Mar 31, 2015
Dear Members,
Your Directors would like to present the Twenty-Second Annual Report
together with the Audited Accounts for the year ended March 31,2015.
The financial highlights of your Company for the year 2014-15 are as
follows:
2014 - 2015 2013 - 2014
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 653.68 343.93
Profit before Interest, 216.91 38.83
Depreciation and Tax
Less: Interest 53.69 19.62
Less: Depreciation 9.08 6.79
Net Profit before Tax 154.14 12.42
Less: Tax and other prior 46.64 2.60
period adjustment
Net Profit for the period 107.50 9.82
after prior period adjustment
Less : Proposed Dividend & Tax - -
Less: Transitional Depreciation 25.74 -
Add: Profit brought forward 116.77 106.95
from the previous year
Profit carried forward 198.53 116.77
Earnings per Share
Basic: 1.72 0.16
Diluted: 1.72 0.16
DIVIDEND
The Company's operations resulted only in a nominal profit for the year
2014-15. Due to working capital requirements, your Directors have not
recommended any dividend on the Equity Capital of the Company for the
year ended March 31,2015.
BRIEF DESCRIPTION OF THE COMPANY'S AFFAIRS
India's Real GDP growth picked-up to 7.3% in FY 2015 (source:
www.mospi.nic.in) and is likely to improve further in the current
fiscal year. The Company has been conducting the following operational
activities during the year:
i. Buying, Selling and dealing in shares and other Securities in
Secondary Markets.
ii. Identifying investment avenues and advising on portfolio management
of cash and assets.
In the case of FPOs, we take up underwriting and broking.
RESERVES
The Company has not transferred any amount to the Reserves.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
No material changes and commitments have occurred between the end of
the financial year of the company to which the financial statements
relate and the date of the report that affect the financial position of
the company.
DIRECTORATE
Mr. Prasan Chand Jain (DIN - 00050081), Director, retires by rotation
and, being eligible, offers himself for re-appointment at the ensuing
Annual General Meeting.
Ms. Dhanesh Mrinalini (DIN - 05118819), has been appointed as an
Additional Director in the category of Women Director pursuant to
Section 149 of the Act w.e.f. March 31, 2015 who holds office up to the
date of the ensuing Annual General Meeting of the Company.
DECLARATION OF INDEPENDENCE BY DIRECTORS
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed under sub-section (6) of Section 149 of the
Companies Act, 2013.
MEETINGS OF THE BOARD OF DIRECTORS
The Company had 4 Board meetings during the financial year under
review. The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013. For further details please
refer report on Corporate Governance of this Annual Report.
EXTRACT OF THE ANNUAL RETURN
The extract of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 is furnished in MGT-9 and is attached to this Report in
Annexure A
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 Committee and other committees.
In compliance with the provisions of the Companies Act, 2013 and
revised Clause 49 of the Listing Agreement with the Stock Exchanges,
the Independent Directors held a meeting on February 4, 2015, and:
* Reviewed the performance of non-independent directors and the Board
as a whole.
* Assessed the quality, quantity and timeliness of flow of information
between the Company's management and the Board, which is necessary for
the Board to effectively and reasonably perform their duties.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
Pursuant to Clause 49 of the Listing Agreement, the Company shall
familiarize the Independent Directors with the Company and their roles,
rights, responsibilities in the Company, nature of industry in which
the company operates, business model of the Company etc.
However, the Independent Directors have been a part of the Board for a
few years now, and so no separate sessions for familiarization have
been conducted during the year.
REMUNERATION POLICY
Your Board has a remuneration policy for selection and appointment of
Directors, Senior Management and their remuneration. The remuneration
policy forms a part of the Corporate Governance Report annexed to this
report.
DETAILS OF SUBSIDIARY / JOINT VENTURES / ASSOCIATE COMPANIES
The company neither has any subsidiary nor any joint venture(s) during
the year. However M/s. Sugal Commodity Brokers P. Ltd. is an associate
of the Company as per Section 2(6) of the Companies Act, 2013.
AUDITOR
Mr. R. Mugunthan, Chartered Accountant, Chennai, is the retiring
auditor and he is eligible for reappointment.
The Company has received letter from Mr. R. Mugunthan to the effect
that his re-appointment, if made, would be within the prescribed limits
under Section 141(3)(g) of the Companies Act, 2013, and that he is not
disqualified for re-appointment.
