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Directors Report of Poddar Housing & Development Ltd.

Mar 31, 2014

Dear Members,

1. The Directors take pleasure in presenting the Thirty Second Annual Report on the business and operations of the Company, together with the Audited Statements of Accounts for the year ended 31st March, 2014.

Rs in Lacs STANDALONE CONSOLIDATED PARTICULARS 2013-2014 2012-2013 2013-2014 2012-2013

TOTAL REVENUE 6993.49 3096.47 6918.92 3075.54

PROFIT/BEFORE 1357.76 829.49 1322.08 678.42 DEPRECIATION/ INTEREST & EXCEPTIONAL ITEM

DEPRECIATION & INTEREST 60.76 95.10 63.04 95.93

PROFIT/(LOSS) BEFORE 1297.43 734.39 1259.04 582.49

EXCEPTIONAL ITEM & TAX

EXCEPTIONAL ITEMS 5.83 539.60 5.83 539.60

PROFIT/ (LOSS) BEFORE TAXATION 1303.26 1273.99 1264.87 1122.09

PROVISION FOR TAXATION

CURRENT (481.43) (382.96) (481.43) (382.96)

DEFERRED 3.17 12.55 3.17 12.55

LESS: MINORITY INTEREST 0 0 2.01 14.85

NET PROFIT AFTER TAX 825.00 903.58 788.62 766.53

PROFIT/(LOSS) BROUGHT 2420.92 2220.92 3123.06 2550.16 FORWARD FROM PREVIOUS YEAR

SURPLUS AVAILABLE 3830.76 3196.49 3911.68 3316.69 FOR APPROPRIATION

TRANSFER TO GENERAL RESERVE (200.00) (100.00) (200.00) (100.00)

PROPOSED DIVIDEND (INCL DIVIDEND (89.54) (90.73) (90.73) (90.73) DISTRIBUTION TAX

DIVIDEND PAID TO MINORITYSHA- REHOLDERS 0 0 0 0

BALANCE CARRIED TO BALANCE SHEET 3541.22 3005.76 3617.81 3123.06

3. DIVIDEND

Considering the Company''s performance during the financial year and to appropriately reward the members while conserving the resources to meet the future requirements, the Board of Directors have pleasure in recommending for consideration of the Members at the Annual General Meeting, payment of Dividend of Rs. 1.50 per Equity Share (15%) (Previous Year 15%), for the year ended 31st March, 2014. The total dividend outgo including tax thereon will be Rs. 89.54 Lacs (Previous Year Rs. 90.73 Lacs.)

4. TRANSFER TO RESERVES

Pursuant to Companies (Transfer of Profits to Reserves) Rules, 1975, it is proposed to transfer Rs. 2 Crore (24.24 % of the net Profit for the year) to the general reserve.

5. PERFORMANCE DURING THE YEAR

The year under consideration has been very eventful for the Company.

In the Bhivpuri Project, the Company has given possession of all 79 buildings consisting of 1264 fats as on March 2014.

In the Badlapur Project, Phase I has been sold out and possession given of all 492 fats as on March 2014. In the Badlapur Project, Phase II Company has sold 560 fats and 11 shops out of 582 fats and 45 Shops respectively as on March 2014 and almost 90% of the construction work has been completed. In the Badlapur Project, Phase III Company has also sold 329 fats out of 680 fats as on March 2014.

The Company''s subsidiary Poddar Habitat Pvt. Ltd. Project "Poddar Navjeevan" at Atgaon near Shahpur is running in full swing and 15% construction completed till March 2014. The First Phase has 36 buildings consisting 1 RK and BHK Flats. The response for this Project has also been very encouraging and Company has sold 274 fats out of 576 fats.

The Company achieved a Consolidated Turnover and Other Income of Rs. 69.18 Crores as against Rs. 30.75 Crores during the previous year. The Company has earned Net Profit of Rs. 7.88 Crores for the year ended after providing depreciation and Tax as against a Profit of Rs. 7.66 Crores during the previous year.

6. PARTICULARS OF EMPLOYEES

There were no employee whose information is required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011 as amended from time to time.

7. SUBSIDIARY COMPANY

The Company has five subsidiaries viz. as follows:

Name of the Subsidiary Country of Proportion of Incorporation Ownership

1. Wearology (FZC) U.A.E 90%

2. Poddar Natural Resources & Ores Ltd India 100%

3. Poddar Habitat Private Limited India 100%

4. Poddar Leisure Infrastructure pvt ltd India 100%

5. Poddar Infrastructure Private Ltd India 100%

In accordance with the general exemption granted by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. However the financial information of the subsidiary companies is disclosed in the Annual Report in compliance with the said circular. The Company

will make available the Annual Accounts of the subsidiary companies and the related detailed information to any members of the Company who may be interested in obtaining the same. The Annual Report of the subsidiary companies will also be kept open for inspection at the Registered office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statement of your Company includes the financial results of its subsidiary companies.

