volga air technics ltd Management discussions

MANAGEMENT DISCUSSION AND ANALYSIS

Business Segments

The Company was engaged in Sheet Metal Fabrication and Manufacturing of A.C, A.C. Kits, Water Coolers, Fans - Blowers etc. Due to lack of sufficient orders to meet the bare minimum expenses, the Company has to discontinue its operations and relieve the work force effective 22nd Nov. 2009.

10. GENERAL SHAREHOLDER INFORMATION

I. Registered Office	: Plot No.472,478, Tajpur Road,
Plant location and	Opp. M.N. Desai Petrol Pump,
Address for correspondence	Changodar Village,
	Sarkhej - Bavla Highway,
	Dist: Ahmedabad. Pin Code -382213
	Phone: 02717-250418
II. Year ending	: March 31st
III. Annual General Meeting	: Date : 29th September,2012, Saturday
Time	: 11.00 a.m.
Venue	: Registered office of the Company.
IV. Date of Book Closure	: 22nd September, 2012 to Friday 29th September, 2012
V. Listing on Stock Exchanges	: Equity Shares of the Company are listed on Stock Exchanges at Ahmedabad and Mumbai. But the Company has applied for delisting from the Stock Exchange, Ahmedabad.

VI. Stock Code :	The Stock Exchange Ahmedabad - 65915
	The Stock Exchange Mumbai - 7014
	NSDL/CDSL-ISIN - INE 719B01015
VII. Market Price Data :	The shares have been suspended from trading by BSE &
	ASE. Request for revocation to BSE has not been acceded to.

VIII. REGISTRAR AND SHARE TRANSFER AGENT:

Purva Sharegistry (India) Pvt. Ltd.

9, Shiv Shakti Industrial Estate,

J.R. Boricha Marg, Opp.Kasturba Hospital,

Lower Parel (East), Mumbai - 400 Oil.

Telephone No.: (022) 23018261, Fax No.: (022) 23016761, Email: busicomp@vsnl.com

IX. SHARE TRANSFER SYSTEM

The Registrar and Share Transfer Agents Purva Sharegistry (India) Pvt. Ltd.; Mumbai are authorised by the Board for processing of share transfers which are approved by the Companys Share Transfer committee.

Share transfer requests are processed and share certificates duly transferred are dispatched to the shareholders within a fortnight.

Share Transfer Committee Meetings are held fortnightly.

All valid requests for dematerializatidn of shares are processed and confirmation is given to the depositories within 21 days.

Pursuant to Clause 47(c) of the Listing Agreement with the Stock Exchanges, certificates, on half- yearly basis, have been issued by a Company Secretary - in- Practice for due compliance of share transfer formalities of the Company.

X. Distribution of shareholding as on 31st March, 2012.

No. of Equity shares held	No. of Shareholders	Percentage of Shareholders	Shareholding No. of Shares	Percentage of Shareholding
Up to 500	6434	86.14 %	1,37,03,790	16.86 %
1501 to 1000	454 :	6.08 %	3,83,10,00	4.71%
1001 to 2000	260	3.48 %	4,11,15,00	5.06 %
12001 to 3000	92	1.23 %	2,26,420	2.79 %
13001 to 4000	33	0.44 %	1,14,650	1.41 %
4001 to 5000	50	0.67 %	2,39,400	2.95 %
15001 to 10000	67	0.90 %	5,11,4000 :	6.54 %
10001 and above	79	1.06 %	4,87,10,010	59.63 %
Total	7, 469	100.00 %	8,12,75,000	100.00 %

XI. Shareholding Pattern as on 31st March,2012.

	Category	No. of Shares	% to Share capital
1.	Promoters Holding
	- Indian Promoters	16,05,570	19.77
	- Foreign Promoters	18,24,730	22.45
2.	Persons acting in concert	0	0.00
3.	Mutual Funds and UTI	4,100	0.05
4	Banks, Financial Institutions Insurance Companies, (Central/State Govt. Institu-tions/Non Government Institutions .)	50000 :	0
5.	Corporate Bodies	561400	6.91 :
6.	Indian Public	37,80,820	46.51
7	NRIs/OCBs	2,62,700	3.23
8	Others- trust & HUF	38,180	0.46
	Total	81,27,500	100.00

XII. Dematerialisation of Shares

Trading of Equity Shares of the Company is permitted only in Dematerialized Form. The Company has entered into agreements with National Securities Depository Limited and Central Depository Services (India) Limited, whereby the investors have the option to dematerialise their shares with either of the depositories. About 33.17% of the equity shares of the Company has been dematerialised as on 31st March, 2012.

11. COMPLIANCE CERTIFICATE OF THE AUDITORS

The Statutory Auditors have certified that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement with the Stock Exchanges and the same is annexed to the Directors Report and Management Discussion and Analysis.

The Certificate from the Statutory Auditors will be sent to the Listed Stock Exchanges alongwith the Annual Report of the Company.

For and on behalf of the Board

Place : Ahmedabad	Mahendra S.Bhalavat
Date : 31.07.2012	Chairman & Managing Director