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Directors Report of Techno Forge Ltd.

Mar 31, 2013

To, The Members,

The Directors are pleased to present the Thirty Fourth Annual Report and the Audited Accounts of the Company for the year ended on 31st March, 2013.

1. FINANCIAL RESULTS [Rupees in Lacs]

Particulars For the year ended For the year ended 31.03.2013 31.03.2012

Total Income 2323.30 2576.27

Increase /(Decrease in stock) 288.51 -30.18

Expenditure 2128.04 2073.52

Finance Charges 242.64 222.67

Gross Prom after interest but before 239.13 249.9

depreciation and taxation

Depreciation 116.68 93.78

Profit before provisions and writeoffs 122.45 156.12

Tax Expenses

Current Tax 25.00 32.00

Deferred Tax 42.82 31.18

Profit after tax 54.63 92.31

Less: Short provision (Income Tax) 0 2.56

Profit (Loss) for the period 54.63 89.74

Profit carried to Balance Sheet 580.49 525.87

2. DIVIDEND

With a view to conserve the resources & retaining them for future prospects, your directors do not recommend any dividend for the financial year 2012-13.

3. OPERATIONS

During the year, the company has achieved sales turnover of Rs. 2Z95.37 Lacs as compared to previous year of Rs. 2559.20 Lacs against projected targets as per CME Data given to Bank. This is due to market has go down slowly our company has reduced around 10.30% of sales as compare to previous year. Further international market has witnessed slowdown. So. export unit of India also turn into local market and which has increased the competition.

During the year the Company made allotment of 201300 equity shares to the promoter on preferential basis at Rs. 20V- per share including premium of Rs. 10/- per share and the proceeds of the allotment have been towards margin money required from the Bankers and being applied for required funds towards ongoing projects and working capital.

4. Forging Press Project

Company has invested in new international technology for increasing production diveriication and cost reduction to sustain in domestic and international market

5. DIRECTORS

At the ensuing Annual General Meeting, Mr. Hemant Chheda, Director of the Company shall retire by rotation and are being eligible offerthemsetves for re-appointment.

6. PUBLIC DEPOSITS

The Company has neither accepted norrenewed any Public Deposits during the year underreview.

8. AUDITORS

M/s. Majithia & Associates, Chartered Accountants, Mumbaj, will retire at the ensuing Annual General Meeting and are eligible for reappointment. They have forwarded a certificate to the Company stating that the appointment, if made, will be within the limit specified in Section 224(18) of the Companies Act, 1956. The members are requested to appoint the auditors and fix their remuneration.

Management reply to auditors observation to the Auditors Report:

Minor delay in payment of Excise Duty, Cess, Service Tax, Income Tax, Provident Fund, Employees'' State Insurance, and Professional Tax etc will be taken care of in future. Default in repayment of dues to financial institutions was because of slowdown in the business & non recovery of funds from market

Compliance Certificate under section 383A of the Companies Act:

The Company has obtained Compliance Certificate under section 383A of Companies Act, 1956 from M/s. Kashyap Shah & Co., Practicing Company Secretaries, Vadodara and the same is attached in Annexure to this report.

09. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE* EARNINGS AND OUTGO

a) Conversion of Fuel

The Company has invested in press technology instead of hammer to make less pollution and up to par with international standard.

b) New Workshop machining of Shaft.

With the installation of this new workshop used as balancing equipment will result in to overall increase in turnover by 20% appx.

c) Foreign Exchange Earning and outgo

1. Foreign Exchange expenditure: Rs. 3.13,10,561/-

2. Foreign Exchange earned: Rs. 1.39,70,399/-

10. PARTICULARS OF EMPLOYEES

The Company did not have any employee falling within the scope of sub-section [2AJ of Section 217 of the Companies Act, 1956.

11. DISCLOSURE OF PARTICULARS

Particulars required to be furnished under the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 to the extent applicable to the Company are given in the Annexure which forms part of this report

12. CORPORATE GOVERNANCE

The report on Corporate Governance pursuant to clause 49 of the listing agreement with Bombay Stock Exchange Ltd.. along with the certificate of M/s. Majithia & Associates.. Chartered Accountants, Mumbai, Statutory Auditors of the Company form part of this report and attached to this report.

