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Directors Report of Raaj Medisafe India Ltd.

Mar 31, 2015

Dear Members.

The Directors are pleased to present the 30th Annual Report along with the Company's Audited Financial Statement for the financial year ended March 31,2015.

FINANCIAL RESULTS

(Rs. In Lacs]

Particulars 2014-15 2013-14

Sales & Other Income 7,03 6,17

Total Expenditure 61.30 23.19

Earning before Finance Cost, Depreciations Tax [54.27] [17.02]

Less: Finance Cost 36.65 4.77

Depreciation & Amortization Expenses 24.81 19,19

Profit/ (loss] before Tax and extraordinary items [115.73] [40.98]

Exceptional & Extraordinary items 2.81 6.58

Profit/ (Loss] before Tax [118.54] [47.56]

Current Tax - -

Profit/ (Loss] for the Year [118.54] [47.56]

8asic & Diluted Earnings Per Equity Shares of Face Value of Rs. [2.30] [0.81] 10/- each,

DIVIDEND

The 8oard of Directors of the company has not recommended any dividend for the financial year 2014-15.

BUSINESS REVIEW

The Company has resumed its manufacturing and trading activities during the month of December 14,2014of the products mainly used in Hospital hygiene Sector and other Sectors where hygiene is to be maintained. The products are disposable new to the users and will take some time to establish its presence in the market.

REVOCATION OF SUSPENSION OFLISTING ON BSE

Your Directors are pleased to inform that, the suspension of trading of equity shares of the Company on 8SE Ltd, has been revoked with effect from April 25,2014.

FIXED DEPOSIT

Outing the financial year 2014-15, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act; 2013 read together with the Companies (Acceptance of Deposits] Rules, 2014.

MATERIAL CHANGES OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR UNDER REVIEW AND THE DATE OF THE REPORT

There have been no material changes which affects the financial position of the Company had taken place during the time period between end of the financial year under review and the date of the report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis forms an integral part of this Report, as stipulated under Clause 49 of the Listing Agreement with Stock Exchange, is set out in the Annexure forming part of Annual Report marked as Annexure "A".

CORPORATE GOVERNMENTS

Corporate Governance is an ethically driven business process that is committed to values aimed at enhancing an organizations brand and reputation. The new Companies Act, 2013 and amended Listing Agreement have strengthened the governance regime in the country. The Company is in compliance with the governance requirements provided under the new law and had proactively adopted many provisions of the new law, ahead of time. The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by SEB1. Report on Corporate Governance is forming part of the Annual Report as Annexure "B".

A separate report on Corporate Governance is provided together with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Equity Listing Agreement with the Stock Exchange. A Certificate of the Chairman and MD of the Company in terms of sub-clause IX of Clause 49 of Equity Listing Agreement, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

EXTRACT OF THEANNUAL RETURN

Extract of Annual Return in Form No. MGT 9 is attached pursuant to Section 134(3) to the Companies Act 2013asAnnexure "C".

BOARD MEETINGS

The details of the number of Board and Committee meetings of the Company are set out in the Corporate Governance Report which forms part of this Report.

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2015, the applicable accounting standards read with requirements set out under Schedule 111 to the Act, have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2015 and of the profit of the Company for the year ended on that date;

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

d) 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

fj the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively

DISCLOSURE BY INDEPENDENT DIRECTORS

All Independent Directors have given declarations that they meet the criteria of independence as laid down under section 149[6) of the Companies Act, 2013 and Clause49 of the Listing Agreement.

DIRECTORS

Mr. Ajay Kasat (D1N-05269584) was appointed as an additional Director and in accordance with Section 196, 197 and 203 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Ajay Kasat (DIN: OS 269584) was thereafter also designated as a Managing Director of the Company w.e.f. Lath January, 2015 for The term of three years subject to the approval of Members at the ensuing Annual General Meeting Smt. Krishna Jajoo (DIN- 02590793) was appointed as Additional Director of the Company we.f 15ftJanuary, 2015 and is being proposed for appointment as non-Executive Director of the Company, liable to be retiring by rotation subject to the approval of members.

