosures with respect to the remuneration of Directors and employees
as required under Section 197(12) of Companies Act. 2013 and Rule 5(1)
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is provided as follows:
(i) The ratio of the remuneration of each director to the median
remuneration of the employees of the company for the financial year -
Not applicable as there is no executive director on the board of the
Company.
(ii) The percentage increase in remuneration of each director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year - None of the Directors are
drawing remuneration .Hence the same is not comparable.
(iii) The percentage increase in the median remuneration of employees
in the financial year - There has been no increase in the remuneration
(iv) The number of permanent employees on the rolls of company - 4
(v) The explanation on the relationship between average increase in
remuneration and company performance;- There was no increase in the
average remuneration . Hence not applicable
(vi) Comparison of the remuneration of the Key Managerial Personnel
against the performance of the company -Not Applicable
(vii) variations in the market capitalization of the company, price
earnings ratio as at the closing date of the current financial year and
previous financial year; and percentage increase over decrease in the
market quotations of the shares of the Company in comparison to the
rate at which the Company came out with the last public offer:
The Company received the Listing Approval from Bombay Stock Exchange on
13th October, 2015. Hence the figures of 31st March, 2015 are
entered:
Particulars Unit As at 31.03.2015
1. Closing rate of share at BSE Rs. 147.20
EPS Rs. 0.11
No of Shares* 12310200
Market Capitalization Rs/
Lacs 18120.61
2. Price Earnings ratio Ratio 1338.18
3. Percentage increase over decrease in the market
quotations of the shares of the Company in comparison
to the rate at which the Company came out with the
last public offer - 47.20% '
(viii) Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration;
The average increase in salaries of employees other than managerial
personnel in 2014-15 was Nil Percentage increase in the managerial
remuneration for the year - Not Applicable.
Comparison of the each remuneration of the Key Managerial Personnel
against the performance of the Company - Not Applicable.
(ix) The key parameters for any variable component of remuneration
availed by the directors - No. °
(x) The ratio of the remuneration of the highest paid director lo that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year -Not Applicable.
(xi) Affirmation that the remuneration is as per the remuneration
policy of the company - Yes.
Industrial Relation:
Industrial relations remand cordial throughout the year and your
Directors express their deep gratitude to all the employees. The
Company is pursuing its policy to provide a congenial working
environment at work place.
Director's responsibility statement:
Pursuant to the requirement under Section 134 (3) (c) of the Companies
Act 2013 with respect to Directors Responsibility Statement, it is
hereby confirmed.
(i) That in the preparation of the Annual Accounts for the financial
year ended March 31, 2015 the applicable accounting standards had been
followed along with proper explanation relating to material departures.
(ii) the Directors have selected such accounting policies and applied
them consistently and made judgements 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 31 March 2015 and of the loss of the Company for
the year ended on that date
(iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors had prepared the accounts for the financial
year ended March 31, 2014 on a 'going concern' basis.
(v) That proper internal financial controls were if place and that the
financial controls were adequate and were operating effectively
(vi) That systems to ensure compliance with the provision of all
applicable laws were in place and were adequate and operating
effectively.
Acknowledgement:
Your Directors take this opportunity to express their grateful
appreciation for the co-operation and 1 assistance by Central and State
Governments, Banks, Suppliers and business associates as well as
shareholders. Your Directors also place on record their appreciation
for the devoted services rendered by all employees.
For and on behalf of the board
M/s. Partani Appliances Limited
Sd/- Sd/-
Place: Secunderabad Vikas Partani Suresh Partani
Date : 08-09-2015 Whole Time Director & CFO Director
Mar 31, 2013
Dear Members,
The Directors present here with the Nineteenth Annual Report and
accounts of the Company for the year ended 31st March, 2013 together
with the Auditors Report thereon.
FINANCIAL RESULTS:
(Rupees in Lacs)
31.03.2013 31.03,2012
Profit before Interest & Depreciation 3.10 0.60
Less: Interest
Profit before Depreciation 3.10 0.60
Less: Depreciation - -
Profit after Depreciation 3.10 0.60
Less: Income Tax & FBT 0.96
for the Current Year 0.18
Profit after Tax 2.14 0.42
Balance of profit brought -162.85 -163.26
forward from previous period
Amount available for appropriation -160.70 -162.85
Balance carried Over -160.70 -162.85
Reasons for variations in achievement during the year vis-a-vis the
projection have been discussed under the head "Operations".
