Mar 31, 2018
Dear Shareholder,
The Directors of your Company have pleasure in presenting the 34th Annual Report on the business and operations of the Company together with Audited Financial Statements for the year ended 31s,March2018:
FINANCIAL RESULTS |
Year ended 31.03.2018 Rs. in lacs |
Year ended 31.03.2017 Rs. in lacs |
||||
PROFITS: |
||||||
Profit before Interest, Depreciation & extra-ordinary items |
1385.78 |
1603.10 |
||||
Less: |
Interest |
599.21 |
705.44 |
|||
Depreciation |
569.93 |
581.38 |
||||
Exchange Fluctuation Loss/(gains) |
(403.06) |
(121.88) |
||||
Bad Debts written off |
00.00 |
766.08 |
0.00 |
1164.94 |
||
Profit before tax |
619.70 |
438.16 |
||||
Less: |
Provision for current tax |
220.00 |
225.00 |
|||
Provision for deferred tax |
22.91 |
242.91 |
5.74 |
230.74 |
||
Profit after tax |
376.79 |
207.42 |
||||
Add: |
Profit brought forward from previous year |
58.07 |
(178.04) |
|||
Other Comprehensive Income |
12.67 |
2.14 |
||||
Income Tax relating to earlier Years |
29.87 |
100.61 |
26.55 |
(149.35) |
||
Adjustment related to fixed Assets |
||||||
Profit available for appropriation |
477.40 |
58.07 |
APPROPRIATIONS: |
||
(a) Transfer to General Reserve |
00.00 |
00.00 |
(b) Proposed Dividend |
00.00 |
00.00 |
(c) Provision for tax on Proposed Dividend |
00.00 |
00.00 |
(d) Balance carried over to next year |
477.40 |
58.07 |
477.40 |
58.07 |
NOTE : Figures of the previous year have been re-grouped/re-arranged in order to make them comparable.
DIVIDEND:
The Board of Directors of your Company have not recommend dividend for the year ended 31sâ March, 2018.
EXTRACT OF ANNUAL RETURN:
The extract of Annual Return as provided under sub-section (3) of section 92 of the Companies Act,2013 (âthe Actâ)in prescribed form MGT-9 is enclosed as Annexure âIâ to this report.
OPERATIONAL REVIEW:
During the year under review, the income from operation of the company was Rs 23,692.49 lacs as against Rs 20,154.50 lacs during the last financial year, shows improvement in the operational income by Rs 3,537.99 lacs. The companyâs Gross Profit (profit before interest, depreciation and extra ordinary items) is Rs 1,385.78 Lacs. The companyâs overall growth is satisfactory despite recession in the market.
SUBSIDIARY COMPANIES:
The Company has five subsidiaries namely: Super Corporation Limited, Aarifi Tanners Limited , Super Tannery UAE FZE, Super Tannery (UK) Limited and Super Italia s.r.l Pursuant to the General exemption granted under old Section 212 (8) of the Companies Act, 1956, by Government of India, Ministry of Corporate Affairs, vide General Circular No.2/2011, the Profit and loss account for the year ended 31.03.2018 and Balance Sheet as on that date, in respect of the subsidiaries of the Company have not been attached to the Annual Report of the Company. However, the requisite information for each subsidiary, as stipulated vide above General Circular No.2/2011, has been disclosed in the prescribed form AOC-1 . The Annual Accounts of the subsidiary companies and related detailed information will be made available to the investors seeking such information. The Annual Accounts of the subsidiary companies will be kept open for inspection by any investor at the head office of the Company and the subsidiary concerned.
INDUSTRIAL RELATIONS:
During the period industrial relations have been extremely cordial. Employeesâ cooperation and co-ordination had been an important factor in the growth of the organization.
FIXED DEPOSITS:
The Company has not accepted/renewed any deposit during the year under review, under the provisions of the Companies Act 2013 and the rules framed thereunder.
CLAUSE 32 OF THE LISTING AGREEMENT:
As per the amended Listing Agreement, it is hereby disclosed that the Equity shares of the Company are listed at Bombay Stock Exchange. Pursuant to Board meeting held on 27lh Feb 2010, the company has applied for listing of its shares at National Stock Exchange. The application is stll pending with National Stock Exchange. Besides above the Board of Directors at its Meeting held on 16.06.2015 has proposed the Demerger of Unit-3 (Goat Tannery) with Amin Tannery Limited. The Company has filed the application with Allahabad High Court, the Allahabad High Court has transferred the proceeding to N.C.L.T. Allahabad for further proceedings on 27.12.2017 the Honâble NCLT has sanctioned the Scheme of Demerger with Amin Tannery Limited. As per the Scheme, the demerged undertaking of Super Tannery Limited will stand transferred to the resulting Company ie Amin Tannery Limited with effect from 1st April 2017, the modified appointed date. The Scheme has already been approved by the BSE Limited.
HUMAN RESOURCES MANAGEMENT:
Employees are vital to the Company. We have created a favorable work environment that encourages humble relationship. We have also set up a scalable recruitment and human resources management process, which enables us to attract and retain high caliber employees. The Company also has started with collaboration of UP Leather Industries Association a training centre for recruiting trained labours.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL ACT, 2013:
Your Company strongly believes in providing a safe and harassment free workplace for each and every individual working for the Company through various intervention and practices. It is the continuous endeavor of the Management of the Company to create and provide an environment to all its employees that is free from discrimination and harassment including Sexual harassment.
During the year ended 31 March 2018, no complaint pertaining to sexual harassment was received by the Company.
