Mar 31, 2015
Dear Members,
We have pleasure in presenting the Twenty- Second Annual Report
together with the Audited Accounts of your Company for the year ended
on 31st March-2015.
WORKING RESULTS
Rs. in Lacs
For the year For the year
ended ended
31.03.2015 31.03.2014
Turnover & other incomes 770.92 736.19
Operating gross profit 48.30 45.17
Financial Charges (4.20) (3.11)
Depreciation (15.27) (11.59)
Profit before tax & after 28.83 30.47
exceptional items
Provision for Income Tax (9.51) (11.03)
Provision for Deferred Tax 0.49 (0.23)
Previous period adjustment 2.35 1.22
Net profit / loss (-) 22.16 20.42
DIVIDEND
With a view to consolidate the financial position of the Company, the
Board has not recommended any dividend for the year under review.
BUSINESS OPERATIONS & FINANCIAL PERFORMANCE
The economic and business environment in the country, during the year
under review, continued to be subdued. Despite this, the company posted
a growth in revenues to Rs. 770.92 lakh from Rs. 736.19 lakh in the
previous year.
The increase in revenues has also led to a corresponding increase in
the operating profits of the company from Rs. 45.17 lakh in the
previous year to Rs. 48.30 lakh during the year under review. Due to a
change in the method of calculation of Depreciation as per Companies
Act 2013, the depreciation for the year under review increased to Rs.
15.27 lakh compared to Rs. 11.59 in the previous year. This led to a
lower Profit before Tax of Rs. 28.83 lakh in the year under review
compared to Rs. 30.47 lakh in the previous year.
However, due to lower tax provisioning, the net profit of the company
during the year under review increased to Rs. 22.16 lakh compared to
Rs.20.42 lakh in the previous year.
FUTURE OUTLOOK
In the current year, there are some initial signs of a revival in the
economy. The Board is hopeful that with improvement in the business
sentiment, the company would be able to improve its performance in the
current year, especially with regards to its exports.
With a view to diversify the risks, the Company also intends to
increase its merchant exports of other goods and commodities. The
Company is also trying to explore other export markets.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
Review the adequacy and effectiveness of the Company's system and
internal controls. Review and discuss with the Management the Company's
major financial risk exposures and steps taken by the Management to
monitor and control such exposure.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
Your Company does not have any Subsidiary or Joint Venture or Associate
Company.
FIXED DEPOSIT
The Company has not accepted any fixed deposit from the public during
the year. (PY Rs.NIL).
STATUTORY AUDITORS
The Company, in its last annual general meeting, had appointed M/s.
Kishor Goyal & Co. as auditors for the year 2014-15. The remarks made
in the Auditors' report are self-explanatory. M/s. Kishor Goyal & Co.,
Chartered Accountants, Ahmedabad, the retiring auditors, offer
themselves for reappointment.
SHARE CAPITAL
The paid up capital of the Company is /-. 2,99,03,000/-. Your Company
has not issue any kind of Shares during the financial Year ending on
31st March, 2015.
EXTRACT OF THE ANNUAL RETURN
The extract of the annual return in Form No.MGT - 9 shall form part of
the Board's report and is set out at Annexure A to this Report.
PARTICULARS OF EMPLOYEE
There are no employees employed by the Company through out the
financial year or for a part of the financial year who were drawing
remuneration as per the limit provided in section 217 (2A) of the
Companies Act, 2013 and therefore there are no details required to be
given in the report.
DIRECTORS
(a) Mr. Niranjan Agrawal (DIN 06503361) and Dr. S. K. Agrawal (DIN
00808820) retire by rotation, and being eligible, have offered
themselves for reappointment. The Board recommends their
re-appointment.
(b) Declaration by an Independent Director(s) and re- appointment, if
any: A declaration by an Independent Directors that they meet the
criteria of independence as provided in sub-section (7) of Section 149
of the Companies Act, 2013 has been received and taken on note.
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
The Company promotes ethical behavior in all its business activities
and has put in implementation of a mechanism wherein the Employees are
free to report illegal or unethical behavior, actual or suspected fraud
or violation of the Company's Codes of Conduct or Corporate Governance
Policies or any improper activity to the Chairman of the Audit
Committee of the Company or Chairman of the Company or the Compliance
Officer. The Whistle Blower Policy has been appropriately communicated
within the Company. Under the Whistle Blower Policy, the
confidentiality of those reporting violation(s) is protected and they
are not subject to any discriminatory practices. No personnel have been
denied access to the Audit Committee.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013. The details of
the investments made by company is given in the notes to the financial
statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The particulars of every contract or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section
188 of the Companies Act, 2013 including certain arms length
transactions under third proviso thereto shall be disclosed in Form No.
