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Prism Cement Ltd.
Mar 31, 2013
Mar 31, 2011
The Directors present the Nineteenth Annual Report together with the
audited Accounts of the Company for the year ended March 31,2011.

FINANCIAL RESULTS

2010-111 2009-10
Rs. Crores Rs. Crores

Sales 3,556.94 2,988.87

Less: Excise duty 201.70 150.89

Net Sales 3,355.24 2,837.98

Other income 36.48 21.27

3,391.72 2,859.25

Expenditure 3,042.99 2,339.42

Profit before finance charges,
depreciation, tax and
exceptional items 348.73 519.83

Finance and other charges 105.73 52.86

Profit before depreciation, tax
and exceptional items 243.00 466.97

Depreciation and amortisation 113.30 89.85

Profit before tax and
exceptional items 129.70 377.12

Add: Exceptional items 0.96 (18.87)

Profit before tax 130.66 358.25

Provision for tax (including
fringe benefit tax) (34.87) (107.20)

Profit after tax 95.79 251.05

Add : Dividend on own shares
held through Trust 1.24 1.85

Add : Balance brought
forward 499.72 358.40

Add : Surplus brought forward on

Amalgamation - 48.49

Profit available for
appropriation 596.75 659.79

Appropriations:

Transfer to General Reserve - (26.00)

Transfer to Capital

Redemption Reserve - (10.75)

Transfer to Debenture

Redemption Reserve (6.25) -

Preference Dividend - (0.08)

Interim Dividend (50.34) (105.33)

Distribution Tax on Dividend (8.36) (17.91)

Balance carried to Balance
Sheet 531.80 499.72



DIVIDEND

During the year, the Company has paid an interim dividend of Rs.1.00
per equity share of Rs. 10/- each. The Board of Directors has
recommended that the interim dividend be treated as final dividend for
the year ended March 31, 2011. The total dividend outflow for the year
ended March 31, 2011 is Rs. 58.70 crores (including dividend
distribution tax of Rs. 8.36 crores) as against Rs. 123.23 crores
(including dividend distribution tax of Rs. 17.90 crores) in the
previous year ended March 31, 2010.

OPERATIONS

The gross sales and other income for the year ended March 31,2011 was
Rs. 3,593.42 crores as against Rs. 3,010.14 crores for the previous
year. The Company earned a profit before tax of Rs. 130.66 crores and
net profit of Rs. 95.79 crores during the year ended March 31, 2011 as
against profit before tax of Rs. 358.25 crores and net profit of Rs.
251.05 crores during the year ended March 31, 2010.

FINANCE

During the year under review, the Company privately placed Secured
Redeemable Non-convertible Debentures of Rs. 100 crores and Unsecured
Redeemable Non-convertible Debentures of Rs. 50 crores to fund its
ongoing capital expenditure. The Non-convertible Debentures (NCDs) are
listed on The Bombay Stock Exchange Limited.

The Company has repaid loans of Rs. 259.04 crores during the year and
tied up term loans of Rs. 623.89 crores (inclusive of NCDs of Rs. 150
crores) to finance its long term working capital/capital expenditure
during the year. The total borrowings of the Company stood at Rs.
1,169.84 crores as on March 31, 2011.

The loans were used for the purpose that they were sanctioned for by
the respective banks/financial institutions.

FIXED DEPOSIT

Out of the total 10,267 deposits of Rs. 27.38 crores from the public
and the shareholders as at March 31, 2011, 479 deposits amounting to
Rs. 0.92 crores had matured and had not been claimed as on that date.
Since then, 60 of these deposits aggregating to Rs. 0.11 crores have
been claimed.

During the year, the Company has transferred a sum of Rs. 0.03 crores
to the Investor Education and Protection Fund in compliance with
Section 205C of the Companies Act, 1956 which represents unclaimed
fixed deposits and interest thereon.

DIRECTORS

Mr. Manoj Chhabra holds office as Managing Director of the Company upto
August 24, 2011. Subject to the requisite approvals, the Board at its
Meeting held on April 29, 2011, has re-appointed Mr. Chhabra as
Managing Director of the Company for a period of two years with effect
from August 25, 2011, upon terms and conditions mentioned at Item No. 8
read with the Explanatory Statement of the accompanying Notice of the
ensuing Annual General Meeting.

