Home  »  Company  »  Precision Elect.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Precision Electronics Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 36th Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the Financial Year ended March 31, 2015.

1. FINANCIAL RESULTS

Your Company's performance during the year as compared with that during the previous year is summarized below:

(Rs. in million)

PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue* 277.9 134

Profit before Depreciation, 23.8 (26) Interest, & Tax

Depreciation 15.4 12

Finance Cost 8.2 6

Net profit before Tax 2.1 (44)

Provision for Tax (.4) (22)

Net profit after tax 2.5 (22)

*Revenue is net of Excise duty, VAT, Sales tax & Service Tax.

DIVIDEND

In view of conservation of financial resources of the Company, your Directors do not recommend any dividend for the financial year under review.

TRANSFER TO RESERVE

Amount transferred to the general reserve is nil however, an amount of Rs 2.5 million has been retained in the surplus.

2. REVIEW OF OPERATION AND STATE OF COMPANY AFFAIR

Overall revenue of the company for the year ended 31st March 2015 was recorded at Rs.278 million which is more than double as compared to previous financial year (2013-14) revenue of Rs.134 million. Consequently, net profit after tax was Rs.2.5 million as against a loss of about Rs.22 million in the previous year (2013-14).The performance was good due to contribution of infra services division of the Company.

There is no Change in the nature of business of the Company which is segmented in two business divisions; 'Electronics & Telecommunication' and 'Infra services'.

2.1 Electronics & Telecommunication Division

Telecom division revenue during the year ended 31st March, 2015 is Rs. 136.51 million as against Rs. 113.71 million in the previous year (2013-14). Manufacturing plants are located at Noida UP (in the NCR region) and Roorkee (Uttarakhand)

2.2 Infrastructure Division

Infrastructure division revenue during the year ended 31st March, 2015 is Rs. 139.05 million as against Rs. 1.8 million in the previous year (2013-14). The division undertakes turnkey assignments of civil, electrical and networking work and turnkey installation and commissioning of radars,sensors, data links and the command and control room at defence airfields and harbors.

No material changes and commitments have occurred after the close of the financial year till the date of this report, which affect the financial position of the Company.

4. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed:

a) that in the preparation of the accounts for the Financial Year ended 31st March, 2015, the applicable Accounting Standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) that 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 at the end of the financial year and of the Profit of the Company for the year under review;

c) that the Directors have 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;

d) that the Directors have prepared the annual accounts on a 'going concern' basis;

e) the directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

5. CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the Listing Agreement with Bombay Stock Exchange (BSE), a separate report on Corporate Governance along with the Auditors' Certificate on its compliance forms a part the Annual Report.

6. HUMAN RESOURCE DEVELOPMENT

The Company has been successful in building a performance oriented culture with high levels of engagement and empowerment in an environment of teamwork. The focus has been on creating reserves through cross functional and interdisciplinary exposure at all levels to ensure redundancy and robustness in the organization. The morale of the team is at a high level.

7. CORPORATE SOCIAL RESPONSIBILITY(CSR)

The company is not covered for Corporate Social Responsibility, pursuant to the provision of Section 135 of the Companies Act, 2013 ("the Act") read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.

8. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

There were no contracts or arrangement with related parties referred to in Section 188 (1) of the Companies 2013 during the year.

9. RISK MANAGEMENT

Your Company has constituted a "Risk Management Committee" which has been entrusted with the responsibility to assist the Board in mitigating the risk faced by the Company in the ordinary course of business. Committee has presented risk management plan of risk assessment and minimization procedures. In the opinion of the Board there is no risk which may threaten the existence of the Company.

10. INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial controls with reference to financial statements. During the year no reportable material weakness in the system was observed.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Lt Gen (Dr.) Rajesh Pant PVSM, AVSM, VSM (Retd.) (DIN: 069069307) has joined the Board of Directors as Additional Director and Non Executive Chairman with effect from July 27, 2015. It is indeed a matter of pride to have such a decorated and distinguished officer as a part of our team. His induction will enhance the image of the company in the eyes of our customers belonging to the defence forces, highlighting our credibility, capability and capacity to meet their requirements, besides providing an impetus to the offset business which we are earnestly targeting. Precision will benefit immensely from his wisdom, guidance and experience. We seek your support in confirming his appointment in the forthcoming Annual General Meeting.

Two Non- Executive Directors Mr. Deepto Roy (DIN 01241534) and Mrs. Ranjana Gudoo (DIN 06956595) were appointed by the shareholders to comply with the requirements of the Listing agreement. In accordance to Section 203 of the Company Act 2013, Key Managerial Personnel as appointed by the Board of Directors are; Mr Ashok K Kanodia (Managing Director), Mr Jagjit Singh Chopra (Chief Financial Officer) and Mr Gurvinder Singh Monga (Company Secretary).

The present term of appointments of Mr Ashok Kumar Kanodia as Managing Director of the Company has expired on 5th June 2015. In terms of Companies Act 2013, the Nomination and Remuneration Committee of the Board has recommended his appointment to the Board. Board has accordingly appointed him as Managing Director subject to approval by shareholders in general meeting. We seek your support for confirming his appointment in forthcoming Annual General Meeting.

The present term of appointments of Mr Pradeep Kumar Kanodia as Executive Director of the Company has expired on 5th June 2015. He continues to be a non-executive Director of the Company.

