Mar 31, 2014
Dear Members,
The Directors present the Twenty-secondAnnual Report together with the
Audited Accounts of the Company for the Financial Year ended on 31st
March 2014.
FINANCIAL HIGHLIGHTS
The financial results of the Company during the year under review as
compared to the previous year are summarised as under:
PARTICULARS 31.03.2014 31.03.2013
Sales & Other Income 1,000,500 4,002,300
Profit / (Loss) before Depreciation and Tax 40,958 (498,715)
Less: Depreciation 103,004 103,004
Profit / (Loss) before Tax (62,046) (601,719)
Provision for Deferred Tax - Asset (12,421) (9,442)
Profit / (Loss) after Tax (49,625) (592,277)
Weighted Average number of Shares 17,218,759 17,218,759
EPS Basic & Diluted (0.003) (0.03)
OPERATIONS AND PERFORMANCE
During the year under review the company reported loss of Rs.0.50 lakhs
as opposed to loss of Rs. 5.92 lakhs reported in the previous year. The
company has not taken up any major activity in the development of
Software for the clients. Revenue was generated thru small job works. A
major cost reduction program introduced in earlier year continues to
benefit the company.
DIVIDEND
Your directors do not recommend any dividend as there was a loss during
the year under review.
PUBLIC DEPOSITS AND LOANS/ ADVANCES
The Company has not accepted any public deposits during the financial
year. The particulars of loans/ advances and investment in its own
shares by listed companies, their subsidiaries, associates etc.
required to be disclosed in the annual accounts of the company pursuant
to Clause 32 of the listing agreement with the company, are furnished
separately.
Mr. Rajendra Jain retires by rotation and being eligible offers himself
for re-appointment. The Board recommends his re-appointment.
Mr. Shreyas S Shah and Mr. Jayabalan Jayakumar have been appointed as
Independent Directors in terms of the provisions of the Companies Act
2013.
INDUSTRIAL RELATIONS AND HUMAN RESOURCE MANAGEMENT
The Company is constantly working to create a congenial work
environment and motivating employees at all levels and shall always
place all necessary emphasis on continuous development of its human
resource.
SUBSIDIARIES
The Company does not have any subsidiary
HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION
The Company has been regularly complying with relevant laws and has
been taking all necessary measures to protect the environment and
maximize worker protection and safety.
AUDITORS
M/s Siddharth Mehta & Co., Chartered Accountants, Statutory Auditors of
the Company retires at the conclusion of the ensuing Annual General
Meeting of the Company and are eligible for reappointment. The Company
has obtained confirmation that if appointed it would be in conformity
with the provisions of section 141 of the Companies Act, 2013 and will
be within the limits specified therein. The Board recommends
reappointment.
AUDITORS REPORT
The notes on accounts are self explanatory to the comments made by the
Auditors in their Report and therefore do not call for any further
explanations.
LISTING
The shares of the company are listed in Bombay Stock Exchange. The
company is yet to receive Listing confirmation of 77,44,760 equity
shares issued on Preferential basis for acquisition and merger of three
companies viz, Elan Integrated Systems Pvt. Ltd., R3 Ventures Pvt. Ltd.
and Millennium E- soft Solutions. Efforts are continuing to have those
listed.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement along with the Auditors'' Certificate for its due
compliance forms part of the Annual Report. Your company has taken
adequate steps for compliance with the Corporate Governance guidelines,
as amended from time to time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information regarding conservation of energy and technology
absorption as required under Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are not applicable to
your company. There were no foreign exchange earnings and outgo during
the financial year.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 134(5) of the Companies Act, 2013, your
Directors confirm :
i. that in preparation of accounts, applicable accounting standards
have been followed;
ii. that directors have selected such accounting policies and applied
them constantly and made judgments and estimates that are reasonable
and prudent to give a true and fair view of state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for that period.
iii. that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and
iv. that the directors have prepared Annual Accounts on a Going Concern
basis. COMPANY SECRETARY
The appointment of Whole time Company Secretary is under consideration
of the Company. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
PARTICULARS OF EMLPOYEES U/S 134 OF THE ACT
None of the employees have received remuneration in excess of the sum
prescribed u/s 134 of the Companies Act, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate section on Management Discussion and Analysis Report forming
part of the Annual report is attached.