AOC -2. However your company has not entered in any transaction
attracting provision of Section 188 of Companies Act,
2013. Hence AOC-2 is not required to be attached.
DISCLOSURES RELATING TO MANAGERIAL REMUNERATION
The information required under Section 197 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of Directors / employees of your
Company is set out in Annexure B to this Report .
Your Company does not have any employee, who was in receipt of
remuneration in excess of limits specified in the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
SECRETARIAL AUDIT
A Secretarial Audit Report given by Ms. Meenu Maheshwari , a company
secretary in practice (C.P. No. 8953 ) is set out as Annexure C to this
Report.The Report contains observation about non-payment of listing
fees within the prescribed time. However, your Company has protested
and disputed the unprecedented abnormal increase in listing fees for
the year under review and written to the concerned stock exchange. The
shares of the Company continue to be actively listed and traded on the
said stock exchange
RISK MANAGEMENT POLICY
A statement indicating development and implementation of a risk
management policy for the Company including identification therein of
elements of risk, if any, which in the opinion of the Board may
threaten the existence of the company.
The Board of Directors has duly developed and implemented a risk
management policy for the company.
CODEOFCONDUCT
The Board has laid down a Code of Conduct for Board Members and for
Senior Management and Employees of the Company ("Code"). All the Board
Members and Senior Management Personnel have affirmed compliance with
these Codes. A declaration signed by the Managing Director to this
effect is enclosed at the end of this Report.
The Board has also laid down a Code of Conduct for Independent
Directors pursuant to section 149(8) and Schedule IV to the Companies
Act, 2013 via terms and conditions for appointment of Independent
Directors, which is a guide to professional conduct for Independent
Directors and is uploaded on the website of the Company.
DISCLOSURE UNDER THE SEXUAL HARRASMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL ACT, 2013
The Company has been employing about one woman employee. The Company
has in place an Anti harassment policy in line with the requirements of
the Sexual Harassment of Woman at Workplace (Prevention, Prohibition
and Redressal) Act, 2013. Internal Complaint Committee is set up to
redress complaints received regularly, is monitored and directly report
to the Chairman & Managing Director. There was no compliant received
from employee during the financial year 2014-15 and hence no complaint
is outstanding as on 31.03.2015 for Redressal.
DIRECTOR RESPONSIBILITY STATEMENT :YOUR DIRECTORS CONFIRM
i. that in the preparation of annual accounts, the applicable
accounting standards have been followed;
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March, 2015 and of the profit of the Company for the year;
iii. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 2013, for safeguarding the assets of the
Company for preventing and detecting fraud and other irregularities;
iv. That the Directors have prepared the annual accounts on a going
concern basis.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant/material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status of your Company
and its operations in future.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The statement containing the necessary information required under
Section 134 of the Companies Act, 2013, read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 [Chapter IX] is annexed herewith at
Annexure D.
CORPORATE GOVERNANCE
Provisions of Clause 49 of the Listing Agreement relating to corporate
governance are not applicable to the Company. However, with a view to
increase investors' trust and transparency in its operations, the Board
has decided to voluntarily adopt and follow some of the provisions of
the Clause 49 of the Listing Agreement. A separate Report on Corporate
Governance forms part of this Annual Report. ACKNOWLEDGMENT
We wish to place on record our deep appreciation of the co-operation
and assistance received by the Company from the staff and employees. We
further wish to thank our bankers for their continued support to the
Company.
For and on behalf of the Board
Sd/-
Place: Ahmedabad Jagdish Agrawal
Dated: 29,h May, 2015 Managing Director
Mar 31, 2014
Dear Shareholders,
We have pleasure in presenting the Twenty-first Annual Report together
with the Audited Accounts of your Company for the year ended on 31st
March-2014
WORKING RESULTS
in Lacs
For the year For the year
ended ended
31.03.2014 31.03.2013
Turnover & other incomes 736.19 1195.63
Operating gross profit 45.17 73.24
Financial Charges (3.11) (2.90)
Depreciation (11.59) (9.25)
Profit before tax 30.47 61.09
Provision for Income Tax (11.03) (18.00)
Provision for Deferred Tax Assets (0.23) (1.75)
Previous period adjustment 1.22 0.45
Net profit / loss (-) 20.42 41.80
DIVIDEND
With a view to consolidate the financial position of the Company, the
Board has not recommended any dividend for the year under review.