AUDITORS' REPORT
The Auditor, in his report, has made a reservation that the Company has
not deposited Income Tax Dues of Rs. 55.62 Lacs (for Asst. Year
2010-11) and Rs. 4.24 Lacs (for Asst. Year 2012-13). The dues have not
been deposited as the same is being contested by the Company and the
dispute is pending before the Commissioner of Income Tax (Appeals). The
observation in the report of the Auditor and the Annexure appended
thereto is self-explanatory and does not call for any further comments.
SECRETARIAL AUDIT REPORT
In terms of Section 204 of the Act and Rules made there under, Mr. R.
Sivasekaran, Practicing Company Secretary, has been appointed
Secretarial Auditor of the Company. The report of the Secretarial
Auditor is given as Annexure B to this report.
The Secretarial Auditor in his audit report observed that there has
been a general delay in filing the returns with the Registrar and the
resolution for considering and adopting its unaudited quarterly
accounts for the quarter ended 30th June, 2014 has not been filed. It
was noted by the Board that it was an accidental omission and caused
inadvertently due to oversight, without prejudice to the interests of
the Shareholders of the Company and the General Public.
It has also been pointed out that the Company has not framed any vigil
mechanism / whistle blower policy as required in terms of sub-section
(9) of section 177 of the Companies Act, 2013 and clause 49 of the
listing agreement. However, a Whistle Blower Policy & Vigil Mechanism
has now been adopted by the company and the same has been placed on the
website of the Company viz., www.sugalshare.com.
It has also been pointed out that the Company has not appointed a
Company Secretary as its Key Managerial Personnel under section 203 of
the Companies Act, 2013 and as its Compliance Officer under clause
47(a) of the listing agreement. However, the Company has not been able
to appoint a suitable candidate in this connection and has placed
multiple advertisements in the English and regional newspapers.
Your Directors have now taken note of the qualifications and are making
provisions for complying with the same. The Company had taken
appropriate steps to avoid such instances in future.
INTERNAL AUDIT & CONTROLS
The Company continues to engage Mr. Sudhir Jain, Chartered Accountant
as its Internal Auditor. His scope of work includes review of
processes for safeguarding the assets of the Company, review of
operational efficiency, effectiveness of systems and processes, and
assessing the internal control strengths in all areas. Internal
Auditors findings are discussed with the process owners and suitable
corrective actions taken as per the directions of Audit Committee on an
ongoing basis to improve efficiency in operations.
VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Vigil Mechanism Policy has
been uploaded on the website of the Company at www.sugalshare.com under
Investor Relations Company Policies Whistle Blower and Vigil Mechanism.
RISK MANAGEMENT POLICY
The company is primarily exposed to credit risk, interest rate risk,
liquidity risk and operational risks. The Board oversees and approves
the Company's enterprise wide risk management framework. It reviews
credit and operational risks and policies in relation to investment
strategy and other risks like interest rate risk and liquidity risk.
The Company's management monitors and reports principal risks and
uncertainties that can impact its ability to achieve its strategic
objectives. The company's management systems, organisational
structures, processes, standards and code of conduct together form the
risk management governance system of the company.
Your company has a robust Risk Management Methodology which has been
implemented effectively outlining the exposure given to the Clients of
the Company and ensuring the integrity of the company's accounting and
financial reporting systems, including the independent audit and
compliance with the law and relevant standards.
DEPOSITS
Your Company did not invite or accept any Deposit during the year under
review.
NBFC STATUS OF THE COMPANY
The RBI permitted the Company to exit from the NBFC Business and RBI
Certificate of Registration No. B.07.00362 dt. 13.10.2003 stands
cancelled, as desired by the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
Details of loans, guarantees or investments under section 186 of the
Companies Act, 2013 are annexed to this report in Annexure C.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
Related Party Transaction entered into during the year were on an arm's
length basis and were in the ordinary course of business. There were no
materially significant related party transactions with the Company's
Promoters, Directors, Management or their relatives which could have
had a potential conflict with the interests of the Company.
POLICY ON RISK MANAGEMENT
In accordance with the requirement of Corporate Governance the Board of
Directors of the Company has adopted a policy on risk management for
assessment and minimization procedure of risk for periodical review by
the Board.
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent Sexual Harassment of Women at Workplace the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 has been notified on December 9, 2013. Under the
said Act every company is required to set up an Internal Complaints
Committee to look into complaints relating to sexual harassment at work
place of any women employee. Company has adopted a policy for
Prevention of Sexual Harassment of Women at Workplace and has set up
Committee for implementation of said policy. During the year Company
has not received any complaint of Harassment.
