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Directors Report of Stylam Industries Ltd.

Mar 31, 2014

Dear Members,

The Directors are pleased to present the 23rd Annual Report together with audited accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

The Financial performance of the Company for the year ended 31st March 2014 is summarized below:

Rs in Lacs 2013-14 2012-13

Net Sales & Other Income 18943.43 14142.19

Profit before finance cost, depreciation and amortization expenses 2246.36 1389.92 and taxexpenses

Less: a) Finance Cost 920.89 466.32

b) Depreciation and amortization expenses 326.38 306.99

Profit before tax 999.09 616.61

Provision for taxation 316.50 209.74

Profit for the year 682.59 406.87

Add: Balance broughtforward from previousyear 2051.03 1644.16

Balance carried to Balance sheet 2733.62 2051.03

PERFORMANCE OVERVIEW

The company has recorded total income of Rs.18943.43 lacs as against Rs. 14142.19 lacs in the previous year showing a remarkable growth of 33%. Profit before Tax is Rs.999.09 lacs in 2013-14 as compared to Rs.616.61 lacs in 2012-13. Profit after tax is Rs.682.59 lacs in 2013-14 as compared to Rs.406.87 lacs in 2012-13. The Reserve and Surplus have touched Rs.2733.62 lacs.

The financial year 2013-14 is yet another significant year in terms of highest ever turnover and profitability of the company. The performance is significant, when it is compared with growing business challenges.

During the year under review, the company has continued its efforts to penetrate into the domestic market, though growth in domestic market is insignificant.

EXPORTS

The company has been able to maintain momentum in growth in international markets. During the fiscal 2013- 14, revenue from exports (including export incentives) has reached to level of Rs.15371.92 lacs from Rs. 10654.91 lacs during year 2012-13, attaining growth of 44%. The company has introduced a host of new products on existing and new platforms in existing and new markets and showcased its products in major exhibitions in strategically important markets.

FINANCIAL POSITION

During the year under review, the company''s financial position continues to be comfortable. The net-worth of the company as at 31st March 2014 improved to Rs. 3465.24 lacs from Rs. 2782.65 lacs.

PROJECTS COMPLETED

The commissioning of new press line, as part of expansion of capacity, is completed at overall cost outlay of Rs.1508.92 lacs. The products are well accepted in the market.

PROJECTS UNDER IMPLEMENTATION

As a part of support in the existing business set-up, the company has planned to set-up BPO. The company has already purchase land admeasuring 59964.62 sq. ft. in Panchkula Technology Park, Haryana. The construction at site is under process. The company has planned to use part of building for its own purpose and the part will be leased out to other IT and BPO players. The company has taken term loan of Rs.2100.00 lacs, as part finance for the project. The project is estimated to be operational in the year 2015-16.

CREDIT RATING

CARE had carried out a credit rating assessment of the company for both short term and long term exposures in compliance with BASEL II norms implemented by RBI and has re-affirmed ''Triple B Minus'' rating on the Company''s Long term bank facilities at ''CARE BBB-'' and assigned ''A Three'' rating on the short term bank facilities at ''CARE A3''.

LISTING

The equity shares continue to be listed on BSE Limited (BSE). The company has paid annual listing fee for the financial year 2014-15.

DIVIDEND

In view of the expansion and investment strategies of the Company, your directors do not recommend any dividend for the year under review.

FIXED DEPOSITS

The company has not accepted / received any deposits from the public under Section 58A of the Companies Act, 1956.

INSURANCE

The company''s properties, including building, plant, machineries etc and stocks are adequately insured against risks.

FUTURE OUTLOOK

We have strong belief in our people and we are confident with the growing popularity of the company''s brand and support from its employees and stake-holders the company will set up new standards.

The Indian real estate sector plays a significant role in the Country''s economy. The real estate is second only to agriculture in terms of employment generation and contributes considerably towards GDP. According to a study, the real estate is expected to grow rapidly due to improvement in affordability and availability of housing finance.