BUSINESS OPERATIONS & FINANCIAL PERFORMANCE
The operations of the company, during the year under review, were
affected by the downturn in the economy across all industries, in India
as well as in the rest of the world. The revenues of the company
decreased to ''. 736.19 lakh compared to '' 1195.63 lakh in the previous
year. The dip in revenues was mostly on account of reduction in exports
(direct and indirect) of the company, from '' 802.71 lakh in the
previous year to '' 343.67 lakh during the period under review.
The decrease in revenues has also led to a corresponding decrease in
the net profits of the company from '' 41.80 lakh in the previous year
to '' 20.42 lakh during the year under review.
During the year, the company continued to explore alternate export
products and markets, as per the guidelines of the Board. As part of
this strategy, your company participated and exhibited at THE INDIA
SHOW, Almaty, Kazakhstan, organized from 27th - 30th March 2014. THE
INDIA SHOW at Almaty, Kazakhstan was an initiative of the Government of
India, Ministry of Commerce & Industry, Department of Commerce, in
close association with the Embassy of India in Kazakhstan and
Confederation of Indian Industry (CII), to promote Indian Industry in
that market. Kazakhstan is a relatively unexplored, untapped market and
the participation in the show helped the company meet potential
customers. The company has been receiving a few enquiries from
Kazakhstan after the participation.
FUTURE OUTLOOK
In the current year, there are some initial signs of a revival in the
economy. The Board is hopeful that with improvement in the business
sentiment, the company would be able to improve its performance in the
current year, especially with regards to its exports.
To increase its exports to semi regulated markets, the company plans to
undertake upgradation of its facilities in the current year to GMP
standards. This would open up newer markets for its products and help
in improving the revenues and profits of the company.
PERSONNEL
Particulars of employees pursuant to Section 217(2A) of the Companies
Act, 1956 are not applicable since none of employees is in receipt of
remuneration in excess of the limits specified therein during the year
under review.
DIRECTORS
Mrs. Abha Agrawal (DIN 01589479) and Mr. Govind Gupta (DIN 00052690)
retire by rotation, and being eligible, have offered themselves for
reappointment. The Board recommends their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Directors confirm:
i. that in the preparation of annual accounts, the applicable
accounting standards have been followed;
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March, 2014 and of the profit of the Company for the year;
iii. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956, for safeguarding the assets of the
Company for preventing and detecting fraud and other irregularities;
iv. that the Directors have prepared the annual accounts on a going
concern basis.
FIXED DEPOSITS
The Company has not accepted any fixed deposit from the public during
the year. (PY '' NIL).
STATUTORY AUDITORS
The Company, in its last annual general meeting, had appointed M/s.
Kishor Goyal & Co. as auditors for the year 2013-14. The remarks made
in the Auditors'' report are self-explanatory.
M/s. Kishor Goyal & Co, Chartered Accountants, Ahmedabad the retiring
auditors, offer themselves for reappointment.
COST AUDITOR
Pursuant to the Government Order no.52/26/CAB-2010 dated 02/05/ 2011
under Section 233B of the Companies Act, 1956, the Company has
appointed M/s. Dalwadi & Associates, Cost Accountants, Ahmedabad
(Registration No. 0338) as the Cost Auditor of the Company for the
Financial year ended 31st March, 2014, for audit of cost accounting
records relating to the products manufactured by your company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The statement containing the necessary information required under
Section 217(1)(e) of the Companies Act, 1956, read with Rule 2 of the
Companies (Disclosure of particulars in the report of Board of
Directors) Rules, 1988 is annexed herewith.
CORPORATE GOVERNANCE
Provisions of Clause 49 of the Listing Agreement relating to corporate
governance are not applicable to the Company. However, with a view to
increase investors'' trust and transparency in its operations, the Board
has decided to voluntarily adopt and follow some of the provisions of
the Clause 49 of the Listing Agreement. A separate Report on Corporate
Governance forms part of this Annual Report.
ACKNOWLEDGMENT
We wish to place on record our deep appreciation of the co-operation
and assistance received by the Company from the staff and employees.
We further wish to thank our bankers for their continued support to the
Company. For and on behalf of the Board
Sd/-
Place: Ahmedabad Jagdish Agrawal
Dated: 26th May, 2014 Managing Director
Mar 31, 2013
Dear Shareholders,
The have pleasure in presenting the Twentieth Annual Report together
with the Audited Accounts of your Company for the year ended on 31st
March-2013.
