Mar 31, 2015
Dear Members,
The Directors have the pleasure in presenting the 28th Annual Report
of the Company together with the Audited Accounts for the year ended
31st March, 2015.
FINANCIAL RESULTS
Amount (Rs. In Lacs)
Particulars 2014-2015 2013-2014
Operating and other income 887.24 1119.74
Profit/(Loss) before Depreciation 229.04 250.49
Less: Depreciation 28.00 21.29
Profit/(Loss) for the year before Tax 201.04 229.20
Less: Provision for taxation - (21.50)
Profit/(Loss) after Tax 201.04 207.70
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year under review your company's operating and other income
was of Rs. 887.24 lacs (previous year Rs. 1119.74). The company has
earned a profit of Rs. 201.04 lacs (Previous year profit of Rs 207.70)
during the period under review.
INFORMATION ON STATE OF COMPANY'S AFFAIR
The Company has started its journey in the year 1987 with
manufacturing, cultivating, buying, selling, procuring or dealing in
agricultural products. The Company has diversified its business in due
course of time and entered in the real estate business, and presently
Company is mainly engaged in real estate activities.
DIVIDEND
In the absence of adequate profits during the year under review your
directors do not recommended any dividend to the share holders.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND
Since there was no Dividend declared and paid last year, the provisions
of Section 125 of the Companies Act, 2013 does not apply.
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES
ACT, 2013
Profit of current year has been transfered to the Reserves & Surplus
CHANGES IN SHARE CAPITAL
There is no change in the Share capital of the company during the
Financial Year 2014-15.
PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF
THE COMPANIES ACT, 2013
The Company has given loans or guarantees covered under Section 186 of
the Companies Act, 2013. The details of the loans & advances given by
Company are annexed in "Annexure I".
AUDITORS
I) Statutory Auditors
At the Annual General Meeting held on 25th September, 2014, M/s S.M.
Mathur & Co., Chartered Accountants, New Delhi were appointed as
Statutory Auditors of the Company to hold the office till the conclusion
32nd AGM of the company in terms of provisions of section 139 of the
Companies Act, 2013. The Appointment of Statutory Auditors shall be
placed for ratification at every general meeting. Accordingly, the
appointment of M/s S.M. Mathur & Co., as Statutory Auditor is placed for
ratifications by the members.
ii) Secretarial Auditors
M/s.B.K Gupta & Associates, Company Secretaries, Ludhiana has been
appointed as Secretarial Auditors of the company by board to conduct
the secretarial audit for the financial year 2014-15.
iii) Internal Auditor
M/s Ashok S hashi & Co. Chartered Accountant, has been appointed as an
Internal Auditor of the company under section 138 of Companies Act,
2013 to conduct internal audit of functions and activities of the
company.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Pursuant to Section 197(12) of the Act, read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, every listed company required to disclose information related to
remuneration paid during the year. The detailed information in this
regard is annexed to this report as "Annexure II".
RELATED PARTY TRANSACTIONS
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. The Board of Directors
of the Company have Adopted related Party transaction policy and same is
available on following link http://riteshindustries.us/related-
partv-transaction-policv.pdf.
Further all the necessary details of transaction entered with the
related parties as defined under Section 188 of the Companies Act, as
defined under Section 2 (76) of the said Act are attached herewith in
form No.AOC-2 for your kind perusal and information as "Annexure III".
DETAILS AND INFORMATION AS REQUIRED UNDER SECTION 134(3) (v) OF THE
COMPANIES, ACT 2013
No material changes and commitments have taken place between the end of
the financial year of the Company to which balance sheet relates and
date of report, which affects the financial position of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS ANDOUTGO
The information pertaining to conservation of energy, technology
absorption and Foreign Exchange Earnings and Outgo as required under
Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is annexed to this report as
"Annexure IV".
EXTRACT OF ANNUAL RETURN IN FORM MGT-9 AS PER THE REQUIREMENT OF
SECTION 92(3), SECTION 134(3)(a) AND RULE 11 OF THE COMPANIES
(MANAGEMENT AND ADM- INISTRATION) RULES, 2014 In compliance with the
above said provisions the extract of the Annual Return have been
annexed with the Board's report in form MGT-9 as Annexure-V.
DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL
1. In accordance with provisions of Articles of Association of the
Company, Mr. Sanjeev Arora, Chairman-cum- Managing Director of your
Company, retires by rotation at the conclusion of the forthcoming Annual
General Meeting and being eligible, offers himself for re- appointment.
