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Directors Report of Siddhartha Tubes Ltd.

Mar 31, 2015

The Directors take great pleasure in presenting the 30th Annual Report of your company together with audited accounts for the year ended 31st March, 2015.

Financial Highlights (Rs. in Lacs)

2014-2015 2013-2014

Net Sales/Income from operation 8818.51 19908.08

Other Income 35.55 249.64

Total Income 8854.05 20157.72

Total Expenditure 10255.42 20531.31

Profit/Loss before Interest & Depreciation (1401.36) (373.59)

Less: (a) Interest 42.13 114.90

(b) Depreciation 260.78 939.67

Exceptional & Extraordinary Items 596.33 1768.70

Profit /(Loss) before Tax (1107.94) 340.55 Provision for taxation

Profit / (Loss) after Tax (1107.94) 340.55

DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

PERFORMANCE OF THE COMPANY

The year under review has been one of the most difficult year for Your Company. Operating levels at all the production lines declined substantially and recorded low capacity utilizations. Tubes 7.8% (29.32) and CR Coils18.9% (27.18%), while the GP/GC Line remained inoperative in FY15 also. Gross revenues of the Company have hence declined to Rs.88.54 Crore (Rs.201.58 Crore) and the Company has suffered an Operating Loss (LBDIT) of Rs.14.00 Crore (Rs.3.74 Crore).

As the GP/GC line remained closed during the year, your Company has provided depreciation on these assets @10% of the stipulated rates under the Act. A corresponding write back of depreciation has been made (under Exceptional & Extraordinary Items) for FY14 also for similar reasons. Besides, the provisions of Companies Act 2013 have also been applied, and all these factors have resulted in a lower Depreciation Provision for the year at Rs.2.61 Crore (Rs.9.40 Crore). The Net Loss (before extraordinary items) stands at Rs.17.03 Crore (Rs.14.28 Crore), which after accounting for extraordinary items stand reduced to Rs.11.07 Crore (Profit Rs.3.41 Crore).

Market Opportunities

Amidst Global glut, steel imports into the Country have jumped by over 73% in the last fiscal and have continued to register increasing imports in the current year also. The local Steel Industry is therefore being forced to reduce prices continuously, month after month, to remain competitive, and have also been strongly lobbying with the Steel Ministry for imposing higher import duties to help them compete with the overseas rivals. In fact, benchmark CIS and China HRC export prices are stated have touched new 10 year lows in July 2015, and there is a clear advantage of about of Rs.2000/ - pmt over the domestic prices. Prices of domestically produced steel are therefore under tremendous pressure. The market conditions for your Company also are hence expected to remain tough throughout whole of FY16. Besides, Investors and Lenders are also expected to remain wary of making further/new investments and the liquidity of your Company is likely to remain under strain in FY16 too.

Your Company is hence looking at low operations during the year, and awaits tie up for some strategic alliance with an Investor/Lender for upping its scale of operations.

PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

As members are aware, your Company has since FY09, concluded 'Negotiated Settlement of Dues' with most of its lenders, as a result of which only two lenders now remain outstanding in the Company's Books. The Company is exploring various options for settlement of the remaining dues also, and in the meanwhile have put on hold further investments into its incomplete 6 Hi CR Mill. In view of the liquidity crunch, your Company has also suspended operations at one if its production line- CGL- for over two years now.

FIXED DEPOSITS

The Company has not accepted any public deposits during the year under review.

Personnel

The Industrial Relations scenario continued to be cordial. The Company regards its employees as a great asset and accords high priority to training and development of employees.

The information required pursuant to Section 197 of the Companies Act, 2013 ("the Act") read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing AGM.

BOARD OF DIRECTORS

In accordance with the provisions of Section 152 of the Companies Act, 2013 and in terms of the Articles of Associations of the Company, Ms. Babita Rathore, Director (Din No: 06871372), retires by rotation at the ensuring Annual General Meeting and being eligible, offers herself for re-appointment.

Mr. Kiran O. Mehta (Din No: 00028884) has resigned from the Board of the Company w.e.f 26/12/2014.

Your Director place on record their deep appreciation for the valuable services rendered by Mr. Kiran O. Mehta (Din No: 00028884) during his tenure as Director of the Company.

AUDITORS & AUDITORS REPORT

M/s Rakesh K. Jain and Associates, Chartered Accountants; Auditors of the Company will retire at the forthcoming Annual General Meeting and are eligible for reappointment.

In accordance with the Companies Act 2013, it is proposed to re-appoint them as Auditors for the financial year 2015-16 from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, subject to the approval of shareholders.

The Company has received confirmation from the firm regarding it's consent and eligibility under Sections 139 and 141 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 for appointment as the Auditors of the Company

CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms a part of this Annual Report as Annexure A.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed in this Annual Report and attached as Annexure B.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed Ramachandra Rao Karandikar, Practicing Company Secretary for conducting Secretarial Audit of the Company for the financial year 2014-2015.

The Secretarial Audit Report is annexed herewith as Annexure C.

Related Party Transactions

All transactions entered by the Company with Related Parties were in the Ordinary Course of Business and at Arm's Length pricing basis. The Audit Committee granted omnibus approval for the transactions (which are repetitive in nature) and the same was reviewed by the Audit Committee and the Board of Directors. There were no materially significant transactions with Related Parties during the financial year 2014-15 which were in conflict with the interest of the Company.