13. DIRECTORS'' RESPONSIBILITY STATEMENT.

In accordance with the Companies (Amendment) Act. 2000, the Directors state that:

a. In the preparation of the annual accounts for tf.e year the applicable Accounting Standards have been followed and there are no material departures.

b. Accounting Policies have been consistently applied. The Directors have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs ofthe Company as on 31st March, 2013 and the profit and loss of the Companyforthe accounting year ended on that date;

c. Proper and sufficient care for maintenance of adequate accounting records has been taken in accordance with the provision of the Act so as to safeguard the assets of the Company and to prevent and detect fraud and other irregularities:

d. The annual accounts have been prepared on a going concern basis.

14. ACKNOWLEDGEMENT

Your Directors acknowledges the support received from ali its Business Associates, Bankers, depositors, shareholders and other business constituents.

Your Directors also wish to record their appreciation of the contribution made by employees during this challenging year.

Regd. Office: By Order of the Board,

1022, GIDC IndustrialArea, For Techno Forge Limited

odi- Ankksshwar-393 002. [Ashok M. Kapasij

29.05.2013 Chairman


Mar 31, 2012

The Directors are pleased to present the Thirty three Annual Report and the Audited Accounts of the Company for the year ended on 31st March, 2012.

1. FINANCIAL RESULTS

[Rupees in Lacs]

Particulars 31.03.12 31.03.11

Total Income 2576.27 2695.16

Increase /( Decrease in stock) -30.18 427.16

Expenditure 2073.52 2723.56

Finance Charges 222.67 166.60

Gross Profit after interest but before 249.9 232.16

depreciation and taxation Depreciation 93.78 79.35

Profit before provisions and write offs 156.12 152.81

Provisions and write offs:

Provision for taxation- Current 32.00 35.00

Provision for taxation- Deferred 31.18 14.44

Profit after tax 92.31 103.03

Less: Short provision (Income Tax) 2.56 0.00

Profit (Loss) for the period 89.74 103.02

Profit carried to Balance Sheet 525.87 436.12

2. DIVIDEND

With a view to conserve the resources & retaining them for future prospects, your directors do not recommend any dividend for the financial year 2011-12.

3. OPERATIONS

During the year, the company has achieved sales turnover of Rs. 2550.70 Lacs as compared to previous year of Rs. 2691.17 Lacs against projected targets as per CME Data given to Bank. The company has however achieved better volumes in production compared to previous year Due to slow down in overall business our company has reduced around 5.22% of sales as compare to previous year.

Due to ever increasing fuel prices (LNG) the profitability in the product is diminishing. To mitigate such high prices of fuel, a change in fuel is required for reducing the cost of production and increase in volume. Achieving higher efficiency in production with existing fuel and alternative equipments to counter the ever increasing prices of fuel has been the core focus of the management for the year.

4. FORGING PRESS PROJECT

Almost all the forging press equipments are arrived from China and are currently under installation. We are likely to complete the installation and trial of the project by Mid October 2012.

5. DIRECTORS

At the ensuing Annual General Meeting, Mr. Rahul Parikh and Mr. Atul M Raizada, Directors of the Company shall retire by rotation and are being eligible offer themselves for re-appointment!

6. PUBLIC DEPOSITS

The Company has neither accepted nor renewed any Public Deposits during the year under review.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

a) INDUSTRY STRUCTURE

Indian steel industry is largely dependent on the global demand, Governments initiative in improving and expanding the necessary infrastructure facilities. Though, the global demand is expected to show a considerable increase in coming years, the same cannot be considered with certainty as the recent developments show. The developments in the steel and other related industries due to Asian urbanization further investment by China in real estates and infrastructure, estimated increase in demand for consumer goods including durables in developing nations, investment in transport equipments and infrastructure facilities etc., lead to the belief that the industry is heading for a bright future. t

