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Directors Report of Punit Commercials Ltd.

Mar 31, 2015

Dear members,

The Directors take pleasure in presenting the Thirtieth Annual Report together with the audited financial statements for the year ended 31 st March, 2015.

1. FINANCIAL RESULTS

Year Ended Year Ended 31st March, 2015 31st March, 2014

Sales 3,30,39,047 25,67,23,955

Other operating Income 11,33,866 44,29,092

Other non-operating Income 61,37,008 (6,90,785)

Total Income 4,03,09,921 26,04,6,263

Expenditure 3,88,49,176 26,01,52,273

Interest 12,51,223 1,97,503

Depredation 1,06,510 1,05,860

Total Expenditure 4,02,06,909 26,04,55,636

Profit( ) Loss(-) 1,03,012 6,626

Provision for Taxation --- 3,60,000

(Add) / Less : Deferred Tax (6685) (5749)

Short / (Excess) Provision of earlier Years --- ---

Net profit /(loss )after tax 1,09,698 (3,47,625)

Balance brought forward from last year 1,27,89,911 1,31,37,536

Balance carried forward to the Balance Sheet 1,28,88,610 1,27,89,911

The Company proposes to transfer an amount of Rs.11,000/- to the General Reserves. An amount of Rs.1,09,698/- is proposed to be retained in the Statement of Profit and Loss.

2. HIGHLIGHTS OF PERFORMANCE

* Total income for the year decreased by 84,56% to Rs.4,03,09,921/- as compared to Rs. 26,04,62,263/- in 2014

* Total net sales for the year was Rs.3,30,39,047/- as compared to Rs.25,67,23,955/- in 2014, a decrease of 87.13%

* Total profit before tax for the year was Rs.1,03,012/- as compared to Rs.6,626/- in 2014

3. BUSINESS OPERATIONS

The Company is trading & investing in Equity, Derivatives and Currency and Trading in Rough and Cut & Polished Diamonds.

4. DIVIDEND

With a view to deploy the profits into the existing operations of the company, Board of Directors has not recommended any dividend for the year.

5. SHARE CAPITAL

The paid up Equity Share Capital as on 31 st March, 2015 was Rs. 24 Lakhs. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity. As on 31st March, 2015, the Directors of the Company hold the equity shares of the Company as follows:

Name of the Director Number of Shares % of Total Capital

Mr. Nirav P. Mehta 49,550 20.65

Mr. Sujit S. Mehta 4,500 1.88

Mrs. Pumima P. Mehta 53,850 22.44

6. FINANCE

The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.

6.1 DEPOSITS

The Company has not accepted deposit from the public and shareholders falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

6.2 PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

7. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The criteria prescribed for the applicability of Corporate Social Responsibility under Section 135 ofthe Companies Act, 2013 is not applicable to the Company.

8. BUSINESS RISK MANAGEMENT

The paid up share capital of the Company is Rs. 24 Lakhs as on 31st March, 2015. The reserve and surplus is Rs. 131.34 Lakhs. Accordingly, the paid up capital and net worth is below the prescribed limit for mandatory applicability of Corporate Governance clause. The Company has decided not to opt for compliance of Risk Management clause of Clause 49 for the time being due to the size of the business.

9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit (LA) function is defined in the Internal Audit Charter. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board.

The Company monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls.

10. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any. The details of the Whistle Blower Policy are explained in the Corporate Governance Report.

11. SUBSIDIARY COMPANIES

The Company has no Subsidiary Company.

12. DIRECTORS

In terms of the Articles of Association of the Company, Mrs. Purnima Mehta, Director, retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for reappointment.

12.1 Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholders' Relationship Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

12.2 Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.

12.3 Meetings

A calendar of Meetings is prepared and circulated in advance to the Directors.

During the year four Board Meetings and four Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

13. DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134{3){c) of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended 31st March, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Note 2 of the Notes to the Financial Statements have been selected and applied consistently and judgement and estimates have been made 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, 2015 and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken 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 annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

14. RELATED PARTY TRANSACTIONS

During the year the company has not entered into any related party transactions except payment of remuneration and sitting fees to the directors.

15. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.

16. AUDITORS

16.1 Statutory Auditors

The Company's Auditors, M/s K.P. Mehta & Co., Chartered Accountants, Mumbai who retire at the ensuing Annual General Meeting of the Company are eligible for reappointment. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for reappointment as Auditors of the Company. As required under Clause 49 of the Listing Agreement, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

16.2 Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s P. P. Shah & Co., Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report for the financial year ended 31 st March 2015 is annexed herewith as "Annexure A".

16.3 Qualifications in Secretarial Audit Report

1. As per section 203(l)(ii), (iii) & 149, the Company is required to appoint Company Secretary, The Company has not appointed Company Secretary.

