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Directors Report of Ucal Fuel Systems Ltd.

Mar 31, 2014

Dear Members,

The Directors hereby present the Twenty Eighth Annual Report together with the audited accounts of the company for the year ended 31st March 2014.

FINANCIAL HIGHLIGHTS

The performance of the company for the year ended 31st March 2014 is as follows:

(Rs. in lakhs) For the year ended Particulars 31.03.2014 31.03.2013

Gross Revenue 52,682 57,084

Net Revenue (excluding Excise Duty) 46,563 50,435

Total Expenditure 40,333 43,756

Operating Income 6,230 6,679

Other Income 100 123

Profit before Interest, Tax & Depreciation 6,330 6,802

Interest 2,983 3,197

Deferred Revenue Expenses 417 417

Depreciation 1,923 1,925

Profit before Tax & Exceptional item 1,007 1,263

Tax Expense 185 305

Profit after Tax/Net Profit 822 958

Balance of profit brought forward from last year 8,815 8,316

Amount Available for Appropriations 9,637 9,274

Appropriations:

Transfer to General Reserve 200 200

Dividend 221 221

Tax on Dividend 33 38

Balance Carried to Balance Sheet 9,183 8,815



DIVIDEND

The Board recommends a dividend of 10% i.e. Rs. 1 per equity share, aggregating to Rs. 221 lakhs (exclusive of tax on dividend) for the financial year 2013-2014.

TRANSFER TO GENERAL RESERVE

A sum of Rs. 200 lakhs has been transferred to the general reserve of the company for the financial year 2013-2014.

PERFORMANCE

The turnover of the company decreased by 8% from Rs. 50,435 lakhs in the financial year 2012-2013 to Rs. 46,563 lakhs in the financial year 2013-2014. This was mainly because of the continued recessionary trend in the auto sector and consequent low off take by the customers. This decrease in turnover was in spite of the efforts put in by the management to identify new markets and new business. The Earnings before Interest, Tax and Depreciation (EBITDA) also decreased from Rs. 6,802 lakhs in the financial year 2012-2013 to Rs. 6,330 lakhs in the financial year 2013-2014. The decrease can be mainly attributed to the reduction in the volume of business and the high fixed expenditure cost.

In spite of considerable efforts the exports reduced to Rs. 2,069 lakhs during the financial year 2013-2014 from Rs. 2,589 lakhs in the financial year 2012-2013. This decrease is again a reflection of the global trends in the auto sector. The spares sales of the company during the financial year 2013-2014 was Rs. 3,164 lakhs as against that of Rs. 3,048 lakhs in the financial year 2012-2013 showing a marginal increase.

The Profit After Tax (PAT) for 2013-2014 was less than that of the financial year 2012-2013 by 14%. The Company''s earning per share was Rs. 3.72 during the financial year 2013-2014.

The economy continued its downward trend in 2013-2014 and the automobile segment did not show any signs of improvement. The company''s manufacturing plants worked at less than optimum capacity as the customer off take was low. However the company''s efforts to cut costs through various new initiatives, close monitoring and control of projects and steps to increase productivity continued unabated during the financial year 2013-2014. Rearranging the production facilities did yield some savings in the form of increased efficiency of operations but that was not substantial enough to make up for the low off take and the constant demand by the customer for price discounts. The supply chain management continued to be a challenge in terms of price and quality.

The reduced turnover resulted in a limited capital expenditure in 2013-2014 keeping in mind the low demand in the automobile segment. The company continued its emphasis on updating its facilities and spent Rs. 534 lakhs in capital investments in the financial year 2013-2014 as compared to Rs. 734 lakhs spent in the financial year 2012-2013. The company strengthened its R&D by spending Rs. 907 lakhs on R&D in the financial year 2013-2014 as against an amount of Rs. 1,013 lakhs spent in the previous financial year.