There is a gap of demand and supply of steel by 9% and the growth of 7% - 8% will only widen this gap. Further productions of new steel plants are likely to commence after four to five year as they are under land acquisition and planning stages.

b) CORPORATE GOVERNANCE ,

Vour company has adopted corporate governance and corporate responsibilities such as no discrimination of cast/sex/religion/culture, conservation of energy, education, training for staff for handling disaster management, human face of economics etc.

c) OPPORTUNITIES AND THREATS

The improvement in the worid wide economy has fuelled greater demand for infrastructure developments which have, in turn, led to increase in the steel demand all over the world. India as a major steel producer offers an excellent business opportunity which is expected to continue for some more years to come.

The major threats that affect the performance of the steel industry are often attributed to low steel consumption, higher cost of various inputs, highs transportation cost, cheaper imports of finished products etc.

Your Company has, however, analyzed the trends in the steel industry and rapid development occurring in the world of steel. Strategies are constantly reworked to minimize the adverse implications.

d) OUTLOOK

It is expected that the Government would remain committed to development in infrastructure facilities, globalization and carrying out third generation economic reforms which would lead to rise in demand for steel and other related products. Consistent growth in global as well as Indian economy points out to a bright future for the steel and other related industries.

e) RISKS AND CONCERNS:

Your Company has taken a number of steps with a view to keep its position intact in the market. Your Company has been in constant touch with its valuable Customers and has been attempting to rope in new customers and widen its customer base which will ail help the Company when it restarts its operations.

Your Company has also been in touch with major supplies so that non-availability of any critical inputs on time does not pose any problem in future. '

All the fixed and current assets have been insured on the basis of market value (indemnity) and as per expert opinion of an approved valuer, and security has been stepped up at plant premises to safeguard the properties of the Company.

For exports exchange rate risk is very closely monitored and with currencies such as US Dollar and Euro being volatile the company is also forward booking and making options against the exports. However the total exports of the company is not more than 10% of entire sales.

f) ADEQUACY OF INTERNAL CONTROL

The Company has an adequate internal controls system commensurate with its size and the nature of its business and appointed internal auditor M/S Parag Patel & Associates.

The Audit Committee of the Board of Directors reviews the adequacy of internal controls.

g) HUMAN RESOURCE DEVELOPMENT

Your Company continued to have cordial and harmonious relations with its employees. The company has bought 18 staff quarters from GIDC and also awarded the same to employees. It is noted that inspire of high demand for skilled employees in the industry, the company has not witness any significant turnover of manpower in the key areas of the company in production, quality, maintenance, stores and commercial departments.

h) DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the year Company registered a turnover of Rs. 2550.70 Lacs. While comparing turnover with previous year, it is observed that the market has gone down by 30-40% Moreover, of raw material prices were marginally reduced. In spite of the same, your company has achieved 30% more production to cope up with previous year turnover.

8. AUDITORS

M/s. Majithia & Associates, Chartered Accountants, Mumbai, will retire at the ensuing Annual General Meeting and are eligible for reappointment. They have forwarded a certificate to the Company stating that the appointment, if made, will be within the limit specified in Section 224(18) of the Companies Act, 1956. The members are requested to appoint the auditors and fix their remuneration. Management reply to auditors observation to the Auditors Report:

The Company will take enabling steps to provide for liability in respect of gratuity to employees as per actuarial valuation.

With reference to commission to non executive director, the Company has placed resolution for approval of shareholders at ensuing Annual General Meeting.

The company has made appointment of Cost Auditor as per the provisions of section 209 (1) (d) of the Companies Act, 1956 and subsequent regulations thereto. Compliance Certificate under section 383A of the Companies Act:

The Company has obtained Compliance Certificate under section 383A of Companies Act, 1956 from M/s. Kashyap Shah & Co., Practicing Company Secretaries, Vadodara and 'he same is attached in Annexure to this report.