PARTICULARS OF EMPLOYEES
There was no employee whose particulars as per the provisions of
Section 197(12) of the Act read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, are to be reported.
Disclosures pertaining to remuneration and other details as required
under section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
provided in this report in Annexure D.
INFORMATION REQUIRED UNDER SECTION 134(3)(M) OF THE COMPANIES ACT, 2013
The consumption of electricity during the year was minimal. Management
is taking conscious efforts to conserve energy. Your Company has no
activity with regard to technology absorption. Your Company does not
have any foreign exchange earnings or outgo during the year.
CORPORATE GOVERNANCE
The Corporate Governance regulations as per the Listing Agreement have
been fully complied with. The Report of your Directors on the practices
of Corporate Governance forms part of this report in Annexure E. A
Certificate from the Auditor of the Company regarding compliance with
the Code of Corporate Governance, certification by CEO / CFO and
Declaration of Compliance with Code of Conduct form a part of the
Corporate Governance Report.
DIRECTORS' RESPONSIBILITY STATEMENT
As required by Section 134(5) of the Companies Act, 2013, your
Directors confirm:
(a) that in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed along with proper explanation
relating to material departures;
(b) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended March
31,2015, and of the profit / loss of the Company for that year;
(c) that the Directors have taken proper and sufficient care 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 Directors have prepared the annual accounts on a going
concern basis;
(e) the Directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively;
and
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
APPLICATION FOR COMPOUNDING OF OFFENCES
The Company has filed an application under Regulation 40(1) of the
Company law Board Regulations, 1991 and Section 621A of the Companies
Act, 1956 for compounding of offences u/s. 372A of the Companies Act,
1956. The Company has also filed an application under Regulation 40(1)
of the Company law Board Regulations, 1991 and Section 621A of the
Companies Act, 1956 for compounding of offences u/s. 295 of the
Companies Act, 1956.
The said applications are pending for hearing before the Company Law
Board.
LISTING WITH STOCK EXCHANGES
Shares of the Company are listed on Bombay Stock Exchange Limited,
Mumbai, PJ. Towers, Dalal Street, Mumbai - 400 001 (Stock Code -
511654). Listing fee to the Stock Exchange has been paid up to date.
The Shares of the Company were also listed on Madras Stock Exchange
("MSE"). However, Securities Exchange Board of India ("SEBI") has
passed an Order on May 14, 2015 providing the exit to Madras Stock
Exchange Limited ("MSE").
ACKNOWLEDGMENT
Your Directors would like to sincerely thank the Company's banker's
viz., Axis Bank Ltd., HDFC Bank Ltd., & Karur Vysya Bank Ltd., and the
shareholders of the Company. We also thank the employees of the Company
for their co-operation and support.
By order of the Board
For SUGAL & DAMANI SHARE BROKERS LTD.
Mahesh Chandak S. Kannadasan
Place: Chennai Executive Director Director
Date: May 29, 2015 DIN - 00050149 DIN - 00050177
Mar 31, 2012
The Directors would like to present the Nineteenth Annual Report
together with the Audited Accounts for the year ended 31st March, 2012.
The financial highlights of your Company for the year 2011-2012 are as
follows:
2011-2012 2010-2011
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 473.84 846.73
Profit before Interest,
depreciation and Tax 77.71 235.97
Less: Interest 49.49 89,48
Less: Depreciation 16.92 17.03
Net Profit before Tax 11.30 129.46
Less: Tax and other prior
period adjustment (6.19) 38.09
Net Profit for
the period after prior period
adjustment 17.49 91.37
Less: Proposed Dividend & Tax 7.26 36.44
Add: Profit brought forward .
from the previous year 93.20 38.27
Profit carried forward 103.43 93.20
The Company's operations resulted in a nominal profit only for the
year 2011-2012. Therefore, your directors are in a position to
recommend only 1 % dividend(i.e., 10 paise per share) on the equity
capital of the Company for the year ended 31.3.2012.
DEPOSITS
Your Company did not invite or accept any deposit during the year under
review.
NBFC STATUS OF THE COMPANY
The RBI permitted the Company to exit from the NBFC Business and RBI
Certificate of Registration No.
B.07.00362 dt. 13.10.2003 stands cancelled, as desired by the Company.
DIRECTORATE '
Shri. S. Vinodh Kumar and Shri Mahesh Chandak, Directors, retire by
rotation and, being eligible, offer themselves for re-appointment at
the ensuing Annual General Meeting.