PARTICULARS OF EMPLOYEES
A statement of particulars of employees as specified under the Companies Act, 2013 as amended from time to time, is set out in the Annexure forming part of Directorsâ Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING & OUTGO:
Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 are set out in the Annexure forming part of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BYTHE REGULATORS OR COURTS OR TRIBUNALS:
No significant or material orders were passed by the Regulators or Courts or Tribunals during the previous year which may impact the going concern status of the Companyâs Operation in the future.
WHISTLE BLOWER POLICY/VIGIL MECHANISIM:
To create enduring value for all stakeholders and ensure the highest level of honesty, and ethical behavior in all its operations, the Company has formulated a Vigil Mechanism named as SUPER Whistle Blower Policyâ in addition to the existing code of conduct that governs the action of its employees. This Whistleblower policy aspires to encourage all employees to report suspected or actual occurrence(s) of illegal, Unethical or inappropriate events (behaviorsâ or practices) that effect Companyâs interest/image. A copy of the Policy is available on the website of the Company and may be accessed through the web link www:htpp;//supertannery.com
DIRECTORS & KMP:
In terms of Article 125 of the Articles of Association of the Company, Mr.lmran Siddiqui, Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for his re-appointment. Brief resume of Directors, those proposed to be re-appointed their expertise in specific functional areas and names of other companies in which Directorship held and the membership of committee of the Board as stipulated under clause 49 of the listing Agreement are given in corporate governance annexure, attached to this report.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declaration 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.
POLICY ON DIRECTORSâ APPOINTMENT AND REMUNERATION:
For the purpose of selection of any Director, the Nomination & Remuneration Committee identifies persons of integrity who posseâs relevant expertise, experience and leadership qualities required for the position and also takes into consideration recommendation, if any received from any member of the Board. The Committee also ensures that the incumbent fulfills such other criteria with regard to age and other qualifications as laid down under the Companies Act,2013 or other applicable laws.
The Board has, on the recommendation of the Nomination &Remuneration Committee framed a policy for selection, appointment and remuneration of Directors &senior Management.
The Remuneration policy of the Company is disclosed in the Corporate Governance Report, which forms a part of the report.
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS:
In compliance with the requirements of Regulation 27 of the listing Agreement, the Company has put in place a Familiarization Programme for the Independent Directors to familiarize them with the Company, their roles rights responsibilities in the Company, nature of the Company in which Company operates, business model etc.
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Regulation 27 of the Listing Agreement, a report on Corporate Governance is given in Annexure to this report.
DIRECTORSâ RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(5) read with section 134(3)( c ) of the Companies Act, 2013 with respect to Directorsâ Responsibility Statement, it is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial year ended 31st March 2018, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 and of the profit or loss of the Company for that period;
(iii) 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;
(iv) That the Directors have prepared the accounts for the financial year ended 31 st March 2018 on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard AS-21 on Consolidated Financial Statements, your Directors have pleasure in attaching the Consolidated Financial Statements which form part of Annual Reports and Accounts. These consolidated financial statements include accounts of Super Tannery (U.K.) Limited, Aarifi Tanners Limited, Super Corporation Limited, Safety Tannery UAE, FZE.and Super Italia s.r.l.
AUDITORS: M/s. Rajeev Prem & Associates Chartered Accountants, Kanpur (Registration No 008905C) the statutory Auditors of the Company are retiring at the ensuing Annual General Meeting and being eligible, we recommend their re-appointment. They have furnished a certificate to the effect that teir re-appointment if made, will be in accordance with the provisions of Companies Act,2013.
COST AUDITOR:
The requirement of Cost Audit report does not applicable to the Company as per MCA circular. Hence no report was filed.
SECRETARIAL AUDITORS:
Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/S K.N. Shridhar, & Associates, Company secretary Kanpur to undertake the secretarial Audit of the Company.
The Secretarial Audit Report is annexed herewith vide form No. MR - 3
The Audit Report and the Secretarial Audit Report for the financial year 2016-17 does not contain any qualification, reservation or adverse remark by the Auditors.
LOANS, GUARANTEES & INVESTMENTS:
The particulars of Loans, guarantees and investments have been disclosed in the financial statements.
RELATED PARTY TRANSACTIONS:
The policy on Related Party Transactions as approved by the Board is available on the website of the Company www.supertannerv.com.
All contracts/arrangements entered by the Company during the previous financial year with the related parties were in the ordinary course of business and on armâs length basis. The Audit Committee and the Board of Directors reviewed the transaction (which are repetitive in nature) and the Audit Committee granted approval for such transactions.
The disclosures as required under AS-18 have been made in notes forming part of the standalone financial statement. The particulars of contracts or arrangements entered in to by the company with related parties referred to in subsection (1) of section 188of the companies Act, 2013 has been disclosed in Form No.AOC-2 which is annexed hereto.
AUDITORSâREPORT:
The comments of the Auditors in their Audit Report and reference to âNotes on Accountsâ forming part of the Financial Results are self explanatory and need no further comments.
ACKNOWLEDGEMENT:
Your Directors would like to express their gratitude and appreciation for the continued support and co-operation received from State Bank of India, Central & State Government Authorities, Regulatory Bodies, Stock Exchanges and Shareholders.
Your Directors wish to place their deep sense of appreciation on record for the devoted services of the officers, staff and workers of the Company.