INSURANCE

All the insurable assets of the Company are adequately insured.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors report that

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss account of the company for that period.

iii) 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 the assets of the company and for preventing and detecting fraud and other irregularities.

iv) The Directors have prepared the Annual Accounts on a going concern basis.

v) the Directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

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

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has been employing women employees in various cadres within the factory and its head office premises. The Company has in place an Anti Harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under the policy. There was no compliant received from any employee during the financial year 2014-15 and hence no complaint is outstanding as on 31.03.2015 for redressal.

ENVIRONMENT, HEALTH AND SAFETY

The Company is committed to the highest level of concern in providing safe and healthy environment for all its stake holders, employees, customers, vendors, business associates and neighborhood.

Extracts of Annual Return and other disclosures under Companies (Appointment & Remuneration) Rules, 2014

The Extract of Annual Return in form No. MGT-9 as per Section 134 (3) (a) of the Companies Act, 2013 read with Rule 8 of Companies Act (Accounts) Rules 2014 and Rule 12 of Companies (Management & Administration) Rules, 2014 is annexed hereto as Annexure D and forms part of this report.

Cost Audit Compliance

Pursuant to Sec. 209 (1)(d) of the Companies Act, 1956, Cost Audit Report for the financial year ended 31/03/2014 has been submitted to the Central Government.

DEMATERIALISATION OF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.96 of total Equity Share Capital is held in dematerialized form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Company Share is INE 708B01018.

The securities of your company are listed at The Bombay Stock Exchange, Mumbai.

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

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, is annexed as Annexure E hereto and forms part of the Report.

DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions in these items during the year under review:

a) Details relating to deposits covered under Chapter V of the Act.

b) Issue of equity shares with differential rights as to dividend, voting or otherwise.

c) Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

d) Neither the Managing Director nor the Whole Time Director of the Company receives any remuneration or commission from any of its subsidiaries.

e) The Company has not offered any Shares during the financial year under Employee Stock Option/Purchase Scheme.

APPRECIATION

The Directors would like to place on record their gratitude for the valuable support received from Government of India and Government of Madhya Pradesh and the Financial Institutions/Banks. They also covey their appreciation for the continuous support received from vendors, customers, consultant, auditors and others.

The Directors also wish to place on record their appreciation for the commitment and efforts of all employees of the Company.

For and on behalf of the Board of

SIDDHARTHA TUBES LIMITED,

Nainesh Sanghvi

Place: Indore (Din No:00006553)

Date : 19/09/2015 Chairman and Managing Director


Mar 31, 2014

The Members,

The Directors take great pleasure in presenting the 29th Annual Report of your Company together with Audited Accounts for the year ended 31st March, 2014.

Financial Highlights

(Rs. in Lacs) 2013-2014 2012-2013

Net Sales/Income from operations 19908.08 23528.56

Other Income 249.64 185.16

Total Income 20157.72 23713.72

Total Expenditure '' 20531.31 24930.11

Profit/Loss before Interest 8i Depreciation (373.59) (1216.39)

Less: (a) Interest 114.90 126.99

(b) Depreciation 939.67 1004.24

Exceptional 8i Extraordinary, Items 1768.70 (0.02)

Profit /(Loss) before Tax 340.55 (2347.60)

Provision for taxation - -

Profit / (Loss) after Tax 340.55 (2347.65)

Add : Balance brought forward from previous (22940.14) (20592.49) year

Balance Carried Forward to Next Year (22599.59) (22940.14)

DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

PERFORMANCE OF THE COMPANY

Operating capacities at your Company''s Production lines - viz Tubes/ Pipes and CR/GP/GC Coils - suffered a decline vis-a-vis the previous year. While the Tube Mills registered about a 3% decline in Capacity utilization to 29.31%, utilization at the CR Mill fell to 27.2% from 48.9% in the previous year. The GP/GC line, that has essentially been run on Job Work for others, remained practically closed during FY14 also. Gross Revenues therefore recorded a decline to Rs.225.19 Crore (Previous year Rs.265.52 Crore). However, the Company suffered a lower operating loss (LBDIT) of Rs.373.59 Crore (Previous year Rs.1216.39 Crore) due to relatively better realizations/contributions in the year. Further, during the year, IFCI stood fully repaid and paid out as per settlement terms concluded with them, and your Company has hence accounted for interest and depreciation write back aggregating to Rs.1517.89 lacs arising therefrom, under its P8iL A/c. As a result of these Write Backs, net profit for the year stands at Rs.340.55 lacs (Previous year loss of Rs.2347.65 lacs).

Market Opportunities

Market experts are voicing cautious optimism on prospects of the Steel Industry in the near term. A decisive mandate in the General Elections is expected to allow the new Government to quickly focus on Infrastructure developments and boost demand for Steel. On the other hand, higher food inflation, rising fuel prices due to political instability in West Asia, Iron ore mining restrictions, higher dependency on coking coal imports etc are sure to act as impediments for the Steel Industry in particular. Thus, your Company expects price constraints and demand depression to continue and keep operating margins compressed in the current year also. However, your Company has an established network of dealers/ stockiest and marketing reach, and no major bottlenecks or difficulties are envisaged to be encountered for marketing of its products.

PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

Your Company has, since FY09, entered into Negotiated Settlement of Dues with practically all its Secured Lenders (only one lender remains to conclude settlement with the Company and negotiations with them are under way). By end FY14, most of the lenders stand repaid & exited from the Company and only two lenders are outstanding in the Books, (who will also stand repaid in due course as per terms agreed/to be agreed with them). Therefore, as the emphasis and thrust has been on a repayment of the concluded settlements, the Company has not invested further into the incomplete 6 Hi CR Mill. Your Company will initiate steps for completing of this Mill immediately after settlement commitments to lenders are met and adequate finances tied up for completion & operations of the 6 Hi CR Mill.

FIXED DEPOSITS

The Company has not accepted any public deposits during the year under review.

BOARD OF DIRECTORS

In accordance with the provisions of Section 152 of the Companies Act, 2013 and in terms of the Articles of Associations of the Company, Mr. Satish Chandra Mundra, Director(Din No: 00011532), retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. Kiran O. Mehta (Din No:00028884), and Mr. Satish Chandra Mundra(Din No: 00011532) are Directors whose period of office is liable to determination by retirement of directors by rotation under the erstwhile applicable provisions of the Companies Act, 1956. In terms of Section 149 and other applicable provisions of the Companies Act, 2013, the aforesaid directors being eligible and offering themselves for appointment, are proposed to be appointed as Independent Directors under Section 149 of the Companies Act, 2013, to hold office for five years as per their terms of appointment mentioned in the notice of the forth coming Annual General Meeting of the Company.

In the opinion of the Board, Mr. Kiran O. Mehta(Din NO: 00028884) & Mr. Satish Chandra Mundra(Din NO: 00011532) fulfill the condition specified in the Companies Act, 2013 and rules made under for their appointment as Independent Directors of the Company and are independent of the management.

The proposals regarding the appointment/ reappointment of the aforesaid Director are placed for your approval. The Board of Directors recommend their appointment/re-appointment.

Other changes in the Board of Directors of your Company, during the year under review, are as follows:

Mr. Shubham Shree (Din NO: 06428775) ceased to be Director of the Company w.e.f May, 30, 2014 consequent to the withdrawal of his nomination by IFCI Limited.

Mr. K.R. Murthy (Din No.: (00013723) also ceased to be Director of the Company w.e.f. Dec, 04,2013 consequent upon his resignation from the Board.

Your Director place on record their deep appreciation for the valuable services rendered by Mr. Shubham Shree and Mr. K.R. Murthy during their tenure on the Board.

Ms. Babita Rathore (Din No. 06871372) has been inducted as Additional Director (Non Executive) of the Company w.e.f. 21/03/2014.

Mr. Satish Mehta (Din No.: 03314561) and Mr. Umesh Dubey (Din No. : 06967808) have been inducted as Additional Directors (Non Executive) of the Company w.e.f. 14/08/2014.

ISSUE OF SECURITIES

The Company has not issued any securities in the financial year under review.

AUDITORS & AUDITORS REPORT

M/s Rakesh K. Jain & Associates, Chartered Accountant, Indore who were appointed as Auditors of the Company for the year 2012-2013, hold office till the conclusion of the ensuing Annual General Meeting.

Pursuant to provisions of Section 139 of the Companies Act, 2013 and rules framed there under, it is proposed to appoint M/s Rakesh K. Jain & Associates as Statutory Auditors of the Company from the conclusion of the ensuing AGM till the conclusion of 32nd AGM to be held in the year 2017, subject to annual ratification by members at the Annual General Meetings.

They have further confirmed that the said appointment if made, would be within the prescribed limits under Section 141(3) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

SECRETARIAL AUDIT

In terms of Section 204 of the Companies Act, 2013, the Board in its meeting held on August 14, 2014 has appointed M/s M Maheshwari & Associates, Company Secretaries, for conducting Secretarial Audit of the Company for the FY 2014-15

INSURANCE

All the insurable assets of the Company are adequately insured.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, your Directors hereby state and confirm that:

(i) in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

(iii) they have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

ENVIRONMENT, HEALTH AND SAFETY

The Company is committed to the highest level of concern in providing safe and healthy environment for all its stake holders, employees, customers, vendors, business associates and neighborhood.

CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms a part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed elsewhere in this Annual Report.

DEMATERIALISATION OF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.96 of total Equity Share Capital is held in dematerialized form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Company Share is INE 708B01018.

The securities of your company are listed at The Bombay Stock Exchange, Mumbai.

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

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, is annexed hereto and forms part of the Report.

PARTICULARS OF EMPLOYEES

The Company does not have any employee in the category as specified under Section 217(2A) of Companies Act, 1956 (as amended) read with Companies (Particulars of Employees) Rules, 1975 (as amended).

APPRECIATION

The Directors would like to place on record their gratitude for the valuable support received from Government of India and Government of Madhya Pradesh and the Financial Institutions/Banks. They also convey their appreciation for the continuous support received from vendors, customers, consultants, auditors and others.

The Directors also wish to place on record their appreciation for the commitment and efforts of all employees of the Company.

