Mar 31, 2015
Dear Members'
The directors have pleasure in presenting their 43rd Annual Report on
the business and operations of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 2015.
Financial Highlights (Standalone)
During the year under review, performance of your Company as under:
(Rupees in Lakhs)
Particular Year ended Year ended
31st March 2015 31st March 2014
Turnover 250.56 1183.18
Profit/(Loss) before taxation (227.06) 191.69
Less: Tax Expense
a) Current Tax - 9.20
b) Excess/Short Provisions of
tax 0.20 -
c) Deferred tax Liability /
(Assets) (4.33) 1.42
d) Provision for wealth tax 0.28 -
Profit/(Loss) after tax (223.21) 181.07
Add: Balance B/F from the previous
year 1833.42 1699.91
Appropriations:
Proposed Dividend - 40.92
Tax on Dividend 0.31 6.64
Transfer to General Reserve - -
Balance Profit / (Loss) C/F to
the next year 1609.90 1833.42
The Company had made provision of Rs. 238.00 Lacs of diminution in
value of investment made with Light Work LLC an overseas Company on
account of diminution in the book value of the Share of Light Work LLC.
The Company has also written off the advances of Rs. 45.00 Lacs in
relation to advances given to one party. This has resulted into the
loss of Rs. 223.21 Lacs during the year.
However, there is continuity in the profit of the Company from its
operational activities. The diminution in the value of overseas
investment is subject to necessary approval from the concerned
authorities.
State of Company's Affairs and Future Outlook:
The income of the Company during the year was Rs. 4.17 Crores in
comparison of Rs. 13.89 Crore in the previous year. The profitability
of the Company from operational activities has decreased by 66.84%
during the Financial Year 2014-2015. The Company continues the trading
of Hot Rolled (Non-Alloy) Mild Steel Window sections and Angles. Major
trading activities are relating to export in overseas market. The
management is hopeful to enhance the trading activities in still better
coming years.
The Company continues to be partner of LLPs. The operational activity
has commenced and the management is confident in achieving higher
amount of profits in current and upcoming years.
In view of the same, the management is of the opinion that:
1. Real estate as an attractive investment option
2. Improved real estate transparency levels
3. Wider option to choose from.
4. Availability of high-quality residential formats.
5. Competitive home loan rates.
6. Flexible home loan financing-EMI holiday by developers.
7. Increased NRI buyer interests
And exactly for such reasons residential offerings have evolved to
accommodate concepts of themed projects, designer homes, green homes
etc. Today people want to live, work, play entertain, be entertained,
flaunt, relax, rejuvenate, study, exercise when it comes to 'where'
they stay. In order to bring the construction quality at par with the
global standards, developer have introduced contemporary technologies
such as Mivan and PERT to their construction. The advanced technologies
have not only reduced the cost of construction, but also brought down
construction turnaround time significantly in the recent past. There
has been greater awareness about green building construction in the
last decade. All these above factors will not only improve the
performance of Company but will consequently help in increasing the net
worth of Stakeholders. However the Management is concerned about the
increase in Service Tax apart, from this the prices of raw
material;cement etc. may affect the margin of the Company.
Dividend:
Due to Loss during the year no Dividend is recommended by the Board for
the Financial Year ended on 31st March, 2015.
Amounts Transferred to Reserves:
No amount is transferred to General Reserve due to non recommendation
of Dividend and Loss.
Extract of Annual Return:
The extract of Annual Return, in format MGT -9, for the Financial Year
2014-15 has been enclosed with this report as Annexure -1 Details of
Subsidiaries Companies, Associate Company & LLP/Partnership
Sr. Name of Company Nature of No. of Share hold/
No. Relationship Capital Contribution
1. Light Works LLC Associate Company 4,87,847
2. Endor Properties LLP Partner Rs. 1,026,720
3. Tesla Properties LLP Partner Rs. 8,14,24,169
4. View Port Properties LLP Partner Rs. 2,50,37,864
5. Aavkar Projects Partner Rs. 2,05,731
6. Aavkar Realty Partner Rs. 3,26,74,872
*There is no Subsidiary of Company hence no such information is
provided
Number of Board Meetings:
During the Financial Year 2014-15, meetings of the Board of Directors
of the Company were held.
Sr. Date of No. of Director Present in the Meeting
No. Board Meeting
1. 27-05-2014 Eight Director were Present out of Nine Directors.
2. 29-07-2014 All Nine Director Were Present
3. 07-11-2014 Eight Director were Present out of Nine Directors.
4. 22-01-2015 Eight Director were Present out of Nine Directors.
5. 31-03-2015 All Nine Director Were Present
Particulars of Loan, Guarantees and Investments under Section 186:
The loans advances given to Light Works LLC Mongolia has been provided
to meet the working capital requirement of the Company in the financial
year 2008-09.The Company is regularly receiving the repayment of loan.
During the financial year 2014-15, the Company has not given any loan
to any other Company including Associate Concern.
The investment in other securities is within the authority given to the
Board by the shareholders under Section 372A of the Companies Act,
1956/Section 186 of the Companies Act, 2013
Particulars of Contracts or Arrangements with Related Parties:
All the transactions are at Arm's length. Remuneration paid to the
Working Directors i.e. Managing Directors & Executive Directors is in
respect of their time involvement in development of Company. Other
transactions are in the form of capital contribution. The
dividend/Profit earned from this associate are tax free in the hands of
Company.
Explanation to Auditor's Remarks:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore, do not call for
any further clarification.
Conservation of Energy, Technology, Absorption, Foreign Exchange
Earnings and Outgo:
The details of Energy, Technology, Absorption, Foreign Exchange
Earnings and Outgo are as under:
A. Conservation of Energy: Particulars with respect to Conversation of
Energy are not applicable as the Company has not done any manufacturing
activities.
