Mar 31, 2015
Dear members,
The Directors take pleasure in presenting the Thirtieth Annual Report
together with the audited financial statements for the year ended 31 st
March, 2015.
1. FINANCIAL RESULTS
Year Ended Year Ended
31st March, 2015 31st March, 2014
Sales 3,30,39,047 25,67,23,955
Other operating Income 11,33,866 44,29,092
Other non-operating Income 61,37,008 (6,90,785)
Total Income 4,03,09,921 26,04,6,263
Expenditure 3,88,49,176 26,01,52,273
Interest 12,51,223 1,97,503
Depredation 1,06,510 1,05,860
Total Expenditure 4,02,06,909 26,04,55,636
Profit( ) Loss(-) 1,03,012 6,626
Provision for Taxation --- 3,60,000
(Add) / Less : Deferred Tax (6685) (5749)
Short / (Excess) Provision of
earlier Years --- ---
Net profit /(loss )after tax 1,09,698 (3,47,625)
Balance brought forward from last year 1,27,89,911 1,31,37,536
Balance carried forward to the
Balance Sheet 1,28,88,610 1,27,89,911
The Company proposes to transfer an amount of Rs.11,000/- to the
General Reserves. An amount of Rs.1,09,698/- is proposed to be
retained in the Statement of Profit and Loss.
2. HIGHLIGHTS OF PERFORMANCE
* Total income for the year decreased by 84,56% to Rs.4,03,09,921/-
as compared to Rs. 26,04,62,263/- in 2014
* Total net sales for the year was Rs.3,30,39,047/- as compared to
Rs.25,67,23,955/- in 2014, a decrease of 87.13%
* Total profit before tax for the year was Rs.1,03,012/- as compared
to Rs.6,626/- in 2014
3. BUSINESS OPERATIONS
The Company is trading & investing in Equity, Derivatives and Currency
and Trading in Rough and Cut & Polished Diamonds.
4. DIVIDEND
With a view to deploy the profits into the existing operations of the
company, Board of Directors has not recommended any dividend for the
year.
5. SHARE CAPITAL
The paid up Equity Share Capital as on 31 st March, 2015 was Rs. 24
Lakhs. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat
equity. As on 31st March, 2015, the Directors of the Company hold the
equity shares of the Company as follows:
Name of the Director Number of Shares % of Total Capital
Mr. Nirav P. Mehta 49,550 20.65
Mr. Sujit S. Mehta 4,500 1.88
Mrs. Pumima P. Mehta 53,850 22.44
6. FINANCE
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.
6.1 DEPOSITS
The Company has not accepted deposit from the public and shareholders
falling within the ambit of Section 73 of the Companies Act, 2013 and
The Companies (Acceptance of Deposits) Rules, 2014.
6.2 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
notes to the Financial Statements.
7. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The criteria prescribed for the applicability of Corporate Social
Responsibility under Section 135 ofthe Companies Act, 2013 is not
applicable to the Company.
8. BUSINESS RISK MANAGEMENT
The paid up share capital of the Company is Rs. 24 Lakhs as on 31st
March, 2015. The reserve and surplus is Rs. 131.34 Lakhs. Accordingly,
the paid up capital and net worth is below the prescribed limit for
mandatory applicability of Corporate Governance clause. The Company
has decided not to opt for compliance of Risk Management clause of
Clause 49 for the time being due to the size of the business.
9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the
size, scale and complexity of its operations. The scope and authority
of the Internal Audit (LA) function is defined in the Internal Audit
Charter. To maintain its objectivity and independence, the Internal
Audit function reports to the Chairman of the Audit Committee of the
Board.
The Company monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating
systems, accounting procedures and policies at all locations of the
Company. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and
thereby strengthen the controls.
10. 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 Whistle Blower Policy are
explained in the Corporate Governance Report.
11. SUBSIDIARY COMPANIES
The Company has no Subsidiary Company.