Since cement, plywood, laminate and steel related products are essential part of construction right from initial brick to final stage of furnishing; the demand for these products is directly related to the growth of infrastructure and real estate sector, the demand for company''s products is expected to remain buoyant. Your Directors are confident of achieving better results in the coming years.

CORPORATE SOCIAL RESPONSIBILITY

As per Companies Act, 2013 all companies having net worth of Rs.500 Crore or more, or turnover of Rs.100 Crore or more or a net profit of Rs. 5 Crore or more during any financial year will be required to constitute a Corporate Social Responsibility (CSR) Committee of the Board of Directors Comprising three or more directors, at least one of whom will be Independent Director.

As per Company Act, 2013 company has to do activities as define in schedule VII. Stylam has planned to do the activities as per schedule VII

CAPITAL STRUCTURE

There was no change in the capital structure during the period.

DIRECTORS

The company has, pursuant to the provisions of Clause 49 of the Listing Agreements entered into with BSE appointed Mr.Satpal Garg, Mr. Mahavir Singh and Mr. Ravinder Krishan, as Independent Directors of the Company. The company has received declarations from Independent Directors confirming that they meet the criteria of Independence as prescribed both under sub-section (6) of the Section 149 of the Companies Act, 2013 and also confirmed that they will abide by the provisions in Schedule IV of the Companies Act, 2013. None of the directors is disqualified under provisions of Section 274(1)(g) of the Companies Act,1956 and Section 164(2) (a) & (b) of the Companies Act, 2013.

In accordance with the provisions of Section 149(4) and provision of Section 152(5) of the Companies Act, 2013 these Directors are being appointed as Independent Directors to hold office as per their tenure of appointment mentioned in the Notice of the forthcoming AGM of the Company.

In accordance with the requirements of the Act and Articles of Association of the Company, Mr. Satish Gupta retires by rotation and is eligible for re-appointment. Necessary resolution is placed for approval of members in this respect.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

(ii) they have, in selected the accounting policies 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 the end of the financial year and of the profit 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 the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

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

AUDITORS

M/s Sunil K Sood & Co., Chartered Accountants, the statutory Auditors, hold office until the conclusion of the ensuing Annual General Meeting. It is proposed to re-appoint them to examine and audit the accounts of the Company from the conclusion of this AGM till the conclusion of 26th AGM to be held in the year 2017 subject to ratification of their appointment at every AGM. The said Auditors have furnished the certificate of their eligibility for re-appointment. The auditors have, under Section 139(1) and the Rules framed there-under furnished a certificate of their eligibility and consent for re-appointment.

COST AUDITORS

Pursuant to Order No. F.No.52/26/CAB-2010 dated 06.11.12 issued by the Central Government in terms of the provisions of Section 233B of the Companies Act, 1956, the company, has appointed C.LBansal & Associates, Cost Accountant, a practicing Cost Accountant, as Cost Auditor of the company, for the Financial Year 2013-14.

HEALTY, SAFETY AND ENVIORMENT PROTECTION

The company has complied with all applicable environment and labour laws.

BUSINESS EXCELLENCE AND QUALITY INITIATIVES

The company continues to be guided by the philosophy of business excellence to achieve sustainable growth.

Customer-focused culture towards building long-term customers relationships is the key agenda of the Management.

The company follows the principles of total quality management. The company continues to be certified under ISO 9001: 2000 certifications for complete range of laminates manufactured.

INDUSTRIAL RELATION

During the year under review, industrial relations in the company remain cordial and healthy at all levels. The directors wish to place on record their appreciation for the excellent co-operation received from employees at all levels.

PARTICULARS OF EMPLOYEES

The particulars of employees who were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act,1956, read with the Companies (Particulars of Employees ) Rules 1975,as amended from time to time is ''Not Applicable'' as no employee is in receipt of remuneration in excess of the limits prescribed under this Section.