ACKNOWLEDGMENT
Your directors would like to place on record their sincere gratitude to
the shareholders, bankers, business associates, clients for their
continued patronage and co-operation. The directors are also happy to
place on record their appreciation for the whole hearted commitment and
contribution made by all the employees and look forward to their
continued support.
FOR AND ON BEHALF OF THE BOARD
Jaybalan Jaykumar Rajendra Jain
Director Director
Date: 13.08.2014
Place: Chennai
Mar 31, 2013
The Directors present the Twenty-first Annual Report together with the
Audited Accounts of the Company for the Financial Year ended on 31st
March 2013.
FINANCIAL HIGHLIGHTS
The financial results of the Company during the year under review as
compared to the previous year are summarised as under:
PARTICULARS 31.03.2013 31.03.2012
Sales & Other Income 4,002,300 8,773,185
Profit / (Loss) before Depreciation
and Tax (498,715) (1,067,039)
Less: Depreciation 103,004 238,614
Profit / (Loss) before Tax (601,719) (1,305,653)
Provision for Deferred Tax  Asset (9,442) 52,019
Profit / (Loss) after Tax (592,277) (1,253,634)
Add: Balance Brought Forward (90,809,973) (89,556,339)
Balance Carried Over to Balance Sheet (91,402,250) (90,809,973)
EPS Basic & Diluted (0.03) (0.07)
Weighted Average number of Shares 17,218,759 17,218,759
OPERATIONS AND PERFORMANCE
During the tear under review the company reported loss of Rs.6.02 lakhs
as opposed to loss of Rs. 13.06 lakhs reported in the previous year.
Subdued growth in the developed markets has resulted in slowing down
the growth in the developing markets. In view of the sluggish growth in
economy Company''s effort to enter into Trading activity of hardware and
other items did not materialize during the year. A major cost reduction
program introduced last year continues to benefit the company.
DIVIDEND
Your directors do not recommend any dividend as there was a loss during
the year under review.
PUBLIC DEPOSITS AND LOANS/ ADVANCES
The Company has not accepted any public deposits during the financial
year. The particulars of loans/ advances and investment in its own
shares by listed companies, their subsidiaries, associates etc.
required to be disclosed in the annual accounts of the company pursuant
to Clause 32 of the listing agreement with the company, are furnished
separately.
DIRECTORS
Mr. Sreyas. S. Shah retires by rotation and being eligible offers
himself for re-appointment. The Board recommends the re-appointment.
INDUSTRIAL RELATIONS AND HUMAN RESOURCE MANAGEMENT
The Company is constantly working to create a congenial work
environment and motivating employees at all levels and shall always
place all necessary emphasis on continuous development of its human
resource.
SUBSIDIARIES
The Company does not have any subsidiary
HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION
The Company has been regularly complying with relevant laws and has
been taking all necessary measures to protect the environment and
maximize worker protection and safety.
AUDITORS
M/s Siddharth Mehta & Co., Chartered Accountants, Statutory Auditors of
the Company retires at the conclusion of the ensuing Annual General
Meeting of the Company and are eligible for reappointment. The Company
has obtained confirmation that if appointed it would be in conformity
with the provisions of section 224(1B) of the Companies Act, 1956 and
will be within the limits specified therein.
AUDITORS REPORT
The notes on accounts are self explanatory to the comments made by the
Auditors in their Report and therefore do not call for any further
explanations.
LISTING
The shares of the company are listed in Bombay Stock Exchange. The
company is yet to receive Listing confirmation of 77,44,760 equity
shares issued on Preferential basis for acquisition and merger of three
companies viz, Elan Integrated Systems Pvt. Ltd., R3 Ventures Pvt. Ltd.
and Millennium E- soft Solutions. Efforts are continuing to have those
listed.
REGISTERED OFFICE
During the year the Company shifted its Registered office to Taas
Mahal, 2A, Second floor, No. 10 Montieth Road, Egmore, Chennai 600 008
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement along with the Auditors'' Certificate for its due
compliance forms part of the Annual Report. Your company has taken
adequate steps for compliance with the Corporate Governance guidelines,
as amended from time to time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information regarding conservation of energy and technology
absorption as required under Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are not applicable to
your company. There were no foreign exchange earnings and outgo during
the financial year.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors confirm :
i. that in preparation of accounts, applicable accounting standards
have been followed;
ii. that directors have selected such accounting policies and applied
them constantly and made judgments and estimates that are reasonable
and prudent to give a true and fair view of state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for that period.
iii. that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and
iv. that the directors have prepared Annual Accounts on a Going
Concern basis.