The Board of Directors recommended his appointment for consideration of
the members at the forthcoming Annual General Meeting.
2. Since the tenure of appointment of Mr. Roop Kishore Fathepuriya
expires on 31.08.2015, the Board recommends his re-appointment
w.e.f.01.09.2015 for a further term of five years.
3. Since the tenure of appointment of Mr. Sanjeev Arora expires on
31.03.2016, the Board recommends his re- appointment w.e.f.01.04.2016
for a further term of five years.
DECLARATION OF INDEPENDENCE BY INDEPEN- DENT DIRECTORS UNDER SECTION
149(6) OF THE COMPANIES ACT, 2013
Presently the Company have three Independent Directors namely Sh.
Surendar Kumar Sood, Sh. Gurpreet Singh Brar & Ms. Shweta Sehgal who
have given declaration that they meet the eligible criteria of
independence as provided in sub-section (6) of the Companies Act, 2013.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weaknesses in the design or operation
were observed.
NUMBER OF MEETINGS
During the Financial year 2014-2015 under review, 8 meetings of Board
of Directors and 4 Meetings of Audit Committee of the Company were
held. Detailed information about the meetings is given in corporate
governance report which forms the part of Annual Report.
RISK MANAGEMENT POLICY
The Board of Directors of your Company in its meeting held on
14.11.2014 adopted the Risks Management Policy. The policy establishes
the process for the management of risk faced by Ritesh Properties and
Industries Limited. The aim of risk management is to maximize
opportunities in all activities and to minimize adversity. This policy
applies to all activities and processes associated with the normal
operations of Ritesh Properties and Industries Limited.
The purpose of the Committee is to assist the Board of Directors in
fulfilling its responsibilities with regard to enterprise risk
management. Further, the Committee strives to assist the Board in
framing, implementing and monitoring the risk management plan for the
Company and reviewing and guiding the risk policy.The Board of Directors
of the Company have Adopted Risk Management Policy and same is available
on following link http://riteshindustries.us/risk-management-Policv.pdf.
EVALUATION BY BOARD OF ITS OWN PERFOR- MANCE, ITS COMMITTEE AND
INDIVIDUAL DIRECTORS WITH REFERENCE TO SECTION 134 (3) (p) OF THE
COMPANIES ACT, 2013 AND RULE 8(4) OF THE COMPANIES (ACCOUNTS) RULES 2014
AND CLAUSE 49 OF IV(B) OF THE LISTING AGREEMENT Pursuant to the above
said provisions of the Companies Act, 2013, Rules thereof and Clause 49
of the Listing Agreement, the Board has carried out an evaluation of its
own performance, directors individually as well as the evaluation of the
Committees as per the Criteria laid down in the Nomination Remuneration
Evaluation policy. Further the Independent directors have also reviewed
the performance of the Non-Independent Directors and Board as a whole
including reviewing the performance of the Chairperson of the Company
taken into account the views of the Executive Directors and Non
Executive Directors vide there separate meeting held on 31.03.2015 at
the Registered office of the Company.
DISCLOSURE ON THE NOMINATION AND REMUNERATION POLICY OF THE COMPANY
PURSUANT TO SECTION 134(3) (e) AND SECTION 178(3)
The Board of Directors of your Company in its meeting held on
14/11/2014 reconstituted Nomination & Remuneration Committee with the
requisite terms of the reference as required under Section 178 of the
Companies Act, 2013 and other applicable provisions thereof in place of
existing Remuneration Committee. The said Committee framed, adopted and
recommended "Nomination & Remuneration Evaluation Policy" vide its
committee meeting dated 14/11/2014. The said policy is attached with
the Board Report as per " Annexure VI"
AUDIT COMMITTEE
Audit Committee of the company is reconstituted on 14th November, 2014
with the objectives to monitor, supervise and effective management of
company's finance, to ensure effective internal financial controls and
risk management systems with high level of transparency and accuracy.
The Audit Committee comprised of Sh. Surendar Kumar Sood (Chairman),
Sh. Roop Kishore Fathepuriya (Member), Sh. Gurpreet Singh Brar(Member).
The composition of the Audit Committee consists of independent
Directors viz., Sh. Surendar Kumar Sood and Sh. Gurpreet Singh Brar
who form the majority. The Committee met four times during the year,
the details of which are given in the Corporate Governance Report that
forms part of this Annual Report.