DIRECTORS WITH MATERIALLY SIGNIFICANT, PECUNIARY OR BISINESS RELATION WITH THE COMPANY.

Note to Financial Statement furnishes the transaction with related parties, as stipulated under Accounting Standard- 18(AS-18). Apart from aforesaid related party transactions, there are no transaction of material nature with the Directors/or their relatives, which may have a potential conflict with the interest of the Company.

ACKNOWLEDGEMENT

The Board wishes to take this opportunity to thank its employees for their dedicated service and firm commitment to give the goals of the company.

The Board also wishes to place on record its sincere appreciation for the wholehearted support from shareholders, customers, vendors, bankers, and all other business associates for their support and cooperation during the year.

By Order of the Board, For Stylam Industries Limited

Sd/- Place: Chandigarh Jagdish Gupta Date: 2nd September, 2014 Managing Director


Mar 31, 2013

The Directors are pleased to present the 22nd Annual Report together with Audited statement of Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS

The Financial performance of the Company for the year ended 31st March 2013 is summarized below: Rs in Lakh FY 2012-13 FY 2011-12

Net Revenue 1414.21 1045.66

Profit before depreciation and amortisation expenses, Finance 1389.92 Costs and tax expenses (EBDITA) 1,056.30

Less:

Finance Costs 466.32 355.37

Depreciation 306.98 282.22

Profit before tax 616.62 418.70

Less:

Current Tax 221.25 115.22

Deferred Tax -11.52 21.89

Profit for the year 406.87 281.58

Transferred to General Reserve 406.87 281.58

PERFORMANCE OVERVIEW

The company has recorded total revenue of Rs.1414.21 Lacs as against Rs. 1045.66 Lacs in the previous year showing a remarkable growth of 35.25%. The operating profit (Earnings before Depreciation, Interest and Taxes – EBDITA) for the year stood at Rs. 1389.92 (previous year Rs. 1056.30) representing Rs. 336.62 Lacs increase in the net revenue. The Profit Before Tax (PBT) and Profit After Tax (PAT) for the financial year ended March 31, 2013 was at Rs. 616.62 Lacs and Rs. 418.70Lacs respectively as against Rs. 406.87 Lacs and Rs. 281.58 Lacs of the previous year. The profit after tax has registered growth of 44.50 % .

The financial year 2012-13 was yet another significant year in terms of highest ever turnover and profit of the company. The performance of the company has a significant improvement though during this year, considering the factor that the input prices increased steeply, which coupled with the weakening of the rupee vis-a-vis with other currencies, which has also impacted margins.

During the year, the company has penetrated into newer market for exports. In the domestic market, the company has also increased its customer''s base by the offering wide range of products for all sort of customers, i.e premium products for high-end customers, and value for money products for mass middle-class customers.

EXPORTS

During the year under review, the company has capitalized the growing demand from the export market and has explored good customers in export. Exports (including incentives) during the year were Rs. 108.61 crores which has increased from Rs. 79.33 crores, in the previous year and recorded a growth of 36.90 %. The company continues to retain dominant market share in exports.

FINANCIAL POSTION

The company''s financial position continues to be comfortable. During the year under review, the company has taken term loan for capacity expansion and for setting up BPO in Panchkula Technology Park, Haryana, the revenue from these two projects will commence from the Financial Year 2014-15, which will further strengthen the leverage of the company. The net-worth as at 31st March 2013 improved to Rs. 27.84 crores from Rs. 23.75 crores.

During the year under review, CARE has assigned ''Triple B Minus'' rating on the Company''s Long term bank facilities at ''CARE BBB-'' and assigned ''A Three'' rating on the short term bank facilities at ''CARE A3''

DIVIDEND

In view of the expansion and investment strategies of the Company, your directors do not recommend any dividend for the year under review.