On behalf of the Board of Directors
Place: KANPUR IFTIKHARULAMIN MOHD.IMRAN
Date: 11. 08.2018 Managing Director Whole Time Director
Mar 31, 2015
Dear Shareholder,
The Directors of your Company have pleasure in presenting the 31st
Annual Report on the business and operations of the Company together
with Audited Financial Statements for the year ended 31st March, 2015 :
(Rs. in lacs)
Year ended Year ended
31.03.2015 31.03.2014
FINANCIAL RESULTS PROFITS:
Profit before Interest, Depreciation
& extra-ordinary items 2,712.56 2,318.14
Less: Interest 1,016.33 894.62
Depreciation 708.19 437.49
Exchange Fluctuation Loss/(gains) 84.97 (442.42)
Bad Debts written off 0.29 1,809.78 27.80 917.49
Profit before tax 902.78 1,400.65
Less: Provision for current tax 320.00 421.00
Provision for deferred tax (90.77) 229.23 24.37 445.37
Profit after tax 673.55 955.28
Add: Profit brought forward
from previous year 614.28 215.86
Income Tax relating to earlier
Years 126.14 393.33 (106.30) 322.16
Adjustment related to fixed Assets 94.82
Profit available for appropriation 1,066.88 1,277.44
APPROPRIATIONS:
(a) Transfer to General Reserve 400.00 600.00
(b) Proposed Dividend 53.99 53.99
(c) Provision for tax on Proposed
Dividend 9.17 8.75
(d) Balance carried over to next year 603.72 614.70
1,066.88 1,277.44
NOTE : Figures of the previous year have been re-grouped/re-arranged in
order to make them comparable.
DIVIDEND:
The Board of Directors of your Company take pleasure to recommend a
dividend of Rs. 0.05 (5%) per Equity Shares of Re. 1/- each for the
year ended 31st March, 2015 subject to the approval of shareholders at
the ensuing Annual General Meeting. This will absorb a sum of Rs 53.99
lacs towards dividend for the year besides Rs. 9.17 lacs towards tax on
Dividend. The dividend (inclusive of tax), if approved, shall result in
a payout of 5.92% of current year's profit available for appropriation.
This makes the Management investor friendly and creates more confidence
to keep the investors' interest at heart.
EXTRACT OF ANNUAL RETURN:
The extract of Annual Return as provided under sub-section (3)of
section 92 of the Companies Act,2013('the Act')in prescribed form MGT-9
is enclosed as Annexure "A"to this report.
OPERATIONAL REVIEW:
During the year under review, the income from operation of the company
was Rs. 31,565.38 lacs as against Rs. 35,095.28 lacs during the last
financial year, shows marginal decline growth in the operational income
by Rs. 3,529.29 lacs which work out to 10.06%. Besides decline growth
in the operational income, the company's Gross Profit has improved
(profit before interest, depreciation and extra ordinary items) by Rs.
2,712.56 Lacs as compared to Rs. 2,318.14 lacs during the last
financial year. The company overall growth is satisfactory despite
recession in the market.
SUBSIDIARY COMPANIES:
The Company has four subsidiaries namely: Super Corporation Limited,
Super Tannery (UK) Limited, Aarifi Tanners Limited and Safety Solutions
s.r.o. Pursuant to the General exemption granted under Section 212 (8)
of the Companies Act, 1956, by Government of India, Ministry of
Corporate Affairs, vide General Circular No.2/2011, the Profit and loss
account for the year ended 31.03.2015 and Balance Sheet as on that
date, in respect of the subsidiaries of the Company have not been
attached to the Annual Report of the Company. However, the requisite
information for each subsidiary, as stipulated vide above General
Circular No. 2/2011, has been disclosed in the prescribed form AOC-1 .
The Annual Accounts of the subsidiary companies and related detailed
information will be made available to the holding and subsidiary
Company investors seeking such information. The Annual Accounts of the
subsidiary companies will be kept open for inspection by any investor
at the head office of the Company and the subsidiary concerned.
INDUSTRIAL RELATIONS:
During the period industrial relations have been extremely cordial.
Employees' cooperation and co- ordination had been an important factor
in the growth of the organization.
FIXED DEPOSITS:
The Company has not accepted/renewed any deposit during the year under
review, under the provisions of the Companies Act, 2013 and the rules
framed thereunder.
CLAUSE 32 OF THE LISTING AGREEMENT:
As per the amended Listing Agreement, it is hereby disclosed that the
Equity shares of the Company are listed at Bombay Stock Exchanges.
Pursuant to Board meeting held on 27th Feb 2010, the company has
applied for listing of its shares at National Stock Exchange. The
application is in process. The company is in regular follow up with
National Stock Exchange. Besides above the Board of Directors of its
Meeting held on 16.06.2015 has proposed the Demerger of Unit-3 (Goat
Tannery) with Amin Tannery Limited.
HUMAN RESOURCES MANAGEMENT:
Employees are vital to the Company. We have created a favorable work
environment that encourages humble relationship. We have also set up a
scalable recruitment and human resources management process, which
enables us to attract and retain high caliber employees. The Company
also has started with collaboration of UP Leather Industries
Association a training centre for recruiting trained labours.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL ACT, 2013:
Your Company strongly believes in providing a safe and harassment free
workplace for each and every individual working for the Company through
various intervention and practices. It is the continuous endeavor of
the Management of the Company to create and provide an environment to
all its employees that is free from discrimination and harassment
including Sexual harassment. During the year ended 31 March 2015, no
complaint pertaining to sexual harassment was received by the Company.
PARTICULARS OF EMPLOYEES
A statement of particulars of employees as specified under the
Companies Act, 2013 as amended from time to time, is set out in the
Annexure forming part of Directors' Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO:
The particulars of Energy Conservation, Technology Absorption etc.
pursuant to Section 134(3) (m) of the Companies Act, 2013, read with
Rule 8 of the Companies (Accounts) Rules, 2014 are set out in the
Annexure forming part of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS:
No significant or material orders were passed by the Regulators or
Courts or Tribunals during the previous year which may impact the going
concern status of the Company's Operation in the future.