Management Response:

(i) Die Company has appointed Mrs. Fatima D'Souza, CFO as Compliance Officer of the Company who looks after the compliance of Companies Act, 2013 and SEBI Act and rules made thereunder

(ii) The Company has availed the services of Practising Company Secretary for advising on compliance of Companies Act, 2013 and SEBI Act and rules made thereunder

(iii) The Volume and Scope of work for the Company Secretary is less and it is not a full time work and the job of Company Secretary is not attractive commensurate with the scope of work and salary

2. As per section 138 of the Companies Act, 2013, the Company is required to appoint Internal Auditor. The Company has not appointed Internal Auditor.

Management Response:

(l) The size of operation of the Company is very small, it is not viable to appoint Internal Auditor but the Company has established the internal control system.

3. As per the various sections ofthe Companies Act and Listing Agreement, the Company is required to post various information, policies on the website of the Company. The Company has not posted any information, policies on the website of the Compary.

Management Response:

(i) The Company is filling regularly all the information with BSE and all the information is available on the website of BSE.

4. As per section 149 and clause 49, the company is required to appoint Independent Director. The Company has appointed one Independent Director which compiles the provisions of Section 149 of the Companies Act, 2013 but does not comply under clause 49 of Listing Agreement. As per clause 49 of the Listing Agreement, the company shall have minimum 50% as Independent Director. In this regard the management of the Company has provided the following reply:

Management Response:

(i) The Company has opted this as an optional compliance under clause 49. The composition of the Board of directors is as per the provisions of Section 149 of the Companies Act, 2013.

17. ENHANCING SHAREHOLDERS VALUE

Your Company believes that its Members are among its most important stakeholders. Accordingly, your Company's operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness, consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation. Your Company is also committed to creating value for its other stakeholders by ensuring that its corporate actions positively impact the socio-economic and environmental dimensions and contribute to sustainable growth and development.

18. CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on corporate governance practices followed by the Company, together with a certificate from the Company's Auditors confirming compliance forms an integral part of this Report.

19. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is as under:

A Conservation of Energy

The operations of the Company are not energy intensive. However, wherever possible the Company strives to curtail the consumption of energy on continued basis.

B. Technology absorption, adaptation and innovation

No expenditure has been incurred by the Company on research and Development activities during the year under review.

20. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure B".

21. PARTICULARS OF EMPLOYEES

There is no employee in the Company drawing monthly remuneration of Rs.5,00,000/- per month or Rs.60,00,000/' per annum. Hence the Company is not required to disclose any information as per Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

22. ACKNOWLEDGEMENTS

Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.

23. CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discussion & Analysis describing the Company's objectives, expectations or forecasts may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company's operations include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in government regulations, tax laws, economic developments within the country and other factors such as litigation and industrial relations.

For and on behalf of the Board of Directors

(Nirav Mehta (Fatima D'Souza) Managing Director CFO Mumbai Date: 27th May, 2015


Mar 31, 2014

Dear Shareholders,

The Directors present their Twenty Ninth Annual Report on the business and operations of your Company together with audited statement of accounts for the year ended 31st March 2014.

Financial Results & Operations:

Year Ended Year Ended 31st March, 2014 31st March, 2013

Sales 25,67,23,955 21,38,11,938

Other operating Income 44,29,092 52,06,830

Other non-operating Income (6,90,785) 60,346

Total Income 26,04,62,263 21,90,79,114

Expenditure 26,01,52,273 21,78,26,899

Interest 1,97,503 4,75,897

Depreciation 1,05,860 1,05,860

Total Expenditure 26,04,55,636 21,84,18,656

Profit( ) Loss(-) 6,626 6,60,458

Provision for Taxation 3,60,000 1,80,000

(Add) / Less : Deferred Tax (5749) (991)

Short / (Excess) Provision of earlier Years - -

Net profit/(loss )after tax (3,47,625) 4,81,449

Balance brought forward from last year 1,31,37,536 1,27,06,087

Balance carried forward to the Balance 1,27,89,911 1,31,37,536 Sheet

Dividend

With a view to deploy the profits into the existing operations of the company, Board of Directors has not recommended any dividend for the year.

Public Deposits

The company has neither invited nor accepted any public deposits during the financial year under review.

Directors

Ms. Pumima Mehta Director of the Company retires by rotation and being eligible offers herself for re-appointment.

Ms. Priya Mehta resigned as Director of the Company w.e.f. 30th May, 2014. The Board of Directors placed on record the valuable contribution made by Ms. Priya Mehta during her tenure.

