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