12. DIRECTORS
In terms of the Articles of Association of the Company, Mrs. Purnima
Mehta, Director, retires by rotation at the ensuing Annual General
Meeting and being eligible, offers herself for reappointment.
12.1 Board Evaluation
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 of its Audit, Nomination &
Remuneration and Stakeholders' Relationship Committees. The manner
in which the evaluation has been carried out has been explained in the
Corporate Governance Report.
12.2 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 their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
12.3 Meetings
A calendar of Meetings is prepared and circulated in advance to the
Directors.
During the year four Board Meetings and four 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.
13. 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 2 of the Notes
to the Financial Statements have been selected and applied
consistently and judgement 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.
14. RELATED PARTY TRANSACTIONS
During the year the company has not entered into any related party
transactions except payment of remuneration and sitting fees to the
directors.
15. 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.
16. AUDITORS
16.1 Statutory Auditors
The Company's Auditors, M/s K.P. Mehta & Co., Chartered Accountants,
Mumbai who retire at the ensuing Annual General Meeting of the Company
are eligible for reappointment. They have confirmed their eligibility
under Section 141 of the Companies Act, 2013 and the Rules framed
thereunder for reappointment as Auditors of the Company. 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.
16.2 Secretarial Audit
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 M/s P. P. Shah &
Co., Company Secretary in Practice to undertake the Secretarial Audit
of the Company. The Report of the Secretarial Audit Report for the
financial year ended 31 st March 2015 is annexed herewith as "Annexure
A".
16.3 Qualifications in Secretarial Audit Report
1. As per section 203(l)(ii), (iii) & 149, the Company is required to
appoint Company Secretary, The Company has not appointed Company
Secretary.
Management Response:
(i) Die Company has appointed Mrs. Fatima D'Souza, CFO as Compliance
Officer of the Company who looks after the compliance of Companies
Act, 2013 and SEBI Act and rules made thereunder
(ii) The Company has availed the services of Practising Company
Secretary for advising on compliance of Companies Act, 2013 and SEBI
Act and rules made thereunder
(iii) The Volume and Scope of work for the Company Secretary is less
and it is not a full time work and the job of Company Secretary is not
attractive commensurate with the scope of work and salary
2. As per section 138 of the Companies Act, 2013, the Company is
required to appoint Internal Auditor. The Company has not appointed
Internal Auditor.
Management Response:
(l) The size of operation of the Company is very small, it is not
viable to appoint Internal Auditor but the Company has established the
internal control system.
3. As per the various sections ofthe Companies Act and Listing
Agreement, the Company is required to post various information,
policies on the website of the Company. The Company has not posted any
information, policies on the website of the Compary.
Management Response:
(i) The Company is filling regularly all the information with BSE and
all the information is available on the website of BSE.
4. As per section 149 and clause 49, the company is required to
appoint Independent Director. The Company has appointed one
Independent Director which compiles the provisions of Section 149 of
the Companies Act, 2013 but does not comply under clause 49 of Listing
Agreement. As per clause 49 of the Listing Agreement, the company
shall have minimum 50% as Independent Director. In this regard the
management of the Company has provided the following reply:
Management Response:
(i) The Company has opted this as an optional compliance under clause
49. The composition of the Board of directors is as per the provisions
of Section 149 of the Companies Act, 2013.
17. 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 creating 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.
18. 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.
19. 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, is as under:
A Conservation of Energy
The operations of the Company are not energy intensive. However,
wherever possible the Company strives to curtail the consumption of
energy on continued basis.
B. Technology absorption, adaptation and innovation
No expenditure has been incurred by the Company on research and
Development activities during the year under review.
20. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure B".
21. PARTICULARS OF EMPLOYEES
There is no employee in the Company drawing monthly remuneration of
Rs.5,00,000/- per month or Rs.60,00,000/' per annum. Hence the Company
is not required to disclose any information as per Rule 5(2) of The
Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014.
22. 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. customers, members,
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.