Shri. R.N Damani and Shri P. J. Sreedharan, Directors, resigned from
the Board with effect from 30.07.2011. The Board places on record its
appreciation of services rendered by Shri. R.N Damani and Shri P J
Sreedharan during their tenure.
Shri Rajesh Gurdas Wadhwa was inducted into the Board as Additional
Director on 30.07.2011. He is eligible for appointment as Director at
the ensuing Annual General Meeting. Accordingly, it is proposed to
appoint him as Director at the ensuing Annual General Meeting.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31 st
March 2012 and of the profit of the Company for that year;
(iii) that 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;
and
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Corporate Governance regulations as per the Listing Agreements have
been fully complied with. The report of your Directors on the practices
of Corporate Governance is given as a separate section entitled
'Corporate Governance, which forms part of this report. A certificate
from the Auditor of the Company regarding compliance with the Code of
Corporate Governance is annexed.
LISTING WITH STOCK EXCHANGES
The company's equity shares continue to be listed on Bombay Stock
Exchange and Madras Stock Exchange.
Listing fees for 2012-2013 have been paid to the Exchanges.
AUDITOR
Mr.R.Mugunthan, Chartered Accountant, Chennai, is the retiring auditor
and he is eligible for reappointment.
INFORMATION REQUIRED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956
Your Company has no activity with regard to conservation of energy or
technology absorption. Your Company does not have any foreign exchange
earning or outgo during the year.
PARTICULARS OF EMPLOYEES
There was no employee whose particulars under section 217(2A) of the
Companies Act, 1956 are to be reported.
ACKNOWLEDGMENT
Your Directors would like to sincerely thank the Company's bankers
viz., Axis Bank Ltd., Bank of Baroda., HDFC Bank Ltd., Indian Overseas
Bank, Karur Vysya Bank Ltd. and State Bank of India, the shareholders
and the employees of the Company.
By order of the Board
For Sugal & Damani Share Brokers Limited
S.Vinodh Kumar
Executive Director
Place: Chennai Mahesh Chandak
Date: 21.05.2012 Executive Director
Mar 31, 2010
The Directors would like to present the Seventeenth Annual Report
together with the Audited Accounts for the year ended 31st March, 2010.
The financial highlights of your Company for the year 2009-2010 are as
follows:
2009-2010 2005-09
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 892.27 620.08
Profit/(Loss) before Interest,
depreciation and Tax 126.71 46.46
Less Interest 45.42 78.74
Less. Depreciation 16.86 15.47
Net Profit/(Loss) before Tax 64.43 (47.75).
Less: Tax and other prior period adjustment 9.48 3.92
Net Profit/{Loss) for the period after
prior period 54.95 (51.67)
adjustment
Less: Proposed Dividend & Tax 36.56 -
Add: Profit/(Loss) brought forward from the 19.83 71.55
previous year
Profit/(Loss) carried forward 38.27 19 88
The Companys operations resulted in only nominal net profit for the
year 2009-2010. Therefore, your directors are in a position to
recommend only a dividend of 50 Paise per share on the equity capital
of the Company for the year ended 31.3.2010,
MANAGEMENT DISCUSSION AND ANALYSIS
(a) Industry Structure and Developments
Stock broking industry consists of many broking companies which are of
varying sizes ranging from large, medium and small. Few of the larger
companies dominate the market share in tarms of trading volumes. There
are also broking firms which are having tie-ups and equity
participation from foreign broking companies. The small and medium
sized share broking com- panies o perate mostly in particular regions
and have limited pan-India presence.
The secondary market which saw recent new lows of sensex level of
around 8,000 by March 2009 has more than doubled during the period
under review to hover around 17,000 levels. Several shares reached new
highs. Out of these, the shares of medium sized companies (popularly
identified as Mid caps) have outperformed the shares of larger
companies (popularly identified as large caps) over the past 6 month
period.
Due to the buoyant market conditions during the period under review,
the stock broking industry has done well in terms of increase in
volumes, broking income and profits. Your company too achieved record
trading volumes of over Rs.10,000 crore during the period under review.
The primary market too revived strongly and tie amount mobilized by
corporates through IPOs increased substantially by about 7 times from
about Rs.3500 crores during FY 2008-09 to over RS-24,000 crores during
FY 2009-10.
Foreign institutional investors increased their investments
substantially in India as the Indian economy is growing at a high rate
of about 7 % backed by strong corporate results.
