Mar 31, 2015
TO THE MEMBERS OF KRISHNA VENTURES LIMITED
The Directors take pleasure in presenting the Thirty Third Annual
Report together with the audited financial statements for the year
ended 31st March, 2015.
1. FINANCIAL RESULTS:
(In Lakhs)
2014-15 2013-14
Total Income 251.75 104.69
Gross Profit 117.83 62.83
Depreciation NIL NIL
Interest NIL NIL
Provision for Tax 37.75 12.60
Net Profit 80.08 50.23
Proposed Dividend NIL NIL
Balance b/f 123.36 73.47
Profit c/f to Balance Sheet 195.61 123.36
2. DIVIDEND:
(i) No Dividend was declared for the current financial year due to
conservation of Profits.
(ii) Since there was no unpaid / unclaimed Dividend declared and paid
last year, the provisions of Section 125 of the Companies Act, 2013 do
not apply.
3. SHARE CAPITAL:
During the year, there were no changes in the capital structure of the
company. The paid up Equity Share Capital as on 31st March, 2015 was
10.8 Crore. As on 31st March, 2015, Directors of the Company hold
shares of the Company the details whereof are given in the Extract of
Annual Return (Form No. MGT-9) in "Annexure II" to the Director's
Report.
a) Buy Back of Securities: The Company has not bought back any of its
securities during the year under review.
b) Sweat Equity: The Company has not issued any Sweat Equity Shares
during the year under review.
c) Bonus Shares: No Bonus Shares were issued during the year under
review.
d) Employees Stock Option Plan: The Company has not provided any Stock
Option Scheme to the employees.
4. FINANCE
Cash and cash equivalent as at 31st March, 2015 is 4.34 Lakh. The
Company continues to focus on judicious management of its working
capital. Receivables, inventories and other working capital parameters
were kept under strict check through continuous monitoring.
5. DEPOSITS:
The Company has not accepted deposit from the public falling within the
ambit of Section 73 of the Companies Act, 2013 and The Companies
(Acceptance of Deposits) Rules, 2014.
6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Financial Statements forming part of this Annual Report.
7. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:
During the year under review, the total income of the Company increase
to Rs. 251.75 Lakh as compared to the financial year ended 2014 which
was Rs. 104.69 Lakh. Thus, during the financial year 2014-15, the total
income of the Company increased by 140.47%.
Increase in total income leads to increase in the Gross Profit of the
Company to Rs. 117.84 Lakh in the financial year 2014-15 whereas the
Gross profit for the financial year 2013-14 was Rs. 62.83 Lakh. Thus,
the Gross Profit of the Company increased by 87.55% during the
financial year 2014-15.
Net Profit of the Company in the financial year 2014-15 increased to
80.08 Lakh as compare to the financial year 2013-14 in which the Net
Profit was Rs. 50.23 Lakh. Thus, the Net Profit increased by 59.43 %
during the financial year 2014-15.
8. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, annexed to this Directors' Report, provides a more detailed
review of the operating performance.
9. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
10. MATERIAL CHANGES/ COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH
THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statements relate on the date of this report.
11. BUSINESS RISK MANAGEMENT:
The Company has laid down a well-defined Risk Management Mechanism
covering the risk mapping and trend analysis, risk exposure, potential
impact and risk mitigation process. A detail exercise is being carried
out to identify, evaluate, manage and monitoring of both business and
non business risks. The Board periodically reviews the risks and
suggests steps to be taken to control and mitigate the same through a
properly defined framework.
12. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Strong Internal Control Culture is pervasive in the Company in
commensuration with the size, scale and complexity of its operations.
To maintain its objectivity and independence, the Internal Audit
function reports to the Chairman of the Audit Committee of the Board.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the
organization. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and
thereby strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee of the
Board
The Company has appointed M/s. G.S. Doot & Co., Chatered Accountant as
Internal Auditor of the Company pursuant to Section 138 of the
Companies Act, 2013 read with Rule 13 of The Companies (Accounts)
Rules, 2014.
13. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism to deal with instance of fraud and
mismanagement, if any. The details of the policy is posted on the
website of the Company.
14. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any Subsidiary, Joint Venture or Associate
Company.
15. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
1. APPOINTMENT:
(i) Mr. Vijay Khetan as Chairman & Managing Director:
The Board of Directors had on the recommendation of the Nomination &
Remuneration Committee appointed Mr Vijay Khetan as Managing Director
of the Company who shall be designated as Chairman & Managing Director,
for the period of five years commencing from 31st January 2015 to 30th
January, 2020. The Board of Directors recommends his appointment as
Chairman and Managing Director of the Company.
The further details about Mr. Vijay Khetan are given in the Corporate
Governance Report as well as in the Notice of ensuing Annual General
Meeting being sent to the shareholders along with the Annual Report.
(ii) Mr. Pramod Kumar Khandelwal as Chief Financial Officer (CFO):
The Board of Directors, on the recommendation of the Nomination &
Remuneration Committee and consequent to the approval of the Audit
Committee, appointed Mr. Pramod Kumar Khandelwal as Chief Financial
Officer (CFO) with effect from 5th March, 2015.
Mr. Khandelwal has 36 years of rich experience in the Banking Sector.
He was associated with Union Bank of India as Deputy General Manager
and was instrumental in overall performance of Union Bank Branches
across the country. The Board is in onion that the appointment of Mr.
Khandelwal as Chief Financial Officer (CFO) of the Company shall be
beneficial in terms of achieving optimal financing structure and to
achieve long term strategic and business objective.
The further details about the Mr. Khandelwal are given in the Extract
of Annual Return (Form MGT Â 9) as per "Annexure II"
(iii) Ms. Krishna Parekh as Company Secretary and Compliance Officer
The Board of Directors, on the recommendation of the Nomination &
Remuneration Committee, appointed Ms. Krishna Parekh who possesses the
require qualification as the Company Secretary and who shall also act
as Compliance Officer of the Company as per the provisions of the
Listing Agreement, with effect from 05th March, 2015.
The further details about Ms. Krishna Parekh are given in the Extract
of Annual Return (Form MGT Â 9) as per "Annexure II"
2. DECLARATION BY INDEPENDENT DIRECTORS:
Directors have submitted the Declaration of Independence, as required
pursuant to Section 149 (7) of the Companies Act, 2013; stating that
they meet the criteria of the Independence as provided in sub section
(6). The profile of the Independent Directors forms the part of the
Corporate Governance Report.
3. RETIRE BY ROTATION:
In accordance with the applicable provisions of Section 152(6) of the
Companies Act, 2013, Mrs. Meena Khetan, will retire by rotation at the
ensuing Annual General Meeting of the Company and being eligible, offer
herself for re-appointment. The Board recommends her reappointment.
4. RESIGNATION OF MS. BEENA AGARWAL:
Mrs. Beena Agrawal, an Independent Director, resigned from the
directorship of the Company with effect from 30th April, 2015. The
Board considered and recorded the said resignation in its meeting held
on 16th May, 2015.
16. EVALUATION OF BOARD'S PERFORMANCE:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working if its Audit, Nomination &
Remuneration Committees. The manner in which the evaluation has been
carried out has been explained in the Corporate Governance Report.
17. REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and fixing their remuneration. The Remuneration
Policy is stated in the Corporate Governance Report.
18. MEETINGS:
During the year, five Board Meetings and five Audit Committee Meetings
were convened and held. The details of which are given in the
Corporate Governance Report. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013.
19. DIRECTORS' RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) of the Companies
Act, 2013:
a. that in the preparation of the annual financial statements for the
year ended 31st March, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
b. that such accounting policies as mentioned in note no.1of the Notes
to the Financial Statements have been selected and applied consistently
and judgment 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 as at 31st March, 2015 and of the profit of the Company for
the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d. that the annual financial statements have been prepared on a going
concern basis;
e. that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively.
f. that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
20. RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a
potential conflict with the interest of the Company at large.
The Audit Committee, at the beginning of the financial year granted an
omnibus approval for the related party transactions for the financial
year 2014-15. The Board of Directors of the Company also approved the
same.
