Mar 31, 2015
TO THE MEMBERS OF VALSON INDUSTRIES LIMITED
The Directors take pleasure in presenting the Thirty First Annual
Report together with the audited financial statements for the year
ended 31st March, 2015. The Management Discussion and Analysis has also
been incorporated into this report.
1 FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ending Year ending
31.03.15 31.03.14
Revenue from operations (net) 10627.19 10562.74
Operating Profit (PBIDT) 719.36 634.53
Finance Cost 122.42 184.48
Depreciation 306.82 241.15
Profit before Tax 290.12 208.89
Taxation (74.84) (53.44)
Profit after Tax 215.28 155.45
Balance of Profit brought forward 1041.42 972.68
Amount available for appropriations 1256.70 1128.13
Appropriations:
Transfer to General Reserve 15.00 15.00
Dividend on Equity Shares 76.61 61.29
Dividend Tax on Equity Shares 15.68 10.42
Balance carried forward to Balance Sheet 1149.41 1041.42
Total 1256.70 1128.13
EPS (Basic & Diluted) 2.81 2.03
The Company proposes to transfer an amount of Rs 15.00 Lacs to the
General Reserves. An amount of Rs. 76.61 Lacs is proposed to be
retained in the Statement of Profit and Loss.
2. HIGHLIGHTS OF PERFORMANCE
- Total net sales for the year were Rs. 10627.19 Lacs as compared to
Rs. 10562.74 Lacs in 2014.
- Total Export sales for the year were Rs. 861.54 Lacs as compared to
Rs. 675.86 Lacs in 2014.
- Total other income for the year increased by 78.3% to Rs. 199.54
Lacs as compared to Rs. 111.90 Lacs in 2014.
- Total Operating profit for the year was Rs. 719.36 Lacs as compared
to Rs. 634.53 Lacs in 2014
- The Finance cost has been reduced to Rs. 122.42 Lacs as compared to
Rs. 184.48 Lacs in 2014.
- Total profit before tax for the year was Rs. 290.12 Lacs as
compared to Rs. 208.89 Lacs in 2014
- Total profit after tax for the year was Rs. 215.28 Lacs as compared
to Rs. 155.45 Lacs in 2014
3. BUSINESS OPERATIONS
The company is one of the leading manufacturers of Polyester Texturised
Dyed Yarn and Processors of Cotton and other Fancy yarns with Customers
having diverse uses. Quality Products and Services has been the top
most priority and after continuous research and efforts, the company
has ventured into the dyeing of various qualities of yarns. The Company
today has wide range of Polyester Dyed Yarn with a strong market
acceptance and niche position for exclusive shades and grades.
After the continuous efforts and research this year the company has
focused on producing and marketing it's value added products i.e. dyed
yarns compared to white yarn and it has also focused on denier wise
costing / profitability which will result into the best product mix to
sell season wise so that the company always gets the better
profitability.
The company has done the consolidation and shifted its all plant and
machinery to Silli units from the small units situated at D & N H which
result into the saving on manpower cost, power cost, Administration
cost and other miscellaneous cost.
The company has sold its Silvassa Unit 1 in month of February 2015 and
in April 2015 the company has sold its Dadra unit.
During the financial year 2014-2015 the company has improved its
performance in many ways:
1) There is a growth of 8.60% in Texturising Production (4781 MT) and
6.5% in Dyeing production (4588 MT) compare to last year.
2) The growth of 4% in the quantity sold compare to last year and also
the growth of 12% the dyed yarn sale compare to last year.
3) The Export turnover has increased to 27.5% i.e. Rs. 861.54 Lacs
compare to Last year Rs.675.86 Lacs.
4) The Company has repaid it's term loan and Deposits and manage the
working capital efficiently which results in reduction in finance cost
drastically to Rs. 122.43 Lacs from Rs. 184.48 Lacs (i.e. reduction of
34%).
5) As per the schedule II of the Companies Act 2013 there is changes in
the depreciation calculation which result into increase of depreciation
by 27% i.e. Rs. 306.82 Lacs from Rs. 241.15 Lacs.
6) The Operating profit of the company is 6.75% compare to last year
6.01% (i.e. growth of 12.25%).
7) The Net profit before Tax of the company is 2.73% compare to last
year 1.98% (i.e. growth of 38 %).
8) The Net profit after Tax of the company is 2.03% compare to last
year 1.47% (i.e. growth of 37.6 %).
9) The Return of Net worth of the company is 9.02% compare to last year
6.76% (i.e. growth of 33.5 %).
4. DIVIDEND
Your Directors are pleased to recommend a final dividend of Rs. 1/- per
equity share of Rs. 10 each. The total outgo for the current year
amounts to Rs. 92.29 Lacs, including dividend distribution tax of
Rs.15.68 Lacs as against Rs. 71.70 Lacs including dividend distribution
tax of Rs.10.42 Lacs in the previous year.
5. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2015 was Rs. 766.08
Lacs. 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.Suresh N. Mutreja 15,87,000 20.72
Mrs. Asha S. Mutreja 6,19,000 8.08
Mr. Varun S. Mutreja 2,93,000 3.82
Mr. Chandan S. Gupta Nil Nil
Mr. Surendra Kumar Suri 400 0.0052
Mr. Pradip C. Shah Nil Nil
6. FINANCE
Cash and cash equivalent as at 31st March, 2015 was Rs. 24.78 Lacs. 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 deposits from Public. The Company has
accepted deposit from the members and directors falling within the
ambit of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014. The outstanding deposits as on
31st March, 2015 is Rs. 80.00 Lacs accepted from members and directors.
There are no defaults in repayment of deposits and interest and no
overdue deposits are outstanding as on 31st March, 2015.
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 of the Companies Act, 2013 is not
applicable to the Company.
8. BUSINESS RISK MANAGEMENT
The nature of business is manufacturing of Dyed Yarn. The inherent risk
to the business of the company is as follows:
a) Foreign Exchange Risk
b) Yarn Price Risk
c) Stiff Global Competition
d) Government Policy on incentives for exports
e) Risk elements in business transactions
f) Success of Cotton Crop
All the above risk has been discussed in the Management Discussion and
Analysis Report. The nature of risk is dynamic of business and
entrepreneurship. The Company has not formed Risk Management Committee
and considered it as optional item as prescribed under Clause 49 of
Listing Agreement.
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 (IA) 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. Significant audit observations and corrective
actions thereon are presented to the Audit Committee of the Board.
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, Mr. Suresh N.
Mutreja, Managing Director, retires by rotation at the ensuing Annual
General Meeting and being eligible, offers himself for re-appointment.
Pursuant to Section 149, 161(1) of the Companies Act, 2013 and Articles
of Association of the Company, Mrs. Asha S. Mutreja was appointed as a
Woman Director of the Company at the Board meeting held on 14th
February, 2015. Mr. Pradip C. Shah was appointed as an Independent
Director of the Company at the Board Meeting held on 14th February,
2015. Mr. Varun S. Mutreja was appointed as an Additional Director of
the Company at the Board Meeting held on 14th November, 2014. In terms
of provisions of Section 161(1) of the Act, Mrs. Asha S. Mutreja, Mr.
Pradip C. Shah and Mr. Varun S. Mutreja would hold office up to the
date of the ensuing Annual General Meeting. The Company has received
notices in writing from members along with a deposit of requisite
amount under Section 160 of the Act proposing the candidatture of Mrs.
Asha S. Mutreja, Mr. Pradip C. Shah and Mr. Varun S.Mutreja for the
office of Director of the Company.
The Company has also received declaration from Mr. Pradip C. Shah that
he met with the criteria of independence as prescribed both under
sub-section (6) of Section 149 of the Act and under Clause 49 of the
Listing Agreement.
The Company proposes to appoint Mrs. Asha S. Mutreja as a Woman
Director under Section 149 of the Act and Clause 49 of the Listing
Agreement, liable to retire by rotation. It is proposed to appoint Mr.
Pradip C. Shah as an Independent Director under Section 149 of the Act
and Clause 49 of the Listing Agreement who shall hold office for a term
up to 5 (five) consecutive years on the Board of the Company and he
shall not be included in the total number of directors for retirement
by rotation. It is proposed to appoint Mr. Varun S. Mutreja as a
Director under Section 152 of the Act and Clause 49 of the Listing
Agreement, liable to retire by rotation and the resolution number 5, 6
& 7 has been included in the notice for the same.
The Nomination and Remuneration Committee has recommended the
appointment and payment of remuneration to Mr. Varun S. Mutreja as
Chief Financial Officer and Mrs. Asha S. Mutreja as Whole-Time Director
of the Company. The Board of Directors proposes to appoint Mr. Varun S.
Mutreja as Chief Financial Officer and Mrs. Asha S. Mutreja as
Whole-Time Director of the Company and Resolution No.8 & 9 has been
included in the notice respectively.
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 judgment 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
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There are no materially significant related party
transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons which may have a
potential conflict with the interest of the Company at large. However,
the Company proposes to sale of 1705, IIIrd Phase, GIDC, Vapi, Gujarat
to M/s. L. N. Industries (Mr. Lalit N. Mutreja, Partner and is brother
of Mr. Suresh N. Mutreja) for consideration of Rs. 2,88,57,950/- which
exceeds the limits /criteria as mentioned in the Act and SEBI
Circulars. The necessary items for approval of members have been
included in item No.11 of the notice.