8. DIRECTORS RESPONSIBILITY

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

In preparation of the Annual Accounts for the financial year 2013-14, the applicable accounting standards have been followed along with proper explanation relating to material departures.

The Directors 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 as at 31st March, 2014 and of the Profit of the Company for the accounting year ended on that date.

Properand suffcient care forthe 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.

The Annual Accounts for the year ended 31st March, 2014 are prepared on a going concern basis.

9. CONSERVATION OF ENERGY AND TECHNOLOGIES

Information relating to Conservation of Energy, Technology absorption etc pursuant to 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 not provided as the same is not applicable to the Company.

Foreign Exchange earnings and outgo are furnished in Annexure ''A to this report.

10. FIXED DEPOSIT

During the year under review, the Company had neither accepted nor renewed any deposit from public within the meaning of Section 58-A of the Companies Act, 1956.

11. DIRECTORS

Your Directors have proposed to alter the terms of appointment of Mr. Rohitashwa Poddar, Managing Director, Mr. Dipak Kumar Poddar, Whole-Time Director designated as Executive Chairman so as to make them Directors retiring by rotation for reasons as stated in the Statement pursuant to Section 102 of the Companies Act, 2013.

This has been proposed to make the composition of the Board in line with the Section 152 of the Companies Act, 2013 as, as per Section 152(6) of the Companies Act, 2013, independent Directors are now not eligible to retire by rotation. Therefore, there are no Directors in the Current meeting who will be retire by rotation.

The information on the particulars of Director seeking reappointment as required under Clause 49 of the Listing Agreement with the Stock exchange has been given under the Report on Corporate Governance.

12. AUDITORS

M/s. R.S.Shah & Company, Chartered Accountants, Mumbai retire at the ensuing Annual General Meeting and are proposed for re- appointment. The retiring Auditors have furnished a certifcate of their eligibility for re-appointment under Section 224(1B) of the Companies Act, 1956 read with Section 139 of the Companies Act, 2013. They have also conveyed their willingness to accept the office as Auditors, if re-appointed. The Audit Committee of the Board has recommended their re-appointment.

The Qualifcations made by the Auditor in their Report are self explanatory and require no separate comments.

13. CORPORATE GOVERNANCE

Your Company complies with all the mandatory requirements pertaining to Corporate Governance in terms of revised Clause 49 of the Listing Agreement with the Stock Exchange. A detailed report on the Corporate Governance has been included in this report along with a certifcate from the auditors of the Company regarding compliance of conditions of Corporate Governance. Further a separate Management Discussion and Analysis report is also given in this report.

14. ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation for the continued support and co-operation by Bankers, Customers, Business Associates and to the Shareholders and Investors for the confdence reposed in the Company''s management.

The Directors also convey their appreciation to the employees at all levels for their dedicated services, efforts and collective contribution.

For and on Behalf of the Board Poddar Developers Limited

DIPAK KUMAR PODDAR EXECUTIVE CHAIRMAN

Place: Mumbai Date: May 12, 2014


Mar 31, 2013

1. The Directors take pleasure in presenting the Thirty First Annual Report on the business and operations of the Company, together with the Audited Statements of Accounts for the year ended 31st March, 2013.

2. FINANCIAL RESULTS

2012-2013 2011-2012 2012-2013 2011-2012 PARTICULARS (Rs.) (Rs.) (Rs.) (Rs.) STANDALONE CONSOLIDATED

TOTAL REVENUE 309646785 199336742 307553619 187921634 PROFIT/ BEFORE DEPRECIATION/ INTEREST & EXCEPTIONAL

ITEM 82949625 48992981 67843181 31323389 DEPRECIATION & INTEREST 9510515 8147212 9593654 8409445

PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEM & TAX 73439110 40845769 58249527 22913944

EXCEPTIONAL ITEMS 53959992 (24019552) 53959992 (24019552)

PROFIT/ (LOSS) BEFORE TAXATION 127399102 16826217 112209519 (1105608)

PROVISION FOR TAXATION CURRENT (38295882) (7600000) (38295882) (7600000)

DEFERRED 1255005 408865 1255005 408865 LESS: MINORITY INTEREST - - 1484775 62812

NET PROFIT AFTERTAX 90358225 9635082 76653417 (8233931) PROFIT / (LOSS) BROUGHT FORWARD FROM PREVIOUS YEAR 229291356 229229474 255015520 274641833