The policy on Related Party Transactions is approved by the Board
during the year.
None of the Directors has any pecuniary relationships or transactions
vis-Ã -vis the Company.
21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and
its future operations.
22. AUDITORS:
STATUTORY AUDITORS:
The Company, pursuant to section 139 of the Companies Act, 2013 and
rules framed there under, in the previous Annual General Meeting held
on 9th August, 2014, had appointed M/s. Bansi S. Mehta & Co., Chartered
Accountants, as the Auditor of the Company who shall hold office till
the conclusion of third consecutive Annual General Meeting there from,
on such remuneration as may be determine by the Board after discussion
with Audit Committee and the Auditors.
M/s Bansi S. Mehta & Co., have express their willingness to continue as
the Statutory Auditor of the Company and has furnished a certificate of
their eligibility and consent under section 141 of the Companies act,
2013 and the rules framed there under. As required under Clause 49 of
the Listing Agreement, the auditors have also confirmed that they hold
a valid certificate issued by the Peer Review Board of the Institute of
Chartered Accountants of India.
The Board recommends ratification of the appointment of M/s Bansi S.
Mehta & Co. at the ensuing Annual General Meeting of the Company.
SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Kaushal Dalal&
Associates, a firm of Company Secretaries in Practice to undertake the
Secretarial Audit of the Company. The Report of the Secretarial Audit
Report is annexed herewith as "Annexure I".
23. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORTS:
(i) STATUTORY AUDITOR:
The observations and comments given in the report of the Auditors read
together with notes to accounts are self explanatory and hence do not
call for any further explanation or comments under Section 134(f)(i) of
the Companies Act, 2013.
(ii) SECRETARIAL AUDITOR:
With reference to the observations / qualifications made in the said
report, Board of Directors clarifies as follows:
- As per the provisions of Section 203 of the Companies Act, 2013, a
company is required to have a Company Secretary (CS) and Chief
Financial Officer (CFO), with the immediate effect from the date of the
notification of the said section i.e. 1st April, 2014; however, the
Company has appointed the CS and the CFO w.e.f 5th March, 2015.
The Company was in search of the suitable candidate for the post of the
Company Secretary and the Chief Financial Officer of the Company, once
the suitable and appropriate candidate was available, the appointment
of the Company Secretary and the Chief Financial Officer of the Company
was accordingly made on 5th March, 2015.
- As per the provisions of the section 108 of the Companies Act, 2013
and the rules made there under, the Company should give notice of the
e-voting to the shareholders along with the notice of the 32nd Annual
General Meeting and publish the notice of e-voting in the newspaper
before 5 days from the date of the commencement of the e-voting i.e. on
4th August, 2014; however, the Company has published the notice of the
e-voting in newspaper on 2nd August, 2014.
Since, the Companies Act, 2013 was a new legislation which came into
force on 1stApril, 2014, and the concept of the e-voting was very
novel, the Directors of the Company was in a learning process of this
new act, there was an inadvertent delay of the 3 days in the publishing
the e-voting details in the newspaper, however, there was no intention
to curb the interest of the members of the Company
- As per Section 149(6)(b) (ii) of the Companies Act, 2013 and the
rules made there under, the Independent Directors should not be related
to the promoters or any directors of the Company, its holding,
subsidiary or the associate Company; however, Mrs. Beena Agarwal and
Mr. Vijay Agarwal are related to each other and both are appointed as
an Independent Directors of the Company
The Board of Directors of the Company was of interpretation that the
Independent Directors should not be related to the existing Directors
of the Company and the appointment of the Vijay Agarwal and Beena
Agarwal was appointed on the same date i.e 31st March, 2014 and they
were not related to existing Directors of the Company. However, the
Board of Directors later comprehended the concept of the independent
and rectified this appointment by the resigning Mrs. Beena Agarwal as
Director from the Board of the Company.
24. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in
respect of employees of the Company and directors is furnished herewith
in Annexure-III. The Company has not employed any individual whose
remuneration falls beyond the purview of the limits prescribed under
the provisions Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014.