For and on behalf of the Board

Nainesh J. Sanghvi Place: Indore (DIN N0:00006553) Dated:14.08.2014 Chairman and Managing Director


Mar 31, 2013

To, The Members,

The Directors take great pleasure in presenting the 28th Annual Report of your Company together with audited accounts for the year ended 31st March, 2013.

Financial Highlights

(Rs. in Lacs)

2012-2013 2011-2012

Net Sales/Income from operations 23528.56 33239.38

Other Income 185.16 62.76

Total Income 23713.72 33302.14

Total Expenditure 24930.11 32974.49

Profit/Loss before Interest & Depreciation (1216.39) 327.64

Less: (a) Interest 126.99 97.11

(b) Depreciation 1004.24 1008.99

Exceptional & Extraordinary Items 0.02 2134.79

Profit /(Loss) before Tax (2347.60) 1356.33

Provision for taxation - -

Profit / (Loss) after Tax (2347.60) 1356.33

Add : Balance brought forward from previous year (20592.49) (21948.82)

Balance Carried Forward to Next Year (22940.09) (20592.49)

- DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

- PERFORMANCE OF THE COMPANY

Capacity utilization at the three production lines of the Company have been (i) Tubes-32.36% (42.74%), (ii) CR Coils-48.93%(43.90%) and

(iii) GP/GC-6.60% (28.37%). Members may note that the GP/GC line was essentially run on job work till the third quarter of FY12, and slowdown in demand associated with poor margins has resulted in job activities coming to a standstill thereafter. This line has not been regularly operational since then, while the other two lines - Tube & CR Coils - have remained operational within Working Capital constraints as hitherto.

Total revenues stand at Rs.265.52 Crore (Rs.360.33 Crore). The Company suffered an operating loss (LBIDTA) of Rs. (1216.39) Crore as against an operating profit of Rs.327.64 in the previous year, essentially due to substantially lower volumes, irregular production schedules and poor contributions during the year. Further, net loss stand at Rs. (2347.60) Crore as against Rs.(759.00) in the previous year. Pertinently, your Company had accounted for interest & depreciation write back of Rs.2134.79 Crore in the previous year (due to settlement and pay out of two of its lenders LIC & IDBI (CRPS)) and after accounting for the write-back net profit for the previous year stood Rs. 1356.33 Lacs. During FY13, however, there has been no such write-backs.

- Market Opportunities

Domestic steel producers seem to be heading for a worse -than- expected market conditions in the second half of the current fiscal FY14. Muted

demand from the Auto Sector, Consumer durables, Infrastructure etc, sectors, overhang from the economic crisis, rising input costs, threat from imports etc has already resulted in falling demand and margins for Steel in the Country. Your Company therefore, similarly expects to face demand depression in the current year also. However, with an established marketing and dealer/stockiest network, your Company expects to meet this depression and maintain its operating levels.

- PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

Your Company began the process of reaching settlement with all its secured lenders sometime in FY09 and -as a result most of its lenders stand paid out and exited from the Company. Of the remaining three lenders, two have concluded settlement with your Company and repayment to them under the settlement are upto date. Your Company expects to reach amicable settlement terms with the last remaining lender also and repay them over the negotiated period. Therefore, further investments into the 6 Hi CR Mill, that forms a part of the diversification undertaken by the Company, has remained suspended in FY13. Your Company will take steps for its completion after reaching financial closure with any Investor/Lender for the purpose.

- FIXED DEPOSITS

The Company has not accepted any Fixed Deposits during the year under review, as per Section 58A of the Companies Act, 1956.

- BOARD OF DIRECTORS

Mr. Kiran O. Mehta retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

Mr Rajendra Prasad Gupta, Joint Managing Director in Siddhartha Tubes Limited since its inception expired on Monday 27th May, 2013. Mr. Shubham Shree has been appointed as Nominee Director of IFCI in place of Mr. B. K. Roy w.e.f. Saturday 29th June, 2013. Mr. Shreyans Gupta has been appointed as Executive Director in the Company on Saturday 29th June, 2013.

- ISSUE OF SECURITIES

The Company has not issued any securities in the financial year under review.

- AUDITORS & AUDITORS REPORT

M/s Rakesh K. Jain & Associates, Chartered Accountant, Indore who were appointed as Auditors of the Company for the year 2012-2013, hold office till the conclusion of the ensuing Annual General Meeting.

M/s Rakesh K. Jain & Associates has given their consent for reappointment for the year 2013 - 2014 if approved by shareholders. Necessary certificate under Section 224 (1-B) of the Companies Act, 1956 has been received from them confirming their eligibility. The Board hereby recommends their appointment.

The observations made by the Auditors in their reports & notes forming part of the accounts, are self-explanatory & do not require further elucidation.

- INSURANCE

All the insurable assets of the Company are adequately insured.

- COST AUDITORS

Mr. Mihir Turakhia, Cost Accountant, was appointed to conduct cost audit of the Company for the financial year 2013-2014. They will submit their report to the Department of Company Affairs, Government of India.

- DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, your Directors hereby state and confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

(iii) they have 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 your Company and for preventing and detecting fraud and other irregularities; ,

(iv) they have prepared the annual accounts on a going concern basis.