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

a) Conversion of Fuel (Furnace Oil) into Natural Gas:

The Company has made a contract with Gujarat Gas for 3050 SCM per day as against previous year of 6000 scm. The reduction in gas off take will not reduce the production as high level of efficient equipments are installed to give better output inspire of reduction in gas quantity. Thus our company shall achieve high profitability and achieve the aim of fuel efficiency, reduction in carbon foot print; carbon fossils conservation and cost reduction program which was set as a primary goal for the year and also keep the environment pollution free.

As part of the conservation of natural resources the water, the company has made serious efforts and installed heat recovery unit and has been able to achieve 0 % discharge of effluent even at a cost of Rs. 5 lac as capital expenditure.

The company and the management have been very conscious to the society and of the environment in which it operates its business. As part of clean development management company has been able to achieve high standards.

b) New Workshop machining of Shaft.

With the installation and commencement of production from the new workshop for the balancing equipment, it is expected to show better results in productivity, reduction in dependency on outsourcing of machining and increase in turnover for the next financial year.

c) Foreign Exchange Earning and outgo

I. Foreign Exchange expenditure: Rs. 97,27,872/-

2. Foreign Exchange earned: Rs. 145, 27,669/-

10. PARTICULARS OF EMPLOYEES

The Company did not have any employee falling within the scope of sub-section [2A] of Section 217 of the Companies Act, 1956.

II. DISCLOSURE OF PARTICULARS

Particulars required to be furnished under the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 to the extent applicable to the Company are given in the Annexure which forms part of this report.

12. CORPORATE GOVERNANCE

The report on Corporate Governance pursuant to clause 49 of the listing agreement with Bombay Stock Exchange Ltd., along with the certificate of M/s. Majithia & Associates., Chartered Accountants, Mumbai, Statutory Auditors of the Company form part of this report and attached to this report.

13. DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the Companies (Amendment) Act, 2000, the Directors state that:

a. In the preparation of the annual accounts for the year the applicable Accounting Standards have been followed and there afe no material departures.

b. Accounting Policies have been consistently applied. The Directors have 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 on 31st March, 2012 and the profit and loss of the Company for the accounting year ended on that date;

c. Proper and sufficient care for maintenance of adequate accounting records has been taken in accordance with the provision of the Act so as to safeguard the assets of the Company and to prevent and detect fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basis.

14. ACKNOWLEDGEMENT

Your Directors acknowledges the support received from all its Business Associates, Bankers, depositors, shareholders and other business constituents.

Your Directors also wish to record their appreciation of the contribution made by employees during this challenging year.

By Order of the Board,

Regd. Office: For Techno Forge Limited

1022, GIDC Industrial Area, Sd/-

Ankleshwar - 393 002. [Ashok M. Kapasi]

Date: 29.06.2012 Managing Director


Mar 31, 2010

The Directors are pleased to present the Thirty First Annual Report and the Audited Accounts of the Company for the year ended on 31st March, 2010.

I.FINANCIAL RESULTS

(Rupees in Lacs)

Particulars 31.03.10 31.03.09

Total Income 2229.73 2156.76

Increase/(Decrease in stock) 234.17 (57.29)

Expenditure 2104.38 1808.40

Finance Charges 156.49 169.53

Gross Profit after interest but 203.03 121.54

before depreciation and taxation

Depreciation 77.40 65.26

Profit before provisions and write offs 125.63 56.28

Provisions and write offs:

Prior Period Expenses 0.81 -

Prior Period Income 2.95

Provision for taxation-Current 19.30 6.10

Provision for taxation- Deferred 27.19

Fringe Benefit Tax 0.32

Add Deffer Tax Asset 3.92 -

Profit after tax 109.44 25.61

Less: Loss from extra ordinary items 0.73 -

Sundry Balance Written Off - -

Balance brought forward from previous year 108.71 198.77

Profit carried to Balance Sheet 333.10 224.38

2. DIVIDEND

With a view to conserve the resources & retaining them for future prospects, your

directors do not recommend any dividend for the financial year 2009-10.

3. OPERATIONS

During the year the Company could achieve sales turnover of Rs. 2167.97 Lacs. This is mainly because of current recession and in wake of this situation, the above results are not highly satisfactory as per projected targets. White comparing with turnover of previous year, it is observed that the market has gone down by 30-40%. Moreover, Of raw material prices were marginally reduced. In spite of the same, your company has achieved 30% more production to cope up with previous year.