Information on the particulars of Director eligible for re-appointment in terms of Clause 49 of the Listing Agreement has been provided in the notes convening the Annual General Meeting.

DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board confirming that they fulfill all the requirements to qualify for their appointment as Independent Director under the provisions of the Companies Act, 2013 as well as Clause 49 of the Listing Agreement.

BOARD EVALUATION

The Board of directors has carried out an annual evaluation of its own performance, Board committees and individual directors which include criteria for performance evaluation of the Non-Executive Directors and Executive Directors pursuant to the provisions of the act and the corporate governance requirements as prescribed by Securities & Exchange Board of India (SEBI) under clause 49 of the Listing Agreement. The Company has devised an evaluation matrix for the performance evaluation and an external consultant was engaged to collate the evaluation results.

A meeting of Independent Director was held on 26th March, 2015 without the attendance of other directors (Non-Independent) to review the performance of Non-Independent Directors, the Board as a Whole, Chairman of the Company/ Meetings, to assess the flow of information between Company Management and the Board.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The requisite details as required by Section 134(3)(e) is disclosed under the Corporate Governance Report.

12. AUDITORS AND AUDITOR'S REPORT

STATUTORY AUDITOR

At the Annual General Meeting held on 27th September, 2014, M/s Rajendra K. Goel & Co., Chartered Accountants, were appointed as statutory auditors of the Company to hold office till the conclusion of the 38th Annual General Meeting. In terms of the first proviso to Section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every Annual General Meeting. Accordingly, the appointment of M/s Rajendra K. Goel & Co., Chartered Accountants, as statutory auditors of the Company, is placed for ratification by the shareholders.

The notes on financial statements referred to in the Auditor's report are self-explanatory and do not call for any further comments. The Auditor's Report does not contain any qualification, reservation or adverse remark.

SECRETARIAL AUDITOR

The Board has appointed M/s Munish K Sharma & Associates, Company Secretaries to conduct Secretarial Audit for the financial year 2014-15. The Secretarial Audit Report for the financial year ended 31st March, 2015 is annexed herewith marked as Annexure I to this Report. The observations contained in the Secretarial Audit Report are self explanatory.

The Board has appointed M/s Munish K Sharma & Associates Company Secretaries, as Secretarial Auditor of the Company for the financial year 2015-16.

13. DISCLOSURES

VIGIL MECHANISM

A vigil mechanism of the Company which also includes a Whistle Blower Policy pursuant to Section 177(9) & 10 of Companies Act, 2013, has also been established and can be accessed on the Company website.

AUDIT COMMITTEE

The Audit Committee comprises Independent Directors namely Shri. S. K. Kataria (Chairman), Shri. Anant Kanoi, Shri. Suresh Vyas and Non Independent Director Shri Deepto Roy as other member. All the recommendations made by the Audit Committee were accepted by the Board.

NOMINATION AND REMUNERATION COMMITTEE

Details pertaining to composition of Nomination and Remuneration Committee are included in the Corporate Governance Report.

MEETINGS OF THE BOARD

The Board of Directors met four times on 30 May, 2014, 12 August 2014, 12 November 2014 and 12 February 2015 during the financial year 2014-15 ending March 31, 2015. For further details, please refer report on Corporate Governance of this Annual Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS.

There was no transaction of the nature covered under Section 186 of the Companies Act, 2013.

EXTRACT OF THE ANNUAL RETURN

As required pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT 9 as a part of this Annual Report as Annexure II.

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

The information relating to conservation of energy, 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 Director) Rules 1988 as required to be disclosed under the Act, are provided in Annexure III to this Report.

PARTICULARS OF EMPLOYEES

The table containing the names and other particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended as Annexure IV to this Report.

The Company does not have any employee employed throughout the financial year and in receipt of remuneration of Rs.60 Lakh or more, or employed for part of the year and in receipt of Rs.5 Lakh or more a month, under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

FIXED DEPOSITS

The Company has not invited or accepted any deposits during the year under review or in the past and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

SIGNIFICANT & MATERIAL ORDERS:

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013.

No case was reported and or filed during the year under the aforesaid Act.

14. LISTING OF SECURITIES

The Shares of the Company are listed with The Bombay Stock Exchange Limited, Pheroze Jeejeebhoy Towers, Dalal Street, Mumbai. (Scrip Code: 517258). It is confirmed that the Company has paid Annual Listing Fee up to the Current Financial Year to BSE.

15. ENVIRONMENTAL PROTECTION, HEALTH AND SAFETY

During the year, the Company enhanced its efforts to address Health, Safety and Environment matters. The Safety & Health of employees and external stakeholders are embedded in the core organizational values of the Company. The HSE policy aims to ensure safety of public employees, plant & equipment, ensure compliance with all statutory rules and regulations, imparting training to its employees, carrying out safety audits of its facilities, and promoting eco - friendly activities.

The Company continues to maintain excellent track record on safety. The site had no accidents during the year 2014-15. PEL also has a Workman Safety Committee under section 41G of Factories Act 1948.This Committee meets at regular intervals to take measures for worker's protection in order to make PEL a safe place to work.

16. CAUTIONARY STATEMENT

Certain Statements made in Management Discussion & Analysis Report relating to the Company objectives, projections, outlook, expectations, estimates etc. may constitute 'forward looking statements' within the meaning of applicable laws & regulations. Actual results may differ from such expectations, projections etc. whether express or implied.

17. ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its Customers, Business Associates, Government Departments and Shareholders and look forward to similar support and co-operation in future. Your directors appreciate the sincere efforts put in by the employees at all levels.

FOR AND ON BEHALF OF THE BOARD Place: Noida Date: August 14th, 2015 Chairperson




Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the 35th Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the Financial Year ended March 31, 2014.

1. FINANCIAL RESULTS

Your Company''s performance during the year as compared with that during the previous year is summarized below:

(Rs. in million)

PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue* 134 204

Profit before Depreciation, (26) 37 Interest, & Tax

Depreciation 12 13

Finance Cost 6 11

Net profit before Tax (44) 13

Provision for Tax (22) 4**

Net profit / (loss) after tax (22) 9

* Revenue is net of Excise duty, VAT, Sales tax & Service Tax.

**Provision for tax has decreased due to Deferred Tax

2. DIVIDEND

In view of conservation of financial resources of the Company, your directors do not recommend any dividend for the financial year under review.

MANAGEMENT DISCUSSION AND ANALYSIS

3. FINANCIAL AND OPERATIONAL PERFORMANCE

Overall revenue of the Company for the year ended 31st March, 2014 were recorded at Rs.134 million as compared to previous Financial Year (2012-13) revenue of Rs.204 million consequently the net profit after tax was Rs.(22) million as against Rs.9 million achieved during the previous year (2012-13). The performance was poor due to programs against which the orders are in hand continue to be ''on hold''.

4. INDUSTRY STRUCTURE AND DEVELOPMENTS

National Telecom Policy (NTP) 2012 seeks to make India a ''global manufacturing hub'' for telecommunications hardware is the single largest growth driver for the indigenous hardware manufacturers. The new NDA Government is committed to support local manufacturing.

India is one of the largest arms buyers in the international market. Ministry of Defence is actively pursuing promotion of indigenous design and manufacturing agenda under the new Government which will ensure sustained growth of the indigenous defence private industry. Your Company stands to benefit being well established in the sector.

5. OPPORTUNITIES, THREATS, RISK & CONCERNS

5.1 Opportunities

With the change in Government, the SME sector is receiving special attention as this sector is well known for its contributions towards employment and balanced regional development. A committee is being formed to look into the issues related to this sector by the Government which is expected to give its recommendations within 100 days. In addition policy/procedure bottlenecks in Ministry of Telecom, Defence and Railways to support local manufacturing are being addressed earnestly. All this represents a huge opportunity for your Company.

5.2 Threats, Risk & Concerns

Your company is in the technology intensive sector wherein continuous investments are required to keep pace with the latest in technology. Foreign Original Equipment Manufacturers continue to be aggressive both in pricing as well as technology release for Indian requirements due to global recession.

Main Business Risks and Concerns are due to the fact that your Company is dependent on business from the Government and quasi government entities which are tender oriented and takes long time to fructify. Liquidity management and retention of highly trained manpower is a challenge.

6. SEGMENT -WISE PERFORMANCE

Company is structured into two businesses: Electronics & Infrastructure.

6.1 Electronic Division

Telecom division revenue during the year ended 31st March, 2014 is Rs.113.71 million as against Rs.69.86 million in the previous year (2012-13) and the PBIT for the division decreased to Rs.(32.51) million in the current financial year as against Rs.33.94 million in the previous year. The division has suffered due to committed programs being held up and delays in procurement.

6.2 Infrastructure Division

Infra division undertook a small work of Rs.1.8million for the DRDO lab during the year. The expected bulk order against the MAFI program was delayed and revenues under this program are expected in the current financial year i.e. 2014-15. In addition, the division booked a significant order from a foreign company that has received orders from the Ministry of Defence. This order is under implementation.

7. OUTLOOK

The strategy pursued by the Company to offer a diversified product and service portfolio to a wider customer base while keeping its technical competence intact during the challenging cash crunch scenario, is bearing result. The order book is getting healthy and the Company is expected to deliver a positive result in the current Financial Year i.e. 2014-15. The outlook is further buoyed with the policy directions in the Union Budget by the NDA Government.

8. FINANCIAL FACILITIES

The Company continues to enjoy the support of its Banker Punjab National Bank (PNB), Noida Branch for both fund and non-fund based facilities.

9. ADEQUACY OF INTERNAL CONTROL

The Company continues to have a proper and adequate internal control procedure commensurate with its size and nature of business. This control procedure ensures efficient use and protection of resources, compliance with established Company policy and guidelines and compliance of statutes.

The Company has an internal auditor, which carries out independent periodic audit. The scope of internal audit covers variety of operational and financial matters and review of implementation of recommendations made for corrective action. The prime object of such audit is to test the adequacy, effectiveness and adherence of all internal control laid down by the management and to suggest improvement. Quarterly internal audit reports are reviewed in Audit Committee.

10. HUMAN RESOURCE DEVELOPMENT

The Company has been successful in building a performance oriented culture with high levels of engagement and empowerment in an environment of teamwork. The focus has been on creating reserves through cross functional and interdisciplinary exposure at all levels to ensure redundancy and robustness in the organization. The morale of the team is at a high level.

11. LEGAL PROCEEDINGS

Mr. Pradeep Kanodia, along with his son and Family HUF, have filed a Company Petition before the Hon''ble Company Law Board under Ss. 397 and 398 of the Companies Act, 1956, being Pradeep Kanodia & Ors v Precision Electronics Ltd & Ors, C.P. No. 162/ND of 2013. In the Petition, the Petitioners have leveled allegations of oppression and mismanagement against the Company and its Board of Directors.