- ENVIRONMENT. HEALTH AND SAFETY

The Company is committed to the highest level of concern in providing safe and healthy environment for all its stake holders, employees, customers, vendors, business associates and neighborhood.

- CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms part of this Annual Report.

- MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed elsewhere in this Annual Report.

- DEMATERIALISATION OF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.92 of total Equity Share Capital is held in dematerialized form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Company''s Share is INE 708B01018.

The securities of your Company are listed at The Bombay Stock Exchange, Mumbai and The M.P. Stock Exchange, Indore.

- CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, is annexed hereto and forms part of the Report.

- PARTICULARS OF EMPLOYEES

The Company does not have any employee in the category as specified under Section 217(2A) of Companies Act, 1956 (as amended) read with Companies (Particulars of Employees) Rules, 1975 (as amended).

- APPRECIATION

Your Directors place on record their appreciation of the continued support and co-operation received from the Government of India, Government of Madhya Pradesh and the Financial Institutions / Banks. We also thank the vendors, customers, consultants, auditors and others who have been assisting your Company in the various facets of its operations.

The Directors also wish to place on record their sincere appreciation of the employees at all levels for their dedicated contribution towards the growth of your Company.

For and on behalf of the Board

Place: INDORE Nainesh J. Sanghvi

Dated: 07.09.2013 Chairman and Managing Director


Mar 31, 2012

To, The Members,

The Directors take great pleasure in presenting the 27th Annual Report of your company together with audited accounts for the year ended 31st March, 2012.

- Financial Highlights (Rs. in Lacs)

2011-2012 2010-2011

Net Sales/Income from operation 33239.38 24191.90

Other Income 62.76 23.85

Total Income 33302.14 24215.75

Total Expenditure 32974.49 23952.44

Profit/Loss before Interest & Depreciation 327.64 263.31

Less: (a) Interest 97.11 48.08

(b) Depreciation 1008.99 1142.99

Exceptional & Extraordinary Items 2134.79 1461.58

Profit /(Loss) before Tax 1356.33 533.81

Provision for taxation - -

Profit / (Loss) after Tax 1356.33 533.81

Add : Balance brought forward from previous year (21948.82) (22482.63)

Balance Carried Forward to Next Year (20592.49) (21948.82)

- DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

- PERFORMANCE OF THE COMPANY

The three production lines of the Company viz- Tubes, CR Coils and GP/GC Coils operated at 42.74% (43.05%), 43.90% (39.92%) and 28.37% (53.91%) respectively during the year. While utilization at the Tube & CR mills have been similar to the previous year levels, the Galvanising line operations got hit due to lower quantities received for job work during the year and eventual termination of Job agreements towards the third quarter of the year. Members may recall that the Galvanising line has, hitherto, essentially been operated on Job Work. Total Revenues for the year stood at Rs.360.34 Crore (Rs.266.07 Crore). Operating Profits (EBIDTA) stands at Rs.3.27 Crore (Rs.2.63 Crore). Further, during the year, two more lenders -viz LIC and IDBI (as CRPS holders) stood fully repaid as per the terms of settlement reached respectively with them. Therefore, the write-offs entailed under these settlements amounting to Rs.21.15 Crore (previous year Rs. 14.92 Crore) have been written back to the P&L A/c and the resulting Net Profit carried over to the Balance Sheet stand at Rs.13.56 Crore (Previous year Rs.5.34 Crore).

- Market opportunities

The Indian Steel sector, in the near term faces a threat of impending slow down, due to various Global factors, economic slowdown, a below average monsoon etc. The industry is therefore expected to put up a somewhat subdued performance in the current year, although in the medium and long term, the underlying note of optimism continues. Your Company also expects to be able to maintain its operating levels for the current year. The Company's products continue to enjoy a good demand, and despite the slowdown, it is only Working Capital Constraints that restrict operations at the plants. Operating levels are expected to improve in the near future once necessary finances are tied up for operations.

- PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

Members are aware that the Company has concluded a 'Negotiated Settlement of Dues' with practically all its lenders and by end FY12, 05 Secured Lenders and IDBI (as CRPS holders) have exited from the Company. It is expected that similarly the remaining lenders will stand fully repaid in due course as per the agreed schedule. Meanwhile, however, the 6 Hi CR Mill remains incomplete, although all other production facilities are fully operational and running. Your Company will take steps to complete the 6 Hi Mill as soon as it reaches financial closure with any Investor/ Lender for this purpose.

- FIXED DEPOSITS

DIRECTORS REPORT'

The Company has not accepted any Fixed Deposits during the year under review, as per Section 58A of the Companies Act, 1956.

- BOARD OF DIRECTORS

Mr. Satish Chandra Mundra retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

- ISSUE OF SECURITIES

The Company has not issued any securities in the financial year under review.

- AUDITORS & AUDITORS REPORT

M/s Rakesh K. Jain & Associates, Chartered Accountant, Indore who were appointed as Auditors of the Company for the year 2011-2012, hold office till the conclusion of the ensuing Annual General Meeting.

M/s Rakesh K. Jain & Associates has given their consent for reappointment for the year 2012 - 2013 if approved by shareholders. Necessary certificate under Section 224 (1-B) of the Companies Act, 1956 has been received from them confirming their eligibility. The Board hereby recommends their appointment.