In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Rajesh G. Kapadia, Mr.
Akshay R. Raheja and Ms. Ameeta A. Parpia retire by rotation at the
forthcoming Annual General Meeting and being eligible, have offered
themselves for re-appointment.

As required, the requisite details of Directors seeking re-appointment
are included in this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, relating to Directors Responsibility Statement, the
Directors, to the best of their knowledge and belief and according to
the information and explanations obtained by them, confirm that:

1. in preparation of the Annual Accounts for the year ended March 31,
2011, the applicable Accounting Standards have been followed and there
has been no material departure;

2. they 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 on March 31,2011 and of the profit of the Company for
the year ended on that date;

3. they have taken proper and sufficient care to the best of their
knowledge 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. they have prepared the accounts for the year ended March 31, 2011
on a going concern basis.

PARTICULARS OF EMPLOYEES

Pursuant to the provisions of Section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975,
the particulars are given in the statement which forms part of this
Report. However, as per provisions of Section 219(1) (b) (iv) of the
Companies Act, 1956, the Directors Report is being sent to all the
shareholders excluding the aforesaid information. Any shareholder
interested in obtaining a copy of the statement may write to the
Companys

Registered Office at Hyderabad or to its Corporate Office at Mumbai.

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

The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 217(l)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988, is given in the Annexure A forming part of this Report.

CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Companys Auditors confirming compliance is set out in the
Annexure forming part of this Report.

AUDITORS

The Statutory Auditors, M/s. N. M. Raiji & Co., Chartered Accountants,
hold office until the conclusion of the ensuing Annual General Meeting
and have given their consent for re-appointment. A certificate from the
Statutory Auditors has been received to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 224 (IB) of the Companies Act, 1956.

The Branch Auditors, M/s. Borkar & Muzumdar, Chartered Accountants,
hold office until the conclusion of the ensuing Annual General Meeting
and have given their consent for re-appointment. A certificate from the
Branch Auditors has been received to the effect that their
re-appointment, if made, as the Branch Auditors of the H & R Johnson
(India) and RMC Readymix (India) Divisions of the Company would be
within the prescribed limits under Section 224 (IB) of the Companies
Act, 1956.

As per the requirement of the Central Government and pursuant to
Section 233 B of the Companies Act, 1956, the Companys Cost Records in
respect of cement for the year ended March 31, 2011 are being audited
by Cost Auditors, M/s. N. I. Mehta & Co. The Cost Audit Report for the
year ended March 31, 2010 required to be filed on or before September
30,2010, was filed on September 27,2010.

SUBSIDIARY AND JOINT VENTURE COMPANIES

During the year under review the Companys subsidiaries and joint
venture companies performed satisfactorily.

Subsidiaries

- Raheja QBE General Insurance Company Limited (RQBE), the general
insurance subsidiary introduced significant number of liability
products including other general insurance policies during the year.
RQBE booked a gross written premium of Rs. 8.80 crores and earned an
investment income of Rs. 12.36 crores for the year ended March 31,
2011. After requisite adjustments and tax provisions, the loss for the
year under review was Rs. 7.27 crores.

- Silica Ceramica Pvt. Limited (SCPL) has performed satisfactorily
during the year. The Company increased its stake in the subsidiary from
65.7% to 92.6% during the year under review. SCPL has increased its
capacity from 7,500 m2 per day to 16,500 m2 per day in April 2011. The
enhanced capacity would enable it to manufacture value-added,
multi-coloured vitrified tiles and is likely to be commissioned by Ql
of FY 2011-12. Subsequent upgrade to manufacture value-added products
is likely to be completed by Q2 of FY 2011- 12. A further capacity
expansion for the plant is in progress to increase the capacity by
9,000 m2 per day. This further expansion is likely to be completed by
Q4 of FY 2011-12 and would increase the plant capacity to 25,500 m2 per
day.