It may be noted that the Petitioners had previously filed a similar petition in 2012, being C.P. No. 123/ND/2012 raising similar allegations. That Petition was dismissed as withdrawn by Order of the Hon''ble CLB on 14.11.2012.

The allegations raised by Mr. Pradeep Kanodia in the Company Petition are totally unfounded and misplaced; the Company has sought legal advice on the issues raised in the Petition and is vigorously defending the same.

Further, given the allegations by the Petitioners that a settlement agreement was entered into between Mr. Pradeep Kanodia and Mr. Ashok Kanodia which affected the interests of the Company; and having come to the conclusion that a private arrangement between Mr. Pradeep Kanodia and Mr. Ashok Kanodia, if it exists, cannot bind the Company; the Board of Directors have empowered independent directors Mr. Suresh Vyas and Mr. S. K. Kataria to take decisions on all legal actions that are necessary to protect the best interest of the Company and its shareholders.

The hearings in the matter are ongoing.

12. CAUTIONARY STATEMENT

Certain Statements made in Management Discussion & Analysis Report relating to the Company objectives, projections, outlook, expectations, estimates etc. may constitute ''forward looking statements'' within the meaning of applicable laws & regulations. Actual results may differ from such expectations, projections etc. whether express or implied. Several factors could make significant difference to the Company''s operations. These include climatic conditions and economic conditions affecting demand and supply, Government regulations and taxations, natural calamities etc. on which the Company does not have any direct control.

13. REGISTRAR & TRANSFER AGENT

The Registrar and Transfer Agent is:

M/s Skyline Financial Services Pvt. Ltd.

D-153/A, First Floor, Okhla Industrial Area New Delhi-110 020

Contact No.-011-26812682-83/64732681-88

14. ENVIRONMENTAL PROTECTION, HEALTH AND SAFETY

During the year, the Company enhanced its efforts to address Health, Safety and Environment matters and attain sustainable performance at all workplaces and beyond. As a responsible corporate citizen your Company acts on the belief that environment protection are not just preferred responses but our basic responsibility and the right way to do business.

The Safety & Health of employees and external stakeholders are embedded in the core organizational values of the Company. The HSE policy aims to ensure safety of public employees, plant & equipment, ensure compliance with all statutory rules and regulations, imparting training to its employees, carrying out safety audits of its facilities, and promoting eco - friendly activities.

The Company continues to maintain excellent track record on safety. The site had no accidents during the year 2013-14. PEL also has a Workman Safety Committee under section 41G of Factories Act 1948. This Committee meets at regular intervals to take measures for worker''s protection in order to make PEL a safe place to work.

15. PARTICULARS OF CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to conservation of energy, 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 Director) Rules 1988 is annexed hereto marked Annexure- I and form part of this Report.

16 CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the Listing Agreement with BSE, a separate report on Corporate Governance along with the Practising Company Secretary''s Certificate on its compliance forms a part the Annual Report.

17. FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the Public under section 58A of the Companies Act, 1956 during the year under review and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

18. DIRECTORS

The Board consists of Executive and Non-Executive Directors including Independent Directors who have wide and varied experience in different disciplines of corporate functioning.

Section 149 warrants that an independent director shall hold office for a term up to five consecutive years on the Board of the Company. Hence, it is decided to fix the tenure of the Independent Directors of the Company in the Annual General Meeting of the Company. Following are the independent directors of the Company.

1. Mr. Anant Kanoi

2. Mr. Suresh Vyas

3. Mr. Sharvan Kumar Kataria

In accordance with the provisions of Section 152(6) of the Companies Act, 2013, Mr. Rahul Goenka, Non-Executive Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible,offer himself for re-appointment.

Information on the particulars of Director eligible for re-appointment in terms of Clause 49 of the Listing Agreement has been provided in the notes convening the Annual General Meeting.

In order to comply with Companies Act, 2013, which came in effect from 1st April, 2013 and the amended Listing Agreement which comes into effect from 1st October, 2014, the Board of Directors of the Company need to be reconstituted by inducting three Directors under section 160. Accordingly, discussions are ongoing for such appointments.

19. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

1) That in the preparation of the accounts for the Financial Year ended 31st March, 2014, the applicable Accounting Standards have been followed along with proper explanations relating to material departures;

2) That 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 at the end of the Financial Year and of the Profit of the Company for the year under review.

3) That the Directors have 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;

4) That the Directors have prepared the accounts for the Financial Year ended 31st March, 2014 on a ''going concern'' basis

20. AUDITORS

The retiring Auditors of the Company M/s Rajendra K. Goel & Co., Chartered Accountants, retire at the conclusion of the ensuing AGM and being eligible, offer themselves for re-appointment. The Company has received a certificate under Section 141 from them that their re-appointment, if made, would be within the prescribed limits under Section 139 read with Section 141 of the Companies Act, 2013.