WHISTLE BLOWER POLICY/VIGIL MECHANISM :
To create enduring value for all stakeholders and ensure the highest
level of honesty, and ethical behavior in all its operations, the
Company has formulated a Vigil Mechanism named as SUPER Whistle Blower
Policy' in addition to the existing code of conduct that governs the
action of its employees. This Whistle blower policy aspires to
encourage all employees to report suspected or actual occurrence(s) of
illegal, Unethical or inappropriate events(behaviors' or practices)that
effect Company's interest/image. A copy of the Policy is available on
the website of the Company and may be accessed through the web link
www:htpp;//supertannery.com
DIRECTORS &KMP :
In terms of Article 125 of the Articles of Association of the Company,
Mr. Imran Siddiqui, retire by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for re-appointment. Besides
this the Board of Directors appointed Mr. Yogendra Singh Katiyar as an
Additional Director of the Company with effect from 29.05.2015,
pursuant to section 161(1)of the Companies Act,2013 and Articles of
Association of the Company. Mr. Yogendra Singh Katiyar will hold office
up to the date of ensuing AGM of the Company.
The Board ,upon the recommendation of Nomination and Remuneration
Committee, appoint Mr. Yogendra Singh Katiyar as Whole Time Director
and designated as Executive Director for a period of 3 years liable to
retire by rotation w.e.f. 30.09.2015. His appointment as well as the
payment of remuneration is subject to the approval of members at the
ensuing AGM. Brief resume of all the Directors, their expertise in
specific functional areas and names of other companies in which
Directorship held and the membership of committee of the Board as
stipulated under clause 49 of the listing Agreement are given in
corporate governance annexure, attached to this report.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declaration 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.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:
For the purpose of selection of any Director, the Nomination
&Remuneration Committee identifies persons of integrity who posses'
relevant expertise, experience and leadership qualities required for
the position and also takes into consideration recommendation, if any
received from any member of the Board. The Committee also ensures that
the incumbent fulfills such other criteria with regard to age and other
qualifications as laid down under the Companies Act,2013 or other
applicable laws. The Board has, on the recommendation of the
Nomination &Remuneration Committee framed a policy for selection,
appointment and remuneration of Directors &senior Management.
The Remuneration policy of the Company is disclosed in the Corporate
Governance Report, which forms a part of the report.
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS:
In compliance with the requirements of clause 49 of the listing
Agreement, the Company has put in place a Familiarization Programme for
the Independent Directors to familiarize them with the Company, their
roles rights responsibilities in the Company, nature of the Company in
which Company operates, business model etc.
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure to this report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(5) read with section
134(3)( c ) of the Companies Act, 2013 with respect to Directors'
Responsibility Statement, it is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March 2015, the applicable accounting standards has
been followed alongwith proper explanation relating to material
departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit or loss of the Company for that period;
(iii) 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, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2015 on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements, your Directors have pleasure in attaching the Consolidated
Financial Statements which form part of Annual Reports and Accounts.
These consolidated financial statements include accounts of Super
Tannery (U.K.) Limited, Aarifi Tanners Limited, Super Corporation
Limited & Safety Solutions s.r.o. AUDITORS: The Members of the Company
vide passing a resolution at the 30th Annual General Meeting of the
Company had appointed M/s. Kapoor Tandon & Company, Chartered
Accountants, Kanpur (Registration No 000952C) as Auditor of the Company
for a period of one year, now appointed for a period of 2 years
effective from 2015-16,subject to ratification of their appointment at
every Annual General Meeting. The Board of Directors recommends their
re-appointment.
COST AUDITOR:
As requires under the Companies (Cost Accounting Records) Rules
2011,the Company filed the cost Audit Report along with Cost Compliance
Report for the Financial year 2013-14in XBRL format. The Board subject
to approval of Central Government has re appointed Mr. Arun Kumar
Srivastava, practicing Cost Accountant, holding Membership No. 10467,
allotted by The Institute of Cost Accountants of India, as Cost Auditor
for conducting the Cost Audit for the Financial year 2014- 15.The Audit
Committee recommended his appointment and remuneration subject to the
compliance of all the requirements as stipulated in the MCA circular
no.15/2011 dated11th April 2011 issued by the MCA.
The Company has also received necessary certificate under section 141
of the Act 2013 conveying his eligibility for re-appointment. The
remuneration fixed by the Board, based on the recommendation of the
Audit committee is required to be ratified by the Members at the AGM as
per the requirement of section 148(3) of the Act 2013.
SECRETARIAL AUDITORS:
Pursuant to the provisions of section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/S K.N. Shridhar &
Associates, Company secretary Kanpur to undertake the secretarial Audit
of the Company.
The Secretarial Audit Report is annexed herewith as "annexure B"
The Audit Report and the Secretarial Audit Report for the financial
year 2014-15 does not contain any qualification, reservation or adverse
remark by the Auditors.
LOANS, GUARANTEES & INVESTMENTS:
The particulars of Loans, guarantees and investments have been
disclosed in the financial statements.
RELATED PARTY TRANSACTIONS:
The policy on Related Party Transactions as approved by the Board is
available on the website of the Company www.supertannery.com.
All contracts/arrangements entered by the Company during the previous
financial year with the related parties were in the ordinary course of
business and on arm's length basis. The Audit Committee and the Board
of Directors reviewed the transaction (which are repetitive in
nature)and the Audit Committee granted approval for such transactions.