DISCLOSURE IN RELATION TO VIGIL MECHANISM
The Board of Directors of the Company in its meeting held on 14/11/2014
adopted the Vigil Mechanism Policy in compliance of Companies Act, 2013.
The Policy is formulated to provide opportunity to employees and
directors to report to management concerns about unethical behavior,
actual or suspended fraud or violation of the Code of conduct or policy.
The mechanism provides for adequate safeguards against victimisation of
employees and directors who express their concerns and also provides for
direct access to Chairman/ Chairman of Audit Committee in exceptional
cases. The policy is applicable to all employee and directors of the
Company.
The policy on Vigil Mechanism and Whistle Blower Policy as approved by
the Board may be accessed on the Company's website at the link:
http://www. http://riteshindustries.us/Whistle-Blower-Policy.pdf
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement, the report on Corporate
Governance together with Auditor's Certificate on compliance with this
regard and Managing Director's declaration in this regarding compliance
of code of conduct by Board Members and Senior Management Personnel is
attached and forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT Management Discussion and
Analysis Report as required under the Listing Agreements with the Stock
Exchange is annexed and forms part of this Annual Report.
SECRETARIAL AUDIT REPORT
Secretarial Audit Report in format MR-3 by M/s. B.K Gupta & Associates,
Company Secretaries, Ludhiana, Secretarial Auditors is annexed with the
Board Report as "Annexure VII".
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
As on 31st March, 2015 the Company have two Subsidiaries:-
I) Femella Fashions Limited ii) Catalina Bay USA INC.
The Company has prepared Consolidated Financial Statement in strict
compliance with applicable accounting standards and listing
agreement(s) executed with the Stock Exchange where the Shares of the
Company are listed. In Compliance with the Clause 32 of the Listing
Agreement, audited consolidated financial statements form part of this
report.
The accounts of the Subsidiary Companies and the related detailed
information will be made available to any shareholder of the Holding as
well as the Subsidiary Companies seeking such information at any point
of time and are also available for inspection by the members of the
Company as well as Subsidiary Companies at the registered office of the
Company and subsidiaries concerned.
The management of the Company has decided to sell off its entire
holding of Femella Fashions Limited & Catalina Bay USA to the Directors
and their relatives on 22nd April.2015, Consequently as on date the
Company does not have any Subsidiary Companies.
Further, the information regarding subsidiary/associate companies is
provided in AOC-1 annexed herewith as "Annexure-VIII".
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that:-
(a) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) They had 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 and loss
of the company for that period;
(c) They had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;
(d) They had prepared the annual accounts on a going concern basis; and
(e) They had laid down internal financial controls to be followed by
the company and that such internal financial controls are adequate and
were operating effectively.
(f) They had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
STATUTORY AUDITOR'S REPORT
There are no qualifications in the Statutory Auditor's Report.
DETAILS OF THE STOCK EXCHANGES WHERE THE SHARE ARE LISTED
The Company's Equity Shares are presently listed at the following Stock
Exchange:
I) Bombay Stock Exchange Limited (BSE)
The Company has paid Annual Listing Fee to Bombay Stock Exchange
Limited (BSE).
GENERAL DISCLOSURE
Your Director state that No Disclosure or reporting is required in
respect of the following items as there were no transaction on these
items during the year under Review
1. Details relating to Deposits covered under Chapter V of the Act
2. Issue of Equity Shares with Differential right, as to dividend,
voting or otherwise
3. Issue of shares with including sweat equity shares to employees of
the company under any scheme
4. No significant or Material order were passed by the regulators or
courts or tribunal which impact the going concern states and company's
operation in future, your director further state that during the year
under review, there were no case filed pursuant to sexual harassment of
women at workplace (prevention, prohibition and Redressal) Act, 2013.
ACKNOWLEDMENT
Your Directors wish to express their grateful appreciation for the
valuable support and co-operation received from sub- brokers, business
associates, vendors, bankers, financial institutions, investors,
stakeholders, registrar and share transfer agent, other business
affiliates and media.
The Board places on record its sincere appreciation towards the
Company's valued customers for the support and confidence reposed by
them in the organization and the stakeholders for their continued
co-operation and support to the company and look forward to the
continuance of this supportive relationship in future.
Your Directors also places on record their deep sense of appreciation
for the devoted services of the employees during the period under
review.