21. COST AUDITORS

Electrical & Electronic Product attract Cost Audit w.e.f. 24th January, 2012 vide Central Order No. 52/26/CAB/2010. Hence the Company is required to get its cost record audited. M/s V.K. Dube & Co., Cost Accountants, is re-appointed as Cost Auditors of the Company. Central Government has issued Companies (Cost Records and Audit) Rules, 2014 (the Rules) vide GSR 425 (E) dated 30th June 2014 published in Extra Ordinary Gazette dated 1st July 2014. Said Rules have superseded the above mentioned Order No. 52/26/CAB/2010 and the Company is not covered, either for audit or maintenance of cost records, as per extant Rules. However, Cost Auditor for the current year has already been appointed prior to notification of Rules; in light of the changed provision of the law, Board of Directors have decided not to go for cost audit of the Company.

Particulars of Cost Auditors'' are mentioned below:

Name of the Cost Auditor''s Firm V.K. Dube & Co., Cost Accountants

Membership Number of Cost Auditor 00343

Address: T II/206, Gulmohar Enclave, Nehru Nagar III, Ghaziabad, U.P

E-mail id vkdube.costaccountant@gmail.com

22. LISTING OF SECURITIES

The Shares of the Company are listed with The Bombay Stock Exchange Limited, Pheroze Jeejeebhoy Towers, Dalal Street, Mumbai. (Scrip Code: 517258). It is confirmed that the Company has paid Annual Listing Fee up to the Current Financial Year to BSE.

23. PARTICULARS OF THE EMPLOYEES

There was no employee in the Company who if employed throughout the year was in receipt of remuneration of Rs. 60,00,000/- per annum and above and if employed for the part of year was in receipt of remuneration of Rs. 5,00,000/- per month and above. Thus, the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 are not applicable.

24. ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its Customers, Business Associates, Government Departments and Shareholders and look forward to similar support and co-operation in future. Your directors appreciate the sincere efforts put in by the employees at all levels.

FOR AND ON BEHALF OF THE BOARD Sd/- Ashok K Kanodia Chairman

Place: Noida Date: August 12th, 2014


Mar 31, 2013

To The Members of Precision Electronics Ltd.,

The Directors have pleasure in presenting the 34th Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the Financial Year ended March 31, 2013.

1. FINANCIAL RESULTS

Your Company''s performance during the year as compared with that during the previous year is summarized below:

(Rs. in million) PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue* 204 371

Profit before Depreciation, Interest, & Tax 37 32

Depreciation 13 15

Finance Cost 11 15

Net profit before Tax 13 1

Provision for Tax 4 11**

Net profit after tax 9 (10)

*Revenue is net of Excise duty, VAT, Sales tax & Service Tax. ** Provision for tax has increased due to Deferred Tax

2. DIVIDEND

In view of conservation of financial resources of the Company, your directors do not recommend any dividend for the financial year under review.

3. REGISTRAR & TRANSFER AGENT

The Registrar and Transfer Agent is: M/s Skyline Financial Services Pvt. Ltd. D-153/A First Floor, Okhla Industrial Area New Delhi-110 020 Contact No.-011-30857575

4. ENVIRONMENTAL PROTECTION, HEALTH AND SAFETY

During the year, the Company enhanced its efforts to address to Health, Safety and Environment matters and attain sustainable performance at all workplaces and beyond. As a responsible corporate citizen your Company acts on the belief that environment protection are not just preferred responses but our basic responsibility and the right way to do business.

The Safety & Health of employees and external stakeholders are embedded in the core organizational values of the Company. The HSE policy aims to ensure safety of public employees, plant & equipment, ensure compliance with all statutory rules and regulations, imparting training to its employees, carrying out safety audits of its facilities, and promoting eco - friendly activities.

The Company continues to maintain excellent track record on safety. The site had no accidents during the year 2012-13. PEL also has a Workman Safety Committee under section 41G of Factories Act 1948.This Committee meets at regular intervals to take measures for worker''s protection in order to make PEL a safe place to work.

5. PARTICULARS OF CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to conservation of energy, 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 Director) Rules 1988 is annexed hereto marked Annexure- I and form part of this Report.

6. CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the Listing Agreement with BSE, a separate report on Corporate Governance along with the Auditors'' Certificate on its compliance forms a part the Annual Report.

7. FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the Public under section 58A of the Companies Act, 1956 during the year under review and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

8. DIRECTORS

The Board consists of Executive and Non-Executive Directors including Independent Directors who have wide and varied experience in different disciplines of corporate functioning.

In accordance with the provisions of Section 256 of the Companies Act, 1956 and Article 133 of the Article of Association of the Company, Mr. Rahul Goenka and Mr. Sharvan Kumar Kataria Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment. The resolution for the same has been included in the notice of Annual General Meeting scheduled to be held on 21st September, 2013.

Pursuant to the provisions of Section 260 of the Companies Act, 1956 and Articles of Association of the Company, Mr. Suresh Vyas was appointed as Additional Director of the Company w.e.f. 3rd November, 2012 and shall hold the office till the date of the ensuing Annual General Meeting. Your Company has received notice in writing proposing his candidature along with the requisite deposit pursuant to the provisions of Section 257 of the Companies Act, 1956. Your Directors recommend his appointment.

9. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

1) That in the preparation of the accounts for the Financial Year ended 31st March, 2013 the applicable Accounting Standards have been followed along with proper explanations relating to material departures;

2) That 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 at the end of the financial year and of the Profit of the Company for the year under review.

3) That the Directors have 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;

4) That the Directors have prepared the accounts for the Financial Year ended 31st March, 2013 on a ''going concern'' basis.