23. 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
demand and supply conditions affecting selling prices of finished
goods, input availability and prices, 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
(Nirav Mehta (Fatima D'Souza)
Managing Director CFO
Mumbai
Date: 27th May, 2015
Mar 31, 2014
Dear Shareholders,
The Directors present their Twenty Ninth Annual Report on the business
and operations of your Company together with audited statement of
accounts for the year ended 31st March 2014.
Financial Results & Operations:
Year Ended Year Ended
31st March, 2014 31st March, 2013
Sales 25,67,23,955 21,38,11,938
Other operating Income 44,29,092 52,06,830
Other non-operating Income (6,90,785) 60,346
Total Income 26,04,62,263 21,90,79,114
Expenditure 26,01,52,273 21,78,26,899
Interest 1,97,503 4,75,897
Depreciation 1,05,860 1,05,860
Total Expenditure 26,04,55,636 21,84,18,656
Profit( ) Loss(-) 6,626 6,60,458
Provision for Taxation 3,60,000 1,80,000
(Add) / Less : Deferred Tax (5749) (991)
Short / (Excess) Provision of earlier Years - -
Net profit/(loss )after tax (3,47,625) 4,81,449
Balance brought forward from last year 1,31,37,536 1,27,06,087
Balance carried forward to the Balance 1,27,89,911 1,31,37,536
Sheet
Dividend
With a view to deploy the profits into the existing operations of the
company, Board of Directors has not recommended any dividend for the
year.
Public Deposits
The company has neither invited nor accepted any public deposits during
the financial year under review.
Directors
Ms. Pumima Mehta Director of the Company retires by rotation and being
eligible offers herself for re-appointment.
Ms. Priya Mehta resigned as Director of the Company w.e.f. 30th May,
2014. The Board of Directors placed on record the valuable contribution
made by Ms. Priya Mehta during her tenure.
In terms of the articles of association of the Company, section 149
(10) of the Companies Act, 2013 and revised clause 49 of Listing
Agreement dealing with Corporate Governance norms, Mr. Sujit Mehta has
completed 5 years term as Independent Directors as on 1st April, 2014.
The Company proposes to re-appoint him, as Independent Director for a
further period of 5 years till 2019. The Company has received requisite
notices in writing from members proposing Mr. Sujit Mehta for
appointment as Independent Director.
The Company has received declarations from the Independent Director of
the Company confirming that they meet with the criteria of independence
as prescribed both, under subsection 6 of section 149 of the Companies
Act, 2013 and under clause 49 of the listing agreement with the stock
exchanges.
Listing
The equity shares of the Company are listed at Bombay Stock Exchanges.
The Company has paid annual listing fee for the year 2014-2015 to
Bombay Stock Exchanges in time.
Directors Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2014, all the applicable accounting standards have been
followed along with proper explanations relating to material
departures.
(ii) Appropriate accounting policies have been selected and applied
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 as at March 31, 2014 and of the profit of the Company for
the said period;
(iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
(iv) The annual accounts have been prepared on a Âgoing concernÂ
basis.
Particulars of Employees
The provision of section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975 are not applicable to
your company since none of the employee is employed on a remuneration
of Rs.5,00,000/- p.m or Rs.60,00,000/- p.a.
Compliance Certificate
Compliance Certificate to be obtained under Section 383A of the
Companies Act, 1956 read with Companies (Issue of Compliance
Certificate) Rules, 2001 has been obtained from M/s. P. P. Shah & Co.,
Practicing Company Secretaries and the same has been attached to this
Report.
Conservation Of Energy, Technological Absorption and Foreign Exchange
Earnings and Outgo
In terms of Section 217 (1) (e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, your Directors wish to state that the same is
not applicable to the Company.
Foreign Exchange Earnings/Outgo : 31/03/2014 31/03/2013
Rs. Rs.