WORKING RESULTS
Rs.in Lacs
For the
year For the
year
ended ended
31.03.2013 31.03.2012
Turnover & other incomes 1195.63 550.69
Operating gross profit 73.24 41.59
Financial Charges (2.90) (2.81)
Depreciation (9.25) (7.83)
Profit before tax 61.09 30.95
Provision for Income Tax (18.00) (9.00)
Provision for Deferred Tax Assets (1-75) (1.16)
Previous period adjustment 0.45 (0.03)
Net profit / loss (-) 41.80 20.77
DIVIDEND
With a view to consolidate the financial position of the Company, the
Board has not recommended any dividend for the year under review.
BUSINESS OPERATIONS & FINANCIAL PERFORMANCE
The Board is pleased to report that during the year under review, the
revenues of the company increased significantly to Rs. 1195.63 lakh (PY Rs.
550.69 lakh), despite the overall downturn in the economy worldwide.
This is the highest turnover achieved by the company since it went into
commercial production.
The growth in revenues was driven largely by the increase in the direct
and indirect exports of the company, which shot up to Rs. 814.38 lakh (PY
Rs. 74.91 lakh). The increase in exports was the direct result of the
Board''s strategy to focus on alternate export products and markets, as
outlined in the Board''s report for the previous year.
The increase in revenues has also led to a corresponding increase in
the net profits of the company from Rs. 20.77 lakh in the previous year
to Rs. 41.80 lakh during the year under review.
FUTURE OUTLOOK
In the current year, the economic scenario has taken a turn for the
worse in India as well as in major countries around the world. The
company intends to maintain its focus on alternate export products and
markets, so as to maintain its growth in the year under review.
PERSONNEL
Particulars of employees pursuant to Section 217(2A) of the Companies
Act, 1956 are not applicable since none of employees is in receipt of
remuneration in excess of the limits specified therein during the year
under review.
DIRECTORS
Mr. P. R. Rastogi and Dr. S. K. Agrawal retire by rotation, and being
eligible, have offered themselves for reappointment. The Board
recommends their re-appointment.
The Board of Directors appointed Mr. Niranjan Agrawal as Additional
Director with effect from January 25, 2013. Pursuant to the provisions
of section 260 of the Act, Mr. Niranjan Agrawal holds office of
Director till the date of the ensuing Annual General Meeting. Approval
of shareholders is required under section 257 of the Act for
appointment of Mr. Niranjan Agrawal as Director, liable to retire by
rotation. Hence, it is proposed to appoint Mr. Niranjan Agrawal as
Director, liable to retire by rotation, with the approval of
shareholders at the ensuing AGM.
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Directors confirm:
i. that in the preparation of annual accounts, the applicable
accounting standards have been followed;
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March, 2013 and of the profit of the Company for the year;
iii.that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956, for safeguarding the assets of the
Company for preventing and detecting fraud and other irregularities;
iv. that the Directors have prepared the annual accounts on a going
concern basis.
FIXED DEPOSITS
The Company has not accepted any fixed deposit from the public during
the year. (PY Rs. NIL).
STATUTORY AUDITORS
The Company, in its last annual general meeting, had appointed M/s.
Kishor Goyal & Co. as auditors for the year 2012-13. The remarks made
in the Auditors'' report are self-explanatory.
M/s. Kishor Goyal & Co, Chartered Accountants, Ahmedabad the retiring
auditors, offer themselves for reappointment.
COST AUDITOR
Pursuant to the Government Order no.52/26/CAB-2010 dated 02/05/ 2011
under Section 233B of the Companies Act, 1956, the Company has
appointed M/s. Dalwadi & Associates, Cost Accountants, Ahmedabad
(Registration No. 0338) as the Cost Auditor of the Company for the
financial year ended 31st March, 2013, for audit of cost accounting
records relating to the products manufactured by your company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The statement containing the necessary information required under
Section 217(1)(e) of the Companies Act, 1956, read with Rule 2 of the
Companies (Disclosure of particulars in the report of Board of
Directors) Rules, 1988 is annexed herewith.
CORPORATE GOVERNANCE
Provisions of Clause 49 of the Listing Agreement relating to corporate
governance are not applicable to the Company. However, with a view to
increase investors'' trust and transparency in its operations, the Board
has decided to voluntarily adopt and follow some of the provisions of
the Clause 49 of the Listing Agreement. A separate Report on Corporate
Governance forms part of this Annual Report.
ACKNOWLEDGMENT
We wish to place on record our deep appreciation of the co-operation
and assistance received by the Company from the staff and employees.
