Mar 31, 2015
Dear Members,
The Directors have pleasure in submitting their Annual Report of the
Company together with the Audited Statements of Accounts for the year
ended 31st of March, 2015.
1. FINANCIAL RESULTS
The Company's financial performance for the year under review along
with previous years figures are given hereunder:
Particulars 31/03/2015 31/03/2014
(Rupees in) (Rupees in)
Sales And Other Income 24,55,080 24,36,646
Profit/Loss before depreciation 8,87,823 7,81,861
and amortization
Depreciation and amortization for 4,21,524 4,38,448
the year
Net Profit/Loss after depreciation 4,66,299 343,413
and amortization
Exceptional Items 0 0
Profit before extraordinary items 4,66,299 3,43,413
and tax
Extraordinary Items 0 0
Profit before tax 4,66,299 3,43,413
Current tax expense 1,99,917 1,72,510
Deferred tax expense (58,622) (69,714)
Profit/Loss for the period from 0 0
continuing operations
Profit/Loss from discontinuing 0 0
operations
Tax expense of discontinuing 0 0
operations
Profit/Loss from discontinuing 0 0
operations (after tax)
Profit/Loss transferred/adjusted 3,25,004 2,40,617
to General Reserve
Basic earnings per equity share 0.33 0.24
Diluted earnings per equity share 0.33 0.24
2. DIVIDEND
In order to conserve the resources, the Board of Directors has not
recommended any dividend for the year under review.
3. PERFORMANCE OF THE COMPANY:
During the year under review, your Company's Gross Revenue is 24,55,080
(Previous Year: 24,36,646). Gross profit before interest, depreciation
and tax amounted to 9,45,777 (Previous Year: 7,90,318). The net profit
stood at 3,25,004 (Previous Year: 2,40,617).
4. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT
There were no material changes and commitments affecting the financial
position of the Company occurred between the end of the financial year
to which this financial statements relate and the date of the report.
5. conservation of energy, technology Absorption, foreign exchange
earnings and outgo
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under
Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is not applicable to the company.
6. STATEMENT CONCERNiNG DEVELOPMENT AND implementation of risk
management policy OF THE COMPANY
The Company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence are very minimal.
7. details of policy developed and implemented by the COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBiLiTY initiatives
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
8. particulars of loans, guarantees or investments MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
There were no loans, guarantees or investments made by the company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provisions is not applicable.
9. PARTiCULARS OF CONTRACTS OR ARRANGEMENTS MADE WiTH RELATED PARTiES
The particulars of Contracts or Arrangements made with related parties
made pursuant to Section 186 are furnished in Annexure 1 and is
attached to this report.
10. EXPLANATiON OR COMMENTS ON QUALiFiCATiONS, RESERVATiONS OR ADVERSE
REMARKS OR DiSCLAiMERS MADE BY THE AUDiTORS AND THE PRACTiCiNG COMPANY
SECRETARY iN THEiR REPORTS
There were no qualifications, reservations or adverse remarks made by
the Auditors in their report.
The practicing company secretary qualifies their Secretarial Audit
report and same is attached herewith.
11. COMPANY'S POLiCY RELATiNG TO DiRECTORS APPOiNTMENT, PAYMENT OF
REMUNERATiON AND DiSCHARGE OF THEiR DUTiES
The Company does not have any policy.
12. ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 is furnished in Annexure 2 and attached to this Report
13. NUMBER OF BOARD MEETiNGS CONDUCTED DURiNG THE YEAR UNDER REViEW
The Company had 4 Board meetings dated 30th May, 2014, 12th August,
2014, 14th November, 2014 and 9th February, 2015 during the financial
year under review.
14. DiRECTORS RESPONSiBiLiTY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submit its responsibility Statement:
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
b. the directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit and loss
of the company for that period;
c. the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d. the directors had prepared the annual accounts on a going concern
basis; and
e. the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively. Internal financial control means the policies and
procedures adopted by the Company for ensuring the orderly and
efficient conduct of its business including adherence to Company's
policies, the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the accounting
records and the timely preparation of reliable financial information.
f. the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
15. SUBSiDiARiES, JOINT VENTURES AND ASSOCiATE COMPANiES
The company does not have any Subsidiary, Joint Venture or Associate
Company.
