Mar 31, 2010
The Directors arc pleased to present the 27th Annual Report together
with the Audited Balance sheet for the 31st March, 2010 together with
the Report of Directors and Auditors thereon.
1. Financial Results and Appropriations:
After converting the plant from White Cement, the company has already
added the balance equipments to its Plant and is also negotiating with
the suppliers to procure the Main Raw Materials like clinker, Flyash
and gypsum for the production of Portland Blended Cement. The company
has also made financial arrangements with IDB1 Bank and has taken
necessary steps to start the plant. It is expected to commence
commercial production by end of the financial year.
2. Dividend:
In absence of profits, your Directors do not recommend any dividend on
Equity Shares as well as on Redeemable Preference Shares for the period
under review.
3. Directorate:
Smt. Sharada Ashok Raghoji, Director of the company retires by rotation
and being eligible offers herself for re-appointment.
4. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The requisite information with regard to Conservation of Energy,
Technology Absorption and Foreign Exchange Outgo and Earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are not required to be given, since the company
has not commenced its commercial production.
5. Personnel:
Information in accordance with Sub-Section (2A) of Section 217 of the
Companies Act, 1956 read with the Companies (Particulars of employees)
rules 1975, and forming part of Directors Report for the year ended
31-03-2010 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
6. Public Deposit:
During the period under review, your Company has neither accepted nor
renewed any Deposits from the public within the meaning of Section 58A
of the Companies Act, 1956.
7. Auditors:
Dhanvant Patil & Co., Chartered Accountants retire at the forthcoming
Annual General Meeting and are eligible for re-appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from them a confirmation to the effect that their re-appointment, if
made, would in conformity with the limits prescribed in the said
section.
8. Auditors Report:
The observation made by the Auditors in their report is appropriately
dealt with in the notes forming part of the accounts, which are
self-explanatory.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out as Annexure "C" and "D" respectively. A
certificate from the Auditors of the company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
10. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2) of the Companies
Act, 1956, your directors hereby report that:
(i) in the preparation of Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
(ii) the directors 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 as at 31-03-2010.
(iii) 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;
(iv) the directors have prepared annual accounts on a going concern
basis.
11. Acknowledgements:
Your directors take this opportunity to express their appreciation for
the co-operation extended to the company by Government of Karnataka,
Bankers, employees of the company and others who are associated with
the company.
Appreciation is taken on record for the continued support being
extended by the Shareholders.
On behalf of the Board
Place: Gulbarga Ashok Kumar Raghoji Sharada Ashok Raghoji
Date : 03-09-2010 Managing Director Director
Mar 31, 2009
The Directors are pleased to present the 26th Annual Report together
with the Audited Balance sheet for the 9 months period ended from
01-07-2008 to 31-03-2009 together with the Reports of the Directors and
Auditors thereon.
1. Financial Results and Appropriations:
After converting the plant from White Cement, the company has already
added the balance equipments to its Plant and is also negotiating with
the suppliers to procure the Main Raw Materials like clinker, Flyash
and gypsum for the production of Portland Blended Cement. As soon as
proper arrangements are entered into, the company may commence
Commercial Production.
2. Dividend:
In absence of profits, your Directors do not recommend any dividend on
Equity Shares as well as on Redeemable Preference Shares for the period
under review.
3. Directorate:
Smt. Meena Serrao, Director of the company retires by rotation and
being eligible offers herself for re-appointment.
4. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The requisite information with regard to Conservation of Energy,
Technology Absorption and Foreign Exchange Outgo and Earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are not required to be given, since the company
has not commenced its commercial production.
5. Personnel:
Information in accordance with Sub-Section (2A) of Section 217 of the
Companies Act, 1956 read with the Companies (Particulars of employees)
rules 1975, and forming part of Directors Report for the year ended
31-03-2009 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
6. Public Deposit:
During the year under review, your Company has neither accepted nor
renewed any Deposits from the public within the meaning of Section 58 A
of the Companies Act, 1956.
7. Auditors:
Dhanvant Patil & Co., Chartered Accountants retire at the forthcoming
Annual General Meeting and is eligible for re-appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from them a confirmation to the effect that their re-appointment, if
made, would in conformity with the limits prescribed in the said
section.
8. Auditors Report:
The observation made by the Auditors in their report is appropriately
dealt with in the notes forming part of the accounts, which are self
explanatory.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out as Annexure "C" and "D" respectively. A
certificate from the Auditors of the company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
10. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2) of the Companies
Act, 1956, your directors hereby report that:
(i) in the preparation of Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
(ii) the directors had selected such accounting policies and applied
them consistently and made judgements and estimates that ace reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company as at 31 -03-2009;
(iii) 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;
(iv) the directors have prepared annual accounts on a going concern
basis.
11. Acknowledgements:
Your directors take this opportunity to express their appreciation for
the co-operation extended to the company by Government of Karnataka,
Bankers, employees of the company and others who are associated with
the company.
Appreciation is taken on record for the continued support being
extended by the Shareholders.
On behalf of the Board
Place : Gulbarga Ashok Kumar S. Raghoji Sharada Ashok Ragboji
Date : 14-08-2009 Managing Director Director