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. Prior omnibus approval of the Audit
Committee is obtained on yearly basis for the transactions which are of
a foreseen and repetitive nature. The transactions entered into
pursuant to the omnibus approval so granted are at arm's length and a
statement giving details of all related party transactions is placed
before the Audit Committee and the Board of Directors for their
approval on a quarterly basis.
As required under Section 134(3)(h) read with Rule 8(2) of Companies
(Accounts) Rules, 2014, the details of Related Party Transactions is
given in Form AOC-2 as "Annexure A" to the Directors Reports.
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 Mehta Chokshi & Shah, 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 there under 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.
Members' attention is invited to the observation made by the Auditors
under "Emphasis of Matter" appearing in the Auditors Reports.
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 Mr. Punit Shah,
Company Secretary in Practice to undertake the Secretarial Audit of the
Company. The Report of the Secretarial Audit Report is annexed herewith
as "Annexure B".
16.3 Qualifications in Secretarial Audit Report
1. As per section 203(1)(ii), the Company is require to appoint Company
Secretary. The Company has not appointed Company Secretary.
Management Response:
(i) The Company has appointed Mr. Pritesh H. Shah, Chartered Accountant
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 avail the services of Practising Company Secretary
for advising on compliance of Companies Act, 2013 and SEBI Act and
rules made there under.
(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.
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 annexed herewith as "Annexure C".
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 D".
21. PARTICULARS OF EMPLOYEES
There is no employee in the Company drawing monthly remuneration of Rs.
5 Lacs per month or Rs.60 Lacs 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. REMUNERATION RATIO OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL
(KMP)/EMPLOYEES
The information required pursuant to Section 197 read with Rule 5 (1)
(i) of The Companies (Appointment and Remuneration) Rules, 2014 in
respect of ratio of remuneration of each director to the median
remuneration of the employees of the Company for the Financial Year are
as follows
Name of the Director Designation Remuneration
Per Annum
(Rs. In Lacs )
Mr. Suresh N Mutreja* Managing Director 18.24
Mr. Varun S Mutreja Chief Financial Officer 7.05
Mr. Kunal S Mutreja Chief Executive Officer 7.30
includes the PF Employer's contribution
Total remuneration is Rs. 7.05 Lacs which includes Rs. 3.65 Lacs as
Salary till Oct 2014 and Rs. 3.40 Lacs as Director's remuneration, as
he was appointed as an additional director on 14.11.2014.
23. 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, bankers 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.
24. 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
Mumbai (Mr. Suresh N. Mutreja)
Date: 22nd May, 2015 Chairman & Managing Director
(Mr. Varun S. Mutreja)
Chief Financial Officer
(Mr. Kunal S. Mutreja)
Chief Executive Officer
Mar 31, 2014
Dear Shareholders,
The Board of Directors have pleasure in presenting the 30th Annual
Report on the business operations of your Company together with Audited
Financial Accounts for the year ended March 31,2014.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ending Year ending
31.03.14 31.03.13
Revenue from operations (net) 10562.74 9323.23
Operating Profit (PBIDT) 634.53 603.82
Finance Cost 184.48 207.38
Depreciation 241.15 247.49
Profit before Tax 208.89 148.95
Taxation 53.44 61.36
Profit after Tax 155.45 87.59
Balance of Profit brought forward 972.68 944.90
Amount available for appropriations 1128.13 1032.49
Appropriations:
Transfer to General Reserve 15.00 15.00
Dividend on Equity Shares 61.29 38.30
Dividend Tax on Equity Shares 10.00 6.51
Balance carried forward to Balance Sheet 1041.84 972.68
Total 1128.13 1032.49
EPS (Basic & Diluted) 2.03 1.14
(Previous Year''s figure have been recast, reclassified and regrouped
wherever necessary to make them comparable with the figures of the
Current Year.)
BUSINESS OPERATIONS:
The Company continues to retain its leadership in the dyed yarns
segment.
FY 2014-15 proved to be a challenging year amidst global economic
undertainies and distur- bances in many parts of the world. Despite
these constraints and challenging environment, the company performed
reasonably well and the highlights of the performance are as under:
- Revenue from operations increased by 13.94% to Rs 10562.74 lacs.
- Exports increased by 42.51% to Rs 675.86 lacs.
- PBDIT increased by 5.09% to Rs 634.53 lacs. This year company has
reduce the power cost by 2.56% and staff cost has been increased
by16.02%
- Net Profit after tax increased by 77.48% to Rs 155.45 lacs mainly
due to control in power cost and finance cost compare to turnover.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Bombay
Stock Exchange, is presented in a separate section forming part of the
Annual Report.
THRUST ON HIGHER VALUE ADDITION CONTINUES:
Your Company shall always continue its endeavor in Value Addition and
Innovation drive. Our R&D Department remains actively engaged in
fulfilling this objective by constantly developing new shades and
proving our strength in terms of versatility in dyeing and colour
innovation.