B. (1) Research and Development : Not Applicable
(2) Technology absorption : Not Applicable
C . Foreign Exchange earnings and outgo:
(1) Activities relating the export : Company exports steel
related items.
(2) Foreign Exchange earned : 1,80,41,765
(3) Foreign Exchange used : Nil
Acknowledgment
The Directors express their sincere appreciation to the valued
shareholders, bankers and clients for their support.
For and on behalf of the Board of Directors
Shri Anand V. Shah Shri Darshan A. Jhaveri
Place : Ahmedabad (DIN: 00017452) (DIN: 00489773)
Date : 28th May, 2015. Managing Director Managing Director
Mar 31, 2014
The Shareholders,
The Directors have pleasure in presenting their 42nd Annual Report
together with Audited Accounts for the year ended on 31st March 2014.
1. FINANCIAL RESULTS:
2013-2014 2012-2013
(Rs. In Lacs) (Rs. In Lacs)
Profit/(Loss) before
Depreciation and Taxation 208.80 99.18
Less:
Exceptional Item - 1.09
Provision for Depreciation 17.11 17.47
Provision for taxation 9.20 -
Deferred tax Liability 1.42 2.32
Short Provision of Income
Tax of earlier years - -
Profit/ (Loss) after tax 181.07 78.30
Profit/(Loss) brought
forward from last year 1699.90 1669.16
Total : 1880.97 1747.46
APPROPRIATIONS:
Proposed Dividend 40.92 40.92
Tax on Dividend 6.64 6.64
Transfer to General Reserve - -
Balance carried to
Balance Sheet 1833.41 1699.90
2. OPERATIONS :
The income of the company during the year was Rs. 13.89 Crores in
comparison of Rs. 8.62 Crore in the previous year. The profitability of
the Company is enhanced by 131.25% during the Financial Year
2013-14.The Company continues the trading of Hot Rolled (Non-Alloy)
Mild Steel Window sections and Angles. Major trading activities are
relating to export in overseas market. The management is hopeful to
enhance the trading activities in still better coming years.
The Company continues to be partner of LLPs without any change. The
operational activities has commenced and the management is confident in
achieving higher amount of profits in current and upcoming years.
The procedure for Postal Ballot for the amendment in the object clause
was completed in the Financial Year 2013-14 and the Company proposes to
start the activities as passed by the shareholders on 13/04/2013, in
the near future.
In the general election, the new Government is elected. The new
Government is very positive for the growth and development of the
country, especially in infrastructure and housing. This will definitely
boost our business in the coming years.
In view of the same, the management is of the opinion that:
1. Real estate as an attractive investment option
2. Improved real estate transparency levels
3. Wider option to choose from.
4. Availability of high-quality residential formats.
5. Competitive home loan rates.
6. Flexible home loan financing-EMI holiday by developers.
7. Increased NRI buyer interests
And exactly for such reasons residential offerings have evolved to
accommodate concepts of themed projects, designer homes, green homes
etc. Today people want to live, work, play entertain, be entertained,
flaunt, relax, rejuvenate, study, exercise when it comes to ''where''
they stay.
In order to bring the construction quality at par with the global
standards, developer have introduced contemporary technologies such as
Mivan and PERT to their construction. The advanced technologies have
not only reduced the cost of construction, but also brought
down construction turnaround time significantly in the recent past.
There has been greater awareness about green building construction in
the last decade.
All these above factors will not only improve the performance of
Company but will consequently help in increasing the net worth of
Stakeholders. However the Management is concerned about the increase in
Service Tax apart, from this the prices of raw material; cement etc.
may affect the margin of the Company.
The Company had invested about Rs. 4.03 Crore up to 31.03.2014 in Light
Works LLC in Mongolia for carrying on mining activities.
3. DIVIDEND:
The Board recommends 10% dividend on equity shares i.e. Re. 1/- per
Equity share (Last Year Re 1 /-Per Equity Share) for the financial year
ended 31-03-2014. The Dividend will be paid to members whose name
appear in the Register of Member as on 28/08/ 2014.
4. DEPOSITORY SYSTEMS:
Your Company has entered into an agreement with the National Securities
Depository Limited (NSDL) and the Central Depository Services (India)
Limited (CDSL). This enables you to hold your shares in a
dematerialized form with either of these depositories.
Since this mode facilitates quick transfers and prevents forgery, those
shareholders who have not opted for these facilities are advised to
dematerialize their shares in their own interest. Your Company has also
made arrangements for simultaneous de materialization of the physical
shares lodged for transfer.
The Company has appointed M/s.Link In Time India Private Limited as R &
T agent. Henceforth all the communication relating to Demat of shares/
Transfer of shares/ Change of address etc. be send to
Link In-Time India Private Limited (Ahmedabad Branch)
303, Shopper''s Plaza - V
Opp.Muncipal Market, Off.C.G.Road
Navrangpura, Ahmedabad- 380009
Tel No : 079-26465179
Email: [email protected]
No of Shares demated 37,21,247 being 91% of Paid-up Capital.
5. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA)/ 134(3)(5) of the
Companies Act, 1956/2013 with respect to Directors Responsibility
Statement, it is hereby confirmed:
That in the preparation of the accounts for the financial year ended
31st March, 2014 the applicable accounting standards have been followed
along with proper explanation relating to material departures. This is
subject to Accounting Standard 13 in which case the current investments
have been valued at cost.
That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for the year under review.
That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956/2013 for safeguarding the assets
of the Company and for preventing and detecting fraud and other
irregularities.
That the Directors have prepared the accounts for the Financial Year
ended 31st March, 2014 on a ''going concern'' basis.
6. INSURANCE:
All the assets of the Company have been adequately insured.