(b) Opportunities and threats
The buoyant market conditions benefited the stock broking industry and
capitalizing on the same, most of the brokers extended their network to
new centres/States.
Standard & Poor has upgraded the credit rating of India which will also
improve the sentiment for investing in India by foreign investors.
Continued growth of Indias economy by over 7% will help in maintaining
favourable investor sentiment for investing in the stock market.
However, continued domestic inflation of over 10% is a matter of
concern. The removal of supply side bottlenecks and seasonal changes
are expected to bring it down in the near term,
Global economic factors also have an impact on the investor sentiment.
The developed econo- mies are on the revival path supported by stimulus
packages of the respective Governments. If there are any defaults by
banks which have been bailed out or if there is slow down in the
recovery of these economies, these would also have adverse impact on
the Investor sentiment
(c) Segment-Wisa or Product-Wise Performance
During the financial year ended March 31,2010 the company operated only
in one segment of business viz, share broking.
(d) Outlook
The market is trading at Price/ Eaming(P/E) multiple of around 17 times
on Financial Year 2010-11 profit estimates. Favourable global liquidity
conditions would enable the markets to sustain high levels. Good
results are also expected from corporate. The monsoon is predicted to
be normal and Its progress would be watched. The market Is likely to
move in narrow range and would be in consolidation mode in the
meantime.
Once a clear trend In the corporate results and the monsoon Is known,
the market sentiment would turn decisively. Stock selection would be an
important factor. The mid cap companies are expected to come out with
good results which will result in rerating of this space.
Broking companies would bo impacted by the trends in the secondary
market and the outlook for the company would be cautiously optimistic.
(e) Risks and concerns
The recent European crisis involving the economic collapse of Greece
due to high debt burden resulted in secondary market turmoil during the
months of April and May 2010 globally. These are the risks in the near
term. Due to sanction of bailout package by the European countries.
the sentiment has changed favourably. But, other European countries
such as Portugal. Ireland and Spain may have similar problems with the
sovereign rating of Portugal already been down- graded.
The sentiment will however, be mainly impacted by the trends in the US
economy. This will influence the market sentiments globally including
the Indian stock markets. Of course, the Indian growth story would also
be an influential factordetermining the market trends.
(f) Internal Control Systems and their adequacy
In the opinion of your Directors, internal control systems in the
Company are adequate.
(g) Financial Performance
The Financial performance during the year under review is given above.
(h) Human Resources/Industrial Relations
The number of people employed has become 50 and the employer-employee
relations have been cordial throughout the year.
DEPOSITS
Your Company did not invite or accept any deposit during the year under
review.
RBI CERTIFICATE OF REGISTRATION
The Certificate of Registration No. B.07.00362 dt. 13.10.2003 issued by
the RBI to the Company was surrendered by the Company on 05.02.2009.
DIRECTORATE
There was no change in the directorate during the year
Shri G. N. Damani, Shri. R. N. Damani and Shri Hastimal
Surana,Directors, retire by rotation and. being eligible, offer
themselves for re-appointment at the ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm;
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March 2010 and of the profit of the Company for that year;
(iii) that 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;
and
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Corporate Governance regulations as per the Listing Agreement have
been fully complied with, The report of your Directors on the practices
of Corporate Governance is given as a separate section entitled
"Corporate Governance", which forms part of this report. Acertificate
from the Auditors of the Company regarding compliance with the Code of
Corporate Governance is annexed.
LISTING WITH STOCK EXCHANGE
Presently, the companys equity shares are listed only on Bombay Stock
Exchange.
Listing fees for 2010-2011 have been pa id to the Exchange.
AUDITOR
Mr.R.Mugunthan, Chartered Accountant, Chennai, is the retiring auditor
and he is eligible for reappoint- ment.
INFORMATION REQUIRED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956
Your Company has no activity with regard to conservation of energy or
technology absorption. Your Company does not have any foreign exchange
earning or outgo during the year.
PARTICULARS OF EMPLOYEES
There was no employee whose particulars under section 217(2A) of the
Companies Act, 1956 are to be reported.
ACKNOWLEDGMENT
Your Directors would like to sincerely thank the Companys bankers
viz., Axis Bank Ltd., HDFC Bank Ltd., Indian Overseas Bank, Karur Vysya
Bank Ltd. and State Bank of India, the shareholders and the employees
of the Company.
By order of the Board
For Sugal & Damani Share Brokers Limited
N.Sugal Chand Jain
Managing Director
Place; Chennai Mahesh B, Chandak
Date: 28.05.2010 Executive Director
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article