SEGMENT-WISE PERFORMANCE:
Your Company''s business activity falls within a single business segment
viz. ''Yarns'' The sales are substantially in the domestic market, and
the said financial statements are reflective of the information
required by Accounting Standard 17"Segment Reporting", noti fied under
the Companies (Accounting Standards) Rules,2006.
INSURANCE:
All the insurable interest of your company including inventories,
buildings, plant and machinery and other assets under legislative
enactments are adequately insured
ISO CERTIFICATION:
Your Company has successfully completed its recertification audit for
further period of 3 years for the ISO 9001-2008 Certification from AGSI
Certification Pvt Ltd. There by meeting the global quality and
international standards.
UPGRADATION AND MODERNISATION:
During the year your company has done a need based changes by
installing new techno and power savy ancillary machines i.e. Fully
Electronic and automatic rewinding machines and other necessary
utilities and electrical installations were acquired to give the best
quality products to the customer and company has also started
constructing building and roof at Silli units for it''s goal to
consolidate the Texturising and Twisting activities under one roof to
reduce power, manpower, administration cost and smooth functioning of
business. The estimated capital cost is Rs. 95 Lacs. The company had
already incurred Rs. 55 Lacs. This was financed from the internal
accruals of the Company.
FIXED DEPOSITS:
The Company has accepted deposit from the Promoter, their relatives,
friends and associates for expansion of Silli Unit.
EXPORT:
Your Comnany is exploring new avenues to increase the export base and
has chalked out strategic growth plan for the potential market in
Middle East, U K, Egypt, Mexico and other European markets.
APPROPRIATIONS:
DIVIDEND:
The Board of Directors have recommended Dividend of 8% i.e. Rs.0.80 per
Equity Share for
the Financial Year ended March 31, 2014 (Previous Year Rs. 0.50 paise)
amounting to Rs.61.29 Lacs (Previous Year Dividend of Rs. 38.30 Lacs).
The dividend tax liability borne by your Company is Rs. 10.00 Lacs
(Previous Year Rs. 6.51 Lacs).
TRANSFER TO RESERVES:
The Company has transferred Rs. 15.00 Lacs to General Reserve.
TAXATION:
Provision for Taxation has been made in accordance with prevailing
income-tax laws for the relevant Assessment year.
Provision is made for Deferred Tax to account for the timing
differences.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 is given in Annexure I
and forms part of this Report.
PERSONNEL:
There are no employees of your Company who comes within the purview of
Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 during the year under review.
DIRECTORS:
In terms of the articles of association of the Company, Mr. Lalit
Mutreja, Director, retires by rotation at the ensuing annual general
meeting and being eligible, offers himself for re-appointment.
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. Chandan Gupta
and Mr. Surendrakumar Suri has completed 5 years term as Independent
Directors as on 1st April, 2014. The Company proposes to re-appoint
them, as Independent Directors for a further period of 5 years till
2019. The Company has received requisite notices in writing from
members proposing Mr. Chandan Gupta and Mr. Surendrakumar Suri for
appointment as Independent 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 both, under subsection 6 of section 149 of
the Companies Act, 2013 and under clause 49 of the listing agreement
with the stock exchanges.
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 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) 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 as at March 31,2014 and of the profit of the Company for
the said period;
(iii) 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; and
(iv) the Directors have prepared the accounts for the financial year
ended March 31, 2014 on a ''going concern'' basis.
CORPORATE GOVERNANCE:
Your Company has taken adequate steps to ensure that the conditions of
Corporate Governance as stipulated in clause 49 of the Listing
Agreement of the Stock Exchange are complied with. A separate section
on Corporate Governance forms part of the Annual Report. A certificate
from the Practicing Company Secretary regarding compliance of
conditions of Corporate Governance as stipulated under clause 49 of the
Listing Agreement is given in Annexure.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the provisions of section 205A (5) and section 205C of the
Companies Act, 1956, relevant amounts which remained unpaid or
unclaimed for a period of 7 years have been transferred by the Company
from time to time on due dates to the Investor Education and Protection
Fund.
AUDITORS:
M/s. Mehta Chokshi & Shah, Chartered Accountants, will retire as
Auditors of the Company at the conclusion of the Annual General Meeting
and are eligible for re-appointment. The company has received letter
from them to the effect that their appointment, if made would be with
in the prescribed limit under section 224 (1B) of the Company''s Act
1956.
Audit Committee and Board has recommended their re-appointment.
INDUSTRIAL RELATIONS:
The relationship with employees, suppliers and customers across the
Company are cordial. ACKNOWLEDGEMENT:
Your Directors thank our customers, bankers and suppliers for their
continued support during the year. Your Company places on record a deep
sense of appreciation of the contribution made by the staff and workers
at all levels. Our consistent growth was made possible by their hard
work, solidarity, co-operation and support.