FUTURE OUTLOOK

We have strong belief in our people and we are confident with the growing popularity of the company''s brand and support from its employees and stake-holders the company will set up new standards.

The Indian real estate sector plays a significant role in the Country''s economy. The real estate is second only to agriculture in terms of employment generation and contributes considerably towards GDP. According to a study, the real estate is expected to grow rapidly due to improvement in affordability and availability of housing finance.

Since cement, plywood, laminate and steel related products are essential part of construction right from initial brick to final stage of furnishing; the demand for these products is directly related to the growth of infrastructure and real estate sector, the demand for company''s products is expected to remain buoyant.

Your Directors are confident of achieving better results in the coming years.

EXPANSION

Considering buoyant demand for the products and to improve the market share, the Board of Directors of the company has approved for enhancement of capacity from 48,00,000 to 64,00,000 sheets per annum. The project requires total estimated capital outlay of Rs.15.33 crore and the expansion is carried out at its existing location. The company has taken Term Loan for Rs. 11.50 crore for this project. The project has started in the year 2012-13 and is almost complete in all aspects. The commercial production is likely to commence by the end of this calendar year.

The Board of Directors has approved to diversify in the service sector, for BPO activities, at an estimated capital outlay of Rs.33.14 crore. The company has taken Term loan of Rs. 21.00 crore for the project. Haryana State Industrial Infrastructure Development Corporation (HSIIDC) has allotted 5572 Sq. mts. Of Land At Panchkula Technology Park, Haryana for Setting up BPO.

CAPITAL STRUCTURE

There was no change in the capital structure during the period.

DIRECTORS

In accordance with the provisions of Section 2516(1) of the Companies Act, 1956 and Articles of Association of the Company, Mr. Satpal Garg retire by rotation at the company''s forthcoming annual general meeting and, being eligible offer themselves for re-appointment.

The company has received a notice in writing under Section 257 of the Companies Act, 1956, proposing the appointment of Mr. Satpal Garg for the office of director of the company liable to retire by rotation. Necessary resolution is placed for approval of members in this respect.

None of the directors is disqualified under provisions of Section 274(1)(g) of the Companies Act,1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956 ("the Act"), your directors confirm that:

(i) in preparation of the annual accounts for the year ending 31st March 2013, the applicable accounting standards have been followed;

(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 for the year ended 31st March, 2013 and the profit for that year;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies 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.

AUDITORS

M/s Sunil K Sood & Co., Chartered Accountants, the statutory Auditors, hold office until the conclusion of the ensuing Annual General Meeting and being eligible to offer themselves for reappointment. The Company has received a letter from them to the effect that the re- appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956 and they are not disqualified for such re-appointment within the meaning of Section 226 of the said Act.

The Notes of Financial Statement referred to in the Auditors Report are self-explanatory and therefore does not required any further clarification.

COST AUDITORS

Pursuant to Order No. F.No.52/26/CAB-2010 dated 30.06.2011 issued by the Central Government in terms of the provisions of Section 233B of the Companies Act, 1956, the board for the Financial Year 2013-14, has appointed C.L.Bansal & Associates, Cost Accountant, a practicing Cost Accountant, as Cost Auditor of the company. The appointment has been approved by Central Government.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the public under Section 58A of the Companies Act, 1956.

HEALTY, SAFETY AND ENVIORMENT PROTECTION

The company has complied with all applicable environment and labour laws. The company continues to be certified under ISO 9001: 2000 certification for complete range of laminates manufactured.

INDUSTRIAL RELATION

During the year under review, industrial relations in the company remain cordial and healthy at all levels. The directors wish to place on record their appreciation for the excellent co-operation received from employees at all levels.

PARTICULARS OF EMPLOYEES

The particulars of employees who were in receipt of remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act,1956, read with the Companies (Particulars of Employees ) Rules 1975,as amended from time to time is ''Not Applicable'' as no employee is in receipt of remuneration in excess of the limits prescribed under this Section.