DIRECTORS

Mr.R.Sundararaman stepped down as Joint Managing Director on 01.04.2014. The Board places on record its appreciation for the services rendered by him during his tenure. Mr.R.W.Khanna''s nomination as director was withdrawn by Exim bank and he ceased to be Nominee Director with effect from 23.01.2014. In his place Exim Bank nominated Mr K.Ajit Kumar and he was appointed Nominee Director with effect from 23.01.2014. Subsequently Exim Bank withdrew his nomination too and he ceased to be Nominee Director with effect from 19.06.2014. The Board places on record its appreciation for the services rendered by Mr.R.W.Khanna and Mr.K.Ajit Kumar during their tenure as Directors. Mr. S.Muthukrishnan did not seek re-appointment at the previous Annual General Meeting.

The Board in its meeting held on 30th August 2014 appointed Mr.Ram Ramamurthy as Additional Director with immediate effect. His appointment will be confirmed at the ensuing Annual General Meeting of the company. Subject to the approval of the shareholders and Central Government, the Board also appointed Mr.Ram Ramamurthy as Whole time Director for a period of two years with effect from 4th September 2014. Apppropriate resolutions for his appointment and remuneration have been set out in the Notice convening the Annual General Meeting.

Mr.S. Natarajan retires by rotation and being eligible offers himself for reappointment. However in terms of Section 149 of the Companies Act 2013, Mr.S.Natarajan, Dr.V.Sumantran and Dr.M.S.Ananth are seeking appointment as Independent Directors for a consecutive term of five years from the conclusion of this Annual General Meeting.

Brief resume/details of Directors who are to be appointed/reappointed as mentioned herein has been furnished along with the explanatory statement in the Notice convening the Annual General Meeting.

Padma Vibhushan Dr. V. Krishnamurthy continues to guide the management in all areas and the Board is grateful to him for his continued guidance and support.

AUDITORS

The statutory auditors of the company M/s. G Balu Associates, Chartered Accountants, Chennai, will retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for reappointment. The necessary resolutions in this regard will be passed at the ensuing Annual General Meeting. The company has received a certificate from the auditors to the effect that their reappointment if made will be in accordance with the provisions of the Companies Act, 2013. The auditors have also confirmed that they hold a Peer Review Certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. Mr. V. Kalyanaraman was appointed cost auditor of the company for the financial years 2013-2014 and 2014-2015. The cost audit report for the financial year 2013-2014 will be filed within the due date. The company has however come out of the purview of cost audit for the year 2014-2015.

AUDIT COMMITTEE

Dr.V.Sumantran was appointed member of the audit committee on 11.08.2014. Mr. S.Natarajan, Dr. M.S. Ananth and Mr. Jayakar Krishnamurthy continue to be the other members of the Audit Committee. Mr. S.Natarajan continues as Chairman of the Audit committee. The committee met five times during the year.

SUBSIDIARY COMPANIES

The company has two wholly owned subsidiaries.

Ucal Polymer Industries Limited (UPIL) - UPIL continues to perform well and support the company by expanding its scope of supply of plastic and rubber components to the company. The turnover for the financial year 2013-2014 was Rs. 2,598 lakhs compared to that of Rs. 2,357 lakhs in the financial year 2012-2013. The net profit after tax was higher at Rs. 248 lakhs in the financial year 2013-2014 thereby recording an increase of 9% as against Rs. 228 lakhs in the financial year 2012-2013. This has been achieved mainly due to the introduction of new products and improved efficiency of operations. A dividend of 20% has been declared by UPIL. UPIL''s objective of expanding its customer profile beyond UCAL Fuel Systems Limited (UFSL) is proceeding at a rather slow pace but its attempts to diversify its product portfolio has succeeded to a large extent in the financial year 2013-14.