7. DIRECTORS:
As per the provisions of Articles of Association, Shri Anand V. Shah
(DIN: 00017452) and Shri Darshan A. Jhaveri (DIN: 00489773) retire from
the Board by rotation and being eligible offer themselves for
reappointment.
Shri Ashok C. Gandhi (DIN: 00022507) and Shri Kanishka H. Kaji (DIN:
02329312) are the independent Directors both appointed on 10/06/1994.
In view of the provision of Section 149(4) of the Companies Act, 2013,
the Company has to appoint an independent Director for a term of 5
years. Accordingly, these Directors are appointed in terms of the
Section 149 of the Companies Act, 2013 for a period of 5 years,
commencing from the date of Annual General Meeting i.e. 4th September,
2014. The office of these Directors shall not be determined for the
purpose of calculating rotational Directors as well as the strength of
the Board. Shri Ashok C. Gandhi (DIN: 00022507) and Shri Kanishka H.
Kaji (DIN: 02329312) are Senior Advocates in the High Court and have
vast experience of over four decades in Corporate and Revenue laws.
The Board is of the opinion that these Directors are person of
integrity and possesses relevant expertise and experience. They have/
had not any pecuniary relationship with Company and its associates
except for getting sitting fees for attending Board and Committee
meetings. The Board is of the view that their appointment will be in
the interest of the Company.
Shri Shrujal S. Patel (DIN: 02087840) was appointed as an Additional
Director on 23rd January, 2014 to hold the office up to the date of
Annual General Meeting. The Company has received a notice from a member
under section 160 of the Companies Act, along with the deposit of Rs.
1,00,000/- (Rupees One Lakh only), refundable on election of the said
Director as independent Director under section 149 of the Companies
Act, 2013, with effect from 4th September, 2014.
The office of this Director shall not be determined for the purpose of
calculating rotational Directors as well as the strength of the Board.
The Board is of the opinion that this Director is a person of integrity
and possesses relevant expertise and experience. The Board is of the
view that his appointment will be in the interest of the Company.
Shri Shrujal S. Patel (DIN: 02087840) is commerce graduate and has vast
experience of over two decades in Industrial Finance.
SITTING FEES RECOMMENDED FOR INDEPENDENT DIRECTORS
Sr.
No Name of Directors DIN Sitting fees for Attending
Board Meeting Committe Meeting
1. Shri Ashok C.Gandhi 00022507 20000 10000 5000
2. Shri Kanishka H. Kaji 02329312 20000 10000 5000
3. Shri Shrujal S. Patel 02087840 20000 -
During the last three years, Shri Ashok C. Gandhi (DIN: 00022507) and
Shri Kanishka H. Kaji (DIN: 02329312) were paid the sitting fees for
attending the Board and Committee meeting.
There is no pecuniary relationship of transactions of the non-executive
Director''s vis-Ã -vis the Company except as mentioned above.
The Company has not granted any stock option to any of its Directors.
During 2013-14, the Company did not advance any loans to any of its
Directors.
Shri Shrujal S. Patel (DIN: 02087840) was appointed in the year
2013-14. He has not been paid any remuneration by way of sitting fees
during the Financial Year 2013-14 and has no pecuniary relationship
with Company.
Directorship held in the other Companies by the aforesaid Directors are
as follows:
Sr.
No Name of Directors DIN Directorship in other Companies
1. Shri Ashok C. Gandhi 00022507 AmolDicalite Limited
Bloom Dekor Ltd
Aarvee Denims And Exports Ltd
Gujarat Ambuja Exports Limited
Dishman Pharmaceuticals And
Chemicals Limited
Confederation Of Indian Clubs
2. Shri Kanishka H. Kaji 02329312 Â
3. Shri Shrujal S. Patel 02087840 Ishaan Marketing Private Limited
Shreenath Smart Technologies
Private Limited
Tech-Bio Media Private Limited
Eco Label Solutions Private
Limited
SNS Soft Tech Private Limited
Arrow Digital Private Limited
The Board therefore, recommends their appointment as an Independent
Director in terms of Section 149 of the Companies Act, 2013 read with
Clause 49 of the Listing Agreement.
8. DECLARATION ABOUT INDEPENDENT DIRECTORS, THE INDEPENDENT DIRECTORS
HAVE GIVEN DECLARATION UNDER SECTION 149 (6) d (7) OF THE COMPANIES
ACT, 2013.
The Company has received the declarations from Independent Directors
u/s 149 (7) of the Companies Act, 2013 that they have made the criteria
of Independent Director as prescribed under section 149 (6) in respect
of:
I. First Board meeting he attends after the appointment made under
section 152 (5) of the Companies Act, 2013,
II. At the first meeting of Board in every financial year.
III. Whenever there is any change in the circumstance which may affect
their status as Independent Director.
9. AUDITOR''S REPORT:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore do not call for any
further clarification.
10. APPOINTMENT OF AUDITORS:
M/s. Dhiren Shah and Co., auditors of the Company, retires at the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information pursuant to Section 217 (1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is given in the Annexure-1 forming part
of this report.
12. LISTING AGREEMENT
Your Company is committed to good corporate governance practices. Under
clause 49 of the listing agreement. Your Directors are pleased to
inform that your Company has implemented all the major stipulations
prescribed under clause 49 of the listing agreement with the Stock
Exchange (s). A certificate from the Statutory Auditors of the Company
in line with clause 49 is annexed to and forms part of the Director''s
Report.
13. COMPLIANCE CERTIFICATE
Pursuant to proviso to Section 383A of the Companies Act, 1956,
Compliance Certificate for the Financial Year 2013-14 from M/s.
D.N.Motwani & Co., Company Secretaries is attached to this report.