For and On behalf of the Board
Suresh N. Mutreja
Chairman & Managing Director
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2013
Dear Shareholders,
The Board of Directors have pleasure in presenting the 29th Annual
Report on the business operations of your Company together with Audited
Financial Accounts for the year ended March 31,2013.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ending Year ending
31.03.13 31.03.12
Revenue from operations (net) 9323.23 8308.98
Operating Profit (PBIDT) 603.82 483.26
Finance Cost 207.38 122.88
Depreciation 247.49 217.95
Profit before Tax 148.95 142.43
Taxes 61.36 25.67
Profit after Tax 87.59 116.76
Balance of Profit brought forward 944.90 843.14
Amount available for
appropriations 1032.49 959.90
Appropriations:
Transfer to General Reserve 15.00 15.00
Dividend on Equity Shares 38.30 0.00
Dividend Tax on Equity Shares 6.51 0.00
Balance carried forward to
Balance Sheet 972.68 944.90
Total 1032.49 959.90
EPS (Basic & Diluted) 1.14 1.52
(Previous Year''s figure have been recast, reclassified and regrouped
wherever necessary to make them comparable with the figures of the
Current Year.) BUSINESS OPERATIONS:
FY 2012-13 proved to be a challenging year amidst global economic
undertainies and distur- bances in many parts of the world. Despite
these constraints and challenging environment, the company performed
reasonably well and the highlights of the performance are as under:
- Revenue from operations increased by 12.21 % to Rs 9323.23 lacs.
- Exports increased by 204.64% to Rs 438.99 lacs
- PBDIT increased by 24.95% to Rs 603.82 lacs
- Net Profit after tax decreased by 24.99% to Rs 87.59 lacs mainly due
to increase in finance cost and enhanced deprecation.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Mumbai
Stock Exchange, is presented in a separate section forming part of the
Annual Report.
THRUST ON HIGHER VALUE ADDITION CONTINUES:
Your Company continues its endeavor in Value Addition and Innovation
drive. Our R&D Department remains actively engaged in fulfilling this
objective by constantly developing new shades and proving our strength
in terms of versatility in dyeing and colour innovation.
SEGMENT-WISE PERFORMANCE:
Your Company''s business activity falls within a single business segment
viz. ''Yarns'' The sales are substantially in the domestic market, and
the said financial statements are reflec- tive of the information
required by Accounting Standard 17 "Segment Reporting", notified under
the Companies (Accounting Standards) Rules, 2006.
INSURANCE:
All the insurable interests of your company including inventories,
buildings, plant and machinery and other assets under legislative
enactments are adequately insured.
ISO CERTIFICATION:
Your Company has successfully completed its surveillance audit for the
ISO 9001 -2008 Certification from AGSI Certification Pvt. Ltd. thereby
meeting the global quality and international standards.
EXPANSION:
The substantial expansion project of the Silli unit has been completed
during the year. The total CAPEX incurred for the same over the period
of years was Rs. 1051.95 Lacs.
FIXED DEPOSITS:
Your Company has accepted deposit from the Promoters, their relatives,
friends and associates for the expansion of Silli Unit.
EXPORT:
Your Company is exploring new avenues to increase the export base and
has chalked out strategic growth plan for the potential market in
Middle East, U K, Egypt, Mexico, Ghana, Brazil and other European
markets.
APPROPRIATIONS: DIVIDEND:
The Board of Directors have recommended Dividend of 5% i.e. Rs. 0.50
per Equity Share for the Financial Year ended March 31, 2013 (Previous
Year Rs. Nil/-) amounting to Rs. 38.30 lacs (Previous Year Dividend of
Rs. Nil). The dividend tax liability borne by your Company is Rs. 6.51
lacs (Previous Year Rs. Nil/-).
TRANSFERTO RESERVES:
The Company has transferred Rs. 15.00 Lacs to Generai Reserve.
TAXATION:
Provision for Current Taxation has been made in accordance with
prevailing income-tax laws for the relevant Assessment year.
Provision is made for Deferred Tax to account for the timing
differences.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 is given in Annexure I
and forms part of this Report.
PERSONNEL:
There are no employees of your Company who comes within the purview of
Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 during the year under review.
DIRECTORS:
Shri Chandan Gupta, Non Executive Independent Director retires by
rotation and being eligible, offers himself for re-appointment.
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 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 explanation relating to materia) departures.
(ii) 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 as at March 31,2013 and of the profit of the Company for
the said period;
(iii) 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; and
(iv) The Directors have prepared the financial statements ended March
31,2013 on a ''going concern'' basis.
CORPORATE GOVERNANCE:
Your Company has taken adequate steps to ensure that the conditions of
Corporate Gover- nance as stipulated in clause 49 of the Listing
Agreement of the Stock Exchange are complied with. A separate section
on Corporate Governance forms part of the Annual Report. A certificate
from the Practicing Company Secretary regarding compliance of con-
ditions of Corporate Governance as stipulated under clause 49 of the
Listing Agreement is given in Annexure.