10. AUDITORS

The Statutory Auditors of the Company, M/s Rajendra K. Goel & Co., retire at this year''s Annual General Meeting and have sought their re-appointment. M/s Rajendra K. Goel & Co., Chartered Accountants, New Delhi has confirmed that their re-appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956.

Their being no audit observations in Auditors'' Report, no further explanations are required.

Pursuant to Section 233B of the Companies Act, 1956 and other relevant provisions, rules and regulations issued by the Central Government regarding Cost Audit, your Company was required to carry out and submit the Cost Compliance Report for manufacturing of Telecommunication equipments, Printed Circuit Board. The Company had appointed M/s V.K. Dube & Co. Cost Auditors to carry the inspection and audit of cost records of the Company and after due inspection and audit, they submit their Cost Compliance Report of the above products for the financial year 2011-12 to the Board of Directors. Board of Directors of the Company approved the said report in the meeting dated 21st January, 2013. The Company also file the Cost Compliance Report to the Central Government in XBRL format vide Form A on 23rd February, 2013.

In the notification issued by the Central Government, manufacturing of Telecommunication equipments is covered under the Cost Audit for the Financial Year 2012-13. M/s V.K. Dube, Cost Auditors is reappointed as Cost Auditor for the financial year 2012-13.

11. LISTING OF SECURITIES

The Shares of the Company are listed with The Bombay Stock Exchange Limited, Pheroze Jeejeebhoy Towers, Dalal Street, Mumbai. (Scrip Code: 517258). It is confirmed that the Company has paid Annual Listing Fee up to the Current Financial Year to BSE.

12. PARTICULARS OF THE EMPLOYEES

There was no employee in the Company who if employed throughout the year was in receipt of remuneration of Rs. 60,00,000/- per annum and above and if employed for the part of year was in receipt of remuneration of Rs. 5,00,000/- per month and above. Thus, the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 are not applicable.

13. ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its Customers, Business Associates, Government Departments and Shareholders and look forward to similar support and co-operation in future. Your directors appreciate the sincere efforts put in by the employees at all levels, which enabled the Company to achieve the performance during the year.

FOR AND ON BEHALF OF THE BOARD

Place: Noida ASHOK K. KANODIA

Date: May23, 2013 MANAGING DIRECTOR


Mar 31, 2012

To The Members of Precision Electronics Ltd.,

The Directors have pleasure in presenting the 33rd Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the financial year ended March 31,2012.

1. FINANCIAL RESULTS

Your Company's performance during the year as compared with that during the previous year is summarized below

(in Million)

PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue* 371 258

Profit before Depreciation, Interest, & Tax 32 28

Depreciation 15 17

Finance Cost 15 9

Net profit before Tax 1 2

Provision for Tax* * 11 (1)

Net profit after Tax (10) 3

*Revenue is net of Excise duly, VAT, Sales tax & Service Tax.

* * Provision for tax has increased due to Deferred Tax

2. DIVIDEND

In view of conservation of financial resources of the Company, your directors do not recommend any dividend for the financial year under review.

3. REGISTRAR & TRANSFER AGENT

The Registrar and Transfer Agent is:

M/s Skyline Financial Services Pvt. Ltd.

D-153/A First Floor, Okhla Industrial Area

New Delhi-110 020

Contact No .-011 -26812682-84

4. ENVIRONMENTAL PROTECTION, HE ALTH AND SAFETY

During the year, the Company enhanced its efforts to address to Health, Safety and Environment matters and attain sustainable performance at all workplaces and beyond. As a responsible corporate citizen your Company act on the belief that environment protection are not just preferred responses but our basic responsibility and the right way to do business.

The Safety & Health of employees and external stakeholders are embedded in the core organizational values of the Company. The HSE policy aims to ensure safety of public employees, plant & equipment, ensure compliance with all statutory rules and regulations, imparting training to its employees, carrying out safety audits of its facilities, and promoting eco - friendly activities.

The Company continues to maintain excellent track record on safety. The site had no accidents during the year 2011 -12. PEL also has a Workman Safety Committee under section 41G of Factories Act 1948.This Committee meets at regular intervals to take measures for worker's protection in order to make PEL a safe place to work.

5. PARTICULARS OF CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to conservation of energy, 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 Director) Rules 1988 is annexed hereto marked Annexure-1 and form part of this Report.

6. CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the Listing Agreement with BSE, a separate report on Corporate Governance along with the Auditors' Certificate on its compliance forms a part the Annual Report.

7. FIXED DEPOSITS

The Company has not invited or accepted any fixed deposits from the public under section 58 A of the Companies Act, 1956 during the year under review and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

8. DIRECTORS

The Board consists of executive and non-executive directors including independent directors who have wide and varied experience in different disciplines of corporate functioning.

In accordance with the provisions of Section 256 of the Companies Act, 1956 and Article 133 of the Article of Association of the Company, Mr. Pradeep Kanodia and Mr. Anant Kanoi, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The resolution for the same has been included in the notice of Annual report scheduled to be held on 25th September, 2012.

9. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

1. That in the preparation of the accounts for the financial year ended 31 st March, 2012 the applicable accounting standards have been followed along with proper explanations relating to material departures;

2. That 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 at the end of the financial year and of the Profit of the Company for the year under review.

3. That the Directors have 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;

4. That the Directors have prepared the accounts for the financial year ended 31st March, 2012 on a 'going concern' basis.