16. DEPOSiTS
During the year company has not accepted/renewed any deposits during
the year under review.
17. DiRECTORS
Mr. Ashim Saraf and Mr. Mahesh Saraf retire in the ensuing Annual
General Meeting and being eligible offer themselves for re-election.
18. DECLARATiON OF iNDEPENDENT DiRECTORS
The Independent Directors have submitted their disclosures to the
Board that they fulfil all the requirements as stipulated in Section
149(6) of the Companies Act, 2013 so as to qualify themselves to be
appointed as Independent Directors under the provisions of the
Companies Act, 2013 and the relevant rules.
19. STATUTORY AUDiTORS
Salve & Co. have been appointed as Statutory Auditors for a period of 3
years in the Annual General Meeting held on 29/09/2014. Their
continuance of appointment and payment of remuneration are to be
confirmed and approved in the ensuing Annual General Meeting. The
Company has received a certificate from the above Auditors to the
effect that if they are re-appointed, it would be in accordance with
the provisions of Section 141 of the Companies Act, 2013.
20. DiSCLOSURE OF COMPOSITION OF AUDiT COMMiTTEE AND PROVIDING VIGIL
Mechanism
Audit Committee was not constituted by the Company during the year.
The Company has not established vigil mechanism.
21. SHARES
a. BUY BACK OF SECURITIES
The Company has not bought back any shares during the year under
review.
b. SWEAT EQUiTY
The Company has not issued any Sweat Equity shares during the year
under review.
c. BONUS SHARES
The Company has not issued any bonus shares during the year under
review.
d. EMPLOYEES STOCK OPTiON PLAN
The Company has not provided any Stock Option scheme to the employees.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, and various Government Authorities
for their continued support extended to your Companies activities
during the year under review. Your Directors also acknowledges
gratefully the shareholders for their support and confidence reposed on
your Company.
FOR AND ON BEHALF OF THE BOARD OF DiRECTORS
ANURAG SARAF M.D. SARAF
Managing Director Director
Place : Nagpur
Date : 13th August 2015
Mar 31, 2014
Dear Members
The Directors are pleased to present the 41st Annual Report together
with the Audited Statement of Accounts of the Company for the period
ended 31st March, 2014.
1. Financial Results:
During the year under review the activities of the company were
substantially reduced due to prevailing uncertainty in the market. The
Company in the year under review has achieved a Net Profit of Rs.
2,40,617 as compared to Rs. 20,19,560 during the previous year. The
performance of the Company is expected to improve during the current
year. The financial results are summarized below:
PARTICULARS Amount as on Amount as on
31st March, 31st March,
2014 2013
Sales and Other Income 24,36,646 8,26,58,999
Profit Before Financial Expenses,
Depreciation & Tax 7,90,318 33,91,660
Less: Financial Cost 8,457 5,00,086
Profit Before Depreciation And Tax 7,81,861 28,91,574
Less: Depreciation 4,38,448 4,63,273
Profit before Exceptional and
Extra-Ordinary items and Tax 3,43,413 24,28,301
Exceptional Items - -
Profit before Extra-Ordinary items and Tax 3,43,413 24,28,301
Extra-Ordinary items - -
Profit Before Tax 3,43,413 24,28,301
Less : Provision for Taxes
Current Tax 1,72,510 4,93,196
Deferred Tax (69,714) (84,455)
NET PROFIT AFTER TAX 2,40,617 20,19,560
2. Dividend:
Due to brought forward losses of the Company, your Directors are unable
to declare any dividend during the year.
3. Fixed Deposits:
The Company has not accepted any Fixed Deposits within the meaning of
Section 58 A of the Companies Act, 1956 and the rules made thereunder
during the period under review.
4. Directors:
Shri Murlidhar Saraf and Shri Vinod Saraf, Directors of the Company
retires by rotation and being eligible, offers themselves for
re-appointment.