AUDITORS:
M/s. Mehta Chokshi & Shah, Chartered Accountants, will retire as
Auditors of the Company at the conclusion of the Annual General Meeting
and are eligible for re-appointment. The company has received letter
from them to the effect that their appointment, if made would be within
the prescribed limit under section 224 (1B) of the Company''s Act 1956.
INDUSTRIAL RELATIONS:
The relationship with employees, suppliers and customers across the
Company are cordial.
ACKNOWLEDGEMENT:
Your Directors thank our customers, bankers and suppliers for their
continued support during the year. Your Company places on record a deep
sense of appreciation of the contribution made by the staff and workers
at all levels. Our consistent growth was made possible by their hard
work, solidarity, co-operation and support.
For and On behalf of the Board
Suresh N. Mutreja
Chairman & Managing Director
Place: Mumbai
Date: 30th May, 2013
Mar 31, 2012
The Board of Directors have pleasure in presenting the 28th Annual
Report on the business operations of your Company together with Audited
Financial Accounts for the year ended March 31, 2012.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ending Year ending
31.03.12 31.03.11
Revenue from operations (net) 8308.98 8192.28
Operating Profit (PBIDT) 483.26 704.82
Finance Cost 122.88 80.28
Depreciation 217.95 225.68
Profit before Tax 142.43 398.86
Taxes 25.67 130.56
Profit after Tax 116.76 268.30
Balance of Profit brought forward 843.13 678.87
Amount available for appropriations 959.89 947.17
Appropriations:
Transfer to General Reserve 15.00 15.00
Dividend on Equity Shares 0.00 76.61
Dividend Tax on Equity Shares 0.00 12.43
Balance carried forward to Balance Sheet 944.89 843.13
Total 959.89 947.17
EPS (Basic & Diluted) 1.52 3.50
(Previous Year's figure have been recast, reclassified and regrouped
wherever necessary to make them comparable with the figures of the
Current Year.)
BUSINESS OPERATIONS:
During the year the Company has achieved marginal improvement in
turnover. However it witnessed decline in operating Profit. The
Turnover increased to Rs. 8308.98 Lacs from Rs. 8192.28 lacs - a growth
of 1.42% and the Net Profit after tax declined to Rs. 116.76 lacs from
Rs. 268.30 lacs in the previous year - a decline of 56.48% mainly due
to fluctuations in Raw-materials prices (crude base), increase in Power
& fuel, Manpower cost and uncertainty in global markets.
The export (FOB value) have however increased to Rs. 144.10 Lacs from
Rs. 82.84 Lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report for the year under
review, as stipulated under Clause 49 of the Listing Agreement with the
Mumbai Stock Exchange, is presented in a separate section forming part
of the Annual Report.
THRUST ON HIGHER VALUE ADDITION CONTINUES: -
Your Company shall always continue its endeavor in Value Addition and
Innovation drive. As a result our R&D Department remains actively
engaged in fulfilling this objective by constantly developing new
shades and proving our strength in terms of versatility in dyeing and
colour innovation.
SEGMENT-WISE PERFORMANCE:
Since the Company operates only in one segment as the Manufacturer of
Polyester Dyed Yarn and Processors of Cotton and other fancy Dyed Yarn,
no further analysis is required and the operational results are
mentioned elsewhere in this report.
INSURANCE:
Your Company has insured its assets and all its operations against all
insurable risk including fire, earthquake, flood etc. as part of its
overall risk management strategy.
ISO CERTIFICATION:
Indicating our commitments to meeting the global quality and
international standards your Company has successfully completed its
surveillance audit for the ISO 9001-2008 Certification from AGSI
Certification Pvt. Ltd.
EXPANSION:
During the year the company has implemented substantial expansion by
setting up a new unit at Silli Village, Union Territory, D. & N. H. The
Company has incurred the CAPEX of Rs. 804.69 Lacs (approx) against the
envisaged project cost of Rs. 1504 lacs.
FIXED DEPOSITS:
The Company has accepted deposit from the Promoters, their relatives,
friends and associates for the expansion of Silli Unit.
EXPORT:
Your Company is exploring new avenues to increase the export base and
has chalked out strategic growth plan for the potential market in
Middle East, U K, Egypt, Mexico and other European markets.
APPROPRIATIONS: DIVIDEND:
The Board of Directors have decided to skip the Dividend for the
Financial Year 2011-12 in order to augment the resources for ongoing
expansion.
Last year the company had paid equity dividend @ 10% i.e. Re. 1 per
Equity Share of Rs. 76.61 Lacs and Rs.12.43 Lacs as dividend tax there
on for the Financial Year 2010-11.
TRANSFER TO RESERVES:
The Company has transferred Rs. 15 lacs to General Reserve.