In terms of the articles of association of the Company, section 149 (10) of the Companies Act, 2013 and revised clause 49 of Listing Agreement dealing with Corporate Governance norms, Mr. Sujit Mehta has completed 5 years term as Independent Directors as on 1st April, 2014. The Company proposes to re-appoint him, as Independent Director for a further period of 5 years till 2019. The Company has received requisite notices in writing from members proposing Mr. Sujit Mehta for appointment as Independent Director.

The Company has received declarations from the Independent Director of the Company confirming that they meet with the criteria of independence as prescribed both, under subsection 6 of section 149 of the Companies Act, 2013 and under clause 49 of the listing agreement with the stock exchanges.

Listing

The equity shares of the Company are listed at Bombay Stock Exchanges. The Company has paid annual listing fee for the year 2014-2015 to Bombay Stock Exchanges in time.

Directors’ Responsibility Statement

Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that

(i) In the preparation of the annual accounts for the financial year ended March 31, 2014, all the applicable accounting standards have been followed along with proper explanations relating to material departures.

(ii) Appropriate accounting policies have been selected and applied 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 March 31, 2014 and of the profit of the Company for the said period;

(iii) Proper and sufficient care has been taken 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; and

(iv) The annual accounts have been prepared on a ‘going concern’ basis.

Particulars of Employees

The provision of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 are not applicable to your company since none of the employee is employed on a remuneration of Rs.5,00,000/- p.m or Rs.60,00,000/- p.a.

Compliance Certificate

Compliance Certificate to be obtained under Section 383A of the Companies Act, 1956 read with Companies (Issue of Compliance Certificate) Rules, 2001 has been obtained from M/s. P. P. Shah & Co., Practicing Company Secretaries and the same has been attached to this Report.

Conservation Of Energy, Technological Absorption and Foreign Exchange Earnings and Outgo

In terms of 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, your Directors wish to state that the same is not applicable to the Company.

Foreign Exchange Earnings/Outgo : 31/03/2014 31/03/2013 Rs. Rs.

Foreign Exchange Earned : 1,59,00,851 65,11,041 Foreign Exchange Outgo : 2,00,14,515 1,92,22,391

Auditors

M/s. K. P. Mehta & Co., Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224B'') of the Companies Act, 1956.

Acknowledgements

The Board wishes to place on records its appreciation to all its Shareholders, Customers, Bankers, and Employees for their co-operation and contributions made by them at all levels.

BY ORDER OF THE BOARD For PUNIT/COMMERCIALS LTD

Dated: 30th May, 2014 (NIRAV P. MEHTA)

Place: Mumbai MANAGING DIRECTOR


Mar 31, 2013

The Directors present their Twenty Eighth Annual Report on the business and operations of your Company together with audited statement of accounts for the year ended 31st March 2013.

Financial Results & Operations:

Year Ended Year Ended 31st March, 2013 31st March, 2012

Sales 21,38,11,938 18,77,10,228

Other Income 52,67,176 48,90,564

Total Income 21,90,79,114 19,26,00,792

Profit before Tax 6,60,458 1,48,288

Less:

Provision for Income-Tax

Income Tax 1,80,000 30,000

Deferred Tax (991) 4,605

Prior Period Adjustment for Income tax - -

Net profit after tax 4,81,449 1,13,683

Add : Opening Balance b/f. 1,32,13,626 1,27,32,177

Dividend

With a view to deploy the profits into the existing operations of the company, Board of Directors has not recommended any dividend for the year.

Public Deposits

The company has neither invited nor accepted any public deposits during the financial year under review.

Directors

Mr. Sujit Mehta Director of the Company retires by rotation and being eligible offers himself for re- appointment.

Listing

The equity shares of the Company are listed at Bombay Stock Exchanges. The Company has paid annual listing fee for the year 2013 – 2014 to Bombay Stock Exchanges in time.

Directors'' Responsibility Statement

Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that

(i) In the preparation of the annual accounts for the financial year ended March 31, 2013, all the applicable accounting standards have been followed along with proper explanations relating to material departures.

(ii) Appropriate accounting policies have been selected and applied 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 March 31, 2013 and of the profit of the Company for the said period;

(iii) Proper and sufficient care has been taken 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; and

(iv) The annual accounts have been prepared on a ''going concern'' basis.

Particulars of Employees

The provision of section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 are not applicable to your company since none of the employee is employed on a remuneration of Rs.5,00,000/- p.m or Rs.60, 00,000/ p.a.

Compliance Certificate

Compliance Certificate to be obtained under Section 383A of the Companies Act, 1956 read with Companies (Issue of Compliance Certificate) Rules, 2001 has been obtained from M/s. P. P. Shah & Co., Practicing Company Secretaries and the same has been attached to this Report.

Corporate Governance

A Report on the Corporate Governance Code along with a certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance, stipulated under Clause 49 of the Listing Agreements are annexed to this Report.