25. DISCLOSUR ON SEXUAL HARASSMENT:
The Company during the year under the review has not any complaints
pertaining to sexual harassment at the work place.
26. ENHANCING SHAREHOLDERS VALUE:
Your Company believes that its Members are among its most important
stakeholders. Accordingly, your Company's operations are committed to
the pursuit of achieving high levels of operating performance and cost
competitiveness, consolidating and building for growth, enhancing the
productive asset and resource base and nurturing overall corporate
reputation. Your Company is also committed to create value for its
other stakeholders by ensuring that its corporate actions positively
impact the socio-economic and environmental dimensions and contribute
to sustainable growth and development.
27. CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on corporate governance practices followed by the
Company, together with a certificate from the Company's Auditors
confirming compliance forms an integral part of this Report.
28. BUSINESS RESPONSIBILITY REPORT:
Pursuant to circular no. CIR/CFD/DIL/8/2012 dated 13th August, 2012
issued by Securities and Exchange Board of India (SEBI), Clause 55 of
the Listing Agreement relating to Business Responsibility Report is not
applicable to the Company.
29. CONSOLIDATED FINANCIAL STATEMENTS:
Since the Company does not have any Subsidiary Company or Associate
Company, the provisions of Section 129(3) of the Companies Act, 2013
and Clause 32 of the Listing Agreement regarding consolidated financial
statements do not apply.
30. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts)
Rules, 2014, are as below:
- Energy Conservation: During the period under review there was no
Energy conservation
- Technology Absorption: During the period under review there was no
Technology Absorption
- Foreign Exchange Earnings and Outgo: During the period under review
there was no foreign exchange earnings or out flow
31. EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith as "Annexure II".
32. ACKNOWLEDGEMENTS:
Your Directors thank the various Central and State Government
Departments, Organizations and Agencies for the continued help and
co-operation extended by them. The Directors also gratefully
acknowledge all stakeholders of the Company viz. members, customers,
dealers, vendors, banks and other business partners for the excellent
support received from them during the year. The Directors place on
record their sincere appreciation to all employees of the Company for
their unstinted commitment and continued contribution to the Company.
33. CAUTIONARY STATEMENT:
Statements in the Board's Report and the Management Discussion &
Analysis describing the Company's objectives, expectations or forecasts
may be forward-looking within the meaning of applicable securities laws
and regulations. Actual results may differ materially from those
expressed in the statement. Important factors that could influence the
Company's operations include global and domestic market conditions
affecting cost as well as the selling prices of the services, changes
in government regulations, tax laws, economic developments within the
country and other factors such as litigation and industrial relations.
For and on behalf of the Board of Directors
Vijay Khetan
Place: Mumbai Chairman & Managing Director
Date: 16th May, 2015 DIN:00436052
Mar 31, 2012
To The Member of Krishna Ventures Limited
The Directors have pleasure in presenting their 30th Annual Report on
the business and operations of the company together with Audited
Balance Sheet and Profit & Loss Account for the year ended 31st March,
2012. A summary of Financial Results is given below:
FINANCIAL RESULTS: (Rs. In lacs)
Particulars 2011 - 2012 2010-2011
Total Income 67.53 36.78
Gross Profit 33.19 4.77
Depreciation Nil Nil
Interest Nil Nil
Provision for Tax 1.30 Nil
Net Profit 31.89 4.77
Proposed Dividend Nil Nil
Balance b/f 7.06 2.29
Profit c/f to Balance Sheet 38.95 7.06
OPERATIONAL REVIEW:
The Company operates in one segment only i.e. Business of Builder,
Contractor, Developer and Consultancy. During the year under review,
there is 83.60 % increase in income of the Company. The 50% of its
revenue is from its consultancy business and rest is from the
investment of idle funds. The Company is exploring various options for
acquisition of suitable properties which will prove to be a viable
business proposition.
RESERVES:
During the year under review, no amount was transferred to Reserves.
However credit balance of Profit and Loss Accounts has been transferred
to Reserves & Surplus in the Balance Sheet.