10. AUDITORS

The Statutory Auditors of the Company, M/s Rajendra K. Goel & Co., retire at this year's Annual General Meeting and have sought their re-appointment. M/s Rajendra K. Goel & Co., Chartered Accountants, New Delhi has confirmed that their re-appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act, 1956.

Their being no audit observations in Auditors' Report, no further explanations are required.

11. LISTING OF SECURITIES

The Shares of the Company are listed with BSE, Pheroze Jeejeebhoy Towers, Dalai Street, Mumbai. (Scrip Code: 517258). It is confirmed that the Company has paid Annual Listing Fee up to the current financial year to BSE.

12. PARTICULARS OF THE EMPLOYEES

There was no employee in the Company who if employed throughout the year was in receipt of remuneration of Rs.60,00,000/- per annum and above and if employed for the part of year was in receipt of remuneration of Rs.5,00,000/- per month and above. Thus, the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 are not applicable.

13. ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its customers, business associates and shareholders and look forward to similar support and co-operation in future. Your directors appreciate the sincere efforts put in by the employees at all levels, which enabled the Company to achieve the performance during the year.

FOR AND ON BEHALF OF THE BOARD

Place : New Delhi (ASHOK KANODIA)

Date : May 30, 2012 MANAGING DIRECTOR


Mar 31, 2011

The Members of

Precision Electronics Ltd.,

The Directors have pleasure in presenting the 32nd Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the financial year ended March 31,2011.

1. FINANCIAL RESULTS

Your Company's performance during the year as compared with that during the previous year is summarized below:

(Rs. in Million)

I PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue* 258 299

Profit before Depreciation, Interest, & Tax 28 30

Depreciation 17 18

Net Profit before Tax 2 1

Provision for Tax** (1) 1

Net profit after Tax 3 0.02

Profit brought forward from Balance Sheet 99 99

Amount available fro appropriation 102 99

Appropriation: Transfer to General Reserve - -

Profit Carried forward to Balance Sheet 102 99

*Revenue is net of Excise duty, VAT, Sales tax & Service Tax. **Provision for tax is in negative due to Deferred Tax.

2. DIVIDEND

In view of conservation of financial resources of the Company, your directors do not recommend any dividend for the financial year under review.

12. REGISTRAR & TRANSFER AGENT

The Registrar and Transfer Agent is: M/s Skyline Financial Services Pvt. Ltd. D-153/AFirst Floor, Okhla Industrial Area NewDelhi-110020 ContactNo.-Ol 1-30857575

13. ENVIRONMENTAL PROTECTION, HEALTH AND SAFETY

During the year, the Company enhanced its efforts to address to Health, Safety and Environment matters and attain sustainable performance at all workplaces and beyond. As responsible Corporate Citizen your Company act on the belief that environment protection are not just preferred responses but our basic responsibility and the right way to do business.

The Safety & Health of employees and external stakeholders are embedded in the core organizational values of the Company. The HSE policy aims to ensure safety of public employees, plant & equipment, ensure compliance with all statutory rules and regulations, imparting training to its employees, carrying out safety audits of tis facilities, and promoting eco - friendly activities.

The Company continues to maintain excellent track record on safety. The site had no accidents during the year 2010-11. PEL also has Workman Safety Committee under section 41G of Factories Act 1948. This Committee meets at regular intervals to take measures for worker's protection in order to make PEL a safe place to work.

14. PARTICULARS OF CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to conservation of energy, 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 Director) Rules 1988 is annexed hereto marked Annexure-1 and form part of this Report.

15. CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the listing Agreement with BSE, a separate report on Corporate Governance along with theAuditors' Certificate on its compliance forms a part the Annual Report.

16. FIXED DEPOSITS

The Company has not invited or accepted any fixed deposits from the public under section 58A of the Companies Act, 1956 during the year under review and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

17. DIRECTORS

The Board consists of Executive and Non-Executive Directors including Independent Directors who have wide and varied experience in different disciplines of corporate functioning.

In accordance with the provisions of Section 256 of the Companies Act, 1956 and Article 133 of the Article of Association of the Company, Sh. Rahul Goenka and Sh. S C Choudhary, Directors of the Company retire by rotation at me ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The resolution for the same has been included in the notice of Annual Report scheduled to be held on 10th September,2011.

18. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

1) That in me preparation of the accounts for the financial year ended 31st March,2011 the applicable accounting standards have been followed along with proper explanations relating to material departures;

2) That 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 at the end of the financial year and of the Profit of die Company for me year under review.

3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with me provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4) That the Directors have prepared the accounts for the financial year ended 31" March, 2011 on a 'going concern'basis.

19.AUDITORS

The Statutory Auditors of the Company, M/s Rajendra K. Goel & Co., retire at this year's Annual General Meeting and have sought their re-appointment. M/s Rajendra K. Goel & Co., Chartered Accountants, New Delhi has confirmed that their re-appointment, if made, would be within the prescribed limits under Section 224( 1 -B) of the Companies Act, 1956.

Their being no audit observations in Auditors' Report, no further explanations are required.

20. LISTING OF SECURITIES

The Shares of the Company are listed with BSE, Pheroze Jeejeebhoy Towers, Dalai Street, Mumbai. (Scrip Code: 517258). It is confirmed that the Company has paid Annual Listing Fee upto the current financial year to BSE.

