Your Directors present their Thirtieth Annual Report on the business and operations ofyour Company together with audited statement of accounts for the year ended 31stMarch 2010.
Financial Results & Operations:
Your Directors do not recommend any dividend for the year ended 31st March,2010.
The company has neither invited nor accepted any public deposits during the periodunder review.
Mr. HimaIay Dassani, Director of the Company retires by rotation and being eligibleoffers himself for re-appointment.
Mr. Rameshchandra K. Patel resigned as Director of the Company w.e.f. 16thMarch, 2010. The Company appreciates his efforts in serving the Company.
The Company has regained Trading at Bombay Stock Exchange by complying with the clausesof the Listing Agreement.
Directors' Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors to the best oftheir knowledge and belief confirm 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 properexplanations relating to material departures.
(ii) Appropriate accounting policies have been selected and applied consistently, andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at March 31, 2010 and of the profit of theCompany for the said period:
(iii) Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities; and
(iv) The annual accounts have been prepared on a 'going concern' basis.
M/s. Shah & Taparia. Chartered Accountants retire at the forthcoming Annual GeneralMeeting and being eligible offer themselves for re-appointment. The Company has received acertificate from them to the effect that their re-appointment, if made would be within theprescribed limits specified under Section 224(1B) of the Companies Act, 1956.
Compliance Certificate to be obtained under Section 383A of the Companies Act, 1956read with Companies (Issue of Compliance Certificate) Rules, 2001 has been obtained fromM/s. P. P. Shah & Co., Practicing Company Secretaries and the same has been attachedto this Report.
A Report on the Corporate Governance Code along with a certificate from the Auditors ofthe Company regarding compliance of conditions of Corporate Governance, stipulated underClause 49 of the Listing Agreements are annexed to this Report.
Conservation of Energy, Research & Development, Technology Absorption, ForeignExchange Earning and Outgo.
In pursuance of the provisions of section 217(2)(e) of the Companies Act, 1956 readwith Rule 2 of the Companies (Disclosure of particulars in the Report of Board ofDirectors) Rules 1988, the particulars relating to conservation of energy, technologyabsorption and foreign exchange earning and outgo is given below:
A. Conservation of Energy
The requirement of power during the period was not large and the position does notwarrant any special conservative measures.
B. Technology absorption, adaptation and innovation: The applicable Disclosures hasbeen made as per Form B of Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as follows:
|Specific areas in which R&D carried out by the company ||The Company does not have separate R&D Lab. However, with the existing testing lab the company's chemists and engineers have been continuously involved in upgradation of the quality of the product. |
|Benefits derived as a result of the above R&D. || |
|Future plan of action. ||Efforts to continue further improvement in the existing products and bring in new range of products. |
|Expenditure on R&D: ||Nil |
|Efforts, in brief, made towards technology absorption, adaptation and innovation. ||The Company has installed imported machinery from Germany in its polymer bags division. |
|Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product development, import substitution, etc. ||Not Applicable |
|In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), following information may be furnished: ||Not Applicable |
|Technology Imported ||Not Applicable |
|Year of import. ||Not Applicable |
|Has technology been fully absorbed? ||Not Applicable |
|If not fully absorbed, areas where this has not taken place, reasons therefor and future plans of action ||Not Applicable |
C. Foreign Exchange Earning and Outgo Foreign Exchange Earned: Nil Outgo: Nil
Particulars of Employees
The provision of section 217(2A) of the Companies Act. 1956, read with Companies(Particulars of Employees) Rules, 1975 are not applicable to your company since none ofthe employee is employed on a remuneration of Rs.2.00,000/- p.m or Rs.24, 00,000/ p.a.
The Directors take pleasure in thanking the Company's business associates/ customers,vendors and bankers for their continued support. The Directors also acknowledge theappreciation of the sincere efforts, contribution and cooperation of the employees.
For and on behalf of the Board of Directors
| ||Sd/- ||Sd/- |
|Chennai ||(Himalay Dassani) ||(Jai Kishen S. Singh) |
|Date: 24th August, 2010. ||Managing Director ||Director |