14. NUMBER OF BOARD MEETINGS HELD DURING THE FINANCIAL YEAR 2013-14.
Four Board meetings dated 28/05/213, 29/07/2013, 25/10/2013 and
23/01/2014 were held in the Financial Year 2013-14. Attendance record
of Ahmedabad Steelcraft Limited Board Meetings;
Name of DIN Position Status
The Member
Shri Anand V. Shah 00017452 Managing Director Promoter
Shri Dharshan A. Jhaveri 00489773 Managing Director Promoter
Shri Shashank I. Shah 00545449 Executive Director Promoter
Shri Anand N. Jhaveri 00489833 Executive Director Promoter
Shri Girish D. Shah 00545407 Executive Director Promoter
Shri Viral A. Jhaveri 00489644 Executive Director Promoter
Shri Ashok C. Gandhi 00022507 Independent
Director Chairman
Shri Kanishka H. Kaji 02329312 Director Independent
Dr. Malay Mahadevia * 00064110 Director Independent
Shri Shrujal Patel ** 02087840 Director Independent
Name of the Member No. Of No. of Sitting
Meeting Meeting Fees (Rs)
Held Attended
Shri Anand V. Shah 4 3 Nil
Shri Dharshan A. Jhaveri 4 4 Nil
Shri Shashank I. Shah 4 4 Nil
Shri Anand N. Jhaveri 4 4 Nil
Shri Girish D. Shah 4 3 Nil
Shri Viral A. Jhaveri 4 3 Nil
Shri Ashok C. Gandhi 4 4 20000
Shri Kanishka H. Kaji 4 3 15000
Dr. Malay Mahadevia * 2 0 Nil
Shri Shrujal Patel ** - - Nil
* Dr. Malay Mahadevia(DIN:00064110) resigned from the Board on 22nd
August, 2013. The Board appreciates the guidance provided by
Dr. Malay Mahadevia during his tenure.
** Shri Shrujal Patel(DIN:02087840) was appointed as Additional and
Independent Director on 23rd January, 2014.
Shri Kanishka Kaji (DIN:02329312), Shri Ashok C. Gandhi(DIN:00022507),
Shri Anand V. Shah(DIN:00017452) and Shri Darshan A.
Jhaveri(DIN:00489773)
are the members of Audit Committee. Shri KanishkaKaji(DIN:02329312) is
the Chairman of the Audit Committee.
Shri Ashok C. Gandhi(DIN:00022507) sswas paid sitting fees of Rs.
10,000 for attending the Audit Committee meetings and Shri
KanishkaKaji was paid Rs. 7,500 for attending the Audit Committee
meetings.
15 DETAILS OF INVESTMENT
Sr.
No. Name of Company Securities held Status Amount
1. SELAN EXPLORATATION TECH. LTD 5,500 Quoted 92,305
2. THAMBI MODERN SPG. MILLS LTD 800 Quoted 40,000
3. VLS FINANCE LTD 3,000 Quoted 2,00,000
16. APPRECIATIONS :
Your Directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
Company. They also place on record the fullest co-operation extended
by the bankers of the Company.
For, D.N. Motwani & Company
Company Secretaries
Date: 27.05.2014 D. N. Motwani
Place: Ahmedabad (Proprietor)
ACS : 5016
Mar 31, 2013
To: The Shareholders,
The Directors have pleasure in presenting their 41st Annual Report
together with Audited Accounts for the year ended on 31st March 2013.
1. FINANCIAL RESULTS:
2012-2013 2011-2012
(Rs. In Lacs) (Rs. In Lacs)
Profit/(Loss) before depreciation
and taxation 99.18 247.63
Less:
Exceptional Item 1.09
Provision for Depreciation 17.47 17.51
Provision for taxation
Deferred tax Liability 2.32 3.56
Short Provision of I ncome Tax
of earlier years (25.78)
Profit/ (Loss) after tax 78.30 252.34
Profit/(Loss) brought forward
from last year 1669.16 1464.38
Total : 1747.46 1716.72
APPROPRIATIONS:
Proposed Dividend 40.92 40.92
Tax on Dividend 6.64 6.64
Transfer to General Reserve
Balance carried to Balance Sheet 1699.90 1669.16
2. OPERATIONS :
The turnover of the company during the year was Rs. 651.02 Lacs in
comparison of Rs. 249.25 Lacs in the previous year.
The Company continues the trading of Hot Rolled (Non-Alloy) Mild Steel
Window sections and Angles. Major trading activities are relating to
export in overseas market. The management is hopeful to enhance the
trading activities in coming years.
The Company continues to be partner of LLPs without any change. The
operational activities has commenced and the management is confident in
achieving higher amount of profits in current and upcoming years.
The Company has altered the object clause of Memorandum of Association
and altered Article of Association of the Company through postal ballot
on 13/04/2013. The Procedure for Postal Ballot was completed in this
Financial Year.
The Company has started the activities as per the new Object clause
duly amended by the Stakeholders.
Despite the compulsive economics and political climate, added with the
fact that real estate is predominantly a state subject, the Union
Budget 2012-13 has atleast shown the intent to accept the real estate
and infrastructure as a priority sector.
In view of the same, the management is of the opinion that:
1. Real estate as an attractive investment option
2. I mproved real estate transparency levels
3. Wider option to choose from.
4. Availability of high-quality residential formats.
5. Competitive home loan rates.
6. Flexible home loan financing-EMI holiday by developers.
7. Increased NRI buyers interest.
And exactly for such reasons residential offerings have evolved to
accommodate concepts of themed projects, designer homes, green homes
etc. Today people want to live, work, play entertain, be entertained,
flaunt, relax, rejuvenate, study, exercise when it comes to Âwhere''
they stay.
I n order to bring the construction quality at par with the global
standards, developer have introduced contemporary technologies such as
Mivan and PERT to their construction. The advanced technologies have
not only reduced the cost of construction, but also brought down
construction turnaround time significantly in the recent past. There
has been greater awareness about green building construction in the
late decade.