Mr. Arpit Bangur (DIN 02600716) retires by rotation at ensuing Annual General Meeting and being eligible, offer himself for reappoint.

8rief resume of Directors seeking appointment and re-appointment as stipulated under clause 49 of Listing Agreement, has been provided as Annexure to the Notice of AGM of the Company.

During the year under review, Mr. Beni Gopal Lahotl has resigned from the directorship of the Company we.f. 20.01.2015. The Board appreciates the services and the valuable support rendered by him during the tenure of his directorship.

KEY MANAGERIAL PERSONNEL

The Key Managerial Personnel (KMP) in the Company as per Section 203 of the Companies Act, 2013 are as follows:

Mr. AJAY KASAT: Managing Director(DIN: 05269584)

Mr. SACH1NSARM: Company Secretary CPAN:AXWPS3668P) with effect from June 1,2015.

POLICY DN DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHERDETAHS

The Remuneration Policy of the Company is designed to attract, motivate and retain manpower in a competitive and international market. The policy reflects the Company's objectives for good corporate governance as well as sustained long-term value creation for shareholders. The Remuneration Policy applies to the Company's senior management, including its Key Managerial Person and Board of Directors The Nomination and Remuneration Policy for the members of Board and Executive Managements available on the Company's website, www.raajmedisafeindia.com.

EVALUATION DFBOARD. COMMITTEES AND INDIVIDUAL DIRECTORS:

The Company has devised a Policy for performance evaluation of Independent and other Directors Board as a whole and committees thereof which include criteria for performance evaluation of the executive and non executive directors.

The Board of directors have formulated and adopted a policy on appointment / remuneration of directors including criteria for determining qualification, positive attributes, independence of the directors and other matters. This policy also covers the performance evaluation of all directors, Board, committees and Key Managerial Personnel. An exclusive meeting of the Independent Director of the Company has been held on 17th February, 2015 which was attended by all the Independent Directors. They have reviewed the performance of the non independent directors and the Board as a whole, performance of the Chairperson and quality of information to the Board as provided under Schedule IV of the Companies Act,2013.

The Policy for evaluation of performance of the Board of Directors is available on the Company's website www.raajmedisafeindia.com.

AUDITDRS AND AIIQ1TDRS' REPORT

M/s. Nitin Vasant Garud & Co., Chartered Accountants, Ujjain, who are the statutory auditors of the Company, hold office till the conclusion of the forthcoming AGM and being eligible have consented and offered them- selves for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed there under, it is proposed to appoint M/s. Nitin Vasant Garud & Co., Chartered Accountants, Ujjain as statutory auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of the thirty fifth AGM to be held in the year 2020, subject to ratification of their appointment at every AGM.

The Notes on financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark.

SECRETERIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel] Rules, 2014, the Company has appointed Mr. Manish Maheshwari, Practicing Company Secretary to conduct the Secretarial Audit of the Company. The Secretarial Audit Report is annexed here with to this Report and marked as Annexure "D".

Reply to the emphasis points in the Report is as under:

S. No. Emphasis Points Board's Reply

1. Company has not filed MGT 10 under Due to the uncertainty of calculation of 2% of Section 93 of Companies Act, 2013 the top 10 shareholders, we are not able to file during the financial year. the Form MGT 10. The Company was in process of filing MGTIO.

2. Company has not appointed Chief The Company has appointed Company Financial Officer and Company Secretary on Junel, 2015.

Secretary as per Section 203 of the As regards, appointment of CFO and Internal Companies Act, 2013. Auditor, The Board submits that the Company was closed down since 2010 and resumes its

3. Company has not appointed Internal production in the later part of December 2014. Auditor as per section 138 of the However the Company is in the process of Companies Act. 2013. appointment of CFO and Internal Auditor.