SURPLUS AVAILABLE FOR APPROPRIATION 319649581 238864556 331668937 266407902

TRANSFER TO GENERAL RESERVE (10000000) (500000) (10000000) (500000) PROPOSED

DIVIDEND (INCL DIVIDEND DISTRIBUTION TAX (9073200) (9073200) (9073200) (9073200)

DIVIDEND PAID TO MINORITY SHAREHOLDERS - - - (1819182)

BALANCE CARRIED TO BALANCE SHEET 300576381 229291356 312595737 255015520

3. DIVIDEND

Considering the Company''s performance during the financial year and to appropriately reward the members while conserving the resources to meet the future requirements, the Board of Directors have pleasure in recommending for consideration of the Members at the Annual General Meeting, payment of Dividend of Rs. 1.50 per Equity Share (15%) (Previous Year 15%), for the year ended 31" March, 2013. The total dividend outgo including tax thereon will be Rs.90.73 Lacs (Previous YearRs. 90.73 Lacs.)

4. TRANSFER TO RESERVES

Pursuant to Companies (Transfer of Profits to Reserves) Rules, 1975, it is proposed to transfer Rs. 1 Crore (11.07 % of the net profit for the year) to the general reserve.

5. PERFORMANCE DURING THE YEAR

The year under consideration has been very eventful for the Company.

In the Bhivpuri Project, the Company as on March 2013 has given possession of 64 buildings consisting of 1024 flats as on March 2013. The possession of the remaining 15 building would be completed by June 2013.

In the Badlapur Project, Phase I has been sold out and construction of all the 32 buildings has almost been completed on March 2013 and possession is expected to be completed on June 2013. The booking of the Second Phase of 39 buildings is in full swing and almost 50% of the construction work has been completed.

The Company has through its 100% subsidiary Poddar Habitat Pvt. Ltd. launched in April 2013 a new Affordable Housing Project "Poddar Navjeevan" at Atgaon near Kasara. The First Phase of 36 buildings consisting 1 RK and BHK Flats. The response for this Project has also been very encouraging.

The Company achieved a Consolidated Turnover and Other Income of Rs. 30.75 Crores as against Rs. 18.79 Crores during the previous year. The Company has earned Net Profit of Rs. 7.66 Crores for the year ended after providing depreciation and Tax as against a profit of Rs. 0.82 Crores during the previous year.

6. PARTICULARS OF EMPLOYEES

There were no employee whose information is required to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011 as amended from time to time.

7. SUBSIDIARY COMPANY

The Company has five subsidiaries viz. as follows:

Sr. No. Name of the Country of Proportion of Subsidiary Incorporation Ownership

1. Wearology (FZC) U.A.E 90%

2. Poddar Natural India 100% Resources & Ores Limited

3. Poddar Habitat India 100% Private Limited

4. Poddar Leisure India 100% Infrastructure Private Limited

5. Poddar Infrastructure India 100% Private Limited

Above list does not include name of one company, which ceased to be a subsidiary w.e.f 3rd May, 2013.

In accordance with the general exemption granted by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. However the financial information of the subsidiary companies is disclosed in the Annual Report in compliance with the said circular. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any members of the Company who may be interested in obtaining the same. The Annual Report of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statement of your Company includes the financial results of its subsidiary companies.

8. DIRECTORS RESPONSIBILITY

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

In preparation of the Annual Accounts for the financial year 2012-13, the applicable accounting standards have been followed along with proper explanation relating to material departures.

The Directors 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 as at 31M March, 2013 and of the profit of the Company for the accounting year ended on that date.

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.

The Annual Accounts for the year ended 31" March, 2013 are prepared on a going concern basis.

9. CONSERVATION OF ENERGY AND TECHNOLOGIES

Information relating to Conservation of Energy, Technology absorption etc pursuant to 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 not provided as the same is not applicable to the Company.

Foreign Exchange earnings and outgo are furnished in Annexure ''A''to this report.

10. FIXED DEPOSIT

During the year under review, the Company had neither accepted nor renewed any deposit from public within the meaning of Section 58-Aof the Companies Act, 1956.

11. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Company''s Article of Association Mr. Shrikant Tembey retires by rotation and being eligible offer himself for re-appointment. Mr. Brian Brown retires by rotation and has expressed his desire to not be reappointed as Director of the Company in ensuing Annual general Meeting. The Management has decided to not fill this vacancy.

The information on the particulars of Director seeking reappointment as required under Clause 49 of the Listing Agreement with the Stock exchange has been given under the Report on Corporate Governance.