COMPANY SECRETARY
The appointment of Whole time Company Secretary is under consideration
of the Company. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate section on Management Discussion and Analysis Report forming
part of the Annual report is attached.
ACKNOWLEDGMENT
Your directors would like to place on record their sincere gratitude to
the shareholders, bankers, business associates, clients for their
continued patronage and co-operation. The directors are also happy to
place on record their appreciation for the whole hearted commitment and
contribution made by all the employees and look forward to their
continued support.
FOR AND ON BEHALF OF THE BOARD
Jaybalan Jaykumar Rajendra Jain
Director Director
Date: 12/08/2013
Place: Chennai
Mar 31, 2011
The Directors present the Nineteenth Annual Report together with the
Audited Accounts of the Company for the Financial Year ended on 31st
March 2011.
FINANCIAL HIGHLIGHTS
The financial results of the Company during the year under review as
compared to the previous year are summarised as under:
PARTICULARS 31.03.2011 31.03.2010
Sales & Other Income 2,875,065 72,778,920
Profit / (Loss) before
Depreciation and Tax (32,614,856) (20,493,219)
Less: Depreciation 239,926 239,926
Profit / (Loss) before Tax (32,854,782) (20,733,145)
Excess Provision Reversed NIL NIL
Provision for Deferred Tax à Asset 44,921 44,289
Provision for Fringe Benefit Tax NIL NIL
Profit / (Loss) after Tax (32,810,491) (20,688,856)
Add: Deferred Tax Provision
No Longer Reqd NIL NIL
Add: Balance Brought Forward (56,745,847) (36,056,991)
Balance Carried Over to
Balance Sheet (89,556,339) (56,745,847)
EPS Basic & Diluted (1.91) (1.20)
Weighted Average number of Shares 17,218,759 17,218,759
OPERATIONS AND PERFORMANCE
During the year under review, the company incurred a loss of Rs.32.81
million compared to a loss of Rs. 20.69 million in the previous year.
The Company had focused on developing strategy of new business
activities to be undertaken and restructuring of its management and
activities during the year and did not undertake any major Software
development programme. A critical review of all accounts was done and
as a result of such review Rs. 31.11 million were written off. The
company also incurred loss in its investment portfolio due to highly
volatile conditions prevailing in the Security market. The company is
considering entering into the new businesses discussed under Management
Discussion and Analysis report. The performance of the company is
expected to improve during the years to come with increasing efforts
being made in the direction of improving the working efficiency and
continued lookout for new opportunities in the field of Information
Technology.
DIVIDEND
Your directors do not recommend any dividend as there was a loss during
the year under review.
PUBLIC DEPOSITS AND LOANS/ ADVANCES
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
DIRECTORS
Mr. Veeramohan Arunasalam and Mr. Gunasageren Nadeson Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
Company and being eligible offers themselves for reappointment.
Mr. Rajendra Jain was appointed as an additional director on 8th
February 2011 in terms of Section 260 of the Companies Act, 1956. He
holds office up to the date of the ensuing Annual General Meeting to be
held on 30th September, 2011. The requisite notices together with
necessary deposits have been received from members pursuant to section
257 of the Companies Act, 1956 proposing appointment of Mr. Rajendra
Jain as director liable to retire by rotation.
Mr. Shreyas Srenik Shah was appointed as an additional director on 14th
May 2011 in terms of Section 260 of the Companies Act, 1956. He holds
office up to the date of the ensuing Annual General Meeting to be held
on 30th September, 2011. The requisite notices together with necessary
deposits have been received from members pursuant to section 257 of the
Companies Act, 1956 proposing appointment of Mr. Shreyas Srenik Shah as
director liable to retire by rotation.
AUDITORS
M/s Siddharrth Mehta, Chartered Accountant, Statutory Auditors of the
Company retire at the conclusion of the ensuing Annual General Meeting
of the Company and is eligible for reappointment. The Company has
obtained confirmation that if appointed it would be in conformity with
the provisions of section 224(1B) of the Companies Act, 1956 and will
be within the limits specified therein.
AUDITORS REPORT
The notes on accounts are self explanatory to the comments made by the
Auditors in their Report and therefore do not call for any further
explanations.