The disclosures as required under AS-18 have been made in notes forming
part of the standalone financial statement. The particulars of
contracts or arrangements entered in to by the company with related
parties referred to in sub-section (1) of section 188 of the companies
Act, 2013 has been disclosed in Form No. AOC-2 which is annexed as
Annexure
AUDITORS' REPORT:
The comments of the Auditors in their Audit Report and reference to
"Notes on Accounts" forming part of the Financial Results are self
explanatory and need no further comments.
ACKNOWLEDGMENT :
Your Directors would like to express their gratitude and appreciation
for the continued support and co-operation received from State Bank of
India, Central & State Government Authorities, Regulatory Bodies, Stock
Exchanges and Shareholders.
Your Directors wish to place their deep sense of appreciation on the
record for the devoted services of the officers, staff and workers of
the Company.
On behalf of the Board of Directors
Place : KANPUR IFTIKHARUL AMIN IQBAL AHSAN
Date :13.08.2015 Managing Director Jt. Managing Director
Mar 31, 2013
Dear Shareholder,
The Directors of your Company have pleasure in presenting the 29th
Annual Report on the business and operations of the Company together
with Audited Financial Statements for the year ended 31 st March, 2013:
(Rs. in lacs)
Year ended Year ended
31.03.2013 31.03.2012
FINANCIAL RESULTS PROFITS:
Profit before Interest,
Depreciation & extra-ordinary
items 1997.48 1837.18
Less: Interest 838.73 877.48
Depreciation 393.99 354.47
Exchange Fluctuation Loss/(gains) (93.16) (344.17)
Bad Debts written off 31.93 1171.49
16.57 904.35
Profit before tax 825.99 932.83
Less: Provision for current tax 220.00 242.00
Provision for deferred tax 108.70 328.70
82.55 215.92
Profit after tax 497.29 608.28
Add: Profit brought forward
from previous year 208.90 (2-78)
Income Tax relating to earlier Years (27.58) 181.32
(33.86) 11.32
Profit available for appropriation 678.61 571.64
APPROPRIATIONS:
(a) Transfer to General Reserve 400.00 300.00
(b) Proposed Dividend 53.99 53.99
(c) Provision for tax on
Proposed Dividend 8.75 8.75
(d) Balance carried over to next year 215.87 208.90
678.61 571.64
NOTE: Figures of the previous year have been re-grouped/re-arranged in
order to make them comparable.
DIVIDEND:
The Board of Directors of your Company take pleasure to recommend a
dividend of Rs. 0.05 (5%) per Equity Shares of Re. 1/- each for the
year ended 31st March, 2013 subject to the approval of shareholders at
the ensuing Annual General Meeting. This will absorb a sum of Rs. 53.99
lacs towards dividend for the year besides Rs. 8.75 lacs towards tax on
Dividend. The dividend (inclusive of tax), if approved, shall result in
a payout of 9.25% of current year''s profit available for appropriation.
This makes the Management investor friendly and creates more confidence
to keep trie investors'' interest at heart.
OPERATIONAL REVIEW:
During the year under review, the income from operation of the company
was Rs. 25,578.72 lacs as against Rs. 25,140.26 lacs during the last
financial year, shows marginal growth in the operational income by Rs.
438.46 lacs which work out to 1.74%. Besides marginal growth in the
operational income, the company''s Gross Profit has improved (profit
before interest, depreciation and extra ordinary items) by Rs. 1,997.48
Lacs as compared to Rs. 1,837.18 lacs during the last financial year.
The company recorded overall growth in net profit despite recession in
the market.
SUBSIDIARY COMPANIES:
The Company has four subsidiaries namely: Super Safetywears Limited,
Super Tannery (UK) Limited, Aarifi Tanners Limited and Safety Solutions
s.r.o. Pursuant to the General exemption granted under Section 212 (8)
of the Companies Act, 1956, by Government of India, Ministry of
Corporate Affairs, vide General Circular No.2/2011, the Profit and loss
account for the year ended 31.03.2013 and Balance Sheet as on that
date, in respect of the subsidiaries of the Company have not been
attached to the Annual Report of the Company. However, the requisite
information for each subsidiary, as stipulated vide above General
Circular No.2/2011, has been disclosed. The Annual Accounts of the
subsidiary companies and related detailed information will be made
available to the holding and subsidiary Company investors seeking such
information. The Annual Accounts of the subsidiary companies will be
kept open for inspection by any investor in the head office of the
Company and the subsidiary concerned.
INDUSTRIAL RELATIONS:
During the period industrial relations have been extremely cordial.
Employees'' cooperation and co- ordination had been an important factor
in the growth of the organization.
FIXED DEPOSITS:
The Company has not accepted/renewed any deposit during the year as per
the provisions of Section 58-Aof the Companies Act, 1956.
CLAUSE 32 OF THE LISTING AGREEMENT:
As per the amended Listing Agreement, it is hereby disclosed that the
Equity shares of the Company is listed at Bombay Stock Exchanges.
Pursuant to Board meeting held on 27th February, 2010,the company has
applied for listing of its shares at National Stock Exchange. The
application is in process. The company is in regularfollow up with
National Stock Exchange.
HUMAN RESOURCES MANAGEMENT:
Employees are vital to the Company. We have created a favorable work
environment that encourages humble relationship. We have also set up a
scalable recruitment and human resources management process, which
enables us to attract and retain high caliber employees. The Company
also has started with collaboration of UP Leather Industries
Association a training centre for recruiting trained labours.