OPERATIONS:
Your directors wish to inform the share holders that the Company's sales
have decreased from Rs.691 Lakhs to Rs 255 lakhs for the year ended 31st
March 2012 due to adverse market conditions and slack in demand. The
board of directors reviewed the operations of the company and decided to
write-off the sundry debtors which were considered as non realizable and
treated as bad debts amounting to Rs and also took decision to write
down the obsolete goods in the closing stock amounting to Rs as these
goods were. returned for replacement by the agents/customers, which were
not fit for repair for replacement /resale as the conditions of the
goods are not fit for reuse. Due to these write offs, the PAT was
drastically decreased and reported a loss of Rs.277.04 lakhs during the
period under review. With this the total loss was stood at Rs 334.50
lakhs including the brought forward loss as on 31st March 2012.
FUTURE OUTLOOK:
Your directors have initiated several measures by strengthening the
marketing force to increase the sales revenue for several new models of
Voltage Stabilizers which have been added to the existing range. These
new models have been very well received in market. Your Board has
planned to import and launch Domestic Appliances and health products to
increase the market share.
DIVIDEND:
In view of the carried forward losses your Directors are unable to
recommend dividend for the year under review.
DIRECTORS:
Mr. D K Jain, Director retire by rotation at the ensuring Annual
General meeting and being eligible offers himself for reappointment as
Director. Your Director recommends his re-appointment as director
liable to retire by rotation.
Mr. Alvares Denis Aloysius, Director retire by rotation at the ensuring
Annual General meeting and being eligible offers herself for
reappointment as Director. Your Director recommended her re-appointment
as director liable to retire by rotation.
AUDITORS:
M/s. T.P.Rao &Co., Chartered Accountants, retires at the conclusion of
this Annual General Meeting, and is eligible for reappointment.
PARTICULARS OF EMPLOYEES:
During the year under review, there were no employees drawing salaries
equal or more than the limits laid under Section 217 (2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
DEPOSITS:
The Company has not accepted any deposits from the public "within the
meaning of Section 58A of Companies Act, 1956.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNICAL ABSORPTION FOREIGN
EXCHANGE EARNING AND OUTGO
The details of energy conservation, technology absorption and foreign
exchange earnings and outgo as required under Section 217 (1) (c) of
the Companies Act, 1956, read with the Companies (disclosure of
particulars, in the report of Board of Directors) Rules 1988 are given
in the Annexure-1 forming part of this report.
CORPORATE GOVERANCE:
Pursuant to clause 49 to listing Agreement with the stock exchange
separate section titled Corporate Governance' has been attached to this
annual report. A Certificate from the auditors of the company regarding
compliance of the conditions, of corporate Governance stipulated in the
listing agreement with stock exchanges are annexed to and from part of
the Annual Report.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed.
(i) That in the preparation of the Annual Accounts for the financial
year ended March 31, 2013 the applicable accounting standards had been
followed along with proper explanation relating to material departures.
(ii) That the Directors had selected such accounting policies and
applied them Consistently and made judgments and estimates that were
reasonable and prudent, so as to give us 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 year under review.
(iii) That the Directors had taken proper and sufficient care for 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.
(iv) That the Directors had prepared the accounts for the financial
year ended March 31,2013 on a 'going concern' basis.
INDUSTRIAL RELATION:
industrial relations remand cordial through out the year and your
Directors express their deep gratitude to all the employees. The
Company is pursuing its policy to provide a congenial working
environment at work place.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their grateful
appreciation for the co-operation and assistance by Central and State
Governments, Banks, Suppliers and business associates as well as
shareholders. Your Directors also place on record their appreciation
for the devoted services rendered by all employees.
For and on behalf of the Board of Directors
Date: 17.06.2013 (Ram Chandra Partani) (Vikas Partani)
Place: Hyderabad Director Director
Mar 31, 2012
To the Members :
The Directors present here with the Twenty Seventh Annual Report and
accounts of the Company for the year ended 31st March, 2012 together
with the Auditors'' Report thereon.