4. Company has not published Notice of Due to Non operation of the Company up to Board Meeting and Financial Results December 2014, Company has not published as per Clause 41 of the Listing Notice of Board Meeting and Financial Results Agreement with Stock Exchanges. as per Clause 41 of the Listing Agreement with Stock Exchanges.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

During the financial year 2014-15, the Company has entered into transactions with related parties as defined under Section 2(76) of the Companies Act, 2013 read with Companies (Specification of Definitions Details) Rules, 2014, which were in the ordinary course of business and on arms' length basis and in accordance with the provisions of the Companies Act, 2013, Rules issued there under and Clause 49 of the Listing Agreement. During the financial year 2014-15, there were no transactions with related parties which qualify as material transactions under the Listing Agreement and the Companies Act.

In line with the requirements of the Companies Act, 2013 and Equity Listing Agreement, the Company has formulated a Policy on Related Party Transactions which is also available on Company's website at www.raajmedisafeindia.com. The Policy intends to ensure that proper reporting; approval and disclosure process are in place for all transactions between the company and related parties , Therefore the Company Is not required to furnish any particulars in the Forum AOC -2

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARENTEES GIVEN AND SECURITIES PROVIDED

Pursuant to section 134 (3) (g) of the companies Act, 2013 particulars of loans, guarantees or investments provided by the company under section1B6 of the Act as at end of the Financial Year 2014-2015 are disclosed in the Notes to the Financial statement attached with the Board Report.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the company is as follows:

The company has one Managing Director and his remuneration Rs.50000 A per month w.e.f. 1st January2015.

Further, no sitting fees have been paid to any director during the year.

The particles of the employees who are covered by the provisions contained in Rukes 5 (2)and rule 5(3) of companies (Appointment and Remuneration of Manage ration of Managerial personnel) Rules, 2014 are:

a] Employed throughout the year Nil]

b] Employed for part of the year Nil The Remuneration paid to all key management personnel was in accordance with remuneration policy adopted by the company.

CONSERVATION OF ENERGY, TECNOLOGY ABSORPTION AND FORIEN EXCHANGE EARINGS AND OUTGO

Details of conversion of energy, technology absorption and foreign exchange earrings and outgo as stipulated under section 134 of the Companies [Accounts] Rules,2014 is forming part of this report Annexure "E".

Outing the year there were no foreign earnings as well as outgo.

RISK MANAGEMENT

In line with the regulatory requirements of Section l34[3] of Companies act, 2013, The company has framed a Risk Management Polity to identify and access the key business risk areas and to resolve the same risk for smooth operations. A detailed exercise is being carried out reso1ve the Same risk for and monitor all business risk sand suggests steps to taken to controlee and mitigate the same through a properly defined frame work.

INTERNAL FINANCIAL CONTROL According to section 134 [5] [e] of the companies Act, 2013 the term internal financial controlee [IFC] means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to companies' policies the safe guarding of its Assets, the preventing and detection of frauds and error the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The company has Adequate system of internal controls to ensure that all the assets are safeguarded and are productive. Necessary checks and controls are in place to ensure that transactions are properly verified, adequately authorized, correctly recorded and properly reported.

SUBSIDIARIES. JOINT VENTURES AND ASSOCIATES COMPANIES

During the year under review, pursuant to the provisions of section 2(6), 2(87) the Company has no Subsidiaries, joint venture and any associate Company.

INDUSTRIAL RELATIONS

Relation between the Management and its employees has been cordial. Your Directors place on record their appreciation of the efficient and loyal services rendered by the employees of the Company at all levels.

ACKNOWLEDGEMENT

The Directors wish to convey their appreciation for the co-operation extended by bankers and various Government agencies. The Directors also wish to thank the Shareholders, Employees, Customers and Suppliers for their support and co-operation.

By order of the Board.