TAXATION:
Provision for Current Taxation has been made in accordance with
prevailing income-tax laws for the relevant Assessment year.
Provision is made for Deferred Tax to account for the timing
differences.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information as prescribed under Section 217(1 )(e) of the Companies
Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 is given in Annexure I
and forms part of this Report.
PERSONNEL:
There are no employees of your Company who comes within the purview of
Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 during the year under review.
DIRECTORS:
Shri Surendra Kumar Suri, Non Executive Independent Director retires by
rotation and being eligible, offers himself for re-appointment.
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 that:
(i) in the preparation of the annual accounts for the financial year
ended March 31, 2012, all the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) 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 as at March 31, 2012 and of the profit of the Company
for the said period;
(iii) 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; and
(iv) the Directors have prepared the accounts for the financial year
ended March 31, 2012 on a 'going concern' basis.
CORPORATE GOVERNANCE:
The Company has taken adequate steps to ensure that the conditions of
Corporate Governance as stipulated in clause 49 of the Listing
Agreement of the Stock Exchange are complied with. A separate section
on Corporate Governance forms part of the Annual Report. A certificate
from the Practicing Company Secretary regarding compliance of
conditions of Corporate Governance as stipulated under clause 49 of the
Listing Agreement is given in Annexure.
AUDITOR'S REPORT:
The remarks in the Auditors' Report have been properly dealt with in
the Notes on Account, which are self explanatory.
AUDITORS:
M/s. Mehta Chokshi & Shah, Chartered Accountants, will retire as
Auditors of the Company at the conclusion of the Annual General Meeting
and are eligible for re-appointment. The company has received letter
from them to the effect that their appointment, if made would be with
in the prescribed limit under section 224 (1B) of the Company's Act
1956.
INDUSTRIAL RELATIONS:
The relationship with employees, suppliers and customers across the
Company are cordial.
ACKNOWLEDGEMENT:
Your Directors thank our customers, bankers and suppliers for their
continued support during the year. Your Company places on record a deep
sense of appreciation of the contribution made by the staff and workers
at all levels. Our consistent growth was made possible by their hard
work, solidarity, co-operation and support.
For and On behalf of the Board
Suresh N. Mutreja
Place: Mumbai Chairman & Managing Director
Date: 13 August,2012
Mar 31, 2010
The Board of Directors have pleasure in presenting the 26th Annual
Report on the business operations of your Company together with Audited
financial accounts for the year ended March 31, 2010.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ending Year ending
31.03.10 31.03.09
Turnover (exclusive of Interdivisional
transfer) 6839.21 5939.00
Less: Excise duty 61.61 27.13
Turnover (Net of Excise) 6777.60 5911.87
Operating Profit (PBIDT) 664.55 479.38
Interest 41.51 50.71
Depreciation 251.44 186.05
Profit before Tax 371.60 242.62
Taxation 124.39 86.41
Profit for the year 247.21 156.21
Balance of Profit brought forward 581.10 553.55
Amount available for appropriations 828.31 709.76
Appropriations:
Transfer to General Reserve 15.00 15.00
Dividend on Preference Shares - 1.43
Dividend on Equity Shares 114.91 95.76
Dividend Tax on Preference shares - 0.20
Dividend Tax on Equity Shares 19.53 16.27
Balance carried forward to Balance Sheet 678.87 581.10
Total 828.31 709.76
EPS (Basic & Diluted)
3.23* 4.04 * (1:1 Bonus Shares issued on Dec. 9,2009)
(Previous Years figure have been recast, reclassified and regrouped
wherever necessary to make them comparable with the figures of the
Current Year.)
BUSINESS OPERATIONS :
The Company continues to retain its leadership in the dyed yarns
segment.
During the year the Company has achieved substantial improvement both
in turnover and operating Profit after Tax. The Turnover increased to
Rs. 6777.60 Lacs from Rs. 5911.87 lacs - a growth of 14.6% and the Net
Profit after tax increased to Rs. 247.21 lacs from Rs. 156.21 lacs in
the previous year - a growth of 58.3%. As a result of the same the Cash
Earnings Per Share increased to Rs. 6.51 (Ex-Bonus) from Rs. 8.89 of
the previous year.
The export (FOB value) has also increased to Rs. 117.77 lacs from Rs.
80.00 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Managements Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Bombay
Stock Exchange, is presented in a separate section forming part of the
Annual Report.
THRUST ON HIGHER VALUE ADDITION CONTINUES:
Your Company shall always continue its endeavor in Value Addition and
Innovation drive. As a result our R&D Department remains actively
engaged in fulfilling this objective by constantly developing new
shades and proving our strength in terms of versatility in dyeing and
colour innovation.