5. Auditor:
Salve & Co., Chartered Accountant, auditor of the Company holds office
till the conclusion of the ensuing Annual General Meeting and is
eligible for re-appointment. The Company has received a letter from
Salve & Co., Chartered Accountant to the effect that the appointment as
auditor, if made, would be within the limits u/s 224 (1-B) of the
Companies Act, 1956.
6. Auditor''s Report:
With reference to the comments made by the Auditor in his report, the
Directors wish to state that the relevant notes forming part of the
Company''s accounts are self-explanatory and hence do not require any
further explanation.
7. Directors'' Responsibility Statement:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial period and of the
profit 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 Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
8. Conservation of energy, technology absorption, foreign exchange
earnings and outgo:
Details of conservation of energy, technology absorption, foreign
exchange earnings and outgo, in accordance with the Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is not applicable to the company.
9. Compliance Certificate:
In accordance with the requirements of Section 383A of the Companies
Act, 1956, Certificate from Practicing Company Secretary certifying
regarding compliance with the legal requirements, in respect of the
Company for the year ended 31st March, 2014, is enclosed and marked as
Annexure- 1.
10. Particulars of Employees:
During the year under review there were no employees receiving
remuneration of or in excess of limits prescribed as per the provisions
of Section 217 (2A) read with the Companies (Particulars of Employees)
Rules, 1975.
11. Acknowledgements:
Your Directors express their thanks and record appreciation for the
co-operation they received from various Government authorities,
financial institutions, bankers, suppliers and customers of the
company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
ON BEHALF OF THE BOARD OF DIRECTORS
ANURAG SARAF M.D. SARAF
Managing Director Director
Place : Nagpur
Dated : 12th August, 2014
Mar 31, 2013
TO THE MEMBERS
The Directors are pleased to present the 40th Annual Report together
with the Audited Statement of Accounts of the Company for the period
ended 31stMarch, 2013.
1. Financial Results:
Inspite of stiff market conditions and growing competition your company
has shown considerable resistance to the prevailing situation and
managed to achieve a Net Profit of Rs. 20,19,560/- during the year as
against a Net Profit of Rs. 9,05,505/- during the previous financial
year. In the years to come your company is looking forward to give its
best. A brief view of the company''s financial performance during the
year has been given below:
PARTICULARS Amount as Amount as
on 31st
March, on 31st
March,
2013 2012
Sales and Other Income 8,26,58,999 13,08,98,981
Profit Before Financial 33,91,660 26,32,166
Expenses, Depreciation & Tax
Less: Financial Cost 5,00,086 8,09,399
Profit Before Depreciation And 28,91,574 18,22,767
Tax
Less: Depreciation 4,63,273 5,15,109
Profit before Exceptional and 24,28,301 13,07,658
Extra-Ordinary items and Tax
Exceptional Items
Profit before Extra-Ordinary 24,28,301 13,07,658
items and Tax
Extra-Ordinary items
Profit Before Tax 24,28,301 13,07,658
Less : Provision for Taxes
Current Tax 4,93,196 4,40,528
Deferred Tax (84,455) (38,375)
NET PROFIT AFTER TAX 20,19,560 9,05,505
2. Dividend:
Due to brought forward losses of the Company, your Directors are unable
to declare any dividend during the year.
3. Fixed Deposits:
The Company has not accepted any Fixed Deposits within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under
during the period under review.
4. Directors:
Shri Manoj Saraf and Shri Rohit Saraf, Directors of the Company retires
by rotation and being eligible, offers themselves for re- appointment.
5. Auditor:
Salve & Co., Chartered Accountant, auditor of the Company holds office
till the conclusion of the ensuing Annual General Meeting and is
eligible for re-appointment. The Company has received a letter from
Salve & Co., Chartered Accountant to the effect that their appointment
as Statutory Auditors, if made, would be within the limits u/s 224
(1-B) of the Companies Act, 1956.
6. Auditor''s Report:
With reference to the comments made by the Auditors in their report,
the Directors wish to state that the relevant notes forming part of the
Company''s accounts are self-explanatory and hence do not require any
further explanation.