12. AUDITORS

M/s. R.S.Shah & Company, Chartered Accountants, Mumbai retire at the ensuing Annual General Meeting and are proposed for re-appointment. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 224(1 B) of the Companies Act, 1956, and have indicated their willingness to continue in the said office.

The Qualifications made by the Auditor in their Report are self explanatory and require no separate comments.

13. CORPORATE GOVERNANCE

Your Company complies with all the mandatory requirements pertaining to Corporate Governance in terms of revised Clause 49 of the Listing Agreement with the Stock Exchange. A detailed report on the Corporate Governance has been included in this report along with a certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance. Further a separate Management Discussion and Analysis report is also given in this report.

14. ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation for the continued support and co-operation by Bankers, Customers, Business Associates and to the Shareholders and Investors for the confidence reposed in the Company''s management.

The Directors also convey their appreciation to the employees at all levels for their dedicated services, efforts and collective contribution.

For and on Behalf of the Board

Poddar Developers Limited

Place: Mumbai DIPAK KUMAR PODDAR

Date: 7th May, 2013 EXECUTIVE CHAIRMAN


Mar 31, 2012

1. The Directors take pleasure in presenting the Thirtieth Annual Report on the business and operations of the Company, together with the Audited Statements of Accounts for the year ended 31st March, 2012.

2. FINANCIAL RESULTS

2011-2012 2010-2011 2011-2012 2010-2011 PARTICULARS (Rs) (Rs) (Rs) (Rs) STANDALONE CONSOLIDATED

TOTAL REVENUE 199336742 78607194 187921634 220417075

PROFIT/ BEFORE DEPRECIATION/ INTEREST & EXCEPTIONAL ITEM 48992981 13896079 31323389 25217082

DEPRECIATION & INTEREST 8147212 2552588 8409445 4602255

PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEM & TAX 40845769 11343491 22913944 20614827

EXCEPTIONAL ITEMS (24019552) - (24019552) -

PROFIT/ (LOSS) BEFORE TAXATION 16826217 11343491 (1105608) 20614827

PROVISION FOR TAXATION CURRENT (7600000) (1050000) (7600000) (1050000)

DEFERRED 408865 (220051) 408865 (220051)

LESS: MINORITY INTEREST - - 62812 (936571)

NET PROFIT AFTERTAX 9635082 10073440 (8233931) 18408205

PROFIT / (LOSS) BROUGHT FORWARD FROM PREVIOUS YEAR 229229474 228859388 274641833 265936982

SURPLUS AVAILABLE FOR APPROPRIATION 238864556 238932828 266407902 284345187

TRANSFER TO GENERAL RESERVE (500000) (600000) (500000) (600000)

PROPOSED DIVIDEND (INCL DIVIDEND DISTRIBUTION TAX (9073200) (9103354) (9073200) (9103354)

BALANCE CARRIED TO BALANCE SHEET 229291356 229229474 256834702 274641833

3. DIVIDEND

Considering the Company's performance during the financial year and to appropriately reward the members while conserving the resources to meet the future requirements, the Board of Directors have pleasure in recommending for consideration of the Members at the Annual General Meeting, payment of Dividend of Rs. 1.50 per Equity Share (15%) (Previous Year 15%), for the year ended 31st March, 2012. The total dividend outgo including tax thereon will be Rs. 90.73 Lacs (Previous YearRs. 91.03 Lacs.)

4. TRANSFER TO RESERVES

Pursuant to Companies (Transfer of Profits to Reserves) Rules, 1975, it is proposed to transfer Rs 5 lacs (5.18 % of the net profit for the year) to the general reserve.

5. PERFORMANCE DURING THE YEAR

The Company's First Affordable Housing Project at Bhivpuri, near Karjat, which was launched on 16th March, 2010 is running as per schedule. All the 1136 flats open for booking were sold out by November 2010.

In addition to the possession given last year, Company has given possession of another 25 buildings during the year making total possession of 32 buildings consisting of 512 flats.

On 3rd April, 2011 the Company had launched its Second Housing Project at Badlapur, near Kalyan. As regards the first phase of this project out of 32 buildings consisting of 468 flats, 12 buildings are in stage of completion of more than 50% of work.

The Company also commenced Second phase of the project consisting of 39 buildings (589 flats) from 2M April, 2012 and the Company estimate to complete the work as per schedule

The Company achieved a Consolidated Turnover and Other Income of Rs 18.79 Crores as against Rs 22.04 Crores during the previous year. The Company incurred Net loss ofRs. 0.82 Crores for the year ended after providing depreciation and Tax as against a profit ofRs. 1.84 Crores during the previous year.