Amtec Precision Products Inc, USA (Amtec) - The turnover of Amtec was Rs. 17,561 lakhs during the financial year 2013-2014 up from Rs. 14,832 lakhs in the financial year 2012-2013 thereby recording an increase of 18% in rupee terms. In US dollar terms, the turnover was $ 37.51 million during financial year 2013-2014 compared to $ 29.01 million in the financial year 2012-2013 showing an increase of 9%. Amtec has earned a cash profit of Rs. 400 lakhs during the financial year 2013-2014. The company''s growth has been reasonable considering the fact that the global auto industry had not really picked up in 2013-2014. Amtec''s efforts to gain entry into original equipment manufacturers and Tier 1 suppliers by obtaining minority certification did not materialize to the extent expected in the financial year 2013-2014. This is in spite of the fact that Amtec enjoys a high credibility amongst its customers. Capacity utilization continues to be low and in addition Amtec has not been able to take advantage of low cost sourcing from India. The employee costs continues to be high and an increase in the customer portfolio seems to be the only solution to increase profitability.

CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements for the year ended 31st March 2014 of the company and its subsidiaries together with the auditor''s report thereon is enclosed. The statement pursuant to Section 212 of the Companies Act, 1956 relating to the subsidiary companies forms a part of the accounts. A summary of the key financials of the company''s subsidiaries is also included in the Annual Report.

The consolidated results of the company and its subsidiaries show that a net profit after tax of Rs. 685 lakhs has been achieved during the financial year 2013-2014 as against that of Rs. 598 lakhs in the financial year 2012-2013. Efforts are on to improve the overall performance of the company and its subsidiaries in all respects.

The Ministry of Corporate Affairs vide its General Circular No. 2/2011 dated February 8, 2011 has granted a general exemption subject to certain conditions to holding companies from complying with the provisions of Section 212(1) of the Companies Act, 1956 which requires the attaching of the balance sheet, profit and loss statement and other documents of its subsidiary companies to its Annual Report. The Board in its meeting held on 30th August 2014 passed the necessary resolution for complying with all the conditions regarding the circulation of the annual report of the company without attaching all the documents of the subsidiary companies referred to in Section 212(1) of the Companies Act, 1956. Accordingly, the said documents are not being included in this Annual Report. The annual accounts, reports and other documents of the subsidiary companies will be available for inspection during business hours, by any shareholder of the company at the registered office of the company and also at the registered office of the concerned subsidiary. The annual accounts, reports and other documents of the subsidiary companies will be despatched to the shareholders upon receipt of a request from them.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 217(2AA) of the Companies Act, 1956 , the Directors confirm that,

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

(b) Such accounting policies have been selected and applied consistently and such judgments and estimates have been made 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 31st March 2014 and of the profit of the company for the year ended 31st March 2014;

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

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

FIXED DEPOSITS

The company has not accepted any fixed deposits from the public during the financial year 2013-2014 and there is no outstanding fixed deposit as on date.

PERSONNEL

Particulars of employees as required under sub-section (2A) of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 form a part of this report. In terms of section 219(1)(b)(iv) of the Companies Act 1956, the Annual Report and accounts are being sent to the shareholders of the company excluding the statement of particulars of employees under section 217(2A) of the Companies Act 1956. The statement will be available for inspection by the shareholders at the registered office of the company during business hours. Any shareholder interested in obtaining such statement may write to the Company Secretary at the registered office of the company.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

Information required under Section 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) rules 1988, on energy conservation, technology absorption, foreign exchange earnings and outgo, is given in Annexure-A and forms an integral part of this report.

CORPORATE GOVERNANCE

The Company adheres to all the requirements of the code of corporate governance as stipulated in clause 49 of the listing agreement with the stock exchanges as well as to the standards set by the Securities and Exchange Board of India. A report on corporate governance along with certification of the chairman and managing director and the chief financial officer is attached in Annexure-B. A certificate from the auditors of the company regarding compliance of the conditions of corporate governance as stipulated by clause 49 of the listing agreement is attached in Annexure-C. The Management Discussion and Analysis Report is attached in Annexure-D.

ACKNOWLEDGEMENT

The Board acknowledges with gratitude the support of its employees, customers and bankers, the cooperation of its vendors and suppliers and the assistance of governmental agencies. The Board is particularly grateful to the shareholders for continuing to repose their confidence in the company.