7. Directors'' Responsibility Statement:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your directors state as under:- i) that in the preparation of the
Annual Accounts, the applicable accounting standards have been followed
along with proper explanation
ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial period and of the
profit 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 Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
8. Conservation of energy, technology absorption, foreign exchange
earnings and outgo:
Details of conservation of energy, technology absorption, foreign
exchange earnings and outgo, in accordance with the Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is not applicable to the company.
9. Compliance Certifi cate:
In accordance with the requirements of Section 383A of the Companies
Act, 1956, Certificate from Practicing Company Secretary certifying
regarding compliance with the legal requirements, in respect of the
Company for the year ended 31 st March, 2013, is enclosed and marked as
Annexure- I
10. Particulars of Employees:
During the year under review there were no employees receiving
remuneration of or in excess of limits prescribed as per the provisions
of Section 217 (2A) read with the Companies (Particulars of Employees)
Rules, 1975.
11. Acknowledgements:
Your Directors express their thanks and record appreciation for the
co-operation they received from various Government authorities,
financial institutions, bankers, suppliers and customers of the
company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
ON BEHALF OF THE BOARD OF DIRECTORS
ANURAG SARAF M.D. SARAF
Managing Director Director
Place : Nagpur
Dated : 23rd July, 2013
Mar 31, 2012
The Directors are pleased to present the Annual Report together with
the Audited Statement of Accounts of the Company for the period ended
31 st March, 2012.
1. Financial Results:
Inspite of stiff market conditions and growing competition your company
has shown considerable resistance to the prevailing situation and
managed to achieve positive results for the year under review. A brief
view of the company's financial performance during the year has been
given below:
Particulars Year ended 31.03.12 Year ended 31.03.11
(Rupees) (Rupees)
Income including sales 13,08,98,981 3,05,41,965
Profit/(Loss) before
Depreciation, Interest and
Tax 26,32,166 23,25,566
Less: Depreciation 5,15,109 6,98,575
Profit/(Loss) before
Interest & Tax 21,17,057 16,26,991
Less: Interest 8,09,399 3,35,696
Profit / (Loss) before tax 13,07,658 12,91,295
Less: Provision for Tax 4,40,528 0
Less: Provision for Deferred
Tax (38,375) (79,739)
Profit / (Loss) after tax 9,05,505 13,71,034
Profit/(Loss) brought forward
from previous year (5,05,09,762) (5,18,80,796)
Balance carried to Balance-sheet (4,96,04,257) (5,05,09,762)
2. Dividend:
Due to brought forward losses of the Company, your Directors are unable
to declare any dividend during the year.
3. Fixed Deposits:
The Company has not accepted any Fixed Deposits within the meaning of
Section 58 A of the Companies Act, 1956 and the rules made thereunder
during the period under review.
4. Directors:
Shri Ashim Saraf, Shri Mahesh Saraf and Shri Anurag Saraf Directors of
the Company retires by rotation and being eligible, offers themselves
for re-appointment.
5. Auditor:
Salve & Co., Chartered Accountant, auditor of the Company holds office
till the conclusion of the ensuing Annual General Meeting and is
eligible for re-appointment. The Company has received a letter from
Salve &
Co., Chartered Accountant to the effect that the appointment as
auditor, if made, would be within the limits u/s 224(l-B)of the
Companies Act, 1956.
6. Auditor's Report:
With reference to the comments made by the Auditor in his report, the
Directors wish to state that the relevant notes forming part of the
Company's accounts are self-explanatory and hence do not require any
further explanation.
7. Directors' Responsibility Statement:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that Eire
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 period and of the
profit 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 Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
8. Conservation of energy, technology absorption, foreign exchange
earnings and outgo:
Details of conservation of energy, technology absorption, foreign
exchange earnings and outgo, in accordance with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is not applicable to the company.
9. Compliance Certificate:
In accordance with the requirements of Section 3 83A of the Companies
Act, 1956, Certificate from Practicing Company Secretary certifying
regarding compliance with the legal requirements, in respect of the
Company for the year ended 31 st March, 2012, is enclosed and marked as
Annexure-1.