6. PARTICULARS OF EMPLOYEES

There were no employee whose information is required to be disclosed under Section 217 (2A)ofthe Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 2011 as amended from time to time.

7. SUBSIDIARY COMPANY

The Company has five subsidiaries viz. as follows:

Sr.No. Name of the Country of Proportion of

Subsidiary Incorporation Ownership

1. Wearology (FZC) U.A.E 90%

2. Poddar Natural India 100%

Resources &

Ores Limited

3. Poddar Habitat India 100%

Private Limited

4. Poddar Leisure India 100%

Infrastructure Private

Limited

5. Poddar Infrastructure India 100%

Private Limited

Above list does not includes name of one of the subsidiaries as the investment in that Company is intended to be temporary in nature.

In accordance with the general exemption granted by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. However the financial information of the subsidiary companies is disclosed in the Annual Report in compliance with the said circular. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any members of the Company who may be interested in obtaining the same. The Annual Report of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statement of your Company includes the financial results of its subsidiary companies.

8. DIRECTORS RESPONSIBILITY

Pursuant to Section 217(2AA) of the Companies Act, 1-956, the Directors confirm that:

- In preparation of the Annual Accounts for the financial year 2011-12, the applicable accounting standards have been followed along with proper explanation relating to material departures.

- The Directors 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 as at 31st March, 2012 and of the profit of the Company for the accounting year ended on that date.

- 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.

- The Annual Accounts for the year ended 31st March, 2012 are prepared on a going concern basis.

9. CONSERVATION OF ENERGY AND TECHNOLOGIES

Information relating to Conservation of Energy, Technology absorption etc pursuant to 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 not provided as the same is not applicable to the Company.

Foreign Exchange earnings and outgo are furnished in Annexure A'to this report.

10. FIXED DEPOSIT

During the year under review, the Company had neither accepted nor renewed any deposit from public within the meaning of Section 58-Aofthe Companies Act, 1956.

11. DIRECTORS

The Board of Directors vide circular Resolution dated 19th December, 2011 approved the appointment of Mr. Ramakant Nayak as Additional Director of the Company pursuant to Section 260 of the Companies Act, 1956 and would hold Office up to the " date of ensuing Annual General Meeting.

The Company has received notices in writing from member proposing the candidature of above Director. :

Mr. Dilip Thakkar and Mr. Brian Brown retires by rotation and being eligible offer themself for reappointment.

The Board of Directors of the Company at its meeting held on 28th April, 2008 had appointed Mr. Rohitashwa Poddar as the Managing Director of the Company for a period of 5 years with effect from 31s' March, 2008 in terms of Sections 198, 269, 309, 310 and 311 of the Companies Act, 1956 (the Act) read with Schedule XIII to the Act and his appointment was approved by the Shareholders at the 26th Annual General Meeting of the Company held on 20th June, 2008.

The Board is of the view that Mr. Rohitashwa Poddar has vast experience and knowledge and his re-appointment as the Managing Director on fresh terms & conditions including remuneration, will be in the interest of the Company. So the Remuneration Committee held on 7th May, 2012 & Board of Director at its meeting held on 14th May, 2012 have approved the re-appointment of Mr. Rohitashwa Poddar subject to approval of shareholders at Annual General Meeting for a tenure of 3 years with effect from 31st March 2012 on revised terms and conditions as stated in the explanatory statement annexed to Notice to Annual General Meeting.

The information on the particulars of Directors seeking reappointment as required under Clause 49 of the Listing Agreement with the Stock exchange has been given under the Report on Corporate Governance

12. AUDITORS

M/s. R.S.Shah & Company, Chartered Accountants, Mumbai retire at the ensuing Annual General Meeting and are proposed for re- appointment. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 224(1 B) of the Companies Act, 1956, and have indicated their willingness to continue in the said office.

The Qualifications made by the Auditor in their Report are self explanatory and require no separate comments.

13. CORPORATE GOVERNANCE

Your Company complies with all the mandatory requirements pertaining to Corporate Governance in terms of revised Clause 49 of the Listing Agreement with the Stock Exchange. A detailed report on the Corporate Governance has been included in this report along with a certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance. Further a separate Management Discussion and Analysis report is also given in this report.

14. ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation for the continued support and co-operation by Bankers, Customers, Business Associates and to the Shareholders and Investors for the confidence reposed in the Company's management.

The Directors also convey their appreciation to the employees at all levels for their dedicated services, efforts and collective contribution.

For and on Behalf of the Board

Poddar Developers Limited

Place: Mumbai DIPAK KUMAR PODDAR

Date: 14th May, 2012 EXECUTIVE CHAIRMAN

 
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