H. & R. Johnson (India) TBK Limited, the wholly-owned subsidiary of the
Company in the field of tile, bath and kitchen retailing has taken
necessary steps to increase its geographical coverage. Its Joint
Ventures have opened House of Johnson showrooms in Mumbai, Pune and
Bangalore during the year taking the total number of JVs to 11 with 13
showrooms.

- During the year, the Company acquired the remaining 50% stake in
Milano Bathroom Fittings Pvt. Limited (MBF). Post acquisition, MBF has
become a wholly-owned subsidiary of the Company. MBF has a
manufacturing plant in Baddi, Himachal Pradesh. The plants capacity
has been increased from 3 lakh pieces per annum to 6 lakh pieces per
annum in March 2011. It is now putting-up a plant in Jammu to
manufacture bath fittings with a capacity of 6 lakh pieces per annum
which is likely to be operational by Q4 of FY 2011- 12.

- Lifestyle Investments Pvt Limited (LIPL) is an overseas wholly-owned
subsidiary. During the year, LIPL received a dividend income of £
2,07,249 from its investment in Norcros Pic.

- RMC Readymix Porselano (India) Limited (erstwhile Porselano Tiles
Limited) is a wholly-owned subsidiary of the Company.

Toint Ventures (TV)

- Ardex Endura (India) Pvt. Ltd., the Joint Venture with the German
group Ardex, has performed satisfactorily during the year.

- Sentini Ceramica Pvt. Ltd., the mid-segment glazed floor tile JV
Company in Andhra Pradesh has performed satisfactorily during the year.

- Antique Marbonite Pvt.- Ltd., the vitrified tile JV Company in
Gujarat has performed satisfactorily during the year. The JV is
setting-up a Plant to manufacture Quartz and Agglomerated marble which
is slated to commence production by Q4 of FY 2011-12.

- Spectrum Johnson Tiles Pvt. Ltd., the mid-segment wall tiles JV
Company in Gujarat, has performed satisfactorily. The JV is putting up
a floor tile manufacturing facility which would be operational by Ql of
FY 2012-13.

The financial data of the subsidiaries has been furnished along with
the statement pursuant to Section 212 of the Companies Act, 1956
forming part of the Annual Report. Further, pursuant to Accounting
Standard (AS - 21) issued by the Institute of Chartered Accountants of
India, the Company has presented the consolidated financial statements
which include the financial information relating to its subsidiaries
and forms part of the Annual Report.

The Company shall provide a copy of the Annual Report and other related
information of its subsidiary companies as required under Section 212
of the Companies Act, 1956 to the shareholders of the Company and the
subsidiaries upon their written request. These documents will also be
available for inspection at the registered office of the Company and
the registered offices of the respective subsidiary companies during
working hours up to the date of the Annual General Meeting.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared by the Company
in accordance with the applicable Accounting Standards (AS - 21, AS -
23 and AS - 27) issued by the Institute of Chartered Accountants of
India.

For the year ended March 31, 2011, the consolidated net profit of the
Company and its subsidiary companies amounted to Rs. 104.95 crores as
compared to Rs. 95.79 crores for the Company on a standalone basis.

ACKNOWLEDGEMENTS

The Board takes this opportunity to express its sincere appreciation of
the excellent contribution made by all the employees towards the
overall performance of the Company. The Directors also thank the
shareholders, various Central and State Government departments/
agencies, banks and other business associates for their valuable
service and support during the year under review.

For and on behalf of the Board of Directors

RAJESH G. KAPADIA

Chairman

Place : Mumbai

Date : April 29, 2011
Mar 31, 2010
The Directors present the Eighteenth Annual Report together with the
audited Accounts of the Company for the year ended March 31, 2010.