All these above factors will not only improve the performance of
Company but will consequently help in increasing the net worth of
Stakeholders. However the Management is concerned about the increase
in Service Tax apart from this the prices of raw material; cement etc
may affect the margin of the Company.
The Company had invested about Rs. 4.03 Crore upto 31.03.2013 in Light
Works LLC in Mongolia for carrying on mining activities.
3. DIVIDEND:
The Board recommends 10 % dividend on equity shares i.e. Re.1/- per
Equity share (Last Year Re 1/- Per Equity Share) for the financial year
ended 31 -03-2013. The Dividend will be paid to members whose name
appear in the Register of Member as on 17-08-2013.
4. DEPOSITORY SYSTEMS:
Your Company has entered into an agreement with the National Securities
Depository Limited (NSDL) and the Central Depository Services (I ndia)
Limited (CDSL). This enables you to hold your shares in a
dematerialized form with either of these depositories.
Since this mode facilitates quick transfers and prevents forgery, those
shareholders who have not opted for these facilities are advised to
dematerialize their shares in their own interest. Your Company has also
made arrangements for simultaneous dematerialization of the physical
shares lodged for transfer.
The Company has appointed M/s.Link In Time India Private Limited as R &
T Agent. Henceforth all the communication relating to Demat of shares/
Transfer of shares/ Change of address etc be send to
Link In-Time India Private Limited (Ahmedabad Branch)
303, 3rd Floor, Shopper''s Plaza - V Opp.Muncipal Market, Off.C.G.Road
Navrangpura, Ahmedabad- 380009 Tel No : 079-26465179 Email :
[email protected]
No of Shares demated 34,46,247 being 84% of Paid-up Capital.
5. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2013 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
This is subject to Accounting Standard 13 in which case the current
investments have been valued at cost.
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care 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.
(iv) That the Directors have prepared the accounts for the Financial
Year ended 31st March, 2013 on a Âgoing concern'' basis.
6. INSURANCE :
All the assets of the Company have been adequately insured.
7. DIRECTORS:
As per the provisions of Articles of Association, Shri.Ashok C. Gandhi,
Shri. Viral A. Jhaveri and Dr. Malay Mahadevia retire from the Board by
rotation and being eligible, offer themselves for reappointment.
8. AUDITOR''S REPORT:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore do not call for any
further clarification.
9. APPOINTMENT OF AUDITORS:
M/s. Dhiren Shah and Co., auditors of the Company, retires at the
ensuing Annual General Meeting and being eligible, offer themselves for
re- appointment.
10. PARTICULARS OF EMPLOYEES:
There were no employees drawing remuneration of Rs. 24,00,000/- or more
per annum employed throughout the year or Rs. 2,00,000/- or more, per
month employed for a part of the year.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information pursuant to Section 217 (1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is given in the Annexure-1 forming part
of this report.
12. LISTING AGREEMENT
Your Company is committed to good corporate governance practices. Under
clause 49 of the listing agreement, your Directors are pleased to
inform that your Company has implemented all the major stipulations,
prescribed under clause 49 of the listing agreement with the Stock
Exchange (s). A certificate from the Statutory Auditors of the Company
in line with clause 49 is annexed to and forms part of the Director''s
Report.
13. COMPLIANCE CERTIFICATE
Pursuant to proviso to section 383A of the Companies Act, 1956,
Compliance Certificate for the Financial Year 2012-13 from M/s.
D.N.Motwani & Co., Company Secretaries is attached to this report.
14. APPRECIATIONS:
Your Directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
Company. They also place on record the fullest co-operation extended
by the bankers of the Company.
For and on behalf of the Board
Place: Ahmedabad Anand V. Shah & Darshan A. Jhaveri
Date : 28.05.2013 Managing Directors
Mar 31, 2012
The Directors have pleasure in presenting their 40th Annual Report
together with Audited Accounts for the year ended on 31st March 2012.
1. FINANCIAL RESULTS:
2011-2012 2010-2011
(Rs in lacs) (Rs in lacs)
Profit/(Loss) before depreciation
and taxation 247.63 2466.28
Less:
Provision for Depreciation 17.51 16.26
Provision for taxation - 470.00
Deferred tax Liability 3.56 5.78
Short / (Excess) Provision of Income
Tax of earlier years (25.78) 118.24
Profit/ (Loss) after tax 252.34 1856.00
Profit/(Loss) brought forward from last year 1464.38 (271.01)
Total: 1716.72 1584.99
APPROPRIATIONS:
Proposed Dividend 40.92 40.92
Tax on Dividend 6.64 6.64
Transfer to General Reserve - 73.05
Balance carried to Balance Sheet 1669.16 1464.38
2. OPERATIONS AND MANAGEMENT ANALYSIS:
The turnover of the company during the year was Rs 249.25 Lacs in
comparison of Rs 395.24 Lacs in the previous year.
The Company continues the trading of Mild Steel Window section and
Angles. Major trading activities are relating to export in overseas
market. The management is hopeful to enhance the trading activities in
coming years.
The Company has now entered into two more LLPs (Limited Liabilities
Partnerships) as partner besides Avkar Group. The LLPs are engaged in
construction of residential flats and tenements. These partnerships
have already acquired land and have started development of the
properties. Thay are hopeful to complete some projects by the end of
2013 & some projects by the next accounting year. The company has
earned Rs. 287.90 Lacs profit as our share from the partnerships.
Despite the compulsive economics and political climate, added with the
fact that real estate is predominantly a state subject, the Union
Budget 2012-13 has atleast shown the intent to accept the real estate
and infrastructure as a priority sector.