LISTING
The shares of the company are listed in Bombay Stock Exchange. The
company is yet to receive Listing confirmation of 77, 44,760 equity
shares issued on Preferential basis for acquisition and merger of three
companies viz, Elan Integrated Systems Pvt. Ltd., R3 Ventures Pvt. Ltd.
and Millennium E- soft Solutions. Efforts are continuing to have those
listed.
REGISTERED OFFICE
Registered office of the Company has been shifted to
No. 71, Nehru Nagar Industrial Estate 2nd Link Street, Kottivakkam,
Chennai à 600 041
CORPORATE GOVERNANCE
Your Company has always striven to incorporate appropriate standards
for good corporate governance. The company's philosophy of Corporate
Governance is aimed at exhibiting maximum transparency to the investors
by providing them with more information. This is done not only with the
information that are to be revealed under mandatory provisions but also
with those information which according to the Management and the Board
are relevant to the investors and other Statutory Authorities to whom
these Reports are addressed to. A separate report on Corporate
Governance is attached as a part of the Annual Report of the Company.
The Certificate from the company's Auditors confirming compliance of
conditions on Corporate Governance as stipulated under clause 49 of the
Listing Agreement of the Stock Exchange is annexed with this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information regarding conservation of energy and technology
absorption as required under Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are not applicable to
your company. There were no foreign exchange earnings and outgo during
the financial year.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors hereby declare:
i. that in preparation of accounts, applicable accounting standards
have been followed or where departure has been made, explanation
relating to material departures;
ii. that directors have selected such accounting policies and applied
them and made judgments and estimates that are reasonable and prudent
to give a true and fair view of state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
that period.
iii. that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
iv. that the directors have prepared Annual Accounts on a Going
Concern basis.
COMPANY SECRETARY
The appointment of Whole time Company Secretary is under consideration
of the Company. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate section on Management Discussion and Analysis Report forming
part of the Annual report is attached.
ACKNOWLEDGMENT
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the operation of your company
during the year. Your directors also express their sincere gratitude to
the bankers, consultants, Auditors, customers and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
N.K.Premanandhan Rajendra Jain
Director Director
Date : 0/09/2011
Place: Chennai
Mar 31, 2010
The Directors are happy to present the Eighteenth Annual Report of
your company together with the Audited Accounts of the Company for the
Financial Year ended 31 st March 2010.
FINANCIAL HIGHLIGHTS:
During the year under review, the Company has incurred a loss of
Rs.20,688,856/- as against a profit of Rs.421,072/- during the previous
year. The loss during the financial year was majorly due to purchase of
software and increase in administration expenses almost twice compared
to the previous financial year. The financial results of the Company as
compared to the previous year are summarised as under:
PARTICULARS 31.03.2010 31.03.2009
Sales & Other Income 72,778,920 17,823,417
Profit / (Loss) before Depreciation
and Tax (20,493,219) 411,155
Less: Depreciation 239,926 239,926
Profit / (Loss) before Tax (20,733,145) 171,229
Excess Provision Reversed NIL 253,550
Provision for Deferred Tax - Asset (44,289) (39,227)
Provision for Fringe Benefit Tax NIL 42,934
Profit/(Loss) after Tax (20,688,856) 421,072
Add:Deferred Tax Provision No Longer
Required NIL 1,163,495
Add:Balance Brought Forward (36,056,991) (37,641,558)
Balance Carried Over to Balance Sheet (56,745,847) (36,056,991)
EPS Basic & Diluted (1.20) 0.02
Weighted Average number of Shares 17,218,759 17,218,759
REGISTERED OFFICE:
The Registered Office of the Company has been changed from Ground
Floor, A.S.Corporate House, No.307, Poonamallee High Road, Kilpauk,
Chennai - 600 010 to No.5, Damodaran Street, Kellys, Chennai- 600 010
w.e.f. 02.04.2010 to facilitate operational convenience.
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments, which have occurred
between the end of the financial year of the company to which the
balance sheet relates and the date of the report affecting the
financial position of the company.
DEPOSITS AND LOANS/ ADVANCES:
The Company has not accepted any public deposits during the financial
year.
The particulars of loans/ advances and investment in its own shares by
listed companies, their subsidiaries, associates etc. required to be
disclosed in the annual accounts of the company pursuant to Clause 32
of the listing agreement with the company, are furnished separately.