4. FORGING PRESS PROJECT

Forging press is the need of todays technical demand, as India is becoming manufacturing hub, bigger and maga projects are foreseen in various areas viz., refinery, offshore and onshore oil and gas field. Apart from oil and gas sector, your company is in the ship building components as this market has just open from the government and your company has already an adequate experience of around 5 years in the manufacturing of ship building components. In view of the same, it has become inevitable to install manufacturing press, which is also cost effective.

5. DIRECTORS

At the ensuing Annual General Meeting, Mr. Rahul Parikh and Mr. Atul M. Raizada, Directors of the Company shall retire by rotation and are being eligible offer themselves for re-appointment.

6. PUBLIC DEPOSITS

The Company has neither accepted nor renewed any Public Deposits during the year under review.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

a) Industry Structure

Indian steel industry is largely dependent on the global demand, Governments initiative in improving and expanding the necessary infrastructure facilities. Though, the global demand is expected to show a considerable increase in coming years, the same can not be considered with certainty as the recent developments show.

The developments in the steel and other related industries due to Asian urbanization further investment by China in real estates and infrastructure, estimated increase in demand for consumer goods including durables in developing nations, investment in transport equipments and infrastructure facilities etc., lead to the belief that the industry is heading for a bright future.

There is a gap of demand and supply of steel by 9% and the growth of 7% - 8% will only widen this gap. Further productions of new steel plants are likely to commence after four to five year as they are underland acquisition and planning stages.

b) Corporate Governance

Your company has adopted corporate governance and corporate responsibilities such as no discrimination of cast/sex/religion/culture, conservation o* energy, education and training for staff for handling disaster management, human face of economics etc. More details can be viewed on the official website of the company www.technoforgeindia.com

c) Opportunities and Threats

The improvement in the world wide economy has fuelled greater demand for infrastructure developments which have, in turn, led to increase in the steel demand all over, the world. India as a major steel producer offers an excellent business opportunity which is expected to continue for some more years to come.

The major threats that affect the performance of the steel industry are often attributed to low steel consumption, higher cost of various inputs, higher transportation cost, cheaper imports of finished products etc.

Your Company has, however, analyzed the trends in the steel industry and rapid development occurring in the world of steel. Strategies are constantly reworked to minimize the adverse implications.

d) Outlook

It is expected that the Government would remain committed to development in infrastructure facilities, globalization and carrying out third generation economic reforms which would lead to rise in demand for steel and other related products. Consistent growth in global as well as Indian economy points out to a bright future for the steel and other related industries.

e) Risks and Concerns:

Your Company has taken a number of steps with a view to keep its position intact in the market. Your Company has been in constant touch with its valuable Customers and has been attempting to rope in new customers and widen its customer base which will all help the Company, when it restarts its operations.

Your Company has also been in touch with major supplies so that non-availability of any critical inputs on time does not pose any problem in future.

All the fixed and current assets have been insured on the basis of market value (indemnity) and as per expert opinion of an approved valuer, and security has been stepped up at plant premises to safeguard the properties of the Company.

Your Company has also sought certain need based relief and concession from the Banks, Financial Institutions and other Government Agencies. These have been identified by the Company as the minimum requirement to enable it to restart and revive its operations.

For exports exchange rate risk is very closely monitored and with currencies such as US Dollar and Euro being volatile the company is also forward booking and making options against the exports. However the total exports of the company is not more /than 10% of entire sales.

f) Adequacy of Internal Control

The Company has an adequate internal controls system commensurate with its size and the nature of its business.

The Audit Committee of the Board of Directors reviews the adequacy of internal controls.

g) Human Resource Development

Your Company continued to have cordial and harmonious relations with its employees. The company has bought 18 staff quarters from GIDC and also awarded the same to employees. It is noted that inspite of high demand for skilled employees in the industry, the company has not witness any significant turnover of manpower in the key areas of the company in production, quality, maintenance, stores and commercial departments.

h) Discussion on financial performance with respect to operational performance

During the year Company registered a turnover of Rs. 2167.97 Lacs. While comparing turnover with previous year, it is observed that the market has gone down by 30-40%. Moreover, of raw material prices were marginally reduced. In spite of the same, your company has achieved 30% more production to cope up with previous year turnover.