FOR RAAJ MEDISAFE INDIA LIMITED

Place: Pithampur

Sd/- Sd/-

Date : August 12, 201S AJAY KASAT ARPIT BANGUR

MANAGING DIRECTOR CHAIRMAN

DIN:05269SB4 DIN:02600716


Mar 31, 2014

Dear Members,

Directors are pleased to submit their 29th Annual Report on the business and operations of the Company along with audited Balance Sheet & Profit and Loss Account for the year ended 31st March, 2014,

FINANCIAL RESULTS

Financial results of the company for the year under review along with figures for previous year are as follows:

(Rs in Lacs)

For the year For the year Particulars ended ended 31.03.2014 31.03.2013

Sales and Other Income 6.17 0,00

Operating Profit/(Loss) before Interest, Depreciation, and Tax (17,02) (3.30)

Less; Interest 4.77 1.19

Profit/(Loss) before Depreciation (22.79) (4.49)

Depreciation 19.18 19.17

Profits Loss) before exceptional and extraordinary items and tax (40.97) (23.66)

Less: Extra Ordinary Expenses 6.53 18.25

Profit/(Loss) before Tax (47.55) (41.92)

Tax 0.00 0.00

Net Profit/(Loss) after Tax (17.55) (41.92)

Which has been carried to Balance Sheet

DIVINDEND

In view of losses, the directors regret their inability to recommend any dividend on Equity shares for the year ended 31st March 2014.

SHARE CAPITAL & LISTING

Your Directors are pleased to announce that your Company has obtained trading approval of Equity shares of the Company at the Stock Exchange, Mumbai.

The company has obtained connectivity with National Depository Services Limited (NSDL.) to provide facilities to all members, investors and shareholders and to hold the shares in dematerialised form.

DIRECTORS

In accordance with Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Shri Arpit Bangurwill retire by rotation at the ensuing Annual General Meeting and is eligible for re-appointment.

Pursuant to Section 149 of the Companies Act, 2013, the Board at its matting field on 29th May 2014, recommended appaintment of Mr. Rajesh Kumar Gupta, Vijendra Kumar Sood and Mr. Narendra Bahadur Singh as independent Directors of the Company, not liable to retire by rotation for a period of five years from the 29th Annual General Meeting subject to approval of the Members of the Company.

The Company has received declarations from all the independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub section(6) of Section 149 or the Ad as well as under clause 49 of the Listing Agreement with the Stock Exchanges.

PUBLIC DEPOSITS

During the year, the Company has not accepted any public deposits within the meaning of Section 58 A of the Companies Act, 1956 and the rules made there under.

AUDITORS

M/s. Nitin Vasant Gacud & Co., Chartered Accountants, Ujjain, Statutory Auditors of the Company, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Company has received letter from them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g)ofthe Companies Act, 2013 and that they are not disqualified for re-appointment.

The Audit Committee and the Board of Directors recommended the re-appointment of M/s. Nitin Vasant Garud & Co., Chartered Accountants, Ujjain as the Auditors of the Company for the fiscal year ending on March 31,2015.

AUDITORS' REPORT

The Board has duly reviewed the Statutory Auditors' Report on the Accounts. The observations appearing in the Auditors' Report, does not call for any further explanation/clarification by the Board of Directors.

DECLARATION PURSUANT TO SECTION 217(3AA)

In pursuant to Provision contained in Section 217(2AA) of the Companies act, 1956, Directors of the Company Confirm That.

I. In the preparation of the annual acoounts, applicable accounting standards have been followed.

II. Accounting Policies selected were applied consistently. Reasonable and Prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at 31 st March 2014 and profit & loss account of the Company for the year ended on that date.

III . Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of Companies act, 1956 for, safeguarding the assets of the Company and for preventing and detecting frauds of the Company and other irregularities.

IV. Annual accounts of the Company have been prepared on Going Concern basis,

CORPORATE GOVERANCE

Your Company is committed to follow the guidelines of SEBl and Stock exchanges from time to time. Your Company implemented all of its major stipulation as applicable to foe Company. The Statutory Auditors' certificate in accordance with clause 49 of Listing agreement and report on Corporate Governance is annexed to and forming part of the Directors Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Management discussion and Analysis Report have been attached and forms part foe Directors' Report.