DIVIDEND:
In order to augment the financial position of the Company, your
Directors do not recommend any dividend for the year under
consideration.
SHARE CAPITAL:
The Company has made a preferential allotment of 99,00,000 Equity
shares of Rs. 10/- each at par to the promoters and non promoters. As
on March 31, 2012, Paid - up Share Capital of the Company is Rs.
10,80,00,000/- divided into 1,08,00,000 equity shares of Rs. 10/- each
fully paid- up.
SUBSIDIARIES:
The Company does not have any subsidiary Company.
FINANCIAL RESTRUCTURING - MERGER:
That in order to expand the business activities in other states of
India and in view of maximizing Shareholders' wealth and other
additional benefits, the Board has decided to acquire Rudra Mahima
Business Ventures Limited (Transferor Company) ,a Jaipur based Company
and merge it with Krishna Ventures Limited (Company).
Accordingly the Board has approved the Scheme of merger with swap ratio
of 37 fully paid up equity shares of the Company for every 5 equity
shares fully paid up held in the Transferor Company and filed the
application with the High Court of Bombay and Jaipur. Both the courts
have admitted the application and shareholders of the Company have
approved the proposal in its Court Convened Meeting held on April 28,
2012 as per directions of Hon'ble High Court of Bombay and shareholders
of Transferor Company had already given consents for the same.
PUBLIC DEPOSITS
The Company has not accepted any deposit from public within the meaning
of Sections 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.
AUDITOR'S OBSERVATIONS
Auditors have not put any adverse remarks or qualification in their
audit report which is required to be commented in this report.
AUDITORS:
M/s Bansi S. Mehta & Co., Chartered Accountants, Auditors of the
Company, who holds office until the Conclusion of ensuing Annual
General Meeting and being eligible offer themselves for re-appointment.
The Company has received a certificate from the Auditors to the effect
that their re-appointment, if made, would be in-accordance with Section
224(1B) of the Companies Act, 1956.
The Board recommends their re-appointment for the current year to hold
office from the conclusion of ensuing Annual General Meeting until, the
conclusion of the next Annual General Meeting.
DIRECTORS
In accordance with Section 255 and S. 256 of the Companies Act, Mrs.
Meena khetan, Director of the company, retire by rotation at the
ensuring Annual General Meeting, has offered herself for reappointment.
Mr. Vijay Khetan is the executive director and Mrs. Meena Khetan, Mr.
Ratish Tagde, Mr. Kishore Vussonji, Mrs. Savita Sonawane and Mr.
Avinash Jagushte are other non executive directors.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under 217 (2AA) of the Companies Act, 1956,
the discussions had with the Statutory Auditors and subject to
disclosures in the Annual Accounts, The Directors states that:
1. In the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. They had 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, 2012 and
of the Profit or Loss of the Company for that year.
3. They had 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.
4. They had prepared the Annual Accounts on a going concern basis.
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
As the Company is not carrying out any manufacturing activities, the
provisions of the section 217(1)(e) of the Companies Act, 1956 read
with the Companies Rule 2(A) and 2(B) of the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules 1988 are not
applicable. Reporting in the prescribed format has been made in
Annexure-I.
During the year under consideration, the Company had no foreign
exchange out go and no Foreign exchange income.
PARTICULAR OF EMPLOYEES
The statement of particulars of employees required under the section
217(2A) of the Companies Act, 1956 read with the Company's (Disclosure
of Particulars of Employees) Rules, 1975 is not attached as none of the
employees are covered under the said section.
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance Report and Auditors' Certificate
regarding compliance of conditions of Corporate Governance are attached
herewith forms part of the Directors' Report.
MANAGEMENT ANALYSIS AND DISCUSSION REPORT
Management Discussion and Analysis report is attached herewith forms
part of this report.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation of the co-operation
offered by the Stakeholders, banks, employees, State Government and
Local authorities during the Year.
Your Directors also wish to place on record their deep sense of
appreciation for the contribution and commitment made by every member
of the Company.
For and on behalf of the Board
Sd/-
Vijay Khetan
Whole Time Director
Place: Mumbai
Date: May 19. 2012