PARTICULARS OF EMPLOYEES
A statement of particulars of employees as specified under section
217(2A) of the Companies Act, 1956 read with Companies (Particulars of
employees) Rules, 1975 as amended from time to time, is set out in the
Annexure forming part of Directors'' Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO:
The particulars of Energy Conservation, Technology Absorption etc.
pursuant to Section 217(1 )(e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars of the Report of Board of
Directors) Rules, 1988, are set out in the Annexure forming part of
this Report.
DIRECTORS:
In terms of Article 125 of the Articles of Association of the Company,
Dr. Subhash Awasthi, Dr. Mohd. Izhar, and Mr RK. Sinha, retire by
rotation at the ensuing Annual General Meeting and being eligible,
offers themselves for re-appointment. Brief resume of all the
Directors, their expertise in specific functional areas and names of
other companies in which Directorship held and the membership of
committee of the Board as stipulated under clause 49 of the listing
Agreement are given in corporate governance annexure, attached to this
report.
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure to this report.
DIRECTORS''RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2013, the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit or loss of the Company for that period;
(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;
(iv) That the Directors had prepared the accounts for the financial
year ended 31st March 2013 on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements, your Directors have pleasure in attaching the Consolidated
Financial Statements which form part of Annual Reports and Accounts.
These consolidated financial statements include accounts of Super
Tannery (U.K.) Limited, Aarifi Tanners Limited, Super Safetywears
Limited and Safety Solutions s.r.o.
AUDITORS:
M/s. KapoorTandon& Company, Chartered Accountants, Kanpurwill hold
office upto the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. Their re-appointment if made for the
financial year 2013-2014, will be within the statutory limits
prescribed in Section 224(1 - B) of the Companies Act, 1956. The Board
of Directors recommends their re-appointment.
AUDITORS''REPORT:
The comments of the Auditors in their Audit Report and reference to
"Notes on Accounts" forming part of the Financial Results are self
explanatory and need no further comments.
ACKNOWLEDGEMENT:
Your Directors would like to express their gratitude and appreciation
for the continued support and co-operation received from State Bank of
India, Central & State Government Authorities, Regulatory Bodies, Stock
Exchanges and Shareholders.
Your Directors wish to place their deep sense of appreciation on the
record for the devoted services of the officers, staff and workers of
the Company.
On behalf of the Board of Directors
Place: KANPUR IFTIKHARULAMIN IQBALAHSAN
Date : 14.08.2013 Managing
Director Jt. Managing
Director
Mar 31, 2012
The Directors of your Company have pleasure in presenting the 28th
Annual Report on the business and operations of the Company together
with Audited Financial Statements for the year ended 31st March, 2012:
(Rs. in lacs)
Year ended Year ended
31.03.2012 31.03.2011
FINANCIAL RESULTS PROFITS:
Profit before Interest,
Depreciation & extra-ordinary items 1837.18 1738.01
Less: Interest 877.48 541.80
Depreciation 354.47 336.22
Exchange Fluctuation Loss/(gains) (344.17) (67.27)
Bad Debts written off 16.57 904.35 112.69 923.44
Profit before tax 932.83 814.57
Less: Provision for
current tax 242.00 214.03
Provision for deferred tax 82.55 324.55 1.89 215.92
Profit after tax 608.28 598.65
Add: Profit brought
forward from previous
year (2.78) 44.62
Income Tax relating
to earlier Years (33.86) (36.64)(33.30) 11.32
Profit available for
appropriation 571.64 609.97
APPROPRIATIONS:
(a) Transfer to General
Reserve 300.00 550.00
(b) Proposed Dividend 53.99 53.99
(c) Provision for tax on
Proposed Dividend 8.75 8.76
(d) Balance carried
over to next year 208.90 (2.78)
571.64 609.97'
NOTE : Figures of the previous year have been re-grouped/re-arranged in
order to make them comparable. DIVIDEND:
The Board of Directors of your Company take pleasure to recommend a
dividend of Rs. 0.05 (5%) per Equity Shares of Re. II- each for the
year ended 31st March, 2012 subject to the approval of shareholders at
the ensuing Annual General Meeting. This will absorb a sum'of Rs.
53.99 lacs towards dividend for the year besides Rs 8.75 lacs towards
tax on Dividend. The dividend (inclusive of tax), if approved, shall
result in a payout of 10.98% of current year's profit available for
appropriation. This makes the Management investor friendly and creates
more confidence to keep the investors' interest at heart.
OPERATIONAL REVIEW:
During the year under review, the income from operation of the company
was Rs. 25,140.26 lacs as against Rs. 26,308.95 lacs during the last
financial year, shows marginal declined growth in the operational
income by Rs. 1,168.7 lacs which work out to 4.44%. Besides declined in
the operational income, the company's Gross Profit has improved
marginally (profit before interest, depreciation and extra ordinary
items) by Rs.1,837.18 lacs as compared to Rs. 1738.01 lacs during the
last financial year. The company recorded overall growth in net profit
despite recession and decline in income from operation.
SUBSIDIARY COMPANIES:
The Company has four subsidiaries namely: Super Safety wears Limited,
Super Tannery (UK) Limited, Aarifi Tanners Limited and. Safety
Solutions s.r.o. Pursuant to the General exemption granted under
Section 212 (8) of the Companies Act, 1956, by Government of India;
Ministry of Corporate Affairs, vide General Circular No.2/2011, the
Profit and loss account for the year ended
31.03.2012 and Balance Sheet as on that date, in respect of the
subsidiaries of the Company have not been attached to the Annual Report
of the Company. However, the requisite information for each subsidiary,
as stipulated vide above General Circular No.2/2011, has been
disclosed. The Annual Accounts of the subsidiary companies and related
detailed information will be made available to the holding and
subsidiary Company investors seeking such information. The Annual
Accounts of the subsidiary companies will be kept open for inspection
by any investor in the head office of the Company and the subsidiary
concerned.