PARTICULARS OF EMPLOYEES

There were no employees during foe current year drawing the remuneration more than foe limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies(Particulars of Employees)Rules, 1975.

INSURANCE

The Buildings, Plant & Machinery, Stocks, Stores and Spares of the Company are adequately insured against various risks including machinery break down.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The details required under section 217 (1) (e) of The Companies Act, 1956 are given in the Annexure and forms part of this report.

ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for the continued co-operation and support given to foe Company by its Customers, Shareholders, Bankers, and Central & State Governments including all those associated with foe Company.

For & On Behalf of the Board of Directors

Sd/- ARPIT BANGUR Place : Pithampur CHAIRMAN Date : 29th May 2014


Mar 31, 2012

The Directors are pleased to submit their 27th Annual Report on the business and operations of the Company along with audited Balance Sheets & Profit and Loss Account for the year ended 31st March, 2012.

FINANCIAL RESULTS

Financial results of the company for the year under review along with figures for previous year are as follows:

(Rs. in Lacs)

For the For the year year ended ended Particulars 31.03.2012 31.03.2011

Sales and Other Income 4.43 3.69

Operating Profit before Interest, Depreciation and Tax (156.61) (22.83)

Less : Interest 13.37 0.09

Profit before Depreciation (169.98) (22.92)

Depreciation 20.61 21.51

Profit before tax (190.59) (44.43)

Net Profit After Tax (190.59) (44.43)

Add. Balance brought forward (436.47) (392.04)

Balance carried to Balance Sheet (627.06) (436.47)

DIVIDEND

The Board of Directors decided not to recommend any dividend on Equity shares for the year ended 31st March 2012.

DIRECTORS

In accordance with Section 256 of the Companies Act, 1956 and the Articles of Association of the Company, Shri R.K. Jain and Shri Himanshu Sharma will retire by rotation at the ensuing Annual General Meeting and are eligible for re-appointment.

Sarvashri Braham Swaroop Jajoo, Rajesh Kumar Gupta, Vijendra Kumar Sood and Narendra Bahadur Singh were appointed as Additional Directors of the Company on 8th September, 2011 and their term of office expires on the date of ensuing Annual General Meeting. The Company has received notices under Section 257 of the Companies Act, 1956 from the shareholders for the appointment of the aforesaid Directors. The Board recommends their appointment as Directors of the Company.

PUBLIC DEPOSITS

During the year, the Company has not accepted any public deposits within the meaning of Section 58 A of the Companies Act, 1956 and the rules made there under.

AUDITOR AND THEIR REPORT

Comments of the auditors in their report for the period ended 31st March, 2012, are self explanatory and need no comments.

M/s Nitin Vasant Garud & Co., Chartered Accountants, Ujjain, will retire at the conclusion of ensuing Annual General Meeting. The Board proposed their re-appointment as Statutory Auditor to audit the accounts of the Company for the year 2012-13. You are requested to consider their re-appointment.

DECLARATION PURSUANT TO 217(2AA)

In pursuant to Provision contained in Section 217(2AA) of the Companies act, 1956, Directors of the Company Confirm That:

I. In the preparation of the annual accounts, applicable accounting standards have been followed.

II. Accounting Policies selected were applied consistently. Reasonable and Prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at 31st March 2012 and profit & loss account of the Company for the year ended on that date.

III. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of Companies act, 1956 for safeguarding the assets of the Company and for preventing and detecting frauds of the Company and other irregularities.

IV. Annual accounts of the Company have been prepared on Going Concern basis.

CORPORATE GOVERNANCE

Your Company is committed to follow the guidelines of SEBI and Stock exchanges form time to time Your Company implemented all of its major stipulation as applicable to the Company. The Statutory Auditor''s certificate in accordance with clause 49 of Listing agreement and report on Corporate Governance is annexed to and forming part of the Directors Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Management discussion and Analysis Report have been attached and forms part the Directors Report.