In view of the same, the management is of the opinion that:
1. Real estate as an attractive investment option
2. Improved real estate transparency levels
3. Wider option to choose from.
4. Availability of high-quality residential formats.
5. Competitive home loan rates.
6. Flexible home loan financing-EMI holiday by developers.
7. Increased NRI buyer interests
And exactly for such reasons residential offerings have evolved to
accommodate concepts of themed projects, designer homes, green homes
etc. Today people want to live, work, play entertain, be entertained,
flaunt, relax, rejuvenate, study, exercise when it comes to 'where'
they stay.
In order to bring the construction quality at par with the global
standards, developer have introduced contemporary technologies such as
Mivan and PERT to their construction. The advanced technologies have
not only reduced the cost of construction, but also brought down
construction turnaround time significantly in the recent past. There
has been greater awareness about green building construction in the
late decade.
The above factors will not only improve the performance of Company but
will consequently help in increasing the net worth of Stakeholders.
However the Management is concerned about the increase in Service Tax
apart from this the prices of raw material; cement etc may affect the
margin of the Company.
The Company had invested about Rs. 4.56 Crore upto 31.03.2012 in Light
Works LLC in Mongolia for carrying on mining activities.
3. DIVIDEND:
The Board recommend 10 % dividend on equity shares i.e. Rs. 1/- per share
for the financial year ended 31 -03-2012.
4. DEPOSITORY SYSTEMS:
Your Company has entered into an agreement with the National Securities
Depository Limited (NSDL) and the Central Depository Services (India)
Limited (CDSL). This enables you to hold your shares in a
dematerialized form with either of these depositories.
Since this mode facilitates quick transfers and prevents forgery, those
shareholders who have not opted for these facilities are advised to
dematerialize their shares in their own interest. Your Company has also
made arrangements for simultaneous de materialization of the physical
shares lodged for transfer.
The Company has appointed M/s.Link In Time India Private Limited as R &
T agent. Henceforth all the communication relating to Demat of shares/
T ransfer of shares/ Change of address etc be send to
Link In-Time India Private Limited (Ahmedabad Branch)
303, Shopper's Plaza - V, Opp.Muncipal Market, Off.C.G.Road
Navrangpura, Ahmedabad- 380009
Tel No : 079-26465179
Email : [email protected]
No of Shares demated 34,40,147 being 84% of Paid-up Capital.
5. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31 st March, 2012 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
This is subject to Accounting Standard 13 in which case the current
investments have been valued at cost.
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii)That the Directors have taken proper and sufficient care 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.
(iv) That the Directors have prepared the accounts for the Financial
Year ended 31 st March, 2012 on a 'going concern' basis.
6. INSURANCE:
All the assets of the Company have been adequately insured.
7. DIRECTORS:
As per the provisions of Articles of Association, Shri Shashank I.
Shah, Shri Anand N. Jhaveri and Shri Girish D. Shah retire from the
Board by rotation and being eligible, offer themselves for
reappointment.
Dr. Malay Mahadevia was appointed as Additional Director on 12.11.2011
in terms of section 260 of the Companies Act, 1956 to hold the office
upto the date of ensuing Annual General Meeting. His term as Additional
Director will expire on the date of this Annual General Meeting. The
Company has received a recommendation together with requisite deposit
from a shareholder under section 257 of the Companies Act, 1956 for his
appointment as Director of the Company in terms of section 255 of the
Companies Act, 1956.
The Board therefore, recommends his appointment as an Independent
Director in terms of section 255 of the Companies Act, 1956 read with
Clause 49 of the Listing Agreement.
The term of Shri Anand V. Shah, Shri Darshan A. Jhaveri, Shri Shashank
I. Shah, Shri Anand N. Jhaveri, Shri Girish D. Shah and Shri Viral A.
Jhaveri as Managing Director and Whole Time Director will expire on
30.09.2012. Looking to their involvement and services it is recommended
to reappoint them as Managing Director and Whole Time Director with
increased remuneration upto Rs.1.25 Lacs per month. The further
appointment will be for the period of 5 years commencing from
01.10.2012.
8. AUDITOR'S REPORT:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore do not call for any
further clarification.
9. APPOINTMENT OF AUDITORS:
M/s. Dhiren Shah and Co., auditors of the Company, retires at the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment.
10. PARTICULARS OF EMPLOYEES:
There were no employees drawing remuneration of Rs.24,00,000/- or more
per annum employed throughout the year or Rs. 2,00,000/- or more, per
month employed for a part of the year.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information pursuant to Section 217 (1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is given in the Annexure-1 forming part
of this report.
12. LISTING AGREEMENT
Your Company is committed to good corporate governance practices. Under
clause 49 of the listing agreement. Your Directors are pleased to
inform that your Company has implemented all the major stipulations
prescribed under clause 49 of the listing agreement with the Stock
Exchange (s). A certificate from the Statutory Auditors of the Company
in line with clause 49 is annexed to and forms part of the Director's
Report.
13. COMPLIANCE CERTIFICATE
Pursuant to proviso to section 383A of the Companies Act, 1956,
Compliance Certificate for the Financial Year 2011 - 12 from M/s.
D.N.Motwani & Co., Company Secretaries is attached to this report.
14. APPRECIATIONS:
Your Directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
Company. They also place on record the fullest co-operation extended by
the bankers of the Company.
For and on behalf of the Board
Place: Ahmedabad Anand V. Shah & Darshan A. Jhaveri
Date : 27.07.2012 Managing Directors
Mar 31, 2011
The Shareholders,
The Directors have pleasure in presenting their 39th Annual Report
together with Audited Accounts for the vear ended on 31st March 2011.