10. Particulars of Employees:
During the year under review there were no employees receiving
remuneration of or in excess of limits prescribed as per the provisions
of Section 217 (2 A) read with the Companies (Particulars of Employees)
Rules, 1975.
11. Acknowledgments:
Your Directors express their thanks and record appreciation for the
co-operation they received from various Government authorities,
financial institutions, bankers, suppliers and customers of the
company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
ON BEHALF OF THE BOARD OF DIRECTORS
Place: Nagpur
Dated: 29th August, 2012 M.D. SARAF VINOD SARAF
Managing Director Director
Mar 31, 2010
The Directors are pleased to present the Annual Report together with
the Audited Statement of Accounts of the Company for the period ended
31st March, 2010.
1. FINANCIAL RESULTS:
Year ended Year ended
31th March, 2010 31th March, 2009
(Rupees) (Rupees)
Income 28,79,839 29,26,207
Profit / (Loss) before Depreciation,
Interest and Tax 21,59,741 17,41,561
Less: Depreciation 7,62,695 9,60,399
Profit / (Loss) before Interest & Tax 13,97,046 7,81,162
Less: Interest 41,153 20,558
Profit / (Loss) before tax 13,55,893 7,60,604
Less: Provision for Fringe Benefit Tax - 70,679
Add: Deferred Tax 69,291 86,096
Profit/(Loss) after tax 14,25,184 7,76,021
Deferred tax on initial adoption - -
Excess tax provision written back - -
Profit / (Loss) brought forward
from previous year (5,33,05,980) (5,40,82,001)
Balance carried to Balance-sheet (5,18,80,796) (5,33,05,980)
Earning per share 1.35 0.69
2. PERFORMANCE:
The Company has stable income from leasing. During the Year the company
has Profit after tax of Rs.14,25,184/- After adjusting the brought
forward losses, the losses carried forward to the next year comes to
Rs.5,18,80,796/-
3. DIVIDEND:
Due to brought forward losses of the Company, your Directors are unable
to declare any dividend during the year.
4. FIXED DEPOSITS:
The Company has not accepted any Fixed Deposits within the meaning of
Section 58 A of the Companies Act, 1956 and the rules made thereunder
during the period under review.
5. DIRECTORS:
Shri Ashim Saraf and Shri Mahesh Saraf, Directors of the Company
retires by rotation and being eligible, offers themselves for
re-appointment.
6. AUDITOR:
Salve & Co., Chartered Accountant, Auditors of the Company holds office
till the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment. The Company has received a letter from
Salve & Co., Chartered
Accountants to the effect that the appointment as auditors, if made,
would be within the limits u/s 224 (1-B) of the Companies Act, 1956.
7. AUDITORS REPORT:
With reference to the comments made by the Auditor in his report, the
Directors wish to state that the relevant notes forming part of the
Companys accounts are self-explanatory and hence do not require any
further explanation.
8. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuantto the provisions of Section 217(2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial period and of the
profit 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 Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
9. CONSERVATION OF ENERGY , TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Details of conservation of energy, technology absorption, foreign
exchange earnings and outgo, in accordance with the Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is not applicable to the company.
10. COMPLIANCE CERTIFICATE:
In accordance with the requirements of Section 383A of the Companies
Act, 1956, Certificate from Practicing Company Secretary certifying
regarding compliance with the legal requirements, in respect of the
Company for the year ended 31st March, 2010, is enclosed and marked
asAnnexure-1.
11. PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration of or in excess of limits prescribed as per the provisions
of Section 217 (2A) read with the Companies (Particulars of Employees)
Rules, 1975.
12. ACKNOWLEDGEMENTS:
Your Directors express their thanks and record appreciation for the
co-operation they received from various Government authorities,
financial institutions, bankers, suppliers and customers of the
company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
On Behalf of the Board of Directors,
Place: Nagpur M.D.SARAF R.V.DALVI
Dated: 18thAugust, 2010 MANAGING DIRECTOR DIRECTOR
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