These observations made by the Auditors in their reports & notes forming part of the accounts, are self- explanatory & do not require further elucidation.

- INSURANCE

All the insurable assets of the Company are adequately insured.

- COST AUDITORS

Mr. Mihir Turakhia, Cost Accountant, was appointed to conduct cost audit for the Tube Mill of the Company for the financial year 2011-2012. They will submit their report to the Department of Company Affairs, Government of India.

- DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, your Directors hereby state and confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

(iii) they have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

- ENVIRONMENT, HEALTH AND SAFETY

The Company is committed to the highest level of concern in providing safe and healthy environment for all its stake holders, employees, customers, vendors, business associates and neighbourhood.

- CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms part of this Annual Report.

- MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed elsewhere in this Annual Report.

- DEMATERIALISATION OF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.84% of total Equity Share Capital is held in dematerialised form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Company Share is INE 708B01018.

The securities of your company are listed at The Bombay Stock Exchange, Mumbai and The M.P. Stock Exchange, Indore.

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

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, is annexed hereto and forms part of the Report.

- PARTICULARS OF EMPLOYEES

The Company does not have any employee in the category as specified under Section 217(2A) of Companies Act, 1956 (as amended) read with Companies (Particulars of Employees) Rules, 1975 (as amended).

- APPRECIATION

Your Directors place on record their appreciation of the continued support and co-operation received from the Government of India and Government of Madhya Pradesh and the Financial Institutions / Banks. We also thank the vendors, customers, consultants, auditors and others who have been assisting your Company in the various facets of its operations.

The Directors also wish to place on record their sincere appreciation of the employees at all levels for their dedicated contribution towards the growth of your Company.

For and on behalf of the Board

Place: INDORE Rajendra Prasad Gupta Nainesh J. Sanghvi

Dated: 07.09.2012 Jt. Managing Director Chairman and Managing Director


Mar 31, 2011

The Directors take great pleasure in presenting the 26th Annual Report of your Company together with Audited Accounts for the year ended 31st March, 2011.

Financial Highlights (Rs. in crore)

2010-11 2009-10

Net Sales/Income from operations 252.21 183.65

Other Income 13.86 17.01

Total Income 266.07 200.65

Total Expenditure 263.48 199.67

Profit/Loss before Interest & Depreciation 2.59 0.98

Less: (a) Interest 0.48 0.22

(b) Depreciation 11.43 11.82

Earlier year (expenses)/Income (0.26) (0.03)

Interest Waivers/ Dep. W. Back 14.92 16.47

Profit /(Loss) before Tax 5.34 5.38

Provision for Taxation

Profit / (Loss) after Tax 5.34 5.38

Add :Balance brought forward from previous year (224.83) (230.21)

Balance Carried Forward to Next Year (219.49) (224.83)

DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

PERFORMANCE OF THE COMPANY

Your Company has recorded a growth of about 37.33% in its total Income to Rs. 266.07 Crore (Previous year Rs. 200.65 Crore). The capacity utilization recorded at its three production lines are: Tubes - 43.05% (35%), CR Coils - 39.92% (41.08%) and CGL - 53.91% (82.10%). Members may observe that while the Tube Mills, which are not offered on lease to others, have recorded improved capacity utilization, the CR & GP/GC Lines that are essentially run on Job Work, have suffered a decline in production due to a slowdown in job activities sometime In the third quarter of FY-11. However, due to improved price realization on the products sold, operating profits (EBIDTA) of the Company has Improved to Rs. 2.59 Crore (previous year Rs. 0.98 Crore).

Pertinently, during the year, three more lenders of the Company stood fully repaid in terms of the settlements reached respectively with them. Accordingly, the waivers entailed under these respective settlements stand accounted for in the Company's books, and a sum of Rs. 14.92 Crore (previous year Rs. 16.47 Crore) has been written back to the Profit & Loss account. The net profit carried over to the Balance Sheet (after accounting for waivers) is Rs. 5.34 Crore (previous year Rs. 5.38 Crore).

Market Opportunities

The buoyancy in the steel markets, witnessed In most of FY-11, Is widely expected to continue in the years to follow. In the imminent future, however, manufacturing indexes across the Globe have fallen and near term demand Is expected to remain weak. Europe's debt crisis, US political haggling over the nation's debt limit, monetary tightening in China etc have combined to restrain the Global recovery.

The Indian Economy - including the Steel Sector - cannot remain isolated arTd the near term outlook looks weak in relation to the previous period. However, with our economy still expected to grow at over 8%, and with increasing demand from within the country itself, the slowdown is expected to make only a small near-term dent in growth of the Indian Steel Industry. Besides, your Company's products continue to be in good demand, and future prospects are bright. Your Company expects to soon resolve issues with the last remaining lender and tie-up funds for its operations/ incomplete project , that will act as a trigger for future rapid growth & profitability.

PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

All, but one, of the Company's existing lenders, have concluded "Negotiated Settlement of Dues" (NSD) with your Company. By the end of FY-11, four of such lenders stand fully paid out, and in respect of the others, your Company is making periodic repayments under the schedule agreed respectively with them. It is expected that the last remaining lender will also fall in line and conclude settlement with your Company soon. The Company now expects to tie up funds from new lenders/ Investors, and work on the incomplete 6 Hi CR Mill will be resumed Immediately after obtaining financial commitment from any lender / investor. Having resolved most of the issues with the existing lenders your Company is hopeful of now reaching an early financial closure.