Foreign Exchange Earned : 1,59,00,851 65,11,041
Foreign Exchange Outgo : 2,00,14,515 1,92,22,391
Auditors
M/s. K. P. Mehta & Co., Chartered Accountants retire at the forthcoming
Annual General Meeting and being eligible offer themselves for
re-appointment. The Company has received a certificate from them to the
effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224B'') of the Companies Act,
1956.
Acknowledgements
The Board wishes to place on records its appreciation to all its
Shareholders, Customers, Bankers, and Employees for their co-operation
and contributions made by them at all levels.
BY ORDER OF THE BOARD
For PUNIT/COMMERCIALS LTD
Dated: 30th May, 2014 (NIRAV P. MEHTA)
Place: Mumbai MANAGING DIRECTOR
Mar 31, 2013
The Directors present their Twenty Eighth Annual Report on the
business and operations of your Company together with audited statement
of accounts for the year ended 31st March 2013.
Financial Results & Operations:
Year Ended Year Ended
31st March, 2013 31st March, 2012
Sales 21,38,11,938 18,77,10,228
Other Income 52,67,176 48,90,564
Total Income 21,90,79,114 19,26,00,792
Profit before Tax 6,60,458 1,48,288
Less:
Provision for Income-Tax
Income Tax 1,80,000 30,000
Deferred Tax (991) 4,605
Prior Period Adjustment for
Income tax - -
Net profit after tax 4,81,449 1,13,683
Add : Opening Balance b/f. 1,32,13,626 1,27,32,177
Dividend
With a view to deploy the profits into the existing operations of the
company, Board of Directors has not recommended any dividend for the
year.
Public Deposits
The company has neither invited nor accepted any public deposits during
the financial year under review.
Directors
Mr. Sujit Mehta Director of the Company retires by rotation and being
eligible offers himself for re- appointment.
Listing
The equity shares of the Company are listed at Bombay Stock Exchanges.
The Company has paid annual listing fee for the year 2013 Â 2014 to
Bombay Stock Exchanges in time.
Directors'' Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2013, all the applicable accounting standards have been
followed along with proper explanations relating to material
departures.
(ii) Appropriate accounting policies have been selected and applied
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 as at March 31, 2013 and of the profit of the Company for
the said period;
(iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
(iv) The annual accounts have been prepared on a ''going concern'' basis.
Particulars of Employees
The provision of section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975 are not applicable to
your company since none of the employee is employed on a remuneration
of Rs.5,00,000/- p.m or Rs.60, 00,000/ p.a.
Compliance Certificate
Compliance Certificate to be obtained under Section 383A of the
Companies Act, 1956 read with Companies (Issue of Compliance
Certificate) Rules, 2001 has been obtained from M/s. P. P. Shah & Co.,
Practicing Company Secretaries and the same has been attached to this
Report.
Corporate Governance
A Report on the Corporate Governance Code along with a certificate from
the Auditors of the Company regarding compliance of conditions of
Corporate Governance, stipulated under Clause 49 of the Listing
Agreements are annexed to this Report.
Conservation Of Energy, Technological Absorption and Foreign Exchange
Earnings and Outgo
In terms of Section 217 (1) (e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, your Directors wish to state that the same is
not applicable to the Company.
Foreign Exchange Earnings/Outgo : 31/03/2013 31/03/2012
Rs. Rs.
Foreign Exchange Earned : 65,11,041 1,56,35,379
Foreign Exchange Outgo : 1,92,22,391 45,406,453
Auditors
M/s. K. P. Mehta & Co., Chartered Accountants retire at the forthcoming
Annual General Meeting and being eligible offer themselves for
re-appointment. The Company has received a certificate from them to the
effect that their re-appointment, if made would be within the
prescribed limits specified under Section 224(1B) of the Companies Act,
1956.
Acknowledgements
The Directors take pleasure in thanking the Company''s business
associates/ customers, vendors and bankers for their continued support.
The Directors also acknowledge the appreciation of the sincere efforts,
contribution and cooperation of the employees.