FINANCIAL RESULTS : (Rupees in Lacs)
31-03-12 31-03-11
Profit before Interest & Depreciation 0.60 0.19
Less : Interest - -
Profit before Depreciation 0.60 0.19
Less: Depreciation - -
Profit after Depreciation 0.60 0.19
Less : Income Tax & FBT for the Current year 0.18 0.06
Profit After Tax 0.42 0.13
Balance of Profit brought forward from
previous period -163.26 -163.39
Amount available for appropriation -162.85 -163.26
Balance Carried Over -162.85 -163.26
Reasons for variations in achievement during the year vis-a-vis the
projection have been discussed under the head "Operations".
OPERATIONS:
Your directors wish to inform the share holders that the Company''s
sales have decreased from Rs.691 Lakhs to Rs 255 lakhs for the year
ended 31st March 2012 due to adverse market conditions and slack
demand. The board of directors reviewed the operations of the company
and decided to write-off the sundry debtors which were considered as
non realizable and treated as bad debts amounting to Rs. and also took
decision to write down the obsolete goods in the closing stock
amounting to Rs as these goods were returned for replacement by the
agents/ customers, which were found not fit for repair for replacement
/resale as the conditions of the goods are not fit for reuse. Due to
these write offs, the PAT was drastically decreased and reported a loss
of Rs.277.04 lakhs during the period under review. With this the total
loss was stood at Rs 334.50 lakhs including the brought forward loss as
on 31st March 2012.
FUTURE OUTLOOK:
Your directors have initiated several measures by strengthening the
marketing force to increase the sales revenue for several new models of
Voltage Stabilizers which have been added to the existing range. These
new models have been very well received in market. Your Board has
planned to import and launch Domestic Appliances and health products to
increase the market share.
DIVIDEND:
In view of the carried forward losses your Directors are unable to
recommend dividend for the year under review.
Register Office Address:
During the year company has changed Register Office address from 702E,
Al-Karim Trade Centre, Ranigunj, Secunderabad-500003 to 11-23, Survey
No. 49-51, Narapally Village, Ghatkesar Mandal, R.R.Dist., Hyderabad-
501 301. AP on board meeting held on 17th March 2012.
Name Change:
During the year company has changed his name form Pushkar Appliance to
Partani Appliances limited on EGM held on 25-01-2012.
DIRECTORS :
Mr. D K Jain, Director retire by rotation at the ensuring Annual
General meeting and being eligible offers himself for reappointment as
Director. Your Director recommend his re-appointment as director
liable to retire by rotation.
Ms. N. Maribelle Alvares, Director retire by rotation at the ensuring
Annual General meeting and being eligible offers herself for
reappointment as Director. Your Director recommended her re-appointment
as director liable to retire by rotation.
AUDITORS:
M/s. T.P.Rao &Co., Chartered Accountants, retires at the conclusion of
this Annual General Meeting, and is eligible for reappointment.
PARTICULARS OF EMPLOYEES:
During the year under review, there were no employees drawing salaries
equal or more than the limits laid under Section 217 (2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
DEPOSITS:
The Company has not accepted any deposits from the public within the
meaning of Section 58A of Companies Act, 1956.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNICAL ABSORPTION FOREIGN
EXCHANGE EARNING AND OUTGO
The details of energy conservation, technology absorption and 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 are given
in the Annexure- 1 forming part of this report.
CORPORATE GOVERANCE:
Pursuant to clause 49 to listing Agreement with the stock exchange
separate section titled Corporate Governance'' has been attached to this
annual report. A Certificate from the auditors of the company regarding
compliance of the conditions of corporate Governance stipulated in the
listing agreement with stock exchanges are annexed to and from part of
the Annual Report.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed.
(i) That in the preparation of the Annual Accounts for the financial
year ended March 31, 2012 the applicable accounting standards had been
followed along with proper explanation relating to material departures.
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent, so as to give us 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 year under review.
(iii) That the Directors had taken proper and sufficient care for 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.
(iv) That the Directors had prepared the accounts for the financial
year ended March 31, 2012 on a ''going concern'' basis.
INDUSTRIAL RELATION:
Industrial relations remand cordial through out the year and your
Directors express their deep gratitude to all the employees. The
Company is pursuing its policy to provide a congenial working
environment at work place.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their grateful
appreciation for the co-operation and assistance by Central and State
Governments, Banks, Suppliers and business associates as well as
shareholders. Your Directors also place on record their appreciation
for the devoted services rendered by all employees.
For and on behalf of the Board of Directors
Sd/- Sd/-
Ram Chandra Partani Vikas Partani
Managing Director Director
Place : Hyderabad
Date : 01-09-2012