21. PARTICULARS OFTHE EMPLOYEES

There was no employee in the Company who if employed throughout the year was in receipt of remuneration of Rs. 60,00,000/- per annum and above and if employed for the part of year was in receipt of remuneration of Rs.5,00,000/- per month and above. Thus, the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 are not applicable.

22.ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its customers, business associates and shareholders and look forward to similar support and co-operation in future. Your Directors appreciate the sincere efforts put in by the employees at all levels, which enabled the Company to achieve the performance during the year.



FOR AND ON BEHALF OF THE BOARD

(ASHOK KANODIA) (PRADEEP KANODIA) Managing Director Executive Director

Place: New Delhi Date: 18.05.2011


Mar 31, 2010

The Directors have pleasure in presenting the 31st Annual Report on the business and operations of the Company along with the Audited Statements of Accounts for the financial year ended March 31,2010.

1. PERFORMANCE OF THE COMPANY

Summary of the financial results is as under: (Rs. in Million)

PARTICULARS CURRENT YEAR PREVIOUS YEAR

Revenue 309 397

Profit before Depreciation, Interest, & Tax 30 52

Depreciation 18 15

Interest 11 4

Net Profit before Tax 1 33

Provision for Tax 1 (5)*

Net profit after Tax 02 38

Profit brought forward from Balance Sheet 99 61

Amount available fro appropriation 99 99

Appropriation: Transferto General Reserve

Profit Carried froward to Balance Sheet 99 99



*Provisionfor tax is in negative due to Deferred Tax

2. DIVIDEND

In view of conservation of financial resources of the Company, your directors do not recommend any dividend for the financial year under review.

14.REGISTRAR & TRANSFERAGENT

The Registrar and Transfer Agent is:

M/s Skyline Financial Services Pvt. Ltd.

246, 1st Floor, Sant Nagar, East of Kailash,

New Delhi-110065

Tel:+91-1130845326/45

15.ENVIRONMENTAL PROTECTION, HEALTHAND SAFETY

As a responsible corporate citizen your Company act on the belief that environment protection are not just preferred responses but our basic responsibility and the right way to do business. EHS continues to receive highest priority in all operational and functional areas at factory. The Company continues to maintain excellent track record on safety. The site hadno accidents during the year 2009-10. PELalso hasaWorkman safety Committee under section 41GoffactoriesAct 1948.This Committee meets at regular intervals to take measures for workers protection in order to make PEL a safe place to work.

16. PARTICULARS OF CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGEEARNINGS AND OUTGO

The information relating to conservation of energy, as required under Section 217(1) (e) of the CompaniesAct, 1956 read with the Companies (Disclosure of particulars in the Report of Board of Director) Rules 1988 is annexed hereto marked Annexure-I and form partof this Report.

17.CORPORATE GOVERNANCE

In compliance with the requirements of Clause 49 of the Listing Agreement with BSE, a separate report on Corporate Governance along with theAuditors Certificate on its compliance formsapart theAnnual Report.

18.FIXED DEPOSITS

The Company has not invited or accepted any fixed deposits from the public under section 58Aof the Companies Act, 1956 during the year under review and hence no amount of principal or interest was outstanding as of the Balance Sheet date.

19.DIRECTORS

The Board consists of executive and non-executive directors including independent directors who have wide and varied experience in different disciplines ofcorporate functioning.

In accordance with the provisions of Section 256 of the Companies Act, 1956 and Article 133 of the Article of Association of the Company, Mr. Anant Kanoi and Mr. Ashok Kanodia (Managing Director) of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The resolution for thesamehas been included in the notice of Annual report scheduled to be heldon September17,2010.

20.DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

1) That in the preparation of the accounts for the financial year ended 31st March, 2010 the applicable accounting standards have been followed along with proper explanations relating to material departures;

2) That 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 at the end of the financial year and of the Profit of the Company for the year under review.

3) That the Directors have 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;

4) That the Directors have prepared the accounts for the financial year ended 31st March, 2010 on a going concern basis.

21.AUDITORS

The Statutory Auditors of the Company, M/s Rajendra K. Goel & Co., retire at this years Annual General Meeting and have sought their re-appointment. M/s Rajendra K. Goel & Co., Chartered Accountants, New Delhi has confirmed that their re-appointment,if made, would be within the prescribed limits under Section 224(1-B)of the CompaniesAct, 1956.

Their being noaudit observationsinAuditors Report, no further explanations are required.

22.LISTING OF SECURITIES

The Shares of the Company are listed with BSE, Pheroze Jeejeebhoy Towers, Dalal Street, Mumbai. (Scrip Code: 517258). Itis confirmed that the Company has paid Annual Listing Fee upto the current financial yearto BSE.

23.PARTICULARS OF THE EMPLOYEES

Information in accordance with the provisions Section 217(2A) of the Companies Act, 1956 read with Companies (Particularsof Employees) Rules, 1975as amended forms part ofthis report and marked asAnnexure II.

24.ACKNOWLEDGMENTS

Your Directors express their deep appreciation and gratitude for the valuable support received from Punjab National Bank, its customers, business associates and shareholders and look forward to similar support and co-operation infuture. Your directors appreciate the sincere efforts put in by the employees at all levels, which enabled the Company to achieve the performance during the year.

FOR AND ON BEHALF OFTHE BOARD

Place: New Delhi (ASHOK KANODIA) (PRADEEP KANODIA)

Date: 27.05.2010 Managing Executive Director

 
Subscribe now to get personal finance updates in your inbox!