1. FINANCIAL RESULTS :
2010-2011 2009-2010
(Rs. in Lacs)(Rs. in Lacs)
Profit / (Loss) before depreciation
and taxation 2475.62 (25.34)
Less:
Provision for Depreciation 16.26 13.47
Provision for taxation 470.00 -
Wealth Tax Paid 1.09 1.19
Deterred tax Liability 5.78 1.86
Investment Return Off 5.79 -
Excess Provision Premium On Duty Entitlement 1.19 -
Short Provision of Income Tax of earlieryears 118.24 -
TDSW/oit 1.27 -
Add: Excess Provision for FBT - 0.03
Profit/(Loss) after tax 1856.00 (41.83)
Profit/(Loss) brought forward from last year (271.01) (229.18)
Total: 1584.99 (271.01)
APPROPRIATIONS:
Proposed Dividend 40.92 --
Tax on Dividend 6.64 --
Transfer to General Reserve 73.05 --
Balance carried to Balance Sheet 1464.38 (271.01)
2. OPERATIONS:
The turnover of the company during the year was Rs 395.24 Lacs in
comparison of Rs 347.45 Lacs in the previous year.
The Company continues the trading of Mild Steel Window section and
Angles. Major trading activities are relating to export in overseas
market. The management is hopeful to enhance the trading activities in
coming years.
The Company has entered into partnership with Aavkar group who are
engaged in land development. The partnership has already acquired land
and has commenced development of the said property. It is hopeful to
complete the said project by the end of 2012.
The Company has promoted Light Works LLC in Mongolia for carrying on
mining activities and has invested Rs.4.56 Crore in the said company
upto the end of this year.
The Company has also entered into Partnership with Endor Properties LLP
& Tesla Properties LLP in the current year. The said firms are engaged
in Real Estate activities.
The management foresee enhancement in the turnover and profit on full
operation of the activities.
The Company has also invested additional Rs 2 Crore in the capital of
Partnership firm Aavkar Group upto the end of this financial year.
3. DIVIDEND:
The Board recommend 10% dividend on equity shares i.e. Re 1/- per share
for the financial year ended 31 -03-2011.
4. DEPOSITORY SYSTEMS:
Your Company has entered into an agreement with the National Securities
Depository Limited (NSDL) and the Central Depository Services (India)
Limited (CDSL). This enables you to hold your shares in a
dematerialized form with either of these depositories.
Since this mode facilitates quick transfers and prevents forgery, those
shareholders who have not opted for these facilities are advised to
dematerialize their shares in their own interest.
Your Company has also made arrangements for simultaneous
dematerialization of the physical shares lodged for transfer The
Company has appointed Link In Time India Private Limited as R & T agent
in the FY 2010-11.
Henceforth all the communication relating to Demat of shares/Transfer
of shares/ Change of address etc be send to. Number of Shares demated
25,51,397 being 62.35% of paid of Capital.
Link In-Time India Private Limited
211, Sudarshan Complex, Near Mithakhali Under Bridge,
Mithakhali,Navrangpura,Ahmedabad-380009
5. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i)That in the preparation of the accounts for the financial year ended
31st March, 2011 the applicable accounting standards have been followed
along with proper explanation relating to material departures. This is
subject to Accounting Standard 13 in which case the current investments
have been valued at cost.
(ii)That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii)That the Directors have taken proper and sufficient care 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.
(iv)That the Directors have prepared the accounts for the Financial
Year ended 31 st March, 2011 on a
6. INSURANCE:
All the assets of the Company have been adequately insured.
7. DIRECTORS:
As per the provisions of Articles of Association Sarva Shri Anand V
Shah, Shri Darshan A. Jhaveri and Shri Kanishka H. Kaji retire from the
Board by rotation and being eligible offer themselves for
reappointment.
Shri Rajiv D. Gandhi, due to his preoccupation, has resigned from the
Board w.e.f. 14th April 2011 The Board appreciates the services and
guidance given by him during his tenure as Director.
8. AUDITOR'S REPORT:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore do not call for any
further clarification.
9. APPOINTMENT OF AUDITORS:
M/S.DHIREN SHAH AND CO. Chartered Accountants retire as Auditors of the
Company at the conclusion of the ensuing Annual General Meeting and
being eligible offer themselves for re- appointment.
10. PARTICULARS OF EMPLOYEES :
There were no employees drawing remuneration of Rs.24,00,000/- or more
per annum employed throughout the year or Rs.2,00,000/- or more, per
month employed for a part of the year
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information pursuant to Section 217(1) (e)of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is given in the Annexure-1 forming part
of this report.
12. LISTING AGREEMENT:
Your Company is committed to good corporate governance practices. Under
Clause 49 of the listing agreement. Your directors are pleased to
inform that your Company has implemented all the major stipulations
prescribed under clause 49 of the listing agreement with the Stock
Exchange A certificate from the Statutory Auditors of the Company in
line with clause 49 is annexed to and forms part of the Director's
Report.
13. COMPLIANCE CERTIFICATE:
Pursuant to proviso to section 383 A of the Companies Act, 1956,
Compliace Certificate for the Financial Year 2010-11 from M/s.
D.N.Motwani & Co., Company Secretary is attached to this report.
14. APPRECIATIONS:
Your directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
Company. They also place on record the fullest co-operation extended by
the bankers of the Company.
For and On Behalf of the Board
Place : Ahmedabad ANAND V . SHAH & DARSHAN A. JHAVERI
Date : 23-07-2011 MANAGING DIRECTORS
Mar 31, 2010
The Directors have pleasure in presenting their 38h Annual Report
together with Audited Accounts for the year ended on 31 st March, 2010.