FIXED DEPOSITS

The Company has not accepted any Fixed Deposit during the year under review, as per Section 58A of the Companies Act, 1956.

BOARD OF DIRECTORS

Mr. K.R. Murthy retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

Mr.Prakash Ghate has resigned from the Directorship w.e.f 07.09.2011 & Mr. Satlsh Chandra Mundra has been inducted as an Additional Director (Independent) w.e.f 07.09.2011.The Directors place their appreciation on record for the services rendered by Mr. Prakash Ghate during his tenure on the Board.

ISSUE OF SECURITIES

The Company has not issued any securities in the financial year under review.

AUDITORS & AUDITORS REPORT

M/s. Rajendra Rajpoot & Co., Chartered Accountants, Indore has carried out the Statutory Audit of the Company for the Financial Year 2010- 2011. However, they have, however, expressed inability to continue as Auditors for the financial year 2011-12, due to an Internal reconstitution of their partnership firm. M/s Rakesh K. Jain & Associates, Chartered Accountants, have been appointed In their place (pursuant to receiving their consent u/s 224 (1-B)) for conducting Statutory Audit during FY 2011-12. Their appointment is subject to approval of the members in the ensuing AGM of the Company.

The observations made by the Auditors in their reports & notes forming part of the accounts, are self-explanatory & do not require further elucidation.

insurance

All the insurable assets of the Company are adequately insured. COST AUDITORS

Mr. Mihir Turakhla, Cost Accountants, have been appointed to conduct Cost Audit for the Tube Mill of the Company for the Financial Year 2011-2012. They will submit their report to the Department of Company Affairs, Government of India. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, your Directors hereby state and confirm that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end Of the financial year and of the profit or loss of the Company for that period;

(III) they have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

ENVIRONMENT. HEALTH AND SAFETY

The Company is committed to the highest level of concern In providing safe and healthy environment for all Its stake holders, employees, customers, vendors, business associates and neighbor hood.

CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed elsewhere in this Annual Report.

PEMATERMUSATTONPF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.67% of total Equity Share Capital is held In dematerialised form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Company Share is INE 708B01018.

The securities of your company are listed at The Bombay Stock Exchange, Mumbai and The M.P. Stock Exchange, Indore.

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

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, Is annexed hereto and forms part of the Report.

PARTICULARS OF EMPLOYEES

The Company does not have any employee in the category as specified under Section 217(2A) of Companies Act, 1956 (as amended) read with Companies (Particulars of Employees) Rules, 1975 (as amended).

APPRECIATION

Your Directors place on record their appreciation of the continued support and co-operation received from the Government of India and Government of Madhya Pradesh and the Financial Institutions / Banks. We also thank the vendors, customers, consultants, auditors and others who have been assisting your Company In the various facets of its operations.

The Directors also wish to place on record their sincere appreciation of the employees at all levels for their dedicated contribution towards the growth of your Company.

For and on behalf of the Board

Rajendra Prasad Gupta

Jt. Managing Director

Place: INDORE Nainesh J. Sanghvi

Dated: 07.09.2011 Chairman and Managing Director


Mar 31, 2010

The Directors take great pleasure in presenting the 25th Annual Report of your Company together with Audited Accounts for the year ended 31st March, 2010.

Financial Highlights (Rs. in crore)

2009-10 2008-09

Net Sales/Income from operations 183.65 193.05

Other income 17.01 11.45

Total Income 200.65 204.49

Total Expenditure 199.67 209.01

Profit/Loss before Interest & Depreciation 0.98 (4.52)

Less: (a) Interest 0.22 0.46

(b) Depreciation 11.82 12.25

Earlier year (expenses) / Income (0.03) (0.06)

Interest Waivers/ Dep. W. Back 16.47 0.00

Profit /(Loss) before Tax 5.38 (17.29)

Provision for Taxation -- 0.05

Profit / (Loss) after Tax 5.38 (17.34)

Add :Balance brought forward from previous year (230.21) (212.87)

Balance Carried Forward to Next Year (224.83) (230.21)

DIVIDEND

Your Directors express their inability to declare any dividend to Shareholders.

PERFORMANCE OF THE COMPANY

Your Company registered an improvement in capacity utilization at all its production lines during the year, contributed largely by an overall recovery in Global / Indian economy.

The Tube, CR and Galvanising (GP/GC) lines have registered capacity utilizations of 35.00% (31.31%), 41.08% (28.92%) and 82.10% (55.25%) respectively (figures in brackets represent corresponding previous year levels). Operations at the Tube mill, albeit marginally higher, continued to face Working Capital constraints. The CR &. GP/GC lines, that essentially carried out job activities for others, however, recorded improved operating levels due to higher job volumes resulting from a robust demand for these products.

At the above levels, Gross Revenues for the year stood at Rs.200.65 Crore (Rs.204.49 Crore). The marginal decline in revenues, despite improved capacity utilization is on account of the relatively lower per ton (average) price realization during the year vis-a-vis the previous year. Your Company earned an operating profit (EBDITA) of Rs.98.08 lacs (previous year loss of Rs.451.79 lacs) from its operations.