BY ORDER OF THE BOARD
For PUNIT COMMERCIALS LTD
Sd/-
Dated: 27th May, 2013 (NIRAV P. MEHTA)
Place: Mumbai Director
Mar 31, 2010
The Directors have pleasure in submitting the 25th Annual Report
together with Audited statements of accounts of the company for the
year ended on 31st March, 2010.
FINANCIAL RESULTS :
A brief summary of the working of the year under review of the company
is given below.
Current Year Previous Year
2009-10 2008-09
Sales 8,47,30,448 20,14,39,858
Other Income 1,12,129 5,97.597
8,48,42,577 20,20,37,455
Profit before Tax . 1,09,718 (1,62,520)
Less:
Provision for Income-Tax
Income Tax 18,900 -
Fringe Benefit Tax - -
Deferred Tax 23,778 -
Prior Period Adjustment for Income tax 1,992 -
Profit after Tax 65,048 (1,62,520)
Add: Opening Balance b/f. 1,24,39,729 1,26,05,033
1,25,04,777 1,24,42,513
Appropriation:
(Excess)/Short Prevision
for Income tax - 2,784
Balance carried to Balance Sheet 1,25,04,777 1,24,39,729
DIVIDEND :
Since there are insufficient profits in the current financial year, the
Directors of the company decided not to declare any dividend.
COMPLIANCE CERTIFICATE :
In accordance with Section 383 A of the Companies Act, 1956, and
Companies (Compliance Certificate) Rules, 2001, the Company has
obtained a certificate from a Secretary in the Whole time practice
confirming that the Company has complied with all the provisions of the
Companies Act, 1956 and a copy of such certificate is annexed to this
report.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to Section 217 (2AA) of the Companies (Amendment Act, 2000,
the Directors confirm that:
(1) In the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures.
(2) The Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are prudent so
as to give a true and fair view of the state of affairs of the Company
at the financial year ended 31st March, 2010
(3) The Directors 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) The Directors have prepared the annual accounts on a going concern
basis. BUSINESS PERFORMANCE :
Due to the recession in the Diamond Market the company was not been
able to maintain its sales and profit earning trend.
DIRECTORS :
In accordance with the provisions of the Companies Act, 1956 and the
Companys Articles of Associations, Smt. Purnima P. Mehta and Shri
Nirav P. Mehta retires by rotation and being eligible offers themselves
for re- appointment.
FIXED DEPOSITS :
The Company has not accepted any deposits from the shareholders or
Public during the year under review.
PARTICULARS REGARMNG CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN
EXCHANGE :
Information pursuant to Section 217(l)(a) of the Companies Act, 1956,
read with the Companies (Disclosures of particulars in the Report of
Board of Directors) Rules, 1988 relating to Conservation of Energy and
Technology Absorption is not given as the same is not applicable.
During the year under review, your Company has earned foreign exchange
equivalent to Rs.3,02,62,083/-.
PERSONNEL :
Particulars of employees as required in terms of Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of employees)
Rules i975 is as under. None of the employees employed throughout the
financial year were in receipt of remuneration of more than
Rs.3,00,000/- p.a. in terms of Section 217(2 A) (a)(1)
AUDITORS :
M/s. K. P. Mehta & Co., held office upto the conclusion of 25th Annual
General Meeting and are eligible for re- appointment. M/s. K. P. Mehta
& Co., have given certificate to the effect that the appointment if
made will be within the prescribed limits specified under Section
224(1B) of the Companies Act, 1956.
ACKNOWLEDGEMENTS :
The Directors wish to place on record their sincere appreciation of the
valuable support and co-operation received from the Companys Bankers
and the Departments of the Central and State Governments.
The Directors also placed on record their sincere appreciation of the
valuable contribution made by the employees at all levels under the
difficult conditions prevailing throughout the financial year.
FOR AND ON BEHALF OF
PUNIT COMMERCIALS LTD.,
DIRECTOR
Place : MUMBAI
Dated: 14th August, 2010
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