INDUSTRIAL RELATIONS:
During the period industrial relations have been extremely cordial.
Employees' cooperation and co- ordination had been an important
factor in the growth of the organization.
FIXED DEPOSITS:
The Company has not accepted/renewed any deposit during the year as per
the provisions of Section 58-Aofthe Companies Act, 1956.
CLAUSE 32 OF THE LISTING AGREEMENT:
As per the amended Listing Agreement, it is hereby disclosed that the
Equity shares of the Company are listed at Bombay Stock Exchanges.
Pursuant to Board meeting held on 27th February, 2010,the company has
applied for listing of its shares at National Stock Exchange. The
application is in process. The company is in regular follow up with
National Stock Exchange.
HUMAN RESOURCES MANAGEMENT:
Employees are vital to the Company. We have created a favorable work
environment that encourages humble relationship. We have also set up a
scalable recruitment and human resources management process, which
enables us to attract and retain high caliber employees. The Company
also has started with collaboration of UP Leatherjndustries Association
a training centre for recruiting trained labours.
PARTICULARS OF EMPLOYEES:
A statement of particulars of employees as specified under section
217(2A) of the Companies Act, 1956 read with Companies (Particulars of
employees) Rules, 1975 as amended from time to time, is set out in the
Annexure forming part of Directors' Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO:
The particulars of Energy Conservation, Technology Absorption etc.
pursuant to Section 217(1 )(e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars of the Report of Board of
Directors) Rules, 1988, are set out in the Annexure forming part of
this Report.
DIRECTORS:
In terms of Article 125 of the Articles of Association of the Company,
Mr. Imran Siddiqui, Mr. Nafees Ahmed, and Mr Kumud Behari Seth, retire
by rotation at the ensuing Annual General Meeting and being eligible,
offers themselves for re-appointment. Brief resume of all the
Directors, their expertise in specific functional areas and names of
other companies in which Directorship held and the membership of
committee of the Board as stipulated under clause 49 of the listing
Agreement are given in corporate governance annexure, attached to this
report. '
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure to this report. .
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed: .
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 and of the
profit or loss of the Company for that period;
(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;
(iv) That the Directors had prepared the accounts for the financial
year ended 31st March, 2012 on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements, your Directors have pleasure in attaching the Consolidated
Financial Statements which form part of Annual Reports and Accounts.
These consolidated financial statements include accounts of Super
Tannery (U.K.) Limited, Aarifi Tanners Limited, Super Safety wears
Limited and Safety Solutions s.r.o.
AUDITORS: ,
M/s. Kapoor Tandon & Company, Chartered Accountants, Kanpur will hold
office upto the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. Their re-appointment if made for the
financial year 2012-2013, will be within the statutory limits
prescribed in Section 224(1 - B) of the Companies Act, 1956. The Board
of Directors recommends their re-appointment.
AUDITORS'REPORT:
The comments of the Auditors in their Audit Report and reference to
"Notes on Accounts" forming part of the Financial Results are self
explanatory and need no further comments.
ACKNOWLEDGEMENT:
Your Directors would like to express their gratitude and appreciation
for the continued support and co- operation received from State Bank of
India, Central & State Government Authorities, Regulatory Bodies, Stock
Exchanges and Shareholders.
Your Directors wish to place their deep sense of appreciation on the
record for the devoted services of the officers, staff and workers of
the Company.
On behalf of the Board of Directors
Place : KANPUR IFTIKHARULAMIN
BALAHSAN
Date : 14.08.2012 Managing Director
Managing Director
Mar 31, 2010
The Directors of your Company have pleasure in presenting the 26th
Annual Report on the business and operations of the Company together
with Audited Financial Statements for the year ended 31st March 2010:
(Rs. in lacs}-
Year ended Year ended
31.03.2010 31.03.2009
FINANCIAL RESULTS:
PROFITS
Profit before Interest,
Depreciation & extra-
ordinary 1,777.52 1424.16
Less; Interest 513.07 604.03
Depreciation 326.69 282.53
Exchange Fluctuation
Loss/(gains) 308.13 (237.02)
Bad Debts written off 8.85 1,156.74 51.49 701.03
Profit before tax " 620.78 723.13
Less: Provision for
Current tax 115.00 110.00
Deferred tax 50.16 165.16 98.45 208.45
Profit after tax 455.62 514.68
Add: Profit brought
forward from previous year 12.77 17.26
Income Tax relating to
earlier years (10.82) 1.95 (19-17) 1.91
Profit available for
appropriation . 457.57 512.77
APPROPRIATIONS:
(a) Transfer to General
Reserve 350.00 500.00
(b) Proposed Dividend 53.99 0.00
(c) Provision for tax
on Proposed Dividend 8.96 0.00
(d) Balance carried
over to next year 44.62 12.77
457.57 512.77
NOTE : Figure of the previous year have been re-grouped/re-arranged in
order .to make them comparable.