OPERATING RESULTS

2009-10 2008-09
(12 months) (9 months)
Rs. Crores Rs. Crores

Sales 2988.87 741.52

Less: Excise duly 150.89 94.17

Net Sales 2837.98 647.35

Other income 22.05 9.69

2860.03 657.04

Expenditure 2340.54 477.21
Profit before linance
charges, depreciation, tax
and exceptional items 519.49 179.83

Finance and other charges 52.52 3.54
Profit before depreciation,

tax and exceptional items 466. 97 176.29

Depreciation 89.85 24.31

Profit before tax and
exceptional items 377.12 151.98

Exceptional items 18.87 --

Profit before tax 358.25 151.98

Provision for tax
(including fringe benefit
tax) (107.20) (55.75)

Profit after tax 251.05 96.23

Add : Dividend on own
shares held through
Trust 1.85 -

Add : Surplus brought
forward 358.40 319.52

Add : Surplus on
Amalgamation 48.49 -

Profit available for
appropriation 659.79 415.75

Appropriation:
Transfer to General

Reserve 26.00 5.00

Transfer to Capital
Redemption Reserve 10.75 --

Preference Dividend 0.08 -

Interim Dividend 105.33 29.83

Proposed Dividend -- 14.92

Tax on Dividend 17.91 7.60

Surplus carried to
Balance Sheet 499.72 358.40

The Scheme of Amalgamation ("the Scheme") of H. & R. Johnson (India)
Limited and RMC Readymix (India) Private Limited (Transferor Companies)
with the Company was sanctioned by the Honble High Courts of
Judicature at Bombay and Andhra Pradesh on January 22, 2010 and
February 4, 2010, respectively. The Scheme became effective on March 3,
2010 and is operative from April 1, 2009, the appointed date fixed in
the sanctioned Scheme. Pursuant to the Orders, the entire undertaking
and business of the Transferor Companies, as going concerns, stood
transferred and became vested with the Company. Previous period figures
are for nine months, while the current year figures include operations
of the Transferor Companies consequent to the amalgamation. The current
year figures are, therefore, not comparable with previous period.

DIVIDEND

During the year, the Company has paid an aggregate interim dividend of
Rs. 2.50 per equity share of Rs. 10/- each. The Board of Directors has
recommended that the interim dividend be treated as final dividend for
the year ended March 31, 2010. The total dividend outflow for the year
ended March 31, 2010 is Rs. 123.23 crores (including dividend
distribution tax of Rs. 17.90 crores) as against Rs. 52.35 crores
(including dividend distribution tax of Rs. 7.60 crores) in the
previous period ended March 31, 2009.

Preference dividend of Rs. 0.09 crores (including dividend distribution
tax of Rs. 0.01 crores) was paid to the shareholders of the erstwhile
H. & R. Johnson (India) Limited on the preference shares which were
fully redeemed during the year.

OPERATIONS

The gross sales and other income for the year ended March 31, 2010 was
Rs. 3,010.92 crores. The profit before tax was Rs. 358.25 crores and
the net profit was Rs. 251.05 crores.

CAPITAL & FINANCE

Pursuant to the Scheme, the Company has issued and allotted
20,51,06,580 equity shares of the Company, of the face value of Rs.
10/- each, to each of the members of H. & R. Johnson (India) Limited
and RMC Readymix (India) Private Limited. Out of the said allotment,
1,23,51,600 equity shares were allotted to the Prism Trust, set up
pursuant to the Scheme for the benefit of the Company, against the
equity shares held by H. & R. Johnson (India) Limited in the paid-up
capital of RMC Readymix (India) Private Limited.

Upon the Scheme becoming effective, the issued, subscribed and paid-up
equity share capital of the Company post allotment of shares as
aforesaid stands at Rs. 503.36 crores comprising of 50,33,56,580 equity
shares of Rs. 10/- each fully paid-up and the Authorised Capital stands
at Rs. 525 crores comprising of 50,50,00,000 equity shares of Rs. 10/-
each and 2,00,00,000 preference shares of Rs. 10/- each.

During the year under review, the Company tied up term loans to finance
its ongoing capital expenditure and the total borrowings of the Company
stood at Rs. 801.57 crores as on March 31, 2010.

FIXED DEPOSIT

Out of the total 12,290 deposits of Rs. 32.45 crores from the public
and the shareholders as at March 31, 2010, 532 deposits amounting to
Rs. 0.97 crores had matured and had not been claimed as on that date.
Since then, 312 of these deposits aggregating to Rs. 0.70 crores have
been claimed.