DIRECTORS WITH MATERIALLY SIGNIFICANT ,PECUNIARY OR BISINESS RELATION WITH THE COMPANY.

Note to Financial Statement furnishes the transaction with related parties, as stipulated under Accounting Standard- 18(AS-18) .Apart form aforesaid related party transactions, there are no transaction of material nature with the Directors/or their relatives, Which may have a potential conflict with the interest of the Company.

ACKNOWLEDGEMENT

The Board wishes to take this opportunity to thank its employees for their dedicated service and firm commitment to give the goals of the company.

The Board also wishes to place on record its sincere appreciation for the wholehearted support from shareholders, customers, vendors, bankers, and all other business associates for their support and cooperation during the year.

By Order of the Board,

For Stylam Industries Limited

Sd/-

Place: Chandigarh Jagdish Gupta

Date: 4th September, 2013 Managing Director


Mar 31, 2012

The Directors are pleased to present the 21st Annual Report together with Audited statement of Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS

The Financial performance of the Company for the year ended 31st March 2012 is summarized below:

(Rs. in Lacs)

FY 2011-12 FY 2010-11

Profit before depreciation and amortisation 1,056.30 757.88 expenses, Finance Costs and tax expenses

Less :

Finance Costs 355.37 66.78

Depreciation 282.22 159.78

Profit Before tax 418.70 531.32

Less :

Current Tax 115.22 110.24

Deferred Tax 21.89 45.47

Profit for the year 281.58 375.61

Less :

Final Dividend for FY 2009-10 54.87

Corporate Dividend on Final Dividend for FY 2009-10 9.11

Transferred to General Reserve 281.58 311.62

OPERATIONS

During the year under review, your company has achieved a turnover of Rs.10417.32 Lacs as compared to the previous year's turnover of Rs. 8315.14 Lacs. Profit before tax was 418.70 Lacs. The Company is making continuous efforts to retain its market share through certain strategic market interventions.

EXPORTS

During the FY 2011-12, the company has exported goods worth Rs. 7519.31 lacs net of excise duty, which is higher by 28.05% than previous FY 2010-11 export worht Rs. 5872.23 lacs. The company has earned export incentives worth Rs. 280.44 lacs on export sales during the FY 2011-12 as compared to previous FY 2010-11 of Rs. 354.00 lacs. Export incentives are lower during FY 2011-12 due to sunset of DEPB scheme w.e.f. 30.09.2011.

DIVIDEND

In view of the expansion and investment strategies of the Company, your directors do not recommend any dividend for the year under review.

CAPITAL STRUCTURE

There was no change in the capital structure during the period.

DIRECTORS

In accordance with the articles of association of the company, Sh. Mahavir Singh retire by rotation at the company's forthcoming annual general meeting and, being eligible offer themselves for re-appointment.

ACKNOWLEDGEMENT

Your Directors thank all the employees for their sincere efforts, active involvement and devoted services rendered.

Your Directors thank the shareholders of the Company for the confidence reposed in the Management of the Company.

You Directors place on record their gratitude to the Customers, Suppliers, company's Bankers and Financial Institutions for their support and cooperation during the year under review.

By Order of the Board,

For Stylam Industries Limited

Sd/-

Place: Chandigarh Jagdish Gupta

Date: 4th July, 2012 Chairman-cum-Managing Director


Mar 31, 2010

The Directors have great pleasure in presenting the 19th Annual Report together with Audited statement of Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS

The Financial performance of the Company for the year ended 31st March 2010 is summarized below:

(Rs. In Lacs)

PARTICULARS Year Ending 31st Year Ending 31st

March 2010 March 2009

Sales & other Income 6,479.68 5,506.14

Profit before Interest, Depreciation, Tax & 709.79 511.95

Amortisation

Less: - Interest 125.90 131.44

- Depreciation 138.78 134.10

- Amortisation - -

Profit before Tax 445.11 246.41

Add : -Profit/(Loss) on sale of Assets (7.66) (1.28)