Conservation Of Energy, Technological Absorption and Foreign Exchange Earnings and Outgo

In terms of 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, your Directors wish to state that the same is not applicable to the Company.

Foreign Exchange Earnings/Outgo : 31/03/2013 31/03/2012 Rs. Rs.

Foreign Exchange Earned : 65,11,041 1,56,35,379

Foreign Exchange Outgo : 1,92,22,391 45,406,453

Auditors

M/s. K. P. Mehta & Co., Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224(1B) of the Companies Act, 1956.

Acknowledgements

The Directors take pleasure in thanking the Company''s business associates/ customers, vendors and bankers for their continued support. The Directors also acknowledge the appreciation of the sincere efforts, contribution and cooperation of the employees.



BY ORDER OF THE BOARD For PUNIT COMMERCIALS LTD



Sd/- Dated: 27th May, 2013 (NIRAV P. MEHTA) Place: Mumbai Director


Mar 31, 2010

The Directors have pleasure in submitting the 25th Annual Report together with Audited statements of accounts of the company for the year ended on 31st March, 2010.

FINANCIAL RESULTS :

A brief summary of the working of the year under review of the company is given below.

Current Year Previous Year 2009-10 2008-09

Sales 8,47,30,448 20,14,39,858

Other Income 1,12,129 5,97.597

8,48,42,577 20,20,37,455

Profit before Tax . 1,09,718 (1,62,520)

Less:

Provision for Income-Tax

Income Tax 18,900 -

Fringe Benefit Tax - -

Deferred Tax 23,778 -

Prior Period Adjustment for Income tax 1,992 -

Profit after Tax 65,048 (1,62,520)

Add: Opening Balance b/f. 1,24,39,729 1,26,05,033

1,25,04,777 1,24,42,513

Appropriation:

(Excess)/Short Prevision for Income tax - 2,784

Balance carried to Balance Sheet 1,25,04,777 1,24,39,729



DIVIDEND :

Since there are insufficient profits in the current financial year, the Directors of the company decided not to declare any dividend.

COMPLIANCE CERTIFICATE :

In accordance with Section 383 A of the Companies Act, 1956, and Companies (Compliance Certificate) Rules, 2001, the Company has obtained a certificate from a Secretary in the Whole time practice confirming that the Company has complied with all the provisions of the Companies Act, 1956 and a copy of such certificate is annexed to this report.

DIRECTORS RESPONSIBILITY STATEMENT :

Pursuant to Section 217 (2AA) of the Companies (Amendment Act, 2000, the Directors confirm that:

(1) In the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures.

(2) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are prudent so as to give a true and fair view of the state of affairs of the Company at the financial year ended 31st March, 2010

(3) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(4) The Directors have prepared the annual accounts on a going concern basis. BUSINESS PERFORMANCE :

Due to the recession in the Diamond Market the company was not been able to maintain its sales and profit earning trend.

DIRECTORS :

In accordance with the provisions of the Companies Act, 1956 and the Companys Articles of Associations, Smt. Purnima P. Mehta and Shri Nirav P. Mehta retires by rotation and being eligible offers themselves for re- appointment.

FIXED DEPOSITS :

The Company has not accepted any deposits from the shareholders or Public during the year under review.

PARTICULARS REGARMNG CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE :

Information pursuant to Section 217(l)(a) of the Companies Act, 1956, read with the Companies (Disclosures of particulars in the Report of Board of Directors) Rules, 1988 relating to Conservation of Energy and Technology Absorption is not given as the same is not applicable. During the year under review, your Company has earned foreign exchange equivalent to Rs.3,02,62,083/-.

PERSONNEL :

Particulars of employees as required in terms of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules i975 is as under. None of the employees employed throughout the financial year were in receipt of remuneration of more than Rs.3,00,000/- p.a. in terms of Section 217(2 A) (a)(1)

AUDITORS :

M/s. K. P. Mehta & Co., held office upto the conclusion of 25th Annual General Meeting and are eligible for re- appointment. M/s. K. P. Mehta & Co., have given certificate to the effect that the appointment if made will be within the prescribed limits specified under Section 224(1B) of the Companies Act, 1956.

ACKNOWLEDGEMENTS :

The Directors wish to place on record their sincere appreciation of the valuable support and co-operation received from the Companys Bankers and the Departments of the Central and State Governments.

The Directors also placed on record their sincere appreciation of the valuable contribution made by the employees at all levels under the difficult conditions prevailing throughout the financial year.



FOR AND ON BEHALF OF

PUNIT COMMERCIALS LTD.,

DIRECTOR

Place : MUMBAI

Dated: 14th August, 2010

 
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