We further wish to thank our bankers for their continued support to the
For and on behalf of the Board
Sd/-
Place: Ahmedabad Jagdish Agrawal
Dated: 25,h May, 2013 Managing Director
Mar 31, 2010
We have pleasure in presenting the Seventeenth Annual Report together
with the Audited Accounts of your Company for the year ended on 31st
March-2010.
WORKING RESULTS
Rupees in Lacs
For the year For the year
ended ended
31.03.2010 31.03.2009
Turnover & other incomes 657.61 503.29
Operating gross profit 78.81 67.89
Financial Charges (3.84) (3.17)
Depreciation (18.71) (25.04)
Profit before tax 56.26 39.68
Fringe Benefit Tax (0.00) (0.32)
Provision for Income Tax (19.00) (4.90)
Deferred Tax Assets 1.54 5.31
Net profit / loss (-) 38.80 39.77
Previous period adjustment (12.75) (3.95)
DIVIDEND
With a view to consolidate the financial position of the Company, the
Board has not recommended any dividend for the year under review.
BUSINESS OPERATIONS & FINANCIAL PERFORMANCE
The total income of the company has seen a healthy growth of 30% from
Rs. 503.29 lakh in the PY to Rs. 657.61 lakh in the year under review.
Part of the increase was on account of the Companys strategy to focus
on high-volume, low-margin products, which helped improved capacity
utilization. The exports of the company also increased to Rs. 220.49
lakh (PY Rs. 92.02 lakh). The Profit before tax of the company has
increased to Rs.56.26 lakh (PY 39.68 lakh).
During the year under review, the Company has started doing export
business through some very reputed, international companies, and is
looking to work closely with them for the next few years. The increase
in business would reflect in the sales of this company from the current
year onwards.
The Board of the Company decided to commence business activities, as
per the opportunities available, in agri-commodities and other such
areas. This decision of the Board was approved by the shareholders at
the EGM held on March 4, 2010.
FUTURE OUTLOOK
The Company is actively looking at alternate business opportunities to
spread the business risk and to better utilize the funds of the
company. To this end, the Company has started investing its surplus
funds in agri- commodities, vegetable and palm oil etc.
PERSONNEL
Particulars of employees pursuant to Section 217(2A) of the Companies
Act, 1956 are not applicable since none of employees is in receipt of
remuneration in excess of the limits specified therein during the year
under review.
DIRECTORS
Mr. Govind Gupta and Mrs. Abha Agrawal retire by rotation, and being
eligible, have offered themselves for reappointment. The Board
recommends their re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm:
i. that in the preparation of annual accounts, the applicable
accounting standards have been followed;
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March, 2010 and of the profit of the Company for the year;
iii. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956, for safeguarding the assets of the
Company for preventing and detecting fraud and other irregularities;
iv. that the Directors have prepared the annual accounts on a going
concern basis.
FIXED DEPOSITS
The Company has not accepted any fixed deposit from the public during
the year. (PY Rs.NIL).
AUDITORS
The Company, in its last annual general meeting, had appointed M/s.
Kishor Goyal & Co. as auditors for the year 2009-10. The remarks made
in the Auditors report are self-explanatory.
M/s. Kishor Goyal & Co, Chartered Accountants, Ahmedabad the retiring
auditors, offer themselves for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The statement containing the necessary information required under
Section 217(1)(e) of the Companies Act, 1956, read with Rule 2 of the
Companies (Disclosure of particulars in the report of Board of
Directors) Rules, 1988 is annexed herewith.
CORPORATE GOVERNANCE
Provision of Clause 49 relating to corporate governance is not
applicable to the Company. However, disclosure as per Part II, Schedule
XIII of the companies Act 1956,are given below :
- No remuneration by way of salary , sitting fees, performance based
incentive or any stock option given to any of the Directors except
Mr.Jagdish Agrawal, Managing Director.
- The remuneration of Rs.900000/- by way of salary has been paid to Mr.
Jagdish Agrawal, Managing Director, for the financial year 2009-10. The
company has not given any performance based incentive or perquisites to
Managing Director. The current tenure of the Managing Director is for a
period of five years from the date of his appointment i.e from
15.10.2007 to 14.10.2012.
- All directors , except the Managing Director, retire by rotation
every 2 years.
ACKNOWLEDGMENT
We wish to place on record our deep appreciation of the co-operation
and assistance received by the Company from the staff and employees.
We further, wish to thank our bankers for their continued support to
the Company.
For and on behalf of the Board
Sd/-
Place: Ahmedabad Jagdish Agrawal
Dated: 20n August, 2010 Managing Director
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