For and on Behalf of the Board
For Ritesh Properties and Industries Limited
sd/-
Place : New Delhi (Sanjeev Arora)
Date: 14.08.2015 Chairman-cum-Managing Director
DIN:00077748
1108/1, Tagore Nagar, Civil Lines
Ludhiana- 141001
Mar 31, 2010
The Directors have pleasure in presenting the Twenty Third Annual
Report together with the Audited Accounts of the Company for the year
ended 31st March, 2010.
FINANCIAL RESULTS
Particulars Amount (Rs. In Lacs)
2009-2010 2008-2009
Operating income 245.91 98.39
Profit/(Loss) before
Depreciation 40.99 (235.48)
Less: Depreciation 29.35 39.22
Profit/(Loss) for the
year before Tax 11.64 (274.70)
Provision for taxation
Provision for fringe
benefit tax - 10.12
Profit/(Loss) after Tax 11.64 (284.82)
OPERATIONAL REVIEW
During the year under review your companys operating income was of Rs.
245.91 lacs. The company has earned a profit of Rs. 11.64 lacs as
compared to loss of Rs. 284.42 lacs during the previous year.
SUBSIDIARIES
The company has following subsidiary companies the details which are
given below.
Femella Fashions Private Limited, a wholly owned subsidiary was
incorporated on 29th day of June, 2007 to Venture into Retailing of
garments & accessories. The companys operating income was Rs. 91.81
lacs during the year under review.
Catalina Bay USA INC The Company holds during the year under review 100
% shareholding in Catalina Bay USA Inc., a company established in USA
in the business of garments. This will help the company in establishing
its brands in USA Catalina Bay USA Inc. is marketing company in USA
situated in Virignia on the outskirts of Washington DC. Catalina Bay is
a distributor of companys products in USA as per customer
requirements. It has network all over USA through Distributor network.
A statement under Section 212 of the Companies Act, 1956, relating to
the subsidiaries of the company viz; Femella Fashions Private Limited
and Catalina Bay USA Inc. is enclosed herewith together with Annual
Reports of the respective Companies.
DIRECTORS
Sh. Rajiv Arora, Director of the Company who retires by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
Sh. Roop Kishore Fatehpuria, Director of the Company has been
re-designated as Executive Director by the Board in their meeting held
on 31.08.2010 subject to the approval of shareholders.
DIVIDEND
In the absence of adequate profits during the year under review your
directors do not recommended any dividend to the shareholders.
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
M/s Bhushan Aggarwal & Co., Chartered Accountants, Ludhiana Statutory
Auditors of the Company, hold office until the conclusion of ensuing
Annual General Meeting. Pursuant to a Special Notice received from a
shareholder, the Audit Committee and the Board recommend the
appointment of M/s S.M. Mathur & Co. Chartered Accountants, New Delhi
as statutory auditors of the Company in place of M/s Bhushan Aggarwal &
Co., Chartered Accountants, Ludhiana.
As regards Auditor1 observation on tax (Fringe Benefit) payable of Rs.
18.71 Lacs will be deposited by the company after assessing by the
Income Tax authorities and other observation are self explanatory and
therefore do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 the Directors confirm:
i. That in preparation of the annual accounts, the applicable
accounting standards had been
followed along with proper explanation relating to material departures.
ii. That the Directors had 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 31sl March, 2010 and other Statements
of Accounts of the Company for the year ended 31 st March, 2010.
iii. That 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 in safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv. That the Directors had prepared the annual accounts on a going
concern basis.
AUDIT COMMITTEE
The composition of the Audit committee as on 31st March 2010 is as
under.
Sh. PranArora
- Sh. Surinder K.Sood Sh. Rajiv Arora
REMUNERATION COMMITTEE
The composition of the Remuneration committee as on 31sl March 2010 is
as under.
- Sh. Surinder K. Sood Sh. PranArora
Sh. Rajiv Arora
PAYMENT OF LISTING FEE
The company has paid listing fees to the Bombay Stock Exchange. Further
the Company has filed delisting application with Delhi Stock Exchange.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
ANDOUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of
Board of Directors) Rules, 1988 are given in the Annexure forming part
of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Mangement Disscussion and Analysis Report as per Clause 49 of the
listing agreement are given in the Annexure forming part of this
Report.