PARTICULARS OF EMPLOYEES

There were no employees during the current year drawing the remuneration more than the limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

INSURANCE

The Buildings, Plant & Machinery, Stocks, Stores and Spares of the Company are adequately insured against various risks including machinery break down.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The details required under section 217 (1) (e) of The Companies Act, 1956 are given in the Annexure and forms part of this report.

ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for the continued co- operation and support given to the Company by its Customers, Shareholders, Bankers, and Central & State Governments including all those associated with the Company.

For & On Behalf of the Board of Directors

Sd/-

Place : Indore RAJESH KUMAR GUPTA

Date : 21st July 2012 (CHAIRMAN)


Mar 31, 2009

The Directors have pleasure in presenting the 24th Annual Report together with Audited Statement of Accounts of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS

(Rs. in lacs) As at As at 31.3. 2009 31.3.2008

Sales and Other Income 635.30 410.21

Operating Profit before Interest, Depreciation and Tax 48.85 21.27

Less Interest 17.51 25.02

Profit before Depreciation 31.34 (3.75)

Depreciation 22.66 23.12

Profit before tax 8.68 (26.87)

Profit after tax 7.64 (26.87)

Add. Balance brought forward (329.74) (302.87)

Balance carried to Balance Sheet (322.10) (329.74)

OPERATIONS

Post the recent economic meltdown and as the markets are reviving again, the companys operations are also following an upward trend. Turnover and operations of the Company have increased to Rs. 635.30 Lacs as compared to Rs. 410.21 Lacs. This has resulted in an increased profit before interest, Depreciation and Taxes of Rs. 48.85 Lacs as compared to 21.27 Lacs in the previous year. The positive are clue to a shift of the companys activities from being purely manufacturing based to more trading activities.

DIRECTORS

Director Shri Manoj Dhandia and Shri S. Rakyan retire by rotation and being eligible offer themselves for re- appointment.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors state as under :

(i) that in the preparation of the Annual Accounts, the applicable standards have been followed and there has been no material departure ;

(ii) that the Directors have made every effort to keep the operations going inspite of volatile and depressive economic scenario and market.

(iii) that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Loss of the Company for that period;

(iv) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding fraud and other irregularities to the best of their knowledge and ability;

(v) that the Directors have prepared the Annual Accounts on a going concern basis.

AUDITORS AND AUDITORS REPORT

M/s Dharmesh & Co Chartered Accountants retire at the conclusion of the ensuing Annual General Meeting. now M/s N. Parik & Associates Chartered Accountants Indore They have signified their willingness to accept appointment and have further confirmed their eligibility under section 224 (1-B) of the Companies Act, 1956

Observations made in the Auditors Report are self-explanatory and are suitably explained in the notes on Accounts.

PUBLIC DEPOSITS

During the year, the Company has not accepted any public deposits within the meaning of Section 58 A of the Companies Act, 1956 and the rules made thereunder.

INSURANCE

The Buildings, Plant & Machinery, Stocks, Stores and Spares of the Company are adequately insured against various risks including machinery break down.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO the details required under section 217 (1) (e) of The Companies Act, 1956 are given in the Annexure and forms part of this report.

HUMAN RESOURCES

Your Directors wish to place on record that their sense of appreciation towards the employees of the company for their devoted services and sustained efforts in keeping the operations going and maintaining the best of efficiency and giving their best, for optimum output of production even though the operations been faced various adverse marketing factors and erratic supplies of raw materials due to external factors.

ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for the continued co-operation and support given to the Company by its Customers, Shareholders, Bankers, Central & State Governments including all those associated with the Company.

For and on behalf of Board of Directors

Sd/- Place : Pithampur M. C. DHANDIA Date : 14th August, 2009 (CHAIRMAN)

 
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