For and on behalf of the Board

Place : Chennai JAYAKAR KRISHNAMURTHY Date:30.08.2014 Chairman and Managing Director


Mar 31, 2013

The Directors hereby present the Twenty Seventh Annual Report together with the audited accounts of the company for the year ended 31st March 2013.

FINANCIAL HIGHLIGHTS

The performance of the company for the year ended 31st March 2013 is as follows:

(Rs.in lakhs)

For the year ended Particulars 31.03.2013 31.03.2012

Gross Revenue 57,084 57,905

Net Revenue (excluding Excise Duty) 50,435 52,502

Total Expenditure 43,756 44,139

Operating Income 6,679 8,363 Other Income 123 210

Profit before Interest, Tax & Depreciation 6,802 8,573

Interest 3,197 3,018

Deferred Revenue Expenses 417 417

Depreciation 1,925 2,144

Profit before Tax & Exceptional item 1,263 2,994

Tax Expense 305 726

Profit after Tax/Net Profit 958 2,268

Balance of profit brought forward from last year 8,316 7,476

Amount Available for Appropriations 9,274 9,744

Appropriations:

Transfer to General Reserve 200 400

Dividend 221 885

Tax on Dividend 38 143

Balance Carried to Balance Sheet 8,815 8,316



DIVIDEND

The Board recommends a dividend of 10% i.e. Rs. 1 per equity share, aggregating to Rs. 221 lakhs (exclusive of tax on dividend) for the financial year 2012-2013.

TRANSFER TO GENERAL RESERVE

A sum of Rs. 200 lakhs has been transferred to the general reserve of the company for the financial year 2012-2013.

PERFORMANCE

The turnover of the company decreased by 4% from Rs. 52,502 lakhs in the financial year 2011-2012 to Rs. 50,435 lakhs in the financial year 2012-2013. This was mainly due to the depressed demand in the auto sector and consequent low offtake by the customers. The Earnings before Interest, Tax and Depreciation (EBITDA) also decreased from Rs. 8,573 lakhs in the financial year 2011-2012 to Rs. 6,802 lakhs in the financial year 2012-2013. The decrease can be attributed to increase in the cost of inputs and the unceasing pressure from customers to reduce prices in spite of spiraling material, power, labour and interest costs. The unprecedented power cuts in Tamil Nadu had resulted in extensive use of diesel power to maintain production and this added to the manufacturing cost substantially thereby leading to decreased EBITDA. To overcome the huge power cost, the company has installed a dedicated feeder line and purchases power through the exchange.

In spite of considerable efforts the exports reduced to Rs. 2,589 lakhs during financial year 2012-2013 from Rs. 3,734 lakhs in the financial year 2011-2012. This decrease was due to the recessionary conditions in the international markets.

The spares sales of the company during the financial year 2012-2013 was Rs. 3,048 lakhs as against that ofRs. 2,652 lakhs in the financial year 2011-2012.

The Profit After Tax (PAT) for 2012-2013 was substantially less than that of the financial year 2011-2012 by 58%. The Company''s earning per share was Rs. 4.33 during the financial year 2012-2013.

Given that the situation in 2013-2014 is not likely to be any better as the economy has shown no signs of revival till now, the company has launched a massive program to cut costs, increase productivity and intensify marketing efforts. Efforts are also on to secure better prices from the customers for the existing products due to rising costs. With the commissioning of the Bawal plant there has been a rearrangement of production facilities between plants to minimize costs. The operations at Gurgaon stand shifted to Bawal. The operations of the Export Oriented Unit at Ambattur which was essentially catering to the requirements of Am tec has dried up and it is proposed to shift the machineries there to another export oriented unit at Maraimalai nagar. The rearrangement of facilities will help in streamlining production and lead to increased efficiency of operations. Efforts are on to streamline the supply chain and reduce/strengthen the subcontractors and vendors.