DIRECTORS
Smt. S Sailakshmi, Director of the company retires by rotation at the
ensuing Annual General Meeting of the Company and being eligible offers
herself for reappointment. Shri N.K.Premanandhan has been appointed as
an additional director on 1 st March 2010 by the Board of Directors in
terms of Section 260 of the Companies Act, 1956, He holds office upto
the date of the ensuing Annual General Meeting of the Company to be
held on 30th September, 2010. The requisite notices together with
necessary deposits have been received from members pursuant to section
257 of the Companies Act, 1956 proposing the appointment of N. K.
Premanandhan as director of the company. Shri K. Ramu and Shri Chandan
Singhi, Directors resigned from the Board of Directors of the Company
with effect from 29th September 2009 and 10th March 2010 respectively.
The Board places on record their sincere and deep appreciation for
valuable services rendered to the company.
AUDITORS:
M/s. C.N. Srinivasan, Chartered Accountant, Auditors of the Company
retire at the conclusion of the ensuing Annual General Meeting of the
Company and have not offered themselves for reappointment at the
ensuing Annual General Meeting. The Board of Directors place on record
their services and support rendered to the Company.
M/s Siddharrth & Mehta, Chartered Accountants, Chennai is proposed to
be appointed as the Staturoy Auditors of the Company. The Company has
received a Special notice from a member of the Company in terms of the
provisions of the Companies Act, 1956, signifying the intention to
propose the appointment of M/s Siddharrth & Mehta, Chartered Accountat
as the Statutory Auditors of the company from the conclusion of the
ensuing Annual General Meeting until the conclusion of the next Annual
General meeting. M/s Siddharrth & Mehta, Chartered Accountants have
also expressed their willingness to act as the Auditors of the Company
and if appointed would be in conformity with the provisions of section
224(1 B) of the Companies Act, 1956 and the Company has obtained that
their appointment if made will be within the limits specified therein.
AUDITORS REPORT:
The notes on accounts are self explanatory to the comments made by the
Auditors in their Report and therefore do not call for any further
explanations.
CORPORATE GOVERNANCE:
Your Company has always striven to incorporate appropriate standards
for good corporate governance. The companys philosophy of Corporate
Governance is aimed at exhibiting maximum transparency to the investors
by providing them with more information. This is done not only with the
information that are to be revealed under mandatory provisions but also
with those information which according to the Management and the Board
are relevant to the investors and other Statutory Authorities to whom
these Reports are addressed to.
A separate report on Corporate Governance is produced as a part of the
Annual Report of the Company.
The Auditors of the Company have certified that conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement are
complied by the Company and their Certificate is annexed to the Report
on Corporate Governance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information regarding conservation of energy and technology
absorption as required under Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are not applicable to
your company. There were no foreign exchange earnings and outgo during
the financial year.
PARTICULARS OF EMLPOYEES U/S 217(2A) OF THE ACT:
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the Companies Act, 1956.
GOING CONCERN:
The Directors consider on the basis of current financial results,
future projections and infrastructure available that the company has
adequate resources to continue the operational existence in the
foreseeable accounts and therefore, the accounts have been prepared on
a going concern basis.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors hereby declare:-
(i) that in preparation of accounts, applicable accounting standards
have been followed or where departure has been made, explanation
relating to material departures;
(ii) that directors have selected such accounting policies and applied
them and made judgments and estimates that are reasonable and prudent
to give a true and fair view of state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
that period.
(iii) that Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
(iv) that the directors had prepared Annual Accounts on a Going Concern
basis.
COMPANY SECRETARY:
The appointment of Whole time Company Secretary is under consideration
of the Company. The company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing company secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
CAUTIONARY STATEMENT:
Statements in the Management discussion and analysis describing the
companys objectives, projections, estimates and expectations may be
"forward looking statements" within the meaning of applicable
securities laws and regulations. Actual results could differ materially
from those expressed or implied. Important factors that could make a
difference to the companys operations include economic conditions
affecting demand/supply and prices conditions in the domestic and
overseas markets in which the company operates/ going to operate,
changes in government regulations, tax laws and other statutes and
other incidental factors.
ACKNOWLEDGMENT
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company
during the year. Your directors also express their sincere gratitude to
the bankers, consultants, Auditors, customers and the shareholders for
their continued patronage and cooperation.
FOR AND ON BEHALF OF THE BOARD
Sd/- Sd/-
(N.k.Premanandhan) (S. Sailakshmi)
Whole time Director Director
Date: 07/09/2010
Place: Chennai
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