1. FINANCIAL RESULTS :
2009-2010 2008-2009
(Rs. in Lacs) (Rs. in Lacs)
Profit / (Loss) before depreciation
and taxation (25.34) 244.94
Less:
Provision for depreciation 13.47 8.26
Provision for taxation -- 65.00
Provision for FBT - 3.09
Wealth Tax Paid 1.19 0.57
Deferred tax Liability 1.86 8.03
Add: Excess Provision For FBT 0.03 0.22
Profit/(Loss) after tax (41.83) 160.2
Add:
Transfer from Re valuation Reserve A/C
(On disposal of Fixed Assets) . - 34.41
Profit / (Loss) for the year (41.83) 194.62
Profit / (Loss) brought forward from
last year (229.18) (423.80)
Total (271.01) (229.18)
APPROPRIATIONS:
Proposed Dividend --- ---
Tax on Dividend --- ---
Transfer to Genera Reserve --- ---
Balance carried to Balance Sheet (271.01) (229.18)
2. OPERATIONS:
The turnover of the company during the year was Rs 469.70 Lacs in
comparison of Rs 428.48 Lacs in the previous year.
The Company continues the trading of Mild Steel Window section and
Angles. Major trading activities arc relating to export in overseas
market. The management is hopeful to enhance the trading activities in
coming years.
The Company has entered into partnership with Aavkar group who are
engaged in land devel- opment. The partnership has already acquired
land and has commenced development of the said property. It is hopeful
to complete the said project by the end of 2012. The Company has
promoted Light Works LLC in Mongolia for carrying on mining activities
and has invested Rs.4.69 Crore in the said company upto the end of this
year. The Company has implemented the project in the 2nd Quarter of the
financial year. The Company is hopeful to achieve the fruitful results
of the said project in coming years on account of long gestation
period.
The Company has also entered into Partnership with Endor Properties LLP
in the current year.
The said firm is engaged in Real Estate activities. The management
foresee enhancement in the turnover and profit on full operation of the
activities.
The management is pleased to state that the Registration and execution
of documents for the disposal of factory land has been implemented and
will be completed in due course.
3. DIVIDEND:
In view of Carry Forward loss your Board do not recommend dividend for
the financial year ended 31-03-2010.
4. DEPOSITORY SYSTEMS:
Your Company has entered into an agreement with the National Securities
Depository Limited (NSDL) and the Central Depository Services (India)
Limited (CDSL) This enables you to hold your shares in a dematerialized
form with either of these depositories Since this mode facilitates
quick transfers and prevents forgery, those shareholders who have not
opted for this facility are advised to demateriaiize their shares in
their own interest.
Your Company has also made arrangements for simultaneous
dematerialisation of the physical shares lodged for transfer.
The Company has appointed Link In Time India Private Limited as R & T
agent in the current year.
Henceforth all the communication relating to Demat of shares/Transfer
of shares/Change of address etc be send to
Link In-Time India Private Limited
211. Sudarshan Complex, Near Mithakhali Under Bridtic,
Mithakhali, Navrangpura, Ahmcdabad-380009. Tele : 79 - 26465179
Number of Shares demated 25,38.397 being 62.03 % of Paid-up Capital.
5. DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31sl March 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
This is subject to Accounting Standard 13 in which case the current
investments have been valued at cost. (ii) That the Directors have
selected such accounting policies and applied them consistently and
made judgements and estimates that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
the year under review. (iii) That the directors have taken proper and
sufficient care 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. (iv) That the Directors have prepared
the accounts for the Financial Year cnded31sMarch, 2010 on a going
concern basis.
6. INSURANCE:
All the asscts of the Companv have been adequately insured.
7. DIRECTORS:
As per the provisions of Articles of Association Sarva Shi i Ashok C.
Gandhi and Shri Viral A. Jhaveri retire from the Board by rotation and
being eligible to offer themselves for reappointment. Shri Rajiv
Gandhi was appointed as Additional Director on 16-09-2009 in termsof
section 260 of the Companies Act, 1956 to hold the office upto the date
of ensuing Annual General Meeting, His term as Additional Director will
expire on 29-09-2010 being the date of Annual General Meeting. The
Company has received a recommendation together with requisite deposit
from a shareholder under section 257 of the Companies Act, 1956 for his
appointment as Director of the Company in terms of section 255 of the
Companies Act, 1956.
The Board therefore, recommends his appointment as an Independent
Director in terms of section 255 of the Companies Act, 1956 read with
Clause 49 of the Listing Agreement.
8. AUDITORS REPORT:
The remarks made by the Auditors in their Report have been suitably
dealt with in the schedules and notes and therefore do not call for any
further clarification.
9. APPOINTMENT OF AUDITORS:
M/S. DHIREN SHAH AND CO. Chartered Accountants retire as Auditors of
the Company at the conclusion of the ensuing Annual General Meeting and
being eligible offer themselves for re- appointment.
10. PARTICULARS OF EMPLOYEES :
There were no employees drawing remuneration of Rs.24,00,000/- or more
per annum employed throughout the year or Rs.2,00,000/- or more, per
month employed for a part of the year.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
The information pursuant to Section 2! 7 (I) (c) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules. I988 are not applicable as the Company has
not done any manufacturing activity. Other Details are given in
Anncxurc I.
12. LISTING AGREEMENT:
Your Company is committed to good corporate governance practices. Under
Clause 49 of the listing agreement your Directors are pleased to inform
that your Company has implemented all the major stipulations prescribed
under clause 49 of the listing agreement with the Stock Exchange (s) A
certificate from the Statutory Auditors of the Company in line with
clause 49 is annexed to and forms part of the Directors Report.
13. COMPIJANCE CERTIFICATE :
Pursuant to provison to section 383 A of the Companies Act, 1956,
Compliace Certificate for the Financial Year 2009-10 from M/s.
D.N.Motwani & Co., Company Secretary is attached to this report.
14. APPRECIATIONS:
Your directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
Company. They also place on record the fullest co-operation extended by
the bankers of the Company.
For and On Behalf of the Board
Place: Ahmedabad Ashok C. Gandhi
Date 28-07-2010 Chairman