SEGMENT-WISE PERFORMANCE:
Since the Company operates only in one segment as the Manufacturer of
Polyester Dyed Yarn and Processors of Cotton and other fancy Dyed Yarn,
no further analysis is required and the operational results are
mentioned elsewhere in this report.
INSURANCE:
Your Company has insured its assets and all its operations against all
insurable risk including fire, earthquake, flood etc. as part of its
overall risk management strategy.
ISO CERTIFICATION:
Indicating our commitments to meeting the global quality and
international standards our Company has successfully obtained the ISO
9001-2008 Certification from AGSI Certification Pvt. Ltd.
MODERNISATION:
During the year your company has done a need based changes by
installing new techno and power savy machines in place of obsolete old
machines resulting into cost reduction in recurring expenses and
increasing the Texturising & Twisting capacity, Fully Electronic and
automatic cone winding machines were acquired to give the best quality
products to the customer.
This was partly financed by Term loan from Bank of India under
Technology Upgradation Fund Scheme and from the internal accruals of
the Company.
As a result Texturising Capacity increased from 4000 MT to 4500 MT an
increase of 12.5%, Twisting Capacity increased from 3075 MT to 3400 MT
an increase of 10.6%.
FIXED DEPOSITS:
The Company has accepted deposit from the Promoter, Directors, their
relatives and shareholders for need base up-gradation, modernization
and expansion of Vapi and Silvassa units.
EXPORT:
Your Company is exploring new avenues to increase the export base and
has chalked out strategic growth plan for the potential market in
Middle East and European markets.
APPROPRIATIONS:
DIVIDEND:
The Board of Directors have recommended post bonus Final Dividend of
Rs. 1.50 per Equity Share for the Financial Year ended March 31, 2010
(Previous Year Final Dividend of Rs. 2.50/-) amounting to Rs. 114.91
lacs
(Previous Year Final Dividend of Rs. 95.76 Lacs). The company is
continuously paying dividend since last 17 years.
The dividend tax liability borne by your Company is Rs. 19.53 lacs
(Previous Year Rs. 16.48 lacs).
TRANSFER TO RESERVES:
Your Company proposes to transfer Rs. 15.00 lacs from Profit and Loss
Account to General Reserve. An amount of Rs. 678.87 lacs are proposed
to be retained as year end balance in the Profit and Loss Account.
TAXATION:
Provision for Taxation has been made in accordance with prevailing
income-tax laws for the relevant Assessment year.
Provision is made for Deferred Tax to account for the timing
differences.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 is given in Annexure I
and forms part of this Report.
PERSONNEL:
There are no employees of your Company who comes within the purview of
Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 during the year under review.
DIRECTORS:
Shri Chandan Gupta, Non-Executive Director retires by rotation and
being eligible, offers himself for re-appointment.
Shri. Suresh N. Mutreja and Shri Lalit N. Mutreja, has been
re-appointed as Managing Director & Executive Director respectively
w.e.f. 1st July, 2010. The necessary special resolution for the
re-appointment is given at item No. 5 & 6 of the notice.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directorsà Responsibility Statement, it is
hereby confirmed that:
(i) in the preparation of the annual accounts for the financial year
ended March 31, 2010, all the applicable accounting standards have been
followed along with proper explanations relating to material
departures.
(ii) 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 as at March 31, 2010 and of the profit of the Company
for the said period;
(iii) 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; and
(iv) the Directors have prepared the accounts for the financial year
ended March 31, 2010 on a Ãgoing concernà basis.
CORPORATE GOVERNANCE:
The Company has taken adequate steps to ensure that the conditions of
Corporate Governance as stipulated in clause 49 of the Listing
Agreement of the Stock Exchange are complied with. A separate section
on Corporate
Governance forms part of the Annual Report. A certificate from the
Practicing Company Secretary regarding compliance of conditions of
CorporateGovernance as stipulated under clause 49 of the Listing
Agreement is given in Annexure.
AUDITORS REPORT:
The remarks in the Auditorsà Report have been properly dealt with in
the Notes on Account, which are self-explanatory.
AUDITORS:
M/s. Mehta Chokshi & Shah, Chartered Accountants, will retire as
Auditors of the Company at the conclusion of the Annual General Meeting
and are eligible for re-appointment. The company has received letter
from them to the effect that their appointment, if made would be with
in the prescribed limit under section 224 (1B) of the CompanyÃs Act
1956.
INDUSTRIAL RELATIONS:
The relationship with employees, suppliers and customers across the
Company are cordial.
ACKNOWLEDGEMENT:
Your Directors thank our customers, bankers and suppliers for their
continued support during the year. Your Company places on record a deep
sense of appreciation of the contribution made by the staff and workers
at all levels. Our consistent growth was made possible by their hard
work, solidarity, co-operation and support.
By order of the Board
VALSON INDUSTRIES LTD.
Suresh N. Mutreja
Place: Mumbai Chairman & Managing Director
Date: September 4, 2010
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