Members are also informed that in accordance with a settlement reached with UTI, in respect of Non Convertible Debentures allotted to them, your Company/Promoters has fully repaid the said settled amount during the year and the residual outstandings against their names has been written off. Consequently, a sum of Rs. 16.47 Crore has been written- back to the Profit & Loss Account. The Net Profit carried over to Balance Sheet is Rs.5.38 Crore (Previous year loss of Rs.17.34 Crore).

MARKET OPPORTUNITIES

AH estimates points to the Steel Industry in India moving from strength to strength. In a recent estimate by the Ministry of Steel, India is expected to become the second largest steel producer by 2012, by more than doubling its capacity to 124 mn tones in order to support the estimated overall infrastructure development. Further, the Ministry has also projected that over the next five years, demand will grow at a higher average growth rate of 10% as compared to around 7% growth achieved between 1991-92 and 2005-06. Similarly, another estimate prepared by the World Steel Association - a body that represents Major Steel Producers in the world and whose members account for over 85% of the worlds steel - has forecast Steel demand In India to grow by over 13.7% p.a. in 2010 & 2011 as against about 7.7% recorded last year, and the momentum is expected to be maintained even thereafter. The world steel demand is also expected by them to grow by 5.3% during 2011.

The rebound is also expected to fuel a sharp rise in steel prices this fiscal. With economic and steel market conditions becoming more favourable and the steel producers needing to recover the rise in input costs, steel prices will get a further fillip, and steel producers stand to improve their bottom-lines further.

All this augers well for your Companys future prospects. Your Company sees enough market opportunities, which can be tapped as soon as financial stability is established on amicably resolving issues with the existing lenders.

PROJECT IMPLEMENTATION & RESTRUCTURING PACKAGE

Your Company has made strenuous efforts to reach amicable settlement and/or restructuring terms with its existing secured creditors. Members may recall that since last year, some lenders to the Company have desired to reach a Settlement of Dues with the Company, as the restructuring-cum-funding scheme approved under the CDR mechanism could not be put in place on account of certain issues between the lenders/ Company. Your Company has accordingly concluded settlement with 07 lenders so far and is in serious negotiations with the remaining three lenders for reaching amicable terms with them also. Your Company is also negotiating with a few Investors/Lenders for tying up necessary resources for its 6 Hi CR mill and operations thereof, and expects the process to speed up once the remaining lenders also reach settlement with the Company.

FIXED. DEPOSITS

The Company has not accepted any Fixed Deposits during the year under review, as per Section 58A of the Companies Act, 1956.

BOARD OF DIRECTORS

Mr. Kiran O. Mehta retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re- appointment.

ISSUE OF SECURITIES

The Company has not issued any securities in the financial year under review.

AUDITORS & AUDITORS REPORT

M/s Rajendra Rajpoot & Co., Chartered Accountant, Indore who were appointed as Auditors of the Company for the year 2009- 2010, hold office till the conclusion of the ensuing Annual General Meeting.

M/s Rajendra Rajput & Co. have given their consent for reappointment for the year 2010 - 2011 if approved by shareholders. Necessary certificate under Section 224 (1-B) of the Companies Act, 1956 has been received from them confirming their eligibility. The Board hereby recommends their appointment.

The observations made by the Auditors in their report and notes forming part of the accounts, are self-explanatory and do not require further elucidation.

INSURANCE

All the insurable assets of the Company are adequately insured.

COST AUDITORS

Mr. Mihir Turakhia, Cost Accountant, was appointed to conduct cost audit for the Tube Mill of the Company for the financial year 2010-2011. They will submit their report to the Department of Company Affairs, Government of India.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, your Directors hereby state and confirm that: .

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

(III) they have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE

The detailed Report on Corporate Governance forms part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report (MDA) of the Company are discussed elsewhere in this Annual Report.

DEMATERIALISATION OF SECURITIES & INVESTOR SERVICE CENTRE

Nearly 55.07% of total Equity Share Capital is held in dematerialised form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The ISIN No. allotted to the Companys Share is INE 708B01018.

The securities of your company are listed at The Bombay Stock Exchange, Mumbai and The M.P. Stock Exchange, Indore.

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

A statement giving details of conservation of energy, technology absorption, foreign earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, is annexed hereto and forms part of the Report.

PARTICULARS OF EMPLOYEES

The Company does not have any employee in the category as specified under Section 217(2A) of Companies Act, 1956 (as amended) read with Companies (Particulars of Employees) Rules, 1975 (as amended).

APPRECIATION

Your Directors place on record their appreciation of the continued support and co-operation received from the Government of India and Government of Madhya Pradesh and the Financial Institutions / Banks. We also thank the vendors, customers, consultants, auditors and others who have been assisting your Company in the various facets of its operations.

The Directors also wish to place on record their sincere appreciation of the employees at all levels for their dedicated contribution towards the operations of your Company.

For and on behalf of the Board

R.P. Gupta

Jt. Managing Director

Place: INDORE Nainesh J. Sanghvi

Dated: 07.09.2010 Chairman and Managing Director

 
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