DIVIDEND:
The Board of Directors of your Company take pleasure to recommend a
dividend of Re. 0.10/- (5%) per Equity Shares of Rs. 21- each for the
year ended 31st March, 2010 subject to the approval of shareholders at
the ensuing Annual General Meeting. This will absorb a sum of Rs. 53.99
lacs towards dividend for the year besides Rs. 8.96 lacs towards tax on
-Dividend. The dividend (inclusive of tax), if approved, shall result
in a payout or 13.76% of current years profit available for
appropriation. This makes the Management investor friendly and creates
more confidence to keep the investors interest at heart.,
OPERATION REVIEW :
During the year under review, the income from operation stood at Rs.
17,844.79 lacs as against Rs. 23,386.86 lacs during the last financial
year, registered decline in the operational income by Rs. 5,542.07 lacs
which works out to 23.70%. Despite decline in the operational income,
the company recorded Gross Profit (profit before interest, depreciation
and extra ordinary items, of Rs. 1,777.52 lacs as compared to Rs.
1,424.16 lacs during the last financial year. The company recorded
24.81% growth in gross profit despite recession and decline in sales.
SUBSIDIARY COMPANIES :
The Company has four subsidiaries namely: Super Safetywears Limited,
Super Tannery (UK) Limited, Aarifi Tanners Limited and Safety Solutions
s.r.o. Pursuant to the exemption granted under Section 212 (8) of the
Companies Act, 1956, by Government of India, Ministry of Corporate
Affairs, vide order no. 47/275/2010-CL-III dated 06.04.2010, the Profit
and Loss accounts for the year ended 31.03.2010 and Balance Sheet as on
that date, in respect of the subsidiaries of the Company have not been
attached to the Annual Report of the Company. However, the requisite
information for each subsidiary, as stipulated vide above exemption,
has been disclosed. The Annual Accounts of the subsidiary companies and
related detailed information will be made available to the holding and
subsidiary Company investors seeking such information. The Annual
Accounts of the subsidiary companies will be kept for inspection by any
investor in the head office of the Company and the subsidiary
concerned.
INDUSTRIAL RELATIONS :
During the period industrial relations have been extremely cordial.
Employees cooperation and co-ordination had been an important factor
in the growth of the organization.
FIXED DEPOSITS :
The Company has not accepted/renewed any deposit during the year as per
the provisions of Section 58-A of the Companies Act, 1956. .
CLAUSE 32 OF THE LISTING AGREEMENT :
As per the amended Listing Agreement, it is hereby disclosed that the
Equity shares of the Company are listed at Kanpur and Mumbai Stock
Exchanges. The Company has moved application to kanpur Stock Exchanges
fer delisting of its shares. Confirmation from the exchange is awaited.
HUMAN RESOURCES MANAGEMENT :
Employees are vital to the company. We have created a favourable work
environment that encourages humble relationship. We have also set up a
scalable recruitment and human resources management process, which
enables us to attract and retain high caliber employees. The Company
also has started with collaboration of U.P Leather Industries
Association a training centre for recruiting trained labour.
PARTICULARS OF EMPLOYEES
A statement of particulars of employees as specified under section
217(2A) of the Companies Act, 1956 read with Companies Act, 1956, read
with Companies (Particulars of employees) Rules, 1975 as amended from
time to time, is set out in the Annexure forming part of Directors
Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO :
The particulars of Energy Conservation, Technology Absorption etc.
pursuant to Section 217 (1) (e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars of the Report of Board of
Directors) Rules, 1988, are set out in the Annexure forming part of
this Report.
DIRECTORS :
In terms of Article 125 of the Articles of Association of the Company,
Dr. Subhash Awasthi, Dr. Mohd. Izhar and Mr. P.K. Sinha, retire by
rotation at the ensuing Annual General Meeting and being eligible,
offers themselves for re-appointment. Brief resume of the Directors,
retiring by rotation nature of their expertise in specific functional
areas and names of companies in which Directorship held and the
membership of committee of the Board as stipulated under clause 49 of
the listing Agreement are given in corporate governance in annexure,
attached to this report.
REPORT ON CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure to this report.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed.
(I) That in the preparation of the annual accounts for the financial
year ended 31st March 2010, the applicable accounting standards had
been followed alongwith proper explanation relating to material
departures;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
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 and of the
profit or loss of the Company for that period;
(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;
(iv) That the Directors had prepared the accounts for the financial
year ended 31st March 2010 on a going concern basis.
CONSOLIDATED FINANCIAL STATEMENTS :
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements, your Directors have pleasure in attaching the Consolidated
Financial Statements which form part of Annual Reports and Accounts.
These consolidated financial statements includeof accounts of Super
Tannery (U.K.) Limited, Aarifi Tanners Limited, Super Safetywears
Limited and Safety Solutions s.r.o.
AUDITORS :
M/s. Kapoor Tandon and Company, Chartered Accountants, Kanpur will hold
office upto the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. Their re-appointment if made for the
financial year 2010-2011, will be within the statutory limits
prescribed in section 224 (1-B) of the Companies Act, 1956. The Board
of Directors recommends their re-appointment.
AUDITORS REPORT :
The comments of the Auditors in their Audit Report and reference to
"Notes on Accounts" forming part of the Financial Results are self
explanatory and need no further comments.
ACKNOWLEDGEMENT :
Your Directors would like to express their gratitude and appreciation
for the continued support and co-operation received from State Bank of
India, Central & State Governemenl Authorities, Regulatory Bodies,
Stock Exchanges and Shareholders.
Your Directors wish to place their deep sense of appreciation on the
record for the devoted services of the officers, staff and workers of
the Company.
On behalf of the Board of Directors
Place : Kanpur IFTIKHARUL AMIN IQBAL AHSAN
Date : 21.07.2010 Managing Director Jt. Managing Director