8. AUDITORS

M/s. Majithia & Associates, Chartered Accountants, Mumbai, will retire at the ensuing Annual General Meeting and are eligible for reappointment. They have forwarded a certificate to the Company stating that the appointment, if made, will be within the limit specified in Section 224(18} of the Companies Act, 1956. The members are requested to appoint the auditors and fix their remuneration.

The observations of auditors are self explanatory and do not required further details.

Compliance Certificate under section 383A of the Companies Act:

The Company has obtained Compliance Certificate under section 383A of Companies Act, 1956 from M/s. Kashyap Shah & Co., Practicing Company Secretaries, Vadodara and the same is attached in Annexure to this report.

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

a) Conversion of Fuel (Furnace Oil) into Natural Gas:

The Company has made a tie up with Gujarat Gas for 6000 SCM per day as a substitute of Furnace Oil to drive the cost reduction program and also to make the environment with less pollution. Secondly it has the benefit of easy availability as compared to furnace oil since constant supply from Gujarat Gas.

As part of the conservation of natural resources the water, the company has made serious efforts and installed heat recovery unit and has been able to achieve 0 discharge of effluent even at a cost of Rs. 5 lac as capita! expenditure.

The company and the management have been very conscious to the society and of the environment in which it operates its business. As part of clean development management company has been able to achieve high standards and hence the company has now applied for Carbon Credit for its captive power plant and fuel switch

over plant.

b) Captive Power Plant:

Company had purchased,a gas based captive power plant from Gusscor Spain with the capacity of 610 KW as a substitute of Electricity. Company also purchased Heat Recovery Unit (HRU) i.e. the Exhaust of the Genset to be utilized for Steam which is used for Hammer. This Captive Power Plant will reduce the Power cost from Rs. 4.75

to 3.00 per unit and overall reduction in Electricity cost by 40 to 45%.

c) New Workshop machining of Shaft.

With the installation of this new workshop used as balancing equipment will result in to overall increase in turnover by 20% appx.

d) Foreign Exchange Earning and outgo

1. Foreign Exchange expenditure: Rs. 2,70,115/-

2. Foreign Exchange earned: Rs. 2,67,40,438/-

10. PARTICULARS OF EMPLOYEES

The Company did not have any employee falling within the scope of sub-section [2A] of Section 217 of the Companies Act, 1956.

11. DISCLOSURE OF PARTICULARS

Particulars required to be furnished under the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 to the extent applicable to the Company are given in the Annexure which forms part of this report.

12. CORPORATE GOVERNANCE

The report on Corporate Governance pursuant to clause 49 of the listing agreement with Bombay Stock Exchange along with the certificate of M/s. Majithia & Associates., Chartered Accountants, Mumbai, Statutory Auditors of the Company form part of this report a. id attached to this report.

13. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the Companies (Amendment) Act, 2000, the Directors state that:

a. In the preparation of the annual accounts for the year the applicable Accounting Standards have been followed and there are no material departures.

b. Accounting Policies have been consistently applied. The Directors have 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 on 31st March, 2008 and the profit and loss of the Company for the accounting year ended on that date;

c. Proper and sufficient care for maintenance of adequate accounting records has been taken in accordance with the provision of the Act so as to safeguard the assets of the Company and to prevent and detect fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basis.

14. ACKNOWLEDGEMENT

Your Directors acknowledges the support received from all its Business Associates, Bankers, depositors shareholders and other business constituents.

Your Directors also wish to record their appreciation of the contribution made by employees during this challenging year,

By Order of the Board,

For Techno Forge Limited

Sd/-

[Ashok M. Kapasi] Managing Director

Regd. Office:

1022, GIDC Industrial Area,

Ankleshwar - 393 002.

26/05/2010

 
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