The reduced turnover resulted in a very cautious approach with regard to capital expenditure in 2012-2013. The company spent only Rs. 734 lakhs in capital investments in the financial year 2012-2013 as compared to Rs. 4,601 spent in the financial year 2011-2012. The company continued its emphasis on R&D and spentRs. 1,013 lakhs on R&D in the financial year 2012-2013.

DIRECTORS

In accordance with the Articles of Association of the company Mr.S.Muthukrishnan retires by rotation at the forthcoming Annual General Meeting. Mr. S. Muthukrishnan had informed the board of his intention not to seek reappointment at the ensuing Annual General Meeting due to health reasons. Consequently no resolution is placed for his reappointment in the current Annual General Meeting. Mr.S.Muthukrishnan is the founder director of UCAL Fuel Systems Limited. It was under his leadership that UCAL Fuel Systems Limited developed into a world class supplier of auto components. The foundations laid by him have sustained the company in the most difficult times. The Board is grateful to Mr.S. Muthukrishnan for his leadership and guidance through the years.

Dr.V.Sumantran also retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. Brief resume/details of Dr.V.Sumantran who is to be reappointed as mentioned herein has been furnished in the Notice convening the Annual General Meeting.

The Board is grateful to Padma Vibhushan Dr. V. Krishnamurthy who spends a considerable portion of his time with the company, guiding it in all areas.

AUDITORS

The statutory auditors of the company M/s. G Balu Associates, Chartered Accountants, Chennai, will retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for reappointment. The necessary resolutions in this regard will be passed at the ensuing Annual General Meeting. The company has received a certificate from the auditors to the effect that their reappointment if made will be in accordance with the provisions of Section 224( IB) of the Companies Act, 1956. The auditors have also confirmed that they hold a Peer Review Certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. Mr. V. Kalyanaraman was appointed as cost auditor for financial year 2012-2013. The company will be filing the cost audit report for the year ended 31st March 2013 before the due date of 30th September 2013. Based on the recommendations of audit committee the Board has reappointed Mr. V. Kalyanaraman as cost auditor of the company for the financial years 2013-2014 and 2014-2015.

AUDIT COMMITTEE

Mr. S.Natarajan, Dr. M.S. Ananth and Mr. Jayakar Krishnamurthy continue to be the members of the Audit Committee. Mr. S.Natarajan continues as Chairman of the Audit committee. The committee met 4 times during the year.

SUBSIDIARY COMPANIES

The company has two wholly owned subsidiaries.

Ucal Polymer Industries Limited (UPIL) — UPIL continues to be a steady supplier to the company of plastic and rubber components. The turnover for the financial year 2012-2013 was Rs. 2,357 lakhs compared to that of Rs. 2,347 lakhs in the financial year 2011-2012. The net profit after tax was higher at Rs. 228 lakhs in the financial year 2012-2013 thereby recording an increase of 44% as against Rs. 159 lakhs in the financial year 2011-2012. This has been achieved mainly due to the rationalization of operations and vendors. A dividend of 10% has been declared by UPIL. The dividend remains modest as the company is planning to invest in revamping its facilities in the current year. One main concern is to expand the customer profile beyond UCAL Fuel Systems Limited and efforts are on in this direction. The company is also attempting to diversify its product portfolio to emerge as one of the leading suppliers of sophisticated and precision products of rubber and plastic.

Amtec Precision Products Inc, USA (Amtec) — The turnover of Amtec was Rs. 14,832 lakhs during the financial year 2012-13 down from Rs. 15,716 lakhs in the financial year 2011-2012 thereby recording a decrease of 6%. Amtec has earned a cash profit of Rs. 175 lakhs during the financial year 2012-2013. The company has not shown the desired growth due to the stagnating US economy. The molded product division was shifted nearer to the precision product division during the year. This has led to increased supervision and reduced costs. During the year Amtec obtained a minority certification in US which opens new possibilities of securing orders. The minority certification will immensely help Amtec to gain entry into original equipment manufacturers and Tier 1 suppliers as there is a mandate for these companies to award a certain percentage of their business to minority suppliers. Also with the US economy picking up there is every possibility that Amtec will post better results in 2013-2014. Rising employee costs is also a concern at Amtec which will get evened out only if the customer portfolio increases.

CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements for the year ended 31st March 2013 of the company and its subsidiaries together with the auditor''s report thereon is enclosed. The statement pursuant to Section 212 of the Companies Act, 1956 relating to the subsidiary companies forms a part of the accounts. A summary of the key financials of the company''s subsidiaries is also included in the Annual Report.

The consolidated results of the company and its subsidiaries show that a net profit after tax ofRs. 598 lakhs has been achieved during the financial year 2012-2013 as against that ofRs. 2,392 lakhs in the financial year 2011-2012. The economic recession was felt both in the domestic operations and in Amtec. The expected increase in customer offtake did not materialize and there was a time lag in cutting down costs corresponding to the customer off take which has led to reduced profits. This situation of low demand is being used by the company and Amtec to streamline their operations and costs and diversify their product mix.

The Ministry of Corporate Affairs vide its General Circular No. 2/2011 dated February 8,2011 has granted a general exemption subject to certain conditions to holding companies from complying with the provisions of Section 212( 1) of the Act which requires the attaching of the balance sheet, profit and loss statement and other documents of its subsidiary companies to its Annual Report. The Board in its meeting held on 2nd September 2013 passed the necessary resolution for complying with all the conditions regarding the circulation of the Annual Report of the company without attaching all the documents of the subsidiary companies referred to in Section 212(1) of the Act. Accordingly, the said documents are not being included in this Annual Report. The annual accounts, reports and other documents of the subsidiary companies will be available for inspection during business hours, by any shareholder of the company at the registered office of the company and also at the registered office of the concerned subsidiary. The annual accounts, reports and other documents of the subsidiary companies will be despatched to the shareholders upon receipt of a request from them.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956, the Directors confirm that,

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

(b) Such accounting policies have been selected and applied consistently and such judgments and estimates have been made 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 31st March 2013 and of the profit of the company for the year ended 31st March 2013;

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

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

FIXED DEPOSITS

The company has not accepted any fixed deposits from the public during the financial year 2012-2013 and there is no outstanding fixed deposit as on date.

PERSONNEL

Particulars of employees as required under sub-section (2A) of Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 form a part of this report. In terms of section 219(l)(b)(iv) of the Companies Act 1956, the Annual Report and accounts are being sent to the shareholders of the company excluding the statement of particulars of employees under section 217(2A) of the Companies Act 1956. The statement will be available for inspection by the shareholders at the registered office of the company during business hours. Any shareholder interested in obtaining such statement may write to the Company Secretary at the registered office of the company.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE

Information required under Section 217( 1) (e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) rules 1988, on energy conservation, technology absorption, foreign exchange earnings and outgo, is given in Annexure-A and forms an integral part of this report.

CORPORATE GOVERNANCE

The Company adheres to all the requirements of the code of corporate governance as stipulated in clause 49 of the listing agreement with the stock exchanges as well as to the standards set by the Securities and Exchange Board of India. A report on corporate governance along with certification of the chairman and managing director and the chief financial officer is attached in Annexure-B. A certificate from the auditors of the company regarding compliance of the conditions of corporate governance as stipulated by clause 49 of the listing agreement is attached in Annexure-C. The Management Discussion and Analysis Report is attached in Annexure-D.

ACKNOWLEDGEMENT

The Board acknowledges with gratitude the support, cooperation and assistance of all its stakeholders: - the customers, the bankers, the suppliers and vendors, the governmental agencies, the employees and more importantly the shareholders.

For and on behalf of the Board

Place : Chennai JAYAKAR KRISHNAMURTHY

Date : 02.09.2013 Chairman and Managing Director

 
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