During the year, the Company has transferred a sum of Rs. 0.02 crores
to the Investor Education and Protection Fund in compliance with
Section 205C of the Companies Act, 1956 which represents unclaimed
fixed deposits.

DIRECTORS

Mr. Aziz H. Parpia resigned from the Board on May 5, 2010. The Board
wishes to place on record its appreciation of the valuable
contributions made by Mr. Parpia during his tenure as Director of the
Company.

The Board of Directors has been broad based by the induction of Mr.
James Arthur Brooks, Mr. Vijay Aggarwal and Mr. Ganesh Kaskar as
Additional Directors with effect from March 3, 2010. Ms. Ameeta A.
Parpia was appointed as Additional Director with effect from May 5,
2010. They hold office up to the date of the forthcoming Annual General
Meeting. In this connection, your attention is drawn to the relevant
items of the accompanying Notice of the Annual General Meeting. The
Board recommends their appointments.

Mr. Vijay Aggarwal was appointed as Managing Director and Mr. Ganesh
Kaskar was appointed as Executive Director of the Company for a period
of three years with effect from March 3, 2010. The said appointments
were approved by the shareholders at the Extra-ordinary General Meeting
of the Company held on April 6, 2010.

Mr. Vijay Aggarwal ceased to be an Alternate Director effective from
March 2, 2010.

In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Rajan B. Raheja and Mr.
Satish B. Raheja retire by rotation at the forthcoming Annual General
Meeting and being eligible, have offered themselves for re-appointment.

As required, the requisite details of Directors seeking re-appointment
are included in this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2 A A) of the Companies
Act, 1956, relating to Directors Responsibility Statement, the
Directors, to the best of their knowledge and belief and according to
the information and explanations obtained by them, confirm that:

1. in preparation of the Annual Accounts for the year ended March 31,
2010, the applicable Accounting Standards have been followed and there
has been no material departure;

2. they 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 on March 31,2010 and of the profit of the Company for
the year ended on that date;

3. they have taken proper and sufficient care to the best of their
knowledge 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. they have prepared the accounts for the year ended March 31, 2010
on a going concern basis.

PARTICULARS OF EMPLOYEES

Pursuant to the provisions of Section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975,
the particulars are given in the statement which forms part of this
Report. However, as per provisions of Section 219(l)(b)(iv) of the
Companies Act, 1956, the Directors Report is being sent to all the
shareholders excluding the aforesaid information. Any shareholder
interested in obtaining a copy of the statement may write to the
Companys Registered Office at Hyderabad or to its Corporate Office at
Mumbai.

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

The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 217(l)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988, is given in the Annexure A forming part of this Report.

CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Companys Auditors confirming compliance is set out in the
Annexure forming part of this Report.

AUDITORS

The Statutory Auditors, M/s. N. M. Raiji & Co., Chartered Accountants,
hold office until the conclusion of the ensuing Annual General Meeting
and have given their consent for re-appointment. A certificate from
the Auditors has been received to the effect that their re-appointment,
if made, would be within the prescribed limits under Section 224 (IB)
of the Companies Act, 1956.

The Board, on the recommendation of the Audit Committee, has also
proposed that M/s. Borkar & Muzumdar, Chartered Accountants, be
appointed as the Branch Auditors of H & R Johnson (India) and RMC
Readymix (India) Divisions of the Company.

As per the requirement of the Central Government and pursuant to
Section 233 B of the Companies Act, 1956, the Companys Cost Records in
respect of cement for the year ended March 31, 2010 are being audited
by Cost Auditors, M/s. N. I. Mehta & Co.

SUBSIDIARY AND JOINT VENTURE COMPANIES

Pursuant to the Scheme, the subsidiaries and joint venture companies of
the erstwhile H. & R. Johnson (India) Limited have come under the fold
of the Company. During the year under review the Companys subsidiaries
and joint venture companies performed satisfactorily.