-Prior Perid Adjustment 9.27 (0.13)

446.72 245.00

Less: - Previous Year Tax - 0.05

- Provision for Current Year Tax 170.77 86.66

- Provision for Deferred Tax (24.17) 0.22

Profit after Tax 300.12 158.07

Less: - Interim Dividend 54.87 -

- Dividend Distribution Tax 9.42 -

Current Year Profit Available for Appropriation 235.83 158.07

Amount B/F from Previous year 967.28 732.14

Profits available for Appropriations 1,203.11 890.21

Add: Excess Depreciation Charged During - 79.09

Previous Years

Less: Depreciation on Interest Capitalised 33.16 2.02

Balance carried forward to Balance sheet. 1,169.95 967.28

Turnover and Profits

Your company has achieved a turnover of Rs. 6479.68 Lacs as compared to the previous years turnover of Rs. 5506.14 Lacs. Profit before tax was Rs. 445.11 Lacs. This is due to imbalance in demand and supply; however the Company is making continuous efforts to retain its market share through certain strategic market interventions.

Exports

During the year, your Company has exported goods worth Rs. 4677.09 Lacs, which is higher by 11.65% than previous year. The Company has earned Export Incentives worth Rs. 209.28 Lacs on Export Sales.

Dividend

Your Company has given the interim dividend to the shareholders at the rate of 7.5 % of Share Capital i.e. Rs 0.75 /-per Share for the financial year 2009-10. For that provision of Rs.54, 87,150 of Interim Dividend and Rs. 9,32,541 Corporate Dividend Tax on Interim Dividend in profit and loss account be made. Now the company is recommending Final Dividend for that year at the rate of 7.5 % of Share Capital.

Capital Structure

There was no change in the capital structure during the period.

Subsidiary, Golden Netsoft Private Limited

The statement pursuant to Section 212 of the Companies Act, 1956 containing details of the subsid- iary Company forms part of the Annual Report.

Directors

In accordance with the articles of association of the company, Sh. Jagdish Gupta & Sh. Satish Gupta retire by rotation at the companys forthcoming annual general meeting and, being eligible offer them- selves for re-appointment.

Management Discussion and Analysis Report

Management Discussion and Analysis Report as required under the listing agreement with the Stock exchanges is enclosed and form part of this director report.

Auditors

M/s Sunil K Sood & Co., Chartered Accountants, the Companys Auditors, retire at the ensuing Annual General Meeting and being eligible offer themselves for reappointment. The Company has received letters from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings/ Outgoings: The information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and outgo as required under Section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed and form part of this report.

Human Resources

The Company continued to have cordial relationship with the employees. Employees are continuously sponsored for various external programmes and seminars.

Statement of particulars of Employees under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars or Employees) Rules, 1975 is NIL.

Corporate Governance

The company has complied with the mandatory provisions of the Corporate Governance as prescribed in the Clause 49 of the listing agreement with the stock exchanges. A separate report on Corporate Governance is included as a part of the Director report along with the Auditors Certificate on is compli- ance.

Directors Responsibility Statement

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956 ("the Act"), your directors confirm that:

(i) in preparation of the annual accounts for the year ending 31st March 2010, the applicable ac- counting standards have been followed;

(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 for the year ended 31st March, 2010 and the profit for that year;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies

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 going concern basis.

Acknowledgement

Your Directors thank all the employees for their sincere efforts, active involvement and devoted ser- vices rendered.

Your Directors thank the shareholders of the Company for the confidence reposed in the Management of the Company.

Your Directors place on record their gratitude to the Customers, Suppliers, companys Bankers and Financial Institutions for their support and cooperation during the year under review.

On behalf of the Board

-Sd- Jagdish Gupta Chairman

Chandigarh Dated : 4th, August, 2010

 
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