CORPORATE GOVERNANCE REPORT
Corporate Governance Report as per Clause 49 of the listing agreement
are given in the Annexure forming part of this Report.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Financial Institutions, Banks, Government
Agencies, Suppliers and other organization in the working of the
Company.
For and On behalf of the Board
For Ritesh Properties and Industries Limited
Place : Ludhiana sd/-
Dated : 31.08.2010 (Pran Arora)
Chairman
Mar 31, 2009
The Directors have pleasure in presenting the Twenty Second Annual
Report together with the Audited Accounts of the Company for the year
ended 31st March, 2009.
FINANCIAL RESULTS
Particulars Amount (Rs. In Lacs)
2008-2009 2007-2008
(Revised) (Revised)
Operating income 98.39 231.36
Profit/(Loss) before
Depreciation 235.48 381.80
Less: Depreciation 39.22 32.29
Profit/(Loss) for the
year before Tax (274.70) (414.09)
Provision for taxation
Provision for fringe
benefit tax 10.12 8.60
Profit/(Loss) after Tax (284.82) (422.69)
OPERATIONAL REVIEW
During the year under review your companys operating income was of Rs.
98.39 lacs. The company has incurred a loss of Rs. 284.82 lacs as
compared to Rs. 422.69 lacs during the previous year.
SUBSIDIARIES
The company has following subsidiary companies the details of which is
given below:
Femella Fashions Private Limited, a wholly owned subsidiary was
incorporated on 29th day of June, 2007 to Venture into Retailing of
garments & accessories. The companys operating income was Rs. 108.73
lacs, during the year under review.
Catalina Bay USA INC The Company holds during the year under review 100
% shareholding in Catalina Bay USA Inc., a company established in USA
in the business of garments. This will help the company in establishing
its brands in USA Catalina Bay USA Inc. is marketing company in USA
situated in Virignia on the outskirts of Washington DC. Catalina Bay
will be a distributor of companys products in USA as per customer
requirements, It has network all over USA through Distributor network.
The company recorded a sales volume of $ 36,226.42 during the year
under review.
A statement under Section 212 of the Companies Act, 1956, relating to
the subsidiaries of the company viz; Femella Fashions Private Limited
and Catalina Bay USA is enclosed herewith together with Annual Reports
of the respective Companies.
DIRECTORS
Sh. Pran Arora, Director of the Company who retires by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
Sh. Ashish Aggarwal resigned from the directorship of the Company
w.e.f. 10th January, 2009. The Board places on record its appreciation
for the services rendered by him during his tenure as Director of the
Company.
PUBLIC DEPOSITS
The Company has not accepted any deposits during the year under review.
AUDITORS
The auditor, M/s Bhushan Aggarwal & Co., Chartered Accountants,
Ludhiana, retire at the conclusion of this Annual General Meeting and
being eligible, offer themselves for reappointment. They have furnished
a certificate to the effect that the re-appointment if made shall be in
accordance with Section 224(1 B) of the Companies Act, 1956. As regards
Auditors observation, the relevant notes on the accounts are self-
explanatory and therefore do not call for any further comments.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 the Directors confirm:
i. That in preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
ii. That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2009 and other Statements
of Accounts of the Company for the year ended 31st March, 2009.
iii. That 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 in safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv. That the Directors had prepared the annual accounts on a going
concern basis.
COMPOSITION OF AUDIT COMMITTEE
The composition of the Audit committee as on 31st March 2009 is as
under.
- Sh.SurinderK.Sood
Sh. PranArora
Sh. Rajiv Arora
PAYMENT OF LISTING FEE
The company has been voluntairly delisted from Ludhiana Stock Exchange
Association Limited & Kolkatta Stock Exchange Association Limited
during the financial year under review and in the process of de-listing
with Delhi Stock Exchange. There are no dues pending with Delhi Stock
Exchange. The listing fees of The Stock Exchange, Mumbai has been duly
paid.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
ANDOUTGO
Information as per Section 217(1) (e), read with Companies (Disclosure
of Particulars in the report of Board of Directors) Rules, 1988 are
given in the Annexure forming part of this Report.
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956
There was no employee who falls under Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) (Amendment)
Rules, 2002.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude, the continuing co-operation
and assistance rendered by Financial Institutions, Banks, Government
Agencies, Suppliers and other organization in the working of the
Company.
For And On behalf of the Board
For Ritesh Properties and Industries
Limited
Place : Ludhiana sd/-
Dated : 31st October, 2009 (Pran Arora)
Chairman