Subsidiaries

- Raheja QBE General Insurance Company Limited, the insurance JV
Company with QBE Holdings (AAP) Pty Ltd., is in growing stage and has
introduced significant number of liability products including other
general insurance policies approved by the IRDA during the year.

- Silica Ceramica Private Limited, the vitrified tile Company in Andhra
Pradesh, has completed one full year of manufacturing operations and
has been running at a utilisation level of over 90% since the last
quarter of the year under review. During the year, the Company
increased its stake in the Joint Venture from 50% to 65.7%.

- H. & R. Johnson (India) TBK Limited, the wholly owned subsidiary of
the Company in the field of tile, batii and kitchen retailing has taken
necessary steps to increase its geographical coverage. The Company is
.going through a
learning curve and based on its initial learning has modified its
business model for further scale-up.

- Lifestyle Investments Private Limited (LIPL) is an overseas wholly
owned subsidiary. LIPL issued 60,05,000 preference shares of 1 GBP each
and redeemed 53,45,884 preference shares of 1 GBP during the year.

- Porselano Tiles Limited, the wholly owned subsidiary of the Company,
is yet to commence business.

Joint Ventures (JV)

- Ardex Endura (India) Private Limited, the JV with the German group
Ardex, completed one full year of successful operations of its second
plant at Vadodara.

- Sentini Cermica Private limited, the mid-segment glazed floor tile JV
Company in Andhra Pradesh has been consistently operating at full
capacity.

- Antique Granito Private Limited, the vitrified tile JV Company in
Gujarat has installed and commissioned a new Multi-Colour charging
system (Magic Brush) enabling the plant to manufacture value-added,
full-body effect products. During the year, Antique Granito Private
Limited has acquired a 50% stake in Umiya Ceramics Private Limited.
Umiya Ceramics has an installed capacity of 7.26 million m2 per annum
of ceramic vitrified tiles at Gujarat.

- Milano Bathroom Fittings Private Limited, the bath fittings JV at
Baddi, Himachal Pradesh, has been consistently operating at full
capacity.

- Spectrum Tiles Private Limited, the mid-segment wall tiles JV Company
in Gujarat, has performed satisfactorily.

The Company has received the exemption from the Central Government
under Section 212(8) of the Companies Act, 1956, from attaching a copy
of the Balance Sheet, Profit and Loss Account, Directors Report and
Auditors Report of the subsidiary companies and other documents
required to be attached under Section 212(1) of the Act to the Balance
Sheet of the Company. Accordingly, the said documents are not being
attached herewith. However, the financial data of the subsidiaries has
been furnished along with the statement pursuant to Section 212 of the
Companies Act, 1956 forming part of the Annual Report. Further,
pursuant to Accounting Standard (AS - 21) issued by the Institute of
Chartered Accountants of India, the Company has presented the
consolidated financial statements which include the financial
information relating to its subsidiaries and forms part of the Annual
Report.

The Company shall provide a copy of the Annual Report and other
documents of its subsidiary companies as required under Section 212 of
the Companies Act, 1956 to the shareholders upon their written request.
These documents will also be available for inspection at the registered
office of the Company and the registered offices of the respective
subsidiary companies during working hours up to the date of the Annual
General Meeting.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared by the Company
in accordance with the applicable Accounting Standards (AS - 21, AS -
23 and AS - 27) issued by the Institute of Chartered Accountants of
India.

For the year ended March 31, 2010, the consolidated net profit of the
Company and its subsidiary companies amounted to Rs. 259.78 crores as
compared to Rs. 251.05 crores for the Company on a stand alone basis.

ACKNOWLEDGEMENTS

The Board takes this opportunity to express its sincere appreciation of
the excellent contribution made by all the employees towards the
overall performance of the Company. The Directors also thank the
shareholders, various Central and State Government
departments/agencies, banks and other business associates for their
valuable service and support during the year under review.

For and on behalf of the Board of Directors

RAJESH G. KAPADIA

Chairman

Place : Mumbai
Date : May 5, 2010

Apr 23, 12:17 pm
22,889.51
131.14
[+0.58%]
Apr 23, 12:20 pm
6,851.65
36.30
[+0.53%]